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CBSE Sample Papers for Class 12 Accountancy Paper 8

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 8

CBSE Sample Papers for Class 12 Accountancy Paper 8

 

Board CBSE
Class XII
Subject Accountancy
Sample Paper Set Paper 8
Category CBSE Sample Papers

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 8 of Solved CBSE Sample Papers for Class 12 Accountancy is given below with free PDF download solutions.

Time: 3 Hours
Maximum Marks: 80

General Instructions:

(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
Accounting for Partnership Firms and Companies

Question 1.
Does partnership firm has a separate legal entity? Give reason in support of your answer.

Question 2.
A and B were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted C as a new partner. The new profit sharing ratio between A, B and C was 3:2:2. A surrendered 1/4 of his share in favour of C. Calculate B’s Sacrifice.

Question 3.
P and Q were partners in a firm sharing profits equally. Their fixed capitals were Rs 1,00,000 and Rs 50,000 respectively. The partnership deed provided for interest on capital at the rate of 10% per annum. For the year ended 31st March, 2016 the profits of the firm were distributed without providing interest on Capital.
Pass necessary adjustment entry to rectify the error.

Question 4.
X Ltd. invited applications for issuing 1000, 9% debentures of Rs 100 each at a discount of 6%. Applications for 1,200 debentures were received. Pro-rata allotment was made to all the applicants.
Pass necessary Journal Entries for the issue of debentures assuming that the whole amount was payable with applications.

Question 5.
Y Ltd. forfeited 1,000 equity shares of Rs 10 each for the non-payment of first call of Rs 2 per share. The final call of Rs 2 per share was yet to be made.
Calculate the maximum amount of discount at which these shares can be re-issued.

Question 6.
Gupta and Sharma were partners in a firm. They wanted to admit two more members in the firm. List the categories of individuals other than minors who cannot be admitted by them.

Question 7.
Jain Motors Ltd. converted its 200, 8% debentures of Rs 100 each issued at a discount of 6% into equity shares of Rs 10 each, issued at a premium of 25%. Discount on issue of 8% debentures has not yet been written off.
Showing your working notes clearly pass necessary Journal Entries on conversion of 8% debentures into equity shares.

Question 8.
Amar, Ram, Mohan and Sohan were partners in a firm sharing profits in the ratio of 2 : 2 : 2 : 1. On 31st January, 2017 Sohan retired. On Sohan’s retirement the goodwill of the firm was valued at Rs 70,000. The new profit sharing ratio between Amar, Ram and Mohan was agreed as 5 : 1 : 1.
Showing your working notes clearly, pass necessary Journal Entry in the treatment of goodwill in the books of the firm on Sohan’s retirement.

Question 9.
Z Ltd. purchased machinery from K Ltd. Z Ltd. paid K Ltd. as follows:
(i) By issuing 5,000, equity shares of Rs 10 each at a premium of 30%.
(ii) By issuing 1,000, 8% Debentures of Rs 100 each at a discount of 10%.
(iii) Balance by giving a promissory note of Rs 48,000 payable after two months.
Pass necessary journal entries for the purchase of machinery and payment to K Ltd. in the books of Z Ltd.

Question 10.
Akash Ltd. is registered with an authorized Capital of Rs 8,00,00,000 divided into equity shares of Rs 10 each. Subscribed and fully paid up share capital of the company was Rs 4,00,00,000. For providing employment to the local youth and for the development of the rural areas of the Jammu and Kashmir State the company decided to set up a food processing unit in Anantnag district. The Company also decided to open skill development centres in Ladakh, Srinagar and Punch. To meet its new financial requirements the company decided to issue 1,00,000 equity shares of Rs 10 each and 10,000, 9% debentures of Rs 100 each. The debentures were redeemable after five years. The issue of equity share and debentures was fully subscribed. A shareholder holding 1,000 shares failed to pay the final call of Rs 2 per share.
Present the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the Companies Act, 2013. Also, identify any two values that the company wishes to propagate.

Question 11.
Karan and Varun were partners in a firm sharing profits and losses in the ratio of 1: 2. Their fixed capitals were Rs 2,00,000 and Rs 3,00,000 respectively. On 1st April, 2016 Kishore was admitted as a new partner for \(\frac { 1 }{ 4 }\) th share in the profits. Kishore brought Rs 2,00,000 for his
capital which was to be kept fixed like the capitals of Karan and Varun. Kishore acquired his share of profit from Varun.
Calculate goodwill of the firm on Kishore’s admission and the new profit sharing ratio of Karan, Varun and Kishore. Also, pass necessary Journal Entry for the treatment of Goodwill on Kishore’s admission considering the Kishore did not bring his share of goodwill permium in Cash.

Question 12.
Sandeep, Mandeep and Amandeep were partners in a firm sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on 31st March every year. On 30th September, 2016 Mandeep died. The partnership deed provided that on the death of a partner his executors will be entitled to the following:
(1) Balance in his capital account and interest @ 12% p.a. on capital. On 1-4-2016 the balance in Mandeep’s Capital Account was Rs 1,00,000.
(2) His share in the profits of the firm in the year of his death which will be calculated on the basis of rate of net profit on sales of the previous year which was 25%. The sales of the firm till 30th September, 2016 were Rs 9,00,000.
(3) His share in the goodwill of the firm. The goodwill of the firm on Mandeep’s death was valued at Rs 1,50,000.
The partnership deed also provided that the following deductions will be made from the amount payable to the executor of the deceased partner:
(1) His drawings in the year of his death. Mandeep’s drawings till 30th September, 2016 were Rs 4,000.
(2) Interest on drawings @ 6% per annum which was calculated as Rs 120.
The accountant of the firm prepared Mandeep’s Capital Account to be presented to the executor of Mandeep but in a hurry he left it incomplete. Mandeep’s capital Account prepared by Accountant of the firm is shown below:
ample Papers for Class 12 Accountancy Paper 8 1
You are required to complete Mandeep’s capital account.

Question 13.
S, T, U and V were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On 1.4.2016, their balance sheet was as follows:
CBSE Sample Papers for Class 12 Accountancy Paper 8 2
From the above date partners decided to share the future profits in 3 : 1 : 2 : 4 ratio. For this purpose the goodwill of the firm was valued at Rs 90,000. The partners also agreed for the following:
(i) The claim against workmen compensation has been estimated at Rs 70,000.
(ii) Adjust the capitals of the partners according to the new profit sharing ratio by opening current accounts of the partners.
Prepare Revolution Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm.

Question 14.
On 1.4.2015, K.K. Ltd. issued 500, 9% Debentures of Rs 500 each at a discount of 4%, redeemable at a premium of 5% after three years.
Pass necessary Journal Entries for the issue of debentures and debenture interest for the year ended 31st March, 2016 assuming that interest is payable on 30th September and 31st March and the rate of tax deducted at source is 10%. The company closes its books on 31st March every year.

Question 15.
Pass necessary Journal Entries on the dissolution of a partnership firm in the following cases:
(i) L, a partner, was appointed to look after the dissolution process for which he was given a remuneration of Rs 10,000.
(ii) Dissolution expenses Rs 8,000 were paid by partner, M.
(iii) Dissolution expenses were Rs 5,000.
(iv) P, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs 7,000. P agreed to bear the dissolution expenses. Actual dissolution expenses Rs 4,000 were paid by P.
(v) N, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs 9,000, N agreed to bear the dissolution expenses. Actual dissolution expenses Rs 4,000 were paid by the firm.
(vi) Q a partner was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs 18,000. Q agreed to take over stock worth Rs 18,000 as his remuneration. The stock had already been transferred to Realisation Account.

Question 16.
W and R are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31st March, 2016 was as follows:
CBSE Sample Papers for Class 12 Accountancy Paper 8 3
On the above date C was admitted for \(\frac { 1 }{ 6 }\) th share in the profits on the following terms:
(i) C will bring Rs 30,000 as his capital and Rs 10,000 for his share of goodwill premium, half of which will be withdrawn by W and R.
(ii) Debtors Rs 1,500 will be written off as bad debts and a provision of 5% will be created for bad and doubtful debts.
(iii) Outstanding salary will be paid off.
(iv) Stock will be depreciated by 10%, furniture by Rs 500 and Plant and Machinery by 8%.
(v) Investments Rs 2,500 not mentioned in the balance sheet were to be taken into account.
(vi) A creditor of Rs 2,100 not recorded in the books was to be taken into account.
Pass necessary Journal Entries for the above transactions in the books of the firm on C’s admission.
OR
M, N and G were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31.3.2016 their Balance Sheet was as under:
CBSE Sample Papers for Class 12 Accountancy Paper 8 4
M retired on the above date and it was agreed that:
(i) Debtors of Rs 2,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.
(ii) Patents will be completely written off and stock, machinery and building will be depreciated by 5%.
(iii) An unrecorded creditor of Rs 10,000 will be taken into account.
(iv) N and G will share the future profits in the ratio of 2 : 3.
(v) Goodwill of the firm on M’s retirement was valued at Rs 3,00,000.
Pass necessary Journal Entries for the above transactions in the books of the firm on M’s retirement.

Question 17.
AXN Ltd. invited applications for issuing 1,00,000 equity shares of Rs 10 each at a premium of Rs 6 per share. The amount was payable as follows:
On Application Rs 4 per share (including Rs 2 premium).
On Allotment Rs 5 per share (including Rs 2 premium).
On First Call Rs 4 per share (including Rs 2 premium).
The issue was fully subscribed.
Kumar the holder of 400 shares did not pay the allotment money and Ravi the holder of 1,000 shares paid his entire share money along with allotment money. Kumar’s shares were forfeited immediately after allotment. Afterwards first call was made. Gupta a holder of 300 shares failed to pay the first call money and Gopal a holder of 600 shares paid the second call money also along with first call, Gupta’s shares were forfeited immediately after the first call. Second and final call was made afterwards. The whole amount due on second call was received.
All the forfeited shares were re-issued at Rs 9 per share fully paid up.
Pass necessary journal entries for the above transactions in the books of the company.
OR
XL Ltd. invited applications for issuing 1,00,000 equity shares of Rs 10 each at par. The amount was payable as follows:
On application Rs 3 per share
On allotment Rs 4 per share.
On First and Final Call Rs 3 per share.
The issue was over-subscribed by three times. Applications for 20% shares were rejected and the money refunded. Allotment was made to the remaining applicants as follows:
CBSE Sample Papers for Class 12 Accountancy Paper 8 5
Excess money received with applications was adjusted towards sums due on allotment and first and final call. All calls were made and were duly received except the final call by a shareholder belonging to Category I who has applied for 320 shares. His shares were forfeited. The forfeited shares were re-issued at Rs 15 per share fully paid up.
Pass necessary Journal entries for the above transactions in the books of XL. Ltd. open calls-inarrears and calls in advance account whenever required.

Part – B
‘Analysis of Financial Statements’

Question 18.
Short term investments are not considered while preparing cash flow statement. Why?

Question 19.
Net increase in working capital other than cash and cash equivalents will increase, decrease or not change cash flow from operating activities. Give reason in support of your answer.

Question 20.
State the objectives of Analysis of Financial Statements’.

Question 21.
The quick ratio of a company is 0.8 :1. State with reason whether the following transactions will increase, decrease or not change the quick ratio:
(1) Purchase of loose tools Rs 2,000.
(2) Insurance premium paid in advance Rs 500.
(3) Sale of goods on credit Rs 3,000.
(4) Honored a bills payable Rs 5,000 on maturity.

Question 22.
Financial statements are prepared following the consistent accounting concepts, principles, procedure and also the legal environment in which the business organizations operate. These statements are the sources of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.
From the above statement identify any two values that a company should observe while preparing its financial statement. Also, state under which major headings and sub-headings the following items will be presented in the balance sheet of a company as per Schedule III of the Companies Act, 2013.
General Reserves, short term loans and advances, Capital work in progress and design.

Question 23.
Following is the Balance Sheet of R.S. Ltd as at 31st March, 2016
CBSE Sample Papers for Class 12 Accountancy Paper 8 6
CBSE Sample Papers for Class 12 Accountancy Paper 8 7
CBSE Sample Papers for Class 12 Accountancy Paper 8 8
Additional information:
(1) Rs 1,00,000, 12% debentures were issued on 31.3.2016.
(2) During the year a piece of machinery costing Rs 80,000, on which accumulated depreciation was Rs 40,000, was sold at a loss of Rs 10,000.
Prepare a Cash Flow Statement.

Answers

Answer 1.
No. A partnership firm has no separate legal entity, apart from the partners constituting it. Reason: In case the firm is bankrupt, private estates of the partners become liable to meet the deficit.

Answer 2.
B’s old share = \(\frac { 3 }{ 7 }\)
B’s new share = \(\frac { 2 }{ 7 }\)
B’s sacrifice = \(\frac { 3 }{ 7 } -\frac { 2 }{ 7 } =\frac { 1 }{ 7 } \)

Answer 3.
Books of the firm
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 8 9

Answer 4.
Books of the firm
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 8 10

Answer 5.
The maximum amount of discount at which these shares can be reissued is Rs 6 per share or Rs 600.

Answer 6.
(i) Persons of unsound mind.
(ii) Insolvent persons.

Answer 7.
Jain Motors Ltd.
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 8 11 CBSE Sample Papers for Class 12 Accountancy Paper 8 12
Number of equity shares to be issued = \(\frac { 18,800 }{ 12.50 }\) = 1,504 shares

Answer 8.
Books of the firm
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 8 13

Answer 9.
Z ltd
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 8 14
Working notes:
Purchase consideration = 65,000 + 90,000 + 48,000 = 2,03,000

Answer 10.
Balance sheet of Akash Ltd.
As at (As per revised schedule VI)
CBSE Sample Papers for Class 12 Accountancy Paper 8 15
Values are:
(i) Providing employment opportunities to the local youth.
(ii) Paying attention towards regions of social unrest.

Answer 11.
Calculation of Hidden Goodwill:
Kishore’s share = 1/4
Kishore’s capital = 2,00,000
Total capital of the new firm = 2,00,000 x 4 = 8,00,000
Existing capital of Karan, Varun and Kishore = 2,00,000 + 3,00,000 + 2,00,000 = Rs 7,00,000
Goodwill of the firm = 8,00,000 – 7,00,000 = 1,00,000
Thus, Kishore’s share of goodwill = 1/4 x 1,00,000 = Rs 25,000
Calculation of new profit sharing ratio:
Karan’s new share = 1/3
Varun’s new share = 2/3 – 1/4 = 5/12
Kishore’s share = 1/4 i.e., 3/12
New ratio = 4:5:3
CBSE Sample Papers for Class 12 Accountancy Paper 8 16

Answer 12.
Dr. Mandeep’s Capital A/c Cr.
CBSE Sample Papers for Class 12 Accountancy Paper 8 17

Answer 13.
Dr. Revaluation Account Cr.
CBSE Sample Papers for Class 12 Accountancy Paper 8 18 CBSE Sample Papers for Class 12 Accountancy Paper 8 19

Answer 14.
K.K. Ltd.
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 8 20
CBSE Sample Papers for Class 12 Accountancy Paper 8 21

Answer 15.
Books of the firm
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 8 22

Answer 16.
Books of the firm
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 8 23
CBSE Sample Papers for Class 12 Accountancy Paper 8 24 CBSE Sample Papers for Class 12 Accountancy Paper 8 25
Or
CBSE Sample Papers for Class 12 Accountancy Paper 8 26 CBSE Sample Papers for Class 12 Accountancy Paper 8 27

Answer 17.
AXN ltd
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 8 28 CBSE Sample Papers for Class 12 Accountancy Paper 8 29
CBSE Sample Papers for Class 12 Accountancy Paper 8 30
CBSE Sample Papers for Class 12 Accountancy Paper 8 31 CBSE Sample Papers for Class 12 Accountancy Paper 8 32 CBSE Sample Papers for Class 12 Accountancy Paper 8 33

Answer 18.
Short term investments are highly convertible into cash and cash equivalents so they are not considered in Cash Flow statements.

Answer 19.
Decrease, because if the working capital is increase, it will reduce the cash.

Answer 20.
Objectives of Financial Statements:
(i) Assessing the earning capacity or profitability of the firm as a whole as well as its different departments so as to Judge the Financial health of the Firm.
(ii) Assessing the developments in future by forecasting and preparing budgets.
(iii) To ascertain the relative importance of different components of the Financial Position of the Firm.
(iv) Assessing the managerial efficiency by using financial ratios to identity favorable and unfavorable variations in Managerial Performance.

Answer 21.
CBSE Sample Papers for Class 12 Accountancy Paper 8 34

Answer 22.
Values:
(i) Consistency
(ii) Honesty and loyalty towards owners
CBSE Sample Papers for Class 12 Accountancy Paper 8 35

Answer 23.
CBSE Sample Papers for Class 12 Accountancy Paper 8 36
CBSE Sample Papers for Class 12 Accountancy Paper 8 37 CBSE Sample Papers for Class 12 Accountancy Paper 8 38 CBSE Sample Papers for Class 12 Accountancy Paper 8 39

We hope the CBSE Sample Papers for Class 12 Accountancy Paper 8 help you. If you have any query regarding CBSE Sample Papers for Class 12 Accountancy Paper 8, drop a comment below and we will get back to you at the earliest.

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