Page 1
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
CBSE
Class XII Accountancy
Delhi Board Paper Set 2 – 2015
Time: 3 hours Max. Marks: 80
General Instructions:
1) This question paper contains two parts A and B
2) Part A is compulsory for all
3) All parts of a question should be attempted at one place
Section A
(i) This section consists of 17 questions
(ii) All the question are compulsory
(iii) Question Nos. 1 to 6 are very short – answer questions carrying 1 mark each.
(iv) Question Nos. 7 to 10 carry 3 marks each
(v) Question Nos. 11 and 12 carry 4 marks each
(vi) Question Nos. 13 to 15 carry 6 marks each
(vii) Question Nos. 16 and 17 Carry 8 marks each
Section B
(i) This section consists of 6 questions
(ii) All questions are compulsory
(iii) Question Nos.18 and 19 are very short – answer carrying 1 mark each
(iv) Question Nos. 20 to 22 carry 4 marks
(v) Question No.23 carries 6 marks
SECTION A
1. Joy Ltd. issued 1, 00,000 equity shares of `10 each. The amount was payable as follows:
On application - `3 per share
On allotment - `4 per share
On 1
st
and final call - balance
Applications for 95,000 shares were received and shares were allotted to all the applicants. Sonam to
whom 500 shares were allotted failed to pay allotment money and Gautam paid his entire amount due
including the amount due on first and final call on the 750 shares allotted to him along with allotment.
The amount received on allotment was
(a) `3,80,000
(b) `3,78,000
(c) `3,80,250
(d) `4,00,250
2. Give the meaning of forfeiture of shares.
3. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3:2:2. On 23
rd
January, 2015 Verma died. Verma's share of profit till the date of his death was calculated at `2,350.
Pass necessary journal entry for the same in the books of the firm.
4. On the retirement of Hari from the firm of 'Hari, Ram and Sharma' the balance-sheet showed a debit
balance of `12,000 in the profit and loss account. For calculating the amount payable to Hari this
balance will be transferred
(a) to the credit of the capital accounts of Hari, Ram and Sharma equally
(b) to the debit of the capital accounts of Hari, Ram and Sharma equally
Page 2
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
CBSE
Class XII Accountancy
Delhi Board Paper Set 2 – 2015
Time: 3 hours Max. Marks: 80
General Instructions:
1) This question paper contains two parts A and B
2) Part A is compulsory for all
3) All parts of a question should be attempted at one place
Section A
(i) This section consists of 17 questions
(ii) All the question are compulsory
(iii) Question Nos. 1 to 6 are very short – answer questions carrying 1 mark each.
(iv) Question Nos. 7 to 10 carry 3 marks each
(v) Question Nos. 11 and 12 carry 4 marks each
(vi) Question Nos. 13 to 15 carry 6 marks each
(vii) Question Nos. 16 and 17 Carry 8 marks each
Section B
(i) This section consists of 6 questions
(ii) All questions are compulsory
(iii) Question Nos.18 and 19 are very short – answer carrying 1 mark each
(iv) Question Nos. 20 to 22 carry 4 marks
(v) Question No.23 carries 6 marks
SECTION A
1. Joy Ltd. issued 1, 00,000 equity shares of `10 each. The amount was payable as follows:
On application - `3 per share
On allotment - `4 per share
On 1
st
and final call - balance
Applications for 95,000 shares were received and shares were allotted to all the applicants. Sonam to
whom 500 shares were allotted failed to pay allotment money and Gautam paid his entire amount due
including the amount due on first and final call on the 750 shares allotted to him along with allotment.
The amount received on allotment was
(a) `3,80,000
(b) `3,78,000
(c) `3,80,250
(d) `4,00,250
2. Give the meaning of forfeiture of shares.
3. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3:2:2. On 23
rd
January, 2015 Verma died. Verma's share of profit till the date of his death was calculated at `2,350.
Pass necessary journal entry for the same in the books of the firm.
4. On the retirement of Hari from the firm of 'Hari, Ram and Sharma' the balance-sheet showed a debit
balance of `12,000 in the profit and loss account. For calculating the amount payable to Hari this
balance will be transferred
(a) to the credit of the capital accounts of Hari, Ram and Sharma equally
(b) to the debit of the capital accounts of Hari, Ram and Sharma equally
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
(c) to the debit of the capital accounts of Ram and Sharma equally
(d) to the credit of the capital accounts of Ram and Sharma equally
5. A. B, C and D were partners in a firm sharing profits in the ratio of 4: 3: 2: 1. On 1-1-2015 they admitted
E as a new partner for
1
10
share in the profits. E brought `10,000 for his share of goodwill premium
which was correctly recorded in the books by the accountant. The accountant showed goodwill at
`1,00,000 in the books. Was the accountant correct in doing so? Give reason in support of your answer.
6. In the absence of partnership deed the profits of a firm are divided among the partners :
(a) In the ratio of capital
(b) Equally
(c) In the ratio of time devoted for the firm's business
(d) According to the managerial abilities of the partners
7. State any three purposes other than 'issue of bonus shares' for which securities premium can be
utilized.
8. On 1-4-2013 Jay and Vijay, entered into partnership for supplying laboratory equipments to
government schools situated in remote and backward areas. They contributed capitals of `80,000 and
`50,000 respectively and agreed to share the profits in the ratio 3: 2. The partnership deed provided
that interest on capital shall be allowed at 9% per annum. During the year the firm earned a profit of
`7,800. Showing your calculations clearly, prepare ‘Profit and Loss Appropriation Account' of Jay and
Vijay for the year ended 31-3-2014.
9. 'Scooters India Ltd.' is registered with an authorized capital of `50,00,000, divided into 5,00,000 shares
of `10 each. The company issued 1, 00,000 shares for subscriptions to the public at par. The amount
was payable as follows :
On application and allotment - `3 per share
On 1st call - `2 per share
On 2nd and final call - `5 per share
The issue was fully subscribed. All calls were made and were duly received except 2
nd
and final call on
1,000 shares held by Rohan. His shares were forfeited and afterwards re-issued at `8 per share as fully
paid up.
Present 'Share Capital' in the Balance Sheet of the company as per Schedule VI of the Companies Act,
1956. Also prepare Notes to accounts for the same.
10. 'Sangam Woolens Ltd.', Ludhiana are the manufacturers and exporters of woolen garments. The
company decided to distribute free of cost woolen garments to 10 villages of Lahaul and Spiti District of
Himachal Pradesh. The company also decided to employ 50 young persons from these villages in its
newly established factory. The company issued 40,000 equity shares of `10 each and 1,000 9%
debentures of `100 each to the vendors for the purchase of machinery of `5,00,000. Pass necessary
Journal Entries. Also identify any one value that the company wants to communicate to the society.
11. Vikas, Gagan and Momita were partners in a firm sharing profits in the ratio of 2: 2: 1. The firm closes
its books on 31
st
March every year. On 30
th
September, 2014 Momita died. According to the provisions
of partnership deed the legal representatives of a deceased partner are entitled for the following in the
event of his/her death:
(i) Capital as per the last Balance Sheet.
(ii) Interest on capital at 6% p.a. till the date of her death.
(iii) Her share of profit to the date of death calculated on the basis of average profits of last four
years.
Page 3
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
CBSE
Class XII Accountancy
Delhi Board Paper Set 2 – 2015
Time: 3 hours Max. Marks: 80
General Instructions:
1) This question paper contains two parts A and B
2) Part A is compulsory for all
3) All parts of a question should be attempted at one place
Section A
(i) This section consists of 17 questions
(ii) All the question are compulsory
(iii) Question Nos. 1 to 6 are very short – answer questions carrying 1 mark each.
(iv) Question Nos. 7 to 10 carry 3 marks each
(v) Question Nos. 11 and 12 carry 4 marks each
(vi) Question Nos. 13 to 15 carry 6 marks each
(vii) Question Nos. 16 and 17 Carry 8 marks each
Section B
(i) This section consists of 6 questions
(ii) All questions are compulsory
(iii) Question Nos.18 and 19 are very short – answer carrying 1 mark each
(iv) Question Nos. 20 to 22 carry 4 marks
(v) Question No.23 carries 6 marks
SECTION A
1. Joy Ltd. issued 1, 00,000 equity shares of `10 each. The amount was payable as follows:
On application - `3 per share
On allotment - `4 per share
On 1
st
and final call - balance
Applications for 95,000 shares were received and shares were allotted to all the applicants. Sonam to
whom 500 shares were allotted failed to pay allotment money and Gautam paid his entire amount due
including the amount due on first and final call on the 750 shares allotted to him along with allotment.
The amount received on allotment was
(a) `3,80,000
(b) `3,78,000
(c) `3,80,250
(d) `4,00,250
2. Give the meaning of forfeiture of shares.
3. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3:2:2. On 23
rd
January, 2015 Verma died. Verma's share of profit till the date of his death was calculated at `2,350.
Pass necessary journal entry for the same in the books of the firm.
4. On the retirement of Hari from the firm of 'Hari, Ram and Sharma' the balance-sheet showed a debit
balance of `12,000 in the profit and loss account. For calculating the amount payable to Hari this
balance will be transferred
(a) to the credit of the capital accounts of Hari, Ram and Sharma equally
(b) to the debit of the capital accounts of Hari, Ram and Sharma equally
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
(c) to the debit of the capital accounts of Ram and Sharma equally
(d) to the credit of the capital accounts of Ram and Sharma equally
5. A. B, C and D were partners in a firm sharing profits in the ratio of 4: 3: 2: 1. On 1-1-2015 they admitted
E as a new partner for
1
10
share in the profits. E brought `10,000 for his share of goodwill premium
which was correctly recorded in the books by the accountant. The accountant showed goodwill at
`1,00,000 in the books. Was the accountant correct in doing so? Give reason in support of your answer.
6. In the absence of partnership deed the profits of a firm are divided among the partners :
(a) In the ratio of capital
(b) Equally
(c) In the ratio of time devoted for the firm's business
(d) According to the managerial abilities of the partners
7. State any three purposes other than 'issue of bonus shares' for which securities premium can be
utilized.
8. On 1-4-2013 Jay and Vijay, entered into partnership for supplying laboratory equipments to
government schools situated in remote and backward areas. They contributed capitals of `80,000 and
`50,000 respectively and agreed to share the profits in the ratio 3: 2. The partnership deed provided
that interest on capital shall be allowed at 9% per annum. During the year the firm earned a profit of
`7,800. Showing your calculations clearly, prepare ‘Profit and Loss Appropriation Account' of Jay and
Vijay for the year ended 31-3-2014.
9. 'Scooters India Ltd.' is registered with an authorized capital of `50,00,000, divided into 5,00,000 shares
of `10 each. The company issued 1, 00,000 shares for subscriptions to the public at par. The amount
was payable as follows :
On application and allotment - `3 per share
On 1st call - `2 per share
On 2nd and final call - `5 per share
The issue was fully subscribed. All calls were made and were duly received except 2
nd
and final call on
1,000 shares held by Rohan. His shares were forfeited and afterwards re-issued at `8 per share as fully
paid up.
Present 'Share Capital' in the Balance Sheet of the company as per Schedule VI of the Companies Act,
1956. Also prepare Notes to accounts for the same.
10. 'Sangam Woolens Ltd.', Ludhiana are the manufacturers and exporters of woolen garments. The
company decided to distribute free of cost woolen garments to 10 villages of Lahaul and Spiti District of
Himachal Pradesh. The company also decided to employ 50 young persons from these villages in its
newly established factory. The company issued 40,000 equity shares of `10 each and 1,000 9%
debentures of `100 each to the vendors for the purchase of machinery of `5,00,000. Pass necessary
Journal Entries. Also identify any one value that the company wants to communicate to the society.
11. Vikas, Gagan and Momita were partners in a firm sharing profits in the ratio of 2: 2: 1. The firm closes
its books on 31
st
March every year. On 30
th
September, 2014 Momita died. According to the provisions
of partnership deed the legal representatives of a deceased partner are entitled for the following in the
event of his/her death:
(i) Capital as per the last Balance Sheet.
(ii) Interest on capital at 6% p.a. till the date of her death.
(iii) Her share of profit to the date of death calculated on the basis of average profits of last four
years.
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
(iv) Her share of goodwill to be determined on the basis of three years purchase of the average
profits of last four years. The profits of last four years were:
Years Profit (`)
2010 – 2011 30,000
2011 – 2012 50,000
2012 – 2013 40,000
2013 – 2014 60,000
The balance in Momita's capital account on 31-3-2014 was `60,000 and she had withdrawn `10,000 till
the date of her death. Interest on her drawings were `300. Prepare Momita's Capital Account to be
presented to her executors.
12. Kumar, Gupta and Kavita were partners in a firm sharing profits and losses equally. The firm was
engaged in the storage and distribution of canned juice and its godowns were located at three different
places in the city. Each godown was being managed individually by Kumar, Gupta and Kavita. Because
of increase in business activities at the godown managed by Gupta, he had devote more time. Gupta
demanded that his share in the profits of the firm be increased, to which Kumar and Kavita agreed. The
new profit sharing ratio was agreed to be 1:2:1. For this purpose the goodwill of the firm was valued at
two years purchase of the average profits of last five years. The profits of the last five years were as
follows :
Years Profit (`)
I 4,00,000
II 4,80,000
III 7,33,000
IV (Loss) 33,000
V 2,20,000
You are required to:
(i) Calculate the goodwill of the firm.
(ii) Pass necessary Journal Entry for the treatment of goodwill on change profit sharing ratio of Kumar,
Gupta and Kavita.
13. Bharat Ltd. had an authorized capital of `20,00,000 divided into 2,00,000 equity shares of `10 each.
The company issued 1,00,000 shares and the dividend paid per share was `2 for the year ended 31-3-
2008. The management of the company decided to export its products to the neighbouring countries
Nepal, Bhutan, Sri Lanka and Bangladesh. To meet the requirement of additional funds the financial
manager of the company put up the following three alternatives before its Board of Directors :
(i) Issue 54,000 equity shares.
(ii) Obtain a loan from Import and Export Bank of India. The loan was available at 12% per annum
interest.
(iii) To issue 9% Debentures at a discount of 10%.
After comparing the available alternatives the company decided on 1-4-2008 to issue 6,000 9%
debentures of `100 each at a discount of 10%. These debentures were redeemable in four installments
starting from the end of third year. The amount of debentures to be redeemed at the end of third,
fourth, fifth and sixth year was as follows:
Years Profit (`)
III 1,00,000
IV 1,00,000
V 2,00,000
VI 2,00,000
Prepare 9% Debentures Account for the year 2008-09 to 2013-14
14. Bora, Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5:3:1. On 2-3-2015 their
firm was dissolved. The assets were realized and the liabilities were paid off. Given below are the
Realisation Account, Partners' Capital Account and Bank Account of the firm. The accountant of the firm
Page 4
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
CBSE
Class XII Accountancy
Delhi Board Paper Set 2 – 2015
Time: 3 hours Max. Marks: 80
General Instructions:
1) This question paper contains two parts A and B
2) Part A is compulsory for all
3) All parts of a question should be attempted at one place
Section A
(i) This section consists of 17 questions
(ii) All the question are compulsory
(iii) Question Nos. 1 to 6 are very short – answer questions carrying 1 mark each.
(iv) Question Nos. 7 to 10 carry 3 marks each
(v) Question Nos. 11 and 12 carry 4 marks each
(vi) Question Nos. 13 to 15 carry 6 marks each
(vii) Question Nos. 16 and 17 Carry 8 marks each
Section B
(i) This section consists of 6 questions
(ii) All questions are compulsory
(iii) Question Nos.18 and 19 are very short – answer carrying 1 mark each
(iv) Question Nos. 20 to 22 carry 4 marks
(v) Question No.23 carries 6 marks
SECTION A
1. Joy Ltd. issued 1, 00,000 equity shares of `10 each. The amount was payable as follows:
On application - `3 per share
On allotment - `4 per share
On 1
st
and final call - balance
Applications for 95,000 shares were received and shares were allotted to all the applicants. Sonam to
whom 500 shares were allotted failed to pay allotment money and Gautam paid his entire amount due
including the amount due on first and final call on the 750 shares allotted to him along with allotment.
The amount received on allotment was
(a) `3,80,000
(b) `3,78,000
(c) `3,80,250
(d) `4,00,250
2. Give the meaning of forfeiture of shares.
3. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3:2:2. On 23
rd
January, 2015 Verma died. Verma's share of profit till the date of his death was calculated at `2,350.
Pass necessary journal entry for the same in the books of the firm.
4. On the retirement of Hari from the firm of 'Hari, Ram and Sharma' the balance-sheet showed a debit
balance of `12,000 in the profit and loss account. For calculating the amount payable to Hari this
balance will be transferred
(a) to the credit of the capital accounts of Hari, Ram and Sharma equally
(b) to the debit of the capital accounts of Hari, Ram and Sharma equally
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
(c) to the debit of the capital accounts of Ram and Sharma equally
(d) to the credit of the capital accounts of Ram and Sharma equally
5. A. B, C and D were partners in a firm sharing profits in the ratio of 4: 3: 2: 1. On 1-1-2015 they admitted
E as a new partner for
1
10
share in the profits. E brought `10,000 for his share of goodwill premium
which was correctly recorded in the books by the accountant. The accountant showed goodwill at
`1,00,000 in the books. Was the accountant correct in doing so? Give reason in support of your answer.
6. In the absence of partnership deed the profits of a firm are divided among the partners :
(a) In the ratio of capital
(b) Equally
(c) In the ratio of time devoted for the firm's business
(d) According to the managerial abilities of the partners
7. State any three purposes other than 'issue of bonus shares' for which securities premium can be
utilized.
8. On 1-4-2013 Jay and Vijay, entered into partnership for supplying laboratory equipments to
government schools situated in remote and backward areas. They contributed capitals of `80,000 and
`50,000 respectively and agreed to share the profits in the ratio 3: 2. The partnership deed provided
that interest on capital shall be allowed at 9% per annum. During the year the firm earned a profit of
`7,800. Showing your calculations clearly, prepare ‘Profit and Loss Appropriation Account' of Jay and
Vijay for the year ended 31-3-2014.
9. 'Scooters India Ltd.' is registered with an authorized capital of `50,00,000, divided into 5,00,000 shares
of `10 each. The company issued 1, 00,000 shares for subscriptions to the public at par. The amount
was payable as follows :
On application and allotment - `3 per share
On 1st call - `2 per share
On 2nd and final call - `5 per share
The issue was fully subscribed. All calls were made and were duly received except 2
nd
and final call on
1,000 shares held by Rohan. His shares were forfeited and afterwards re-issued at `8 per share as fully
paid up.
Present 'Share Capital' in the Balance Sheet of the company as per Schedule VI of the Companies Act,
1956. Also prepare Notes to accounts for the same.
10. 'Sangam Woolens Ltd.', Ludhiana are the manufacturers and exporters of woolen garments. The
company decided to distribute free of cost woolen garments to 10 villages of Lahaul and Spiti District of
Himachal Pradesh. The company also decided to employ 50 young persons from these villages in its
newly established factory. The company issued 40,000 equity shares of `10 each and 1,000 9%
debentures of `100 each to the vendors for the purchase of machinery of `5,00,000. Pass necessary
Journal Entries. Also identify any one value that the company wants to communicate to the society.
11. Vikas, Gagan and Momita were partners in a firm sharing profits in the ratio of 2: 2: 1. The firm closes
its books on 31
st
March every year. On 30
th
September, 2014 Momita died. According to the provisions
of partnership deed the legal representatives of a deceased partner are entitled for the following in the
event of his/her death:
(i) Capital as per the last Balance Sheet.
(ii) Interest on capital at 6% p.a. till the date of her death.
(iii) Her share of profit to the date of death calculated on the basis of average profits of last four
years.
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
(iv) Her share of goodwill to be determined on the basis of three years purchase of the average
profits of last four years. The profits of last four years were:
Years Profit (`)
2010 – 2011 30,000
2011 – 2012 50,000
2012 – 2013 40,000
2013 – 2014 60,000
The balance in Momita's capital account on 31-3-2014 was `60,000 and she had withdrawn `10,000 till
the date of her death. Interest on her drawings were `300. Prepare Momita's Capital Account to be
presented to her executors.
12. Kumar, Gupta and Kavita were partners in a firm sharing profits and losses equally. The firm was
engaged in the storage and distribution of canned juice and its godowns were located at three different
places in the city. Each godown was being managed individually by Kumar, Gupta and Kavita. Because
of increase in business activities at the godown managed by Gupta, he had devote more time. Gupta
demanded that his share in the profits of the firm be increased, to which Kumar and Kavita agreed. The
new profit sharing ratio was agreed to be 1:2:1. For this purpose the goodwill of the firm was valued at
two years purchase of the average profits of last five years. The profits of the last five years were as
follows :
Years Profit (`)
I 4,00,000
II 4,80,000
III 7,33,000
IV (Loss) 33,000
V 2,20,000
You are required to:
(i) Calculate the goodwill of the firm.
(ii) Pass necessary Journal Entry for the treatment of goodwill on change profit sharing ratio of Kumar,
Gupta and Kavita.
13. Bharat Ltd. had an authorized capital of `20,00,000 divided into 2,00,000 equity shares of `10 each.
The company issued 1,00,000 shares and the dividend paid per share was `2 for the year ended 31-3-
2008. The management of the company decided to export its products to the neighbouring countries
Nepal, Bhutan, Sri Lanka and Bangladesh. To meet the requirement of additional funds the financial
manager of the company put up the following three alternatives before its Board of Directors :
(i) Issue 54,000 equity shares.
(ii) Obtain a loan from Import and Export Bank of India. The loan was available at 12% per annum
interest.
(iii) To issue 9% Debentures at a discount of 10%.
After comparing the available alternatives the company decided on 1-4-2008 to issue 6,000 9%
debentures of `100 each at a discount of 10%. These debentures were redeemable in four installments
starting from the end of third year. The amount of debentures to be redeemed at the end of third,
fourth, fifth and sixth year was as follows:
Years Profit (`)
III 1,00,000
IV 1,00,000
V 2,00,000
VI 2,00,000
Prepare 9% Debentures Account for the year 2008-09 to 2013-14
14. Bora, Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5:3:1. On 2-3-2015 their
firm was dissolved. The assets were realized and the liabilities were paid off. Given below are the
Realisation Account, Partners' Capital Account and Bank Account of the firm. The accountant of the firm
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
left a few amounts unposted in these accounts. You are required to complete these accounts by posting
the correct amounts.
Capital Account
Dr. Cr.
Particulars
Bora
`
Singh
`
Ibrahim
`
Particulars
Bora
`
Singh
`
Ibrahim
`
- - - - By Balance b/d 22,000 18,000 10,000
- - - - By General Reserve 2,500 1,500 500
24,500 19,500 10,500 24,500 19,500 10,500
Bank Account
Dr. Cr.
Particular
Amount
`
Particular
Amount
`
To Balance b/d 19,500 By Realisation (liabilities) 34,400
To Realisation 55,200 By Realisation (Unrecorded
liabilities)
400
___________________ ________ By ________________________
By _______________________
80,920 80,920
15. On 1-4-2010 Sahil and Charu entered into partnership for sharing profits in the ratio of 4:3. They
admitted Tanu as a new partner on 1-4-2012 for
1
5
th share which she acquired equally from Sahil and
Charu. Sahil, Charu and Tanu earned profits at a higher rate than the normal rate of return for the year
Realisation Account
Dr. Cr.
Particular
Amount
`
Particular
Amount
`
To Stock 10,000 By Provision of bad debts 5,000
To Debtors 25,000 By Sundry Creditors 16,600
To Plant and Machinery 40,000 By Bills Payables 3,400
To Bank By Mortgage Loan 15,000
Sundry Creditors 16,000 By Bank – Assets realized
Bills Payable 3,400 Stock 6,700
Mortgage Loan 15,000 34,400 Debtors 12,500
Plant & Machinery 36,000 55,200
To Bank (Outstanding repairs) 400 By Bank – unrecorded
assets realized
6,220
To Bank (Exp.) 620 By ______________________ ________
1,10,420 1,10,420
Page 5
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
CBSE
Class XII Accountancy
Delhi Board Paper Set 2 – 2015
Time: 3 hours Max. Marks: 80
General Instructions:
1) This question paper contains two parts A and B
2) Part A is compulsory for all
3) All parts of a question should be attempted at one place
Section A
(i) This section consists of 17 questions
(ii) All the question are compulsory
(iii) Question Nos. 1 to 6 are very short – answer questions carrying 1 mark each.
(iv) Question Nos. 7 to 10 carry 3 marks each
(v) Question Nos. 11 and 12 carry 4 marks each
(vi) Question Nos. 13 to 15 carry 6 marks each
(vii) Question Nos. 16 and 17 Carry 8 marks each
Section B
(i) This section consists of 6 questions
(ii) All questions are compulsory
(iii) Question Nos.18 and 19 are very short – answer carrying 1 mark each
(iv) Question Nos. 20 to 22 carry 4 marks
(v) Question No.23 carries 6 marks
SECTION A
1. Joy Ltd. issued 1, 00,000 equity shares of `10 each. The amount was payable as follows:
On application - `3 per share
On allotment - `4 per share
On 1
st
and final call - balance
Applications for 95,000 shares were received and shares were allotted to all the applicants. Sonam to
whom 500 shares were allotted failed to pay allotment money and Gautam paid his entire amount due
including the amount due on first and final call on the 750 shares allotted to him along with allotment.
The amount received on allotment was
(a) `3,80,000
(b) `3,78,000
(c) `3,80,250
(d) `4,00,250
2. Give the meaning of forfeiture of shares.
3. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3:2:2. On 23
rd
January, 2015 Verma died. Verma's share of profit till the date of his death was calculated at `2,350.
Pass necessary journal entry for the same in the books of the firm.
4. On the retirement of Hari from the firm of 'Hari, Ram and Sharma' the balance-sheet showed a debit
balance of `12,000 in the profit and loss account. For calculating the amount payable to Hari this
balance will be transferred
(a) to the credit of the capital accounts of Hari, Ram and Sharma equally
(b) to the debit of the capital accounts of Hari, Ram and Sharma equally
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
(c) to the debit of the capital accounts of Ram and Sharma equally
(d) to the credit of the capital accounts of Ram and Sharma equally
5. A. B, C and D were partners in a firm sharing profits in the ratio of 4: 3: 2: 1. On 1-1-2015 they admitted
E as a new partner for
1
10
share in the profits. E brought `10,000 for his share of goodwill premium
which was correctly recorded in the books by the accountant. The accountant showed goodwill at
`1,00,000 in the books. Was the accountant correct in doing so? Give reason in support of your answer.
6. In the absence of partnership deed the profits of a firm are divided among the partners :
(a) In the ratio of capital
(b) Equally
(c) In the ratio of time devoted for the firm's business
(d) According to the managerial abilities of the partners
7. State any three purposes other than 'issue of bonus shares' for which securities premium can be
utilized.
8. On 1-4-2013 Jay and Vijay, entered into partnership for supplying laboratory equipments to
government schools situated in remote and backward areas. They contributed capitals of `80,000 and
`50,000 respectively and agreed to share the profits in the ratio 3: 2. The partnership deed provided
that interest on capital shall be allowed at 9% per annum. During the year the firm earned a profit of
`7,800. Showing your calculations clearly, prepare ‘Profit and Loss Appropriation Account' of Jay and
Vijay for the year ended 31-3-2014.
9. 'Scooters India Ltd.' is registered with an authorized capital of `50,00,000, divided into 5,00,000 shares
of `10 each. The company issued 1, 00,000 shares for subscriptions to the public at par. The amount
was payable as follows :
On application and allotment - `3 per share
On 1st call - `2 per share
On 2nd and final call - `5 per share
The issue was fully subscribed. All calls were made and were duly received except 2
nd
and final call on
1,000 shares held by Rohan. His shares were forfeited and afterwards re-issued at `8 per share as fully
paid up.
Present 'Share Capital' in the Balance Sheet of the company as per Schedule VI of the Companies Act,
1956. Also prepare Notes to accounts for the same.
10. 'Sangam Woolens Ltd.', Ludhiana are the manufacturers and exporters of woolen garments. The
company decided to distribute free of cost woolen garments to 10 villages of Lahaul and Spiti District of
Himachal Pradesh. The company also decided to employ 50 young persons from these villages in its
newly established factory. The company issued 40,000 equity shares of `10 each and 1,000 9%
debentures of `100 each to the vendors for the purchase of machinery of `5,00,000. Pass necessary
Journal Entries. Also identify any one value that the company wants to communicate to the society.
11. Vikas, Gagan and Momita were partners in a firm sharing profits in the ratio of 2: 2: 1. The firm closes
its books on 31
st
March every year. On 30
th
September, 2014 Momita died. According to the provisions
of partnership deed the legal representatives of a deceased partner are entitled for the following in the
event of his/her death:
(i) Capital as per the last Balance Sheet.
(ii) Interest on capital at 6% p.a. till the date of her death.
(iii) Her share of profit to the date of death calculated on the basis of average profits of last four
years.
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
(iv) Her share of goodwill to be determined on the basis of three years purchase of the average
profits of last four years. The profits of last four years were:
Years Profit (`)
2010 – 2011 30,000
2011 – 2012 50,000
2012 – 2013 40,000
2013 – 2014 60,000
The balance in Momita's capital account on 31-3-2014 was `60,000 and she had withdrawn `10,000 till
the date of her death. Interest on her drawings were `300. Prepare Momita's Capital Account to be
presented to her executors.
12. Kumar, Gupta and Kavita were partners in a firm sharing profits and losses equally. The firm was
engaged in the storage and distribution of canned juice and its godowns were located at three different
places in the city. Each godown was being managed individually by Kumar, Gupta and Kavita. Because
of increase in business activities at the godown managed by Gupta, he had devote more time. Gupta
demanded that his share in the profits of the firm be increased, to which Kumar and Kavita agreed. The
new profit sharing ratio was agreed to be 1:2:1. For this purpose the goodwill of the firm was valued at
two years purchase of the average profits of last five years. The profits of the last five years were as
follows :
Years Profit (`)
I 4,00,000
II 4,80,000
III 7,33,000
IV (Loss) 33,000
V 2,20,000
You are required to:
(i) Calculate the goodwill of the firm.
(ii) Pass necessary Journal Entry for the treatment of goodwill on change profit sharing ratio of Kumar,
Gupta and Kavita.
13. Bharat Ltd. had an authorized capital of `20,00,000 divided into 2,00,000 equity shares of `10 each.
The company issued 1,00,000 shares and the dividend paid per share was `2 for the year ended 31-3-
2008. The management of the company decided to export its products to the neighbouring countries
Nepal, Bhutan, Sri Lanka and Bangladesh. To meet the requirement of additional funds the financial
manager of the company put up the following three alternatives before its Board of Directors :
(i) Issue 54,000 equity shares.
(ii) Obtain a loan from Import and Export Bank of India. The loan was available at 12% per annum
interest.
(iii) To issue 9% Debentures at a discount of 10%.
After comparing the available alternatives the company decided on 1-4-2008 to issue 6,000 9%
debentures of `100 each at a discount of 10%. These debentures were redeemable in four installments
starting from the end of third year. The amount of debentures to be redeemed at the end of third,
fourth, fifth and sixth year was as follows:
Years Profit (`)
III 1,00,000
IV 1,00,000
V 2,00,000
VI 2,00,000
Prepare 9% Debentures Account for the year 2008-09 to 2013-14
14. Bora, Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5:3:1. On 2-3-2015 their
firm was dissolved. The assets were realized and the liabilities were paid off. Given below are the
Realisation Account, Partners' Capital Account and Bank Account of the firm. The accountant of the firm
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
left a few amounts unposted in these accounts. You are required to complete these accounts by posting
the correct amounts.
Capital Account
Dr. Cr.
Particulars
Bora
`
Singh
`
Ibrahim
`
Particulars
Bora
`
Singh
`
Ibrahim
`
- - - - By Balance b/d 22,000 18,000 10,000
- - - - By General Reserve 2,500 1,500 500
24,500 19,500 10,500 24,500 19,500 10,500
Bank Account
Dr. Cr.
Particular
Amount
`
Particular
Amount
`
To Balance b/d 19,500 By Realisation (liabilities) 34,400
To Realisation 55,200 By Realisation (Unrecorded
liabilities)
400
___________________ ________ By ________________________
By _______________________
80,920 80,920
15. On 1-4-2010 Sahil and Charu entered into partnership for sharing profits in the ratio of 4:3. They
admitted Tanu as a new partner on 1-4-2012 for
1
5
th share which she acquired equally from Sahil and
Charu. Sahil, Charu and Tanu earned profits at a higher rate than the normal rate of return for the year
Realisation Account
Dr. Cr.
Particular
Amount
`
Particular
Amount
`
To Stock 10,000 By Provision of bad debts 5,000
To Debtors 25,000 By Sundry Creditors 16,600
To Plant and Machinery 40,000 By Bills Payables 3,400
To Bank By Mortgage Loan 15,000
Sundry Creditors 16,000 By Bank – Assets realized
Bills Payable 3,400 Stock 6,700
Mortgage Loan 15,000 34,400 Debtors 12,500
Plant & Machinery 36,000 55,200
To Bank (Outstanding repairs) 400 By Bank – unrecorded
assets realized
6,220
To Bank (Exp.) 620 By ______________________ ________
1,10,420 1,10,420
CBSE XII | Accountancy
Delhi Board Papers Set 2 ? 2015
ended 31-3-2013. Therefore, they decided to expand their business. To meet the requirements of
additional capital they admitted Puneet as a new partner on 1-4-2013 for
1
7
th share in profits which
he acquired from Sahil and Charu in 7:3 ratio.
Calculate:
(i) New profit sharing ratio of Sahil, Charu and Tanu for the year 2012-13.
(ii) New profit sharing ratio of Sahil, Charu, Tanu and Puneet on Puneet's admission.
16. 'Amrit Dhara Ltd.' invited applications for issuing 80,000 equity shares of `10 each. The amount was
payable as follows:
On application and allotment - `2 per share
On first call - `4 per share
On second and final call - the balance
Applications for 1,00,000 shares were received. Shares were allotted on pro-rate basis to all the
applicants. Excess money received with applications was adjusted towards sums due on first call.
Manohar who had applied for 2,000 shares failed to pay the first call and his shares were immediately
forfeited. Afterwards second and final call was made. Mahan who was allotted 2,400 shares failed to
pay the second and final call. His shares were also forfeited. All the forfeited shares were re-issued at `9
per share as fully paid up.
Pass necessary Journal Entries in the books of the company for the above transactions.
OR
'Sulabh Ltd.' invited applications for issuing 1,50,000 equity shares of `10 each at a premium of `3 per
share. The amount was payable as follows:
On application - `2 per share
On allotment - `6 per share (including premium)
On first and final call - the balance
Applications for 2,00,000 shares were received and shares were allotted on pro-rata basis to all the
applicants. Excess money received with applications was adjusted towards sums due on allotment.
Suman who had applied for 2,000 shares failed to pay the allotment and call money. Raman failed to
pay first and final call on his 500 shares. Shares of both Suman and Raman were forfeited after the final
call was made. The forfeited shares were re-issued for `12 per share as fully paid up.
Pass necessary Journal Entries for the above transactions in the books of the company.
17. Charu and Harsha were partners in a firm sharing profits in the ratio of 3:2. On 1-4-2014 their Balance
Sheet was as follows :
Balance Sheet of Charu and Harsha as on 1-4-2014
Liabilities
Amount
`
Assets
Amount
`
Creditors 17,000 Cash 6,000
General Reserve 4,000 Debtors 15,000
Workmen Compensation Fund 9,000 Investments 20,000
Investment Fluctuation Fund 11,000 Plant 14,000
Provision for bad debts 2,000 Land and building 38,000
Capitals
Charu 30,000
Harsha 20,000 50,000
93,000 93,000
On the above date Vaishali was admitted for 1/4
th
share in the profits of the firm on the following
terms:
(a) Vaishali will bring `20,000 for her capital and `4,000 for her share of goodwill premium.
(b) All debtors were considered good.
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