Sub. code 1041
NEB — GRADE XII
2082
Old Question
Accounting Question Paper 2082 (Old Question)
The candidates are required to give their answers in their own words as far as practicable. The figures in the margin indicate full marks.
Pass Marks : 32
सबै प्रश्नको उत्तर दिनुहोस् । (Attempt All Questions)
This old question question paper is for Class 12 Accounting, 2082 (subject code 1041), carrying full marks of 75 with a pass mark of 32, to be completed within 3 Hrs. Answers with step-by-step solutions are available for every question below.
Group A
Very short answer questions
Classify the overhead on the basis of control.
Define authorized capital.
Write any two items of assets.
State any two elements of computer system in accounting.
Prepare adjustment entry of provision for tax of Rs. 1,00,000.
Annual requirement is 18,000 kg and Economic Order Quantity is 3,000 kg. Find out number of order.
Write about time card.
Write any two importance of Cost Accounting.
Write the meaning of decentralized store.
Write any two features of Public Company.
From the following information, calculate cash paid to creditors in second year.
Total Purchase: Rs. 12,00,000
1st Year: Rs. 80,000
2nd Year: Rs. 1,20,000
Group B
Short Answer Questions
A Company issued 6,000 shares of Rs. 100 each payable as follows:
On application: Rs. 30
On allotment: Rs. 45
On first and final call: Rs. 25
Applications were received for 9,000 shares. Among them, applicants for 3,000 shares were allotted in full, 4,000 applicants were allotted on a pro-rata basis, and the rest were refunded. Excess application money was adjusted on subsequent calls. All money was duly received except the final call money on 500 shares.
Required:
a) Share application
b) Share allotment
c) First and final call
C Company issued 500, 10% Debentures of Rs. 1,000 each at 5% premium, redeemable at 10% discount after 5 years.
Required:
Entries for issue and redemption of debentures.
P Company issued shares of Rs. 100 each at 10% discount to purchase the following assets from S Company:
Plant and machinery: Rs. 6,00,000
Furniture: Rs. 2,00,000
Inventory: Rs. 1,00,000
Required:
Journal entries for assets purchased by issuing shares.
The closing ledger balances of a company are given below:
Particulars | Rs. |
|---|---|
Opening stock | 40,000 |
Purchases | 5,50,000 |
Wages | 60,000 |
Salary | 80,000 |
Discount received | 10,000 |
Interest expenses | 12,000 |
Administrative expenses | 35,000 |
Sales | 9,00,000 |
Advertisement expenses | 25,000 |
Rent expenses | 15,000 |
Water & electricity expenses | 30,000 |
Additional information:
i) Closing stock = Rs. 50,000
ii) Income tax provision = 25%
iii) Outstanding rent = Rs. 3,000
Required:
a) Trading Account
b) Profit and Loss Account
The trial balance of a company is given below:
Particulars | Dr. (Rs.) | Cr. (Rs.) |
|---|---|---|
Purchases | 2,00,000 | — |
Wages | 50,000 | — |
Salary | 35,000 | — |
Prepaid rent | 20,000 | — |
Machinery | 3,50,000 | — |
Furniture | 1,60,000 | — |
Debtors | 40,000 | — |
Cash | 15,000 | — |
Sales | — | 4,50,000 |
Share capital | — | 3,50,000 |
Retained earnings | — | 70,000 |
Total | 8,70,000 | 8,70,000 |
Additional information:
i) Prepaid rent expired = Rs. 12,000
ii) Depreciation on machinery @ 10%
Required:
Prepare:
Work sheet
Note: You should prepare format of worksheet yourself.
Write the meaning of cost accounting and explain any three limitations.
Explain any two advantages of centralized purchase.
The following store transactions are provided for the month of Magh:
Magh 1: Opening stock = 500 units @ Rs. 20
Magh 7: Purchase = 600 units @ Rs. 22
Magh 15: Purchase = 800 units @ Rs. 23
Magh 25: Sold = 1,500 units
Required:
Value of closing stock and cost of goods sold using First In First Out (FIFO) method under periodic inventory system.
On comparison of cost and financial accounts, the following facts were disclosed:
a) Net profit as per cost account: Rs. 25,000
b) Factory overhead over recorded in cost account: Rs. 10,000
c) Over valuation of opening stock in cost account: Rs. 5,000
d) Depreciation under recorded in cost account: Rs. 3,000
Required:
Cost reconciliation statement.
A worker produces 400 units in a week. Normal production per hour is 10 units. The wage rate per hour is Rs. 50.
Required:
Earning of worker in a week.
Explain any five importance of computer system in accounting.
Group C
Long answer questions.
Following Trial Balance as on 31st Asar 2081:
Particulars | Dr. (Rs.) | Cr. (Rs.) |
|---|---|---|
Opening stock | 40,000 | — |
Purchases | 3,30,000 | — |
Machine | 2,00,000 | — |
Furniture | 1,00,000 | — |
Debtors | 80,000 | — |
Carriage on purchase | 20,000 | — |
Sales | 10,000 | — |
Return | 15,000 | 28,000 |
Bank loan (8%) | — | 2,00,000 |
Investment (10%) | 1,00,000 | — |
Interest | 12,000 | 7,000 |
Wages | 60,000 | — |
Discount | — | 80,000 |
Salary | 20,000 | — |
Sales | — | 7,80,000 |
Share capital | — | 2,00,000 |
Creditors | — | 80,000 |
Cash & Bank | 3,88,000 | — |
Total | 13,75,000 | 13,75,000 |
Additional information:
i) Closing stock = Rs. 90,000
ii) Depreciation on machinery = 10%
iii) Provision for bad debts = 5%
iv) Outstanding salary for two months
Required:
a) Statement of Profit or Loss on NFRS
b) Statement of Financial Position on NFRS
OR
a) Multi-step income statement
b) Statement of financial position
A factory provides the following information:
Items | Rs. |
|---|---|
Material purchase | 4,00,000 |
Carriage on purchase | 20,000 |
Direct wages | 2,00,000 |
Chargeable expenses | 80,000 |
Custom duty | 10,000 |
Indirect material | 20,000 |
Factory rent | 40,000 |
Depreciation on factory machinery | 20,000 |
Depreciation on office furniture | 30,000 |
Depreciation Delivery van | 10,000 |
Carriage outward | 15,000 |
Legal fee | 25,000 |
Audit fee | 18,000 |
Stock of goods
Item | Opening (Rs.) | Closing (Rs.) |
|---|---|---|
Material | 40,000 | 60,000 |
Semi-finished goods | 80,000 | 20,000 |
Finished goods | 1,00,000 | 70,000 |
Profit policy: 20% on cost
Required:
Prepare Cost Sheet.