National Examinations Board Grade 12 Accounting — Grade Increment (Supplementary) 2080 (2023) (Set B)

National Examinations Board · Accounting (Grade 12) · 2080 (2023) BS · Grade Increment (Supplementary) Examination — 22 questions — a free old question paper on Goodone.club’s exam-paper archive.

  1. Define public limited company. [1 marks]
  2. A company issued 6,000 shares of Rs. 100 each with a premium of Rs. 10 per share. Calls: on application Rs. 20; on allotment (including premium Rs. 10) Rs. 40; on first & final call Rs. 50. Applications were received for 9,000 shares. No allotment was made to 1,000 shares; the rest were allotted on a pro-rata basis. Excess application money was utilised in subsequent calls. All calls were made and call money was duly received. Required — journal entries for (a) share application, (b) share allotment, (c) share first & final call. [2+2+1] [5 marks]
  3. The trial balance of a company as on 31st Ashadh 2078 — Dr: 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. Cr: 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). Additional: (a) Closing stock Rs. 50,000; (b) Bad debt Rs. 2,000; (c) Provision for bad debts to be maintained at... [8 marks]
  4. What do you understand by debenture? [1 marks]
  5. (i) Q Company Ltd. purchased 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 was paid by issuing shares of Rs. 100 each at 10% premium. Required — journal entries for assets purchased by issuing shares. [1+1] (ii) A company issued 500, 8% debentures of Rs. 1,000 each at 10% premium, redeemable at 5% premium after 5 years. Required — journal entries for issue and redemption of debentures. [1+1+1] [5 marks]
  6. The income statement and other information of a company for the year 2078 — 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 debenture redemption 5,000; Depreciation on furniture 15,000; Net profit 1,30,000. Other details (Year I / Year II): 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... [8 marks]
  7. Write the full form of NFRS. [1 marks]
  8. A company provides the following trial balance — Dr: Opening stock 40,000; Purchase 3,20,000; Wages 30,000; Salary 25,000; Interest on loan 14,000; Sales return 15,000; Carriage on purchase 20,000; Bad debts 6,000; Sales commission 4,000. Cr: Rent income 10,000; Interest on investment 18,000; Commission received 20,000; Sales 6,00,000. Additional: (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] [5 marks]
  9. 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, estimating that: the rate of raw materials will increase by 10%; the wage rate will increase 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; (b) Tender sheet. [3+5] [8 marks]
  10. What is cost accounting? [1 marks]
  11. The trial balance of a company on Ashadh end 2078 — Dr: Purchase 4,00,000; Cash 1,60,000; Debtors 2,00,000; Salary & Rent 1,20,000; Machinery 2,80,000; Investment 1,00,000. Cr: Share capital 4,00,000; Creditors 1,00,000; Sales 6,00,000; Overdraft 1,60,000 (Total 12,60,000). Additional: (a) Depreciation on machinery @10%; (b) Outstanding salary Rs. 10,000. Required — Worksheet. [5] [5 marks]
  12. Write the meaning of variable overhead. [1 marks]
  13. Define overhead. Write about apportionment and re-apportionment of overhead. [2+3] [5 marks]
  14. Clarify the meaning of Bin Card. [1 marks]
  15. (i) Write about store ledger. [2] (ii) The following store transactions are given 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 the perpetual inventory system. [3] [5 marks]
  16. Define direct wages. [1 marks]
  17. (i) The standard output per hour is 2 units. The wage rate per unit is Rs. 20. Hours worked during a month is 200 hours. Required — total wages. [2] (ii) The following information is 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 account Rs. 4,000. Required — cost reconciliation statement. [3] [5 marks]
  18. What is computerized accounting? [1 marks]
  19. Describe the disadvantages of accounting software. [5] [5 marks]
  20. Prepare the adjusting entry of provision for income tax Rs. 5,000. [1 marks]
  21. 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. [1 marks]
  22. If weekly consumption is 200 to 300 units of material and the re-order period is 4 to 6 weeks, find the re-ordering level. [1 marks]