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Accountancy
SAMPLE PAPER
ACCOUNTANCY
CLASS-XII
Time : 3 Hours  Maximum Marks : 80

General Instructions :
(a) This question paper contain two parts A and B.
(b) All questions are compulsory.
(c) All parts of a questions should be attempted at one place.
(d) Show all your working clearly.
PART - A 

Q.1. At the time of dissolution of partnership firm, there is partners' loan existing for Rs.  40,000 which is settled for Rs. 39,000. What journal entry will be passed in the books? 

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Q.2. M Company pays 9% Interest on Debentures issued for cash to the public. At what rate, will the interest be payable on Debentures issued as collateral Securities?        

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Q.3. A, B and C are partners, in a firm. C advances a loan of Rs. 50,000 to the firm on 1st December 2014. On 31st March 2015, the firm incurs a loss of Rs. 62,000 before charging interest. What amount of profit or loss will be transferred to Partners? 

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Q.4. A and B are partners in firm. They admit C as a new partner for share.
They have a general Reserve of Rs. 20,000, which they want to continue in the books. Pass journal entry on C’s admission. 

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Q.5. A2Z Ltd. has a balance of Rs. 24,000 in Call-in Advance account and a similar balance of Rs. 24,000 in Call-in Arrears account. The accountant has ignored this while preparing the Balance sheet for the fact that they both relate to Share Capital and have been set off against each other. Justify his approach.                   
       
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Q.6. Kumar handicraft Ltd. decided to reserve 10% jobs for artisans from the rural areas. What values have been served by this decision? 

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Q.7. Rakesh Ltd. has an authorised capital of Rs. 20,00,000 divided into 2,00,000 Equity Shares of Rs. 10 each. The company decided to offer for subscription 60,000 Equity shares of Rs. 10 each. Application for 56,000 shares was received and allotment made to all applicants. All call were made and duly received except call of Rs. 2 per share on 600 shares. Show the 'Share Capital' in the Balance Sheet of Rakesh Ltd as per schedule III of Companies Act, 2013. Also Prepare notes to Accounts for the same. 

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Q.8. Mukesh and Rajan decided to start a partnership to manufacture gift items from recycle material. They contributed Rs. 1,50,000 towards capital in 3 : 2 ratio. They employed Gaurav who is specially abled but very creative for a salary of Rs. 3,000 per month.
They agreed to charge interest on Drawings @ 12% p.a Anand Withdraw Rs. 20,000 during the year. Mukesh withdrew Rs. 2,000 at the end of every alternated month.
The profits earned at the end of the first year were Rs. 68,000.
(a) Show the distribution of profit earned by the firm at the end of the year.
(b) Identify one value that the firm wants to communicate to the society. 

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Q.9. Z limited company forfeited 3000 shares of Rs. 100 each for non-payment of first call of Rs. 20 per share and second and final call of Rs. 25 per share. State :
(a) Can these shares be re-issued ?
(b) If yes, state the minimum amount at which these shares can be reissued.
(c) If the shares are re-issued at Rs. 50 per share fully paid up, what will be the amount of Capital Reserve ?

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Q.10. A, B and C are partners in a firm. Total Capital employed is Rs. 5,40,000 contributed by them in their profit sharing ratio. B retires from the firm. On the day of retirement the firm had a balance of Rs. 90,000 in the General Reserve Account. B took one of the unrecorded assets of the firm valued at Rs. 54,000 in part payment and balance amount was paid in cash.
Pass necessary journal entries B’s retirement. 

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Q.11. X, Y and Z are Partners in a firm sharing Profits in their capital Ratio On 1st April, 2014 their Capital stood at Rs. 5,00,000, Rs. 4,00,000 and Rs. 2,00,000 respectively. Partners are entitled to interest on capital @ 5% p.a., Salary to Y @ Rs. 1,000 per month and a commission of Rs. 5,000 to C's per the provision of Partnership deed B's share of profit including interest on capital but excluding salary is guaranteed by A at not less than Rs. 60,000 p.a.
The profits of the firm for the year ended 31 March, 2015 was Rs. 2,00,000. Prepare Profit and Loss Appropriation A/c for the year ended 31st March 2015. 

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Q.12. KPN Ltd. issued 3,00,000; 11% Debentures of Rs. 10 each at Rs. 12 per Debenture on 1st April, 2014. The issue was fully subscribed. In terms of the issue of Debentures, interest was payable at the end of financial year. TDS was deducted on interest @ 10%. Pass necessary journal entries for the above transactions.         
               
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Q.13. Punam and Puja were Partners sharing profits and losses in the ratio of 3 : 2. They decided to dissolve their firm on 31st March, 2015 due to continue losses. Puja took over the responsibility of realisation. She was paid Rs. 1,000 as commission for the service.
Their Balance Sheet as on that date stood as follows :

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Following was agreed upon :
(a) Punam agreed to take over furniture at 90% of the book value.
(b) Rs. 5,000 of debtors proved bad.
(c) Puja took over Rs. 30,000 worth of the stock at Rs. 22,800. The remaining stock was sold at a loss of 10%.
(d) Machinery was taken over by creditors in full settlement of their claim.
(e) The Bank Loan was paid in full.
(f) Other Liabilities are paid in full.
(g) The expenses on realisation amounted to Rs. 800.

Prepare Realisation Account, partners' Capital account and Bank account, to close the books of the firm.

Q.14. The Balance Sheet of Riya, Rahim and Karan who were sharing profits in the ratio of 3 : 3 : 4 as at 31st March, 2015 was as follows : 6

Riya died on June 30th 2015. The Partnership Deed provided for the following on the death of a partner :
(a) Goodwill of the firm be valued at two Year's Purchase of average profits of the last three years. The average profit of the last three years was Rs. 42,000.
(b) Riya's Share of profit or loss till the date of her death was to be calculated on the basis of sales. Sales for the year ended 31st March, 2015 amounted to Rs. 4,00,000 and that from 1st April to 30th June, 2015 amounted to Rs. 1,50,000

The Profit for the year ended 31st March, 2015 was Rs. 1,00,000
(c) Interest on Capital was to be provided @ 6% p.a
(d) Prepare Riya's Capital Account to be rendered to her executor. 

Q.15. Mihir Ltd. On 30th June, 2013 took over the Assets of Rs. 10,00,000 and Liabilities of Rs. 1,00,000 from Suraj Enterprises at an agreed consideration of Rs. 11,00,000. Mihir Ltd. issued 11% Debentures of Rs. 100 each at a premium of 10% in full satisfaction of Purchase consideration. The Debentures were redeemable on 31st March, 2015.

The company decided to create DRR on 31 March, 2014 and also decided to invest in 10% Government Securities. Give the journal entries for the issue and Redemption of debentures in the books of Mihir Ltd. (Ignore TDS)

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Q.16. Abha and Ritu were Partners sharing profit and losses in the ratio of 5 : 3. Their Balance Sheet as at 31st March, 2015 was as under : 6

On 1st April, 2015 they admitted Sonal into the Partnership firm for share which she acquired from Abha and Ritu in the ratio of 2 : 1 respectively. Other adjustments were as follows :
(a) The Goodwill of the firm is valued at Rs. 96,000 and Sonal was unable to contribute her share of Goodwill in cash.
(b) One customer who owed the firm Rs. 2,000 became insolvent and nothing could be realised from him.
(c) Create a provision of 5% for doubtful debts.
(d) 50% of the investments were taken over by the old Partners in their profit sharing ratio, Remaining investments were valued at Rs. 35,000.
(e) Claim on workmen Compensation Fund was established at Rs. 16,000.
(f) One month salary of Rs. 16,000 was outstanding.
(g) Sonal is to contribute Rs. 1,20,000 as capital.
(h) Capital accounts of the partners are to be re-adjusted on the basis of their profit sharing arrangements and any excess or deficiency is to be transferred to their Current Account.
(i) Prepare revaluation A/c .Partners' Capital account and the Balance Sheet of the newly constituted firm.

Or

Megha, Anita and Richa are partners sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March stood as under:

On the above date Anita retired and the terms of retirement were :
(a) Anita sells her share of Goodwill to Megha for Rs. 4,000 and to Richa Rs. 2,000.
(b) Stock to be appreciated by 20%.
(c) Provision for doubtful debts to be increased by Rs. 525.
(d) There is a liability for workmen compensation fund for Rs. 1,500.
(e) Investments were sold at a loss of 10%.
(f) Provision for a bill under discount of Rs. 2,000 was to be made.
(g) The continuing Partners agreed to pay Rs. 20,000 in cash on retirement to Anita to be contributed in their new profit-sharing ratio. The balance to be treated as loan.
(h) The total capital of the new firm is decided to be Rs. 1,50,000. Necessary adjustments to be made by opening current account.

Prepare Revaluation A/c, Partners' Capital Account and Balance Sheet of the new firm after Anita's Retirement. 

Q.17. Fill in the missing information in the journal entries given below : 8

Or

Fill in the missing information in the journal given below : 

Q.18.
 
Under which activity will you show 'Buy back of shares' while preparing cash flow statement ?        


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Q.19. Bills receivable endorsed to trade payables would result into inflow, outflow or no flow of cash. Give reason in support of your answer. 

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Q.20. (a) Write all the subheads that appear under Fixed Assets in the Balance Sheet as  per Schedule III, Part I of Companies Act 2013.
(b) State any two advantages of Analysis of Financial Statements. 

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Q.21. On the basis of the given information, calculate the following ratios 

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(a) Operating Ratio
(b) Acid test Ratio 
Cash revenue from operation  4,00,000
Credit revenue from operation  2,00,000
Cost of revenue from operation  3,90,000
Depreciation       3,000
Employee's benefit expenses     27,000
Current Liabilities  1,95,000
Current Assets  4,13,000
Closing inventory     23,000

Q.22.

Prepare a Common-size Income  statement of Jayant Ltd. from the following information for the year ended 31 March, 2015 :

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Q.23.

From the following information of Mehta Ltd., calculate cash from investing and financing activities. Also show the working notes clearly :

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