Students can access the CBSE Sample Papers for Class 12 Accountancy with Solutions and marking scheme Term 2 Set 2 will help students in understanding the difficulty level of the exam.
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions
Time: 2 Hrs.
Max. Marks: 40
General Instructions :
- This question paper comprises two Parts – A and B. There are 12 questions in the question paper. Ail questions are compulsory.
- Part-A is compulsory for all candidates.
- Part- B has two options i. e. (i) Analysis of Financial Statements and (ii) Computerized Accounting. Students must attempt only one of the given options.
- Question nos. 1 to 3 and 10 are short answer type-I questions carrying 2 marks each.
- Question nos. 4 to 6 and 11 are short answer type-II questions carrying 3 marks each.
- Question nos. 7 to 9 and 12 are long answer-type questions carrying 5 marks each.
- There is no overall choice. However, an internal choice has been provided in 3 questions of three marks and 1 question of five marks.
Part A
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies)
Question 1.
From the following information, calculate the amount to be charged to Income and Expenditure Account for ‘Sports material consumed for the year 2019-20.
| Particulars | Amount |
| Stock of Sports Material (01-04-2019) | 60,000 |
| Amount paid to creditors (during 2019-20) | 3,00,000 |
| Creditors for Sports Materials (01-04-2019) | 1,00,000 |
| Creditors for Sports Materials (31-03-2020) | 80,000 |
| Sports Material sold During the year (Book Value ₹ 35,000) | 15,000 |
| Cash Purchases of Sports Material (During the Year 2019-20) | 1,30,000 |
There was zero stock at the end of financial year 2019-20.
Answer:
Question 2.
Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ based on:
(i) Continuation of the Business
(ii) Books of Accounts
Answer:
| Basis | Dissolution of Partnership | Dissolution of Partnership Firm |
| Continuation of the Business | In the case of dissolution of partnership, the firm continues its business. | In the case of dissolution of firm, the firm does not continue its business. |
| Books of Accounts | In the case of dissolution of partnership, books of accounts may not he closed. | In the case of dissolution of firm, books of accounts have to be closed. |
Question 3.
Vikas, Vishal and Vaibhav were partners in a firm sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on 31st March every year. On 31-12-2015 Vaibhav died. On that date his capital account showed a credit balance of ₹ 3,80,000 and Goodwill of the firm was valued at ₹ 1,20,000. There was a debit balance of ₹ 50,000 in the profit and loss account. Vaibhav’s share of profit in the year of his death was to be calculated on the basis of the average profit of last five years. The average profit of last five years was ₹ 75,000.
Pass necessary journal entries in the books of the firm on Vaibhav’s death.
Answer:
Working Note:
Vaibhav’s share in profit = 75,000 × \(\frac{1}{5}\) × \(\frac{9}{12}\) = ₹ 11,250
Question 4.
Receipts and Payments Account of Jay Entertainment Club showed that ₹68,500 were received by way of subscriptions for the year ended on March 31,2018. The additional information was as under:
(i) Subscription Outstanding as on March 31, 2017 were ₹6,500.
(ii) Subscription received in advance as on March 31, 2017 were ₹4,100.
(iii) Subscription Outstanding as on March 31,2018 were ₹5,400.
(iv) Subscription received in advance as on March 31, 2018 were ₹2,500.
Show how the above information would appear in the Income and Expenditure for the year ended on March 31, 2018 of Jay Entertainment Club.
OR
Following is the information given in respect of certain items of a sports club. You are required to show them in the Income and Expenditure Account and the Balance Sheet of the club as at 31st March, 2021:
| ₹ | |
| Sports Fund as at 1st April, 2020 | 2,000 |
| Sports Fund Investments | 2,000 |
| Interest on Sports Fund Investments | 200 |
| Donations for Sports Fund | 800 |
| Sports prizes awarded | 600 |
| Expenses on sports events | 200 |
| General Fund | 4,000 |
| General Fund Investments | 4,000 |
| Interest on General fund Investments | 400 |
Answer:
OR
Question 5.
Karim, Saleem and Raheem were partners in a firm sharing profits and losses in the ratio of 3 : 4 : 3. The firm closes its books on 31st March every year. On 1-10-2019 Karim died. On Karim’s death the goodwill of the firm was valued at ₹3,50,000. Karim’s share in the profits of the firm in the year of his death was to be calculated on the basis of average profits of last four years. The profits for the last four years were 2015-16 n,70,000; 2016-17 ₹1,30,000; 2017-18 ₹1,90,000 and 2018-19 ₹1,10,000. The total amount payable to Karim’s executors on his death was ₹7,35,000. It was paid on 15-10-2019.
Pass necessary journal entries for the above transactions in the books of the firm.
Answer:
Working Note:
Average Profit = \(\frac{1,70,000+1,30,000+1,90,000+1,10,000}{4}\)
= ₹ 1,50,000
Karim’s share pf profit = ₹1,50,000 × \(\frac{3}{10}\) × \(\frac{6}{12}\)
= ₹22, 500
Question 6.
BGP Ltd. invited applications for issuing 15,000, 11% debentures of ₹100 each at a premium of T50 per debenture. The full amount was payable on application. Applications were received for 25,000 debentures. Application for 5,000 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining application on pro-rata basis.
Pass the necessary journal entries for the above transaction in the books of BGP Ltd.
OR
X Limited issued 10,000, 12% debentures of ₹100 each payable ₹40 on application and ₹60 on allotment. The public applied for 14,000 debentures. Applications for 9,000 debentures were accepted in full; applications for 2,000 debentures were allotted 1,000 debentures and the remaining applications, were rejected. All money was duly received. Journalise the transactions.
Answer:
OR
Question 7.
A and B are partners sharing profits and losses equally. They decided to dissolve their firm. Assets and Liabilities have been transferred to Realisation Account. Pass necessary Journal entries for the following:
(i) A was to bear all the expenses of Realisation for which he was given a commission of ₹4,000.
(ii) Advertisement suspense account appeared on the asset side of the Balance Sheet amounting to ₹28,000
(iii) Creditors of ₹40,000 agreed to take over the stock of ₹30,000 at a discount of 10% and the balance in cash.
(iv) B agreed to take over Investments of ₹5,000 at ₹4,900
(v) A loan of T15,000 advanced by A to the firm was paid off.
(vi) A bank loan of 2,000 was paid off.
OR
Rahul, Rohit and Ramesh were partners in a firm sharing profit and losses in the ratio of 2:2:1, respectively. The Balance Sheet as on 31st March 2012 was as follows:
The firm was dissolved on the above date:
(i) The assets realised as follows:
Debtors ₹9,000, Plant and Machinery ₹26,000, Stock ₹14,000 and Furniture ₹3,000.
(ii) The creditors were paid ₹18,000 in full settlement, and the bills payable were paid in full.
(iii) The realisation expenses amounted to ₹3,000.
(iv) Ramesh became insolvent and was able to bring in only ₹1,800 from his private estate.
Prepare:
(1) Realisation A/c
(2) Bank A/c, and
(3) Partner’s Capital A/c
Answer:
OR
Working Notes:
Capital Deficiency of ₹4,000 to be distributed between Rahul and Rohit (Solvent Partners) in the ratio 2:2.
Question 8.
Kamakhaya Limited engaged in infrastructure business with registered office in Mumbai was incorporated on 1st April, 2015. With an aim to penetrate their roots in other cities, Kamakhaya Limited purchased the running business of Karishma Builders Limited having business in Pune, Bhiwandi and Shirwal for a sum of ₹60,00,000.
The assets and liabilities of Karishma Builders consisted of the following:
| Land | ₹28,00,000 |
| Buildings | ₹24,00,000 |
| Stock-in-Trade | ₹8,00,000 |
| Sundry Debtors | ₹12,00,000 |
| Sundry Creditors | ₹8,00,000 |
Kamakhaya Limited issued a cheque of ₹12,00,000 and for the balance amount issued 9% Debentures of ₹100 each at par, redeemable after 6 years at par for the sum due to Karishma Builders Limited.
You are required to answer the following questions:
(i) Calculate the amount to be transferred to Capital Reserve Account.
Answer:
Calculate the amount to be transferred to Capital Reserve Account.
(ii) Pass journal entry to be passed at the time of purchase of business of Karishma Builders Limited.
Answer:
(iii) Calculate the number of debentures issued to Karishma Builders Limited.
Answer:
Amount paid through Cheque = ₹12,00,000
Amount paid through Debentures = ₹60,00,000 – ₹12,00,000 = ₹48,00,000
Amount Due 48,00,000
Number of Debentures Issued to Karishma Builders Limited = \(\frac{\text { Amount Due }}{\text { Issue Price }}\) = \(\frac{\mathrm{₹} 48,00,000}{\mathrm{₹} 100}\) = 48,000
(iv) Pass journal entry for the allotment of debentures.
Answer:
(v) Calculate the amount of annual fixed obligation associated with debentures issued to Karishma Builders Limited.
Answer:
Interest on 9% Debentures = ₹48,00,000 × \(\frac{9}{100}\) = ₹4,32,000
Question 9.
Following is the Receipts and Payments Account of Rotary Club for the year ended 31.3.2018:
Additional Information:
(i) Subscriptions outstanding as on 31.3.2017 were ₹2,000 and on 31.3.2018 ₹2,500.
(ii) On 31.3.2018, salary outstanding was ₹600 and rent outstanding was ₹1,200.
(iii) The club owned furniture ₹15,000 and books ₹7,000 on 1.4.2017.
Prepare Income and Expenditure Account of the Club for the year ended 31.3.2018 and ascertain ‘Capital Fund’ on 31.3.2017. Also prepare a balance sheet as at 31st March, 2018.
Answer:
* Subscription outstanding on 31.3.2018 is ₹2,500 w rich includes the subscription outstanc ing for the year 2016-2017 ₹800 (i.e., ₹2,000 – ₹1,200 received during 2017-2018). Hence, the subscription outstanding for 2017-18 is ₹1,700 (i.e., ₹2,500 – ₹800). It should be noted that there is a difference between subscription outstanding on 31.3.2018 and subscription outstanding for 2017-18 (which indicates subscription outstanding only for 2017-18).
Working Note:
Subscription outstanding to be shown in Balance Sheet
| 2,000-1,200 (received) | for 2016-2017 |
| 800 + 1,700 | for 2017-2018 |
2,500 to be shown in Balance Sheet.
Part-B
(Analysis of Financial Statement)
Question 10.
State whether the following transactions will result in inflow, outflow or no flow of cash while preparing cash flow statement:
(i) Decrease in Public Deposits ₹20,000
Answer:
Decrease in public deposits is an outflow of cash in Cash Flow Statement.
(ii) Sale of Fixed Assets ₹1,00,000
Answer:
Sale of Fixed Assets is an inflow of cash in Cash Flow Statement.
Question 11.
Following is the Statement of Profit and Loss of Sun India Ltd. for the year ended 31st March, 2018:
Prepare a Comparative Statement of Profit and Loss.
OR
Balance Sheets of the Blue Bell Ltd., as at 31st March, 2018 and 2017 are given below:
Prepare a Comparative Balance Sheet showing % changes from 31st March, 2017.
Answer:
OR
Question 12.
From the following information of Mannat Ltd., prepare a Cash Flow Statement.
Note to Account:
Additional Information:
(i) During the year a machine costing ₹1,20,000 was purchased and another machine of the book value of ₹30,000 was sold at a loss of ₹3,000.
Answer:
OR
