Sub. code 1041
NEB — GRADE XII
2083
Old Question
Accounting Question Paper 2083 (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, 2083 (subject code 1041), carrying full marks of 75 with a pass mark of 32, to be completed within 3hrs. Answers with step-by-step solutions are available for every question below.
Group A
Very short answers questions
Define company.
Define paid up capital.
Define fixed assets.
State any two limitations of cost accounting.
Write the meaning of allocation of overhead.
Write the meaning of indirect material.
Define Bin Card.
State any two importance of computer system in accounting.
Prepare adjustment entry of Rs. 20,000 for proposed dividend.
Following informations are given:
Net income Rs. 36,000
Depreciation Rs. 12,000
Decrease in current assets Rs. 10,000
Required: Cash flow from operating activities under indirect method.
Following informations are given:
Annual requirement..............................2,00,000 units
Ordering cost per order........................Rs.100
Carrying cost per unit..........................Rs.40
Required: Economic Order Quantity (EOQ)
Group B
short answer question
A company issued 10,000 share of Rs.100 each at 10% premium as follows:
On application Rs. 20
On allotment Rs. 50
First and final call Rs. 40
Application were received for 15,000 share, 3,000 share were rejected and refunded and remaining application were allotted on pro-rata basis. One shareholder holding 500 share failed to pay first and final call money.
Required: Journal voucher for (a) Share allotment (b) Share first and final call (c) Share forfeiture
A company issued 8,000 share @ Rs. 100 each for the purchase of following assets.
Land Rs. 7,80,000
Closing stock Rs. 40,000
Required: Journal entries for assets purchase by issuing shares.
X company issued 7,000, 10% debentures of Rs. 100 each at 5% premium, redeemable at 10% premium after 5 years.
Required: Entries for issue and redemption of debentures.
The following closing ledger balances of a company are available:
Particulars | Dr. (Rs.) | Cr. (Rs.) |
|---|---|---|
Rent | 40,000 | |
Salary | 56,000 | |
Equipment | 8,80,000 | |
General expenses | 1,60,000 | |
Loan | 1,50,000 | |
Share capital | 4,00,000 | |
Gross profit | 4,60,000 | |
Profit and loss appropriation | 72,000 | |
Other income | 40,000 | |
Creditors | 14,000 | |
Total | 11,36,000 | 11,36,000 |
Additional information:
i. Proposed dividend Rs. 80,000
ii. Depreciation on equipment @ 10%
iii. Accrued income Rs. 8,000
Required:
(a) Profit & Loss Account
(b) Profit and Loss Appropriation Account
The following account balances of ABC Company are available as on 31st Chaitra 2081.
Particulars | Dr. (Rs.) | Cr. (Rs.) |
|---|---|---|
Fixed assets | 2,00,000 | |
Current assets | 2,00,000 | |
Bank loan | 60,000 | |
Interest paid | 8,000 | |
Commission received | 10,000 | |
Salary | 10,000 | |
Wages | 20,000 | |
Rent | 5,000 | |
Creditors | 70,000 | |
Capital | 2,00,000 | |
Purchase | 1,20,000 | |
Selling expenses | 62,000 | |
Sales | 2,85,000 | |
Total | 6,25,000 | 6,25,000 |
Additional information:
i. Proposed dividend @ 10%
ii. Depreciation on fixed assets @ 15%
Required: Prepare a 12-column worksheet.
Explain any five advantages of cost accounting.
Define centralized and decentralized purchase.
The following store transactions took place during the month of June:
June 1 — Opening stock: 1,000 units @ Rs. 10
June 5 — Purchase: 700 units @ Rs. 12
June 18 — Purchase: 900 units @ Rs. 15
June 30 — Sales: 1,800 units
Required: Find the value of closing stock and cost of goods sold using the LIFO method under periodic inventory system.
A worker produces 300 units in a month. The standard time required for producing one unit is 5 hours, and the wage rate is Rs. 60 per hour.
The comparison between cost accounts and financial accounts reveals the following information:
a. Net profit as per cost account: Rs. 3,50,000
b. Bank interest credited in financial records: Rs. 2,000
c. Work overhead under-recorded in cost account: Rs. 10,000
d. Income tax recorded in financial account: Rs. 80,000
Required: Prepare a Cost Reconciliation Statement.
Explain any five elements of computer system in accounting.
Group C
Long answer question.
The following Trial Balance is available as on 30th Ashar 2082:
Particulars | Dr. (Rs.) | Cr. (Rs.) |
|---|---|---|
Opening stock | 20,000 | |
Purchase | 3,50,000 | |
Furniture | 2,00,000 | |
Building | 1,00,000 | |
Bills receivable | 90,000 | |
10% Debenture | 2,00,000 | |
8% Investment | 1,00,000 | |
Interest | 15,000 | 5,000 |
Wages | 45,000 | |
Prepaid insurance | 18,000 | |
Sales | 7,80,000 | |
Share capital | 1,80,000 | |
Bills payable | 1,00,000 | |
Bank balance | 3,42,000 | |
Commission | 15,000 | |
Total | 12,80,000 | 12,80,000 |
Additional information:
i. Closing stock: Rs. 50,000
ii. Depreciation on furniture @ 10%
iii. Prepaid insurance expired: Rs. 6,000
iv. Provision for income tax @ 20%
Required:
(a) Multi-step Income Statement
(b) Statement of Financial Position
(a) Statement of Profit or Loss as per NFRS
(b) Statement of Financial Position as per NFRS
The following comparative balance sheets and income statement are given:
Liabilities | 2081 (Rs.) | 2082 (Rs.) | Assets | 2081 (Rs.) | 2082 (Rs.) |
|---|---|---|---|---|---|
Share capital | 3,00,000 | 4,00,000 | Fixed assets | 2,00,000 | 2,60,000 |
Debenture | 3,00,000 | 2,80,000 | Investment | 3,50,000 | 4,00,000 |
Creditors | 30,000 | 35,000 | Stock | 15,000 | 25,000 |
Outstanding expenses | 20,000 | 15,000 | Debtors | 45,000 | 35,000 |
Retained earnings | 30,000 | 60,000 | Cash | 70,000 | 70,000 |
Total | 6,80,000 | 7,90,000 | Total | 6,80,000 | 7,90,000 |
Income Statement
Item | Amount (Rs.) | Amount (Rs.) |
|---|---|---|
Sales | 8,00,000 | |
Less: Cost of goods sold | (5,00,000) | |
Gross profit | 3,00,000 | |
Less: Administrative expenses | 1,50,000 | |
Depreciation | 40,000 | |
Selling expenses | 60,000 | (2,50,000) |
Net profit | 50,000 | |
Less: Dividend paid | (20,000) | |
Retained earnings | 30,000 |
Additional information:
i. Fixed assets purchased during the year amounted to Rs. 1,00,000.
Required: Prepare Cash Flow Statement under direct or indirect method.
ABC Manufacturing Company provides the following cost information:
Raw material purchases — Rs. 3,60,000
Productive labour — Rs. 2,00,000
Factory expenses — 50% of productive labour
Depreciation on furniture — Rs. 24,000
Salaries of salesmen — Rs. 15,000
Freight on purchases — Rs. 20,000
Direct expenses — Rs. 1,50,000
Office rent — Rs. 18,000
Selling and distribution overheads — Rs. 10,000
Expected profit — 15% on cost
Item | Beginning (Rs.) | Ending (Rs.) |
|---|---|---|
Raw material | 35,000 | 40,000 |
Work-in-progress | 60,000 | 38,000 |
Finished goods | 80,000 | 50,000 |
Required: Prepare a cost sheet showing:
(a) Cost of raw material consumed
(b) Prime cost
(c) Factory cost
(d) Cost of production
(e) Cost of goods sold
(f) Cost of sales
(g) Profit amount
(h) Total sales amount