NEB Students
Accounting

NEB — CLASS 12

Accounting

Model Question

Set B

Answer each question in your own words as far as practicable. The figures in the margin indicate full marks.

सबै प्रश्नको उत्तर दिनुहोस् । (Attempt All Questions)

Time : 3 hrsPass Marks : 27Full Marks : 75
1.

Mention any two important documents of a company.

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2.

Write the meaning of called up capital.

[1]
3.

List out any two limitations of financial statements.

[1]
4.

Write the meaning of contract costing.

5.

Write the meaning of semi-variable overhead.

[1]
6.

Give the meaning of purchase order.

[1]
7.

Mention any two disadvantages of time rate system of wages payment.

[1]
8.

Define account masters.

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9.

Prepare adjustment entry for depreciation on furniture.

[1]
10.

Find out the cash collection for sales, if sales is Rs. 600,000 during the year and increase in debtors by Rs. 40,000.

[1]
11.

If annual consumption is 7,000 units and number of orders is 5 times, find out the Economic Order Quantity (EOQ).

[1]
12.

A company forfeited 800 shares out of 5,000 shares @ Rs. 100 each issued at 10% premium due to non-payment of first and final call money of Rs. 30. These shares were subsequently re-issued at Rs. 85 per share as fully paid up.

Required: Entries for share final call, forfeiture, re-issue and transfer

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13.

a. X Company purchased the following assets of Y Company at an agreed price of Rs. 550,000.

AssetAmount
MachineryRs. 300,000
DebtorsRs. 100,000
InventoriesRs. 150,000

X Company paid the purchase price by issuing shares of Rs. 100 each at a premium of 10%.

Required:
Entry for purchase of above assets by issuing shares.


b.

P Company Ltd issued 5,000, 9% Debenture of Rs. 100 each at 10% discount and redeemable at 10% premium after 5 years.

Required: Journal Entries for issue and redemption of debentures

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14.

The following is the information of Pashupati Co. Ltd. as on March 2021:

Particular

Amount (Rs.)

Particular

Amount (Rs.)

Purchase

2,75,000

Sales

5,30,000

Insurance

24,000

Interest Received

5,000

Rent

10,000

Salary

36,000

Opening Stock

80,000

General Expenses

20,000

Wages

1,75,000

Selling Expenses

15,000

Additional Information:

  1. Closing Stock = (market price) and (cost price)

  2. Depreciation on fixed assets =

  3. Provision for taxation =

Required:

a. Trading Account

b. Profit and Loss Account

15.

Trial balance of a company Ltd. as on last year ended is as follows:

Debit Particulars Rs. Credit Particulars Rs.
Purchases 9,00,000 Sales 12,00,000
Opening Stock 1,00,000 Creditors 80,000
Wages 50,000 Share Capital 2,00,000
Rent 40,000 Profit and Loss Account 20,000
Salaries 24,000
Cash 86,000
Fixed Assets 2,00,000
Debtors 1,00,000
Total 15,00,000 Total 15,00,000

Additional Information:

  1. Depreciation on fixed assets = 15%
  2. Proposed dividend = 12%

Required:
Prepare 12 column worksheet

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16.

Give the meaning of cost accounting and mention any three objectives of cost accounting.

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17.
a.

Write about centralized store.

b.

The following information is available of a manufacturing company:

Details

Units

Unit Cost (Rs.)

Beginning Balance

2000

100

March 02

3000

110

June 10

4000

120

August 15

2500

130

December 22

1500

150

During the year, inventory issued (sales) = 10,000 units

Required:
Calculate cost of goods sold and cost of closing stock under weighted average method using periodic inventory system.

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18.
a.

Standard time to produce each unit of output is 4 hours. A worker produced 200 units during the month. Wages rate per hour is Rs. 80.

Required: Find total wages for the month.

b.

Following facts were discovered from cost and financial accounting:

  1. Net profit as per financial account = Rs. 77,000

  2. Over valuation of opening stock in cost account = Rs. 20,000

  3. Administrative expenses under absorbed in cost account = Rs. 30,000

  4. Dividend received recorded in financial account = Rs. 20,000

Required: Prepare cost reconciliation statement.

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19.

Write in brief the uses of computer in accounting.

[5]
20.

The trial balance of a company limited as on last year is given:

Particulars Debit (Rs.) Particulars Credit (Rs.)
Opening Stock 1,50,000 Share Capital 3,00,000
Wages 40,000 10% Bank Loan 1,50,000
Purchases 4,50,000 Commission 20,000
Rent 30,000 Creditors 80,000
Interest on Bank Loan 10,000 Profit and Loss A/c 50,000
Salaries 60,000 Sales 6,15,000
Furniture 1,00,000
Debtors 80,000
Bad Debts 10,000
Carriage 5,000
Prepaid Insurance 15,000
Machinery 2,00,000
Cash 25,000
Goodwill 40,000
Total 12,15,000 Total 12,15,000

Additional Information:

  1. Closing Stock = Rs. 2,10,000
  2. Outstanding Wages = Rs. 5,000
  3. Prepaid Insurance expired = Rs. 10,000
  4. Provision for tax = Rs. 10,000

Income Statement and Classified Balance Sheet


Or,

Statement of profit or loss and statement of financial position based on NFRS

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21.

The Balance Sheet and income statement of A Ltd. are given below:

Balance Sheet

Liabilities 5th Year (Rs.) 6th Year (Rs.) Assets 5th Year (Rs.) 6th Year (Rs.)
Share capital 200,000 300,000 Furniture 200,000 260,000
Debenture 150,000 130,000 Land 130,000 145,000
Creditors 140,000 150,000 Stock 180,000 200,000
Bank overdraft 120,000 110,000 Debtors 130,000 120,000
Retained earnings 140,000 160,000 Cash 110,000 125,000
Total 750,000 850,000 Total 750,000 850,000

Income Statement for the year ending 6th year

Items Rs.
Sales 7,800,000
Less: Cost of goods sold 6,700,000
Gross margin 1,100,000
Less: Operating expenses 1,040,000
Depreciation 20,000
Premium on redemption of debenture 1,000
Loss on sale of furniture (Book value Rs. 20,000) 5,000
Total expenses 1,066,000
Net income 34,000

Other Information

  1. Sale of furniture for Rs. 15,000 and purchase of furniture for Rs. 100,000
  2. Dividend paid during the year: Rs. 14,000

Required:

Prepare a Cash Flow Statement using indirect method.

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22.

Cost information for manufacturing a product is given below:

  • Direct material: 20,000 kgs @ Rs. 10 per kg
  • Direct labour cost: 80% of cost of material
  • Factory overhead: Rs. 64,000
  • Administrative overhead: Rs. 42,400

The following estimations were made for submitting a tender:

  • Estimated cost of materials: Rs. 30,000
  • Direct labour: Rs. 24,000
  • Factory overheads are absorbed on the basis of direct labour
  • Administrative overheads are absorbed on the basis of factory cost
  • A profit of 20% on selling price is estimated

Required:

  • Statement of Cost
  • Tender Sheet
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