Sub. code 1041
NEB — GRADE XII
2082 GIE Set A
Old Question
Class 12 Accounting Old Question 2082 GIE Set A
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 paper is for Class 12 Accounting, 2082 GIE Set A (subject code 1041), carrying full marks of 75 with a pass mark of 32, to be completed within 3 Hours. Model answers are available for questions that have one — reveal them with a free account (a few reveals) or a paid plan (unlimited).
Group A
Very short answer question
Write the meaning of company.
What is ordinary share?
State the meaning of fixed assets.
Define cost accounting.
Classify the overhead based on function.
Write the meaning of direct material cost.
What is job card?
What is account masters in computer?
Prepare adjustment entry for provision for income tax Rs. 40,000.
Following information are given:
Particulars | 2075 (Rs.) | 2076 (Rs.) |
|---|---|---|
Machinery | 2,40,000 | 3,50,000 |
Computer | 80,000 | 60,000 |
Furniture | 90,000 | 1,10,000 |
Required: Cash flow from investing activities.
Annual requirements: 80,000 units
Ordering cost per order: Rs. 40
Carrying cost per unit per year: Rs. 10
Required: Economic Order Quantity
Group B
short answer question
A Company issued 20,000 shares of Rs. 100 each at a discount of 10%.
On application — Rs. 30 per share
On allotment — Rs. 30 per share
On first and final call — Rs. 30 per share
Applications were received for 28,000 shares and allotment were made as under:
8,000 applicants — 8,000 shares
16,000 applicants — 12,000 shares
4,000 applicants — Nil
It is resolved that the excess amount paid on application is to be adjusted against amount due on allotment.
All money were duly received except a shareholder holding 800 shares, failed to pay first and final call money.
Required: Entries for Application, Allotment and Final call.
P Company Ltd. issued 2,000 shares of Rs. 100 each at a premium of 10% to Q Company Ltd. for purchase of the following assets:
Machinery — Rs. 2,00,000
Furniture — Rs. 1,60,000
Required: Journal entries for purchase of assets and issue of share.
A Company Limited issued 5,000 Debentures @ Rs. 100 each at par. These Debentures were redeemed after 5 years at 5% premium.
Required: Entries for issue and redemption of Debentures.
A trial balance of a company as on 31st December is as under:
Particulars | Dr. (Rs.) | Particulars | Cr. (Rs.) |
|---|---|---|---|
Furniture | 9,20,000 | Share capital | 16,00,000 |
Machinery | 12,00,000 | Capital reserve | 2,40,000 |
Cash | 1,60,000 | Creditors | 50,000 |
Debtors | 1,20,000 | Net profit | 1,60,000 |
Prepaid rent | 24,000 | Opening retained earning | 74,000 |
Closing stock | 1,00,000 | Long term loan | 4,00,000 |
Total | 25,24,000 | Total | 25,24,000 |
Additional information:
i. Proposed dividend @10%
ii. Transfer to general reserve Rs. 40,000
Required:
(a) Profit & Loss Appropriation Account
(b) Balance Sheet
An unadjusted trial balance of a company is as below:
Particulars | Dr. (Rs.) | Particulars | Cr. (Rs.) |
|---|---|---|---|
Machinery | 1,45,000 | Sales | 1,37,500 |
Debtors | 22,500 | Commission | 2,500 |
Bank balance | 17,500 | Loan | 30,000 |
Salary | 15,000 | Creditors | 20,000 |
Purchase | 90,000 | Share capital | 1,00,000 |
Total | 2,90,000 | Total | 2,90,000 |
Additional information:
i. Depreciation charged on machinery @ 10%
ii. Accrued commission Rs. 2,000
Required: Worksheet (Prepare format of worksheet yourself.)
Write the meaning of fixed cost and variable cost with suitable examples.
Write the meaning of materials control.
Bikash Company has the following transaction during the month of Baishakh.
Baishakh 1 — Opening inventory: 200 units @ Rs. 10 each
Baishakh 10 — Purchase: 400 units @ Rs. 12 each
Baishakh 15 — Purchase: 200 units @ Rs. 14 each
Total sales during Baishakh: 700 units
Required: Cost of goods sold and cost of ending inventory using FIFO method under periodic inventory system.
The standard time per unit is 4 hours. The wages rate is Rs. 400 per unit and worker worked 200 hours in a month.
Required: Total wages of worker
Following information are given:
a. Net profit shown by financial account Rs. 40,000.
b. Interest received only recorded in financial account Rs. 5,000.
c. Over valuation of closing stock in cost account Rs. 15,000.
d. Office overhead under recorded in cost account Rs. 10,000.
Required: Cost reconciliation statement.
Define computerized accounting system. Explain the usages of computer system in accounting.
Group C
long answer question
The trial balance of a company is given as follows:
Particulars | Dr. (Rs.) | Cr. (Rs.) |
|---|---|---|
Opening inventory | 50,000 | |
Purchase | 1,50,000 | |
Wages | 80,000 | |
Carriage on purchase | 10,000 | |
Machinery | 5,00,000 | |
Debtors | 70,000 | |
Salary | 35,000 | |
Prepaid house rent | 12,000 | |
Selling expense | 8,000 | |
Furniture | 1,50,000 | |
Cash | 74,000 | |
Interest on bank loan | 24,000 | |
Sales | 4,00,000 | |
Share capital | 5,00,000 | |
Discount received | 3,000 | |
Dividend received | 5,000 | |
13% Bank loan | 2,00,000 | |
Creditors | 55,000 | |
Total | 11,63,000 | 11,63,000 |
Additional information:
i. Closing inventory: Rs. 40,000
ii. Prepaid house rent expired: Rs. 9,000
iii. Salary outstanding: Rs. 10,000
iv. Depreciation on machinery: 10%
v. Provision for income tax: 20%
Required:
(a) Statement of profit or loss as per NFRS
(b) Statement of financial position as per NFRS
(a) Multi-step income statement
(b) Statement of financial position
The comparative Balance Sheet of a company for two years is given:
Liabilities | Year I (Rs.) | Year II (Rs.) | Assets | Year I (Rs.) | Year II (Rs.) |
|---|---|---|---|---|---|
Share capital | 50,000 | 55,000 | Machinery | 44,000 | 54,000 |
Share premium | – | 2,000 | Debtors | 8,000 | 6,000 |
Creditors | 7,000 | 11,000 | Inventory | 6,000 | 10,000 |
Long-term loan | 20,000 | 30,000 | Prepaid expenses | 2,000 | 1,000 |
Profit & loss account | 3,000 | 4,000 | Long-term investment | 19,000 | 27,000 |
Cash | 1,000 | 4,000 | |||
Total | 80,000 | 1,02,000 | Total | 80,000 | 1,02,000 |
Additional information:
i. Machinery purchased: Rs. 15,000
ii. Dividend paid: Rs. 2,000
iii. Depreciation on machinery: Rs. 5,000
iv. Net profit: Rs. 3,000
Required: Cash flow statement using indirect method.
Production related cost information of a factory are provided as:
Direct materials — Rs. 1,50,000
Direct wages — Rs. 1,20,000
Indirect materials — Rs. 40,000
Employee salary:
Factory — Rs. 15,000
Office — Rs. 16,000
Sales place — Rs. 14,000
Carriage:
Inward — Rs. 17,000
Outward — Rs. 13,000
Stock position:
Particulars | Opening (Rs.) | Closing (Rs.) |
|---|---|---|
Raw material | 20,000 | 25,000 |
Semi finished | 40,000 | 18,000 |
Finished goods | 60,000 | 1,00,000 |
Profit 20% on sales.
Required: Cost sheet.
Paper Overview & Analysis
2082 GIE Set A
Year
Old Question
Type
75
Full Marks
32
Pass Marks
3 Hours
Duration
25
Question Items
Question Type Breakdown
Group Breakdown