Students can access the CBSE Sample Papers for Class 12 Accountancy with Solutions and marking scheme Term 2 Set 3 will help students in understanding the difficulty level of the exam.
CBSE Sample Papers for Class 12 Accountancy Standard Term 2 Set 3 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.
Aashi, Kiran and Madhu were carrying on partnership business of selling sarees at Kamla Nagar and sharing profits in the ratio of 3 : 2 : 1. Due to deteriorating health, Kiran retired on 31st December, 2020. Balance sheet of the firm stood as follows
(i) Buildings to be appreciated by ₹ 14,000.
(ii) Provision for doubtful debts to be made at 5% on debtors.
(iii) Goodwill of the firm is valued at ₹ 36,000.
(iv) ₹ 6,000 to be paid to Kiran immediately and the balance in her capital account to be transferred to his loan account.
Prepare revaluation account.
Answer:
Question 2.
Distinguish between revaluation account and realisation account on any two basis.
Answer:
Difference between revaluation account and realisation account
| Basis | Revaluation Account | Realisation Account |
| Purpose | The purpose of preparing revaluation account is to ascertain profit or loss on the revaluation of assets and reassessment of liabilities. |
Realisation account is meant to ascertain profit or loss on the disposal of assets and payment of liabilities. |
| Situations | It is prepared in case of reorganisation or reconstitution of firm i.e., admission, retirement and death of a partner. | It is prepared in case of dissolution of firm. |
Question 3.
Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2017 their balance sheet was as follows
On the above date they decided to dissolve the firm.
(i) Assets were realised as follows
(ii) Investments were realised at 95% of the book value.
(iii) The firm had to pay ₹ 7,500 for an outstanding repair bill not provided for earlier.
(iv) Expenses of realisation amounting to ₹ 3,000 were paid and borne by Srijan.
Prepare realisation account.
Answer:
Short Answer (SA) Type II Questions (3 Marks)
Question 4.
Disha Ltd. issued 6,000,10% debentures of ₹ 100 each on 1st April, 2020. The issue was fully subscribed. According to the terms of issue, interest on debentures is payable half yearly on 30th September and 31st March. Pass journal entries related to the debenture interest half yearly, ending on 31st March 2021.
Or
Prakash Ltd. issued 7,000, 9% debentures of ₹ 100 each, payable ₹ 20 on application and the remaining amount on allotment. The debentures are redeemable after 5 years. All the debentures were applied for and allotted. All the money was received.
Pass the necessary journal entries for issue of debentures.
Answer:
Or
Question 5.
Modi, Shah and Dharma are three partners of a firm doing work of constructions and maintaining equality in the different societies of India. They shared profits in the ratio of 1 : 2 : 2 from last 6 years.
On 31st May, 2019, Dharma died and his share is taken by Modi and Shah in the ratio of 1 : 3. For this situation, goodwill of the firm is valued at ₹ 2,00,000 on this date.
Pass the journal entry for treatment of goodwill on Dharma’s death. Also, calculate new ratio.
Or
X, Y and Z were partners in a firm sharing profits in 3 : 2 : 1 ratio. The firm closes its books on 31st March every year. Y died on 12th June, 2019. On Y’s death, the goodwill of the firm was valued at ₹ 60,000.
His share in the profits of the firm till the time of his death was to be calculated on the basis of previous year’s profit which was ? 1,50,000. According to Y’s will, the executors should donate his share to an orphanage for girls.
Pass necessary journal entries for the treatment of goodwill and Y’s share of profit at the time of his death.
Answer:
Calculation of New Share
Working Note
Dharma’s share of goodwill = 2,00,000 × \(\frac{2}{5}[latex] = ₹ 80,000
to be contributed by Modi and Shah in their gaining ratio i.e., 1 : 3.
Modi gains = 80,000 × [latex]\frac{1}{4}\) = ₹ 20,000;
Shah gains = 80,000 × \(\frac{.3}{4}\) = ₹ 60,000
Or
Working Notes
1. Gaining Ratio = New Share – Old Share
X = \(\frac{3}{4}-\frac{3}{6}=\frac{9-6}{12}=\frac{3}{12}\); Z = \(\frac{1}{4}-\frac{1}{6}=\frac{3-2}{12}=\frac{1}{12}\); Gaining Ratio = 3 : 1
2. Calculation of Goodwill
60,000 × \(\frac{2}{6}\) = ₹ 20,000 to be shared by X and Z in their gaining ratio i.e., 3 : 1
X will share = 20,000 × \(\frac{3}{4}\) = ₹ 15,000; Z will share = 20,000 × \(\frac{1}{4}\) = ₹ 5,000
3. Calculation of Y’s Share in Profit 1,50,000 x \(\frac{2}{6} \times \frac{73}{365}\) = ₹ 10,000
Question 6.
Reena, Meena and Sheena are three partners in a firm sharing profits and losses in 3 : 2 : 1. Meena decides to retire from the firm and Reena and Sheena decided to share future profits and losses in the ratio of 2 : 1 respectively.
Following adjustments are agreed
(i) Value of land is revalued to ₹ 60,000 from ₹ 80,000.
(ii) Amount of ₹ 4,000 recovered from a debtor, which is previously written-off as bad debts.
(iii) Provident fund is to be increased by ₹ 2,000.
Pass necessary journal entries for above adjustments.
Answer:
Long Answer (LA) Type Questions (5 Marks)
Question 7.
From the following receipts and payments account and income and expenditure account, prepare balance sheet for 31st March, 2018 and 31st March, 2019.
Additional Information
Following assets were on 31st March, 2018
Investments – ₹ 72,000
Furniture – ₹ 18,000
Books – ₹ 9,000
Answer:
Question 8.
Following is the receipts and payments account of Perfect Health Sports Club for the year ended 31st December, 2020.
Additional Information
(i) Subscriptions outstanding on 31st December, 2019 were ₹ 800 and on 31st December, 2020 were ₹ 1,200.
(ii) Outstanding salaries for the year ended 31st December, 2020 were ₹ 3,200 and outstanding bills for sundry expenses were ₹ 2,400.
(iii) Donations for building includes ? 40,000 for general donations.
Prepare income and expenditure account of the club for the year ending 31st December, 2020.
Answer:
Working Notes
1. Out of subscription outstanding on 31st December, 2019 ₹ 800, this year we have received subscription for 2019 ₹ 400, it means subscription still in arrears for 2019 = 800 – 400 = ₹ 400. Subscription outstanding on 31st December, 2020 is ₹ 1,200, which includes ₹ 400 outstanding subscription for 2019. Thus, subscriptions outstanding for 2020 = 1,200 – 400 = ₹ 800.
Question 9.
Pass necessary journal entries in following cases
(i) Vikram Ltd. issued 4,000,10% debentures of ₹ 100 each, payable as follows ₹ 25 on application, ₹ 35 on allotment and ₹ 40 on first and final call. All the debentures were applied. Aniket, the holder of 200 debentures paid the entire amount on his holding on allotment.
(ii) PQR Ltd. issued 3,000, 9% Debentures of ₹ 100 each at a premium of ₹ 10 per debenture payable as follows : On application ₹ 50, on allotment ₹ 60. The debentures were fully subscribed and all money was duly received.
Or
Soniya & Co. issued 5,000,14% debentures of ₹ 200 each @ 10% premium on
1st January, 2019. These debentures are redeemable after 8 years at a premium of 15% in lumpsum. Amount payable on application ₹ 120 and balance on allotment. All the amounts were received by the company at its due date. Pass necessary journal entries for issue of debentures, interest on debentures and writing-off loss on issue of debentures in the year 2019-20.
Answer:
Or
Working Notes
1. Interest on debentures (for 3 months in 2018-2019) = (5,000 × 200) × \(\frac{14}{100} \times \frac{3}{12}\)
= 10,00,000 × \(\frac{14}{100} \times \frac{1}{4}\)
= ₹ 35,000
2. Loss on Issue of Debentures Account = Premium on Redemption of Debentures Account
= (5,000 × 30) = ₹ 1,50,000
3. Available balance in securities premium reserve by issuing debentures at premium of 10%
= (5,000 × 20) = ₹ 1,00,000
Part B
(Analysis of Financial Statements)
Short Answer (SA) Type I Question (2 Marks)
Question 10.
Classify the following into operating, investing or financing activity
(i) Issue of shares
(ii) Salaries paid to the employees
Answer:
(i) Issue of shares is financing activity as it relates to financial activities of company.
(ii) Salaries paid to the employees is operating activity. Operating activities are the principal revenue producing activities of an enterprise and salaries paid to employees forms the part of operating expenses paid.
Short Answer (SA) Type II Question (3 Marks)
Question 11.
Prepare common size statement of profit and loss from the following statement of profit and loss
Additional Information
| Other Expenses Include | 31st March, 2019 (₹) | 31st March, 2020 (₹) |
| Provision for Tax | 4,50,000 | 3,00,000 |
Or
From the following balance sheets of Malakar Pvt. Ltd., prepare comparative balance sheets
Answer:
Or
Long Answer (LA) Type Question (5 Marks)
Question 12.
Following are the balance sheet of Mittal Ltd. as at 31st March, 2018 and 2019
Notes to Accounts
Prepare a cash flow statement after taking into account the following adjustments
(i) The company paid interest ₹ 45,000 on its deposits.
(ii) Depreciation provided on machinery during the year ₹ 2,00,000.
Answer:
Working Note
