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 Standard Term 2 Set 1 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.
  • 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 earning 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.

Maximum Marks : 40
Time : 2 Hours

Part A
(Accounting for Not-for-Profit Organisations, Partnership Firms and Companies)

Short Answer (SA) Type I Questions (2 Marks)
Question 1.
A, B, C and D are partners in a firm sharing profits in the ratio of 2 : 2 : 3 : 3 respectively. A retires and B, C and D decided to share the future profits in the ratio of 1 : 2 : 3. Goodwill of the firm is valued at ₹ 5,40,000.
Pass the necessary journal entry to record goodwill.
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 1
Working Notes
1) Calculation of Gaining Ratio
B = \(\frac{1}{6}-\frac{2}{10}=\frac{10-12}{60}=\frac{2}{60}\) Sacrifice; C = \(\frac{2}{6}-\frac{3}{10}=\frac{20-18}{60}=\frac{2}{60}\) Gain
D = \(\frac{3}{6}-\frac{3}{10}=\frac{30-18}{60}=\frac{12}{60}\) Gain

2) A’s Share in Goodwill = 5,40,000 × \(\frac{2}{10}\) = ₹ 1,08,000
B’s Share in Goodwill = 5,40/100 × \(\frac{2}{60}\) = ₹ 18,000
C’s Share in Goodwill = 5,40/100 × \(\frac{2}{60}\) = ₹ 18,000
D’s Share in Goodwill = 5,40/100 × \(\frac{12}{60}\) = ₹ 1,08,000

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

Question 2.
Distinguish between ‘dissolution of partnership’ and ‘dissolution of partnership firm’ on the basis of meaning and nature.
Answer:
Difference between dissolution of partnership and dissolution of partnership firm

Basis Dissolution of Partnership Dissolution of Partnership Firm
Meaning Dissolution of partnership is only a change in the partnership agreement. The firm may continue. Dissolution of the firm is the discontinuance of all the business activities of the firm.
Nature Dissolution of the partnership is voluntary. It emerges out of the agreement. Dissolution of the firm may be both voluntary and compulsory.

Question 3.
A, B, C were partners in a firm sharing profits in 2 : 2 : 1 ratio. The firm closes its book on 31st March every year. A died 3 months after the last accounts were prepared.

On death of a partner, his share of profit in the year of death was to be calculated on the basis of average profits of the last four years.

The profits of last four years were
I. ₹ 2,00,000
II. ₹ 1,80,000
III. ₹ 12,10,000
IV ₹ 1,70,000 (Loss)
Calculate A’s share of profits.
Answer:
Calculation of Average Profit
Average Profit = \(\frac{2,00,000+1,80,000+2,10,000+(1,70,000)}{4}\)
\(\frac{4,20,000}{4}[latex] = ₹ 1,05,000
Calculate of A’s Share of Profit
A’s share of profit = 1,05,000 × [latex]\frac{2}{5} \times \frac{3}{12}\) = ₹10,500

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

Short Answer (SA) Type II Questions (3 Marks)
Question 4.
Ajay, Pranav and Vijay are in partnership sharing profits in the ratio of 4 : 3 :1. Pranav takes retirement on 30th June, 2019. The firm’s profits for various years were 2014 (profits ₹ 3,24,444), 2015 (profits ₹ 80,000), 2016 (profits ₹ 10,000), 2017 (losses ₹ 10,000), 2018 (profits ₹ 40,000) and 2019 (profits ₹ 50,000). Ajay and Vijay decided to share future profits in the ratio of 3 : 2. Goodwill is to be valued on the basis of 2 years’ purchase of average profit of 4 completed years immediately preceding the year of retirement of a partner. Pass the journal entry to record Pranav’s share of goodwill.

Or Manish, Nirjhar and Kshitij are partners with ratio of 5 : 3 : 2.
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 2
Additional Information
(i) Manish takes retirement.
(ii) New ratio of Nirjhar and Kshitij is 1:1 and goodwill of the firm is valued at ₹ 60,000.
(iii) Expenses owing increased by ₹ 10,000.
(iv) Creditors increased to ₹ 1,05,000.
(v) ₹ 10,000 bills receivable dishonoured and are not recoverable.
(vi) Patents are now value less.
(vii) ₹ 20,000 unrecorded investment brought into books.
Prepare revaluation account.
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 3
Working Notes
1. Gaining Ratio =New Share – Old Share
Aiay s Gain = \(\frac{3}{5}-\frac{4}{8}=\frac{24-20}{40}=\frac{4}{40}\) ; Vijay’s Gain = \(\frac{2}{5}-\frac{1}{8}=\frac{16-5}{40}=\frac{11}{40}\)
Gaining Ratio of Ajay and Vijay = \(\frac{4}{40}: \frac{11}{40}\) = 4 : 11

2. Average Profit of 4 Years = \(\frac{80,000+10,000+(10,000)+40,000}{4}\) = ₹ 30,000
Firm’s Goodwill = 30,000 × 2 = ₹ 60,000
Pranav’s Share of Goodwill = 60,000 × \(\frac{3}{8}\) = ₹ 22,500
Or
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 4

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

Question 5.
Pass the necessary journal entries for the following transactions on the dissolution of the firm of A, B and C (who were sharing profits in the ratio of 4 : 3 : 3) after the transfer of all assets (other than cash) and external liabilities to realisation account.
(i) A 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 ₹ 25,000 and cash paid for liabilities amounted to ₹ 5,000. Expenses of realisation ₹ 1,000 paid by A.

(ii) Commission received in advance ? 1,000 was returned to customers after deducting ₹ 200.

(iii) There was a bill for ₹ 1,000 under discount. The bill was received from X who proved insolvent and a first and final dividend of 25% was received from his estate.

Or
Sita, Reeta and Geeta are partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. As per the terms of partnership deed, on the death of any partner, goodwill was to be valued at 50% of the net profits credited to that partner’s capital account during the last three completed years before her death. Sita died on 28th February, 2019. The profits for the last five years were 2014 – ₹ 60,000, 2015 – ₹ 97,000, 2016 – ₹ 1,05,000,2017 – ₹ 30,000 and 2018 – ₹ 84,000.

On the date of Sita’s death, building was found undervalued by ₹ 80,000, which was to be considered. Calculate amount of Sita’s share of goodwill in the firm and complete the following journal entries. The new profit sharing ratio between Reeta and Geeta will be equal.
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 5
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 6

CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions
Or
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 7
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 8
Working Notes
1. Calculation of Gaining Ratio
Gaining Ratio = New Share – Old Share
Reeta = \(\frac{1}{2}-\frac{3}{8}=\frac{4-3}{8}=\frac{1}{8}\), Geeta = \(\frac{1}{2}-\frac{1}{8}=\frac{4-1}{8}=\frac{3}{8}\)
∴ Gaining Ratio = 1 : 3

2. Calculation of Sita’s Share of Goodwill
Total of last three years profit = 1,05,000 + 30,000 + 84,000 = ₹ 2,19,000
Sita’s share in last three years profit = 2,19,000 × \(\frac{4}{8}\) = ₹ 1,09,500

Sita’s share of goodwill = 1,09,500 × \(\frac{50}{100}\) = ₹ 54,750
Sita’s share of goodwill will be contributed by Reeta and Geeta in their gaining ratio.
Reeta will contribute = 54,750 × \(\frac{1}{4}\) = ₹ 13,688, Geeta will contribute = 54,750 × \(\frac{3}{4}\) = ₹ 41,062

Question 6.
Ultimate Ltd. purchased machinery from Evergreen Ltd. for ₹ 10,00,000 to start a business of manufacturing low cost school dresses for children belonging to low income group. It made the payment as follows

₹ 7,00,000 by cheque, 3,000,10% debentures of ₹ 100 each at par. You are required to pass the journal entries for the transactions
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 9

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

Long Answer (LA) Type Questions (5 Marks)
Question 7.
From the following receipts and payments account and information given below, prepare income and expenditure account and balance sheet of Adult Literacy Organisation as on 31st December, 2020
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 10
Additional Information
(i) Subscription outstanding as on 31st December, 2019, ₹ 2,000 and on 31st December, 2020, ₹ 1,500.
(ii) On 31st December, 2020, salary outstanding ₹ 600 and one month rent paid in advance.
(iii) On 1st January, 2020, organisation owned furniture ₹ 12,000, books ₹ 5,000.
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 11
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 12
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 13

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

Question 8.
‘ABC Pvt. Ltd. Company’ issued 50,000,10% debentures of ₹ 100 each at 10% premium to the public on 1st April, 2019, which are redeemable after 5 years of issue at a premium of 20%. Pass journal entries for issue of debentures and writing-off ‘loss on issue of debentures’ in the same year of issue. Also, prepare ‘loss on issue of debenture account’.

Or
Pass the necessary journal entries for issue of debentures in the following cases
(i) Krishna Ltd. issued 2,000,12% debentures of ₹ 10 each to the public at a premium of 10%. These debentures are redeemable after 5 years at a premium of 20%.

(ii) Krishna Ltd. issued 2,000,12% debentures of ₹ 10 each to the public at a discount of 10%. These debentures are redeemable after 5 years at par.

(iii) Krishna Ltd. issued 2,000,12% debentures of ₹ 10 each to the public at a premium of 10%. These debentures are redeemable after 5 years at par.
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 14
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 15
Working Note
Securities Premium Reserve (By issue of 50,000,10% debentures of ₹ 100 each at 10% premium)
= 50,000 × 10 = ₹ 5,00,000
Loss on Issue of Debentures = 50,000 × 20 = ₹ 10,00,000
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 16

CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions
Or
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 17
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 18

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

Question 9.
Following is the receipts and payments account of Star Literary Club for the year ended on 31st March, 2020.
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 19
Additional Information
(i) On 1st April, 2019, buildings stood in the books at ₹ 60,000 and investments in shares at ₹ 6,000. Buildings are subject to depreciation @ 5% p.a.

(ii) There were 200 members paying subscription at the rate of ₹ 300 p.a. each. Some members have paid their annual subscription in advance during the year.

(iii) As on 1st April, 2019, no subscription had been received in advance but subscriptions were outstanding to the extent of ₹ 1,200 as at 31st March, 2019. Subscription accrued as on 31st March, 2020 was ₹ 1,800.

(iv) Postage stamps worth ₹ 300 were in stock with secretary as on 1st April, 2019 and as on 31st March, 2020, they were valued at ₹ 180.

(v) Telephone charges paid in advance were ₹ 360.
You are required to prepare the income and expenditure account for the year ended on 31st March, 2020 and the balance sheet as at that date.
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 20
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 21
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 22

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

Part B
(Analysis of Financial Statements)

Short Answer (SA) Type I Question (2 Marks)

Question 10.
State whether the following transactions will result in inflow, outflow or no flow of cash while preparing cash flow statement
(i) Deposit of cash into bank
(ii) Depreciation charged by a company
Answer:
(i) ‘Deposit of cash into bank’ does not result in cash flow. It is simply a movement between two
components of cash and cash equivalents.
(ii) There will be no flow of cash because depreciation is a non-cash expense.

Short Answer (SA) Type II Question (3 Marks)
Question 11.

Particulars 31st March, 2020 (₹) 31st March, 2019 (₹)
Revenue from Operations 7,50,000 5,62,500
Other Income 75,000 56,250
Purchase of Stock-in-trade 5,62,500 4,50,000
Rate of Income Tax 40% 40%

From the following information, prepare comparative statement of profit and loss.
Answer:

Particulars 31st March, 2020 (₹) 31st March, 2019 (₹)
Revenue from Operations 1,80,000 1,20,000
Other Income (% of Revenue from Operations) 10% 15%
Expenses (% of Revenue from Operations) 60% 50%
Tax Rate 40% 40%

CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 23

CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions
Or
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 24

Long Answer (LA) Type Question (5 Marks)

Question 12.
From the following balance sheet of Vikas Ltd. as on 31st March, 2019 and 2020, prepare a cash flow statement
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 25
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 26
Notes to Accounts
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 27

CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions
Additional Information
(i) Depreciation charged on fixed assets for the year 2019-20 was ₹ 20,000.
(ii) Income tax ₹ 5,000 has been paid during the year.
Answer:
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 28
Working Notes
CBSE Sample Papers for Class 12 Accountancy Term 2 Set 2 with Solutions 29