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 3
CBSE Sample Papers for Class 12 Accountancy Paper 3
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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 3 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
X and Y jointly purchased a land, will they be called partners?
A and B are partners sharing profits in the ratio 2 : 1. C is admitted with 5/ 11th share which he takes 3/11th from A and 2/11th from B. Calculate new profit sharing ratio of the partners.
Give the journal entry to distribute “workmen compensation reserve” of Rs 1,40,000 at the time of retirement of Y when there is a claim of Rs 50,000 against it. The firm has 3 partners X, Y and Z.
A, B and C are sharing profits in the ratio 4 : 3 : 2. A dies on 31st December, 2015. Accounts are Closed on 31st March every year. Sales for the year ending 31st March 2015 amounted to Rs 4,00,000. Sales of Rs 3,30,000 amounted between the period from 1st April, 2015 to 31st December, 2015. The profit for the year ending 31st march 2015 amounted to Rs 60,000. Calculate the deceased partner’s Share in the current year’s profits of the firm.
What is meant by calls in advance?
Ravi Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each at a premium of Rs 2 per share. The whole amount was payable on application. The issue was fully subscribed. Pass necessary Journal entries.
Give any three differences between Reserve capital and capital reserve.
Mohan, Vijay and Anil are partners, their capital being Rs 30,000, Rs 25,000 and Rs 20,000 respectively. In arriving of these figures, the profit for the year ended, 31st March, 2016 Rs 24,000 has already been credited to the partners in the proportion in which they share profits. There drawings were Rs 5,000 (Mohan); Rs 4,000 (Vijay) and Rs 3,000 (Anil) for the year ending 31st March, 2016. Subsequently the following omissions were noticed and it was decided to bring them into account.
(i) Interest on capital at 10% p.a.
(ii) Interest on drawings Mohan Rs 250, Vijay Rs 200 and Anil Rs 150.
Make the necessary journal entry and prepare capital accounts of partners.
‘X’, Ltd. was formed with a capital of Rs 15,00,000 divided into equity shares of Rs 10 each. Out of these, 6,000 shares were issued to the vendor as fully paid as purchase consideration for a building acquired and 3,000 shares were issued to signatories of the memorandum of association as fully paid. The directors offered 19,500 shares to the public and called up Rs 6 per share and received the entire called up amount on shares allotted. Prepare a balance sheet showing share capital as per schedule III Part I of the companies Act, 2013 from the above transactions in the books of ‘X’ Ltd.
‘Good Blankets Ltd’ are the manufacturers of Woolen Blankets. Blankets of the company are exported to many countries. The company decided to distribute blankets free of cost to the five villages of Kashmir valley destroyed by the recent floods. It also decided to employ 100 young persons from these villages in their newly established factory at Solan in Himachal Pradesh. To meet the requirements of funds for starting its new factory, the company issued 50,000 equity shares of Rs 10 each and 2,000,8% debentures of Rs 100 each to the vendor of machinery purchased for Rs 7,00,000.
Pass necessary Journal entries for the above transactions in the books of the company. Also identify any one value which the company wants to communicate to the society.
P, Q and R were partners sharing profit and losses in the ratio of 5 : 3 : 2. On 31st Dec. 2015 their balance sheet stood as follows:
R died on 31st March, 2016, the following adjustments were made:
(a) Goodwill be valued at 21 years’ purchase of the average profit of last four years. The
profits for the last four years were as under:
2012 – Rs 2,00,000; 2013 – Rs 2,47,000; 2014 – Rs 2,70,000; 2015 – Rs 2,60,000.
(b) Machinery be valued at Rs 3,00,000; patents be valued at Rs 4,97,500; building be valued at Rs 3,37,500.
(c) For the purpose of calculating R’s share in the profits, profits of 2016 should be taken to have accrued on the basis of profits of 2015.
Calculate the amount payable to the executors of the decreased partner.
A, B and C were in Partnership sharing profits in the ratio of 3 : 2 :1. Their balance sheet as at 31.03.2016 was as follows:
Balance Sheet As at 31.03.2016
On 1.04.2016, partners decided to share profit equally, for this purpose it was further agreed that:
(a) Goodwill of the firm should be valued at Rs 45,000.
(b) Furniture and machinery is to be valued at Rs 15,000 and Rs 35,000 respectively.
(c) Value of stock to be reduced by Rs 2,000.
(i) Identify the values which according to you have motivated the partners for revalution of Assets and Liabilities.
(ii) You are required to give necessary journal entries to give effect to the above arrangement and prepare balance sheet of the firm after reconstitution.
(a) PQR Ltd. purchased assets of Rs 6,80,000 and took over liabilities of Rs 45,000 at an agreed value of Rs 6,30,000 from ABC Ltd. PQR Ltd issues 12% debentures of Rs 100 each at discount of 10% fully satisfaction of the purchased price.
Pass Journal entries in the books of PQR Ltd.
(b) A and B were partners sharing profits and losses in the ratio of 1:1. They admit C as third partner. New profit sharing ratio of A, B and C would be 3 :1:1. C was required to bring Rs 20,000 for his share of capital and Rs 10,000 for his share of goodwill. C brings the necessary amount for his share of capital but for his share of goodwill, he would bring only Rs 7,000. It was decided not to open current accounts. Record his transaction in the books of A, B and C.
Ram Ltd. issued Rs 2,000 10% debentures of Rs 100 each at par on 31.03.2013, repayable at 20% premium after 4 years. Debenture holders have an option to convert their holdings into 8% preference share of Rs 100 each at premium of Rs 20 per share at any time after 1 year but before 3 years. On 31.03.2015, Ram, a holder bf 100 debentures notified to exercise the option. Make necessary journal entries related to issue and redemption of debentures on 31.03.2013 and 31.03.2015.
A, B and C were partners sharing profits in the ratio of 1:2:2 since 1.04.2011. With the consent of all partners they dissolved their partnership firm on 31March, 2015. Fill in the missing information/figures in the following ledger accounts:
In the Books of A,B and C .
Dr. Realisation Account Cr.
Z Ltd. issued 1,00,000 shares of Rs 10 each at a premium of Rs 4 per share payable as follows:
On application Rs 4
On allotment Rs 3
On 1st and final call Rs 4
Application were received for 1,50,000 shares and pro-rata allotment was made to all applications as follows:
(i) Applications for 80,000 shares were allotted 60,000 and
(ii) Applications for 70,000 shares were allotted 40,000 shares.
Sudhas, who belonged to the first category and was allotted 600 shares failed to pay the allotment money Her shares were forfeited immediately after allotment.
Asha, who belonged to the 2nd category and who applied for 1,400 shares failed to pay the call money, her shares were forfeited. 1,000 of the forfeited shares were re-issued at the rate of Rs 8 per share as fully paid, included whole of Sudha’s shares.
Pass Journal entries. Prepare share allotment and Share forfeiture A/c.
L Ltd. issued a prospectus inviting applications for 2,00,000 shares of Rs 10 each at a premium of Rs 6 per share payable as follows:
On application – Rs 5 (including premium Rs 2)
On allotment – Rs 5 (including premium Rs 2)
On first call – Rs 3 (including premium Rs 1)
On second and final call – Rs 3 (including premium Rs 1)
Applications were received for 2,60,000 shares and pro-rata allotment was made to the applicants for 2,50,000 shares. Excess money paid on application for these shares was utilized towards allotment.
A who applied for 1,000 shares failed to pay both the calls and his shares were also forfeited. Of the shares forfeited, 1,800 shares were re-issued as fully paid up for Rs 15 per share. The whole of B’s shares being included. Prepare cash book, Journal and show share capital amount in Balance Sheet.
The Balance Sheet of S and R who share profit and losses in the ratio of 3 : 2 as at 31st March, 2015 is as follows:
Balance Sheet As at 31st March, 2015
On 1.04.2015, V was admitted into partnership on the following terms:
(a) The new profit sharing ratio shall be 1 : 2 : 2.
(b) V is to bring his capital of Rs 50,000 and pay Rs 20,000 as his share of goodwill in the firm. V brings necessary amount for his share of capital but for his share of goodwill he could bring only Rs 8,000.
(c) Existing goodwill is to be written off.
(d) The other assets be revalued as under
Machinery Rs 50,200; Furniture Rs 30,000; Stock 62,000; Debtors 12,000.
Prepare revaluation A/c, partner’s capital A/c, bank A/c and balance sheet of the new firm as at 1.04.2015. Also pass entries for goodwill treatment.
A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their balance sheet as at 31 March, 2016 was as follows:
A retired on that day and it was decided to make the following adjustments:
(a) Stock to be depreciated by 40% and sale of papers and materials realized Rs 1,000.
(b) Provision for doubtful debts to be increased to be 17% of Sundry debtors.
(c) Machinery be depreciated by 40% and building be appreciated by 20%.
(d) Partners paid Rs 10,000 to the family of an employee who died from a heart-attack.
(e) Goodwill is valued at Rs 30,000.
(f) B and C decided to share future profit in the ratio of 3:2 and not to show goodwill in the books.
(g) B and C would introduce sufficient capital to pay off A and have their Bank Balance of Rs 25,000 as working capital in a manner that their capitals would be in proportion of their new profit sharing ratio.
Pass journal entries and prepare balance sheet of the new firm.
‘Analysis of Financial Statements’
What is meant by analysis of comparative balance sheet?
Under which type of activity will you classify ‘proceeds from sale of patent’ while preparing cash flow statement?
(a) List the major heads under the “Equity and Liabilities” which are presented in the balance sheet as per schedule III of the companies act, 2013.
(b) State any two objectives of preparing comparative Income statement.
(a) Rs 4,00,000 is the cost of Revenue from operations, i.e., cost of goods sold, inventory turnover is 5 times; Inventory in the end is 2 times more than the inventory at the beginning. Calculate values of opening and closing inventories.
(b) From the following information related to Naveen Ltd., calculate—
(i) Return on investment
(ii) Total assets to debt ratio
Information: Fixed assets Rs 75,00,000; Current assets Rs 40,00,000; current liabilities Rs 27,00,000; 12% Debentures Rs 80,00,000 and Net profit before interest, Tax and Dividend Rs 14,50,000.
Summarized balance sheet of PQR Ltd. as at 31st March, 2016 and 2015 are:
Prepare common size Balance Sheet.
Summarized balance sheet of PQR Ltd. as at 31st March, 2016 and 2015 are :
Notes to accounts:
1. Investments costing Rs 8,000 were sold during the year for Rs 8,500.
2. Provision for tax made during the year was Rs 9,000.
3. During the year part of the fixed assets costing Rs 10,000 was sold for Rs 12,000 and the gain was included in the statement of profit and loss.
4. Interim dividend paid during the year amounted to Rs 40,000. Prepare cash flow statement.
No, they become the joint owner of the property and not the partners but if they are in the business of purchase and sale of Land in order to make profit, they will be called partners.
New profit sharing ratio is 13 : 5 :15.
Workmen compensation reserve A/c Dr. 1,40,000
To workmen claim A/c 50,000
To X’s capital A/c 30,000
To Y’s capital A/c 30,000
To Z’s capital A/c 30,000
(Being workmen compensation reserve transferred to capital accounts of partners)
C’s share in profits – Rs 22,000
Calls in advance refer to the amount which has not been called by the company but has been paid by some shareholders in advance.
Bank A/c Dr. 24,00,000
To Share application & allotment A/c 24,00,000
(Being application money received)
Share applications allotment A/c Dr. 24,00,000
To Share capital A/c 20,00,000
To Security premium reserve A/c 4,00,000
(Being amount transferred)
Opening capital Mohan – Rs 27,000, Vijay – Rs 2,100 and Anil – Rs 15,000. Divisible profits – Rs 18,300.
Anil’s capital A/c Dr. 550
To Mohan’s capital A/c 550
(Being adjustment made due to some omission of adjustments)
Share capital Rs 1,17,000.
(i) Social responsibility
(ii) Generation of employment opportunities in rural areas.
Profit and loss suspense – Rs 13,000, Share in revaluation Profit – Rs 3,400, Amount transferred to R’s executors A/c – Rs 4,52,625.
(i) Values : Honesty
(ii) Total balance sheet Rs 2,13,000
(a) Capital reserve – Rs 5,000
(b) A gains 1/10 and B sacrifices 3/10
Number of shares issued to Ram 100.
Profit on realisation – Rs 14,700, Final payment to A – Rs 9,374, B – Rs 21,448 and C – Rs 21,448, Total of cash account – Rs 75,650.
Amount received on allotment – Rs 1,48,800.
Amount transferred to capital reserve – Rs 2,800.
Amount transferred to capital reserve – Rs 9,750.
Profit on revaluation – Rs 5,000, Capital balances : S – Rs 64,000, Rs 71,000, V – Rs 50,000, Total balance sheet 2,25,000.
Total of opening balance sheet – Rs 4,20,000, Gaining ratio 8 : 7.
Comparative balance sheet analysis is the study of the trend of the same items, groups of items and computed items in two or more balance sheet of the same business enterprises on different dates.
(a) Major heads on equity and liabilities part are:
(i) Shareholders’ fund.
(ii) Share application money pending allotment.
(iii) Non current liabilities and
(iv) Current liabilities
(b) Comparative income statement shows the expense incurred under the particular head of accounts in the two years and also the change from the amount of base year. Comparative income statement has date of more than one year and thus enables study of trends.
(a) Opening inventory – Rs 40,000 and closing inventory – Rs 1,20,000.
(b) Return on investment – 16.48%, Total assets to Debt ratio – 1.44 :1.
% of expenses for 2016—60%
% of expenses for 2015—50%
% of profit after tax for 2016—28%
% of profit after tax for 2015—35%.
Cash used in operating activities – Rs 1,84,500.
Cash flow investing activities – Rs 2,500.
Cash flow from financing activities – Rs 2,30,000.
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