Students can access the CBSE Sample Papers for Class 12 Accountancy with Solutions and marking scheme Term 2 Set 5 will help students in understanding the difficulty level of the exam.

CBSE Sample Papers for Class 12 Accountancy Standard Term 2 Set 5 with Solutions

Max. Marks: 40
Time: 2 Hours

General Instructions:

  • This question paper comprises two Parts – A and S. There are 12 questions in the question paper All
    questions are compulsory.
  • Part-A is compulsory for all candidates.
  • Part- S 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. I 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 Rio’s 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.
Show how you deal with following information in final accounts of a ‘Not-for-Profit’ organization:

Particulars Amount (₹)
Match Expenses 8,00,000
Match Fund 4,00,000
Donation for Match Fund 2,40,000
Sale of Match Tickets 3,60,000

Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 1

Question 2.
Distinguish between ‘Sacrificing Ratio’ and ‘Gaining Ratio’ based on:
(i) Objective
(ii) Effect on Capital
Answer:

Basis Dissolution of Partnership Dissolution of Partnership Firm
Objective To ascertain the amount of goodwill payable to partners, when a enters the firm. To ascertain the share of goodwill be paid to the retiring partner, the starting partners.
Effect on Capital The capital accounts of the old partners will be increased with the amount received as a goodwill, brought to the firm by the new partner. The partner who is retired is paid for the goodwill and the capital accounts of the partners who stays in the business will be reduced with the amount paid as goodwill.

Question 3.
At the time of dissolution of a partnership firm, the book value of sundry assets transferred to the Realisation Account was ₹2,00,000. 50% of these sundry assets were taken by partner A at a 20% discount, 40% of remaining assets were sold at a profit of 30% on cost. 5% of the balance was found obsolete and realized nothing. The remaining assets were taken over by a creditor in full settlement of his claim. Pass necessary journal entries for the above.
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 2
Working Notes:
Calculation of Assets realised and assets taken over by Partner Mr. A:
Total (Sundry) Assets: ₹ 2,00,000
50% of 2,00,000 taken over by Mr. A at a 20% discount
∴ 2,00,000 x 50% 1,00,000 (-) 20% of 1,00,00 = ₹ 80,000
40% of remaining assets of ₹ 1,00,000
i.e. ₹ 1,00,000 x 40% = ₹ 40,000 were sold at a profit of 30% on cost
∴ 40,000+30% = ₹ 52,000

Question 4.
Raj, Kumar, and Rao were partners in a firm sharing profits in the ratio of 2:2 :1. Kumar died on 30th June 2019. Accounts are closed on 31st March every year. Sales for the year ended 31st March 2019 amounted to ₹18,00,000. Sales of ₹ 6,00,000 amounted between the period from 1st April 2019 to 30th June 2019. The profits for the year ended 31st March 2019 amounted to ₹1,80,000. Calculate deceased partner’s share in the profits of the firm.
OR
Mitali, Indu, and Geeta are partners sharing profits and losses in the ratio of 5 : 3: 2 respectively. On March 31, 2020, their Balance Sheet was as under:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 3
Geeta retires on the above date. It was agreed that Machinery be valued at ₹1,40,000; Patents at ₹40,000; and Buildings at ₹1,25,000. Record the necessary journal entries and prepare the Revaluation Account.
Answer:
Percentage of profits to sales for the year ended 31 March, 2019 =  \( \frac{1,80,000}{18,00,000} \times 100\) = 10%.
Profits upto Kumar’s death = 10% of ₹ 6,00,000 = ₹ 60,000
Kumar’s share of profit = ₹ 60,000 x \(\frac{2}{5}\) = ₹ 24,000
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 4
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 5
Question 5.
Blue Prints Ltd., purchased building worth ₹ 1,50,000, Plant and Machinery worth ₹ 1,40,000, and furniture worth ₹ 10,000 from XYZ Co., and took over its liabilities of ₹20,000 for a purchase consideration of ₹3,15,000. Blue Prints Ltd., paid the purchase consideration by issuing 12% debentures of ₹100 each at a premium of 5%. Record necessary journal entries.
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 6
Working Notes:
1. Since the purchase consideration is more than net assets taken over, the difference has been debited to the goodwill account.
2. No. of debentures issued = \(\frac{\text { Purchase Consideration }}{\text { Issue Price of a Debentures }} \)
= \(\frac{3,15,000}{105}\) = ₹ 3,000

Question 6.
Subscriptions received by the Health Club during the year 2018 were as under:
2017……………………. 27,000
2018 …………………… 8,64,000
2019 …………………… 18,000
Subscriptions outstanding as on 31st December 2017 ₹45,000
Subscriptions outstanding as on 31st December 2018 ₹1,08,000
Subscriptions received in advance in 2017 for 2018 ₹45,000
Calculate the amount of subscriptions to be shown on the income side of Income and Expenditure A/c.
OR
From the following information of Vinod Club, prepare Income and Expenditure Account for the year ended 31st March 2018.
Receipts and Payments Account of Vinod Club
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 7
Additional Information:
Subscriptions received included ₹15,000 for 2018-19. The amount of subscriptions outstanding on 31st March 2018 were ₹ 20,000. Salaries unpaid on 31st March 2018 were ₹8,000 and Rent receivable was ₹2,000.
Opening stock of printing and stationery was ₹12,000, whereas Closing stock was ₹15,000.
Answer:
Subscription amount = ₹8,64,000
Add: Outstanding Subscription at the end = ₹ 90,000
Add: Subscription received in advance = ₹5,000
Income from subscription = ₹ 9,99,000

Working Notes:
Subscription outstanding for the current year = 45,000- 27,000
=₹ 18,000
Now, = 1,08,000 – 18,000
= ₹ 90,000
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 8
Working Note:
Interest on Investment (from 01.08.2017 to 31.03.2018) = 1,00,O00 x \(\frac{6}{100} \times \frac{8}{12}\)
Interest Accrued ₹ 4,000 – ₹ 2,400 = ₹ 1,600

Question 7.
A, B, and C were partners sharing profits and losses in the ratio of 3:2:1. On 31st March 2020. Their Balance Sheet was as follows:
Balance Sheet
(as on 31st March 2010)
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 9
The firm was dissolved on 31st March 2020, and the assets were realized as follows:
(i) Joint Life Policy was taken over by Mr. A at ₹ 5,000.
(ii) Stock realized ₹ 18,000; Debtors realized ₹ 14,500, Plant and Machinery was sold for ₹ 36,000.
(iii) Liabilities were paid in full. In addition, one bill for ₹ 700 under discount was dishonored and had to be taken up by the firm.
(iv) There were no realization expenses.
Give the Journal entries and necessary Ledger Accounts to close the books of the firm.
OR
Record necessary journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya:
(i) There was old furniture in the firm which had been written off completely in the books. This was sold for ₹ 3,000,
(ii) Ashish, an old customer whose account for ₹ 1,000 was written-off as bad in the previous year, paid 60% of the amount.
(iii) Paras agreed to take over the firm’s goodwill (not recorded in the books of the firm) at a valuation of ₹ 30,000,
(iv) There was an old typewriter that had been written off completely from the books. It was estimated to realize ₹400. It was taken away by Priya at an estimated price less 25%.
(v) There were 100 shares of ₹10 each in Star Limited acquired at the cost of ₹2,000, which had been written off completely from the books. These shares are valued @ ₹6 each and divided among the partners in their profit sharing ratio.
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 10
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 11

Question 8.
Saurashtra Limited had an authorized capital of ₹20,00,000 divided into 2,00,000 equity shares of ₹10 each. The company issued 1,00,000 shares and the dividend paid per share was ₹2 for the year ended 31st March 2020. The management of the company decided to export its products to the neighboring countries Nepal, Sri Lanka, and Bangladesh. To meet the requirement of additional funds, the financial manager of the company put up the following three alternatives before its Board of Directors :
(i) Issue 54,000 equity shares.
(ii) Obtain a loan from Import and Export Bank of India. The loan was available at 12% per annum interest.
(iii) To issue 9% Debentures at a discount of 10%.
After comparing the available alternatives, the company decided on 1st April 2020 to issue 60,000, 9% Debentures of ₹100 each at a discount of 10%.
The Balance Sheet of the company on 1st April 2020 shows a balance of ₹ 2,80,000 in Capital Reserve which the company decided to use for writing off the discount on issue of debentures.

You are required to answer the following questions:
(1) Pass journal entry for receipt of application money of debentures.
(2) Pass journal entry for the allotment of debentures.
(3) Pass journal entry to write off discount on issue of debentures.
(4) Prepare Discount on Issue of Debentures Account.
(5) Calculate the amount of annual fixed obligation associated with debentures.
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 15
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 16

Question 9.
Following is the Receipts and Payments Account of Ana Literary Club for the year ended 31st March 2019.
Receipts and Payments Account
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 17
Additional Information:
(i) On April 1, 2018 Buildings stood in the Books at ₹ 5,00,000 & Investment in Shares ₹ 50,000; Capital Fund ₹ 6,87,500.
(ii) There were 200 members paying Subscription at ₹2,500 p.a. Some members have paid their annual subscription in advance during the year.
(iii) As on 1st April 2018 no Subscription had been received in advance but subscriptions were outstanding to the extent of ₹ 10,000 as on March 31, 2018.
Subscription accrued as on 31st March 2019 was ₹ 15,000.
(iv) Postage Stamps worth ₹ 2,500 were in stock with Secretary as on April 1, 2018 and as on 31sl March 2019, these were valued at ₹ 1,500.
You are required to prepare the Income and Expenditure Account for the year ended 31st March 2019 and Balance Sheet as at that date.
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 19
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 20

Part B
(Analysis of Financial Statements)

Question 10.
State whether the following transactions will result in inflow, outflow, or no flow of cash while preparing Cash Flow Statement:
(i) A Machine costing ₹ 25,000 with Accumulated Depreciation of ₹ 15,000 was sold for ₹ 13,000.
(ii) Non-current Investments purchased ₹ 87,500.
Answer:
(i) A Machine costing ₹ 25,000 with Accumulated Depreciation of ₹ 15000 was sold for ₹ 13,000 will result in inflow of cash in Cash Flow Statement.
(ii) Non-current Investments purchased ₹ 87,500 will result in outflow of cash in Cash Flow Statement.

Question 11.
From the following information, prepare a Comparative Statement of Profit and Loss of R Ltd.

Particulars 31-3-2017 (₹) 31-3-2018 (₹)
Revenue from Operations 25,00,000 32,00,000
Cost of Material Consumed 15,00,000 20,00,000
Other expenses 10% of material consumed 12% of material consumed
Income tax 50% 50%

OR
Prepare the Common Size Income Statement from the following information:

Particulars 31-3-2017 (₹) 31-3-2018 (₹)
Net Revenue from Operations (Net Sales) 1,00,000 1,00,000
Cost of Revenue from Operations (Cost of Goods sold) 70% of sales 74.8% of sale
Indirect Expenses 8,000 9,800
Income Tax 50% 50%

Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 22

Question 12.
Following are the Balance Sheets of Vinod Limited for the year ended 31st March 2019 and 2020:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 24
Prepare a Cash Flow Statement after taking into account the following adjustment:
(i) The company paid interest ₹36,000 on its long-term borrowings.
(ii) Depreciation charged on tangible fixed assets was ₹ 20,000.
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 5 with Solutions 26