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CBSE Sample Papers for Class 12 Accountancy Paper 5

December 13, 2018December 13, 2018 by Raju

These Sample papers are part of CBSE Sample Papers for Class 12 Accountancy. Here we have given CBSE Sample Papers for Class 12 Accountancy Paper 5

CBSE Sample Papers for Class 12 Accountancy Paper 5

Board	CBSE
Class	XII
Subject	Accountancy
Sample Paper Set	Paper 5
Category	CBSE Sample Papers

Students who are going to appear for CBSE Class 12 Examinations are advised to practice the CBSE sample papers given here which is designed as per the latest Syllabus and marking scheme as prescribed by the CBSE is given here. Paper 5 of Solved CBSE Sample Papers for Class 12 Accountancy is given below with free PDF download solutions.

Time: 3 Hours
Maximum Marks: 80

General Instructions:

(i) Please check that this paper contains 23 questions.
(ii) The paper contains two parts A and B.
(iii) Part A is compulsory for all.
(iv) Part B has two options—Option-1 Analysis of Financial Statements and Option-II Computerized Accounting.
(v) Attempt only one option of Part B.
(vi) All parts of a question should be attempted at one place.

PART – A
Partnership Firms and Company Accounts

Question 1.
What share of profits would a sleeping partner who has contributed 70% of the total capital, get in the absence of a deed?

Question 2.
Give the average period in months for charging interest on drawings for the same amount withdrawn at the beginning of each quarter.

Question 3.
G and R are partners. R wants to admit his son S into business. Can S become the partner of the firm? Give reason.

Question 4.
On dissolution of a firm, its balance sheet revealed total creditors Rs 50,000, total capital Rs 48,000, Cash balance Rs 3,000. Its assets were realised at 12% less. What will be loss on realisation?

Question 5.
Z Ltd. forfeited 100 equity shares of Rs 10 each at a premium of 20% for the non payment of final call of Rs 5 including premium. State the maximum amount of discount at which these shares can be reissued.

Question 6.
What is zero coupon bond?

Question 7.
Anita, Asha and Amrit are partners sharing profits in the ratio of 3:2:1 respectively. From 1st January 2010, they decided to share profits in the ratio of 1:3:2. The partnership deed provides that in the event of any change in profit sharing ratio, the goodwill should be valued at three years purchase of the average of five years profits. The profits and losses of the preceding five years are:
Profit: 2005 – Rs 1,20,000, 2006 – Rs 3,00,000, 2007 – Rs 3,40,000, 2008 – Rs 3,80,000, Loss ; 2009 – Rs 1,40,000.
Showing the working clearly, give the necessary journal entry to record the above change.

Question 8.
On 1-04-2009, Shilpi Ltd. made an issue of 2500 6% debentures of Rs 100 each. The company during the year 2012-13 purchased for cancellation of 500 of these debentures. The company paid Rs 90 per debentures for 400 debentures and Rs 94 per debentures for the rest. The expenses on purchase amounted to Rs 700. Pass necessary journal entries in the books of the company for the period 2012-13.

Question 9.
Ravi Textiles Ltd. had issued Rs 8,00,000,8% debentures of Rs 100 each, redeemable at a premium of 10% on 31st March 2015. The board of directors decided to transfer the minimum required amount to debenture redemption reserve account at the time of redemption. Investment are
required by law was made in fixed deposit of the bank at 6% P.a on 30th April. Pass journal entries at the time of redemption of debentures.

Question 10.
Y. Ltd. issued 60,000 shares of Rs 10 each at a premium of 10%, payments were to be made as on application : Rs 4 per share (including premium), on allotment – Rs 3 per share, on final call – the balance. All money were duly received except final call on 600 shares.
Show the share capital in the company’s balance sheet together with notes to accounts.

Question 11.
Ram and Shyam are partners sharing profits as 9:5. They agree to admit Salman their manager into partnership, who is to get 1/8 share in the profits. He acquires this share as 1/12 from Ram and 1/24 from Shyam.
You are required to:
(i) Calculate the new profit sharing ratio.
(ii) Indicate the value in taking Salman as a partner.

Question 12.
X, Y and Z are partners sharing profits in the ratio of 1/2 :1/3 :1/6. y retires and his share is taken by X and Z in the ratio of 5 : 3. Instead of transferring the amount due to Y to his loan account, they decided to make full payment to him. You are required to:
(i) Calculate the new profit sharing ratio.
(ii) Identify the value involved in making full payment.

Question 13.
(a) Y Ltd. forfeited 400 shares of Rs 100 each on which first call of Rs 20 per share was not received, the second and final call of Rs 30 per share has not yet been called. Out of these, 200 shares were re-issued as Rs 70 paid up for Rs 55 per share. Pass journal entries for the forfeiture and reissue.
(b) State the value affected by forfeiting the shares. Suggest a better alternative for the same.

Question 14.
L, M and N were partners sharing profits in the ratio of 3 : 4 : 5. Their fixed capitals were L – ., Rs 4,00,000, M – Rs 5,00,000 and N – Rs 6,00,000 respectively. The partnership deed provided for
the following:
(i) Interest on capitals @ 6% P.a.
(ii) Salary of Rs 30,000 P.a to N.
(iii) Interest on Partners’ drawings will be charged @ 12% P.a.
During the year ended 31-3-2009, the firm earned a profit of Rs 2,70,000. L withdraws Rs 10,000 on 1-4-2008, M withdraws Rs 12,000 on 30-9-2008 and N withdraws Rs 15,000 on 31-12-2008. Prepare profit and loss appropriation account for the year ended 31-3-2009.

Question 15.
Sudha and Joshi were Partners in a firm sharing profits in the ratio of 3 : 7. On 31-3-2012, their balance sheet was as follows:
CBSE Sample Papers for Class 12 Accountancy Paper 5 15
The firm was dissolved on 1-4-2013 and the assets and liabilities were settled as follows:
(i) Creditors accepted stock and debtors in their full and final settlement of the claim.
(ii) Land and building was sold for Rs 7,00,000 and machinery was taken over by Joshi by paying cash less than 30% of its book value. Pass journal entries.

Question 16.
S Ltd. invited applications for issuing 2,00,000 equity shares of Rs 100 each at a premium of Rs 60 per share. The amount has payable as follows:
On application – Rs 30 per share (including premium Rs 10)
On allotment – Rs 70 per share (including premium Rs 50)
On first and final call — the balance amount.
Applications for Rs 1,90,000 shares were received. Shares were allotted to all the applicants and the company received all money due on allotment except Jain who had been allotted 1,000 shares and his shares were immediately forfeited. Afterwards, first and final call was made. Gupta did not pay the first and final call on his 2,000 allotted shares. His shares were also forfeited. 50% of the forfeited shares of both Jain and Gupta were re-issued for Rs 90 per share fully paid up.
Pass necessary journal entries in the books of S Ltd. for the above transactions.
OR
X Ltd. issues 50,000 shares of RS 10 each at a premium of RS 2 per share payable as follows:
Rs 3 on application
Rs 6 on allotment (including premium) and Rs 3 on call.
Applications were received for 75,000 shares and a pro-rata allotment was made as follows: To the applicants of 40,000 shares – 30,000 shares were issued and for the rest, 20,000 shares were issued. All money due were received except the allotment and call money from Ram who had applied for 1,200 shares (out of the group of 40,000 shares). All his shares were forfeited. The forfeited shares were reissued for Rs 7 per share fully paid up. Pass necessary journal entries for the above transactions.

Question 17.
The balance sheet of A, B and C who were sharing profits and losses in the ratio of 1/2,1/3 – and 1/6 respectively was as follows on 1.4.2004:
CBSE Sample Papers for Class 12 Accountancy Paper 5 17
A retired from the business on 1-4-2004 and his share in the firm was to be ascertained on the revaluation of the assets as follows:
Stock Rs 20,000, Furniture Rs 3,000, Plant and Machinery Rs 9,000, Building Rs 20,000, Rs 850 was to be provided for doubtful debts. The goodwill of the firm was valued at Rs 6000.
A was to paid Rs 11,500 in cash on retirement and the balance in three equal yearly installments with interest at 9% per annum.
Prepare revaluation account, partners’ capital accounts and A’s loan account on the date of his retirement.
OR
Murari and Vohra were partners in a firm with capitals of Rs 1,20,000 and Rs 1,60,000 respectively. On 1-4-2011, they admitted Yadav as a Partner for one fourth share in profits on his payment of Rs 2,00,000 as his capital and Rs 90,000 for his one fourth share of goodwill.
On that date, the creditors of Murari and Vohra were Rs 60,000 and Bank overdraft was Rs 15,000. Their assets apart from cash included stock Rs 10,000, Debtors Rs 40,000, Plant and machinery Rs 80,000, Land and building Rs 2,00,000. It was agreed that stock should be depreciated by Rs 20,00, plant and machinery by 20%, Rs 5000 should be written off as bad debts and land and building should be appreciated by 25%. Prepare revolution account, partners’ capital accounts and the balance sheet of the new firm.

PART -B
‘Analysis of Financial Statements’

Question 18.
Debt equity ratio is 2%. State giving reason, whether the debt equity ratio will improve or decline or will not change on declaration of a final dividend.

Question 19.
List any two examples of cash equivalents.

Question 20.
Under what heads and sub heads the following items will appear in the balance sheet of a company as per schedule III, Part I to the companies Act 2013:
1. Matured debentures,
2. Provision for warranties,
3. Mining rights,
4. Bank overdraft,
5. Trade marks,
6. Interest accrued on investments.

Question 21.
Prepare common size statement of profit and loss from the following information:
CBSE Sample Papers for Class 12 Accountancy Paper 5 21

Question 22.
Cash revenue from operations Rs 1,30,000, credit Revenue from operations Rs 3,70,000, Liquid assets Rs 1,40,000, Current liabilities Rs 1,05,000 and inventory Rs 90,000. Compute working capital turnover ratio.

Question 23.
From the information, calculate net cash flow from operating activities:
CBSE Sample Papers for Class 12 Accountancy Paper 5 23

Answers

Answer 1.
Equal share of profit.

Answer 2.
7.5 months.

Answer 3.
S cannot become the partner of the firm.
Reason: According to section 31(1) of Indian partnership Act 1932, a partner can be admitted as a new partner only with the consent of all the existing partners unless otherwise agreed upon.

Answer 4.
Loss on realisation Rs 11,400.

Answer 5.
These shares can be reissued at a maximum discount of Rs 7 per share (i.e., Rs 700)

Answer 6.
A zero coupon bond is one which does not carry any specific rate of interest. In order to compensate the investors, such bonds are issued at a substantial discount. The difference between issue price and the redemption price represents the total interest to be spread over the duration of the bond.

Answer 7.
Goodwill Rs 6,00,000, Anita sacrifices 2/6, Asha Gains 1/6, Amrit Gains 1/6.

Answer 8.
Amount transferred to capital reserve Rs 3,900.

Answer 9.
Debenture redemption investment Rs 1,20,000 made on 30th April 2014. Debenture redemption reserve created for Rs 2,00,000.

Answer 10.
Share Capital Rs 5,97,000.

Answer 11.
(i) New profit sharing ratio 94 : 53 : 21.
(ii) Secularism.

Answer 12.
(i) New ratio = 17:7.
(ii) Full payment has been made to B so that he may not face financial difficulties after retirement.

Answer 13.
(a) Capital reserve Rs 7,000.
(b) (i) Company’s reputation has been adversely affected by forfeiture of shares just after the first call.
(ii) Better alternative would have been to give an opportunity to the defaulting shareholder to make the payment of first call alongwith the second call.

Answer 14.
Profit distributed between L Rs 38,092.50, M Rs 50,790 and N Rs 63,487.50.

Answer 15.
Loss on realisation Rs 13,000.

Answer 16.
Amount transferred to capital reserve Rs 35,000.
OR
Amount transferred to capital reserve Rs 900.

Answer 17.
Loss on revaluation Rs 8,400, A’s loan Rs 29,550, Balance of B’s capital A/c Rs 21,700 and C’s capital A/c Rs 18,350.
OR
Profit on Revaluation Rs 27,000, Total of Balance Sheet Rs 6,72,000.

Answer 18.
Not change. Reason: it represents merely the conversion of provision into a current liability.
It can be verified by the following journal entry:
Proposed dividend A/c Dr.
To dividend payable A/c

Answer 19.
1. Treasury bill,
2. Commercial papers,
3. Commercial bills,
4. Call money,
5. Certificate of deposit.

Answer 20.
CBSE Sample Papers for Class 12 Accountancy Paper 5 20

Answer 21.
% of Total Revenue 20% and % of profit after tax 20%.

Answer 22.
Working capital turnover ratio = 4 times.

Answer 23.
Net cash flow from operating activities – Rs 22,200.

We hope the CBSE Sample Papers for Class 12 Accountancy Paper 5 help you. If you have any query regarding CBSE Sample Papers for Class 12 Accountancy Paper 5, drop a comment below and we will get back to you at the earliest.

CBSE Sample Papers for Class 12 Accountancy Paper 4

December 13, 2018 by Raju

These Sample papers are part of CBSE Sample Papers for Class 12 Accountancy. Here we have given CBSE Sample Papers for Class 12 Accountancy Paper 4

CBSE Sample Papers for Class 12 Accountancy Paper 4

Board	CBSE
Class	XII
Subject	Accountancy
Sample Paper Set	Paper 4
Category	CBSE Sample Papers

Students who are going to appear for CBSE Class 12 Examinations are advised to practice the CBSE sample papers given here which is designed as per the latest Syllabus and marking scheme as prescribed by the CBSE is given here. Paper 4 of Solved CBSE Sample Papers for Class 12 Accountancy is given below with free PDF download solutions.

Time: 3 Hours
Maximum Marks: 80

General Instructions:

PART – A
Partnership Firms and Company Accounts

Question 1.
Which account is debited when liabilities already transferred to realisation account, are paid in cash?

Question 2.
What is meant by issue of shares at Par?

Question 3.
Why should a firm have a partnership deed?

Question 4.
When an asset is taken over by a partner, why is his capital account debited?

Question 5.
Can ‘Securities Premium’ be used as working capital. Give reasons in support of your answer.

Question 6.
What is the nature of Interest on Debentures?

Question 7.
A partnership firm earned net profit during the last three years as follows:
CBSE Sample Papers for Class 12 Accountancy Paper 4 7
The capital employed in the firm throughout the above mentioned period has been Rs 4,00,000. Having regard to the risk involved, 15% is considered to be a fair return on the capital. The remuneration of all the partners during this period is estimated to be Rs 1,00,000 per annum. Calculate the value of goodwill on the basis of two years’ purchase of super profit earned on average basis during the above mentioned three years.

Question 8.
Pass the necessary journal entries for the issue and redemption of debentures in the following cases:
(i) 10,000,10% debentures of Rs 100 each issued at 20% premium, repayable at par.
(ii) 20,000, 9% debentures of Rs 200 each issued at 20% premium, repayable at 30% premium.

Question 9.
A Ltd. had issued 50,000,8% debentures of Rs 200 each redeemable on 31st March, 2015. It was decided to invest 15% of the face value of debentures to be redeemed towards redemption investment. The board of directors transferred the required amount to debenture redemption reserve on March 31,2015. Debentures were redeemed on due date. Record necessary entries for redemption of debentures.

Question 10.
Sundram Ltd. purchased furniture for Rs 3,00,000 from Ravindram Ltd. Rs 1,00,000 were paid by drawing a promissory note in favour of Ravindram Ltd. The balance was paid by issue of equity shares of Rs 10 each at a premium of 25%. Pass necessary journal entries in the books of sundram Ltd.

Question 11.
A and B were partners in a firm sharing profits and losses in the ratio of 5 : 3. They admitted C as a new partner. A surrendered 1/3rd of his share in favour of C and B surrendered 1/4th of his share in favour of C. C brought Rs 1,50,000 for his capital and Rs 58,000 for his share of goodwill. Calculate new profit sharing ratio of A, B and C, sacrificing ratio of A and B and pass necessary journal entries for the above transaction on C’s admission.

Question 12.
(a) X, Y and Z are partners sharing profits equally. They decided that in future, Z will get 1/7 share in profits. On the day of change, firm’s goodwill is valued at Rs 21,000. Give journal entries arising on account of change in profit sharing ratio.
(b) Partners decided to set aside each year Rs 50,000 or 5% of their profit, whichever is more, for subsidizing hostel fees of specially abled students of Delhi University. Identify two values involved in taking such a decision.

Question 13.
Meena Ltd. issues 60,000 shares of Rs 10 each at a Premium of Rs 2 per share payable at Rs 3 on application, Rs 5 (including premium) on allotment and the balance on 1st and final call. Application were received for 1,02,000 shares. The director resolved to allot as follows:
(A) Applicants of 60,000 shares 30,000 shares
(B) Applicants of 40,000 shares 30,000 shares
(C) Applicants of 2,000 shares Nil
Nikhil, who had applied for 1,000 shares in category A and Vishu who was allotted 600 shares in category B failed to pay the allotment money. Calculate the amount received on allotment.
Also find the value involved in this questions.

Question 14.
A, B and C were partners. Their capitals were A — Rs 30,000, B — Rs 20,000 and C — Rs 10,000 respectively. According to the partnership deed they were entitled to interest on capital at 5% Pa in addition, B was also entitled to draw a salary of Rs 500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capitals but before charging the salary payable to B. The net profit for the year were Rs 30,000 distributed in the ratio of their capitals without providing for any of the above adjustments. The profits were to be shared in the ratio of 5 : 3 : 2. Pass the necessary adjustment entry showing the working clearly.

Question 15.
A, B and C are partners in a trading firm. The firm has a fixed capital of Rs 60,000 held equally by all the partners. Under the partnership deed, the partners were entitled to:
(a) A and B to a salary of Rs 1,800 and Rs 1,600 per month respectively.
(b) In the event of the death of a partner, goodwill was to be valued at 2 years’ purchase of the average profits of the last 3 years.
(c) Profits up to the date of the death based on the profits of the previous year.
(d) Partners were to be charged interest on drawings at 5% P.a and allowed interest on capitals at 6% P.a. B died on January 1, 2011. His drawings to the date of death were Rs 2,000 and the interest thereon was Rs 60. The profits for the three years ending March 31st 2008,2009 and 2010 were : Rs 21,200, Rs 3,200 (Dr.) and Rs 9,000 respectively.
Prepare B’s capital account to calculate the amount to be paid to his executors.

Question 16.
Som Ltd. invited applications for issuing 60,000 equity shares of Rs 100 each at a premium of Rs 50 per share. The amount was payable as follows:
On application – Rs 75 per share (including premium Rs 25)
On allotment – Rs 50 per share (including premium Rs 25)
On first and final call — the balance amount.
Applications for Rs 55,000 shares were received. Allotment was made to all the applicants and the company received all money due on allotment except K who was allotted 500 shares and his shares were immediately forfeited. Afterwards, the first and final call was made. L to whom 300 shares were allotted failed to pay the first and final call. His shares were also forfeited. 300 shares of K and 200 shares of L were re-issued for Rs 75,000 fully paid up.
Pass necessary journal entries in the books of Som Ltd. for the above transactions.
OR
Shiva Ltd. invited applications for issuing 2,00,000 equity shares of Rs 100 each at a premium of Rs 60 per share. The amount was payable as follows:
On application – Rs 30 per share (including premium Rs 10)
On allotment – Rs 70 per share (including premium Rs 50)
On first and final call – the balance amount.
Applications for 1,90,000 shares were received. Shares were allotted to all the applicants and the company received all money due on allotment except Jain who had been allotted 1,000 shares, and his shares were immediately forfeited. Afterwards, first and final call was made. Gupta did not pay the first and final call on his 2,000 allotted shares. His shares were also forfeited. 50% of the forfeited shares of both Jain and Gupta were reissued for Rs 90 per share fully paid up.
Pass necessary journal entries in the books of Shiva Ltd. for the above transactions.

Question 17.
Following is the balance sheet of x and y who share profits and losses in the ratio of 4:1, as at 31st march 2012:
CBSE Sample Papers for Class 12 Accountancy Paper 4 17
The firm was dissolved on the above date and the following arrangements were decided upon:
(a) X agreed to pay off his brothers’ loan.
(b) Debtors of Rs 5,000 proved bad.
(c) Other assets realised — Investments 20% Less, and Goodwill at 60%.
(d) On of the creditors for Rs 5,000 was paid only Rs 3,000.
(e) Buildings were auctioned for Rs 30,000 and the auctioner’s commission amounted to Rs 1,000.
(f) Y took over part of stock at Rs 4,000 (being 20% less than the book value). Balance stock realised 50%.
(g) Realisation expenses amounted to Rs 2,000.
Prepare:
(i) Realisation A/c, (ii) Partner’s capital accounts and (iii) Bank account.
OR
Rajat and Ravi are partners in a firm sharing profits and losses in the ratio of 7:3. Their balance sheet as at 31st March 2011 is as follows:
CBSE Sample Papers for Class 12 Accountancy Paper 4 17.1
On 1st April 2011, they admit Rohan on the following terms:
(i) Goodwill is valued at Rs 40,000 and Rohan is to bring in the necessary amount in cash as premium for goodwill and Rs 60,000 as capital for 1/4 share in profits.
(ii) Stock is to be reduced by 40% and furniture is to be reduced to 40%.
(iii) Capitals of the partners shall be proportionate to their profit sharing ratio taking Rohan’s capital as base adjustments of capitals to be made by cash.
You are required to prepare revaluation account, Partners’ capital account and cash account.

PART -B
‘Analysis of Financial Statements’

Question 18.
State how price level changes are ignored in financial statements analysis.

Question 19.
What is meant by operating activities?

Question 20.
List any four items which are included under the head fixed assets of the company’s balance sheet as per the schedule III to the companies act 2013.

Question 21.
With the help of the following information prepare a comparative Balance Sheet of Shyam Ltd.
CBSE Sample Papers for Class 12 Accountancy Paper 4 21

Question 22.
Cash revenue from operations Rs 1,00,000, credit. Revenue from operations Rs 3,00,000. Gross profit 25% on revenue from operations, opening inventory was 1/3rd of the value of closing inventory, closing inventory was 30% of cost of revenue from operations. Calculate inventory turnover ratio.

Question 23.
From the following information, calculate the net cash flow from operating activities:
CBSE Sample Papers for Class 12 Accountancy Paper 4 23

Answers

Answer 1.
Realisation account.

Answer 2.
Shares are said to be issued at par when an applicant has to pay sum equal to face value of share.

Answer 3.
The law does not expressly require that the partnership agreement be in writing, it is desirable to have to in writing so that it is referred to in case of any dispute with regard to the termed partnership.

Answer 4.
Because assets are the property of business not of partners, when a partner takes over it, he is liable to pay the amount of it therefore, his capital account is debited.

Answer 5.
No, securities premium can not be used as working capital. Because, it can be used only for those item which are given in section 78(2).

Answer 6.
It is a charge against profits.

Answer 7.
Goodwill Rs 1,20,000.

Answer 8.
(i) Premium on issue of Debentures Rs. 2,00,000.
(ii) Loss on Redemption of Debentures Rs. 2,00,000.

Answer 9.
Debenture redemption investment made for Rs 15,00,000 on 30th April, 2014, debenture redemption reserve created for Rs 25,00,000 on March 31,2015 and transferred to general reserve account.

Answer 10.
No. of shares issued – 16,000.

Answer 11.
Sacrificing ratio = 20:9, Premium to A – Rs 40,000 and B – Rs 18,000.

Answer 12.
(a) Debit X and Y by Rs 2,000 each and credit Z by Rs 4,000.
New ratio = 3 : 3 : 1, X and Y gain \(\frac { 2 }{ 21 }\) each and Z sacrifices \(\frac { 4 }{ 21 }\)
(b) Two values:
(i) Sensitivity towards specially abled individuals.
(ii) Help them in pursuing higher studies.

Answer 13.
Amount received at the time of allotment – Rs 1,76,600. Values are:
(i) Priority to small investors.
(ii) Equality while making prorata allotment.

Answer 14.
A’s capital A/c Dr. 3,675
To B’s capital A/c 2,875
To C’s capital A/c 780

Answer 15.
Amount transferred to executors account – Rs 41,490.

Answer 16.
Amount transferred to capital reserve – Rs 30,000.
OR
Amount transferred to capital reserve – Rs 35,000.

Answer 17.
Loss on realisation – Rs 9,000, Total of bank account Rs 92,000.
OR
Revaluation loss Rs 38,000, Balance of capital accounts, Rajat – Rs 1,26,000, Ravi – Rs 54,000, Rohan – Rs 60,000.

Answer 18.
Financial statements prepared on historical basis ignore the price level changes since the financial statements are prepared on historical cost basis and not on current cost basis.

Answer 19.
Operating activities are the principal revenue producing activities of the enterprise and other activities that are not investing or financing activities.

Answer 20.
(i) Tangible assects,
(ii) Intangible assets,
(iii) Capital work in progress,
(iv) Intangible assets under development.

Answer 21.
% of share capital 33.33%, % of long term borrowings 20%, % of fixed assets 16.67%.

Answer 22.
Inventory turnover ratio = 5 times.

Answer 23.
Cash flow from operating activities – Rs 7,080.

We hope the CBSE Sample Papers for Class 12 Accountancy Paper 4 help you. If you have any query regarding CBSE Sample Papers for Class 12 Accountancy Paper 4, drop a comment below and we will get back to you at the earliest.

CBSE Sample Papers for Class 12 Accountancy Paper 3

December 13, 2018December 12, 2018 by Raju

These Sample papers are part of CBSE Sample Papers for Class 12 Accountancy. Here we have given CBSE Sample Papers for Class 12 Accountancy Paper 3

CBSE Sample Papers for Class 12 Accountancy Paper 3

Board	CBSE
Class	XII
Subject	Accountancy
Sample Paper Set	Paper 3
Category	CBSE Sample Papers

Students who are going to appear for CBSE Class 12 Examinations are advised to practice the CBSE sample papers given here which is designed as per the latest Syllabus and marking scheme as prescribed by the CBSE is given here. Paper 3 of Solved CBSE Sample Papers for Class 12 Accountancy is given below with free PDF download solutions.

Time: 3 Hours
Maximum Marks: 80

General Instructions:

PART – A
Accounting for Partnership Firms and Companies

Question 1.
How is the valued goodwill treated on retirement of a partner?

Question 2.
For the year ended March 31, 2015. Bharat Ltd. did not earn adequate profit to pay dividend to shareholders. Can the company utilise security premium reserve for paying the dividend? Justify.

Question 3.
On 1 April 2012, Mohan Ltd. issued 10,000 9% debentures of Rs 100 each at a premium of 10% redeemable at par after three years. What amount of debenture redemption reserve is required to be created by the company.

Question 4.
Write any two items that appear on credit side of capital A/c in case of fixed capital method.

Question 5.
A, B, C and D are partners sharing profit in ratio 4 :3 :2 :1. They decide to admit their manager E as a partner for 1/4th share which he acquires from A and B in the ratio of 7: 3. Calculate the new shares of A and B.

Question 6.
A and B are partners in a firm. They have received order from the court to dissolve the partnership firm. A had advanced 25,000 by way of loan to the firm and wants that he must be paid off before the payment of Mrs. B’s loan of 10,000 and capitals to the partners. Is his claim right?

Question 7.
(a) Give the meaning of buy back of shares.
(b) Differentiate between equity share capital and preference share capital on the basis of rate of dividend.
(c) What is meant by ‘Subscribed but not fully paid up” share capital?

Question 8.
Priyanka and Dipti are partners in a firm sharing profits equally. After two years, Priyanka shared her concern with dipti stating she is comparatively spending more time in business than Dipti. So, either, Dipti should invest more capital without interest or she could change the profit sharing ratio, they appeared General reserve of Rs 60,000. Advertisement suspense A/c of Rs 50,000; stock is valued as Rs 7,000 more and a provision for doubtful debt to be created at Rs 2,000 (there is an existing provision of Rs 1,500). Investment found to be undervalued by 3,000. Pass necessary journal entry for above if it is decided not to alter the value of assets or liabilities and general reserve and advertisement suspense will appear at book values.

Question 9.
Lux Ltd invited applications for issuing 5,000 equity shares of Rs 100 each at a premium of Rs 50 per share. Full amount was payable on application. Applications were received for 6,000 shares. Applications for 1,000 shares were rejected and application money was refunded. Shares were alloted to the remaining applicants.
Pass necessary journal entries for the above transaction in the books of the company. Also, indicate the value being violated by Lux Ltd. in the above case.

Question 10.
Sapphire Ltd had an authorised capital of Rs 1,00,000 divided into 1,000 equity shares of Rs 100 each. It issued 500 equity shares to public for subscription payable Rs 30 on application Rs 30 on allotment and Rs 20 on first and balance on final call. All the shareholders paid the calls except first call money on 50 shares. Final call is not yet made. 50 shares were forfeited and reissued at Rs 50 per share, Rs 80 paid up. Show the share capital and reserve and surplus in the balance sheet of the company as per schedule III of companies Act 2013 as 31 March 2015.

Question 11.
Snoopy and Emily were partners in a firm in ratio of 5:2. Maria was admitted for 1/5th share and in future they decided to share the profits in the ratio of 13:15 : 7. Goodwill appear in books at Rs 21,000. Maria brought 49,000 for goodwill and Rs 1,00,000 for capital. Pass the journal entries.

Question 12.
A partnership firm earned net profit during last four years as follows:
CBSE Sample Papers for Class 12 Accountancy Paper 3 12a
The capital employed in the firm throughout the above mentioned period has been Rs 5,00,000. Having regard to the risk involved, 20% is considered to be a fair return on the capital. The remuneration of all the partners during this period is estimated to be Rs 1,20,000 per annum. Calculate the value of goodwill on basis of
(i) Three years’ purchase of super profits earned on average basis during the above mentioned period and
(ii) by capitalisation method.

Question 13.
Complete the following journal entries on issue of debentures:
CBSE Sample Papers for Class 12 Accountancy Paper 3 13a

Question 14.
Following is the balance sheet as at 31.3.2015 of A and T sharing profits in ratio of 2 : 3.
CBSE Sample Papers for Class 12 Accountancy Paper 3 14a
On the above date, the firm was dissolved and following as result:
(i) A took over the investments at Rs 8,000.
(ii) The assets realised as follows – stock Rs 8,000; Debtors Rs 16,500; Plant Rs 3,000 less goodwill Rs 4,000.
(iii) Creditors were due to be paid on 30 June 2015 and so received a discount of 20% p.a.
(iv) Expenses of realisation were Rs 2,000 paid by A.
Prepare realisation A/c, Partners’ capital A/c and cash A/c to close the books of the firm.

Question 15.
A, B and C were partners in a firm having capitals of Rs 50,000, Rs 50,000 and Rs 1,00,000 respectively. Their current A/c balances are A – Rs 10,000, B – 5,000, C – 2,000 (Dr.) Drawings made during this year were Rs 2,000, Rs 3,000 and Rs 1,500 respectively. According to the partnership deed, the partners were entitled to an interest on capital 5% p.a. C being the working partner was also entitled to a salary of 6000 p.a. the profits were divided as follows:
(a) The first 20,000 .in proportion to their capitals.
(b) Next 30,000, in ratio of 5:3 and 2.
(c) Remaining profit to be shared equally.
The firm made profit of Rs 1,56,000 before charging any of the above items. Prepare profit and loss appropriation A/c, Partners’ capital A/c and current A/c

Question 16.
Neha and Preeti are two partners who share profits and losses equally had following balance sheet as at 31 March 2015. They had decided to admit chandra in partnership as equal partner on that date.
CBSE Sample Papers for Class 12 Accountancy Paper 3 16a
For the purpose of admission, the following conditions agreed.
(i) Assets and liabilities shall be revalued as follows:
(a) Investments at Rs 17,500.
(b) Reserve to be doubtful debts increased to Rs 1,750.
(c) Stock to be valued at 8,000.
(d) Machinery depreciated by 5%.
(e) There is an old furniture worth 1,200 to be brought into books and was taken over by partners in old profit sharing ratio.
(ii) Goodwill of the firm is valued at 22,500.
(iii) Chandra has agreed to bring 50,000 as his capital in addition to goodwill.
(iv) The capital account have to be adjusted on the basis of chandra’s capital formation through current accounts.
Prepare revaluation A/c; Capital A/c of partners and balance sheet of firm after chandra’s admission.
OR
The balance sheet of X, Y and Z who were sharing profits in proportion of capitals as follows:
Balance sheet
CBSE Sample Papers for Class 12 Accountancy Paper 3 16.1a
On the above date, Y retired. It is agreed that
(i) That the stock to be depreciated by 5%.
(ii) That the provision for doubtful debts to be increased to 5% on debtors.
(iii) That a provision of Rs 750 to be made in respect of outstanding claim of damages.
(iv) That the land and building be appreciated by 20%.
(v) That the goodwill of the firm be fixed at Rs 16,200 and Y’s share of same to be adjusted into the account of X and Z. (No goodwill account is to be raised)
(vi) That the entire capital of new firm at Rs 48,000, between X and Z in equal proportion.
For the purpose, actual cash is to be brought or paid off.
You are required to prepare the revaluation account, partners’ capital A/c and revised balance sheet after Y’s retirement. Also, indicate the gaining ratio.

Question 17.
TTC Ltd. issued for public subscription 150,000 shares of Rs 10 each at a premium of 10%. Payable as Rs 3 on application (including premium), Rs 3 on allotment and Rs 5 on call. The company received applications for 300,000 shares. The allotment was done as under:
(a) Applicants of 30,000 shares were allotted 10,000 shares.
(b) Applicants for Rs 140,000 shares were allotted 80,000 shares
(c) Remaining applicants were allotted 60,000 shares. Money in excess of allotment was returned. Richi, a shareholder who was alloted 4,000 shares out of group ‘b’ failed to pay allotment money and on her subsequent failure to pay call money, her shares were forfeited. Shuchi, a shareholder who had applied for 6,500 shares out of group ‘C’ paid the call money along with allotment. Of the shares forfeited, 2000 shares were reisued as fully paid for Rs 9.50 per share.
Pass journal entries to record the transactions in the books of company.
OR
Malabar Ltd invited applications for issuing 75,000 equity shares of Rs 10 each at a premium
of 20%. The amount was payable as follows.
On application – Rs 2 per share
On allotment – Rs 5 per share.
On first and final call – balance amount.
Applications were received for 1,50,000 shares. Applications for 25,000 shares were rejected and application money of these applications was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with application was adjusted towards due on allotment. Rama, who had applied 1,250 shares failed to pay allotment and call money and Kriti failed to pay first and final call on her 1,000 shares.
All these shares were forfeited. 1,000 shares out of forfeited shares were reissued at 7 per share fully paid up, including all shares of Rama. Pass necessary journal entries in the books of company.

PART – B
‘Analysis of Financial Statements’

Question .18.
State with reason whether sale of marketable securities at par would result in inflow, outflow or No flow of cash or cash equivalents.

Question 19.
State with reason whether redemption of debentures for cash would result in inflow,outflow or No flow of cash and cash equivalents.

Question 20.
Prepare ‘Notes to Accounts’ giving details of tangible fixed assets with imaginary figures as per schedule III of company Act 2013.

Question 21.
Prepare common size statement of profit and loss from following information.
CBSE Sample Papers for Class 12 Accountancy Paper 3 21a

Question 22.
From the details, calculate any two of following ratios:
(i) Inventory turnover ratio
(ii) Operating ratio
(iii) Gross profit ratio
CBSE Sample Papers for Class 12 Accountancy Paper 3 22a

Question 23.
From the following information, calculate net cash flow from operating activities:
CBSE Sample Papers for Class 12 Accountancy Paper 3 23a
Additional information:
At the end of the year, preference shares were redeemed at premium of 5%. Dividend on equity , shares was paid 8%. Fresh issue of equity shares was done in the beginning of the year.

Answers

Answer 1.
Adjusting journal Entry is passed as under:
Gaining partner’s capital A/c Dr.
To Retiring partner’s capital A/c
To Sacrificing partner’s capital A/c [if any one of the existing partner is also sacrificing] [Being adjustment of goodwill at the time of retirement of partner]

Answer 2.
The company can not utilise securities premium reserve for payment of dividend as it can be utilised only for the purpose stated under section 52[2] of the companies act 2013.

Answer 3.
The company will need to create a debenture redemption reserve equal to 25% of 10,00,000 i.e. 2,50,000.

Answer 4.
(i) Opening balance of capital.
(ii) Additional capital introduced.

Answer 5.
New shares of A and B
A = 4/10 – 1/4 x 7/10 = 6/40
B = 3/10 – 1/4 x 3/10 = 2/40

Answer 6.
No, claim made by A is not right. He will be paid after outsider’s liability i.e. after Mrs. B’s loan is settled, but before payment of capital to the partner.

Answer 7.
(a) It means purchasing of own shares from the open market, by a company either from free reserves, securities premium or proceeds from issues of any shares or securities.
(b) The rate of dividend on preference shares is fixed whereas rate of divided on equity shares varies from year to year depending on profits available.
(c) share capital shown under this category is either the shares for which company has not called the entire face value yet or there is a default in payment by the shareholders.

Answer 8.
Calculation of gain/sacrifice:
Priyanka = 3/4 – 1/2 = 1/4[gain]
Dipti = 1/4 – 1/2 = – 1/4 [sacrifice]
CBSE Sample Papers for Class 12 Accountancy Paper 3 8

Answer 9.
In the books of Lux. Ltd.
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 3 9
Value being violated by Lux Ltd. is equality; by rejecting some applications, the company did not treat all the shareholders equally.

Answer 10.
Balance sheet of Sapphire Ltd. [an extract]
CBSE Sample Papers for Class 12 Accountancy Paper 3 10

Answer 11.
In the books of Snoopy, Emily and Maria
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 3 11
Working notes:
Sacrifice/gain
Snoopy = 5/7 – 13/35 = 25 – 13/35 = 12/35[sacrifice]
Emily = 2/7 = 15/35 = 10 – 15/35 = – 5/35[Gain]
Maria = 1/5 [Gain]
Premium brought by Maria = Rs 49,000
Goodwill of the firm = Rs 49,000 x 5 = Rs 2,45,000
Amount to be compensated by Emily to snoopy for Goodwill = 2,45,000 x 5/35 = Rs 35,000

Answer 12.
(i) Valuation of goodwill on the basis of super profit:
Average profit of four years = \(\frac { 10,00,000 }{ 4 }\) = 2,50,000
Adjusted average profit = Average profit – Partner’s remuneration = Rs 2,50,000 – Rs 1,20,000 = Rs 1,30,000
Normal profit = Capital Employed x Fair return on the capital
= 5,00,000 x \(\frac { 20 }{ 100 }\)= Rs 1,00,000
Super profit = Adjusted average profit – Normal profit
= 1,30,000 – Rs 1,00,000 = Rs 30,000
Goodwill = Super profit * No. of year purchase
= 30,000 x 3 = Rs 90,000
(ii) Valuation of goodwill by capitalisation method:

= Rs 6,50,000
Goodwill = Total capitalised value of Business – Net assets = Rs 6,50,000 – Rs 5,00,000 = Rs 1,50,000

Answer 13.
In the book of..
journal
CBSE Sample Papers for Class 12 Accountancy Paper 3 13

Answer 14.
CBSE Sample Papers for Class 12 Accountancy Paper 3 14

Answer 15.
Profit and Loss Appropriation A/c
Dr. for the year ended 31st March 2014 Cr.
CBSE Sample Papers for Class 12 Accountancy Paper 3 15

Answer 16.
Revaluation A/c
CBSE Sample Papers for Class 12 Accountancy Paper 3 16
>

Answer 17.
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 3 17

Answer 18.
No flow. Reason: Sale of marketable securities at par represents movements between items of cash and cash equivalents.

Answer 19.
Outflow, reason: Redemption of debentures for cash could result in outflow of cash because it decreases cash.

Answer 20.
CBSE Sample Papers for Class 12 Accountancy Paper 3 20

Answer 21.
CBSE Sample Papers for Class 12 Accountancy Paper 3 21

Answer 22.
CBSE Sample Papers for Class 12 Accountancy Paper 3 22

Answer 23.
Calculation of net cash flow from operating activities:
CBSE Sample Papers for Class 12 Accountancy Paper 3 23

We hope the CBSE Sample Papers for Class 12 Accountancy Paper 3 help you. If you have any query regarding CBSE Sample Papers for Class 12 Accountancy Paper 3, drop a comment below and we will get back to you at the earliest.

CBSE Sample Papers for Class 12 Accountancy Paper 2

December 13, 2018December 12, 2018 by Raju

These Sample papers are part of CBSE Sample Papers for Class 12 Accountancy. Here we have given CBSE Sample Papers for Class 12 Accountancy Paper 2

CBSE Sample Papers for Class 12 Accountancy Paper 2

Board	CBSE
Class	XII
Subject	Accountancy
Sample Paper Set	Paper 2
Category	CBSE Sample Papers

Students who are going to appear for CBSE Class 12 Examinations are advised to practice the CBSE sample papers given here which is designed as per the latest Syllabus and marking scheme as prescribed by the CBSE is given here. Paper 2 of Solved CBSE Sample Papers for Class 12 Accountancy is given below with free PDF download solutions.

Time: 3 Hours
Maximum Marks: 80

General Instructions:

PART – A
Accounting for Partnership Firms and Companies

Question 1.
Name two reserves/provisions that are not distributed at the time of the reconstitution of partnership firm.

Question 2.
Anand and Vinay, equal partners of the firm, decided to dissolved the firm or a business on 31 March, 2015. Their assets and liabilities on the date were: Sundry creditors Rs 32,000, Vinay’s loan Rs 10,000 (Cr.). Sundry Assets Rs 1,24,000. Find the capital balance of the partners as on 31 March, 2015.

Question 3.
What is meant by number of years’ purchased at the time of valuation of goodwill?

Question 4.
If a share of Rs 10 issued at a premium of Rs 2 on which Rs 6 (including premium) has been paid is forfeited. At what minimum price it can reissued?

Question 5.
A, B and C are partners in ratio 3:2:2. B wishes to retire from the firm and expresses his desire to admit his son as a partner in place of him. The partnership deed is silent on this, A and C agree to this change and also agree to continue in same profit ratio as before. Do you think the change will be as per law and why? What values have been fulfilled by A and C?

Question 6.
Anurag Ltd. decided to issue 50,000 equity shares. It gave its directors and employees right to buy 10,000 of the above shares. Name the type of issue.

Question 7.
Santosh Limited has the following balance appearing in the Balance sheet Security premium Rs 3600,000, 90% debenture – Rs 1,20,000, Underwriting commission – Rs 10,000,00. The company decided to redeem its 90% debentures at a premium of 10%. You are required to suggest ways in which company can utilise the security premium amount.

Question 8.
Ritu and Rose were partners in a firm. They admit Sneha a visually impaired person into partnership. Sneha pays only Rs 1,000 Out of her share of premium of 1,800 for 1/4 of the profit On same date, Rose died. Give necessary journal entries. Show your workings clearly. Identify values highlighted here.

Question 9.
Axis Ltd. has an authorised capital of Rs 20,00,000 divided into shares of Rs 10 each. The company invited applications for 1,00,000 shares. Applications for 95,000 shares were received. All calls were made and all amounts were duly received except the final call of Rs 4 per share on 2,000 shares. 1,000 of the shares on which final call was not received were forfeited. Show how the share capital will appear in the balance sheet of company as per schedule III part. I of the companies Act 2013. Also, prepare notes to accounts.

Question 10.
Pass necessary journal entries at the time of redemption in following cases:
(a) 5,000,9% debentures of Rs 100 each issued at premium of 10% and redeemed 20% premium.
(b) A company purchased from open market its own 10,000 debentures at Rs 105 per debenture for immediate cancellation.

Question 11.
Following is balance sheet of Rohan, Sohan and Mohan as on 31 March, 2015
CBSE Sample Papers for Class 12 Accountancy Paper 2 11a
Sohan died on 30 June 2015. Under the terms of deed, the executor of the deceased partner was entitled to the following:
(i) Amount standing to the credit of partner’s capital A/c.
(ii) Interest on Capital 12% p.a.
(iii) Share of goodwill on basis of twice the average of past three years’ profit.
(iv) The deceased partner will entitle to his share of profit up to date of death, calculate on the basis of previous year profit.
(v) There was a claim on workmen of Rs 18,000.
(vi) Share of profit from closing of last financial year. On date of death based on last year’s profit. Profits for last three years are:
2012 – 2013 Rs 85,000
2013 – 2014 Rs 92,000
2014 – 2015 Rs 93,000
Prepare Sohan’s capital A/c to be rendered to his executor.

Question 12.
Neha, Pooja and Anuj were partners in ratio of 2:3:2. On 1/4/2015, they decided to change their ratio as 2:1:1. On the above date, their balance sheet showed the following balance, general reserve Rs 40,000, workmen compensation reserve Rs 13,000 (Liability against this was Rs 4,000). Profit and loss A/c (Dr. balance) 4,200. The assets of the firm were revalued and resulted in a gain of Rs 8,400. The partners had decided to distribute all reserve and profit and loss A/c but to leave the assets at their original amount. Show effects of above adjustments in the books of the firm.

Question 13.
Mahesh and Ramesh are partners in a firm sharing profit in ratio 2 : 1. The combined capital on 1st April 2014 was Rs 3,84,000. Interest on capital is agreed 5% p.a. The profits of the year prior to interest on capital but after charging Ramesh salary amounted to Rs 45,000. Manager was allowed a commission of 5% on net profit. Fill in the missing figure in following accounts on 31 march 2015.
CBSE Sample Papers for Class 12 Accountancy Paper 2 13a

Question 14.
(a) Stephen Ltd. took over the following assets and liabilities of Bright Ltd.
Building Rs 10,00,000, Book debts Rs 6,00,000, Stock 3,50,000, Payables Rs 2,00,000 at an agreed consideration of Rs 20,00,000 which was discharged as follow:
40% by a bank draft
50% by issue of 9% debentures of Rs 100 each at a premium of 25%. The balance by a bill of exchange.
Give the journal entries in the books of Stephen ltd.
(b) Arun Ltd. is in garment business. As its coorporate social responsibility, it desired to install 200 cleaning centres to set up modem sewage system in town. The project was named ‘Swachh Bharat’. It purchased the material required from Aryan Ltd for Rs 2,50,000. It made the payment as follows:
(i) 50,000 by cheque.
(ii) 1,000,9% debentures of Rs 100 each at par.
(iii) 500,12% preference shares of Rs 200 each. Pass journal entries.

Question 15.
Snehal, Suchita and Sindhu were partners in ratio of 3:2:1. The firm was disolved on 31/3/2015.
After transfer of assets and liabilities to realisation A/c, the following transactions took place.
Give journal entries in the books on dissolution of firm.
(a) Suchitas loan to the firm Rs 30,000 was settled at Rs 28,500.
(b) A creditor for Rs 50,000, took over machinery of book value Rs 40,000 at Rs 35,000. The balance was settled in cash.
(c) Workmen compensation reserve Rs 40,000. A liability equal to 60% of reserve was settled.
(d) Sindhu was to receive 5% of the value of assets realised as remuneration for completing the dissolution work and was to bear realisation expenses. Realisation expenses were Rs 5,500 that was paid by sindhu. Assets realised Rs 60,000.
(e) The balance sheet disclosed a footnote contingent liability for Rs 5000 in respect of bill discounted. The bill was received from Megha. On the date of dissolution, Megha was declared insolvent and was not able to pay the amount due. The bill had to be met by the firm.
(f) Loss on realisation amounted to Rs 24,000

Question 16.
Jatin and Lalit are partners sharing in the ratio of 3:2. Their balance sheet as 31 March 2015, were as follow:
CBSE Sample Papers for Class 12 Accountancy Paper 2 16a
On 1st April 2015, they admitted Kishore as a partner for 1/10th share in profit which he acquired equally from Jatin and Lalit on following terms.
(a) Kishore is to bring Rs 50,000 as capital and it was decided that the capital of all partners shall be in proportion to their profit sharing ratio.
(b) The Goodwill of the firm is valued at Rs 60,000 and Kishore will contribute his share of goodwill in cash.
(c) Provision on debtors was found to be in excess by Rs 4,000.
(d) Outstanding expenses will be reduced to Rs 6,000.
(e) Depreciate stock by 50%.
(f) Market value of investments was Rs 70,000.
(g) Any deficiency or excess of capital will be adjusted through opening current account. Prepare revaluation A/c, partners’ capital A/c and balance sheet of newly constituted firm.
OR
X, Y and Z are partners sharing profit and losses in the ratio of 3 : 2 :1. The balance sheet on 31 March, 2015 stood as under.
CBSE Sample Papers for Class 12 Accountancy Paper 2 16.1a
On the above date Y retired. It is agreed that:
(i) Goodwill of the firm will be valued at Rs 90,000.
(ii) Value of machinery and furniture to be depreciated by 5%.
(iii) Provision for doubtful debts to be maintained at 20% on Sundry debtors.
(iv) Out of total insurance paid, premiums amounting to the extent of Rs 1000 to be treated as prepaid insurance, this was earlier debited to profit and loss account.
(v) The total capital of new firm is decided to be 2,40,000. Necessary adjustments to be made in cash.
(vi) Y will be paid 20% of total amount due to him in cash and balance transfer to his loan account. Prepare revaluation A/c, partners’ capital A/c and balance sheet of X and Z after Ys retirement.

Question 17.
Rohit Ltd. invited applications for 30,000 equity shares of Rs 100 each issued at premium of Rs 20 per share. The amount were payable as follows:
On application Rs 40 (including 10 as premium)
On allotment Rs 40 (including 10 as premium)
On first call Rs 20
On second and final call Rs 20
Applications for 40,000 shares were received and pro-rata allotment was made to the applicants for 35,000 shares excess application money is utilised on allotment. Rohan to whom 600 shares were alloted, failed to pay the allotment money and his shares were forfeited after allotment. Aman, who applied for 1,050 shares, failed to pay the first call and his shares were forfeited after first call. The second and final call was not yet made. Of the shares forfeited, 1,000 shares were reissued as fully paid for Rs 80 per share which include whole of Rohan’s share. Journalise the transactions.
OR
(a) 200 equity shares of Rs 100 each issued at a premium of Rs 10 were forfeited for non payment of allotment money of Rs 50 per share (including premium). The first and final call of Rs 20 per share was not yet made. The forfeited shares were reissued at Rs 70 per share as fully paid up. Pass necessary journal entries for forfeiture and reissue.
(b) Ajay and Co. Limited purchased Land costing 27,00,000 from Akash Ltd. Ajay and Co. Ltd paid 30% of the amount by cheque and balance was paid by issue of equity shares of Rs 100 each at a premium of 20% per annum. Pass necessary joumal entries for forfeiture and reissue.
(c) K Ltd. forfeited 500 equity shares for non-payment of first call of Rs 20 and final call of Rs 10 per share. State:
1. Can these shares be reissued?
2. If yes, state the minimum amount at which these shares can be reissued.
3. If these shares were reissued at ? 50 per share fully paid up. What will be the amount of capital reserve?

PART – B
‘Analysis of Financial Statements’

Question 18.
Under which type of activity will a trading company account for cash paid for acquiring shares of another company.

Question 19.
What will be the net inflow or outflow from investing activities, If the plant and machinery and goodwill shows an increase of Rs 35,000 and Rs 15,000 respectively from previous year and dividend received during the year amounted to Rs 10,000.

Question 20.
(a) Distinguish between horizontal analysis and vertical analysis and give an example.
(b) How are the following items represented in the company’s balance sheet
(i) Debit balance in statement of profit and loss.
(ii) Interest accrued due on debentures.
(iii) Capital advances.
(iv) Computer software under development

Question 21.
(a) Determine the value of dosing stock from the following details.
Sales-4,00,000
Gross profit ratio 10%
Stock velocity = 4 times.
Closing stock was Rs 10,000 in excess of opening stock.
(b) Gross profit ratio of a company was 25%. Its credit revenue from operations were 18,00,000 and its cash revenue from operations were 10% of total revenue from operations. If the indirect expenses of the company were Rs 50,000. Calculate the net profit ratio.

Question 22.
Calculate interest coverage ratio from following information:
Net profit after interest and tax Rs 9,60,000
12% debentures Rs 20,00,000
10% loan from IDBI Rs 12,00,000
The interest coverage ratio of the company has remained stable at around 5% for the last five years. The investors are happy at this feature.

Question 23.
Following is the balance sheet of Anantram Ltd. as 31 March 2014 and 2015.
CBSE Sample Papers for Class 12 Accountancy Paper 2 23a

Prepare a cash flow statement after taking into account the following adjustments. Dividends paid during the year amounted to RS 2,10,000

Answers

Answer 1.
Reserves/Provisions that are not distributed:
(a) Provision for tax
(b) Depreciation reserve

Answer 2.
Capital = Assets – Liabilities
= 1,24,000 – 42,000 = 82,000

Answer 3.
Number of years’ purchased is indicative of the fact that a business estimates to earn similar profits for a certain number of years because of its past efforts.

Answer 4.
Rs 6 is the minimum price at which the forfeited shares can be reissued.

Answer 5.
According to the partnership act, if the deed is silent, a new partner may be admitted into the firm with the consent of all remaining partners. In the present case, as A and C do not have any objection, Z can be taken into partnership.
Value highlighted: A and C have maintained good relationship and have recognised the loyalty of B towards the firm.

Answer 6.
The right to buy these shares is under the employee stock option plan (ESOP).

Answer 7.
As per section 52(2) of the companies Act, 2013, Santosh Limited may utilise the amount of securities premium in the following ways:
(a) For writing off underwriting commission of Rs 10,00,000.
(b) Providing for the premium payable on the redemption of 9% debentures Rs 12,00,000.
(c) The balance amount may be utilised for issuing bonus shares to the members or for purchasing its own shares (Buy back) from the open market.

Answer 8.
In the Books of Ritu, Rose and Sneha
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 2 8
Values: Concerns towards visually impaired person.

Answer 9.
Axis Ltd.
Balance sheet (extract)
CBSE Sample Papers for Class 12 Accountancy Paper 2 9

Answer 10.
In the books of Nishant Ltd.
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 2 10

Answer 11.
CBSE Sample Papers for Class 12 Accountancy Paper 2 11

Answer 12.
In the books of Neha, Pooja and Anuj
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 2 12

Answer 13.
CBSE Sample Papers for Class 12 Accountancy Paper 2 13

Answer 14.
(a) In the books of Stephen Ltd.
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 2 14

Answer 15.
In the books of Snehal, Suchita and Sindhu
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 2 15

Answer 16.
Revaluation Account
CBSE Sample Papers for Class 12 Accountancy Paper 2 16

Answer 17.
In the Books of Rohit Ltd.
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 2 17

(c) (i) Yes, these shares can be reissued. Forfeited shares can be issued by the board of directors as and when it so decides. Such shares can be issued at par, premium or at discount.
(ii) These shares can be reissued allowing discount not exceeding the amount forfeited on such shares. In this situation, the company can reissue the forfeited shares for a minimum of Rs 30 per share.
(iii) The amount transferred to capital reserve will be Rs 10,000.
Calculation of amount transferred:
Amount forfeited = 500 x 70 = 35,000
Less: discount on reissue = 500 x 50 = 25,000
Profit on reissue = 35,000 – 25,000 = 10,000

Answer 18.
Shares acquired of another company will be shown as an investing activity by a trading company.

Answer 19.
Outflow Rs 40,000.

Answer 20.
(a) Horizontal analysis also called Dynamic analysis is made to review and analyse financial statements of a business over a number of years. It is useful for long term planning and trend analysis.
Example: Comparative financial statements.
Vertical analysis also called static analysis is made to review and analyze financial statement of a business for one year. It is useful for short term planning.
Example: Ratio analysis of any particular financial year.
CBSE Sample Papers for Class 12 Accountancy Paper 2 20

Answer 21.
CBSE Sample Papers for Class 12 Accountancy Paper 2 21

Answer 22.
CBSE Sample Papers for Class 12 Accountancy Paper 2 22

Answer 23.
Cash flow statement for the year ended March 31, 2015
CBSE Sample Papers for Class 12 Accountancy Paper 2 23

We hope the CBSE Sample Papers for Class 12 Accountancy Paper 2 help you. If you have any query regarding CBSE Sample Papers for Class 12 Accountancy Paper 2, drop a comment below and we will get back to you at the earliest.

CBSE Sample Papers for Class 12 Accountancy Paper 1

December 13, 2018December 12, 2018 by Raju

These Sample papers are part of CBSE Sample Papers for Class 12 Accountancy. Here we have given CBSE Sample Papers for Class 12 Accountancy Paper 1

CBSE Sample Papers for Class 12 Accountancy Paper 1

Board	CBSE
Class	XII
Subject	Accountancy
Sample Paper Set	Paper 1
Category	CBSE Sample Papers

Students who are going to appear for CBSE Class 12 Examinations are advised to practice the CBSE sample papers given here which is designed as per the latest Syllabus and marking scheme as prescribed by the CBSE is given here. Paper 1 of Solved CBSE Sample Papers for Class 12 Accountancy is given below with free PDF download solutions.

Time: 3 Hours
Maximum Marks: 80

General Instructions:

PART – A
Partnership Firms and Company Accounts

Question 1.
A partnership deed provides for the payment of interest on capital but there was a loss instead of profit during the year 2010-2011. At what rate, will the interest on capital allowed?

Question 2.
Would a ‘charitable dispensary’ run by 8 members deemed a partnership firm? Give reasons in support of your answer.

Question 3.
What is meant by calls in advance?

Question 4.
When realisation expenses are paid by a partner why is his capital account credited?

Question 5.
A and B who share profits in the ratio of 2:1 admit C as a partner for 1/5 share in profits which he acquires from A and B in ratio of 1:2 what will be new profit sharing ratio?

Question 6.
From how much amount debenture redemption reserve will be created in case of redemption of debentures by conversion.

Question 7.
A and B are partners in a firm. A was get commission of 10% on net profit before charging any commission. However, B was to get a commission of 10% on net profit after charging all commissions. Fill the missing figure in profit and loss appropriation account for year ended 31 March 2016.
CBSE Sample Papers for Class 12 Accountancy Paper 1 7a

Question 8.
Sarvottam Ltd. decided to redeem 1250,12% debentures of Rs 100 each. It purchased 850 debentures from open market at Rs 96 per debenture. The remaining debentures were redeemed out of profit. The company has already made a provision for debenture redemption reserve in books. Pass necessary journal entries in books of company for transactions.

Question 9.
On 1-1-2012, Z Ltd. issued 2,00,000, 6% debentures of Rs 100 each each at a discount of 4% redeemable at a premium of 5% after three year. The amount was payable as follows on application Rs 50 per debenture. Balance on allotment.
Record the necessary journal entry for issue of debentures.

Question 10.
The directors of a company forfeited 400 shares of Rs 10 each issued at a premium of Rs 3 per share for non payment of first call money of Rs 3 per share. The final call of Rs 2 per share has not been made, half the forfeited shares were reissued at Rs 2,000 fully paid. Record the journal entries for reissue of shares.

Question 11.
Mohan and Sam are partners in the ratio of 3 : 2. They admitted Madan, a specially abled unemployed engineer graduate as a partner for 1/4th share. Mohan and Sam decide to share profits equally in future.
You are required to:
(a) Identify two values in admitting Madan as a partner.
(b) Calculate new profit sharing ratio and sacrificing ratio.

Question 12.
Pass the journal entries for the following transactions on the dissolution of firm of K and L after the various assets and outside liabilities have been transferred to realisation A/c.
(i) Bank loan of Rs 15,000 was paid.
(ii) Stock worth Rs 20,000 was taken over by partner L.
(iii) K paid Rs 9,000 to a creditor.
(iv) Liability not appear in books of a/c settled at 3,700.
(v) Expenses of Rs 900 paid by L.
(vi) Loss on realisation of Rs 7,100 between K and L in 7 : 3 ratio.

Question 13.
(a) Shyam Ltd. converted 450,10% debentures of Rs 100 each by converting them into equity shares of Rs 100 each. Pass necessary journal entries in the books of Shyam Ltd.
(b) On 1-4-2005, J Ltd. had made an issue of 3,000, 6% debentures of Rs 100 each. The company during the year 2006-07, purchased for cancellation 600 of these debentures. The company paid ? 95 per debenture for 400 debentures and Rs 97 per debenture for the rest. The expenses on purchase amounted to Rs 500. Pass necessary journal entries in the books of the company for the period 2006-07.

Question 14.
The following information relates to a partnership firm:
(a) Profit for the last five years:
2008 Rs 80,000
2009 Rs 1,00,000
2010 Rs 2,00,000
2011 Rs 1,50,000
2012 Rs 2,70,000
Average capital employed is Rs 500000 and normal rate of profit is 20%.
Find out the value of goodwill on the basis of:
(i) Three years’ purchase of average profit
(ii) Three years’ purchase of super profit
(iii) Capitalisation of super profit

Question 15.
Jain and Gupta are partners in a firm sharing profits in the ratio of 2 : 3. Their balance sheet as at March 31-3-2013 is a follows:
CBSE Sample Papers for Class 12 Accountancy Paper 1 15a
The Goodwill of the firm has been valued at Rs 75,000, Land Rs 1,50,000 and buildings Rs 45,000. On March 31,2013, the partners decided to share profits equally with effect from April 1,2013. You are required to record necessary journal entries to be made in the books of the firm on account of change in the profit sharing ratio.

Question 16.
X Ltd. issued 40,000 equity shares of Rs 10 each at a premium of Rs 2.50 per share. The amount was payable as follows:
On application — Rs 2 per share
On allotment — Rs 4.50 per share (including premium)
and on call. — Rs 6 per share.
Owing to heavy subscription, the allotment was made on Pro-rata basis as follows:
(a) Applicants for 20,000 shares were allotted 10,000 shares.
(b) Applicants for 56,000 shares were allotted 14,000 shares.
(c) Applicants for 48,000 shares were allotted 16,000 shares.
It was decided that excess amount received on applications would be utilized on allotment and the surplus will be refunded.
Ram, to whom 1000 shares were allotted, who belong to category (a), failed to pay allotment money. His shares were forfeited after the call.
Pass the necessary journal entries in the books of X Ltd. For the above transactions.
OR
Moti Ltd. invited applications for issuing 10,00,000 equity shares of Rs 10 each at a premium of Rs 2 per share. The amount was payable as follows:
On application — Rs 5 (including premium)
On allotment — Rs 4
On first and final call — Rs 3
Applications for 15,00,000 shares were received. Applications for 3,00,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Excess application money was utilised towards sums due on allotment. Giri, who had applied for 24,000 shares failed to pay the allotment and call money. His shares were forfeited. Out of the forfeited shares, 10,000 shares were reissued for Rs 8 per share fully paid up. Pass necessary Journal entries in the books on Moti Ltd.

Question 17.
B and C were partners sharing profits in the ratio of 3:2. Their balance sheet as on 31-3-2011 was as follows:
CBSE Sample Papers for Class 12 Accountancy Paper 1 17a
‘D’ was admitted to the partnership for 1/5th share in the profits on the following terms:
(i) The new profit sharing ratio was decided as 2 : 2 :1.
(ii) D will bring Rs 30,000 as his capital and Rs 15,000 for his share of goodwill.
(iii) Half of the goodwill amount was withdrawn by the partner who sacrificed his share of profit in favour of D.
(iv) A provision of 5% for bad and doubtful debts was to be maintained.
(v) An item of Rs 500 included in Sundry creditors was not likely to be paid.
(vi) A provision of Rs 800 was to be made for claims for damages against the firm.
After making the above adjustments, the capital accounts of B and C were to be adjusted on the basis of D’s capital. Actual cash was to be brought in or to be paid off as the case may be.
OR
A, B and C were in partnership firm sharing profits in the proportion to their capitals. Their balance sheet on 31-03-2008 was as follows:
CBSE Sample Papers for Class 12 Accountancy Paper 1 17.1a
On the above date, B retired owing to ill health, the following adjustments were agreed
upon:
(a) Building be appreciated by 10%.
(b) Provision for doubtful debts be increased to 50% of debtors.
(c) Machinery be depreciated by 15%.
(d) Goodwill of the firm will value at Rs 36,000 and adjusted into the capital account of A and C who will share profits in future in the ratio of 3 :1.
(e) A provision to be made for outstanding repairs bill of Rs 3,000.
(f) Included in the value of creditors of Rs 1,800 for an outstanding legal claim, which is not likely to rise.
(g) Out of the insurance premium paid,Rs 2,000 is for the next year, the amount was debited to P and L A/c.
(h) The partners decide to fix the capital of new firm at Rs 1,20,000 in the profit sharing ratio.
Prepare revaluation A/c, Partners’ capital A/c and balance sheet of new firm after B’s retirement.

PART -B
‘Analysis of Financial Statements’

Question 18.
State with reason whether the cash deposited into bank would result in inflow, outflow or No flow of cash or cash equivalents.

Question 19.
State with reason whether declaration of final dividend would result in inflow, outflow or no flow of cash or cash equivalents.

Question 20.
State the major headings under which the following items will be put as per schedule III part-
1 of the companies Act, 2015.
(i) Long term investments,
(ii) Bills receivables,
(iii) Motor car,
(iv) Securities premium reserve,
(v) Unclaimed dividend.

Question 21.
From the following information, prepare comparative balance sheet of HMSC Ltd.
CBSE Sample Papers for Class 12 Accountancy Paper 1 21a

Question 22.
Opening inventory Rs 60,000; Closing inventory Rs 1,00,000; Inventory turnover ratio 8 times. , Selling price 25% above cost. Calculate the gross profit ratio.

Question 23.
From the following particulars, calculate the net cash flow from operating activities.
(i) Profit made during the year 2014-2015 was ? 1,00,000 after considering the following items.
CBSE Sample Papers for Class 12 Accountancy Paper 1 23a
(ii) The following is the position of current assets and current liabilities:

Answers

Answer 1.
No interest on capital will be allowed.

Answer 2.
No, because ‘Charitable dispensary’ is a charitable institution, it is not a business with profit motive, so it cannot be deemed as partnership business.

Answer 3.
Calls in advance refers to the amount paid by the shareholders in excess of the amount due from them. This is the amount received in advance before the due date.

Answer 4.
Because these expenses are related to firm’s expenses but partner pays them on behalf of the firm from his personal property.

Answer 5.
3:1:1.

Answer 6.
There is no requirement of creating a debenture redemption reserve in case of redemption by conversion since, no cash outflow will take place.

Answer 7.
Profit and loss appropriate A/C
CBSE Sample Papers for Class 12 Accountancy Paper 1 7

Answer 8.
CBSE Sample Papers for Class 12 Accountancy Paper 1 8

Answer 9.
Books of Z Ltd.
CBSE Sample Papers for Class 12 Accountancy Paper 1 9

Answer 10.
CBSE Sample Papers for Class 12 Accountancy Paper 1 10

Answer 11.
(a) Two values involved are:
(i) Providing employment opportunity to unemployed persons.
(ii) Sensitivity towards disabled persons.
(b) Calculation of new profit sharing ratio:
CBSE Sample Papers for Class 12 Accountancy Paper 1 11

Answer 12.
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 1 12

Answer 13.
(a) Journal
CBSE Sample Papers for Class 12 Accountancy Paper 1 13

Answer 14.
Average profit:
Total profits = 80,000 + 1,00,000 + 2,00,000 + 1,50,000 + 2,70,000 = 8,00,000
CBSE Sample Papers for Class 12 Accountancy Paper 1 14

Answer 15.
Alternative 1.
Books of Jain and Gupta
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 1 15

Answer 16.
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 1 16

Answer 17.
Revaluation A/C
CBSE Sample Papers for Class 12 Accountancy Paper 1 17

Answer 18.
No flow-reason: Cash deposited into bank represents,movement between items of cash.

Answer 19.
No flow-Reason: Declaration of final dividend would result in No flow of cash because it does not involve cash.

Answer 20.
CBSE Sample Papers for Class 12 Accountancy Paper 1 20

Answer 21.
CBSE Sample Papers for Class 12 Accountancy Paper 1 21

Answer 22.
CBSE Sample Papers for Class 12 Accountancy Paper 1 22

Answer 23.
Calculation of net cash flow from operating activities
CBSE Sample Papers for Class 12 Accountancy Paper 1 23

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