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
Maximum Marks: 40
Time allowed: 2 Hours
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 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 Organisations, Partnership Firms, and Companies)
Short Answer (SA) Type I Questions (2 Marks)
Question 1.
Rahul, Chirag and Shreya were partners in XYZ firm which deals in Men’s wear. Court has passed order for the dissolution of the firm. The balance sheet of Rahul, Chirag, and Shreya sharing profits in the ratio of 3: 4 : 2 stood as follows on the date of dissolution Balance Sheet as at 31st December 2020
| Liabilities | Amt (₹) | Assets | Amt (₹) |
| Creditors | 48,000 | Machinery | 90,000 |
| Workmen’s Compensation Reserve | 54,000 | Computer | 9,600 |
| Investment Fluctuation Reserve | 6,000 | Furniture | 60,000 |
| Mrs. Rahul’s Loan | 30,000 | Investments | 72,000 |
| Mrs. Chirag’s Loan | 24,000 | Stock-in-trade | 1,44,000 |
| Rahul’s Capital A/c | 2,40,000 | Shreya’s Capital A/c | 24,000 |
| Chirag’s Capital A/c | 1,44,000 | Profit and Loss A/c | 1,08,000 |
| Cash | 12,000 | ||
| Bank | 26,400 | ||
| 5,46,000 | 5,46,000 |
The following information is given to you
(i) Rahul promised to pay Mrs. Rahul’s loan and took stock-in-trade at ₹ 1,20,000.
(ii) Chirag took half of the investments at ₹ 42,000 and remaining investments were realised at 120%.
(iii) Shreya took over machinery at ₹ 60,000 for cash.
(iv) Creditors amounting to ₹ 9,600 were given furniture of the book value of ₹ 24,000 in full settlement. The remaining creditors were paid at a discount of 10%.
(v) Remaining furniture was sold at 30% of the book value.
Calculate the amount realized from sale of assets.
Answer:
Question 2.
On dissolution, mention how will you deal with the partners’ loan if it appears on the
(i) Liabilities side of balance sheet
(ii) Assets side of balance sheet.
Answer:
(i) If partners’ loan appears on the liabilities side of balance sheet, it should be paid separately before making payment to a partner what is due to him on account of capital.
(ii) If partner’s loan appears on the assets side of balance sheet, it should be settled through partner’s capital account.
Question 3.
Chaman, Raman and Suman are partners sharing profits in the ratio of 5 : 3: 2. Raman dies due to Covid-19. The new profit sharing ratio between Chaman and Suman will be 1 :1. The goodwill of the firm is valued at? 1,00,000.
Pass the necessary journal entry for adjustment of goodwill.
Answer:
Working Note
Gating Ratio = New Ratio – old Ratio
Chaman gains = \(\frac{1}{2}-\frac{5}{10}=\frac{5-5}{10}\) = Nil
Suman gams = \(\frac{1}{2}-\frac{2}{10}=\frac{5-2}{10}=\frac{3}{10}\)
Firm’s goodwill = ₹ 1,00,000
Raman’s share of goodwill = 1,00,000 x \(\frac{3}{10}\) = ₹ 30,000 will be paid by Suman (gaining partner).
Short Answer (SA) Type II Questions (3 Marks)
Question 4.
Pass necessary journal entries for issue of debentures in the books of Comprehensive Ltd. in following cases
(i) The company issued 10,000 8% debentures of ₹ 100 each to its promoters as the remuneration of the services rendered by them at par.
(ii) Company also issued 9% debentures at 10% premium to Mr. Rajesh for the purchase of assets of ₹ 3,30,000 from him.
Or
Explain with an imaginary example, how issue of debentures as collateral security is shown in the balance sheet of a company when it is recorded in the books of accounts.
Answer:
Number of Debentures Issued = \(\frac{3,30,000}{100+10}\) = 3,000 Debentures
Or
POLAR Ltd. obtained loan of ₹ 2,00,000 from Western Bank and issued 2,400,10% debentures of ₹ 100 each as collateral security, (or any other example)
Question 5.
Mahesh, Mukesh and Raju were partners in a firm sharing profit and losses in the ratio of 2 :1 :1. Their balance sheet as at 31st March, 2020 was as follows
On 30th June, 2020 Raju retired. As per the provisions of a partnership deed, he was entitled to the following
(i) The capital to his credit at the date of last balance sheet.
(ii) Interest on capital @ 10% p.a.
(iii) Goodwill of the firm is valued at ₹ 71,400.
Prepare Raju’s capital account.
Or
Journalise the following transactions at the time of dissolution of the firm
(i) ₹ 10,000 bills payable settled at ₹ 8,000.
(ii) Debtors ₹ 26,400, provision for doubtful debts ₹ 2,400, ₹ 4,800 of the book debts proved bad.
(iii) Partner Y’s loan paid off ₹ 20,000.
Answer:
Working Note
Raju’s share of goodwill = 71,400 x \(\frac{1}{4}\) = ₹ 17,850
to be contributed by Mahesh and Mukesh in gaining ratio i.e., 2: 1.
Question 6.
A, B and C were in partnership sharing profits in proportion to their capitals. Their balance sheet on 31st March, 2020 was as follows
On the above date, B retired owing to ill health and the following adjustments were agreed upon
(i) Provision for doubtful debts to be increased to 5% of debtors.
(ii) A provision to be made for outstanding repairs bill of ₹ 3,000.
(iii) Included in the value of creditors is ₹ 1,800 for an outstanding legal claim, which is not likely to arise.
(iv) Stock to be valued at ₹ 16,000.
Prepare the revaluation account.
Answer:
Long Answer (LA) Type Questions (5 Marks)
Question 7.
From the following particulars relating to the Rajpriya Charitable Hospital, prepare the income and expenditure account for the year ended 31st March, 2020 and the balance sheet as at that date.
Receipts and Payments Account
Answer:
Question 8.
The balance sheet of Creative Club on 1st April 2020 and the receipts and payments account for the year ended 31st March 2021 are
Additional Information
(i) On 30th September 2020 the old furniture was donated to the Red Cross and new furniture was purchased on 1st October, 2020. Depreciation @ 10% per annum is to be provided on the furniture.
(ii) On 31st March, 2021 the creditors for stationery were ₹ 1,200 and the value of the unused stationery was ₹ 1,350
(iii) A payment of ₹ 1,250 for stationery by the club was to be debited to the general expenses.
You are required to prepare the income and expenditure account for the year ended 31st March, 2021 and the balance sheet as at that date.
Answer:
Question 9.
Arihant & Company raised ₹ 95,000 by issuing 12% debentures of ₹ 10 each at a discount of 5% on 1st April 2019, which are redeemable after 3 years of issue at 10% premium to finance its upcoming project.
Company has a balance ₹ 10,000 in securities premium reserve and ₹ 2,000 in capital reserve on 31st March 2020.
You are required to answer the following questions
(i) Calculate the number of debentures to be issued to raise additional funds.
(ii) Pass journal entry for the allotment of debentures.
(iii) Pass journal entry to write-off loss on issue of debentures.
(iv) Calculate the amount of annual fixed obligation associated with debentures.
(v) Prepare loss on issue of debentures account.
Or
(i) X Ltd. purchased machinery from Y Ltd. and paid to Y Ltd. as follows
(a) By issuing 5,000,12% debentures of ₹ 100 each at a premium of 10%.
(b) By issuing 100, 9% debentures of ₹ 100 each at a discount of 10%.
(c) Balance by accepting a bill of exchange of ₹ 25,000 payable after one month. Pass necessary journal entries in the books of X Ltd. for the purchase of machinery and making payment to Y Ltd.
(ii) W Ltd. purchased furniture from Z Ltd. for ₹ 10,00,000. 50% of the amount was paid to Z Ltd. by accepting a bills of exchange and for the balance the company issued 8 % debentures of ₹ 100 each at par.
Pass necessary journal entries in books of W Ltd. for above transactions.
Answer:
(i) Number of Debentures = \(\frac{95,000}{9.5}\) = 10,000 Debentures
Working Working Note
Loss on Issue of Debentures = Discount on Issu e of Debentures + Premium on Redemption of Debentures
=5,000+ 10,000 = ₹ 15,000
(iv) Interest on debentures is the annual fixed obligation assodated with debentures.
Amount of Interest on Debentures = 1,00,000 x \(\frac{12}{100}\) = ₹ 12,000
Working Note
Purchase price =(5,000 x 110)+(100 x 90)+25,000
= 5,50,000 + 9,000+25,000
= ₹ 5,84,000
Part B
(Analysis of Financial Statements)
Short Answer (SA) Type I Question (2 Marks)
Question 10.
Answer the following questions
(i) Common size statement is also known as 100% statement. Do you agree?
(ii) What is meant by common size balance sheet?
Answer:
(i) Yes, common size statement is also known as 100% statement since in this statement, all items are expressed as percentage of the base item i.e., revenue from operations in case of common size statement of profit and loss or total assets or total liabilities in case of common size balance sheet.
(ii) It shows the percentage relation of each asset/liability to total assets/total liabilities including capital. In this, total assets or total liabilities are taken as 100 and all the figures are expressed as percentage of the total.
Short Answer (SA) Type II Question (3 Marks)
Question 11.
Prepare comparative statement of Vedika Ltd. for the year ended 31st March, 2020 and 2019 from the following information
Or
From the following information, calculate cash flow from investing activities.
| Particulars | Closing (₹) | Opening (₹) |
| Machinery (at cost) | 8,40,000 | 8,00,000 |
| Accumulated Depreciation | 2,20,000 | 2,00,000 |
Additional Information
During the year, a machine costing ₹ 80,000, accumulated depreciation ₹ 48,000 was sold for ₹ 40,000.
Answer:
Profit on Sale = Sale Price – Book Value of Machinery = 40,000-32,000(80,000-48,000) = ₹ 8,000
Long Answer (LA) Type Question (5 Marks)
Question 12.
Following is the balance sheet of Krish Tec ltd. for the year ended 31st March, 2019 arid 2020.
Balance Sheet
as at 31st March, 2019 and 2020
Prepare a cash flow statement after taking into account the following adjustments
(i) The company paid interest ₹ 18,000 on its long-term borrowings.
(ii) Depreciation charged on tangible fixed assets was ₹ 60,000.
Answer:
