Principles of Accounting-II | Class 12 | Question Paper 2076 [2019] | Sub Code: 224B | NEB


NATIONAL EXAMINATIONS BOARD [NEB]
Principles of Accounting II - Grade XII-Class 12
Examination - 2076 (2019)
Regular Students | Subject Code: 224 ‘B’
Time - 3 hrs
Full Marks - 100
Pass Marks: 35 (Only for partial students)
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Candidates are required to give their answers in their own words as far as practicable. The figures in the margin indicate full marks.

1. Mention any three characteristics of the company. [3]
2. Write in brief about memorandum of association. [2]

3. State any three limitations of financial statement analysis. [3]

4. Write the meaning of working capital. [2]

5. Clarify the meaning of cost accounting stating its any two objectives. [3]

6. Classify cost on the basis of element. [2]

7. State any two differences between time system and piece wage system. [2]

8. State any three objectives of stores control. [3]

9. The following informations are provided regarding the shares:
- 20,000 applications were received on the issued of 10,000 ordinary shares of Rs. 100 each at a premium of 10%.
- The shares were issued payable as under:
On applications: Rs. 30 per share
On allotment: Rs. 40 per share
On First and final call: Rs. 40 per share
- Allotment were made as under:
4,000 Applicants: Full
4,000 Applicants: Nil
12,000 Applicants: 6,000
- All calls were made and duly received. On allotment a shareholder holding 500 shares paid the full value of shares.

Required:
Journal entries for application, allotment and final call. [6]

10. A company forfeited 200 shares of Rs. 100 each of a shareholder for non payment of final call of Rs. 40 per share. Of the forfeited share, 100 shares were issued at Rs. 80 per share.

Required:-
Journal entries for forfeiture, re-issue and transfer. [3]

11. D co. Ltd. accepted the following assets and liabilities of P co. Ltd.:
Furnitures: Rs. 50,000
Machinery: Rs. 60,000
Sundry creditors: Rs. 30,000
Bills receivable: Rs. 15,000
Sundry debtors: Rs. 15,000
Inventories: Rs. 25,000
D company paid the purchase price of Rs. 1,80,000 by issuing shares of Rs. 100 each at a discount of 10%.

Required:-
Entries for purchase of business. [3]
12. A company Ltd. issued 8,000, 10% debentures at a discount of 10% and redeemable after 5 years at a premium of 5%.

Required:-
Entries for issue and redemption of debentures. [4]

13. The trial balance of a limited company as on 31st Chaitra, 2074 is given below:
Trial Balance 31 Chaitra 2074
Additional information:
- 5% depreciation to be charged on furniture.
- Prepaid wage Rs. 6,000
- General expenses payable Rs. 5,000
- Proposed dividend 20% on share capital.

Required:
i. Adjustment entries
ii. Work sheet [2+6=8]

14. The following trial balance of ABC company for the year ending 31st December, 2017 is given:
Trial Balance 31 December 2017
Additional information:
- Closing stock: Rs. 80,000
- Baddebt written off on debtor: @5%
- Outstanding salaries: Rs. 30,000
- Unearned commission: Rs. 10, 000
- Proposed dividend: @10%

Required:-
(i) Trading Account
(ii) Profit and Loss Account
(iii) Profit and Loss Appropriation Account
(iv) Balance Sheet

15. Following informations are given:-

Debtors - Rs.40,000
Creditors - Rs. 80,000
Debtors turnover ratio - 10 times
Cash balance - Rs. 24,000
Closing stock - Rs. 96,000
Gross Profit - Rs. 80,000
Net Profit - Rs. 50,000

Required:-
(i) Current Ratio
(ii) Quick Ratio
(iii) Sales Amount
(iv) Gross Profit Ratio
(v) Net Profit Ratio [5]
16. Following informations are provided:-

(i) Patent written off - Rs. 10,000
(ii) Purchase of fixed assets - Rs. 2,00,000
(iii) Sales of fixed assets - Rs. 15,000
(iv) Depreciation on fixed assets - Rs. 90,000
(v) Issue of share capital - Rs. 2,00,000
(vi) Net profit of the year - Rs. 1,80,000
(vii) Profit on sale of fixed assets - Rs. 6,000

Required:-
i) Funds from operation
ii) Funds Flow Statement [3+2=5]

17. The main transaction of a limited company for this year are as under:
The closing balances of different assets and liabilities are as under: (in Rs.)
Cash Flow Statement

Required:-
Cash Flow Statement [10]
18. The stores transactions for the last month are as under:
Store Transactions
Required:-
Stores ledger under First-in First-out Method. [5]

19. Following details are available:

Re-order level - 6,000 units
Minimum consumption - 400 units
Re-order period - 10 to 30 days
Maximum stock level - 10,000 units

Required:-
Re-order quantity [2]

20. The following informations are given:

Normal wages rate per hour - Rs. 200
Normal time per unit - Rs. 30 minutes
Output produced by a worker - 40 units

Required:-
Wages of a worker by using piece rate system [2]
21. The information regarding the cost records of the last month is as under:

Direct materials consumption - Rs. 2,50,000
Direct labour cost - Rs. 2,50,000
Factory overhead - Rs. 3,00,000
Office overhead - Rs. 2,00,000

Overheads are to be allocated as under:

- Factory overhead: on the basis of direct labour cost
- Administrative overhead: on the basis of factory cost

Following costs estimation were made for submitting the tender:

- Direct material: - Rs. 1,25,000
- Direct labour: - Rs. 80,000
- Profit: - 20% of sales

Required:-
Cost sheet showing:
i) Cost sheet of last month
ii) Tender sheet [3+7=10]

22. On reconciliation of Financial and Cost Accounting, following informations were disclosed:

i) Profit shown by Cost Account Rs. 80,000
ii)) Works overhead under recovered in Cost Account Rs. 5,000
iii) Office overhead under recovered in Financial Account Rs. 10,000
iv) Depreciation under charge in Cost Account Rs. 6,000
v) A profit on sale of fixed assets was shown on Financial Account  Rs. 5,000

Required:-
Reconciliation of Cost and Financial Account. [5]

Note :- If you need 2076/2019 Grade XII/12 Principles of Accounting - II - Sub. Code: 224 'B' Question paper in PDF File, please post your email address in "Comment Box" below. :)
View the question paper of Principles of Accounting - II (224'B') | Class 12 | Grade XII | National Examinations Board [NEB] | 2076/2019

Principles of Accounting - II Class 12 Question Paper 2076/2019 Sub Code-224B NEB

Principles of Accounting - II Class 12 Question Paper 2076/2019 Sub Code-224B NEB

Principles of Accounting - II Class 12 Question Paper 2076/2019 Sub Code-224B NEB

Principles of Accounting - II Class 12 Question Paper 2076/2019 Sub Code-224B NEB

Principles of Accounting - II Class 12 Question Paper 2076/2019 Sub Code-224B NEB

Principles of Accounting - II Class 12 Question Paper 2076/2019 Sub Code-224B NEB

Principles of Accounting - II Class 12 Question Paper 2076/2019 Sub Code-224B NEB

Principles of Accounting - II Class 12 Question Paper 2076/2019 Sub Code-224B NEB
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