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 6
CBSE Sample Papers for Class 12 Accountancy Paper 6
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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 6 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
Pawan, Vimal and Kamal are equal partners. Pawan often has disagreement with Vimal and Kamal because of his dominating nature. He sold his profit share to Vikram without the consent of other partners. Vikram wanted to be a partner with Vimal and Kamal but they were not agreeing to this Vimal and Kamal approached the court for dissolution of the firm. Court ordered for the dissolution of the firm. On dissolution, firm’s Balance Sheet revealed Capital Rs 6,00,000; General Reserve Rs 1,50,000 and Creditor Rs 50,000 and Bank Balance Rs 20,000. Assets were realised at 75%, what will be the loss on realisation?
Laxman and Dilip are partners sharing profits and losses in the ratio of 3:2. Niladiri is admitted as a new partner. Laxman sacrificed 1 /6th of his share and Dilip sacrificed 1 /8th from his share. Calculate the new profit sharing ratio.
Sukriti and Suhani are partners doing a dry-cleaning business, sharing profits and losses in the ratio of 5:4. Sukriti withdrew Rs 18,000 in the end of each quarter for nine months period ending on 3th March, 2016 to pay hostel expense of her son. Calculate interest on drawing @ 15% p.a.
XYZ has a paid up capital of Rs 50,00,000 and a balance of Rs 7,50,000 in the security premium Reserve account. The company management doesn’t want to carry over this balance. State any two purpose for which this balance can be used if company does not have any balance in preliminary expenses account and they also do not want to purchase their own shares or other security.
If the capital of a firm is Rs 6,00,000 and profit for the year is Rs 54,000. What will be super profit, if the normal rate of return is 8% on capital employed.
Kabir Ltd. Purchased for cancellation its 6,000, 12% debentures of Rs 100 each at Rs 98 per debenture. The brokerage charges Rs 5,500 were incurred. Calculate the amount to be transferred to capital reserve.
A, B, C and D are partners sharing profits and losses in the ratio of 4:3:2:1. Their respective fixed capitals on 31th March, 2015 were Rs 50,000, Rs 75,000, Rs 90,000 and Rs 1,20,000 respectively After preparing final accounts, it was discovered that interest on capital was provided @ 12%
p.a instead of 10% p.a Interest on drawing chargeable to partners were A – Rs 200, B – Rs 250, C – Rs 150 and D – Rs 100 but by mistake it was recorded as A – Rs 100 B – Rs 150 C – Rs 250, and D – Rs 200. Pass the necessary journal entry.
PQR Ltd. was registered with the capital of Rs 60,00,000 in shares of Rs 10 each. It issued Rs 3,00,000 shares payable as:
On Application Rs 4
On Allotment Rs 2
On first and final call Rs 4
Share were fully subscribed and allotted, all the money due on allotment were duly received but one shareholder holding 7,500 shares failed to pay the amount due on allotment, while another shareholder who held Rs 1000 shares paid for the first and final call also with allotment. Company has not made the first and final call till 31th March 2016. Prepare the extract of Balance sheet of PQR Ltd. as per schedule III, part I of the Companies Act 2013, disclosing the above information. Also prepare’ Note to account’s for the same.
Radhey Ltd. has an Outstanding balance of 11,800, 12%. Debentures of Rs 200 each on 31st March, 2016 redeemable at a premium of 10%. The company has decided to redeem 6,000 of its debentures by converting them into shares of Rs 100 each at a premium of 20% and the remaining 5,500 by converting them 9% Preference shares of Rs 100 each issued at a premium of 10 per share. Record journal entries regarding redemption of debentures.
Advent Ltd. a Software Solution Company has 150 employees. On 1st April 2014 the company entered into a contract with the employees whereby each employee was granted 50 options on the condition that they complete 4 years of continuous service. The fair value of the share on 1st April, 2014 was 100 and it was agreed that it shall be offered at Rs 80. It was also agreed that an employee could exercise the option within three months of meeting the terms of the agreement.
(a) Answer the following:
(i) Vesting date
(ii) Exercise period.
(iii) Exercise dete
(iv) Vesting period.
(b) Muskan resigned from the company on 30th June, 2016. Will she be eligible to subscribe the option? Give reason.
Shashwat, Adamya and Shivam entered into partnership on 1st July, 2015 to share profit in the ratio of 5:3:2. Partners are entitled to interest on capital @ 6% p.a Shivam will get a salary @ Rs 5,000 per month. Shashwat personally guaranteed that Shivam’s share of profit including interest on capital but excluding his salary would not be less than 12,000 p.a The capital contribution were: Shashwat Rs 75,000 Adamya Rs 50,000 and Shivam Rs 25,000. The profit for the period ended 31th March, 2016 were Rs 84,000. Prepare profit and loss Appropriation Account.
Aastha, Nitya and Ananya are partners sharing profits and losses in the ratio of 5:1:4. The firm is engaged in manufacturing of textiles and setting up their factory in a village and adopt labour intensive technique (instead of machines). Their Balance Sheet as at 31th March, 2016 was as follows:
The partners agreed that from 1st April, 2016 they will share profits and losses in the ratio of 1:3:1. They agreed that:
(i) Stock is to be valued at 15% less.
(ii) Provision for doubtful debts was increased by Rs 1,500.
(iii) Furniture is depreciated by 20% and machinery by 5%.
(iv) Building is valued at Rs 4,78,000.
(v) Goodwill is valued at Rs 42,300 but it was not to appear in the books.
Pass the necessary journal entries to give effect to the above stated agreement without opening Revaluation account. Identify the values highlighted in the above case.
Amar, Akbar and Anthony were partners sharing profits and losses in the ratio of 1/2, 3/10 and 1/5. Their Balance Sheet as follows:
Akbar retires on 1st April, 2016 and the following adjustments were made:
(i) Goodwill of the entire firm be fixed at Rs 90,000 and Akbar’s share of Goodwill be adjusted into the accounts of Amar and Anthony who are going to share future profits in the ratio of 3:2.
(ii) There was a liability of Rs 5,400 for workmen compensation provision for doubtful debts is increased to Rs 800.
(iii) Stock and furniture was revalued at Rs 47,000 and Rs 25,000 respectively.
(iv) Outstanding salary was paid off.
(iv) The continuing partners have decided to adjust their capital in their profit sharing ratio after Akbar’s retirement (actual cash to be brought in and paid back as the case may be)
Give journal entries to record the above and draft the balance sheet of the new firm.
Kapil Ltd. has 9,000,13% Debentures of Rs 500 each on 1st April, 2013 redeemable at a premium of 5% as under:
31st March, 2015 5,000 Debentures
31st March, 2016 4,000 Debentures
The board of directors decided to transfer the required amount to debenture Redemption Reserve on 31th March, 2014. Investment were made each year on 30th April in a scheduled bank @ 8% p.a interest, which was subjected to T.D.S @ 10%.
Pass the necessary journal entries in the book of Kapil Ltd., assuming that investment was en-cashed each time for redemption of debentures. (Ignoring interest on Debentures).
Ayush and Kartik were partners in a firm doing business of manufacturing plastic products. In spite of the repeated reminders by the authorities, they kept dumping hazardous material into a nearby river. The court ordered for the dissolution of their partnership firm on 1st Jan, 2016. From the information given below complete the realisation Account, Capital Accounts and Bank Account and also identify the value being ignored by the firm.
Pankaj, Rahul and Manish are partners in a business sharing profit and losses as 2:2:1. Their Balance sheet at 31st March, 2016 was as follows:
Rahul died on 30th June, 2016 and the following adjustments are to be made:
(i) Goodwill of the firm was worth Rs 45,000 but no goodwill will be raised in the books of accounts.
(ii) Rahul had withdrew Rs 4,500 in the beginning of each month.
(iii) The firm sold investment at Rs 18,000.
(iv) A provision of Rs 9,000 was made for tax.
(v) His share of profit till the date of death to be calculated on the basis of average profit or loss of three years which were : 2013-14 (Rs 3,00,000) ; 2014-15 (Rs 3,50,000) and 2015-16 (Rs 2,00,000).
(v) 20% of the amount due to Rahul to be paid immediately to his executor and the balance is transferred to executor’s loan A/c.
(vii) Pankaj and Manish decided to keep the entire capital of new firm fixed at Rs 90,000 to be divided proportionately in this new profit sharing. Any excess or deficit to be made in cash. Prepare revaluation Account, Partner’s capital Accounts, Rahul’s Executor’s Account and the new Balance sheet
Raghu and Munna are partners in a firm sharing profits and losses in the ratio of 2:3. Their Balance sheet as at 31st March, 2016 was as under:
On 1st April, 2016 they admitted Akram into partnership for 1/5th share in the profit on the following terms:
(i) Depreciation of Rs 2,500 had been omitted on plant and machinery for the year ended 31st March, 2016.
(ii) Stock is to be depreciated by 2% and patents are undervalued by 5,000.
(iii) Creditors include a contingent liability of Rs 15,000 which has been decided by the court at Rs 11,500.
(iv) To write off bad debts amounted to Rs 6,000.
(v) 60% of the investment is taken over by Raghu at the value of Rs 35,000,40% of the remaining is taken over by Munna at Rs 9,000 and the balance is valued at Rs 15,000.
(vi) Raghu is to pay off the bank loan.
(vii) Akram also brings his capital for his 1/5th share and he also brings his share of goodwill in cash.Goodwill is valued on the basis of year purchase of average profit of last 4 years. The profits of the firm for the years:
(viii) The Capital of partners to be adjusted on the basis of Akram’s contribution of capital in the firm. Excess or shortfall if any to be transferred to current accounts.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of new firm.
Sana Ltd. issued a prospectus inviting applications for 1,90,000 equity shares of Rs 100 each at a premium of Rs 80 per share. The amount was payable as follows:
On Application – Rs 50 per share (including premium of Rs 30)
On Allotment – Rs 70 per share (including premium of Rs 50)
On first and final call – the balance amount.
Applications were received for Rs 2,20,000 shares. Company decided to allot shares on first come first serve basis. Applicants of 30,000 shares were sent letter to regret and application money was refunded. Shares were allotted to rest of the applicants and company received all money except allotment money from Nishant who has been allotted 1,000 shares and his shares were immediately forfeited. First and final call was made afterwards. Jaggu, another shareholder did not pay the first and final call on his 2,000 allotted shares. His shares were also forfeited, 60% of the Nishant’s shares and 40% of Jaggu’s shares were reissued at 90% as fully paid up. Pass the necessary journal entries in the books of Sana Ltd.
PC Ltd. issued 60,000 shares of Rs 100 each at a premium of Rs 10 per shares payable as:
On Application Rs 30 per share, on allotment Rs 50 per share (including premium), and the balance in equal instalments over two calls. Applications were received for 1,02,000 shares and the allotment was done as under:
(a) Applicants for 50,000 shares Allotted 40,000
(b) Applicants for 40,000 shares Allotted 20,000
(c) Applicants for 12,000 shares Nil
Aarav who was allotted 10,000 shares (category A), failed to pay the allotment money and his shares were forfeited after allotment.
Abhinav, who applied for 8,000 shares (category B), failed to pay the two calls and on his such failure, his shares were forfeited.
On the shares forfeited, 8,000 shares were reissued as fully paid up for Rs 80 per share, the whole of Abhinav’s shares being included.
Pass the necessary journal entries in the books of PC Ltd.
‘Analysis of Financial Statements’
Under which type of activity will you classify ‘commission and royalty Received’ while preparing cash flow statement?
Finalance Ltd., is carrying on a mutual fund business. It has issued equity shares of Rs 50,00,000 and invested Rs 25,00,000 in debentures of various companies. It received interest of Rs 2,50,000 and paid dividend of Rs 3,00,000. Find out the cash flow from investing and financing activities.
On the basis of the following information extracted from the statement of Profit and Loss for the year ended 31st March, 2016 and 2015, prepare a comparative statement of Profit and Loss:
(a) What do you mean by capital commitments? Give any two examples of capital commitments of a company.
(b) Under which major headings, the following items will be shown or per schedule III, Part I of the companies Act, 2013:
(i) Loan given to an employee.
(ii) Capital Advances.
(in) Interest ocurred but not due on loans.
(iv) Guarantee given by company.
On the basis of following information, calculate ‘Operating Ratio’ and ‘Debt-Equity Ratio’:
From the following Balance Sheet of Ruchika Ltd. as at 31st March, 2015 and 31st March, 2016, Prepare cash flow statement:
(a) During the year, machinery costing Rs 60,000 on which depreciation charged was Rs 12,000 was sold at a profit of Rs 5,000. The profit was included in statement of profit and loss Account.
(b) Depreciation charged on machinery was Rs 80,100.
(c) During the year, the company declared equity dividend @ 5%
Loss on Realisation Rs 1,95,000
New Profit—Sharing Ratio 20:11:9
Interest on Drawings Rs 2,025
(i) For writing of expenses or discount allowed on issue of shares or debentures.
(ii) For issuing fully paid Bonus Shares to equity Shareholders.
(iii) For providing for payment of premium on redemption of preference shares or debentures.
Super Profit Rs 6,000
Capital Reserve Rs 6,500
C’s current A/c Dr. 360
D’s current A/c Dr. 1,630
To A’s current A/c 1,580
To B’s current A/c 410
(Being adjustment entry for wrong charging of interest on capital and drawings)
Share Capital Rs 17,85,000.
No. of Preference shares 5,500.
Vesting date 31st March 2018, Exercise Period 3 months, Exercise date 30th June 2018, vesting period 4 years. No, Muskan is Not eligible to subscribe for the option as she has not completed the terms of contract.
Divisible Profit Rs 32,250.
Net adjustment amount Rs 30,000.
Astha sacrifices 3/10, Ananya sacrifices 2/10 and Nitya Gains 5/10.
Values: Regional Development and Generation of employment opportunities.
Akbar’s loan Rs 56,200, Profit on Revaluation Rs 4,000, total of Balance Sheet Rs 1,93,200.
Debenture Redemption Reserve Rs 11,25,000 Debenture Redemptions Investment Rs 6,75,000
Profit on realisation Rs 6,500, final Payment to Ayush Rs 36,600, Kartik Rs 56,900, Total of Bank Account Rs 1,30,300 value: Social value.
Loss on Revaluation Rs 6,000, Rahul’s executors Rs 40,100 Capital Balances: Pankaj Rs 60,000, Manish Rs 30,000 and Total of Balance Sheet Rs 1,80,080.
Profit on Revaluation Rs 11,800, Capital Balances: Raghu Rs 2,40,000, Munna Rs 3,60,000 and Akram Rs 1,50,000 and Total of Balance sheet Rs 8,09,420.
Amount Received on allotment Rs 1,32,30,000 and amount transferred to Capital Reserve Rs 30,000.
Amount received on allotment Rs 16,75,000 capital reserve Rs 2,30,000.
Investing Activities: Nil, Financing Activities 47,00,000 (inflow).
% change in total revenue 43.75%.
(a) Capital Commitments are the financial Commitments or future liabilities for Capital expenditure in respect of which contacts have been made.
Operating ratio 80%, Debt equity ratio = 0.2:1
Cash flow from operating Activities 2,81,000.
Cash used in Investing Activities 1,80,000.
Cash used in Financing activities 24,000.
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