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Std. 12             Max. Marks : 80 
          Time : 3 hrs. 
_______________________________________________________________________________  
 General Instructions : 
 1. This question paper contains two parts A and B. 
 2. Attempt all parts of a question together. 
 3. Neatness is must. 
PART - A  (Partnership and Company Accounts) 
1. Which of the following can be claimed by a partner even if there is no partnership deed? 
 a) Salary     b) Interest on capital 
 c) Commission    d) Profit in equal ratio    (1) 
2. Name the account which is opened to credit the share of profit of the deceased partner till  
 the time of his death to his Capital Account.    
 a) Revaluation Account   b) Realisation Account 
 c) Profit & Loss Suspense Account d) Profit & Loss Appropriation Account  (1) 
3. At the time of retirement of Suman, the Balance Sheet of Suman, Meenakshi and Noya shows 
Workmen’s Compensation Fund of Rs. 60,000.  Their profit sharing ratio is 3 : 2 : 1.   
 How will be Workmen’s Compensation Fund claimed by partners?     (1) 
 a) Rs.60,000 to Suman only.   
 b) Rs.40,000 to Meenakshi and Rs.20,000 to Noya. 
 c) Rs.30,000 to Suman, Rs.20,000 to Meenakshi and Rs. 10,000 to Noya. 
 d) Rs. 30,000 each to Meenakshi and Noya. 
4. Identify the correct statement regarding goodwill:       (1) 
 a) Goodwill is a current asset.   b) Goodwill is a non-current asset. 
 c) Goodwill is an intangible non-current asset.  
 d) Goodwill will be recorded even if it is self generated. 
5. At the time of forfeiture of shares, the share capital account is debited with   
 a) face value of share    b) called up amount of forfeited shares 
 c) paid-up amount of forfeited shares  d) unpaid amount on forfeited shares (1) 
6. Mona, Nisha and Priyanka are partners in a firm.  They contributed Rs.50,000 each as capital  
 three years ago.  At that time Priyanka agreed to look after the business as Mona and Nisha  
 were busy.  The profits for the past three years were Rs.15,000, Rs.25,000 and Rs.50,000 respectively.  
While going through the books of accounts Mona noticed that the profit had  
 been distributed in the ratio of 1:1:2.  When she enquired from Priyanka about this, Priyanka  
 answered that since she looked after the business she should get more profit.  Mona disagreed  
 and it was decided to distribute profit equally retrospectively for the last three years.        (2+1) 
 a) You are required to make necessary corrections in the books of accounts of Mona,  
  Nisha and Priyanka by passing an adjustment entry. 
 b)  Identify the value which was not practiced by Priyanka while distributing profits. 
7. Pass the necessary journal entries for issue of 1,000, 7% Debentures of Rs.100 each in  
 the following cases:                     (3) 
 a) Issued at 5% premium redeemable at a premium of 10%. 
 b) Issued at a discount of 5% redeemable at par. 
8. Taneja Construction Ltd. has an outstanding balance of Rs.5,00,000/-, 7% debentures of  
 Rs.100/- each redeemable at a premium of Rs.10%.  According to the terms of redemption,  
 the company redeemed 30% of the above debentures.  Record the entries for redemption  
 of debentures in the books of Taneja Constructions Ltd.      (3) 
9. Abhay and Beena are partners in a firm.  They admit Chetan as a partner with 1/4
th
 share in  
 the profits of the firm, Chetan brings Rs.2,00,000/- as his share of capital.  The value of the  
 total assets of the firm is Rs.5,40,000 and outside liabilities are valued at Rs.1,00,000 on that  
 date, Give the necessary  entry to record goodwill at the time of Chetan’s admission.   
 Also show your working notes.         (4) 
10. Naresh, David and Aslam are partners sharing profits in the ratio of 5:3:7.  On April 1
st
, 2012,  
Naresh, gave a notice to retire from the firm, David and Aslam decided to share future profits in  
the ratio of 2:3.  The adjusted capital accounts of David and Aslam show a balance of Rs. 33,000/-  
and Rs. 70,500/- respectively.  The total amount to be paid to Naresh is Rs.90,500/-. This  
amount is to be paid by David and Aslam in such a way that their capitals become  
proportionate to their new profit sharing ratio.  Pass necessary journal entries for the above  
transactions in the books of the firm.  Show your working clearly.     (4) 
  ACCOUNTANCY 
Page 2


       
Std. 12             Max. Marks : 80 
          Time : 3 hrs. 
_______________________________________________________________________________  
 General Instructions : 
 1. This question paper contains two parts A and B. 
 2. Attempt all parts of a question together. 
 3. Neatness is must. 
PART - A  (Partnership and Company Accounts) 
1. Which of the following can be claimed by a partner even if there is no partnership deed? 
 a) Salary     b) Interest on capital 
 c) Commission    d) Profit in equal ratio    (1) 
2. Name the account which is opened to credit the share of profit of the deceased partner till  
 the time of his death to his Capital Account.    
 a) Revaluation Account   b) Realisation Account 
 c) Profit & Loss Suspense Account d) Profit & Loss Appropriation Account  (1) 
3. At the time of retirement of Suman, the Balance Sheet of Suman, Meenakshi and Noya shows 
Workmen’s Compensation Fund of Rs. 60,000.  Their profit sharing ratio is 3 : 2 : 1.   
 How will be Workmen’s Compensation Fund claimed by partners?     (1) 
 a) Rs.60,000 to Suman only.   
 b) Rs.40,000 to Meenakshi and Rs.20,000 to Noya. 
 c) Rs.30,000 to Suman, Rs.20,000 to Meenakshi and Rs. 10,000 to Noya. 
 d) Rs. 30,000 each to Meenakshi and Noya. 
4. Identify the correct statement regarding goodwill:       (1) 
 a) Goodwill is a current asset.   b) Goodwill is a non-current asset. 
 c) Goodwill is an intangible non-current asset.  
 d) Goodwill will be recorded even if it is self generated. 
5. At the time of forfeiture of shares, the share capital account is debited with   
 a) face value of share    b) called up amount of forfeited shares 
 c) paid-up amount of forfeited shares  d) unpaid amount on forfeited shares (1) 
6. Mona, Nisha and Priyanka are partners in a firm.  They contributed Rs.50,000 each as capital  
 three years ago.  At that time Priyanka agreed to look after the business as Mona and Nisha  
 were busy.  The profits for the past three years were Rs.15,000, Rs.25,000 and Rs.50,000 respectively.  
While going through the books of accounts Mona noticed that the profit had  
 been distributed in the ratio of 1:1:2.  When she enquired from Priyanka about this, Priyanka  
 answered that since she looked after the business she should get more profit.  Mona disagreed  
 and it was decided to distribute profit equally retrospectively for the last three years.        (2+1) 
 a) You are required to make necessary corrections in the books of accounts of Mona,  
  Nisha and Priyanka by passing an adjustment entry. 
 b)  Identify the value which was not practiced by Priyanka while distributing profits. 
7. Pass the necessary journal entries for issue of 1,000, 7% Debentures of Rs.100 each in  
 the following cases:                     (3) 
 a) Issued at 5% premium redeemable at a premium of 10%. 
 b) Issued at a discount of 5% redeemable at par. 
8. Taneja Construction Ltd. has an outstanding balance of Rs.5,00,000/-, 7% debentures of  
 Rs.100/- each redeemable at a premium of Rs.10%.  According to the terms of redemption,  
 the company redeemed 30% of the above debentures.  Record the entries for redemption  
 of debentures in the books of Taneja Constructions Ltd.      (3) 
9. Abhay and Beena are partners in a firm.  They admit Chetan as a partner with 1/4
th
 share in  
 the profits of the firm, Chetan brings Rs.2,00,000/- as his share of capital.  The value of the  
 total assets of the firm is Rs.5,40,000 and outside liabilities are valued at Rs.1,00,000 on that  
 date, Give the necessary  entry to record goodwill at the time of Chetan’s admission.   
 Also show your working notes.         (4) 
10. Naresh, David and Aslam are partners sharing profits in the ratio of 5:3:7.  On April 1
st
, 2012,  
Naresh, gave a notice to retire from the firm, David and Aslam decided to share future profits in  
the ratio of 2:3.  The adjusted capital accounts of David and Aslam show a balance of Rs. 33,000/-  
and Rs. 70,500/- respectively.  The total amount to be paid to Naresh is Rs.90,500/-. This  
amount is to be paid by David and Aslam in such a way that their capitals become  
proportionate to their new profit sharing ratio.  Pass necessary journal entries for the above  
transactions in the books of the firm.  Show your working clearly.     (4) 
  ACCOUNTANCY 
Accountancy (Set - 1)      - 2 -     Std. 12 
11. The authorized capital of Suhani Ltd. is Rs. 45,00,000/- divided into 30,000 shares of Rs.150/- 
each.  Out of these company issued 15,000 shares of Rs. 150/- each at a premium of Rs.10/- 
per share.  The amount was payable as follows:   
 Rs. 50/- per share on application, Rs. 40/- per share on allotment (including premium), Rs. 30/-  
per share on first call and balance on final call, Public applied for 14,000 shares.  All the money  
was duly received. 
 Prepare an extract of Balance Sheet of Suhani Ltd. as per Revised Schedule-VI, Part-I  
of the Companies Act 1956 disclosing the above information.  Also prepare ‘notes to accounts’  
for the same.            (4) 
12. Ali, Bimal and Deepak are partners in a firm.  On 1
st
 April, 2013 their capital accounts stood at  
 Rs. 4,00,000/-, Rs. 3,00,000/- and Rs. 2,00,000/- respectively.  They shared profit and losses  
in the proportion of 5:3:2, Partners are entitled to interest on capital @10% per annum and  
salary to Bimal and Deepak @ Rs. 2,000/- per month and Rs. 3,000/- per quarter respectively  
as per the provisions of the partnership deed. 
 Bimal’s share of profit (excluding interest on capital but including salary) is guaranteed at a  
 minimum of Rs. 50,000/- p.a. Any deficiency arising on that account shall be met by Deepak.   
The profits of the firm for the year ended 31
st
 March, 2014 amounted to Rs. 2,00,000/-.   
Prepare Profit & Loss Appropriation Account for the year ended on 31
st
 March, 2014.  (6) 
13. Saksham Ltd. purchased a running business from Abir Ltd. which had following assets  
and liabilities:            (6) 
Particulars Amount (Rs.) 
Machinery 
Trade Receivables 
Inventory 
Building 
Trade Payables 
7,00,000.00 
2,50,000.00 
5,00,000.00 
11,50,000.00 
2,50,000.00 
 
 The purchase consideration was settled at Rs. 22,00,000/- which included a payment of  
Rs. 2,00,000/- by draft and remaining by issue of equality shares of Rs. 100/- each.   
Pass journal entries in the books of Saksham Ltd.  If 
a) Equity shares are issued at par. 
b) Equity shares are issued on premium of 25%.  
14. The Balance Sheet of Sudha, Rahim and Kartik who were sharing profit in the ratio of 3:3:4  
as on 31
st
 March, 2014 was as follows:        (6) 
 
 
 
 
 
 
 
 
 
 
 
Sudha died on 30th June, 2014. The partnership deed provided for the following on the  
death of a partner: 
a) Goodwill of the firm be valued at two years purchase of average profits for the  
last three years. 
 b) Sudha’s share of profit or loss till the date of her death was to be calculated on the basis  
of sales.  Sales for the year ended 31
st
 March, 2014 amounted to Rs. 4,00,000/- and  
that from 1
st
 April to 30
th
 June 2014 to Rs. 1,50,000/-.  The profit for the year ended  
31
st
 March, 2014 was Rs.1,00,000/-. 
 c) Interest on capital was to be provided @ 6% p.a. 
 d) The average profits of the last three years were Rs. 42,000/-. 
 e) According to Sudha’s will, the executors should donate her share to  
“Matri Chhaya – an orphanage for girls”. 
Prepare Sudha’s Capital Account to be rendered to her executors.  Also identify the values being  
highlighted in the question. 
15. Vikrant Ltd. issued 40,000 Equity Shares of Rs. 10/- each at a premium of Rs. 2.50 per share.   
The amount was payable as follows:          
  On application  - Rs. 2/- per share 
  On allotment  - Rs. 4.50 per share (including premium) 
  On Call   - Rs. 6/- per share. 
Liabilities Amount (Rs.) Assets Amount (Rs.) 
General Reserve 
Bills Payable 
Loan 
Capitals: 
 Sudha    60,000 
 Rahim    50,000 
 Kartik     40,000 
10,000.00 
5,000.00 
12,000.00 
 
 
 
1,50,000.00 
Cash 
Stock 
Investments 
Land & Building 
Sudha’s Loan 
 
16,000.00 
44,000.00 
47,000.00 
60,000.00 
10,000.00 
 1,77,000.00  1,77,000.00 
Page 3


       
Std. 12             Max. Marks : 80 
          Time : 3 hrs. 
_______________________________________________________________________________  
 General Instructions : 
 1. This question paper contains two parts A and B. 
 2. Attempt all parts of a question together. 
 3. Neatness is must. 
PART - A  (Partnership and Company Accounts) 
1. Which of the following can be claimed by a partner even if there is no partnership deed? 
 a) Salary     b) Interest on capital 
 c) Commission    d) Profit in equal ratio    (1) 
2. Name the account which is opened to credit the share of profit of the deceased partner till  
 the time of his death to his Capital Account.    
 a) Revaluation Account   b) Realisation Account 
 c) Profit & Loss Suspense Account d) Profit & Loss Appropriation Account  (1) 
3. At the time of retirement of Suman, the Balance Sheet of Suman, Meenakshi and Noya shows 
Workmen’s Compensation Fund of Rs. 60,000.  Their profit sharing ratio is 3 : 2 : 1.   
 How will be Workmen’s Compensation Fund claimed by partners?     (1) 
 a) Rs.60,000 to Suman only.   
 b) Rs.40,000 to Meenakshi and Rs.20,000 to Noya. 
 c) Rs.30,000 to Suman, Rs.20,000 to Meenakshi and Rs. 10,000 to Noya. 
 d) Rs. 30,000 each to Meenakshi and Noya. 
4. Identify the correct statement regarding goodwill:       (1) 
 a) Goodwill is a current asset.   b) Goodwill is a non-current asset. 
 c) Goodwill is an intangible non-current asset.  
 d) Goodwill will be recorded even if it is self generated. 
5. At the time of forfeiture of shares, the share capital account is debited with   
 a) face value of share    b) called up amount of forfeited shares 
 c) paid-up amount of forfeited shares  d) unpaid amount on forfeited shares (1) 
6. Mona, Nisha and Priyanka are partners in a firm.  They contributed Rs.50,000 each as capital  
 three years ago.  At that time Priyanka agreed to look after the business as Mona and Nisha  
 were busy.  The profits for the past three years were Rs.15,000, Rs.25,000 and Rs.50,000 respectively.  
While going through the books of accounts Mona noticed that the profit had  
 been distributed in the ratio of 1:1:2.  When she enquired from Priyanka about this, Priyanka  
 answered that since she looked after the business she should get more profit.  Mona disagreed  
 and it was decided to distribute profit equally retrospectively for the last three years.        (2+1) 
 a) You are required to make necessary corrections in the books of accounts of Mona,  
  Nisha and Priyanka by passing an adjustment entry. 
 b)  Identify the value which was not practiced by Priyanka while distributing profits. 
7. Pass the necessary journal entries for issue of 1,000, 7% Debentures of Rs.100 each in  
 the following cases:                     (3) 
 a) Issued at 5% premium redeemable at a premium of 10%. 
 b) Issued at a discount of 5% redeemable at par. 
8. Taneja Construction Ltd. has an outstanding balance of Rs.5,00,000/-, 7% debentures of  
 Rs.100/- each redeemable at a premium of Rs.10%.  According to the terms of redemption,  
 the company redeemed 30% of the above debentures.  Record the entries for redemption  
 of debentures in the books of Taneja Constructions Ltd.      (3) 
9. Abhay and Beena are partners in a firm.  They admit Chetan as a partner with 1/4
th
 share in  
 the profits of the firm, Chetan brings Rs.2,00,000/- as his share of capital.  The value of the  
 total assets of the firm is Rs.5,40,000 and outside liabilities are valued at Rs.1,00,000 on that  
 date, Give the necessary  entry to record goodwill at the time of Chetan’s admission.   
 Also show your working notes.         (4) 
10. Naresh, David and Aslam are partners sharing profits in the ratio of 5:3:7.  On April 1
st
, 2012,  
Naresh, gave a notice to retire from the firm, David and Aslam decided to share future profits in  
the ratio of 2:3.  The adjusted capital accounts of David and Aslam show a balance of Rs. 33,000/-  
and Rs. 70,500/- respectively.  The total amount to be paid to Naresh is Rs.90,500/-. This  
amount is to be paid by David and Aslam in such a way that their capitals become  
proportionate to their new profit sharing ratio.  Pass necessary journal entries for the above  
transactions in the books of the firm.  Show your working clearly.     (4) 
  ACCOUNTANCY 
Accountancy (Set - 1)      - 2 -     Std. 12 
11. The authorized capital of Suhani Ltd. is Rs. 45,00,000/- divided into 30,000 shares of Rs.150/- 
each.  Out of these company issued 15,000 shares of Rs. 150/- each at a premium of Rs.10/- 
per share.  The amount was payable as follows:   
 Rs. 50/- per share on application, Rs. 40/- per share on allotment (including premium), Rs. 30/-  
per share on first call and balance on final call, Public applied for 14,000 shares.  All the money  
was duly received. 
 Prepare an extract of Balance Sheet of Suhani Ltd. as per Revised Schedule-VI, Part-I  
of the Companies Act 1956 disclosing the above information.  Also prepare ‘notes to accounts’  
for the same.            (4) 
12. Ali, Bimal and Deepak are partners in a firm.  On 1
st
 April, 2013 their capital accounts stood at  
 Rs. 4,00,000/-, Rs. 3,00,000/- and Rs. 2,00,000/- respectively.  They shared profit and losses  
in the proportion of 5:3:2, Partners are entitled to interest on capital @10% per annum and  
salary to Bimal and Deepak @ Rs. 2,000/- per month and Rs. 3,000/- per quarter respectively  
as per the provisions of the partnership deed. 
 Bimal’s share of profit (excluding interest on capital but including salary) is guaranteed at a  
 minimum of Rs. 50,000/- p.a. Any deficiency arising on that account shall be met by Deepak.   
The profits of the firm for the year ended 31
st
 March, 2014 amounted to Rs. 2,00,000/-.   
Prepare Profit & Loss Appropriation Account for the year ended on 31
st
 March, 2014.  (6) 
13. Saksham Ltd. purchased a running business from Abir Ltd. which had following assets  
and liabilities:            (6) 
Particulars Amount (Rs.) 
Machinery 
Trade Receivables 
Inventory 
Building 
Trade Payables 
7,00,000.00 
2,50,000.00 
5,00,000.00 
11,50,000.00 
2,50,000.00 
 
 The purchase consideration was settled at Rs. 22,00,000/- which included a payment of  
Rs. 2,00,000/- by draft and remaining by issue of equality shares of Rs. 100/- each.   
Pass journal entries in the books of Saksham Ltd.  If 
a) Equity shares are issued at par. 
b) Equity shares are issued on premium of 25%.  
14. The Balance Sheet of Sudha, Rahim and Kartik who were sharing profit in the ratio of 3:3:4  
as on 31
st
 March, 2014 was as follows:        (6) 
 
 
 
 
 
 
 
 
 
 
 
Sudha died on 30th June, 2014. The partnership deed provided for the following on the  
death of a partner: 
a) Goodwill of the firm be valued at two years purchase of average profits for the  
last three years. 
 b) Sudha’s share of profit or loss till the date of her death was to be calculated on the basis  
of sales.  Sales for the year ended 31
st
 March, 2014 amounted to Rs. 4,00,000/- and  
that from 1
st
 April to 30
th
 June 2014 to Rs. 1,50,000/-.  The profit for the year ended  
31
st
 March, 2014 was Rs.1,00,000/-. 
 c) Interest on capital was to be provided @ 6% p.a. 
 d) The average profits of the last three years were Rs. 42,000/-. 
 e) According to Sudha’s will, the executors should donate her share to  
“Matri Chhaya – an orphanage for girls”. 
Prepare Sudha’s Capital Account to be rendered to her executors.  Also identify the values being  
highlighted in the question. 
15. Vikrant Ltd. issued 40,000 Equity Shares of Rs. 10/- each at a premium of Rs. 2.50 per share.   
The amount was payable as follows:          
  On application  - Rs. 2/- per share 
  On allotment  - Rs. 4.50 per share (including premium) 
  On Call   - Rs. 6/- per share. 
Liabilities Amount (Rs.) Assets Amount (Rs.) 
General Reserve 
Bills Payable 
Loan 
Capitals: 
 Sudha    60,000 
 Rahim    50,000 
 Kartik     40,000 
10,000.00 
5,000.00 
12,000.00 
 
 
 
1,50,000.00 
Cash 
Stock 
Investments 
Land & Building 
Sudha’s Loan 
 
16,000.00 
44,000.00 
47,000.00 
60,000.00 
10,000.00 
 1,77,000.00  1,77,000.00 
Accountancy (Set - 1)      - 3 -     Std. 12 
Owing to heavy subscription, the allotment was made on pro-rata basis as follows: 
a) Applicants for 20,000 shares were allotted 10,000 shares. 
b) Applicants for 56,000 shares were allotted 14,000 shares. 
c) Applicants for 48,000 shares were allotted 16,000 shares. 
It was decided that excess amount received on applications would be utilized on allotment and the 
surplus would be refunded. 
Ram to whom 1,000 shares were allotted, who belong to Category (a) failed to pay allotment money.  
His shares were forfeited after the call. 
Pass the necessary Journal Entries in the books of Vikrant Ltd. for the above transactions. 
     (OR) 
 Dinesh Ltd. invited applications for issuing 10,000 Equity Shares of Rs.10/- each.  The amount  
was payable as follows: 
  On Application Rs. 1/- 
  On Allotment Rs. 2/- 
  On First Call Rs. 3/- 
  On Second and final Call – Balance 
 The issue was fully subscribed.  Ram to whom 100 shares were allotted, failed to pay the  
allotment money and his shares were forfeited immediately after allotment.  Shyam to whom  
150 shares were allotted, failed to pay the first call.  His shares were also forfeited after the  
first call.  Afterwards the second and final call was made.  Mohan to whom 50 shares were  
allotted failed to pay the second and final call.  His shares were also forfeited.  All the forfeited  
shares were re-issued at Rs. 9/- per share fully paid-up.  Pass necessary journal Entries in the  
books of Dinesh Ltd. 
16. Sahaj and Nimish are partners in  firm.  They share profits and losses in the ratio of 2 : 1.   
Since both of them are specially abled, sometimes they find it difficult to run the business on  
their own.  Gauri, a common friend decided to help them.  Therefore, they admitted her into 
partnership for a 1/3
rd
 share.  She brought her share of goodwill in cash and proportionate  
capital.  At the time of Gauri’s admission, the Balance Sheet of Sahaj and Nimish was as under:  (8) 
 
 
 
 
 
 
 
 
 
It was decided to: 
a) Reduce the value of stock by Rs. 5,000/-. 
b) Depreciate furniture by 10% and appreciate machinery by 5%. 
c) Rs. 3,000/- of the debtors proved bad.  A provision of 5% was to be credited  
on Sundry Debtors for doubtful debts. 
 d) Goodwill of the firm was valued at Rs. 45,000/-. 
Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the  
reconstituted firm.  Identify the values being conveyed in the question. 
(OR) 
 Prachi, Ritika and Ishita were partners in  a firm sharing profits and losses in the ratio of  
5 : 3 : 2. Inspite of repeated reminders by the authorities, they kept dumping hazardous  
material into a nearby river.  The court ordered for the dissolution of their partnership firm on  
31
st
 March 2014. Prachi was deputed to realize the assets and pay the liabilities.  She was paid  
Rs. 1,000/- as commission for her services.  The financial position of the firm was as follows: 
 
 
 
 
 
 
 
 
Following was agreed upon : 
 Prachi took over investments for Rs. 12,500/-. Stock and furniture realized Rs. 41,500/-. There  
was old furniture which has been written off completely from the books. Ritika agreed to take  
away the same at the price of Rs. 3,000/-.  Compensation paid to the employees amounted to 
Rs. 8,000/-. This liability was not provided in the above Balance Sheet. Realisation expenses  
amounted to Rs.1,000/-.  Prepare Realisation Account, Partners’ Capital Accounts and Cash  
Account to close the books of the firm. 
 Also identify the values being conveyed in the question. 
Liabilities Amount (Rs.) Assets Amount (Rs.) 
Capital Accounts : 
 Sahaj   1,20,000 
 Nimish    80,000 
General Reserve 
Creditors 
Employees’ Provident Fund 
 
 
2,00,000.00 
30,000.00 
30,000.00 
40,000.00 
Machinery 
Furniture 
Stock 
Sundry Debtors 
Cash 
1,20,000.00 
80,000.00 
50,000.00 
30,000.00 
20,000.00 
 3,00,000.00  3,00,000.00 
Liabilities Amount (Rs.) Assets Amount (Rs.) 
Creditors 
Investment Fluctuation Fund 
Capitals : 
 Prachi   40,000 
 Ritikia   30,000 
 10,000.00 
4,500.00 
 
 
70,000.00 
Furniture 
Stock 
Investments 
Cash 
Ishita’s Capital 
37,000.00 
5,500.00 
15,000.00 
9,000.00 
18,000.00 
 84,500.00  84,500.00 
Page 4


       
Std. 12             Max. Marks : 80 
          Time : 3 hrs. 
_______________________________________________________________________________  
 General Instructions : 
 1. This question paper contains two parts A and B. 
 2. Attempt all parts of a question together. 
 3. Neatness is must. 
PART - A  (Partnership and Company Accounts) 
1. Which of the following can be claimed by a partner even if there is no partnership deed? 
 a) Salary     b) Interest on capital 
 c) Commission    d) Profit in equal ratio    (1) 
2. Name the account which is opened to credit the share of profit of the deceased partner till  
 the time of his death to his Capital Account.    
 a) Revaluation Account   b) Realisation Account 
 c) Profit & Loss Suspense Account d) Profit & Loss Appropriation Account  (1) 
3. At the time of retirement of Suman, the Balance Sheet of Suman, Meenakshi and Noya shows 
Workmen’s Compensation Fund of Rs. 60,000.  Their profit sharing ratio is 3 : 2 : 1.   
 How will be Workmen’s Compensation Fund claimed by partners?     (1) 
 a) Rs.60,000 to Suman only.   
 b) Rs.40,000 to Meenakshi and Rs.20,000 to Noya. 
 c) Rs.30,000 to Suman, Rs.20,000 to Meenakshi and Rs. 10,000 to Noya. 
 d) Rs. 30,000 each to Meenakshi and Noya. 
4. Identify the correct statement regarding goodwill:       (1) 
 a) Goodwill is a current asset.   b) Goodwill is a non-current asset. 
 c) Goodwill is an intangible non-current asset.  
 d) Goodwill will be recorded even if it is self generated. 
5. At the time of forfeiture of shares, the share capital account is debited with   
 a) face value of share    b) called up amount of forfeited shares 
 c) paid-up amount of forfeited shares  d) unpaid amount on forfeited shares (1) 
6. Mona, Nisha and Priyanka are partners in a firm.  They contributed Rs.50,000 each as capital  
 three years ago.  At that time Priyanka agreed to look after the business as Mona and Nisha  
 were busy.  The profits for the past three years were Rs.15,000, Rs.25,000 and Rs.50,000 respectively.  
While going through the books of accounts Mona noticed that the profit had  
 been distributed in the ratio of 1:1:2.  When she enquired from Priyanka about this, Priyanka  
 answered that since she looked after the business she should get more profit.  Mona disagreed  
 and it was decided to distribute profit equally retrospectively for the last three years.        (2+1) 
 a) You are required to make necessary corrections in the books of accounts of Mona,  
  Nisha and Priyanka by passing an adjustment entry. 
 b)  Identify the value which was not practiced by Priyanka while distributing profits. 
7. Pass the necessary journal entries for issue of 1,000, 7% Debentures of Rs.100 each in  
 the following cases:                     (3) 
 a) Issued at 5% premium redeemable at a premium of 10%. 
 b) Issued at a discount of 5% redeemable at par. 
8. Taneja Construction Ltd. has an outstanding balance of Rs.5,00,000/-, 7% debentures of  
 Rs.100/- each redeemable at a premium of Rs.10%.  According to the terms of redemption,  
 the company redeemed 30% of the above debentures.  Record the entries for redemption  
 of debentures in the books of Taneja Constructions Ltd.      (3) 
9. Abhay and Beena are partners in a firm.  They admit Chetan as a partner with 1/4
th
 share in  
 the profits of the firm, Chetan brings Rs.2,00,000/- as his share of capital.  The value of the  
 total assets of the firm is Rs.5,40,000 and outside liabilities are valued at Rs.1,00,000 on that  
 date, Give the necessary  entry to record goodwill at the time of Chetan’s admission.   
 Also show your working notes.         (4) 
10. Naresh, David and Aslam are partners sharing profits in the ratio of 5:3:7.  On April 1
st
, 2012,  
Naresh, gave a notice to retire from the firm, David and Aslam decided to share future profits in  
the ratio of 2:3.  The adjusted capital accounts of David and Aslam show a balance of Rs. 33,000/-  
and Rs. 70,500/- respectively.  The total amount to be paid to Naresh is Rs.90,500/-. This  
amount is to be paid by David and Aslam in such a way that their capitals become  
proportionate to their new profit sharing ratio.  Pass necessary journal entries for the above  
transactions in the books of the firm.  Show your working clearly.     (4) 
  ACCOUNTANCY 
Accountancy (Set - 1)      - 2 -     Std. 12 
11. The authorized capital of Suhani Ltd. is Rs. 45,00,000/- divided into 30,000 shares of Rs.150/- 
each.  Out of these company issued 15,000 shares of Rs. 150/- each at a premium of Rs.10/- 
per share.  The amount was payable as follows:   
 Rs. 50/- per share on application, Rs. 40/- per share on allotment (including premium), Rs. 30/-  
per share on first call and balance on final call, Public applied for 14,000 shares.  All the money  
was duly received. 
 Prepare an extract of Balance Sheet of Suhani Ltd. as per Revised Schedule-VI, Part-I  
of the Companies Act 1956 disclosing the above information.  Also prepare ‘notes to accounts’  
for the same.            (4) 
12. Ali, Bimal and Deepak are partners in a firm.  On 1
st
 April, 2013 their capital accounts stood at  
 Rs. 4,00,000/-, Rs. 3,00,000/- and Rs. 2,00,000/- respectively.  They shared profit and losses  
in the proportion of 5:3:2, Partners are entitled to interest on capital @10% per annum and  
salary to Bimal and Deepak @ Rs. 2,000/- per month and Rs. 3,000/- per quarter respectively  
as per the provisions of the partnership deed. 
 Bimal’s share of profit (excluding interest on capital but including salary) is guaranteed at a  
 minimum of Rs. 50,000/- p.a. Any deficiency arising on that account shall be met by Deepak.   
The profits of the firm for the year ended 31
st
 March, 2014 amounted to Rs. 2,00,000/-.   
Prepare Profit & Loss Appropriation Account for the year ended on 31
st
 March, 2014.  (6) 
13. Saksham Ltd. purchased a running business from Abir Ltd. which had following assets  
and liabilities:            (6) 
Particulars Amount (Rs.) 
Machinery 
Trade Receivables 
Inventory 
Building 
Trade Payables 
7,00,000.00 
2,50,000.00 
5,00,000.00 
11,50,000.00 
2,50,000.00 
 
 The purchase consideration was settled at Rs. 22,00,000/- which included a payment of  
Rs. 2,00,000/- by draft and remaining by issue of equality shares of Rs. 100/- each.   
Pass journal entries in the books of Saksham Ltd.  If 
a) Equity shares are issued at par. 
b) Equity shares are issued on premium of 25%.  
14. The Balance Sheet of Sudha, Rahim and Kartik who were sharing profit in the ratio of 3:3:4  
as on 31
st
 March, 2014 was as follows:        (6) 
 
 
 
 
 
 
 
 
 
 
 
Sudha died on 30th June, 2014. The partnership deed provided for the following on the  
death of a partner: 
a) Goodwill of the firm be valued at two years purchase of average profits for the  
last three years. 
 b) Sudha’s share of profit or loss till the date of her death was to be calculated on the basis  
of sales.  Sales for the year ended 31
st
 March, 2014 amounted to Rs. 4,00,000/- and  
that from 1
st
 April to 30
th
 June 2014 to Rs. 1,50,000/-.  The profit for the year ended  
31
st
 March, 2014 was Rs.1,00,000/-. 
 c) Interest on capital was to be provided @ 6% p.a. 
 d) The average profits of the last three years were Rs. 42,000/-. 
 e) According to Sudha’s will, the executors should donate her share to  
“Matri Chhaya – an orphanage for girls”. 
Prepare Sudha’s Capital Account to be rendered to her executors.  Also identify the values being  
highlighted in the question. 
15. Vikrant Ltd. issued 40,000 Equity Shares of Rs. 10/- each at a premium of Rs. 2.50 per share.   
The amount was payable as follows:          
  On application  - Rs. 2/- per share 
  On allotment  - Rs. 4.50 per share (including premium) 
  On Call   - Rs. 6/- per share. 
Liabilities Amount (Rs.) Assets Amount (Rs.) 
General Reserve 
Bills Payable 
Loan 
Capitals: 
 Sudha    60,000 
 Rahim    50,000 
 Kartik     40,000 
10,000.00 
5,000.00 
12,000.00 
 
 
 
1,50,000.00 
Cash 
Stock 
Investments 
Land & Building 
Sudha’s Loan 
 
16,000.00 
44,000.00 
47,000.00 
60,000.00 
10,000.00 
 1,77,000.00  1,77,000.00 
Accountancy (Set - 1)      - 3 -     Std. 12 
Owing to heavy subscription, the allotment was made on pro-rata basis as follows: 
a) Applicants for 20,000 shares were allotted 10,000 shares. 
b) Applicants for 56,000 shares were allotted 14,000 shares. 
c) Applicants for 48,000 shares were allotted 16,000 shares. 
It was decided that excess amount received on applications would be utilized on allotment and the 
surplus would be refunded. 
Ram to whom 1,000 shares were allotted, who belong to Category (a) failed to pay allotment money.  
His shares were forfeited after the call. 
Pass the necessary Journal Entries in the books of Vikrant Ltd. for the above transactions. 
     (OR) 
 Dinesh Ltd. invited applications for issuing 10,000 Equity Shares of Rs.10/- each.  The amount  
was payable as follows: 
  On Application Rs. 1/- 
  On Allotment Rs. 2/- 
  On First Call Rs. 3/- 
  On Second and final Call – Balance 
 The issue was fully subscribed.  Ram to whom 100 shares were allotted, failed to pay the  
allotment money and his shares were forfeited immediately after allotment.  Shyam to whom  
150 shares were allotted, failed to pay the first call.  His shares were also forfeited after the  
first call.  Afterwards the second and final call was made.  Mohan to whom 50 shares were  
allotted failed to pay the second and final call.  His shares were also forfeited.  All the forfeited  
shares were re-issued at Rs. 9/- per share fully paid-up.  Pass necessary journal Entries in the  
books of Dinesh Ltd. 
16. Sahaj and Nimish are partners in  firm.  They share profits and losses in the ratio of 2 : 1.   
Since both of them are specially abled, sometimes they find it difficult to run the business on  
their own.  Gauri, a common friend decided to help them.  Therefore, they admitted her into 
partnership for a 1/3
rd
 share.  She brought her share of goodwill in cash and proportionate  
capital.  At the time of Gauri’s admission, the Balance Sheet of Sahaj and Nimish was as under:  (8) 
 
 
 
 
 
 
 
 
 
It was decided to: 
a) Reduce the value of stock by Rs. 5,000/-. 
b) Depreciate furniture by 10% and appreciate machinery by 5%. 
c) Rs. 3,000/- of the debtors proved bad.  A provision of 5% was to be credited  
on Sundry Debtors for doubtful debts. 
 d) Goodwill of the firm was valued at Rs. 45,000/-. 
Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the  
reconstituted firm.  Identify the values being conveyed in the question. 
(OR) 
 Prachi, Ritika and Ishita were partners in  a firm sharing profits and losses in the ratio of  
5 : 3 : 2. Inspite of repeated reminders by the authorities, they kept dumping hazardous  
material into a nearby river.  The court ordered for the dissolution of their partnership firm on  
31
st
 March 2014. Prachi was deputed to realize the assets and pay the liabilities.  She was paid  
Rs. 1,000/- as commission for her services.  The financial position of the firm was as follows: 
 
 
 
 
 
 
 
 
Following was agreed upon : 
 Prachi took over investments for Rs. 12,500/-. Stock and furniture realized Rs. 41,500/-. There  
was old furniture which has been written off completely from the books. Ritika agreed to take  
away the same at the price of Rs. 3,000/-.  Compensation paid to the employees amounted to 
Rs. 8,000/-. This liability was not provided in the above Balance Sheet. Realisation expenses  
amounted to Rs.1,000/-.  Prepare Realisation Account, Partners’ Capital Accounts and Cash  
Account to close the books of the firm. 
 Also identify the values being conveyed in the question. 
Liabilities Amount (Rs.) Assets Amount (Rs.) 
Capital Accounts : 
 Sahaj   1,20,000 
 Nimish    80,000 
General Reserve 
Creditors 
Employees’ Provident Fund 
 
 
2,00,000.00 
30,000.00 
30,000.00 
40,000.00 
Machinery 
Furniture 
Stock 
Sundry Debtors 
Cash 
1,20,000.00 
80,000.00 
50,000.00 
30,000.00 
20,000.00 
 3,00,000.00  3,00,000.00 
Liabilities Amount (Rs.) Assets Amount (Rs.) 
Creditors 
Investment Fluctuation Fund 
Capitals : 
 Prachi   40,000 
 Ritikia   30,000 
 10,000.00 
4,500.00 
 
 
70,000.00 
Furniture 
Stock 
Investments 
Cash 
Ishita’s Capital 
37,000.00 
5,500.00 
15,000.00 
9,000.00 
18,000.00 
 84,500.00  84,500.00 
Accountancy (Set - 1)      - 4 -     Std. 12 
PART - B (Analysis of Financial Statements) 
17. A machine costing Rs. 1,00,000/- (accumulated depreciation Rs. 60,000/-) is sold at a profit  
of 20%.  What will be the amount of source of cash?           (1) 
 a) Rs. 1,20,000/-    b) Rs. 72,000/- 
 c) Rs. 40,000/-    d) Rs. 48,000/- 
18 Current Ratio of Abbu Ltd. is 3:1.  Identify the transaction which will not affect the current ratio:   (1) 
 a) Bill receivable is received from a debtor.  
b)   Payment of Rs. 1,00,000/- to a trade payable. 
 c) Sale of machinery Rs. 50,000/-   
d) Purchase of goods on credit  Rs.1,00,000/-. 
19. Under which tool of analysis of financial statements, a base is taken as 100% and all other related 
items are expressed as a percentage of base?              (1) 
 a) Cash flow statement   b) Comparative statement 
 c) Ratio Analysis    d) Common-size statement 
20. Under what heads and sub-heads the following items will appear in the Balance Sheet of a  
company as per Revised Schedule-VI, Part-I of Companies Act 1956.          (3) 
 i) Premium on redemption of Debentures  ii) Loose tools 
iii) Balances with banks. 
21. a) Compute ‘Working Capital turnover Ratio’ from the following information:              (2+2) 
  Cash Revenue from Operations Rs. 1,30,000/-; Credit Revenue from Operations  
Rs.3,80,000/-; Revenue from Operations Returns Rs. 10,000/-;  Liquid Assets  
Rs. 1,40,000/-; Current Liabilities Rs. 1,05,000/- and Inventory Rs. 90,000/-. 
b)   Calculate ‘Debt-equity Ratio’ from the following information: 
Total Assets Rs.3,50,000/-; Total Debt Rs. 2,50,000/- and Current Liabilities Rs. 80,000/-. 
22. From the following Statement of Profit and Loss of Suntrack Ltd., for the years ended  
31
st
 March 2013 and 2014, prepare a ‘Comparative Statement of Profit and Loss’.         (4) 
Particulars Note No. 2013-14 (Rs.) 2012-13 (Rs.) 
Revenue from operations 
Other income 
Expenses 
 20,00,000.00 
12,00,000.00 
13,00,000.00 
12,00,000.00 
9,00,000.00 
10,00,000.00 
 
23. Following is the Balance Sheet of Wisben Ltd. as on 31
st
 March 2014:          (6)  
Particulars Note No. 2014 (Rs.) 2013 (Rs.) 
I. Equity and Liabilities: 
 i) Shareholder’s Funds 
 a) Share Capital 
 b) Reserve  & Surplus (Profit  
  & Loss Balance) 
 ii) Non-current Liabilities 
  Long-term borrowings 
 iii) Current Liabilities 
  Trade Payables 
  
 
7,00,000.00 
 
2,00,000.00 
 
3,00,000.00 
 
30,000.00 
 
 
6,00,000.00 
 
1,10,000.00 
 
2,00,000.00 
 
25,000.00 
  12,30,000.00 9,35,000.00 
II. Assets: 
 i) Non-current Assets 
 a) Fixed Assets 
  Tangible Assets 
 ii) Current Assets 
 a) Inventories 
b) Trade Receivables 
c) Cash & Cash equivalents  
  
 
 
11,00,000.00 
 
70,000.00 
32,000.00 
28,000.00 
 
 
 
8,00,000.00 
 
60,000.00 
40,000.00 
35,000.00 
  12,30,000.00 9,35,000.00 
 
 Adjustments: 
 During the year a piece of machinery of the book value of Rs. 80,000/-  was sold for Rs. 65,000/-.  
Depreciation provided on tangible assets during the year amounted to Rs. 2,00,000/-. 
 Prepare a Cash Flow Statement. 
-x-x-x-x-x-x- 
 
 
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