Standard Teaching and Evaluation Procedure Sundry creditors Rs. 40,000 outstanding expenses Rs.

15,000
Jorpati, Kathmandu Required: Journal entries [3]
Pre-Board Examination-2077
12. A Company issued 500, 10% debenture of Rs.100 each at a discount of
Subject: Principles of Accounting II
10% to be redeemable at the end of 10 years at a premium of 5%.
Grade: XII Time: 3 hrs FM: 100 PM: 32 Required: Journal entries for issue and redemption of debenture[4]
Candidates are required to give their answer in their own simple and
creative words. The figure in the margin indicates full marks. 13. The trial balance of A company as on Chaitra 31, 2077 is given below:
Attempt all the questions. particulars Debit (Rs.) particulars Credit (Rs.)
1.Write about Article of Association [3] opening sock 1,50,000 sales 6,79,000
2. Point out any two differences betweenPrivate and Public company. Purchases 4,90,000 commission 6,000
[2] furniture 34,000 P/L account 30,000
3. Write any three objectives of financial statement [3] Rent 8,000 Share capital 2,00,000
4. Write any two limitation of financial statement. [2] Plant 58,000 general reserve 31,000
5. Define Direct and Indirect cost with example [3] Debtors 65,000 Acc. payable 59,000
6. What do you mean by ben card? [2] custom duty 62,000 purchase return 10,000
7. Write any two functions of storekeeper. [2] Salaries 15,000 Transfer fee 5,000
8. Write any three advantages of piece rate system. [3] Sundry expenses 12,000
9.ABC limited company issued 10,000 equity shares of Rs.100 each with Calls in arrears 20,000
10% premium and amount were payable as follows: Bank balance 51,000
On application Rs.30 on allotment Rs40 Loose tools 50,000
On first call Rs.30 on final call Rs.10 legal charge 5,000
Applications were received for 25,000 shares. The directors decided to Total 10,20,000 Total 10,20,000
make pro-rata allotment for 20,000 applications and remaining were Additional information
rejected. Excess money utilized towards sum due on allotment.  Closing stock was valued at Rs18,000
Required: Journal entries for: (a) Application (b) Allotment(c) First call  Provision for bad debt Rs. 5,000
[6]  Depreciate plant and furniture by 10% each.
 The directors proposed a divided @10% and transfer to general
10.A co. ltd forfeited 100 shares of Rs.100 each, for non-payment of first
reserve Rs5,000
and final call of Rs.35 per shares. Out of these shares 60 shares were re-
Required:a) Trading account b) Profit and loss account
issued at Rs.70.
c) Profit and loss appropriation account d) Balance sheet [12]
Required, Journal entries for (a) Forfeiture (b)Re-issue. (c) Transfer.
[3]
14. The following trial balance of A limited company is given below as on
31st December 2017.
Particulars Debit Rs. Credit Rs.
11. M.Co.Ltd issued 25,000 shares of Rs.10 each with 20% premium to N
share capital 5,00,000
Co. Ltd purchasing the following assets and liabilities.
MachineryRs. 210,000 Furniture Rs. 80,000 sales 10,00,000
bank loan 2,50,000
profit & Loss account 20,000 17. The company's balance sheet for two years have been given below:
cash balance 50,000 Liabilities year 1 year 2 Assets year 1 year 2
debtors 2,50,000 share capital 5,00,000 7,00,000 fixed assets 7,00,000 11,00,000
fixed assets 10,00,000 share premium 1,00,000 1,20,000 stock 1,00,000 2,00,000
creditors 1,50,000 debenture 2,00,000 1,00,000 A/c Receivable 3,00,000 2,00,000
administrative expenses 2,00,000 bills payable 1,00,000 80,000 cash 2,00,000 1,00,000
salaries 2,50,000 A/c payable 2,00,000 3,00,000
sundry expenses 1,50,000 retained earning 2,00,000 3,00,000
Tax paid (last year) 20,000 Total 13,00,000 16,00,000 Total 13,00,000 16,00,000
Total 19,20,000 19,20,000 Additional information
Additional information i) Sales for the years Rs.12,00,000
i) 10% deprecation on fixed assets ii) Cost of goods sold Rs.7,00,000
ii) Outstanding salaryRs.10,000 iii) Operating expense Rs.2,00,000
iii) Proposed dividend Rs.10,000 iv) Fixed assets purchase Rs.6,00,000 and fixed assets costing Rs.40,000
Required a) adjustment entries have been sold for Rs.60,000
b) Worksheet [5+3=8] iv) Dividend paid Rs.40,000
v) Premium on redemption of debenture was Rs.20,000.
15. B. Ltd provides the following information. Required: Cash Flow Statement using Direct Method [10]
Closing stock Rs50,000. Sales………Rs.300,000
Creditors…… Rs. 34,000. Fixed assets …… Rs.60,000 18. The following are the store transaction of a certain materials during the
Cash……… Rs.10,000 Bank……Rs. 21,000 month
Bills receivable…Rs. 15,000 Overdraft…Rs.17,000 Of Magh.
Bills payable……….Rs. 9,000 Magh 1 Opening stock 400 units @ Rs.10 per unit.
Required: a) current ratio b) quick ratio c) inventory turnover ratio d) fixed Magh 5 purchase500 units @ 10.50 per unit.
assets turnover ratio [5] Magh 12 Issued 800 units.
Magh 18 Returns from factors 50 units.
16. The following details are provided: Magh 22 Receipts from vendors 1,000 units @ Rs.11 per unit.
Profit for the year Rs. 46,000 Required: Stores ledger under LIFO. [5]
Depreciation on fixed assets Rs.14,000
dividend paid Rs.25,000 19. Following are the information relating to a firm.
Issue of share capital Rs.40,000 Annual requirement 36,000 units Cost per unit…… Rs.300
Goodwill written off Rs. 40,000 Carrying cost per unit 10% of average inventory
Purchase of plant Rs.80,000 Ordering cost per order Rs.50
Sale of furniture Rs.28,000 Required: Economic order quantity [2]
Required a) Funds from operation
b) Funds flow statement [2+3=5] 20. Following information is given.
Weekly working hour30 hrs.
Total working weeks20weeks
Hourly output 5 unit
Wage rate per unit of output Rs.10
Required: Total wages payable under piece wages system [2]

21. The account of a factor shows the following information:

Materials……Rs.2,00,000 Wages……………Rs.2,00,000
Factory overhead…Rs.50,000office overhead….Rs.45,000
The following costs were submitting for tender.
i) Materials and wages are required Rs.50,000 and Rs.30,000 respectively.
ii) Factory overhead on the basis of direct wages and office overhead on
the basic of factory cost
iii) Profit 10% on selling price
Required: a) cost sheet b) Tender sheet [3+7=10]

22. From the following figures

Net profit as per financial account Rs.1,00,000
Work overhead under recovered in cost account Rs.4,000
Depreciation over charged in financial account Rs.10,000Income tax
provided in financial account Rs.20,000
Bank interest credited in financial accountRs.1,000
Opening stock recorded;
In cost account Rs.15,000
In financial account Rs.20,000
Required: cost reconciliation statement [5]