Students can access the CBSE Sample Papers for Class 12 Accountancy with Solutions and marking scheme Term 2 Set 8 will help students in understanding the difficulty level of the exam.
CBSE Sample Papers for Class 12 Accountancy Standard Term 2 Set 8 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.
Nykaa Ltd, a famous makeup brand purchased furniture from Raj Ltd. and paid to them as follows
(i) By issuing 400, 9% debentures of ₹ 100 each at a discount of 10%.
(ii) By issuing 200, 8% debentures of ₹ 100 each.
(iii) Balance by accepting a bill of exchange of ₹ 1,00,000
Pass the necessary journal entries.
Answer:
Working Note
Purchase Consideration = 400 x 90 + 200 x 100 +1,00,000= ₹ 1,56,000
Question 2.
Medhavi Ltd. took a loan of ₹ 2,00,000 from Axis Bank and issued them 3,000, 9% debentures of ₹ 100 as collateral security. Pass necessary journal entries for the above transactions.
Answer:
Question 3.
Name the head under which, the following will appear in the balance sheet.
(i) Debenture suspense account.
(ii) Securities premium reserve account.
Answer:
(i) Debenture suspense account shall appear under the head ‘non-current assets’ and sub-head ‘other non-current assets in the balance sheet.
(ii) Securities premium reserve shall appear under the head ‘Shareholders’ funds’ and sub-head ‘Reserve and surplus’ in the balance sheet.
Short Answer (SA) Type II Questions (3 Marks)
Question 4.
A, B, and C were partners in a firm sharing profits in the ratio of 2: 2 :1. On 28th February, 2019, their firm was dissolved. From the following information, complete realisation account and partners’ capital accounts.
Answer:
Question 5.
X, Y and Z were partners in a firm sharing profits in the ratio of 5 : 3: 2. Unfortunately, Y met with a tragic car accident in which he died. Goodwill appeared in their books at a value of ₹ 60,000 and general reserve at ₹ 20,000. On the date of his death, the goodwill of the firm was valued at ₹ 2,40,000.
The new profit sharing ratio decided among X and Z was 2 : 3. Record necessary journal entries. Or P, Q, and R were partners in a firm sharing profits in the ratio of 2: 2 :1. P died on 31st March, 2020. The balance sheet of the firm on that date was as under
Balance Sheet
as at 31st March, 2020
On P’s death, a claim of ₹ 12,000 was accepted for workmen’s compensation. Pass necessary journal entries for general reserve, profit and loss account and workmen’s compensation fund, in the books of the firm.
Answer:
Working Notes
1. Calculation of Gaining Ratio = New Ratio – Old Ratio
X =\(\frac{2}{5}-\frac{5}{10}=\frac{1}{10}\) = (Sacrifice), Z=\(\frac{3}{5}-\frac{2}{10}=\frac{4}{10} \) (Gam)
2. Calculation of Share of Goodwill
Y’s Share of Goodwill =2,40000 x \(\frac{3}{10}\) = ₹ 72,000
X’s Share of Goodwill = 2,40,000 x \(\frac{1}{10}\) = ₹ 24,000
Question 6.
Pass the necessary journal entries for the issue of debentures in the following cases
(i) 20,000,12% debentures of ₹ 50 each issued at 10% premium, repayable at 20% premium.
(ii) 15,000,10% debentures of ₹ 100 each issued at 10% premium, repayable at par.
Or Pass the following journal entries for the issue of debentures in the books of Brothers Ltd.
(i) 5,000,10% debentures of ₹ 100 each issued at par repayable at 10% premium.
(ii) 5,000, 10% debentures of ₹ 100 each issued at 10% premium, repayable at 10% premium.
Answer:
Long Answer (LA) Type Questions (5 Marks)
Question 7.
The following is the receipts and payments account of Ananda Hospital for the year ended on 31st March, 2020. You are required to prepare income and expenditure account for the year ended on 31st March 2020 and balance sheet as on that date.
Receipts and Payments Account
Additional Information
| Particulars | 31st March 2019 (₹) | 31st March 2020 (₹) |
| (i) Subscription-in-arrear | 1,400 | 2,800 |
| (ii) Subscription-in-advance | 4,200 | 3,500 |
| (iii) Stock of Medicines | 30,800 | 35,000 |
| (iv) Amount due to Suppliers of Medicines | 19,600 | 32,200 |
| (v) Value of Equipments | 75,600 | 95,200 |
| (vi) Value of Building | 1,90,400 | 1,79,200 |
Answer:
Question 8.
Randhir, Rishi, and Rajeev are partners with 2:2:1 ratio.
Additional Information
(i) Rajeev takes retirement.
(ii) New profit sharing ratio between Randhir and Rishi is 11: 9 and the goodwill of the firm is valued at ₹ 40,000.
(iii) Investment is taken over by Rajeev at ₹ 15,000.
(iv) ₹ 6,000 worth unrecorded typewriter is taken by Randhir at ₹ 5,000.
(v) Building increase by 10%.
(vi) ₹ 10,000 paid to Rajeev in cash and the balance transferred to his loan account.
Prepare necessary accounts and balance sheet.
Or A, B, and C are partners with 2:2:1 ratio. The following is their balance sheet
Additional Information
(i) C takes retirement.
(ii) Goodwill of the firm is valued at ₹ 60,000.
(iii) Building undervalued by ₹ 20,000.
(iv) A debtor of ₹ 10,000 became insolvent and nothing is receivable from him.
(v) Provision for outstanding repair bills ₹ 5,000.
(vi) ₹ 10,000 unrecorded creditors brought into account.
(vii) A and B decide to pay off C by taking necessary bank overdrafts.
Prepare revaluation account, partners’ capital accounts, bank account, and balance sheet.
Answer:
Working Notes
GoodwiIofFirm=₹ 40,000, Rajeev’s Share of Goodwill =40,000 x \(\frac{1}{5}\) = ₹ 8,000
Gaining Ratio =New Share – Old Share, Randhir = \(\frac{11}{20}-\frac{2}{5}=\frac{11-8}{20}=\frac{3}{20} \)
Rishi=\(\frac{9}{20}-\frac{2}{5}=\frac{9-8}{20}=\frac{1}{20}\) , Gainrng ratio=3:1
Working Note
Goodwill of firm = ₹ 60,000
C’s share in goodwill 60,000 x \(\frac{1}{5}\) = ₹ 12,000
to be contributed by continuing partners in gaining ratio, i.e. 1:1.
Question 9.
Given below is the information related to Happy Club.
| Assets (1st April 2019) | Amt(₹) |
| Ground and Pavilion | 50,000 |
| Sports Equipment | 30,000 |
| Furniture | 7,000 |
| Stock of Stationery | 1,000 |
| Subscription Due | 1,200 |
Prepare the balance sheet as on 1st April 2019 and 31st March 2020.
Answer:
Part B
(Analysis of Financial Statements)
Short Answer (SA) Type I Question (2 Marks)
Question 10.
State whether following would result in inflow, outflow, or no flow of cash and cash equivalents
(i) Purchase of land and building.
(ii) Cash is withdrawn from bank.
Answer:
(i) Purchase of land and building will lead to cash outflow as cash is paid for it.
(ii) Cash withdrawn from a bank will lead to no flow of cash as it is just a movement between cash and cash equivalents.
Short Answer (SA) Type II Question (3 Marks)
Question 11.
From the following balance sheets as at 31st March 2020 and 2019 of Kapoor Ltd. Prepare a comparative balance sheet.
Balance Sheet
as at 31st March 2020 and 2019
Or
Calculate cash flow from operating activities of Batra Ltd. from the following information
(i) Net profit before tax and extraordinary items ₹ 1,86,000
(ii) Depreciation of fixed assets ₹ 30,000.
(iii) Amortisation of goodwill ₹ 20,000.
(iv) Loss on sale of machine ₹ 10,000.
(v) Profit on sale of building ₹ 20,000.
(vi) Dividend received on investment ₹ 10,000.
(vii) Provision for taxation made ₹ 16,000.
The following additional information is also available to you.
| Particulars | 31st March 2019 (₹) | 31st March 2020 (₹) |
| Accounts Receivable | 60,000 | 50,000 |
| Accounts Payable | 30,000 | 70,000 |
| Prepaid Expenses | 5,000 | 3,000 |
Long Answer (LA) Type Question (5 Marks)
Question 12.
From the balance sheet and information given below, prepare a cash flow statement.
Balance Sheet
as at 31st March 2020
During the year, machine costing ₹ 8,000 (accumulated depreciation ₹ 2,400) was sold for ₹ 4,000. The provisions for depreciation against machinery as on 31st March 2019 and 31st March 2020 were ₹ 20,000 and ₹ 32,000 respectively.
Net profit for the year amounting to ₹ 36,000.
Answer:
