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SAMPLE QUESTION PAPER
ACCOUNTANCY (055) CLASS-XII
2016-17
Time allowed – Three hours Maximum Marks: 80
General Instructions:
1) This question paper contains two parts A and B.
2) Part A is compulsory for all.
3) Part B has two options – Financial Statements Analysis and Computerized Accounting.
4) Attempt only one option of Part B.
5) All parts of a question should be attempted at one place.

PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES

Q1. A, B and C are partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital
balance after adjustments regarding reserves, accumulated profits/ losses and gain/loss on revaluation
was `2,50,000. C was paid `3,00,000 in full settlement. Afterwards D was admitted for 1/4
th
share.
Calculate the amount of goodwill premium brought by D.

Sol: Goodwill share of C= `3,00,000-`2,50,000= `50,000
Firm’s Goodwill = 50,000x10/2= `2,50,000
D’s share in Goodwill= `2,50,000x1/4= `62,500
(1)
Q2. A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After
all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital
accounts of A and B were `3,85,000 and `4,15,000 respectively. C brought proportionate capital so as
to give him 20% share in the profits. Calculate the amount of capital to be brought by C.

Sol: Combined capital of A and B = `3,85,000+`4,15,000= `8,00,000
C’s share=1/5
th
of total capital
Remaining share= 1-1/5 =4/5
4/5= `8,00,000
C’s capital= `8,00,000x5/4x1/5= `2,00,000

(1)
Q3.
A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is `2,50,000.
The total interest on partner’s drawing is `4,000. A’s salary is `4,000 per quarter and B’s salary is
`40,000 per annum. Calculate the net profit/loss earned during this year.

Sol. Net Profit during the year=Divisible profits + Salary to partners – Interest on Drawings
= 2,50,000+16,000+40,000-4000= `3,02,000

(1)
Q4.
ABC Ltd. purchased for cancellation its own 5,000, 9% Debentures of `100 each for `95 per debenture.
Brokerage charges `15,000 were incurred. Calculate the amount to be transferred to capital reserve.

Amount paid for 5,000 Debentures=4,75,000+15,000= `4,90,000
The nominal value of debentures to be redeemed/cancelled= `5,00,000
Amount of profit on redemption to be transferred to capital reserve= `5,00,000--`4,90,000= `10,000
(1)
Q5. When can shares held by a shareholder be forfeited?

Answer: Shares held by a shareholder can be forfeited for the non-payment of call money due.

(1)
Page 2

PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES

Sol: Combined capital of A and B = `3,85,000+`4,15,000= `8,00,000
C’s share=1/5
th
of total capital
Remaining share= 1-1/5 =4/5
4/5= `8,00,000
C’s capital= `8,00,000x5/4x1/5= `2,00,000

Sol. Net Profit during the year=Divisible profits + Salary to partners – Interest on Drawings
= 2,50,000+16,000+40,000-4000= `3,02,000

Answer: Shares held by a shareholder can be forfeited for the non-payment of call money due.

(1)
Q6. A partnership firm has 50 members. All the partners have agreed to admit Ram and Mohan as new
partners. Can Ram and Mohan be admitted? Give reason in support of your answer.

Answer: No, Ram and Mohan can’t be admitted as partners.
Reason--- As per the Companies Miscellaneous Rules, 2014 the Maximum number of partners in a
partnership firm can be 50.

(1)
Q7. Explain with an imaginary example how issue of debenture as collateral security is shown in the
balance sheet of a company when it is recorded in the books of accounts.

A Ltd. obtained Loan of 1,00,000 from Indian Bank and issued 1200, 10% Debentures of `100 each
as Collateral security. The company recorded the issue of debentures as collateral security by opening
‘Debenture Suspense Account.’ Present the issue of debentures in the Balance Sheet of the company.

Treatment:

An extract of Balance sheet of A Ltd.
as at -----------------------

Particulars Note No.

EQUITY AND LIABILITIES
Non-current liabilities
Long Term Borrowings

1,00,000

Notes to Accounts:

Note
No
Particulars
`
1 Long Term Borrowings
Loan from Indian Bank

1200, 10% Debentures of 100 each issued as Collateral Security
1,20,000
Less: Debenture Suspense Account (1,20,000)

1,00,000

--------------
1,00,000/-

(3)
Q8. Rekha, Sunita and Teena are partners in a firm sharing profits in the ratio of 3:2:1. Samiksha joins the
firm. Rekha surrenders 1/4
th
of her share; Sunita surrenders 1/3
rd
of her share and Teena
surrenders1/5
th
of her share in favour of Samiksha. Find the new Profit sharing ratio.

Rekha surrenders for Samiksha = 1/4 x 3/6 = 3/24
Sunita surrenders for Samiksha = 1/3 x 2/6 = 2/18
Teena surrenders for Samiksha = 1/5 x 1/6 = 1/30
New share of Rekha = 3/6 – 3/24=9/24
New share of Sunita = 2/6-2/18=4/18
New share of Teena = 1/6-1/30=4/30

Share of Samiksha = 3/24+2/18+1/30=97/360

New Ratio :- 9/24:4/18:4/30:97/360
135 : 80 : 48 : 97

(3)
Q9. King Ltd took over assets of 25,00,000 and liabilities of 6,00,000 of Queen Ltd. King Ltd paid the
purchase consideration by issuing 10,000 equity shares of 100each at a premium of 10% and
11,00,000 by a Bank Draft.

Calculate Purchase consideration and pass necessary Journal entries in the books of King Ltd.

Solution:
(3)
Page 3

PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES

Sol: Combined capital of A and B = `3,85,000+`4,15,000= `8,00,000
C’s share=1/5
th
of total capital
Remaining share= 1-1/5 =4/5
4/5= `8,00,000
C’s capital= `8,00,000x5/4x1/5= `2,00,000

Sol. Net Profit during the year=Divisible profits + Salary to partners – Interest on Drawings
= 2,50,000+16,000+40,000-4000= `3,02,000

Answer: Shares held by a shareholder can be forfeited for the non-payment of call money due.

(1)
Q6. A partnership firm has 50 members. All the partners have agreed to admit Ram and Mohan as new
partners. Can Ram and Mohan be admitted? Give reason in support of your answer.

Answer: No, Ram and Mohan can’t be admitted as partners.
Reason--- As per the Companies Miscellaneous Rules, 2014 the Maximum number of partners in a
partnership firm can be 50.

(1)
Q7. Explain with an imaginary example how issue of debenture as collateral security is shown in the
balance sheet of a company when it is recorded in the books of accounts.

Treatment:

An extract of Balance sheet of A Ltd.
as at -----------------------

Particulars Note No.

EQUITY AND LIABILITIES
Non-current liabilities
Long Term Borrowings

1,00,000

Notes to Accounts:

Note
No
Particulars
`
1 Long Term Borrowings
Loan from Indian Bank

1200, 10% Debentures of 100 each issued as Collateral Security
1,20,000
Less: Debenture Suspense Account (1,20,000)

1,00,000

--------------
1,00,000/-

Share of Samiksha = 3/24+2/18+1/30=97/360

New Ratio :- 9/24:4/18:4/30:97/360
135 : 80 : 48 : 97

Calculate Purchase consideration and pass necessary Journal entries in the books of King Ltd.

Solution:
(3)

Calculation of Purchase Consideration:
Nominal Value of Shares issued = 10000 x 100 = 10,00,000
Securities premium Reserve = 1,00,000
Bank draft = 11,00,000
Purchase consideration = 22,00,000

KING LTD.
JOURNAL
S.No. Particulars L.F Debit

Credit
`
i. Sundry Assets A/c-----------------------------------Dr
Goodwill A/c (b/f) --------------------------------- Dr
To Sundry Liabilities A/c
To Queen Ltd.
(Being the purchase of assets and liabilities of
Queen Ltd.)
25,00,000
3,00,000

6,00,000
22,00,000
ii. Queen Ltd. -----------------------------------------Dr
To Equity Share Capital A/c
To Securities Premium Reserve A/c
To Bank A/c
(Being 10,000 Equity shares of ` 100 each issued at
a premium of 10% and 11,00,000/- paid by Bank
draft)
22,00,000
10,00,000
1,00,000
11,00,000

Q10 ABC Ltd was a cloth manufacturing company located in Delhi. Being a socially aware organization
they wanted to set up a manufacturing plant in a backward area of Kashmir to provide employment to
the local people. On July 17, 2014 a flood had hit the entire state of Jammu & Kashmir causing
massive destruction and loss. The company wanted to help the people, so they decided to raise funds
through issue of 50,000 Equity shares of 50 each to set up the plant in the rural area of Kashmir.
Pass necessary Journal entries for the issue of shares and identify any two values that the company
wanted to communicate to the society.

ABC LTD.
JOURNAL
S.No. Particulars L.F Debit

Credit

(i) Bank A/c -------------------------------------------- Dr.
To Equity Share Application & Allotment A/c
(Being the amount of application money received
on 50,000 shares @ Rs.50 per share.)
25,00,000
25,00,000
(ii) Equity Share Application & Allotment A/c ---- Dr.
To Equity Share Capital A/c
(Being the amount transferred to Share Capital A/c)
25,00,000
25,00,000

Values which the Company wants to communicate to the Society:
(i) Discharge of Social Responsibility.
(ii) Generation of employment opportunities.
(iii) Helping the needy people
(iv) Sympathy for poor.

(3)
Q11 A,B,C and D were partners sharing profits in the ratio of 1:2:3:4. D retired and his share was acquired
by A and B equally. Goodwill was valued at 3 years’ purchase of average profit of last 4 years, which
was 40,000. General Reserve showed a balance of 1,30,000 and D’s Capital in the Balance Sheet
was 3,00,000 at the time of D’s retirement.
You are required to record necessary Journal entries in the books of the firm and prepare D’s capital
account on his retirement.

(4)
Page 4

PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES

Sol: Combined capital of A and B = `3,85,000+`4,15,000= `8,00,000
C’s share=1/5
th
of total capital
Remaining share= 1-1/5 =4/5
4/5= `8,00,000
C’s capital= `8,00,000x5/4x1/5= `2,00,000

Sol. Net Profit during the year=Divisible profits + Salary to partners – Interest on Drawings
= 2,50,000+16,000+40,000-4000= `3,02,000

Answer: Shares held by a shareholder can be forfeited for the non-payment of call money due.

(1)
Q6. A partnership firm has 50 members. All the partners have agreed to admit Ram and Mohan as new
partners. Can Ram and Mohan be admitted? Give reason in support of your answer.

Answer: No, Ram and Mohan can’t be admitted as partners.
Reason--- As per the Companies Miscellaneous Rules, 2014 the Maximum number of partners in a
partnership firm can be 50.

(1)
Q7. Explain with an imaginary example how issue of debenture as collateral security is shown in the
balance sheet of a company when it is recorded in the books of accounts.

Treatment:

An extract of Balance sheet of A Ltd.
as at -----------------------

Particulars Note No.

EQUITY AND LIABILITIES
Non-current liabilities
Long Term Borrowings

1,00,000

Notes to Accounts:

Note
No
Particulars
`
1 Long Term Borrowings
Loan from Indian Bank

1200, 10% Debentures of 100 each issued as Collateral Security
1,20,000
Less: Debenture Suspense Account (1,20,000)

1,00,000

--------------
1,00,000/-

Share of Samiksha = 3/24+2/18+1/30=97/360

New Ratio :- 9/24:4/18:4/30:97/360
135 : 80 : 48 : 97

Calculate Purchase consideration and pass necessary Journal entries in the books of King Ltd.

Solution:
(3)

Calculation of Purchase Consideration:
Nominal Value of Shares issued = 10000 x 100 = 10,00,000
Securities premium Reserve = 1,00,000
Bank draft = 11,00,000
Purchase consideration = 22,00,000

KING LTD.
JOURNAL
S.No. Particulars L.F Debit

ABC LTD.
JOURNAL
S.No. Particulars L.F Debit

Credit

(4)
JOURNAL
Date PARTICULARS L.F DEBIT

CREDIT

(i) A’s Capital A/c _________________________Dr.
B’s Capital A/c _________________________ Dr.
To D’s Capital A/c
(Treatment of goodwill on retirement of D)

24,000
24,000

48,000
(ii) General Reserve _________________________ Dr.
To A’s Capital A/c
To B’s Capital A/c
To C’s Capital A/c
To D’s Capital A/c
(General Reserve distributed)
1,30,000
13,000
26,000
39,000
52,000

Dr. D’s Capital Account Cr.
PARTICULARS

PARTICULARS

To D’s Loan A/c 4,00,000 By Balance b/d
By A’s Capital A/c
By B’s Capital A/c
By General Reserve
3,00,000
24,000
24,000
52,000
4,00,000 4,00,000

Page 5

PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES

Sol: Combined capital of A and B = `3,85,000+`4,15,000= `8,00,000
C’s share=1/5
th
of total capital
Remaining share= 1-1/5 =4/5
4/5= `8,00,000
C’s capital= `8,00,000x5/4x1/5= `2,00,000

Sol. Net Profit during the year=Divisible profits + Salary to partners – Interest on Drawings
= 2,50,000+16,000+40,000-4000= `3,02,000

Answer: Shares held by a shareholder can be forfeited for the non-payment of call money due.

(1)
Q6. A partnership firm has 50 members. All the partners have agreed to admit Ram and Mohan as new
partners. Can Ram and Mohan be admitted? Give reason in support of your answer.

Answer: No, Ram and Mohan can’t be admitted as partners.
Reason--- As per the Companies Miscellaneous Rules, 2014 the Maximum number of partners in a
partnership firm can be 50.

(1)
Q7. Explain with an imaginary example how issue of debenture as collateral security is shown in the
balance sheet of a company when it is recorded in the books of accounts.

Treatment:

An extract of Balance sheet of A Ltd.
as at -----------------------

Particulars Note No.

EQUITY AND LIABILITIES
Non-current liabilities
Long Term Borrowings

1,00,000

Notes to Accounts:

Note
No
Particulars
`
1 Long Term Borrowings
Loan from Indian Bank

1200, 10% Debentures of 100 each issued as Collateral Security
1,20,000
Less: Debenture Suspense Account (1,20,000)

1,00,000

--------------
1,00,000/-

Share of Samiksha = 3/24+2/18+1/30=97/360

New Ratio :- 9/24:4/18:4/30:97/360
135 : 80 : 48 : 97

Calculate Purchase consideration and pass necessary Journal entries in the books of King Ltd.

Solution:
(3)

Calculation of Purchase Consideration:
Nominal Value of Shares issued = 10000 x 100 = 10,00,000
Securities premium Reserve = 1,00,000
Bank draft = 11,00,000
Purchase consideration = 22,00,000

KING LTD.
JOURNAL
S.No. Particulars L.F Debit

ABC LTD.
JOURNAL
S.No. Particulars L.F Debit

Credit

(4)
JOURNAL
Date PARTICULARS L.F DEBIT

CREDIT

(i) A’s Capital A/c _________________________Dr.
B’s Capital A/c _________________________ Dr.
To D’s Capital A/c
(Treatment of goodwill on retirement of D)

24,000
24,000

Dr. D’s Capital Account Cr.
PARTICULARS

PARTICULARS

To D’s Loan A/c 4,00,000 By Balance b/d
By A’s Capital A/c
By B’s Capital A/c
By General Reserve
3,00,000
24,000
24,000
52,000
4,00,000 4,00,000

Q12

Kavita, Meenakshi and Gauri are partners doing a paper business in Ludhiana. After the accounts of
partnership have been drawn up and closed, it was discovered that for the years ending 31
st
March
2013 and 2014, interest on capital has been allowed to partners @ 6% p.a. although there is no
provision for interest on capital in the partnership deed. Their fixed capitals were 2,00,000;
1,60,000 and 1,20,000 respectively. During the last two years they had shared the profits as under:
Year Ratio
31 March 2013 3:2:1
31 March 2014 5:3:2

You are required to give necessary adjusting entry on April 1, 2014.

Table Showing Adjustment

Kavita Meenakshi Gauri Total

Interest on Capital (2012-13) Dr.
Interest on Capital (2013-14) Dr.
12,000
12,000
9,600
9,600
7,200
7,200
28,800
28,800

Total Dr. 24,000
19,200
14,400 57,600

Profit to be credited (2012-13) Cr.
Profit to be credited (2013-14) Cr.

14,400
14,400
9,600
8,640
4,800
5,760
28,800
28,800
Total Cr. 28,800 18,240 10,560 57,600
Adjustment 4,800
Cr.
960
Dr.
3,840
Dr.

JOURNAL

DATE PARTICULARS L.F DEBIT

CREDIT

2014
APR 1
Meenakshi’s Current A/c _______________Dr.
Gauri’s Current A/c ___________________Dr.
To Kavita’s Current A/c
(Adjustment for interest on capital for the year
2012-13 and 2013-14)
960
3,840

4,800

(4)
Q13

On 31
st
March 2015 the Balance Sheet of Punit, Rahul and Seema was as follows

Balance Sheet of Punit, Rahul and Seema
as at March 31, 2015
Liabilities

Assets

Capitals:
Punit 60,000
Rahul 50,000
Seema 30,000

Reserves
Creditors

1,40,000

20,000
14,000

Buildings
Machinery
Patents
Stock
Cash
40,000
60,000
12,000
20,000
42,000
1,74,000 1,74,000

They were sharing profit and loss in the ratio 5:3:2.
Seema died on October 1, 2015. It was agreed between her executors and the remaining partners that:
(i) Goodwill be valued at 2 years’ purchase of the average profits of the previous five years,
which were: 2010-11: 30,000; 2011-12: 26,000; 2012-13: 24,000; 2013-14: 30,000
(6)

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