NEB Class 12 Management Accountancy Question Paper 2080
This is the official NEB Class 12 (Management stream) Accountancy (लेखाविधि) question paper for 2080, as set in the first_terminal first_terminal examination. It carries 75 full marks and a time allowance of 180 minutes, across 25 questions. On Kekkei you can attempt this Accountancy past paper online with a timer, get instant AI feedback and step-by-step solutions, and track the topics where you lose marks — completely free. Whether you are revising for your NEB Class 12 Accountancy exam or solving previous years' question papers, this 2080 paper is a great way to practise under real exam conditions.
Group A - Very Short Answer Questions
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What is Joint Stock Company?
Define memorandum of association?
Mention the two objectives of issue of prospectus.
What is authorized capital?
What is paid up capital?
What do you understand by pro-rata allotment of share?
What do you mean by calls-in-advance?
What do you mean by debenture?
Write the entry for forfeiture of 500 shares of Rs.100 each for non-payment of first and final call of Rs.20 per share?
Prepare adjusting entry for prepaid salary Rs.25,000.
Ascertain the amount of net profit after tax if:
- Income tax: Rs.5,000
- Gross profit: Rs.1,00,000
- Operating expenses: Rs.75,000
Group B - Short Answer Questions
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Hotel Yak n Yeti Co. Ltd. issued 10,000 equity share of Rs. 100 each for public subscription at 10% premium in lump-sum. Application for all the shares were received and allotted to the shareholders.
Required: Journal entries for share application and transfer.
Kshitiz Travel Co. Ltd. forfeited 500 shares of Rs. 100 each share for non-payment of second and final call money of Rs.20. Out of forfeited shares 400 shares were re-issued at Rs.80 per share as fully paid up.
Required: Journal entries for (i) share forfeiture (ii) re-issue of shares (iii) transfer
Diya Ltd. Co. issued 25,000 shares of Rs. 100 each at 10% discount for public subscription. The amount payable as follows:
- On application: Rs.40
- On allotment: Rs.30 (after discount)
- On First and final call: Rs.20
Application were received for 20,000 shares and were allotted full. All the money due was received except a shareholder holding 300 shares failed to pay call money.
Required: Necessary Journal entries in the book of Diya Ltd. Co. for Share application, Allotment and Call.
A company invited applications for 40,000 shares of Rs. 100 each at 10% premium payable as follows:
- On application: Rs.35
- On allotment: Rs.45 (with premium)
- On first and final call: Rs.30
All the shares applied for and allotted. All the money was duly received but, Mrs. Rawal who holding 1,000 share failed to pay first and final call money. And Mr. Shrestha holding 500 shares paid entire amount along with allotment money.
Required: Journal entries for above transactions.
The following are the transactions in the book of a Nabil Company:
- Issued 1,000, 12% debenture of Rs. 1,000 at discount (assumed 10% or explicit parameter not fully stated, let's treat generic or face value) and redeemable at par.
- Issued 1,000, 11% debenture of Rs.1,000 at par and redeemable at 10% premium.
- Issued 1,000, 10% debenture of Rs.1,000 at 10% premium and redeemable at 5% discount.
Required: Journal Entries for issue and redemption of debentures. (Note: Only issue entries matching conditions are standardly evaluated).
Western Co. Ltd. purchase the following assets and liabilities of Birat Co.
| Assets | Rs. | Liabilities | Rs. |
|---|---|---|---|
| Furniture | 3,00,000 | Creditors | 6,00,000 |
| Building | 10,00,000 | Outstanding Exp. | 1,00,000 |
| Stock | 4,00,000 | Loan | 2,00,000 |
The Co. decided to issued 5,000 shares of Rs. 100 each at 10% premium and cash Rs.250,000.
Required: Journal Entries for business purchase.
Explain any three features of debentures.
Birat Co. Ltd. issued 10,000, 11% debentures of Rs.100 each at 5% discount redeemable at premium. Subsequently it is redeemed by converting into equity shares of Rs. 100 each at par.
Required: Entry for converting debentures into shares.
The trial balance of Mountain Limited Company as on 31st Ashad 2079 is given below:
| Particulars | Dr. Am. | Particulars | Cr. Am. |
|---|---|---|---|
| Opening Stock | 15,000 | Share capital | 1,20,000 |
| Purchase | 60,000 | Sales | 3,50,000 |
| Wages | 25,000 | Purchase Return | 5,000 |
| Salaries | 60,000 | Account Payable | 10,000 |
| Interest | 20,000 | Commission | 15,000 |
| Cash | 25,000 | ||
| Debtors | 2,15,000 | ||
| Plant and Machinery | 1,00,000 | ||
| Total | 5,00,000 | Total | 5,00,000 |
Additional Information: a. Closing stock Rs.25,000 b. Depreciation on Plant @10% per annum
Required: i. Trading A/c ii Profit and Loss A/c
Explain any three advantages of Joint Stock company.
Write any two differences between private company and public company with basis.
Group C - Long Answer Questions
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Natasa Ltd. Company offered 20,000 shares of Rs.100 each at 10% premium for public subscription. The money was payable as Rs.30 on application, Rs.40 on allotment with premium, Rs.20 on the first call and balance (Rs.20) in the second and final call. The public applied for 25,000 shares and the company decided to allot the shares on the following basis:
- For applicants applying 15,000 shares: Full
- For applicants applying 7,500 shares: Pro-rata (Allotted 5,000 shares)
- For applicants applying 2,500 shares: Rejection
The company has right to utilize the excess money received on application towards allotment and calls. All the money was duly received except Mr. Manjil, to whom 500 shares were allotted on pro-rata basis who failed to pay call money. Mr. Yujan holding 300 shares paid entire amount along with first call money.
Required: Journal entries for Allotment, First and Second and Final call and Share forfeiture.
The trial balance of Realize Company Ltd. as on March 31st 2023 is given below:
| Particulars | Dr. Am. | Particulars | Cr. Am. |
|---|---|---|---|
| Cash | 2,30,000 | Gross Profit | 2,50,000 |
| Salaries | 1,00,000 | Share Capital | 5,00,000 |
| Audit Fees | 30,000 | 10% of debentures | 1,00,000 |
| Furniture and Fixture | 4,00,000 | Commission | 20,000 |
| Account Receivable | 50,000 | Bills Payable | 35,000 |
| Selling Expenses | 25,000 | P/L Appropriation A/c | 15,000 |
| Bad debts | 10,000 | ||
| Goodwill | 35,000 | ||
| Rent | 30,000 | ||
| Interest on Debenture | 10,000 | ||
| Total | 9,20,000 | Total | 9,20,000 |
Additional Information: i. Prepaid rent Rs. 10,000. ii. Outstanding salaries Rs. 12,000. iii. Provide Rs. 50,000 dividend iv. Transfer to general reserve Rs.7,500 v. Depreciation @10% on furniture.
Required: a. Profit and Loss Account, b. P/L Appropriation A/c, c. Balance Sheet
Trial Balance of Suyash Company Ltd. for the year ended 31st Chaitra 2077 is given:
| Particulars | Debit Rs. | Particulars | Credit Rs. |
|---|---|---|---|
| Beginning Inventory | 50,000 | Share capital | 5,00,000 |
| Purchase | 2,50,000 | Sales Revenue | 5,00,000 |
| Wages | 20,000 | Creditor | 40,000 |
| Salaries | 1,20,000 | P/L Appropriation a/c | 25,000 |
| Rent | 15,000 | General Reserve | 10,000 |
| Advertisement | 30,000 | Bank Loan | 75,000 |
| Plant and Equipment | 3,50,000 | ||
| Investment | 80,000 | ||
| Cash | 1,50,000 | ||
| Prepaid insurance | 10,000 | ||
| Preliminary Expenses | 25,000 | ||
| Total | 11,50,000 | Total | 11,50,000 |
Adjustments: i) Closing stock Rs.80,000. ii) Depreciate plant and equipment by 10%. iii) Prepaid salaries Rs.20,000. iv) Provision for taxation Rs. 15,000. v) Proposed dividend @10% on paid up capital.
Required: a) Multi-step Income statement b) Classified Balance sheet.