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
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.
Pass necessary journal entries for recording the following transactions at the time of dissolution of the firm
(i) Z, a partner agreed to pay-off his wife’s loan ₹ 20,000.
(ii) Y who undertakes to carry out the dissolution proceedings is allowed ₹ 2,000 for the same.
Answer:
Question 2.
State the reasons for the following
(i) When an asset is taken over by a partner, his capital account is debited.
(ii) Cash or bank account is not transferred to realisation account on dissolution of firm.
Answer:
(i) When an asset is taken over by a partner, his capital account is debited because the value of the
assets is charged from his capital, thus his capital account is reduced.
(ii) Cash or bank account will not be transferred to realistation account because it is already realised and can be distributed in its present form.
Question 3.
Rajeev, Manish and Mahesh were three partners in a firm who were sharing profits in the ratio of 5 : 3 : 2 as at 31st March, 2020. Due to poor health, Rajeev decided to retire on 31st March, 2020. All his dues were fully paid to him on his retirement. Balance sheet of Rajeev, Manish and Mahesh as at 31st March, 2020 was as follows
It was agreed that
(i) Fixed assets are to be depreciated by ₹ 5,500.
(ii) Make a provision for doubtful debts at 5% on debtors.
(iii) New profit sharing ratio of Manish and Mahesh will be 2 : 3.
(iv) A liability for claim, included in creditors of ₹ 22,000 is settled at ₹ 17,600.
Prepare revaluation account.
Answer:
Short Answer (SA) Type II Questions (3 Marks)
Question 4.
X Ltd. purchased the assets of Y Ltd. for ₹ 1,00,000 payable in fully paid 9% debentures of ₹ 100 each. What entries will be passed in the books of X Ltd, if such issue is
(i) at par (ii) at a premium of 25%
Or
Priya Services Pvt. Ltd. issued 15,000, 6% debentures of ₹ 10 each at a premium of 10% on 1st January, 2020, these debentures are redeemable after 3 years at a premium of 10%. Company spent ₹ 35,000 as a expense on issue of these debentures, which is written-off immediately in same year of issue. Pass the journal entries for expenses incurred on issuing debentures and writing-off these expenses and loss on issue of debentures in same year in which it is incurred.
Answer:
Working Notes
1. Number of debentures issued = \(\frac{1,00,000}{100}\) = 1,000 Debentures
2. Number of debentures issued = \(\frac{1,00,000}{100+25}\) = 800 Debentures
Or
Working Notes
1. Loss on Issue of Debentures = Premium on Redemption of Debentures (15,000 × 1) = ₹ 15,000
2. Securities Premium Reserve available balance from issue of debentures (15,000 × 1) = ₹ 15,000
Question 5.
X, Y and Z are partners sharing profits and losses in the ratio of 2 : 2 : 1. Y retires from the firm on 31st March, 2020. On the date of Y’s retirement, the following balances
Advertisement Suspense Account – ₹ 25,000
Contingency Reserve – ₹ 15,000
Workmen’s Compensation Reserve – ₹ 20,000
Loss in Business Account – ₹ 15,000
Pass the necessary journal entries for the adjustment of these items on Y’s retirement.
Or
X, Y and Z were partners in a firm sharing profits in 2 : 2 : 1 ratio. X died on 1st July, 2020. On that date, the goodwill of the firm was valued at ₹ 22,500. On the death of a partner, his share of profit in the year of death was to be calculated on the basis of the average profits of the last four years.
The profit for the last four years were
2016-17 – ₹ 80,000;
2017-18 – ₹ 72,000
2018-19 – ₹ 84,000;
2019-20 – ₹ 56,000 (Loss)
Pass necessary journal entries.
Answer:
Or
Working Notes
1. X’s Share of Goodwill = 22,500 × 2/5 = ₹ 9,000 (to be adjusted by Y and Z in the ratio 2 : 1)
2. Four Years Average Profit = \(\frac{80,000+72,000+84,000+(56,000)}{4}\) = ₹ 45,000
X’s share of profit = 45,000 × \(\frac{2}{5} \times \frac{3}{12}\) = ₹ 4,500
Question 6.
Ishu and Nishu are partners sharing profits and losses in the ratio of 2 : 1. On 31st December, 2019, the partners decided to dissolve the firm. Complete the realisation account and partners’ capital account.
Answer:
Long Answer (LA) Type Questions (5 Marks)
Question 7.
Following is the receipts and payments account of Green Club for the year ended 31st March, 2020
Additional Information
(i) The club owned furniture ₹ 12,000 and books ₹ 5,600 on 1st April, 2019.
(ii) Salary and rent were outstanding ₹ 480 and ₹ 960 on 31st March, 2020.
(iii) Subscription outstanding on 31st March, 2019 was ₹ 1,600 and on 31st March, 2020 was ₹ 2,000.
Prepare income and expenditure account and balance sheet for the year ending 31st March, 2020.
Answer:
Working Note
Accured Interest on Invesments = 16,000 × \(\frac{9}{100} \times \frac{9}{12}\) – 360 = 1,080 – 360 = ₹ 720
Question 8.
ABC Ltd. issued 20,000, 9% debentures of ₹ 100 each at a discount of 4% payable ₹ 30 on application and the balance on allotment. The debentures are redeemable after 5 years. Give necessary journal entries for the issue of debentures and write-off discount on issue of debentures in same year of issue, if company has a balance of ₹ 1,00,000 in securities premium reserve account.
Or
Malakar Ltd. issued 10,000, 6% debentures of ₹ 100 each to the public on 1st April, 2019 at a discount of ₹ 10 per debenture. Pass the necessary journal entries regarding issue of debentures in the books of the company in the following cases
(i) These debentures are redeemable after 9 years at 10% premium.
(ii) These debentures are redeemable after 9 years at par.
Also, write-off loss on issue of debentures in same year of issue assuming there is no balance of securities premium reserve.
Answer:
Or
Question 9.
Following are the details furnished by Youth Club. You are required to prepare balance sheet as at 31st March, 2019 and 31st March, 2020.
Additional Information
Answer:
Working Note
Part B
(Analysis of Financial Statements)
Short Answer (SA) Type I Question (2 Marks)
Question 10.
Classify the following activities into cash flows under operating, investing or financing,
(i) Purchase of fixed assets
(ii) Redemption of debentures
Answer:
(i) Purchase of fixed assets is outflow of cash from investing activity.
(ii) Redemption of debentures is outflow of cash from financing activity.
Short Answer (SA) Type II Question (3 Marks)
Question 11.
From the following information, prepare comparative statement of profit and loss of Malakar Pvt. Ltd.
Or From the following information, prepare comparative balance sheet of Malishka Ltd.
Answer:
Or
Long Answer (I.A) Type Question (5 Marks)
Question 12.
From the following balance sheet of ABS Ltd as at 31st March, 2019 and 2020, prepare cash flow statement for the year ended 31st March, 2020.
Additional Information
(i) Depreciation charged on fixed assets was ₹ 1,62,000.
(ii) Interim dividend of 15% paid on equity shares. Additional shares issued at 31st March, 2020.
(iii) Preference shares were redeemed at a premium of 15%.
(iv) Fixed assets with a book value of ₹ 1,08,000 were sold at ₹ 67,500.
(v) Preference dividend paid ₹ 64,800.
(vi) Debentures interest paid during the year ₹ 37,800.
Answer:
Working Notes
