Students can access the CBSE Sample Papers for Class 12 Accountancy with Solutions and marking scheme Term 2 Set 6 will help students in understanding the difficulty level of the exam.
CBSE Sample Papers for Class 12 Accountancy Standard Term 2 Set 6 with Solutions
Time Allowed: 2 Hours
Maximum Marks: 40
General Instructions:
- This question paper comprises two Parts – A and B. There are 12 questions in the question paper. All
questions are compulsory. - Part-A is compulsory for all candidates.
- Part-B has two options L 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.
Show how you would deal with the following items in the final accounts of a club:
| Particulars | Debit (₹) | Credit (₹) |
| Prize Fund | 1,20,000 | |
| Prize Fund Investments | 1,20,000 | |
| Income from Prize Fund Investments | 12,000 | |
| Prizes Awarded | 9,000 |
Answer:
Question 2.
Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ based on: (i) Meaning (ii) Books of Accounts
Answer:
| Basis | Dissolution of Partnership | Dissolution of Partnership Firm |
| Meaning | It refers to a change in the existing agreement between the partners. | It refers to the dissolution of partnership between all the partners of the firm. |
| Books of Accounts | In the case of dissolution of partnership, books of accounts mas’ not be closed. | In the case of dissolution of firm, books of accounts have to be closed. |
Question 3.
Kavi, Ravi, Kumar and Guru were partners in a firm sharing profits in the ratio of 3 : 2 : 2 : 1. On 1st February,2017, Guru retired and the new profit sharing ratio decided between Kavi, Ravi and Kumar was 3 : 1 : 1. On Guru’s retirement the goodwill of the firm was valued at ₹ 3,60,000.
Showing your working notes clearly, pass necessary journal entry in the books of the firm for the treatment of goodwill on Guru’s retirement.
Answer:
Working Notes:
1. Gaining Ratio = New Ratio – Old Ratio
Kavi = \(\frac{3}{5}-\frac{3}{8}\) = \(\frac{24-15}{40}\) = \(\frac{9}{40}\) (Gain)
Ravi = \(\frac{1}{5}-\frac{2}{8}\) = \(\frac{8-10}{40}\) = \(\frac{-2}{40}\) (Sacrifice)
Kumar = \(\frac{1}{5}-\frac{2}{8}\) = \(\frac{8-10}{40}\) = \(\frac{-2}{40}\) (Sacrifice)
2. Goodwill of Firm = ₹ 3,60,000
Ravi’s Share = ₹ 3,60,000 × \(\frac{2}{40}\) = ₹ 18,000
Kumar’s Share = 3, 60,000 × \(\frac{2}{40}\) ₹ 18000
Guru’s Share = 3, 60, 000 × \(\frac{1}{8}\) ₹ 45,000
Question 4.
Following is the extract of Receipts and Payments Account with some adjustments, you are required to find out the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31, 2018 and the Balance Sheet.
Subscriptions:
2016-17 …………………. ₹ 49,000
2017-18 ………………… ₹ 2,10,000
2018-19 …………………. ₹ 35,000
Additional Information:
(i) Subscriptions outstanding March 31, 2017 ₹ 59,500.
(ii) Total Subscriptions outstanding March 31, 2018 ₹ 1,29,500.
(iii) Subscriptions received in advance ₹ 28,000 as on March 31, 2017.
OR
From the following receipts and payments account of a cricket club and the additional information, prepare an Income and expenditure account for the year ended on 31st December, 2020 and a Balance Sheet as on that date:
Additional information:
(i) Arrear of membership subscriptions:
On 31st December, 2019 – ₹ 660
On 31st December, 2020, (for 2020) – ₹ 800
Answer:
Note:
Subscription 2016-17 = 59,500 – 49,000 = ₹ 10,500 is included in current year.
So, it is deducted from current year = 1,29,500 – 10,500 = 1,19,000 current year’s outstanding.
OR
Question 5.
DK, AK and PK are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their books are closed on March 31st every financial year.
DK died on 30th September 2020. The executors of DK are entitled to:
(i) His share of Capital i.e., ₹ 5,00,000 along with his share of goodwill. The total goodwill of the firm was valued at ₹ 60,000.
(ii) His share of profit upto his death on the basis of sales till date of death. Sales for the year ended March 31, 2020 was ₹ 2,00,000 and profit for the same year was 10% on sales, sales shows a growth trend of 20% and percentage of profit earning is reduced by 1%.
Give entries for the above and show your working clearly.
Answer:
Working Note:
Calculation of DK’s Share of Profit =
Expected sales for 2020-21 = 2,00,000 + 40,000 ( 2,00,000 × \(\frac{20}{100}\)) = 2,40,000
Expected profit % for 2020-21 = 10% – 1% = 9%
DK’s Share of profit = 2,40,000 × \(\frac{9}{100} \times \frac{5}{10} \times \frac{6}{12}\) = 5,400
Question 6.
Vinod Limited invited applications for issuing 7,500, 12% Debentures of ₹ 100 each at a premium of T35 per debenture. The full amount was payable on application.
Application were received for 10,000 Debentures. Applications for 2,500 Debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applications.
Pass necessary journal entries for the above transactions in the books of Vinod Limited.
OR
A Limited issued 5,000, 10% debentures of ?100 each at a premium of ?10 per debenture payable as follows:
On application – ₹ 25
On allotment – ₹ 45 (including premium)
On first and final call – ₹ 40
The debentures were fully subscribed and all money was duly received. Record the necessary entries in the books of the company.
Answer:
OR
Question 7.
RK and MK were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st
March, 2018.
On this date, the Balance Sheet of the firm, apart from realisable assets and outside liabilities showed the following:
RK’s Capital – 40,000 (Cr.)
MK’s Capital – 20,000 (Dr.)
Profit & Loss A/c – 10,000 (Dr.)
RK’s Loan to the firm – 15,000
Contingency Reserve – 7,000
On the date of dissolution of the firm:
(i) RK’s Loan was repaid by the firm along with interest of ₹ 500.
(ii) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of RK who had to bear these expenses.
(iii) An unrecorded asset of ₹ 2,000 was taken over by MK while RK discharged an unrecorded liability
of ₹ 3,000.
(iv) The dissolution resulted in a loss of ₹ 60,000 from the realisation of assets and settlement of liabilities. You are required to prepare Partners’ Capital Account.
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.
Quetsion 8.
Vinod Metal Industries engaged in production of Steel rods was incorporated on 1st April, 2015 with registered office in Bhopal. To expand their business, company purchased a Plant from Nitya Metal Limited to increase the production of steel rods. Vinod Metal Industries paid the amount of Plant to Nitya Metal Limited as follows :
(i) By issuing 8,000, 6% Debentures of ₹ 100 each at a discount of 10%.
(ii) By issuing 40,000, Equity Shares of ₹ 100 each at a premium of 10%.
(iii) Balance by accepting a bill of exchange of ₹ 2,00,000 payable after two months.
You are required to answer the following questions:
(1) Calculate the amount Vinod Metal Industries paid to Nitya Metal Limited by issuing 6% Debentures.
(2) Calculate the purchase price of Plant.
(3) Calculate the amount of annual fixed obligation associated with debentures.
(4) Pass journal entry which will be passed at the time of purchase of Plant’ in the books of Vinod Metal Industries.
(5) Pass journal entry for the allotment of debentures.
Answer:
(i) Amount Paid to Nitya Metal Limited by Issue of 6% Debentures
= 8,000 × [₹ 100 – (10% of ₹ 100)]
= 8,000 × ₹ 90 = ₹ 7,20,000
(ii) Purchase Price of Plant = Amount Paid by Issue of Debentures + Amount Paid by Issue of Equity Shares + Amount Paid by Bill of Exchange
= {8,000 × [₹ 100 – (10% of ₹ 100)]} + {40,000 × [₹ 100 + (10% of ₹ 100)]} + ₹ 2,00,000
= (8,000 × ₹ 90) + (40,000 × ₹ 110) + ₹ 2,00,000
= ₹ 7,20,000 + ₹ 44,00,000 + ₹ 2,00,000 = ₹ 53,20,000
(iii) Interest on 6% Debentures = ₹ 8,00,000 \(\frac{6}{100}\) = ₹ 48,000
Quetsion 9.
Following Receipts and Payments Account and information is provided by Vinod Education Society for the year ended 31st March 2017:
Additional Information:
(i) Subscription due on 31st March, 2016 and 31st March, 2017 ₹ 2,500 and ₹ 6,000 respectively.
(ii) Subscription paid in advance as on March 31st, 2016 were ₹ 1,200 and on March 31st, 2017 ₹ 1,900.
(iii) The book value of Computers on April 1, 2016 was V 40,000 of which half the computers were sold during the year.
(iv) The book value of investments on April 1, 2016 was ₹ 75,000 and the rate of interest was 10% p.a. Prepare Income and Expenditure Account.
Answer:
Parts
(Analysis of Financial Statements)
Quetsion 10.
State whether the following transactions will result in inflow, outflow or no flow of cash while preparing Cash Flow Statement:
(i) Machinery costing ₹ 2,50,000 (Book Value ₹ 1,75,000) was sold at a loss of 10%.
(ii) Non-current Investment costing ₹ 1,50,000 was sold at a profit of 20%.
Answer:
(i) Machinery costing 72,50,000 (Book Value 71,75,000) sold at a loss of 10% will result in inflow of cash in Cash Flow Statement.
(ii) Non-current Investment costing 71,50,000 sold at a Profit of 20% will result in inflow of cash in Cash Flow Statement.
Quetsion 11.
From the following data, prepare a common size statement of profit & loss of Vinod Ltd.
| Particulars | 31st March, 2018 | 31st March, 2017 |
| Revenue from Operations | 6,00,000 | 4,00,000 |
| Cost of material consumed | 60% of Revenue | 50% of Revenue |
| Finance Cost | ₹ 10,000 | ₹ 8,000 |
| Tax Rate | 40% of profit before tax | 40% of profit before tax |
OR
Show your working clearly.
Answer:
OR
Question 12.
Following was the Balance Sheet of Himanshu Limited at on 31.3.2019:
Notes to Accounts:
Additional Information:
(i) A part of the machine, costing ₹ 50,000, accumulated depreciation thereon being ₹ 20,000, was sold for ₹ 18,000.
(ii) Tax paid ₹ 20,000
(iii) Interest of ₹ 50,000 paid on debentures.
Prepare Cash Flow Statement.
Answer:
Working Note:
