CBSE Sample Papers for Class 12 Accountancy Solved 2016 Set 2

Part A
(Accounting for Partnership Firms and Companies)

1.X and Y are partners sharing profits in the ratio of 5:4. They admit Z for 1/9 share, which he acquires from X. Find the new profit sharing ratio.

2.How can a partner retire from the firm?

4.X, Y and Z are partners sharing profits and losses in the ratio of 4:3:2. They decided to share future profits and losses in the ratio of 2 :3:4 with effect from 1st April, 2015.

5.If gain on forfeiture is more than loss on re-issue, which account shall be credited by net gain.

6.Name the head under which the securities premium reserve account will appear in the balance sheet?

7.Give any three points of difference between calls-in-arrears and calls-in-advance.

9.R Q and R are partners sharing profits and losses in the ratio of 3 : 2 : 1. After the final accounts have been prepared, it was discovered that interest on drawings @ 5% per annum has not been taken into consideration. The drawings of the partners were: P Rs 15,00,000, Q Rs 12,60,000, R Rs 12,00,000.Pass the necessary adjusting journal entry.

10.On 1st April, 2011, Vijay Ltd was formed with an authorised capital of ? 1,80,00,000 divided into 1,80,000 equity shares of Rs 100 each. The company invited applications for 1,60,000 equity shares. The amount was payable as follows
On application Rs 30 per share
On allotment Rs 40 per share
On first and final call balance amount
Applications for 2,00,000 shares were received. Applications for 40,000 shares were rejected and the application money was refunded. All calls were made. A shareholder holding 1,200 shares, did not pay the first and final call.
Show ‘share capital’ in the balance sheet of the company as per Schedule III part-I of the Companies Act, 2013 as at 31st March, 2015 and also show ‘notes to accounts’

11.P Q and R were partners sharing profits and losses in the ratio of 5 : 3 : 2 respectively. On 31st December, 2014, their balance sheet stood as under

Adjustments
(i)P died on 1st July, 2015.
(ii)Goodwill be valued at 3 years’ purchase of the average profit of last 4 years, which were 2011 140,000; 2012 Rs 20,000 (loss); 2013 Rs 60,000 and 2014 Rs 84,000.
(iii)For the purpose of calculating P’s share in profits, profit during 2015 should be taken to have accrued on the basis of profit of 2014.
(iv)P’s drawings upto the date of death were Rs 10,000.
(v)Interest on drawings at 6% per annum irrespective of period.
Prepare P’s capital account.

12.Amar, Akbar and Anthony entered into a partnership on 1st April, 2014 to share profits and losses in the ratio of 5 : 3 : 2. Amar guaranteed that Anthony’s share of profits after charging interest on capital @ 5% per annum would not be less than 15,000 in any year.
Capitals of Amar, Akbar and Anthony were Rs 1,60,000, Rs 1,00,000 and Rs 80,000 respectively. The profits for the year ended 31st March, 2015 amounted to 70,000 before providing for interest on capital.
(i)Identify the value highlighted in the above problem.
(ii)Show the profit and loss appropriation account.

13.The balance sheet of P and Q who share profits and losses in the ratio of 3 : 2 as at 31st March, 2015 was

14.Give the necessary journal entries in each of the following alternative cases
(i)Realisation expenses amounted to Rs 2,000.
(ii)Realisation expenses paid by the firm amounted to Rs 2,000 and the partner has to bear the realisation expenses.
(iii) Rahul, one of the partners was to bear all the realisation expenses for which he was given a commission of 2% of net cash realised from dissolution. Cash realised from assets was Rs 1,00,000 and cash paid for liabilities amounted to Rs 20,000.
(iv)A contingent liability (not provided for) of Rs 4,000 was also discharged.
(v)Rs12,000 were recovered from a debtor which was written-off as bad debt last year.

15.(i) D Ltd redeemed Rs 1,00,000, 9% debentures of Rs 100 each at 10% premium.Company had a balance of Rs 20,000 in debenture redemption reserve account. Pass necessary journal entries.
(ii)Identify the value shown by the company by transferring the minimum required amount to debenture redemption reserve account at the time of redemption

16.Global Ltd invited applications for 30,000 shares of Rs 100 each at a premium of Rs 20 per share payable as follows On application Rs 40 (including ? 10 premium); on allotment Rs 30 (including ? 10 premium); on first call ? 30; on second and final call Rs 20.
Applications were received for 40,000 shares and pro-rata allotment was made on the application for 35,000 shares. Excess application money is to be utilised towards sum due on allotment.
Nisha to whom 600 shares were allotted failed to pay the allotment money and her shares were forfeited after allotment.
Asha who applied for 1,050 shares failed to pay the first call and her shares were forfeited after first call. Second and final call was made. All the money due on second call have been received.
Of the shares forfeited, 1,000 shares were re-issued as fully paid-up for Rs 80 per share, which included the whole of Asha’s shares.
Record necessary journal entries in the books of Global Ltd.
or
Mohan Ltd invited application for issuing 60,000 shares of Rs 10 each at par. The amount was payable as follows
On application Rs 2 per share; on allotment Rs 3 per share; on first and final call Rs 5 per share.
Applications were received for 92,000 shares. Allotment was made on the following basis
(i)To applicants for 40,000 shares Full
(ii)To applicants for 50,000 shares 40%
(iii)To applicants for 2,000 shares Nil
Rs 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and Rs 2,50,000 on account of call.
The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.
Pass journal entries in the books of Mohan Ltd to record the above transactions.

Part B
(Financial Statements Analysis)

18.Payment of salary to staff is classified or shown as operating activity for both finance and non-finance company. Do you agree?

19.Interest received by a finance company is classified under which kind of activity while preparing a cash flow statement?

20.Enumerate the headings which are shown under the heading ‘non-current assets’ in balance sheet as per Schedule III of the Companies Act, 2013.

Answers

Part A
(Accounting for Partnership Firms and Companies)

1.X and Y are partners sharing profits in the ratio of 5:4. They admit Z for 1/9 share, which he acquires from X. Find the new profit sharing ratio.
Ans.

2.How can a partner retire from the firm?
Ans. A partner can retire
(i) With the consent of all the partners.
(ii) By giving notice in writing, in case of partnership at will.

3.A, B and C are partners. They do not have a partnership deed. B and C devoted full time to manage the business and therefore, they want salary @ Rs20,000 per month but A does not agree to it. Is the claim of B and C justified?
Ans. No, the claim of B and C is not justified. Therefore, salary is not payable to any partner.
Reason In the absence of partnership deed, salary/remuneration is not payable to any partner.

4.X, Y and Z are partners sharing profits and losses in the ratio of 4:3:2. They decided to share future profits and losses in the ratio of 2 :3:4 with effect from 1st April, 2015.

Ans.

5.If gain on forfeiture is more than loss on re-issue, which account shall be credited by net gain.
Ans. Capital reserve

6.Name the head under which the securities premium reserve account will appear in the balance sheet?
Ans. Reserves and surplus

7.Give any three points of difference between calls-in-arrears and calls-in-advance.
Ans.

Ans.

10.On 1st April, 2011, Vijay Ltd was formed with an authorised capital of ? 1,80,00,000 divided into 1,80,000 equity shares of Rs 100 each. The company invited applications for 1,60,000 equity shares. The amount was payable as follows
On application Rs 30 per share
On allotment Rs 40 per share
On first and final call balance amount
Applications for 2,00,000 shares were received. Applications for 40,000 shares were rejected and the application money was refunded. All calls were made. A shareholder holding 1,200 shares, did not pay the first and final call.
Show ‘share capital’ in the balance sheet of the company as per Schedule III part-I of the Companies Act, 2013 as at 31st March, 2015 and also show ‘notes to accounts’

Ans.

11.P Q and R were partners sharing profits and losses in the ratio of 5 : 3 : 2 respectively. On 31st December, 2014, their balance sheet stood as under

Adjustments
(i)P died on 1st July, 2015.
(ii)Goodwill be valued at 3 years’ purchase of the average profit of last 4 years, which were 2011 140,000; 2012 Rs 20,000 (loss); 2013 Rs 60,000 and 2014 Rs 84,000.
(iii)For the purpose of calculating P’s share in profits, profit during 2015 should be taken to have accrued on the basis of profit of 2014.
(iv)P’s drawings upto the date of death were Rs 10,000.
(v)Interest on drawings at 6% per annum irrespective of period.
Prepare P’s capital account.
Ans.

12.Amar, Akbar and Anthony entered into a partnership on 1st April, 2014 to share profits and losses in the ratio of 5 : 3 : 2. Amar guaranteed that Anthony’s share of profits after charging interest on capital @ 5% per annum would not be less than 15,000 in any year.
Capitals of Amar, Akbar and Anthony were Rs 1,60,000, Rs 1,00,000 and Rs 80,000 respectively. The profits for the year ended 31st March, 2015 amounted to 70,000 before providing for interest on capital.
(i)Identify the value highlighted in the above problem.
(ii)Show the profit and loss appropriation account.
Ans.

13.The balance sheet of P and Q who share profits and losses in the ratio of 3 : 2 as at 31st March, 2015 was

Ans.

14.Give the necessary journal entries in each of the following alternative cases
(i)Realisation expenses amounted to Rs 2,000.
(ii)Realisation expenses paid by the firm amounted to Rs 2,000 and the partner has to bear the realisation expenses.
(iii) Rahul, one of the partners was to bear all the realisation expenses for which he was given a commission of 2% of net cash realised from dissolution. Cash realised from assets was Rs 1,00,000 and cash paid for liabilities amounted to Rs 20,000.
(iv)A contingent liability (not provided for) of Rs 4,000 was also discharged.
(v)Rs12,000 were recovered from a debtor which was written-off as bad debt last year.
Ans.

15.(i) D Ltd redeemed Rs 1,00,000, 9% debentures of Rs 100 each at 10% premium.Company had a balance of Rs 20,000 in debenture redemption reserve account. Pass necessary journal entries.
(ii)Identify the value shown by the company by transferring the minimum required amount to debenture redemption reserve account at the time of redemption
Ans.

16.Global Ltd invited applications for 30,000 shares of Rs 100 each at a premium of Rs 20 per share payable as follows On application Rs 40 (including ? 10 premium); on allotment Rs 30 (including ? 10 premium); on first call ? 30; on second and final call Rs 20.
Applications were received for 40,000 shares and pro-rata allotment was made on the application for 35,000 shares. Excess application money is to be utilised towards sum due on allotment.
Nisha to whom 600 shares were allotted failed to pay the allotment money and her shares were forfeited after allotment.
Asha who applied for 1,050 shares failed to pay the first call and her shares were forfeited after first call. Second and final call was made. All the money due on second call have been received.
Of the shares forfeited, 1,000 shares were re-issued as fully paid-up for Rs 80 per share, which included the whole of Asha’s shares.
Record necessary journal entries in the books of Global Ltd.
or
Mohan Ltd invited application for issuing 60,000 shares of Rs 10 each at par. The amount was payable as follows
On application Rs 2 per share; on allotment Rs 3 per share; on first and final call Rs 5 per share.
Applications were received for 92,000 shares. Allotment was made on the following basis
(i)To applicants for 40,000 shares Full
(ii)To applicants for 50,000 shares 40%
(iii)To applicants for 2,000 shares Nil
Rs 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and Rs 2,50,000 on account of call.
The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.
Pass journal entries in the books of Mohan Ltd to record the above transactions
Ans.

Ans.

Part B
(Financial Statements Analysis)

18.Payment of salary to staff is classified or shown as operating activity for both finance and non-finance company. Do you agree?
Ans. Salary to staff is shown as operating activity for both finance and non-finance company because it is associated with the principal revenue producing activity of the business.

19.Interest received by a finance company is classified under which kind of activity while preparing a cash flow statement?
Ans. Operating activity.

20.Enumerate the headings which are shown under the heading ‘non-current assets’ in balance sheet as per Schedule III of the Companies Act, 2013.
Ans.

Ans.

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