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 Page 1


 
SAMPLE QUESTION PAPER 
ACCOUNTANCY (055) CLASS-XII 
2016 
Time allowed –Three hours                                                                              Max Marks 80 
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) Part B has two options-Financial statements Analysis and Computerized Accounting. 
4) Attempt only one option of Part B. 
5) All parts of a question should be attempted at one place. 
 
 
PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES 
  
Q1.  A, B and C are the partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital 
balance after adjustments regarding Reserves, Accumulated profits/ losses and gain/loss on 
revaluation was 2,50,000. C was paid  3,00,000 in full settlement. Afterwards D was admitted for 
1/4
th
 share . Calculate the amount of goodwill premium brought by D. 
 
Sol: Goodwill share of C=  3,00,000- 2,50,000= 50,000 
Firm’s Goodwill= 50,000x10/2= 2,50,000 
D’s share in Goodwill= 2,50,000x1/4= 62,500 
 (1) 
Q2.  A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After 
all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital 
accounts of A and B were  3,85,000 and  4,15,000 respectively.  C brought proportionate capital so 
as to give him 20% share in the profits. Calculate the amount of capital to be brought by C. 
  
Sol: Combined capital of A and B =  3,85,000+ 4,15,000= 8,00,000 
C’s Share= 1/5
th
 of total capital 
Remaining share= 1-1/5=4/5 
4/5= 8,00,000 
C’s capital= 8,00,000x5/4x1/5=  2,00,000 
 
 (1) 
Q3.  A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is  2,50,000. 
The total interest on partner’s drawing is  4,000. A’s salary is  4,000 per quarter and B’s salary is   
 40,000 per annum.  Calculate the net profit/loss earned during the year.                                     
    
Sol. Net Profit during the year = Divisible profits + Salary to partners – Interest on Drawings 
                                                = 2,50,000 + 16,000 + 40,000 – 4000 =  3,02,000 
 (1) 
Q4.  ABC Ltd. Purchased for cancellation its own 5,000, 9% Debentures of  100 each for  95 per 
debenture. The brokerage charges  15,000 were incurred.  Calculate the amount to be transferred to 
capital reserve.  
 
Sol.Amount paid for 5,000 Debentures= 4,75,000+15,000= 4,90,000 
The nominal value of debentures to be redemption/cancelled= 5,00,000 
Amount of profit on redemption to be transferred to capital reserve= 5,00,000- 4,90,000= 10,000 
 
 (1) 
Page 2


 
SAMPLE QUESTION PAPER 
ACCOUNTANCY (055) CLASS-XII 
2016 
Time allowed –Three hours                                                                              Max Marks 80 
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) Part B has two options-Financial statements Analysis and Computerized Accounting. 
4) Attempt only one option of Part B. 
5) All parts of a question should be attempted at one place. 
 
 
PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES 
  
Q1.  A, B and C are the partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital 
balance after adjustments regarding Reserves, Accumulated profits/ losses and gain/loss on 
revaluation was 2,50,000. C was paid  3,00,000 in full settlement. Afterwards D was admitted for 
1/4
th
 share . Calculate the amount of goodwill premium brought by D. 
 
Sol: Goodwill share of C=  3,00,000- 2,50,000= 50,000 
Firm’s Goodwill= 50,000x10/2= 2,50,000 
D’s share in Goodwill= 2,50,000x1/4= 62,500 
 (1) 
Q2.  A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After 
all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital 
accounts of A and B were  3,85,000 and  4,15,000 respectively.  C brought proportionate capital so 
as to give him 20% share in the profits. Calculate the amount of capital to be brought by C. 
  
Sol: Combined capital of A and B =  3,85,000+ 4,15,000= 8,00,000 
C’s Share= 1/5
th
 of total capital 
Remaining share= 1-1/5=4/5 
4/5= 8,00,000 
C’s capital= 8,00,000x5/4x1/5=  2,00,000 
 
 (1) 
Q3.  A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is  2,50,000. 
The total interest on partner’s drawing is  4,000. A’s salary is  4,000 per quarter and B’s salary is   
 40,000 per annum.  Calculate the net profit/loss earned during the year.                                     
    
Sol. Net Profit during the year = Divisible profits + Salary to partners – Interest on Drawings 
                                                = 2,50,000 + 16,000 + 40,000 – 4000 =  3,02,000 
 (1) 
Q4.  ABC Ltd. Purchased for cancellation its own 5,000, 9% Debentures of  100 each for  95 per 
debenture. The brokerage charges  15,000 were incurred.  Calculate the amount to be transferred to 
capital reserve.  
 
Sol.Amount paid for 5,000 Debentures= 4,75,000+15,000= 4,90,000 
The nominal value of debentures to be redemption/cancelled= 5,00,000 
Amount of profit on redemption to be transferred to capital reserve= 5,00,000- 4,90,000= 10,000 
 
 (1) 
Q5.  A Ltd forfeited a share of 100 issued at a premium of 20% for non-payment of first call of 30 per 
share and final call of 10 per share. State the minimum price at which this share can be reissued  
 
Sol. Minimum price at which shares can be reissued =  100 – 60 = 40        
                      
 (1) 
Q6.  A group of 60 persons want to form a partnership business in India.  Can they do so?  Give reason in 
support of your answer. 
 
Sol. No, Maximum no. of partners as per The Companies  Misc. Rule, 2014 is 50 persons 
 (1) 
Q7.  Explain with an imaginary example how issue of debenture as collateral security is shown in the 
balance sheet of a company when it is recorded in the books of accounts. 
 
Sol. Alfa Ltd. obtained Loan of 1, 00,000 from Indian Bank and issued 1200, 10% Debentures of 
100 each as Collateral security.  (or any other example) 
 
Treatment:                              An extract of Balance sheet of Alfa Ltd. 
as  at ---------------- 
Particulars Note No. 
 
EQUITY AND LIABILITIES 
  Non- current liabilities 
  Long Term Borrowings 
 
 
1 
 
 
1,00,000 
 
 
Notes to Accounts: 
 
Note No Particulars  
 
1 Long Term Borrowings 
Loan from Indian Bank 
 
1200, 10% Debentures of 100 each issued as Collateral Security          
                                                                                          1,20,000 
Less: debenture Suspense                                                (1,20,000) 
 
 
1,00,000 
 
 
 
------------ 
 
  1,00,000 
 
(3) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q8.  Rekha, Sunita and Teena are partners in a firm sharing profits in the ratio of 3:2:1. Samiksha joins the 
firm. Rekha surrenders 1/4
th
 of her share; Sunita surrenders 1/3
rd
 of her share and Teena 1/5
th
 of her 
share in favour of Samiksha. Find the new Profit sharing ratio. 
  
Sol.  
Rekha surrenders for Samiksha = ¼ *3/6 =3/24 
Sunita surrenders for Samiksha = 1/3*2/6=2/18 
Teena  surrenders for Samiksha = 1/5*1/6=1/30 
New share of Rekha = 3/6-3/24 =9/24 
New share of Sunita = 2/6-2/18 =4/18 
New share of Teena = 1/6-1/30 =4/30 
 
Share of Samiksha = 3/24+2/18+1/30=97/360 
 
New Ratio :- 9/24:4/18:4/30:97/360 
                       135  :  80  :  48 : 97 
                                                                                                                                          
(3) 
Page 3


 
SAMPLE QUESTION PAPER 
ACCOUNTANCY (055) CLASS-XII 
2016 
Time allowed –Three hours                                                                              Max Marks 80 
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) Part B has two options-Financial statements Analysis and Computerized Accounting. 
4) Attempt only one option of Part B. 
5) All parts of a question should be attempted at one place. 
 
 
PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES 
  
Q1.  A, B and C are the partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital 
balance after adjustments regarding Reserves, Accumulated profits/ losses and gain/loss on 
revaluation was 2,50,000. C was paid  3,00,000 in full settlement. Afterwards D was admitted for 
1/4
th
 share . Calculate the amount of goodwill premium brought by D. 
 
Sol: Goodwill share of C=  3,00,000- 2,50,000= 50,000 
Firm’s Goodwill= 50,000x10/2= 2,50,000 
D’s share in Goodwill= 2,50,000x1/4= 62,500 
 (1) 
Q2.  A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After 
all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital 
accounts of A and B were  3,85,000 and  4,15,000 respectively.  C brought proportionate capital so 
as to give him 20% share in the profits. Calculate the amount of capital to be brought by C. 
  
Sol: Combined capital of A and B =  3,85,000+ 4,15,000= 8,00,000 
C’s Share= 1/5
th
 of total capital 
Remaining share= 1-1/5=4/5 
4/5= 8,00,000 
C’s capital= 8,00,000x5/4x1/5=  2,00,000 
 
 (1) 
Q3.  A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is  2,50,000. 
The total interest on partner’s drawing is  4,000. A’s salary is  4,000 per quarter and B’s salary is   
 40,000 per annum.  Calculate the net profit/loss earned during the year.                                     
    
Sol. Net Profit during the year = Divisible profits + Salary to partners – Interest on Drawings 
                                                = 2,50,000 + 16,000 + 40,000 – 4000 =  3,02,000 
 (1) 
Q4.  ABC Ltd. Purchased for cancellation its own 5,000, 9% Debentures of  100 each for  95 per 
debenture. The brokerage charges  15,000 were incurred.  Calculate the amount to be transferred to 
capital reserve.  
 
Sol.Amount paid for 5,000 Debentures= 4,75,000+15,000= 4,90,000 
The nominal value of debentures to be redemption/cancelled= 5,00,000 
Amount of profit on redemption to be transferred to capital reserve= 5,00,000- 4,90,000= 10,000 
 
 (1) 
Q5.  A Ltd forfeited a share of 100 issued at a premium of 20% for non-payment of first call of 30 per 
share and final call of 10 per share. State the minimum price at which this share can be reissued  
 
Sol. Minimum price at which shares can be reissued =  100 – 60 = 40        
                      
 (1) 
Q6.  A group of 60 persons want to form a partnership business in India.  Can they do so?  Give reason in 
support of your answer. 
 
Sol. No, Maximum no. of partners as per The Companies  Misc. Rule, 2014 is 50 persons 
 (1) 
Q7.  Explain with an imaginary example how issue of debenture as collateral security is shown in the 
balance sheet of a company when it is recorded in the books of accounts. 
 
Sol. Alfa Ltd. obtained Loan of 1, 00,000 from Indian Bank and issued 1200, 10% Debentures of 
100 each as Collateral security.  (or any other example) 
 
Treatment:                              An extract of Balance sheet of Alfa Ltd. 
as  at ---------------- 
Particulars Note No. 
 
EQUITY AND LIABILITIES 
  Non- current liabilities 
  Long Term Borrowings 
 
 
1 
 
 
1,00,000 
 
 
Notes to Accounts: 
 
Note No Particulars  
 
1 Long Term Borrowings 
Loan from Indian Bank 
 
1200, 10% Debentures of 100 each issued as Collateral Security          
                                                                                          1,20,000 
Less: debenture Suspense                                                (1,20,000) 
 
 
1,00,000 
 
 
 
------------ 
 
  1,00,000 
 
(3) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q8.  Rekha, Sunita and Teena are partners in a firm sharing profits in the ratio of 3:2:1. Samiksha joins the 
firm. Rekha surrenders 1/4
th
 of her share; Sunita surrenders 1/3
rd
 of her share and Teena 1/5
th
 of her 
share in favour of Samiksha. Find the new Profit sharing ratio. 
  
Sol.  
Rekha surrenders for Samiksha = ¼ *3/6 =3/24 
Sunita surrenders for Samiksha = 1/3*2/6=2/18 
Teena  surrenders for Samiksha = 1/5*1/6=1/30 
New share of Rekha = 3/6-3/24 =9/24 
New share of Sunita = 2/6-2/18 =4/18 
New share of Teena = 1/6-1/30 =4/30 
 
Share of Samiksha = 3/24+2/18+1/30=97/360 
 
New Ratio :- 9/24:4/18:4/30:97/360 
                       135  :  80  :  48 : 97 
                                                                                                                                          
(3) 
Q9.  King Ltd took over Assets of 25,00,000 and liabilities of 6,00,000 of Queen Ltd. King Ltd paid the 
purchase consideration by issuing 10,000 equity shares of 100 each at a premium of 10% and           
11,00,000 by Bank Draft.  
 
Calculate Purchase consideration and pass necessary Journal entries in the books of King Ltd.  
       
Sol.  
Calculation of Purchase Consideration: 
Nominal Value of Shares issued = 10000 x 100 =         10,00,000 
Securities Premium Reserve =                                         1,00,000 
Bank draft =                                                                    11,00,000 
Purchase consideration =                                                22,00,000 
 
KING LTD. 
JOURNAL 
Date Particulars L.F Debit 
 
Credit 
 
i.  Sundry Assets A/c ----------------------------------- Dr 
Goodwill A/c (b/f) ----------------------------------- Dr 
             To Sundry Liabilities A/c 
             To Queen Ltd.   
(Being the purchase of assets and liabilities of 
Queen Ltd.)  
 25,00,000 
3,00,000 
 
 
6,00,000 
22,00,000 
ii.  Queen Ltd.  ------------------------------------------  Dr 
           To Equity Share capital A/c 
           To Securities Premium Reserve A/c 
           To Bank A/c 
(Being 10,000 Equity Shares issued of 100 each 
issued at a premium of 10% and  11,00,000 paid 
by Bank draft) 
 22,00,000  
10,00,000 
1,00,000 
11,00,000 
 
                                                                                                                                              
(3) 
Q10.  ABC Ltd was a cloth manufacturing company located in Delhi. Being a socially aware organisation 
they wanted to set up a manufacturing plant in a backward area of Kashmir to provide employment to 
the local people. On July 17, 2014 a flood had hit the entire state of Jammu & Kashmir causing 
massive destruction and loss. The company wanted to help the people, so they decided to raise the 
funds through issuing 50,000 Equity shares of 50 each to set up the plant in the rural area of 
Kashmir. 
 
Sol. 
Pass necessary Journal entries for the issue of shares and identify any two values that the company 
wanted to communicate to the society.            
 
ABC LTD. 
JOURNAL 
Date Particulars L.F Debit 
 
Credit 
 
(i) Bank A/c --------------------------------------------  Dr. 
     To Equity Share Application & Allotment A/c 
(Being the amount of application money received 
on 50,000 shares @ 50 per share.) 
 25,00,000  
25,00,000 
(3) 
Page 4


 
SAMPLE QUESTION PAPER 
ACCOUNTANCY (055) CLASS-XII 
2016 
Time allowed –Three hours                                                                              Max Marks 80 
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) Part B has two options-Financial statements Analysis and Computerized Accounting. 
4) Attempt only one option of Part B. 
5) All parts of a question should be attempted at one place. 
 
 
PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES 
  
Q1.  A, B and C are the partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital 
balance after adjustments regarding Reserves, Accumulated profits/ losses and gain/loss on 
revaluation was 2,50,000. C was paid  3,00,000 in full settlement. Afterwards D was admitted for 
1/4
th
 share . Calculate the amount of goodwill premium brought by D. 
 
Sol: Goodwill share of C=  3,00,000- 2,50,000= 50,000 
Firm’s Goodwill= 50,000x10/2= 2,50,000 
D’s share in Goodwill= 2,50,000x1/4= 62,500 
 (1) 
Q2.  A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After 
all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital 
accounts of A and B were  3,85,000 and  4,15,000 respectively.  C brought proportionate capital so 
as to give him 20% share in the profits. Calculate the amount of capital to be brought by C. 
  
Sol: Combined capital of A and B =  3,85,000+ 4,15,000= 8,00,000 
C’s Share= 1/5
th
 of total capital 
Remaining share= 1-1/5=4/5 
4/5= 8,00,000 
C’s capital= 8,00,000x5/4x1/5=  2,00,000 
 
 (1) 
Q3.  A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is  2,50,000. 
The total interest on partner’s drawing is  4,000. A’s salary is  4,000 per quarter and B’s salary is   
 40,000 per annum.  Calculate the net profit/loss earned during the year.                                     
    
Sol. Net Profit during the year = Divisible profits + Salary to partners – Interest on Drawings 
                                                = 2,50,000 + 16,000 + 40,000 – 4000 =  3,02,000 
 (1) 
Q4.  ABC Ltd. Purchased for cancellation its own 5,000, 9% Debentures of  100 each for  95 per 
debenture. The brokerage charges  15,000 were incurred.  Calculate the amount to be transferred to 
capital reserve.  
 
Sol.Amount paid for 5,000 Debentures= 4,75,000+15,000= 4,90,000 
The nominal value of debentures to be redemption/cancelled= 5,00,000 
Amount of profit on redemption to be transferred to capital reserve= 5,00,000- 4,90,000= 10,000 
 
 (1) 
Q5.  A Ltd forfeited a share of 100 issued at a premium of 20% for non-payment of first call of 30 per 
share and final call of 10 per share. State the minimum price at which this share can be reissued  
 
Sol. Minimum price at which shares can be reissued =  100 – 60 = 40        
                      
 (1) 
Q6.  A group of 60 persons want to form a partnership business in India.  Can they do so?  Give reason in 
support of your answer. 
 
Sol. No, Maximum no. of partners as per The Companies  Misc. Rule, 2014 is 50 persons 
 (1) 
Q7.  Explain with an imaginary example how issue of debenture as collateral security is shown in the 
balance sheet of a company when it is recorded in the books of accounts. 
 
Sol. Alfa Ltd. obtained Loan of 1, 00,000 from Indian Bank and issued 1200, 10% Debentures of 
100 each as Collateral security.  (or any other example) 
 
Treatment:                              An extract of Balance sheet of Alfa Ltd. 
as  at ---------------- 
Particulars Note No. 
 
EQUITY AND LIABILITIES 
  Non- current liabilities 
  Long Term Borrowings 
 
 
1 
 
 
1,00,000 
 
 
Notes to Accounts: 
 
Note No Particulars  
 
1 Long Term Borrowings 
Loan from Indian Bank 
 
1200, 10% Debentures of 100 each issued as Collateral Security          
                                                                                          1,20,000 
Less: debenture Suspense                                                (1,20,000) 
 
 
1,00,000 
 
 
 
------------ 
 
  1,00,000 
 
(3) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q8.  Rekha, Sunita and Teena are partners in a firm sharing profits in the ratio of 3:2:1. Samiksha joins the 
firm. Rekha surrenders 1/4
th
 of her share; Sunita surrenders 1/3
rd
 of her share and Teena 1/5
th
 of her 
share in favour of Samiksha. Find the new Profit sharing ratio. 
  
Sol.  
Rekha surrenders for Samiksha = ¼ *3/6 =3/24 
Sunita surrenders for Samiksha = 1/3*2/6=2/18 
Teena  surrenders for Samiksha = 1/5*1/6=1/30 
New share of Rekha = 3/6-3/24 =9/24 
New share of Sunita = 2/6-2/18 =4/18 
New share of Teena = 1/6-1/30 =4/30 
 
Share of Samiksha = 3/24+2/18+1/30=97/360 
 
New Ratio :- 9/24:4/18:4/30:97/360 
                       135  :  80  :  48 : 97 
                                                                                                                                          
(3) 
Q9.  King Ltd took over Assets of 25,00,000 and liabilities of 6,00,000 of Queen Ltd. King Ltd paid the 
purchase consideration by issuing 10,000 equity shares of 100 each at a premium of 10% and           
11,00,000 by Bank Draft.  
 
Calculate Purchase consideration and pass necessary Journal entries in the books of King Ltd.  
       
Sol.  
Calculation of Purchase Consideration: 
Nominal Value of Shares issued = 10000 x 100 =         10,00,000 
Securities Premium Reserve =                                         1,00,000 
Bank draft =                                                                    11,00,000 
Purchase consideration =                                                22,00,000 
 
KING LTD. 
JOURNAL 
Date Particulars L.F Debit 
 
Credit 
 
i.  Sundry Assets A/c ----------------------------------- Dr 
Goodwill A/c (b/f) ----------------------------------- Dr 
             To Sundry Liabilities A/c 
             To Queen Ltd.   
(Being the purchase of assets and liabilities of 
Queen Ltd.)  
 25,00,000 
3,00,000 
 
 
6,00,000 
22,00,000 
ii.  Queen Ltd.  ------------------------------------------  Dr 
           To Equity Share capital A/c 
           To Securities Premium Reserve A/c 
           To Bank A/c 
(Being 10,000 Equity Shares issued of 100 each 
issued at a premium of 10% and  11,00,000 paid 
by Bank draft) 
 22,00,000  
10,00,000 
1,00,000 
11,00,000 
 
                                                                                                                                              
(3) 
Q10.  ABC Ltd was a cloth manufacturing company located in Delhi. Being a socially aware organisation 
they wanted to set up a manufacturing plant in a backward area of Kashmir to provide employment to 
the local people. On July 17, 2014 a flood had hit the entire state of Jammu & Kashmir causing 
massive destruction and loss. The company wanted to help the people, so they decided to raise the 
funds through issuing 50,000 Equity shares of 50 each to set up the plant in the rural area of 
Kashmir. 
 
Sol. 
Pass necessary Journal entries for the issue of shares and identify any two values that the company 
wanted to communicate to the society.            
 
ABC LTD. 
JOURNAL 
Date Particulars L.F Debit 
 
Credit 
 
(i) Bank A/c --------------------------------------------  Dr. 
     To Equity Share Application & Allotment A/c 
(Being the amount of application money received 
on 50,000 shares @ 50 per share.) 
 25,00,000  
25,00,000 
(3) 
(ii) Equity Share Application & Allotment A/c ----- Dr. 
     To Equity Share Capital A/c 
(Being the amount transferred to Share Capital A/c) 
 25,00,000  
25,00,000 
 
Values which the Company wants to communicate to the Society: 
(i) Discharge of Social Responsibility. 
(ii) Generation of employment opportunities. 
(iii)Helping the needy people 
(iv) Sympathy for poor. 
                                                                                                           
Q11.  A, B, C and D were partners sharing profits in the ratio of 1:2:3:4. D retired and his share was 
acquired by A and B equally. Goodwill was valued at 3 year’s purchase of average profits of last 4 
years, which were   40,000. General Reserve showed a balance of 1,30,000 and D’s Capital in the 
Balance Sheet was  3,00,000 at the time of D’s retirement. You are required to record necessary 
Journal entries in the books of the firm and prepare D’s capital account on his retirement. 
 
Sol.                                                                  JOURNAL 
S.No. PARTICULARS L.F DEBIT 
 
CREDIT 
 
(i) A’s Capital A/c _______________________________ Dr. 
B’s Capital A/c ________________________________Dr. 
          To D’s Capital A/c 
(Treatment of goodwill on retirement of D) 
 24,000 
24,000 
 
 
 
 
 
 
48,000 
 
(ii) General Reserve _______________________________Dr. 
      To A’s Capital A/c 
      To B’s Capital A/c 
      To C’s Capital A/c 
      To D’s Capital A/c 
(General Reserve distributed) 
 1,30,000 
 
 
13,000 
26,000 
39,000 
52,000 
 
 
Dr.                                              D’s Capital Account                                                       Cr. 
PARTICULARS AMOUNT        
 
PARTICULARS AMOUNT 
 
To D’s Loan A/C 4,00,000 
 
By Balance b/d 
By A’s Capital A/c 
By B’s Capital A/c 
By General Reserve 
 3,00,000 
    24,000 
    24,000 
    52,000 
 4,00,000  4,00,000 
 
 (4) 
Q12.  Kavita, Meenakshi and Gauri are partners doing a paper business in Ludhiana. After the accounts of 
partnership have been drawn up and closed, it was discovered that for the years ending 31
st
 March 
2013 and 2014, Interest on capital has been allowed to partners @ 6% p. a. although there is no 
provision for interest on capital in the partnership deed. Their fixed capitals were  2,00,000; 
1,60,000 and 1,20,000 respectively. During the last two years they had shared the profits as under:  
                                                             Year                                                               Ratio 
                                           31 March 2013                                                    3 : 2 : 1 
                                                      31 March 2014                                                    5 : 3 : 2 
 
You are required to give necessary adjusting entry on April 1, 2014.         
 (4) 
Page 5


 
SAMPLE QUESTION PAPER 
ACCOUNTANCY (055) CLASS-XII 
2016 
Time allowed –Three hours                                                                              Max Marks 80 
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) Part B has two options-Financial statements Analysis and Computerized Accounting. 
4) Attempt only one option of Part B. 
5) All parts of a question should be attempted at one place. 
 
 
PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES 
  
Q1.  A, B and C are the partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital 
balance after adjustments regarding Reserves, Accumulated profits/ losses and gain/loss on 
revaluation was 2,50,000. C was paid  3,00,000 in full settlement. Afterwards D was admitted for 
1/4
th
 share . Calculate the amount of goodwill premium brought by D. 
 
Sol: Goodwill share of C=  3,00,000- 2,50,000= 50,000 
Firm’s Goodwill= 50,000x10/2= 2,50,000 
D’s share in Goodwill= 2,50,000x1/4= 62,500 
 (1) 
Q2.  A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After 
all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital 
accounts of A and B were  3,85,000 and  4,15,000 respectively.  C brought proportionate capital so 
as to give him 20% share in the profits. Calculate the amount of capital to be brought by C. 
  
Sol: Combined capital of A and B =  3,85,000+ 4,15,000= 8,00,000 
C’s Share= 1/5
th
 of total capital 
Remaining share= 1-1/5=4/5 
4/5= 8,00,000 
C’s capital= 8,00,000x5/4x1/5=  2,00,000 
 
 (1) 
Q3.  A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is  2,50,000. 
The total interest on partner’s drawing is  4,000. A’s salary is  4,000 per quarter and B’s salary is   
 40,000 per annum.  Calculate the net profit/loss earned during the year.                                     
    
Sol. Net Profit during the year = Divisible profits + Salary to partners – Interest on Drawings 
                                                = 2,50,000 + 16,000 + 40,000 – 4000 =  3,02,000 
 (1) 
Q4.  ABC Ltd. Purchased for cancellation its own 5,000, 9% Debentures of  100 each for  95 per 
debenture. The brokerage charges  15,000 were incurred.  Calculate the amount to be transferred to 
capital reserve.  
 
Sol.Amount paid for 5,000 Debentures= 4,75,000+15,000= 4,90,000 
The nominal value of debentures to be redemption/cancelled= 5,00,000 
Amount of profit on redemption to be transferred to capital reserve= 5,00,000- 4,90,000= 10,000 
 
 (1) 
Q5.  A Ltd forfeited a share of 100 issued at a premium of 20% for non-payment of first call of 30 per 
share and final call of 10 per share. State the minimum price at which this share can be reissued  
 
Sol. Minimum price at which shares can be reissued =  100 – 60 = 40        
                      
 (1) 
Q6.  A group of 60 persons want to form a partnership business in India.  Can they do so?  Give reason in 
support of your answer. 
 
Sol. No, Maximum no. of partners as per The Companies  Misc. Rule, 2014 is 50 persons 
 (1) 
Q7.  Explain with an imaginary example how issue of debenture as collateral security is shown in the 
balance sheet of a company when it is recorded in the books of accounts. 
 
Sol. Alfa Ltd. obtained Loan of 1, 00,000 from Indian Bank and issued 1200, 10% Debentures of 
100 each as Collateral security.  (or any other example) 
 
Treatment:                              An extract of Balance sheet of Alfa Ltd. 
as  at ---------------- 
Particulars Note No. 
 
EQUITY AND LIABILITIES 
  Non- current liabilities 
  Long Term Borrowings 
 
 
1 
 
 
1,00,000 
 
 
Notes to Accounts: 
 
Note No Particulars  
 
1 Long Term Borrowings 
Loan from Indian Bank 
 
1200, 10% Debentures of 100 each issued as Collateral Security          
                                                                                          1,20,000 
Less: debenture Suspense                                                (1,20,000) 
 
 
1,00,000 
 
 
 
------------ 
 
  1,00,000 
 
(3) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q8.  Rekha, Sunita and Teena are partners in a firm sharing profits in the ratio of 3:2:1. Samiksha joins the 
firm. Rekha surrenders 1/4
th
 of her share; Sunita surrenders 1/3
rd
 of her share and Teena 1/5
th
 of her 
share in favour of Samiksha. Find the new Profit sharing ratio. 
  
Sol.  
Rekha surrenders for Samiksha = ¼ *3/6 =3/24 
Sunita surrenders for Samiksha = 1/3*2/6=2/18 
Teena  surrenders for Samiksha = 1/5*1/6=1/30 
New share of Rekha = 3/6-3/24 =9/24 
New share of Sunita = 2/6-2/18 =4/18 
New share of Teena = 1/6-1/30 =4/30 
 
Share of Samiksha = 3/24+2/18+1/30=97/360 
 
New Ratio :- 9/24:4/18:4/30:97/360 
                       135  :  80  :  48 : 97 
                                                                                                                                          
(3) 
Q9.  King Ltd took over Assets of 25,00,000 and liabilities of 6,00,000 of Queen Ltd. King Ltd paid the 
purchase consideration by issuing 10,000 equity shares of 100 each at a premium of 10% and           
11,00,000 by Bank Draft.  
 
Calculate Purchase consideration and pass necessary Journal entries in the books of King Ltd.  
       
Sol.  
Calculation of Purchase Consideration: 
Nominal Value of Shares issued = 10000 x 100 =         10,00,000 
Securities Premium Reserve =                                         1,00,000 
Bank draft =                                                                    11,00,000 
Purchase consideration =                                                22,00,000 
 
KING LTD. 
JOURNAL 
Date Particulars L.F Debit 
 
Credit 
 
i.  Sundry Assets A/c ----------------------------------- Dr 
Goodwill A/c (b/f) ----------------------------------- Dr 
             To Sundry Liabilities A/c 
             To Queen Ltd.   
(Being the purchase of assets and liabilities of 
Queen Ltd.)  
 25,00,000 
3,00,000 
 
 
6,00,000 
22,00,000 
ii.  Queen Ltd.  ------------------------------------------  Dr 
           To Equity Share capital A/c 
           To Securities Premium Reserve A/c 
           To Bank A/c 
(Being 10,000 Equity Shares issued of 100 each 
issued at a premium of 10% and  11,00,000 paid 
by Bank draft) 
 22,00,000  
10,00,000 
1,00,000 
11,00,000 
 
                                                                                                                                              
(3) 
Q10.  ABC Ltd was a cloth manufacturing company located in Delhi. Being a socially aware organisation 
they wanted to set up a manufacturing plant in a backward area of Kashmir to provide employment to 
the local people. On July 17, 2014 a flood had hit the entire state of Jammu & Kashmir causing 
massive destruction and loss. The company wanted to help the people, so they decided to raise the 
funds through issuing 50,000 Equity shares of 50 each to set up the plant in the rural area of 
Kashmir. 
 
Sol. 
Pass necessary Journal entries for the issue of shares and identify any two values that the company 
wanted to communicate to the society.            
 
ABC LTD. 
JOURNAL 
Date Particulars L.F Debit 
 
Credit 
 
(i) Bank A/c --------------------------------------------  Dr. 
     To Equity Share Application & Allotment A/c 
(Being the amount of application money received 
on 50,000 shares @ 50 per share.) 
 25,00,000  
25,00,000 
(3) 
(ii) Equity Share Application & Allotment A/c ----- Dr. 
     To Equity Share Capital A/c 
(Being the amount transferred to Share Capital A/c) 
 25,00,000  
25,00,000 
 
Values which the Company wants to communicate to the Society: 
(i) Discharge of Social Responsibility. 
(ii) Generation of employment opportunities. 
(iii)Helping the needy people 
(iv) Sympathy for poor. 
                                                                                                           
Q11.  A, B, C and D were partners sharing profits in the ratio of 1:2:3:4. D retired and his share was 
acquired by A and B equally. Goodwill was valued at 3 year’s purchase of average profits of last 4 
years, which were   40,000. General Reserve showed a balance of 1,30,000 and D’s Capital in the 
Balance Sheet was  3,00,000 at the time of D’s retirement. You are required to record necessary 
Journal entries in the books of the firm and prepare D’s capital account on his retirement. 
 
Sol.                                                                  JOURNAL 
S.No. PARTICULARS L.F DEBIT 
 
CREDIT 
 
(i) A’s Capital A/c _______________________________ Dr. 
B’s Capital A/c ________________________________Dr. 
          To D’s Capital A/c 
(Treatment of goodwill on retirement of D) 
 24,000 
24,000 
 
 
 
 
 
 
48,000 
 
(ii) General Reserve _______________________________Dr. 
      To A’s Capital A/c 
      To B’s Capital A/c 
      To C’s Capital A/c 
      To D’s Capital A/c 
(General Reserve distributed) 
 1,30,000 
 
 
13,000 
26,000 
39,000 
52,000 
 
 
Dr.                                              D’s Capital Account                                                       Cr. 
PARTICULARS AMOUNT        
 
PARTICULARS AMOUNT 
 
To D’s Loan A/C 4,00,000 
 
By Balance b/d 
By A’s Capital A/c 
By B’s Capital A/c 
By General Reserve 
 3,00,000 
    24,000 
    24,000 
    52,000 
 4,00,000  4,00,000 
 
 (4) 
Q12.  Kavita, Meenakshi and Gauri are partners doing a paper business in Ludhiana. After the accounts of 
partnership have been drawn up and closed, it was discovered that for the years ending 31
st
 March 
2013 and 2014, Interest on capital has been allowed to partners @ 6% p. a. although there is no 
provision for interest on capital in the partnership deed. Their fixed capitals were  2,00,000; 
1,60,000 and 1,20,000 respectively. During the last two years they had shared the profits as under:  
                                                             Year                                                               Ratio 
                                           31 March 2013                                                    3 : 2 : 1 
                                                      31 March 2014                                                    5 : 3 : 2 
 
You are required to give necessary adjusting entry on April 1, 2014.         
 (4) 
Sol.                                                Table Showing Adjustment 
  
 Kavita 
 
Meenakshi 
 
Gauri 
 
Total 
 
Interest on Capital (2012-13)           Dr. 
Interest on Capital (2013-14)           Dr. 
 
12,000 
12,000 
9,600 
9,600 
7,200 
7,200 
28,800 
28,800 
Total Dr. 
 
24,000 19,200 14,400 57,600 
Profit to be credited (2012-13)        Cr. 
Profit to be credited (2013-14)        Cr. 
 
14,400 
14,400 
9,600 
8,640 
4,800 
5,760 
28,800 
28,800 
Total Cr. 28,800 18,240 10,560 57,600 
Adjustment     4,800 
    Cr. 
              960 
          Dr. 
   3,840 
  Dr. 
 
 
JOURNAL ENTRY: 
DATE PARTICULARS L.F DEBIT 
 
CREDIT 
 
2014  
Apr 1 
Meenakshi’s Current A/c ________________________Dr. 
Gauri’s Current A/c ____________________________Dr. 
           To Kavita’s Current A/c 
(Adjustment for interest on capital for the year 2012-13 
and 2013-14) 
    960 
3,840 
 
 
4,800 
                             
Q13.  On 31
st
 March 2015 the Balance Sheet of Punit, Rahul and Seema was as follows                                                                                    
Balance Sheet of  Punit, Rahul and Seema 
As at March 31, 2015 
Liabilities 
 
Assets 
 
Capitals: 
Punit                              60,000 
Rahul                             50,000 
 Seema                          30,000 
 
Reserves 
Creditors 
 
 
 
 
1,40,000 
 
20,000 
14,000 
 
Buildings 
Machinery 
Patents 
Stock 
Cash 
     40,000 
60,000 
12,000 
20,000 
42,000 
 
 
 
 1,74,000  1,74,000 
 
They were sharing Profit and loss in the ratio 5:3:2. 
Seema died on October 1, 2015. It was agreed between her executors and the remaining partners that: 
i. Goodwill be valued at 2 years’ purchase of the average profits of the previous five years, 
which were: 2010-11: 30,000; 2011-12: 26,000; 2012-13: 24,000; 2013-14: 30,000 and 
2014-15: 40,000. 
ii. Patents be valued at 16,000; Machinery at 56,000; Buildings at 60,000. 
iii. Profit for the year 2015-16 be taken as having been accrued at the same rate as that in the 
previous year. 
iv. Interest on capital be provided at 10% p. a. 
v. A sum of 15,500 was paid to her executors immediately. 
Prepare Revaluation Account, Seema’s Capital Account and Seema’s executors Account.   
(6) 
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FAQs on CBSE Sample Question Paper Accountancy - 2016 - Sample Papers for Class 12 Commerce

1. What is the CBSE Accountancy Sample Question Paper for Class 12?
Ans. The CBSE Accountancy Sample Question Paper for Class 12 is a set of practice questions designed by the Central Board of Secondary Education (CBSE) for students studying in Class 12. It is meant to help students prepare for their Accountancy board exams by familiarizing them with the exam pattern, types of questions asked, and the marking scheme.
2. What is the importance of solving the CBSE Accountancy Sample Question Paper for Class 12?
Ans. Solving the CBSE Accountancy Sample Question Paper for Class 12 is important as it helps students gauge their level of preparation for the board exams. It also helps them identify their strengths and weaknesses in the subject, and work on areas that need improvement. Additionally, it helps students become familiar with the exam pattern, types of questions asked, and the marking scheme, which can help them perform better in the actual exam.
3. How can students access the CBSE Accountancy Sample Question Paper for Class 12?
Ans. Students can access the CBSE Accountancy Sample Question Paper for Class 12 from the official CBSE website (www.cbse.nic.in). The sample paper is usually uploaded a few months before the board exams, and students can download it for free from the website. Additionally, schools may also provide students with a copy of the sample paper.
4. What is the format of the CBSE Accountancy Sample Question Paper for Class 12?
Ans. The CBSE Accountancy Sample Question Paper for Class 12 is divided into two parts - Part A and Part B. Part A contains multiple-choice questions (MCQs) and short answer questions, while Part B contains long answer questions. The sample paper has a total of 29 questions, with a total weightage of 80 marks.
5. Are the questions in the CBSE Accountancy Sample Question Paper for Class 12 similar to the actual board exam questions?
Ans. Yes, the questions in the CBSE Accountancy Sample Question Paper for Class 12 are designed to be similar to the actual board exam questions in terms of difficulty level, types of questions asked, and the marking scheme. However, the actual board exam may have some variations in the pattern or types of questions asked, so it's important for students to also refer to their textbooks and previous year question papers for additional practice.
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