Home

CBSE

NIOS

B.COM

B.A. (SOL)

GOVT. EXAM

Blog

Contact Us

Accountancy
SAMPLE PAPER
ACCOUNTANCY
CLASS-XII
Time : 3 Hours  Maximum Marks : 100

General Instructions
(i) Paper is divided into two sections
(ii) Attempt all parts of the question together
PART - A 

Q.1. Differentiate between 'Profit and Loss Appropriation Account' and 'Profit and Loss Suspense Account.'

1
Q.2. Ajay, Vijay  and Rohan were partners in a firm. They admitted Raja Singh, their Landlord as a partner in the firm. Raja Singh who brought sufficient amount of capital and his snare of goodwill premium. Raja Singh had given a loan of Rs. 10,00,000 @ 5% p.a. interest to the partnership firm before he became the partner. New the accountant of the firm is emphasizing that the interest on loan should be paid f ₹ 5 6% p.a. is he right in doing so?  Give reason in support of your answer. 

1
Q.3. If the amount of Super profit is negative. What does it indicate?     
                                  
1
Q.4. When a new partner is admitted, the balance of 'General Reserve' appearing in the Balance Sheet at the time of admission is credited to which Account?

1
Q.5. What is Zero coupon Bond?

1
Q.6. Distinguish between the following terms: 1
(a) Capital reserve and reserve Capital.
(b) Issued capital and Subscribed Capital.

Q.7. A2Z Ltd. issued Rs. 50,00,000, 8% debentures of Rs. 500 each at par redeemable at a premium of 10% after 5 years. According to the terms of issue Rs. 250 was payable on application and balance on allotment of debentures.
Record necessary journal entries at the time of issue of 8% debentures. 

3
Q.8. Fill in the blank spaces in the journal entries given below 3

Q.9.

On 1st April, 2012 a company issued 4,000 9% debentures of Rs. 100 each at a discount of 10%, repayable at a premium of 10%. The terms of issue provided for the redemption of Rs. 40,000 debentures every year commencing from March 31st, 2014, either by purchase from open market or by draw of lots at the company's option. On March 31st, 2014, the company purchased for cancellation its own debentures of the face value of Rs 32,000 at Rs. 95 per debenture and Rs. 8,000 at Rs. 90 per debenture. The expenses of purchase amounted to Rs. 1,000. Record necessary journal entries for redemption of 9% debentures. 


3
Q.10. X, Y. and Z were partners sharing partners in the ratio 5 : 3 : 2 respectively. Y retired on 31st March, 2014. On that date the capitals of X, Y and Z after all necessary adjustments stood at Rs. 43,200, Rs. 36,600 and Rs. 11,200 respectively. The cash and bank balances on 31st March amounted to Rs. 4,000. Y was to paid through cash brought in by X and Z in such a way as to make their capitals proportionate to their new profit sharing ratio which was to be X 3/5th and Z 2/5th .


Calculate amount of cash to be paid or to be brought in by the continuing partners assuming that a minimum cash and bank balance of Rs. 3,000 was to be maintained. 

4
Q.11. Rohan and Mohan decide to start a partnership firm to manufacture low cost jute bags as plastic bags were creating many environmental problems. They contributed capital of Rs. 1,00,000 and Rs. 50,000 on 1st April, 2014 for this Singh expressed his willingness to admit Sonu as a partner without capital , who is specially abled but a very creative and intelligent friend of his. Gupta agreed to this. The terms of partnership were as follows:

(i) Rohan, Mohan and Sonu will share profits in the ratio of 2 : 2 : 1 
(ii) Interest on capital will be provided @6 % p.a. Due to shortage of capital Singh contributed Rs. 25,000 on 30th September, 2014 and Mohan contributed Rs. 10,000 on 1,st January, 2015 as additional capital. The profit of the firm for the year ended 31st March, 2015 was Rs. 1,68,900.
      (a) Identify any two values which the firm wants to communicate to the society.
      (b) Calculate Interest on Capital to be provided to Singh and Mohan. 

4
Q.12. Rohan, Mohan and Sonu were partners in a firm sharing profits in the ratio of 3 : 2 : 1 On 30th June, 2014, they decided to dissolve the firm. Following was the Balance Sheet of the firm on that date.

4

The assets were realized and the liabilities were paid off as follows:

(a) Investments were taken over by Rohan for Rs. 18,000.
(b) Stock was taken over by Mohan for Rs. 17,500 and furniture was taken over by Sonu at book value.
(c) Rs. 60,500 were realized from the debtors.
(d) Creditors were settled in full and realization expenses were Rs. 4,500.

Prepare Realisation account and Partners' Capital accounts

Q.13. Rohan and Mohan were partners in a firm sharing profits in-the ratio of 7 : 5. Their fixed capitals were Rs. 10,00,000 and Rs. 7,00,000 respectively. The partnership deed provided for the following:
(a) Interest on capital @12% p.a.
(b) Ram's salary Rs. 6000 per month and Shyam's salary Rs. 60,000 per year.
(c) Interest on drawing Ram Rs. 350 and Shyam Rs. 250.

The profit for the year ended 31.12.2010 was Rs. 5,03,400 which was distributed equally without providing for the above. Pass necessary adjustment entry. Show your workings clearly.

6
Q.14. (a) A2Z Ltd. has a paid up share capital of Rs. 10 crore and a balance of Rs. 2 crore  in Securities premium account. The company management do not want to carry over this balance. State any one purpose for which this balance can be utilize. 6
(b) A2Z Ltd. redeemed 28,000, 14% Debentures of Rs. 100 each which were issued at a discount of 10% by converting them into equity shares of Rs. 10 each issued at premium of 20%. Journalise the above transactions in the books of the company.
(c) A2Z Ltd. made a provision of 2% of its profit of Rs. 20 Lakhs for the medical care, social security and recreation of its employees. State the values served by this decision. 

Q.15. Rohan, Mohan and Sonu were partners of a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet on March 31st, 2014, was as follows:

6
Mohan died on June 12, 2014, and according to the Partnership deed his executors were entitled to be paid as under:
(a) His share in the profits of the firm till the date on his death which will be calculated on the basis of average profits of last three completed years.
(b) His share in the goodwill of the firm which will be calculated on the basis of two years purchase of total profits of last three years.
(c) Profits for the last three years were: Rs. 30,000, Rs. 70,000 and Rs. 80,000.
Prepare Mohan’s capital A/c to be rendered to his executors. 

Q.16. Rohan and Mohan were partners in a firm sharing profits in the ratio of 3 : 1. They admitted Sonu as a new partner for 3/8ih share in the profits. The new profit sharing ratio will be 3 : 2 : 3. Sonu Brought Rs. 2,00,000 for his capital and Rs. 50,000 for his share of premium for goodwill. On 31st March, 2013, the date of Sonu's admission, the Balance sheet of Rohan and Mohan was: 8
It was agreed that:
(a) Stock to be valued at ₹ 2,00,000.
(b) Machinery will be depreciated by 12% and furniture by Rs. 2,000.
(c) A provision of 5% for Bad and doubtful debtors will be made on debtors.
(d) The Capital Accounts of all partners were adjusted in the new profit sharing ratio after admission. For surplus or deficiency, the current accounts were to be opened.

Prepare Revaluation Account, partners' capital accounts and Balance sheet of the new Firm.

Or

The Balance sheet of X, Y and Z who were sharing profits in the ratio of 5 : 3 : 2 as at March 31,2014:

8

X retired on March 31, 2014 and Y and Z decided to share profits in future in the ratio of 2 : 3 respectively.
The other terms on retirement were as follows:
(a) Goodwill of the firm is to be valued at Rs. 80,000.
(b) Fixed Assets are to be depreciated to Rs. 57,500.
(c) Make a provision for doubtful debts at 5% on debtors.
(d) A liability for claim, included in creditors for Rs. 10,000, is settled at Rs. 8,000.

Q.17. A2Z ltd. issued 60,000 shares of 10 each at a premium of 20% payable as follows:
On Application Rs. 5 (including premium); On Allotment Rs. 3; and on First and Final Call Rs. 4
The company received applications for 75,000 shares and allotment was made as follows:
List I Applicants for 40,000 shares were allotted in full
List II Applicants for 25,000 shares were allotted 20,000 shares.
List III Applicants for 10,000 shares were allotted Nil shares

A shareholder to whom 200 shares were allotted under List I paid full amount due on shares along with allotment money. Another shareholder holding 600 shares failed to pay the amount due on call. His shares were forfeited and 500 of these shares were subsequently reissued as fully paid @ Rs. 11 per share.
Pass the necessary journal entries.

8
Or

A2Z Ltd issued 1,00,000 equity shares of Rs.10 each payable as Rs. 2 on application, Rs. 4 on allotment and Rs. 2 each on first call and final call. Applications were received for 1,50,000 shares. Applicants of 50,000 shares were sent letters of regret and application money was refunded. Mohan, a holder of 3000 shares failed to pay allotment money which he paid along with the first call.

Rosan, a shareholder holding 700 shares paid bath the calls along with allotment. Rohan a holder of 1000 shares did not pay the first call and the final call. His shares were forfeited. The forfeited shares were reissued at Rs. 11 per share as fully paid-up. Pass necessary journal entries for the above transaction in the books of the company.

8
PART - B

Q.18. State any two tools of financial statement analysis.         
                       
1
Q.19. State whether conversion of debentures into equity shares by a financing company will result in inflow, outflow or no flow of cash.                                 
                                    
1
Q.20. 'Keshav Ltd.' is a financing company. Under which activity will the amount of interest paid on a lean settled in the current year be shown. 

1
Q.21. (a) Nihit is the Managing Director of a company. He believes in giving respect to his subordinates as his moral responsibility. He recognizes the need to find ecofriendly ways to treat waste. Give any two values that he is following.

(b) A Company has an opening credit balance of Rs. 5,00,000 in Securities Premium Reserves and also debit balance of Rs. 10,00,000 in surplus, i.e., balance in

Statement of Profit and Loss in Reserves and Surplus. During the year ended 31st March, 2014, it incurred a loss of Rs. 5,00,000. How will it be shown in Notes to Accounts on Reserves and Surplus and also in the Balance sheet. 

4
Q.22.  Prepare a common size income statement with the help of the following information

8

Q.23.

Calculate the following ratios from the given information:
(a) Operating ratio (b) Quick ratio

Revenue from operations Rs. 25,00,000, Cost of Revenue from operations Rs. 19,00,000,
Operating expenses Rs. 2,40,000, Profit before tax. Rs. 2,70,000. Current assets Rs. 4,87,500. Current Liabilities Rs. 3,00,000. Fixed assets. Rs. 2,62,500 . Opening stock Rs. 2,50,000. Closing stock Rs. 3,50,000.


8
Q.24.  Following is the Balance Sheet of Sonia Ltd. as on 31st March, 2014. 8

Prepare a Cash Flow Statement after taking into account the following adjustment:
During the year a piece of machinery costing Rs. 40,000 on which accumulated depreciation was Rs. 30,000, was sold for Rs. 9,000.

About Study Online Help

We provide notes for good marks in Exam. You can download and share with friends. Sample Paper, Practice Paper, Model Test Paper, Important Question, VBQ Question, HOTS Question. Download free PDF and Video. Prepared by expert teachers from the latest edition of CBSE (NCERT) books.

Disclaimer: This website is not affiliated with any Education Board/University in any manner what so ever.

info@studyonlinehelp.com