These Sample papers are part of CBSE Sample Papers for Class 12 Accountancy. Here we have given CBSE Sample Papers for Class 12 Accountancy Paper 2
CBSE Sample Papers for Class 12 Accountancy Paper 2
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Students who are going to appear for CBSE Class 12 Examinations are advised to practice the CBSE sample papers given here which is designed as per the latest Syllabus and marking scheme as prescribed by the CBSE is given here. Paper 2 of Solved CBSE Sample Papers for Class 12 Accountancy is given below with free PDF download solutions.
Time: 3 Hours
Maximum Marks: 80
(i) Please check that this paper contains 23 questions.
(ii) The paper contains two parts A and B.
(iii) Part A is compulsory for all.
(iv) Part B has two options—Option-1 Analysis of Financial Statements and Option-II Computerized Accounting.
(v) Attempt only one option of Part B.
(vi) All parts of a question should be attempted at one place.
PART – A
Partnership Firms and Company Accounts
State one difference between partner’s loan account and partner’s capital account.
When a new partner enters in a partnership firm, what is the amount called that he brings to share in firm’s assets and profit?
When does profit and loss suspense account arise in case of death?
Give the formula for determining capitalised value of average profit.
What is the minimum price at which a company can reissue its forfeited shares which were originally issued at par?
What will be the entry when the debentures are issued as collateral security?
(a) Aviral Ltd. purchased a running business from Kabir Ltd. for a sum of Rs 30,00,000 payable as by issue 2,00,000 equity shares of Rs 10 each at 30% premium and balance amount by cheque. The assets and liabilities consisted of the following:
Land and building Rs 16,00,000, Plant Rs 9,00,000, Stock Rs 2,20,000, Debtors Rs 2,00,000, cash at bank Rs 40,000, Sundry creditors Rs 1,40,000, Bills payables Rs 20,000.
Pass necessary journal entries for the above transactions in the books of Aviral Ltd.
(b) Aviral Ltd. reserved 10% jobs in the company for the children of company’s employee. State the value involved in such decision.
P and Q are partners sharing profits and losses in the ratio 3:2. P is sleeping partner contributed Rs 5,00,000 as his capital. Q did not contribute any capital but agreed to act for firm. The partnership deed provided interest on capital @ 10% p.a. and salary to working partner Rs 2,500 per month. The net profit before providing interest on capital and salary amount to Rs 40,000 for the year ended 31st march 2015. Show the distribution of profit for the year 2014-15.
Kabir Ltd. was formed on 1st April, 2013 with an authorised capital of Rs 10,00,000 divided into equity shares of Rs 10 each. It invited applications for 20,000 shares in the year of its formation, applications were fully subscribed for and amount due on them fully received.
On 1st April, 2014 the company invited applications for another 50,000 shares. Applications for 45,000 shares were received. All calls were made and the amount received on them except the final call of Rs 2 per share on 1,000 shares. Out of the shares which final call was not received, 600 shares were forfeited.
Show the items under the heading ‘Equity and Liabilities’ and sub-heading ‘Share capital’ in the balance sheet of the company as at 31st March 2015 (as per schedule III, showing clearly notes to accounts).
(i) Central Bank of India issued 1,00,000, 8% debentures of RS 20 each at premium of Rs 5 per debenture on June 30, 2005 redemable on June 30, 2015. The issue was fully subscribed. Pass necessary entries for redemption of debentures.
(ii) On 31st March, 2015, X Ltd. purchased 500 own 9% debentures of ? 100 each from the open market for cancellation at RS 95 per debenture. Pass necessary journal entries for the same.
M/s Ram and Brothers was dissolved on 31st March, 2015. At that date, their assets and liabilities were as follows:
(i) Profit sharing ratio is 5 : 3 : 2 [Ram : Mohan : Sohan]
(ii) Rs 8,000 were bad debts.
(iii) Ram took 1/2 of Sundary assets for Rs 10,000 and remaining assets were sold in cash for Rs 8,000.
Pass the journal entries for closing the books of the firm (Ignore narration).
The partnership agreement of Mandeep, Nikhil and Om provides that:
(a) Profit will be shared by them in the ratio of 2 : 2 :1.
(b) Interest on capital to be allowed @ 6% per annum.
(c) Interest on drawings to be charged @ 3% p.a.
(d) Nikhil to be given a salary of Rs 500 per month.
(e) Nikhil’s guarantee to firm that the firm would earn a net profit of at least Rs 80,000 per annum and any shortfall. In the profit would be personally met by him. The capitals of the partners on 1st April, 2014 were Mandeep Rs 1,20,000, Nikhil Rs 1,00,000 and Om Rs 1,00,000. During the financial year 2014-15, all the three partners withdrew RS 1,000 each at the beginning of every month. The net profit of the firm for the year 2014-15 was Rs 70,000. You are required to prepare profit and loss appropriation account.
Aastha, Bhavini and Chahat were partners in a firm in the ratio of 2 : 2 :1. On 1st April, 2015, Chahat retired and new profit sharing ratio of Aastha and Bhavini is 2:3. Goodwill of the firm was valued at Rs 6,00,000. Deven is admitted as a partner. Aastha surrenders of her share and Bhavini surrenders of her share in favour of Chahat. Deven is to bring his share of premium for goodwill in cash. Calculate:
(a) The gaining ratio of Aastha and Bhavini on Chahat’s retirement.
(b) The new profit sharing ratio on Deven’s admission.
(c) Pass necessary journal entries for the recording of goodwill in the above case.
On April 1st, 2014, Sunshine Ltd. issued Rs 10,00,000,15% debentures of Rs 100 each at 8% discount payable: Rs 40 on allotment
The balance on allotment
The debentures were to be redeemed at a premium of 5% after five years. All the debentures were subscribed for by the public.
Interest on these debentures was to he paid yearly which was duly paid by the company.
(i) Pass journal entries for the first year of debentures issue [including entries for debenture interest]
(ii) Prepare the 15% debentures account.
Sakshi, Ria and Mahak share profits and losses in the ratio of 3:2:1 respectively. On 1st April, 2015, they decided that Sakshi, Ria and Mahak will share profits and losses in future in the ratio of 2 : 2 : 1 respectively. From the information given below complete Journal Entry, Partner’s capital accounts and the new balance sheet.
Bilt Ltd. issued 20,000 equity shares of Rs 10 each payable as follows:
On application Rs 4
On allotment Rs 1
On 1st call Rs 3
On 2nd and final call Rs 2
Application were received for 30,000 shares and pro-rate allotment was made to all the applicants.
Excess money received on appplication was utilized towards allotment and subsequent calls. One shareholder holding 100 shares did not pay the final call and his shares were forfeited. Of the forfeited shares, the company reissued 70 shares as fully paid up at Rs 12 per share. Pass necessary Journal entries in the books of the company.
Sobha Ltd. invited applications for the issue of 10,000 equity shares of Rs 10 each at 10% premium. The amount was payable as follows:
On application – Rs 4 (including premium)
On allotment – Rs 4 and remaining on first and final call. Applications were received for Rs 25,000 shares. Incomplete applications of 5,000 shares were cancelled and amount refunded. Remaining applications were allotted on pro-rata basis. Excess application money is used for allotment. Mohini who applied 2,000 shares could not pay first and final call money and his shares were forfeited. All these share were reissued @ Rs 8 per share as fully paid up. Give necessary journal entries in the books of the company.
Aditya and Bhupesh are partners in a firm sharing profits and losses in the ratio of 2 :3. Their balance sheet as at 31st March 2015, was as follows:
Chirag was to be taken as a partner with effect from 1st April, 2015 on the following terms:
(a) The new profit sharing ratio of Aditya, Bhupesh and Chirag would be 5 : 3 : 2.
(b) Provision for doubtful debts would be raised to 20% of Sundry debtors.
(c) Chirag would bring in cash, his share of capital of Rs 40,000 and his share of goodwill valued at Rs 10,000.
(d) Bhupesh would taken over the furniture at Rs 22,000.
Prepare revaluation account, Partner’s capital accounts and balance sheet of reconstituted firm.
Pooja, Rohit and Sidharth are partners in a firm sharing profits and losses in the ratio of 3 : 5 : 2. On 31st March, 2014, their balance sheet was as under:
Pooja died on 30th September, 2014. An agreement was reached amongst Rohit, Sidharth and Pooja’s legal representative that:
(a) Goodwill to be valued at two years purchase of the average profit of the previous three years which were:
Year 2011-12 2012-13 2013-14
Profit Rs 31,200 Rs 28,800 Rs 36,000
(b) Trademarks to be revalued at Rs 19,200, Plant at 80% of its book value and land and building were found to be undervalued by Rs 9,600.
(c) Pooja’s share of profit to the date of her death to be calculated on the basis of previous year’s profit.
(d) Interest on capital to be provided @ 10% per annum.
(e) Rs 22,840 to be paid in cash to Pooja’s legal representative and balance to be transferred to the legal representative’s loan account.
You are required to prepare revaluation account, Partner’s capital accounts and new balance sheet of the firm.
‘Analysis of Financial Statements’
Write the name of the methods of presentation of cash flow from operating activities.
The Accountant of Priya Ltd. while preparing. Cash flow statement added loss on sale of fixed assets to net profit for calculating cash flow from operating activities. Was he correct in doing so? Give reason.
Under which major headings and sub-headings will the following items be shown in he balance sheet of company as per schedule III part I of the companies act 2013:
(i) Public deposits for 5 years
(iii) Bank overdraft
(vi) Debenture Redemption Reserve
(vii) Surplus in statement of profit and loss
(viii) Trade investments.
The current ratio of a company is 2 :1. State with reasons which of the following will increase, reduce or not change the ratio—
(i) Bill payable Rs 50,000 is discharged.
(ii) Purchase of inventory of Rs 2,00,000 on credit.
(iii) Issued Rs 2,00,000 debentures to the vendors of furniture and fixtures.
(iv) Bills receivables dishonered.
Uttam Ltd. engaged in the manufacturing of woolen garments. It decided to help the weaker section of society by donating woolen clothes and blankets during winter seasons. Following is the comparative balance sheet of the company as at 31.03.2014 and 31.03.2015.
You are required to calculate Debt equity ratio for both the years.
You are required to calculate net increase or decrease in cash and cash equivalents by preparing cash flow statement (as per as 3) for the years 2014-15 from the following balance sheets:
During the year 2014-15:
(i) Building costing Rs 75,000 was purchased.
(ii) An old building, the book value of which was Rs 63,000 was sold at a less of Rs 5,000.
(i) Amount of capital
(ii) Amount of goodwill
In case a partner dies after the date of finalisation of accounts, then in order to provide his share of profit for those extra days then the necessity of profit and loss and suspense account arises.
The amount debited to calls in arrears account i.e. unpaid allotment/call money on forfeited.
Debentures suspense A/c Dr
To debentures A/c
(a) Goodwill – Rs 2,00,000, No. of shares issued – 2,00,000.
(b) Value involved: Fulfillment of social responsibility towards company’s employees.
Interest on capital – Rs 25,000, Salary to Q – Rs 15,000.
Share capital Rs 6,48,000.
(ii) Gain on cancellation of own debentures Rs 2,500.
Loss on Realisation Rs 15,000
Divisible profit – Rs 55,385, Interest on drawings – Rs 195 for each partner.
(i) Gaining ratio Astha – Nil and Bhavini -1/5.
(ii) New ratio 1:2:2.
Premium on redemption of debentures Rs 50,000.
Sakshi sacrifices 3/30, Ria Gains 2/30 and Mahak gains 1/30.
Amount transferred to capital reserve Rs 560.
Amount transferred to capital reserve Rs 7,000.
Loss on Revaluation – Rs 3,400, capital balances: Aditya – Rs 23,640, Bhupesh – Rs 30,960, Chirag – Rs 40,000 and Total of balance sheet Rs 1,14,600.
Loss on revaluation – Rs 12,000, Amount transferred to Pooja’s executors – Rs 1,02,840, capital balances Rohit – Rs 51,886, Sidharth – Rs 46,914, Total of balance sheet – Rs 2,18,000.
(i) Direct method
(ii) Indirect method.
The accountant is correct because there is no flow of cash from loss on sale of fixed assets.
(iii) no change,
Debt equity ratio 21-3-2014 = 0.32 :1
Debt equity Ratio 31-3-2015 = 0.39 :1
Net cash used in operating activities Rs 57,000
Net cash used in investing activities Rs (92,000)
Net cash from financing activities Rs 90,000
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