NEB Class 12 Management Accounting Question Paper 2080 (Set B)
Group 'A'
Very short answer questions.
Define public limited company.
What do you understand by debenture?
Write the full form of NFRS.
What is cost accounting?
Write the meaning of variable overhead.
Clarify the meaning of Bin Card.
Define direct wages.
What is computerized accounting?
Prepare adjusting entry of provision for income tax Rs. 5,000.
From the following information, calculate cash paid to suppliers in year II.
Purchase Rs. 3,50,000
Sundry creditors: Year I Rs. 15,000; Year II Rs. 20,000
Numeric answer (Rs.)
If weekly consumption 200 to 300 units of material and re-order period 4 to 6 weeks, then find out Re-ordering level.
Numeric answer (units)
Group 'B'
Short answer questions.
A company issued 6,000 shares of Rs. 100 each with premium Rs. 10 per share. The calls were made as follows:
On application Rs. 20 per share
On allotment per share including premium Rs. 10 — Rs. 40
On First and final call Rs. 50
Application were received for 9,000 shares. No allotment was made to 1,000 shares. Rest were allotted on pro-rata basis. Excess application money utilized in subsequent calls. All the calls were made and call money were duly received.
Required (Journal entry for):
a) Share application
b) Share allotment
c) Share first and final call (2+2+1)
(i) Q Company Ltd. purchase the following assets of R Company Ltd. at an agreed price of Rs. 4,40,000.
Machinery Rs. 3,20,000
Stock Rs. 2,10,000
The purchase price paid by issuing shares of Rs.100 each at 10% premium.
Required: Journal Entries for Assets purchase by issuing shares. (1+1)
(ii) A company issued 500, 8% debentures of Rs. 1,000 each at 10% premium. After 5 years it will be redeemed at 5% premium.
Required: Journal Entries for issue and redemption of debentures. (1+1+1)
A company provides the following trial balance:
| Particulars | Dr.Rs. | Cr.Rs. |
|---|---|---|
| Opening stock | 40,000 | - |
| Purchase | 3,20,000 | - |
| Wages | 30,000 | - |
| Salary | 25,000 | - |
| Rent Income | - | 10,000 |
| Interest on Investment | - | 18,000 |
| Interest on Loan | 14,000 | - |
| Commission Received | - | 20,000 |
| Sales Return | 15,000 | - |
| Carriage on purchase | 20,000 | - |
| Sales | - | 6,00,000 |
| Bad debts | 6,000 | - |
| Sales commission | 4,000 | - |
Additional information:
a) Closing stock Rs. 60,000
b) Outstanding interest on loan Rs. 1,000
Required:
a) Trading Account
b) Profit and loss account (2+3)
The following is the Trial Balance of a company on Ashadh end 2078.
| Particulars | Dr.Rs. | Cr.Rs. |
|---|---|---|
| Share capital | - | 4,00,000 |
| Creditors | - | 1,00,000 |
| Sales | - | 6,00,000 |
| Purchase | 4,00,000 | - |
| Cash | 1,60,000 | - |
| Debtors | 2,00,000 | - |
| Salary & Rent | 1,20,000 | - |
| Machinery | 2,80,000 | - |
| Overdraft | - | 1,60,000 |
| Investment | 1,00,000 | - |
| Total | 12,60,000 | 12,60,000 |
Additional information:
a) Depreciation on Machinery @10%
b) Outstanding salary Rs. 10,000
Required: Work sheet (5)
Define overhead. Write about apportionment and re-apportionment of overhead. (2+3)
(i) Write about store ledger. (2)
(ii) Following are the store transaction given to you for the month of Bhadra.
Bhadra 1: Opening stock 700 kg @ Rs. 20
Bhadra 4: Purchase 800 kg @ Rs. 21
Bhadra 20: Purchase 1,000 kg @ Rs. 22
Bhadra 30: Issue 1,900 kg
Required: Store ledger under FIFO method using perpetual inventory system. (3)
(i) The standard output per hour is 2 units. Wages rate per unit is Rs. 20. Hours worked during a month is 200 hours.
Required: Total wages (2)
(ii) The following information are provided:
a) Net profit shown by Cost Account Rs. 50,000.
b) Factory overhead over absorbed in Cost Account Rs. 8,000.
c) Interest Received in financial account Rs. 5,000.
d) Opening stock over valued in financial A/C Rs.4,000.
Required: Cost Reconciliation Statement (3)
Describe the disadvantages of accounting software.
Group 'C'
Long answer questions.
The Trial balance of a Company as on 31st Ashadh 2078 is given below.
| Particulars | Dr. Rs. | Cr.Rs |
|---|---|---|
| Opening stock | 30,000 | - |
| Purchase | 96,000 | - |
| Discount | 7,000 | - |
| Building | 15,000 | - |
| General expenses | 8,000 | - |
| Machinery | 25,000 | - |
| Debtors | 32,000 | - |
| Cash in hand | 12,000 | - |
| 10% Investment | 20,000 | - |
| Bills received | 6,000 | - |
| Wages | 13,000 | - |
| Insurance | 2,000 | - |
| Salaries | 13,000 | - |
| Interest on loan | 1,000 | - |
| Share capital | - | 1,00,000 |
| Creditors | - | 10,000 |
| Sales revenue | - | 1,44,000 |
| Discount received | - | 4,000 |
| 10% loan | - | 20,000 |
| Provision for bad debt | - | 2,000 |
| Total | 2,80,000 | 2,80,000 |
Additional information:
a) Closing stock: Rs. 50,000
b) Bad debt: Rs. 2,000
c) Provision for bad debts to be maintained at 5%
d) Provision for income tax @20%
e) Wages outstanding: Rs.2,000
Required: [Option 1 or 2]
Option 1: a) Profit or loss Statement based on NFRS (4) b) Statement of Financial position based on NFRS (4)
Option 2: a) Multistep income statement (4) b) Statement of financial position (4)
The income statement and other information of a company for the year 2078 is given below:
Income statement: Sales revenue 10,50,000; Cost of goods sold 7,25,000; Gross profit 3,25,000; Office expenses 1,25,000; Selling expenses 30,000; Interest on debentures 20,000; Premium on debentures redemption 5,000; Depreciation on furniture 15,000 (total 1,95,000); Net profit 1,30,000.
Other details:
| Particulars | Year I (Rs.) | Year II (Rs.) |
|---|---|---|
| Furniture net | 5,25,000 | 6,50,000 |
| Investment | 2,00,000 | 2,50,000 |
| Debtors | 2,25,000 | 1,75,000 |
| Inventory | 1,50,000 | 2,00,000 |
| Share capital | 4,00,000 | 6,00,000 |
| 10% Debentures | 2,00,000 | 1,50,000 |
| Expenses due | 25,000 | 15,000 |
| Creditors | 1,30,000 | 1,70,000 |
| Bank balance | 2,25,000 | ? |
Additional information:
i) Furniture sold for Rs.30,000 and purchased for Rs.1,70,000
ii) Dividend paid: Rs.40,000
Required: Cash flow statement by using indirect method. (4+1+2+1)
A production company showed the following details of its production cost for 5,000 units:
Direct material Rs. 1,50,000
Direct wages Rs. 2,00,000
Factory overheads Rs. 50,000
Office overheads Rs.40,000
Profit: 25% on sales
The company wants to estimate the total cost and tender price for 2,000 units. It is estimate that:
Rate of raw materials will be increased by 10%
Wages rate will be increased by 20%
Overheads are allocated as under: Factory overhead on the basis of direct wages and office overhead on the basis of factory cost.
Required:
a) Cost sheet (3)
b) Tender sheet (5)