CBSE Accountancy Past year paper Delhi (Set - 3) - 2015, Class 12 | Additional Study Material for Commerce PDF Download

 Page 1


  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3 – 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. 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  
(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  
 
2. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3:2:2. On 23rd 
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.  
 
3. Give the meaning of forfeiture of shares.  
 
4. 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  
Page 2


  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3 – 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. 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  
(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  
 
2. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3:2:2. On 23rd 
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.  
 
3. Give the meaning of forfeiture of shares.  
 
4. 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  
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
 
5. 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  
 
6. 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. 
 
7. Securities premium can also be utilized for three other purposes besides  
(i) 'Issuing fully paid bonus shares' and  
(ii) 'Buy back of shares'. State those purposes. 
 
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. Sun Pharma Ltd. is registered with an authorized capital of 1,00,00,000 divided into 1,00,000 equity 
shares of `100 each. The company issued 50,000 shares at a premium of `40 per shares. A shareholder 
holding 500 shares did not pay the final call of `20 per share. His shares were forfeited. Present the 
'Share Capital' in the Balance Sheet of the Company as per Schedule VI Part I of the Companies Act, 
1956. Also prepare notes to accounts. 
 
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 village 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. Sunny, Honey and Rupesh were partners in a firm. On 31-3-2014 their Balance Sheet was as follows : 
 
Liabilities  
Amount 
` 
Assets 
Amount 
` 
Creditors  10,000 Plant and Machinery 40,000 
General Reserve  30,000 Furniture 15,000 
Capitals   Investment 20,000 
 Sunny 30,000  Debtors 20,000 
 Honey 30,000  Stock 25,000 
 Rupesh 20,000 80,000   
 1,20,000  1,20,000 
Honey dies on 31-12-2014. The partnership deed provides that the representatives of the deceased 
Page 3


  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3 – 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. 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  
(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  
 
2. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3:2:2. On 23rd 
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.  
 
3. Give the meaning of forfeiture of shares.  
 
4. 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  
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
 
5. 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  
 
6. 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. 
 
7. Securities premium can also be utilized for three other purposes besides  
(i) 'Issuing fully paid bonus shares' and  
(ii) 'Buy back of shares'. State those purposes. 
 
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. Sun Pharma Ltd. is registered with an authorized capital of 1,00,00,000 divided into 1,00,000 equity 
shares of `100 each. The company issued 50,000 shares at a premium of `40 per shares. A shareholder 
holding 500 shares did not pay the final call of `20 per share. His shares were forfeited. Present the 
'Share Capital' in the Balance Sheet of the Company as per Schedule VI Part I of the Companies Act, 
1956. Also prepare notes to accounts. 
 
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 village 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. Sunny, Honey and Rupesh were partners in a firm. On 31-3-2014 their Balance Sheet was as follows : 
 
Liabilities  
Amount 
` 
Assets 
Amount 
` 
Creditors  10,000 Plant and Machinery 40,000 
General Reserve  30,000 Furniture 15,000 
Capitals   Investment 20,000 
 Sunny 30,000  Debtors 20,000 
 Honey 30,000  Stock 25,000 
 Rupesh 20,000 80,000   
 1,20,000  1,20,000 
Honey dies on 31-12-2014. The partnership deed provides that the representatives of the deceased 
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
partner shall be entitled to:  
(i) Balance in the capital account of the deceased partner.  
(ii) Interest on capital @ 6% p.a. upto the date of his death.  
(iii) His share in the undistributed profits or losses as per the balance sheet.  
(iv) His share in the profit of the firm till the date of his death, calculated on the basis of rate of net 
profit on sales of the previous year. The rate of net profit on sale of previous year was 20%. 
Sales of the firm during the year till 31-12-2014 was `6,00,000.  
Prepare Honey's Capital Account to be presented to his 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 in profit sharing ratio of 
Kumar, Gupta and Kavita. 
 
13. 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 
left a few amounts unposted in these accounts. You are required to complete these accounts by posting 
the correct amounts. 
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 4


  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3 – 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. 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  
(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  
 
2. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3:2:2. On 23rd 
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.  
 
3. Give the meaning of forfeiture of shares.  
 
4. 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  
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
 
5. 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  
 
6. 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. 
 
7. Securities premium can also be utilized for three other purposes besides  
(i) 'Issuing fully paid bonus shares' and  
(ii) 'Buy back of shares'. State those purposes. 
 
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. Sun Pharma Ltd. is registered with an authorized capital of 1,00,00,000 divided into 1,00,000 equity 
shares of `100 each. The company issued 50,000 shares at a premium of `40 per shares. A shareholder 
holding 500 shares did not pay the final call of `20 per share. His shares were forfeited. Present the 
'Share Capital' in the Balance Sheet of the Company as per Schedule VI Part I of the Companies Act, 
1956. Also prepare notes to accounts. 
 
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 village 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. Sunny, Honey and Rupesh were partners in a firm. On 31-3-2014 their Balance Sheet was as follows : 
 
Liabilities  
Amount 
` 
Assets 
Amount 
` 
Creditors  10,000 Plant and Machinery 40,000 
General Reserve  30,000 Furniture 15,000 
Capitals   Investment 20,000 
 Sunny 30,000  Debtors 20,000 
 Honey 30,000  Stock 25,000 
 Rupesh 20,000 80,000   
 1,20,000  1,20,000 
Honey dies on 31-12-2014. The partnership deed provides that the representatives of the deceased 
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
partner shall be entitled to:  
(i) Balance in the capital account of the deceased partner.  
(ii) Interest on capital @ 6% p.a. upto the date of his death.  
(iii) His share in the undistributed profits or losses as per the balance sheet.  
(iv) His share in the profit of the firm till the date of his death, calculated on the basis of rate of net 
profit on sales of the previous year. The rate of net profit on sale of previous year was 20%. 
Sales of the firm during the year till 31-12-2014 was `6,00,000.  
Prepare Honey's Capital Account to be presented to his 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 in profit sharing ratio of 
Kumar, Gupta and Kavita. 
 
13. 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 
left a few amounts unposted in these accounts. You are required to complete these accounts by posting 
the correct amounts. 
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 3 ? 2015 
 
     
 
 
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 
    
 
 
14. 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 
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.  
 
15. 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 
Page 5


  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3 – 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. 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  
(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  
 
2. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3:2:2. On 23rd 
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.  
 
3. Give the meaning of forfeiture of shares.  
 
4. 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  
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
 
5. 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  
 
6. 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. 
 
7. Securities premium can also be utilized for three other purposes besides  
(i) 'Issuing fully paid bonus shares' and  
(ii) 'Buy back of shares'. State those purposes. 
 
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. Sun Pharma Ltd. is registered with an authorized capital of 1,00,00,000 divided into 1,00,000 equity 
shares of `100 each. The company issued 50,000 shares at a premium of `40 per shares. A shareholder 
holding 500 shares did not pay the final call of `20 per share. His shares were forfeited. Present the 
'Share Capital' in the Balance Sheet of the Company as per Schedule VI Part I of the Companies Act, 
1956. Also prepare notes to accounts. 
 
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 village 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. Sunny, Honey and Rupesh were partners in a firm. On 31-3-2014 their Balance Sheet was as follows : 
 
Liabilities  
Amount 
` 
Assets 
Amount 
` 
Creditors  10,000 Plant and Machinery 40,000 
General Reserve  30,000 Furniture 15,000 
Capitals   Investment 20,000 
 Sunny 30,000  Debtors 20,000 
 Honey 30,000  Stock 25,000 
 Rupesh 20,000 80,000   
 1,20,000  1,20,000 
Honey dies on 31-12-2014. The partnership deed provides that the representatives of the deceased 
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
partner shall be entitled to:  
(i) Balance in the capital account of the deceased partner.  
(ii) Interest on capital @ 6% p.a. upto the date of his death.  
(iii) His share in the undistributed profits or losses as per the balance sheet.  
(iv) His share in the profit of the firm till the date of his death, calculated on the basis of rate of net 
profit on sales of the previous year. The rate of net profit on sale of previous year was 20%. 
Sales of the firm during the year till 31-12-2014 was `6,00,000.  
Prepare Honey's Capital Account to be presented to his 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 in profit sharing ratio of 
Kumar, Gupta and Kavita. 
 
13. 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 
left a few amounts unposted in these accounts. You are required to complete these accounts by posting 
the correct amounts. 
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 3 ? 2015 
 
     
 
 
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 
    
 
 
14. 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 
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.  
 
15. 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 
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2015 
 
     
 
Prepare 9% Debentures Account for the year 2008-09 to 2013-14. 
 
16. 'Wellness Ltd.' invited applications for issuing 40,000 equity shares of `10 each at a discount of 10%. 
The amount was payable as follows :  
On application and allotment - `4 per share  
On first call - `3 per share  
On second and final call - the balance 
Applications for 39,000 shares were received and allotment was made to all the applicants.  
The payment was received as per the following details:  
On 30,000 shares - Full amount 
On 6,000 shares - `7 per share 
On 3,000 shares - `4 per share 
The Directors forfeited those shares on which less than `7 per share were received. The forfeited 
shares were re-issued at `8 per share as fully paid up.  
Pass necessary Journal Entries in the books of the company for the above transactions.  
OR 
'Subham Ltd.' invited applications for issuing 12,000 equity shares of `10 each at a premium of `3 per 
share. The amount was payable as follows:  
On application and allotment - `6 per share (Including Premium)  
On first call - `4 per share  
On second and final call - the balance  
Applications for 18,000 shares were received and pro-rata allotment was made to all the applicants. 
Excess money received with applications was adjusted towards sums due on first call. All calls were 
made and were dully received except the first call and second and final call on 120 shares allotted to 
Vibhu. His shares were forfeited. The forfeited shares were reissued at the maximum permissible 
discount as per the provisions of the Companies Act, 1956.  
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 : 
 
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.  
(c) The market value of investments was `15,000.  
(d) There was a liability of `6,000 for workmen compensation.  
(e) Capital accounts of Charu and Marsha are to be adjusted on the basis of Vaishali's capital by 
opening current accounts.  
Balance Sheet 
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