Class 12 account new course set 1

GROUP - A: Very Short Questions: (11×1=11)

1. What is dematerialization?

2. Mention any two features of company.

3. What do you mean by Financial Statement?

4. Mention any two features of equity shares.

5. Write the meaning of allocation of overhead?

6. Write the meaning of debentures?

7. List any two duties of  store keeper?

8. Write about controllable & uncontrollable cost.

9. What do you understand by labour cost?

10. Define apportionment of over head.

11. What is worksheet?

GROUP - B: Short Questions: (8x5=40)

12) Best Co. Ltd issued 5,000 shares of Rs 50 each at a premium of 10% payable as follows : Application = Rs15, Allotment=Rs25(inc. premium), Final Call= Rs.15.

Application was received for 9,000 shares. Allotments were made on following basis:

Applicants of 2,000 were allotted = 100%

Applicants of 4,000 shares allotted = 50% 

And remaining shares on pro-rata basis.

Excess money received on application were utilized towards allotment & calls.

Required: Journal Entries for Application , Allotment & Final Call(2+2+1)

OR

KB Company for feited 100 shares of Rs 100 each for non-payment of final call money of Rs 20 per share. These shares were reissued at Rs 70 per share fully paid.

Required: Journal entries for Final call, for feature, reissue & transfer (5)

13) i} P. Co. Ltd issued 10,000 shares of Rs 100 each to purchase assets and liabilities of RRR Co. Ltd as under:

Building=600,000      Furniture=450,000     Bank loan =100,000

Required: Journal entries for purchases of assets & liabilities                                  2

ii) Global Co. issued 5,000,10% Debentures of Rs100 each at partobe redeemable at 10% premium after 5years.

Required: Issue & Redemption of Debenture (3)

14. .A trial balance of Perfect Company as on 31°’Chaitra 2077 is as under:

Additional Information:

i. Provide depreciation on machinery @10%p.a.

ii. Write off bad debts Rs 5,000 and provision for baddebts@5%

iii. Advance commission earned Rs5,000

iv. Dividend proposed at 10% on share capital

Required: a ) Profit& Loss A/c, b) P/L Appropriation A/c (3+2)

15. The following balances are extracted on 31th Dec. 2020, from the books of ABC co.

Share capital………….Rs. 50,000       Advance rent received….Rs. 10,000

Machinery ………... ………65,000       Rent………………………..……8,000

Salary…………………..…….5,000          Wages…………………………..5,000

Sales……………………..…80,000           Purchase………………………30,000

Debtors……………...……...30,000        Creditors………………..…..…10,000

Prepaid insurance………..…7,000

Adjustments:

i. Advance rent earned during the year Rs. 6,000

ii. Depreciation on machinery Rs. 5,000.

iii. Outstanding rent Rs. 6,000.

iv. Write off bad debt Rs. 5,000.

v. Prepaid insurance expired Rs. 2,000.

Required:   a) Ten column work sheet (5)

16. Mention the objectives of cost account with its definition (2+3)

17. i) Differentiate between centralized purchase and decentralized purchase(2)

      ii) Following information is given;

Poush 1: Opening Stock 2,000 Units @ Rs.3

Poush 15: Purchase 4,000 Unit @ Rs.2.5

Poush 25: Purchase3,000 Unit @ Rs.2

Total Sales During the month 7 500 Unit

Required: Value of Ending Inventory, Value of Cost of Goods Sold using FIFI Method under Periodic inventory System (3)   

18. i) Time allowed to produce 10 units of output is one hour. A worker produced 1,000 units during the month. A fixed wage per hour is Rs40. Product per day of Kamal = 105 units.

Required: Total wages of a Kamal (2)

  ii) Following information is provided to you:

a. Net profit as per financial account Rs 100,000

b. Works overhead under recovered in cost account Rs. 400.

c. Depreciation overcharged in financial account Rs. 10,000.

d. Interest received but not included in costing record Rs. 8,000.

e. Income tax paid Rs. 20,000.

Required: Cost Reconciliation Statement       (3)

19. Computerized accounting system? Explain the features of accounting software.(5)

GROUP – C: Long Questions:                                                                   (3x8=24)

20. An unadjusted trial balance of a company is given below:

Additional Information:

i) Closing Stock Rs.50, 000.

ii) Prepaid Rent expire Rs.28,000.

iii) Outstanding interest on bank loan was Rs.4,000.

iv)Depreciation on Furniture at 10% per annum.

Required: 

a) Statement of Profit & Loss as Per NFRS (4)

b) Statements of financial position as per NFRS.(4)

OR

The Following information is given:

Additional Information:

i) Depreciation on Building Rs.5,000.

ii) Outstanding office expenses Rs.10,000.

iii) Commission received in advance was earned to the extent of Rs.2,500.

Required: 

a) Multi step Income Statement(4)

b) Classified Balance  Sheet(4)

21. The balance Sheet of a Company is as Follows:

Additional Information:

i) Sales for the Years:Rs.7,00,000

ii) Cost of goods sold Rs.4,40,000

iii) Operating ExpensesRs.1,00,000

iv) Purchase of Fixed Assets Rs.3,20,000& Sales of Fixed assets Rs.70,000

v) Dividend Paid for the Years Rs.60,000

Required: Cash Flow Statement (8)

22. The information regarding the cost records of the last month is as under: 

Opening stock raw materials =24,000

Purchases of raw materials = Rs360,000 

Carriage on purchases = Rs. 16,000 

Closing stock of raw materials = Rs20,000 

Direct wages = Rs184,000

Factory overheads = Rs 200,000 

Administrative overheads = 36,000 

Selling overheads = Rs 10,000

Opening stock of finished goods = 1,000

Units of finished goods = 10,000 units 

Units produced = 10,000 units

Profit = 10% of total cost

 Required : Cost Sheet showing: 

a)Materials consumed                                              b) Prime cost

c)Factory cost                                                         d) Cost of Production               

e) Cost of goodssold                                              f) Total Cost                

g)Profit                                                                    h)Sales                                          (1 x8=8)

Class 12 account new course set 2

GROUP - A: Very Short Questions:  (11×1=11)

1. What is dematerialization?

2. Mention any two features of company.

3. What do you mean by underwriting commission?

4. Mention any two features of equity shares.

5.If maximum consumption = 600 units & maximum delivery  time = 4 days. Calculate Reorder level.

6. Write the meaning of debentures?

7. Prepare adjustment entry of cost of sales Rs. 200.

8. Write about controllable & uncontrollable cost.

9. What is Computerized Accounting?

10. Define apportionment of overhead.

11. What is worksheet?

GROUP - B: Short Questions: (8 x 5 = 40)

12) P. Co. Ltd. Issued 20,00 shares of Rs. 10 each payable as Rs. 2 on application, Rs. 3 on allotment, Rs. 2 on first call and Rs. 3 on final call. Applications were received for 25,000 shares and directors decided to make allotment on pro-rata basis to all applicants. All money was duly received except a shareholder who was allotted 400 shares failed to pay allotment and calls money. Give journal entries for above transactions.

                          OR,

T Ltd. Forfeited 600 shares of Rs. 10 each issued at discount of Rs. 1 each for non-payment of Rs. 4 on first and final call. These shares were re-issued at Rs. 8 per shares as fully paid up. 

Required : Journal entries for forfeiture, re- issue, transfer.

13) i) P. Co. Ltd issued 10,000shares of Rs 100 each to purchases assets and liabilities of RRR Co. Ltd as under:

Building = 600,000 Furniture= 450,000                    Bank loan = 100,000

Required: Journal entries for purchases of assets & liabilities                                  2

ii) Global Co issued 5,000, 10% Debentures of Rs 100each at par to be redeemable at 10% premium after 5 years.

Required: Issue & Redemption of Debenture                                                                                3

14. Trial balance of A Company Ltd. As on 31^st Chaitra is as under.

Additional information

i. Closing stock : Rs. 750,000.

ii.   Bad debts : Rs. 10,000.

iii. Depreciation on fixed assets : 10 %.

Required : a. Trading account     b. Profit and loss account.

15. Consider the following trial balance of Doti Company Limited for the year ended 31^st Chaitra 2076.

Additional information :

i.  Depreciation on machinery Rs. 5,000.

Ii. Prepaid rent expired Rs. 6,000.

iii. Outstanding salary Rs. 3,000.

Required : a. Worksheet                           b. Adjustment entries.                                 (5)

16. What is cost accounting ? Mention it’s importance. (2+3)

17. i) Differentiate between direct and indirect material.  (2)

ii) The following information is available from a manufacturing company. 

Required : Cost of goods sold under LIFO using periodic inventory system. (3)

18. i) Time allowed to produce 10 units of outputs is one hour. A worker produced 1,ooo units during the month. A fixed wage per hour is Rs 40. Product per day of Kamal = 105 units. 

Required : Total wages of a Kamal.

ii)  The net profit as per financial account was Rs. 42,000. On reconciliation , the following differences were noticed:

i. Works overhead under recovered in cost account Rs. 6,000.

ii. Interest charged in financial accounts Rs. 4,000.

iii. Opening stock overvalued by financial account Rs. 10,000.

iv. A profit of Rs. 5,000 on sales of fixed assets was shown in financial account.

Required : Reconciliation between financial and cost account.

19. What is computerized accounting system? Explain the computerized accounting process. (5)

Or,

What is accounting software ? Explain the needs and features of accounting software.

GROUP – C: Long Questions: (3 x 8 = 24)

20. A trial balance of Api Ltd. As on 31^st Asar 2077 is given below. 

21. The balance sheet of Trinagar Comp0any for the subsequent two year is provided to you :

Additional information for year II:

i. Sales Rs. 180,000.

ii. Cost of goods sold Rs. 100,000.

iii. Cash operating expenses Rs. 50,000.

iv. Dividend paid Rs. 5,000.

v. Interest paid Rs. 5,000.

Required : Cash flow statement.

22.     The information regarding the cost records of the last month is as under: 

  Opening stock raw materials = 24,000

Purchases of raw materials = Rs 360,000 Carriage on purchases = Rs. 16,000 

Closing stock of raw materials = Rs 20,000

Direct wages = Rs 184,000

Factory overheads = Rs 200,000 

Administrative overheads = 36,000 

Selling overheads = Rs 10,000

Opening stockof finished goods= 1,000 units Sales Units of finished goods = 10,000units 

Units produced = 10,000 units

Profit = 10% of total cost

          Required: Cost Sheet showing: 

          a) Materials consumed                                              b) Prime cost

c) Factory cost                                                        d) Cost of Production                

e) Cost of goods sold                                            f) Total Cost                

g)Profit                                                                    h) Sales                                         (1 x 8)

Class 12 account new course set 3

GROUP - A: Very Short Questions: (11 x 1 = 11 marks)

1. Mention any two features of company.
2. What is article of association?
3. What do you mean by calls in arrear?
4. Define Financial Accounting
5. State any two responsibilities of store keeper.
6. Write about controllable &uncontrollable cost.
7. Define apportionment of overhead.
8. Define any two importance of accounting software in accounting.
9. Prepare adjustment entry for outstanding salary Rs 5,000
10. From the following information, cash flow from operating activities:

Net income = Rs 35,000; Decrease in current liabilities = Rs 10,000 and non-operating gains = Rs 5,000

11. If annual requirement is 5,000 units, ordering cost per order is Rs 250 and carrying cost is Rs 40, calculate EOQ.

GROUP - B: Short Questions:  (8 x 5 = 40 marks)

12. Best Co. Ltd issued 5,000 shares of Rs 100 each payable as follows: Application = Rs 25 Allotment = Rs 50, Final Call = Rs. 25. 

Application was received for 9,000 shares. Allotments were made on following basis:              Applicants of 2,000 were allotted = 100%

Applicants of 4,000 shares allotted = 50% 

And remaining shares on pro-rata basis. 

Excess money received on applications were utilized towards allotment & calls. 

Required: Journal Entries for Application, Allotment & Final Call      (2+2+1)

13. i)  P. Co. Ltd issued 10,000 shares of Rs 100 each to purchases assets and liabilities of RRR Co. Ltd as under:

Building = 600,000      Furniture = 450,000            Bank loan = 100,000                          

Required: Journal entries for purchases of assets & liabilities (2)

ii) Global Co. issued 5,000, 10% Debentures of Rs 100 each at par to be redeemable at 10% premium after 5 years.

Required: Issue & Redemption of Debenture (3)

14. A trial balance of Perfect Company as on 31st Chaitra 2077 is as under:

Additional Information:

• Provide depreciation on machinery @ 10% p.a.
• Advance commission earned Rs 5,000
• Dividend proposed at 10% on share capital

Required: a) Profit & Loss A/c                        b) P/L Appropriation A/c    (3+2)                                                

15. A The trail balance of Maruti Company as on 31st Chaitra, is given below:

Additional information: 

a) Depreciate fixed assets by 10%  b) Write off bad debts Rs 1,000

Required: Ten column work sheet                                                                                                5

16. a) Store transactions of a limited company for Bhadra 2078 are given:

Bhadra 1       Purchased                            1,000 units @ Rs 50

Bhadra 5       Return to suppliers              100 units

Bhadra 15     Issued                                    600 units

Bhadra 25     Stock verification found     50 units (Shortage)

Required: Store ledger under Last-in-First-Out (LIFO) method.                                            3

16. b) What do you mean by perpetual inventory system?                                                        2

17. i) Time allowed to produce 10 units of output is one hour. A worker (Kamal) produced 1,000 units during the month. A fixed wage per hour is Rs 40.

Required: Total wages of a Kamal (2)

17. ii) Following information is provided to you:

a) Net profit as per cost account Rs 50,000

b) Works overhead over recorded in financial account Rs 25,000

c) Bank Interest credited in financial account Rs 5,000

d) Income tax paid Rs. 20,000

Required: Cost reconciliation statement  (3)

18) Explain any five limitations of computer accounting system. (5)

19) i) Explain any two differences between private company & Public company  (2)

ii) Classify the overheads on the basis of functions  (3)

GROUP - C: Long Questions:  (3 x 8 = 24 marks)

20) A trial balance of Perfect Company as on 31st Chaitra 2077 is as under:

Additional Information:

• Depreciate fixed assets by 10%
• Wages outstanding Rs 5,000
• Prepaid insurance expired Rs 8,000
• Closing stock Rs 50,000

Required: a)Profit & Loss (NFRS) b) Statement of Financial Position (4 + 4)

21) Sagarmatha Co. Ltd provides you the following comparative balance sheet.

Additional Information:

• Sales for the year was Rs 600,000
• Cost of goods sold was Rs 350,000
• Other operating expenses Rs 100,000
• Machinery was purchased Rs 300,000
• Machinery having book value Rs 20,000 were sold for Rs 30,000
• Dividend paid for the year Rs 20,000
• Debenture was redeemed with a premium of Rs 10,000

Required: Cash flow statement using direct method  (8)

22) The information regarding the cost records of the last month is as under:

Opening stock raw materials = 24,000           

Purchases of raw materials = Rs 360,000

Carriage on purchases = Rs. 16,000               

Closing stock of raw materials = Rs 20,000

Direct wages = Rs 184,000                               

Factory overheads = Rs 200,000

Administrative overheads = 36,000 

Selling overheads = Rs 10,000

Opening stock of finished goods = 2,000 units

Sales units of finished goods = 10,000 units

Units produced = 10,000 units                          

Profit = 10% of total cost

Required: Cost Sheet showing:    (1 x 8)

a) Materials consumed                     b) Prime cost                       c) Factory cost    

d) Cost of Production                        e) Cost of goods sold        f) Total Cost         

g) Profit                                 h) Sales                                             

Class 12 account new course set 4

GROUP - A: Very Short Questions:  (11 x 1 = 11 marks)

1. What do you mean by company?

2. What do you mean by minimum subscription of shares?

3. State the meaning of convertible debentures.

4. Define balance sheet in brief.

5. What do you know about job order costing?

6. Write about decentralized purchasing.

7. Define allocation of overhead.

8. Define Payroll sheet.

9. Prepare adjustment entry for provision for tax Rs 10,000

10. From the following information, Net cash flow:

Cash flow from operating, investing and financing activities = Rs 35,000, Rs(15,000) and Rs (10,000)

11. If annual requirement is 5,000 units, ordering cost per order is Rs 250 and carrying cost is Rs 40, calculate total cost

GROUP - B: Short Questions: (8 x 5 = 40 marks)

12. Sahara Co. Ltd issued 10,000 shares of Rs 10 each issued at premium of 10% payable as follows: Application = Rs 2 Allotment = Rs 5, Final Call = Rs. 4. 

Application was received for 20,000 shares. Allotments were made on following basis:            Applicants of 5,000 were allotted = Nil

Applicants of 5,000 shares allotted = 50% 

And remaining shares on pro-rata basis. 

Excess money received on applications were utilized towards allotment & calls. 

Required: Journal Entries for Application, Allotment & Final Call      (2+2+1)

13. i) Robort &Co. Ltd purchases assets and liabilities of Shiva Co. Ltd at an agreed price of Rs 12,00,000:

Plant = 500,000                           Vehicle = 600,000               Debtors = 200,000

Bank loan = 200,000  Creditors = 100,000            

Required: Journal entries for purchases of assets & liabilities  (2)

ii) Jivan Co. issued 10,000, 12% Debentures of Rs 100 each at par to be redeemable at 5% discount after 5 years.

Required: Issue & Redemption of Debenture  (3)

14. A trial balance of Purbi Company as on 31st Chaitra 2077 is as under:

Additional Information:

Unsold stock was Rs. 300,000

Wages due Rs 10,000

Interest on loan due Rs 6,000

Depreciation on machinery by 10%

Required: a) Trading Account   b) Profit & Loss A/c   (3+2)                                        

15. A The trail balance of Suzuki Company as on 31st Chaitra, is given below:

Additional information: 

a) Prepaid expenses expired Rs 30,000                        

b) Depreciate machinery @ 20%

c) Goodwill written off Rs 20,000

Required: Ten column work sheet (5)

16. a) Sitaram Corporation began the business with 150 units of inventory that it paid Rs 2 each. During the year, it purchased an additional 200 units for Rs 3 each. Sitaram sold 300 units during the year.

Required: a) Cost of goods sold and ending inventory under FIFO Method

b) Cost of goods sold and ending inventory under LIFO Method  (3)              

16. b) The reorder quantity is 3,000 units, reorder level is 4,000 units, minimum consumption is 300 units and minimum lead time is 5 days

Required: Maximum stock level  (2)

17) i) Total wages earned by Mr. B for a month of 24 working days is Rs 8,640. The working hour for a day is 8 hours. 

Required: Wages per hour  (2)

17) ii) Following information is provided to you:

a) Net loss as per financial account of a company is Rs 60,000

b) Income tax paid Rs 80,000 shown in financial account

c) Administrative expenses overcharged in financial account Rs 40,000

d) Interest on investment credited in financial account Rs 10,000

Required: Cost reconciliation statement (3)

18) Explain any five areas of application of computer in accounting (5)

19) i) Write any two privileges of private company provided by Company Act  (2)

ii) What do you understand by fixed overhead and variable overheads  (3)

GROUP - C: Long Questions: (3 x 8 = 24 marks)

20) A trial balance of Pokhara Company as on 31st Chaitra 2077 is as under:

Required: a)Income statement  b) Statement of retained earning

c) Classified balance sheet      (3 + 1 + 4)

21) Sagarmatha Co. Ltd provides you the following comparative balance sheet.

Additional Information:

Depreciation on building Rs 5,000 and plant Rs 12,500

Tax paid Rs 11,000

Purchases of plant Rs 65,500

Required: Cash flow statement using indirect method  (8)

22) The information regarding the cost records of the last month is as under:

Materials                                               300,000                Wages                                   250,000

Factory Overheads                              50,000                   Office Overheads                30,000

• The company received a tender for 100 units. It is estimated that:
• Materials are required Rs 200 per unit
• Wages are required Rs 100 per unit
• Office overhead is increased by 10%
• Profit 20% on selling price

Required: a) Cost Sheet   b) Tender Sheet    ( 2 + 6 = 8)

Class 12 account new course set 5

GROUP - A: Very Short Questions: (11 x 1 = 11 marks)

1. Write in brief about memorandum of association

2. What do you mean by forfeiture of shares?

3. Describe about debenture issued as collateral security.

4. Define income statement.

5. What do you mean by cost?

6. What do you mean by material control?

7. Define absorption of overhead.

8. Define Ms Excel

9. Prepare adjustment entry for commission earned but not received Rs 3,000

10.From the following information, calculate cash flow from investing activities

11. If annual requirement is 60,000 units, ordering cost per order is Rs 300 and carrying cost is Rs 2, calculate Economic order quantity

GROUP - B: Short Questions:  (8 x 5 = 40 marks)

12. S. Company Ltd issued 10,000 shares of Rs 100 each at discount of 10% payable as follows.

On Application Rs 25, on allotment Rs 20, on first call Rs 20 & final call Rs 25

A Shareholder holding 500 shares did not pa the calls money. His shares were forfeited and forfeited shares were reissued at Rs 90 per share fully paid

Required: Entries for Final call, Forfeiture, Reissue, Transfer   (1+2+1+1)

13. i)XYZ Ltd issued 2,000 shares of Rs 100 each to promotors for their service to promote company.         

Required: Journal, if share were issued a) at par   b) at 5% premium   (2)

ii) Jivan Co. issued 5,000,7% Debentures of Rs 1000 each at premium of 5% to be redeemable at 10% premium after 5 years.  (3)

14. A trial balance of Lumbini Company as on 31st Chaitra 2077 is as under:

Additional Information:

Transfer to general reserve Rs 20,000   

Proposed dividend Rs 50,000

Required: a) P/L Appropriation A/c                b) Balance Sheet (2+3)                                         

15. A The trail balance of Hyundai Company as on 31st Chaitra, is given below:

Additional information: 

a) Stock at the end Rs 15,000                           b) Rent earned but not received Rs 500

c) Provision for bad debts @ 5%                      d) Appreciation on land & building @ 10%

Required: Work sheet (5)

16) a) Veer Zara Company reported the following information for the month:

Opening stock      Jestha 1                                 65 units @ Rs 10

Purchases:            Jestha 7                                 50 units @ Rs 12

                                Jestha 18                              60 units   @ Rs 13

                                 Jestha 27                              45 units @ Rs 14

During Jestha, Veer Zara sold 140 units altogether. The company uses a periodic inventory system 

Required: Cost of ending inventory & cost of goods sold under weighted average method  (3)

b) Following information of a manufacturing company is given to you.

The reorder level = 5,000 units                 Consumption =150-250 units 

Delivery period=8-12 days

Required: Re-order level (2)

17. i) A manufacturing company provides you the following information

Time taken = 48 hours               Wage = Rs 25/hour              Allowance = Rs 5/hour

Required: Wages of a worker (2)

ii) Following information is provided to you:

a) Net profit as per financial account of a company is Rs 80,000

b) Depreciation: Financial A/c = Rs 64,000; On Cost A/c = Rs 80,000

c) Goodwill written off Rs 8,000

d) Factory overhead over absorbed in financial account Rs 10,000

Required: Cost reconciliation statement (3)

18) Define Computer System. Explain four elements of computer system (5)

19) i) List out the main documents of a company, describe in brief (3)

      ii) What do you understand by machine hour rate  (2)

GROUP - C: Long Questions: (3 x 8 = 24 marks)

20) A trial balance of ABC Company as on 31st Chaitra 2077 is as under:

Additional Information:

a) Closing stock Rs 25,000                                b) Prepaid rent Rs 2,000

c) Interest on bank loan due Rs 2,500             d) Depreciation on furniture @20% p.a 

e) Proposed dividend @ 10%                           f) Transfer to reserve fund Rs 10,000

Required: a)Statement of Profit & Loss as per NFRS

b) Financial Position as per NFRS (4 + 4)

21) Zoom Co. Ltd provides you the following comparative balance sheet.

Additional Information:

Sales for the year 2077 Rs 820,000

Cost of goods sold Rs 425,000

Operating expenses Rs 261,500

Dividend distributed Rs 35,000

Required: Cash flow statement using direct method   (8)

22) The information regarding the cost records of the last month is as under:

Purchases of Materials = 200,000   Carriage on purchases = Rs 20,000

Direct Wages = Rs 100,000                               Factory Overheads = Rs 50,000

Office overhead = 10% of prime cost             Selling overhead = Rs 10 per unit

Sales of scrap = Rs 5,000                  Production = 4,000 units

Profit = 20% of sales

Other balances are as under:

Required: Cost Sheet