CBSE Accountancy Past year paper Delhi (Set - 2) - 2018, Class 12 | Additional Study Material for Commerce PDF Download

 Page 1


  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2 – 2018 
 
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) Part B has two options- Analysis of Financial Statement and Computerised Accounting. 
4) Attempt only one option of part B.   
5) All parts of a question should be attempted at one place 
 
SECTION A 
 
1. Neetu, Meetu and Teetu were partners in a firm. On 1
st
 January, 2018, Meetu retired. On Meetu's retirement 
the goodwill of the firm was valued at `4,20,000.  
Pass necessary journal entry for the treatment of goodwill on Meetu's retirement. [1]  
 
2. Amit and Beena were partners in a firm sharing profits and losses in the ratio of 3 : 1. Chaman was admitted as 
a new partner for 
1
th
6
share in the profits. Chaman acquired 
2
th
5
of his share from Amit.  
How much share did Chaman acquire from Beena? [1]   
 
3. Is ‘Reserve Capital’ a part of ‘unsubscribed capital’ or ‘Uncalled Capital’? [1]   
 
4. Give the meaning of 'Debentures issued as Collateral Security'.  [1]   
 
5. Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of 
settlement of assets and liabilities.  [1]   
 
6. Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas Hitesh is an architect. They contributed 
equal amounts and purchased a building for `2 crores. After a year, they sold it for `3 crores and shared the 
profits equally. Are they doing the business in partnership? Give reason in support of your answer. [1]   
 
7. What is meant by a 'Share'? Give any two differences between 'Preference Shares' and 'Equity Shares'. [3]   
 
8. Jayant, Kartik and Leena were partners in a firm sharing profits and losses in the ratio of 5 : 2 : 3. Kartik died 
and Jayant and Leena decided to continue the business. Their gaining ratio was 2 : 3.  
Calculate the new profit sharing ratio of Jayant and Leela. [3] 
 
9. Complete the following journal entries left blank in the books of VK Ltd.:  [3] 
VK Ltd. 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Feb 1 __________________________________ Dr.  ________  
 ------- __________________________________    _________ 
 (Purchased own 500, 9% debentures of `100 each 
at `97 each for immediate cancellation) 
    
Page 2


  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2 – 2018 
 
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) Part B has two options- Analysis of Financial Statement and Computerised Accounting. 
4) Attempt only one option of part B.   
5) All parts of a question should be attempted at one place 
 
SECTION A 
 
1. Neetu, Meetu and Teetu were partners in a firm. On 1
st
 January, 2018, Meetu retired. On Meetu's retirement 
the goodwill of the firm was valued at `4,20,000.  
Pass necessary journal entry for the treatment of goodwill on Meetu's retirement. [1]  
 
2. Amit and Beena were partners in a firm sharing profits and losses in the ratio of 3 : 1. Chaman was admitted as 
a new partner for 
1
th
6
share in the profits. Chaman acquired 
2
th
5
of his share from Amit.  
How much share did Chaman acquire from Beena? [1]   
 
3. Is ‘Reserve Capital’ a part of ‘unsubscribed capital’ or ‘Uncalled Capital’? [1]   
 
4. Give the meaning of 'Debentures issued as Collateral Security'.  [1]   
 
5. Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of 
settlement of assets and liabilities.  [1]   
 
6. Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas Hitesh is an architect. They contributed 
equal amounts and purchased a building for `2 crores. After a year, they sold it for `3 crores and shared the 
profits equally. Are they doing the business in partnership? Give reason in support of your answer. [1]   
 
7. What is meant by a 'Share'? Give any two differences between 'Preference Shares' and 'Equity Shares'. [3]   
 
8. Jayant, Kartik and Leena were partners in a firm sharing profits and losses in the ratio of 5 : 2 : 3. Kartik died 
and Jayant and Leena decided to continue the business. Their gaining ratio was 2 : 3.  
Calculate the new profit sharing ratio of Jayant and Leela. [3] 
 
9. Complete the following journal entries left blank in the books of VK Ltd.:  [3] 
VK Ltd. 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Feb 1 __________________________________ Dr.  ________  
 ------- __________________________________    _________ 
 (Purchased own 500, 9% debentures of `100 each 
at `97 each for immediate cancellation) 
    
  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
      
Feb 1 _______________________________________ Dr.  _________  
 --------- ___________________________________    _________ 
 --------- ______________________________________    _________ 
 (Cancelled own debentures)     
      
__________ _______________________________________ Dr.  ________  
 --------- ___________________________________    __________ 
 (___________________________________________)     
 
10. NK Ltd., a truck manufacturing company, is registered with an authorised capital of `1,00,00,000 divided into 
equity shares of `100 each. The subscribed and paid up capital of the company is `50,00,000. The company 
decided to open technical schools in the Jhalawar district of Rajasthan to train the specially abled children of 
the area. It is planning to provide them employment in its various production units and industries in the 
neighbourhood area.  
To meet the capital expenditure requirements of the project, the company offered 20,000 shares to the public 
for subscription. The shares were fully subscribed and paid.  
Present the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the 
Companies Act, 2013. Also identify any two values that the company wants to communicate. [3] 
 
11. Asha and Aditi are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit Raghav as a 
partner for 
1
th
4
 share in the profits of the firm. Raghav brings `6,00,000 as his capital and his share of 
goodwill in cash. Goodwill of the firm is to be valued at two years' purchase of average profits of the last four 
years.  
The profits of the firm during the last four years are given below: 
Year Profit (`) 
2013-14 3,50,000 
2014-15 4,75,000 
2015-16 6,70,000 
2016-17 7,45,000 
The following additional information is given: 
(i) To cover management cost an annual charge of `56,250 should be made for the purpose of valuation of 
goodwill. 
(ii) The closing stock for the year ended 31.3.2017 was overvalued by `15,000. 
Pass necessary journal entries on Raghav's admission showing the working notes clearly.  [4] 
 
12. Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4 : 5 : 6. On 31
st
 
March, 2014, Girdhari retired. On that date the capitals of Banwari, Girdhari and Murari before the necessary 
adjustments stood at `2,00,000, `1,00,000 and `50,000 respectively. On Girdhari's retirement, goodwill of the 
firm was valued at `1,14,000. Revaluation of assets and re-assessment of liabilities resulted in a profit of 
`6,000. General Reserve stood in the books of the firm at `30,000.  
The amount payable to Girdhari was transferred to his loan account. Banwari and Murari agreed to pay 
Girdhari two yearly instalments of `75,000 each including interest @ 10% p.a. on the outstanding balance 
during the first two years and the balance including interest in the third year. The firm closes its books on 31st 
March every year. 
Prepare Girdhari's loan account till it is finally paid showing the working notes clearly.  [4] 
 
13. On 1
st
 April, 2014, KK Ltd. invited applications for issuing 5,000 10% debentures of `1,000 each at a discount 
of 6%. These debentures were repayable at the end of 3
rd
 year at a premium of 10%. Applications for 6,000 
debentures were received and the debentures were allotted on pro-rata basis to all the applicants. Excess 
money received with applications was refunded. 
The directors decided to transfer the minimum amount to Debenture Redemption Reserve on 31.3.2016. On 
Page 3


  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2 – 2018 
 
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) Part B has two options- Analysis of Financial Statement and Computerised Accounting. 
4) Attempt only one option of part B.   
5) All parts of a question should be attempted at one place 
 
SECTION A 
 
1. Neetu, Meetu and Teetu were partners in a firm. On 1
st
 January, 2018, Meetu retired. On Meetu's retirement 
the goodwill of the firm was valued at `4,20,000.  
Pass necessary journal entry for the treatment of goodwill on Meetu's retirement. [1]  
 
2. Amit and Beena were partners in a firm sharing profits and losses in the ratio of 3 : 1. Chaman was admitted as 
a new partner for 
1
th
6
share in the profits. Chaman acquired 
2
th
5
of his share from Amit.  
How much share did Chaman acquire from Beena? [1]   
 
3. Is ‘Reserve Capital’ a part of ‘unsubscribed capital’ or ‘Uncalled Capital’? [1]   
 
4. Give the meaning of 'Debentures issued as Collateral Security'.  [1]   
 
5. Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of 
settlement of assets and liabilities.  [1]   
 
6. Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas Hitesh is an architect. They contributed 
equal amounts and purchased a building for `2 crores. After a year, they sold it for `3 crores and shared the 
profits equally. Are they doing the business in partnership? Give reason in support of your answer. [1]   
 
7. What is meant by a 'Share'? Give any two differences between 'Preference Shares' and 'Equity Shares'. [3]   
 
8. Jayant, Kartik and Leena were partners in a firm sharing profits and losses in the ratio of 5 : 2 : 3. Kartik died 
and Jayant and Leena decided to continue the business. Their gaining ratio was 2 : 3.  
Calculate the new profit sharing ratio of Jayant and Leela. [3] 
 
9. Complete the following journal entries left blank in the books of VK Ltd.:  [3] 
VK Ltd. 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Feb 1 __________________________________ Dr.  ________  
 ------- __________________________________    _________ 
 (Purchased own 500, 9% debentures of `100 each 
at `97 each for immediate cancellation) 
    
  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
      
Feb 1 _______________________________________ Dr.  _________  
 --------- ___________________________________    _________ 
 --------- ______________________________________    _________ 
 (Cancelled own debentures)     
      
__________ _______________________________________ Dr.  ________  
 --------- ___________________________________    __________ 
 (___________________________________________)     
 
10. NK Ltd., a truck manufacturing company, is registered with an authorised capital of `1,00,00,000 divided into 
equity shares of `100 each. The subscribed and paid up capital of the company is `50,00,000. The company 
decided to open technical schools in the Jhalawar district of Rajasthan to train the specially abled children of 
the area. It is planning to provide them employment in its various production units and industries in the 
neighbourhood area.  
To meet the capital expenditure requirements of the project, the company offered 20,000 shares to the public 
for subscription. The shares were fully subscribed and paid.  
Present the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the 
Companies Act, 2013. Also identify any two values that the company wants to communicate. [3] 
 
11. Asha and Aditi are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit Raghav as a 
partner for 
1
th
4
 share in the profits of the firm. Raghav brings `6,00,000 as his capital and his share of 
goodwill in cash. Goodwill of the firm is to be valued at two years' purchase of average profits of the last four 
years.  
The profits of the firm during the last four years are given below: 
Year Profit (`) 
2013-14 3,50,000 
2014-15 4,75,000 
2015-16 6,70,000 
2016-17 7,45,000 
The following additional information is given: 
(i) To cover management cost an annual charge of `56,250 should be made for the purpose of valuation of 
goodwill. 
(ii) The closing stock for the year ended 31.3.2017 was overvalued by `15,000. 
Pass necessary journal entries on Raghav's admission showing the working notes clearly.  [4] 
 
12. Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4 : 5 : 6. On 31
st
 
March, 2014, Girdhari retired. On that date the capitals of Banwari, Girdhari and Murari before the necessary 
adjustments stood at `2,00,000, `1,00,000 and `50,000 respectively. On Girdhari's retirement, goodwill of the 
firm was valued at `1,14,000. Revaluation of assets and re-assessment of liabilities resulted in a profit of 
`6,000. General Reserve stood in the books of the firm at `30,000.  
The amount payable to Girdhari was transferred to his loan account. Banwari and Murari agreed to pay 
Girdhari two yearly instalments of `75,000 each including interest @ 10% p.a. on the outstanding balance 
during the first two years and the balance including interest in the third year. The firm closes its books on 31st 
March every year. 
Prepare Girdhari's loan account till it is finally paid showing the working notes clearly.  [4] 
 
13. On 1
st
 April, 2014, KK Ltd. invited applications for issuing 5,000 10% debentures of `1,000 each at a discount 
of 6%. These debentures were repayable at the end of 3
rd
 year at a premium of 10%. Applications for 6,000 
debentures were received and the debentures were allotted on pro-rata basis to all the applicants. Excess 
money received with applications was refunded. 
The directors decided to transfer the minimum amount to Debenture Redemption Reserve on 31.3.2016. On 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
1.4.2016, the company invested the necessary amount in 9% bank fixed deposit as per the provisions of the 
Companies Act 2013. Tax was deducted at source by bank on interest @10% p.a. 
Pass the necessary journal entries for issue and redemption of debentures. Ignore entries relating to writing 
off loss on issue of debentures and interest paid on debentures. [6] 
 
14. Pranav, Karan and Rahim were partners in a firm sharing profits and losses in the ratio of 2: 2 : 1. On 31
st
 
March, 2017 their Balance Sheet was as follows: 
Balance Sheet of Pranav, Karan and Rahim 
as on 31.3.2017 
Liabilities  Amount 
` 
Assets  Amount 
` 
Creditors   3,00,000 Fixed Assets  4,50,000 
General Reserve   1,50,000 Stock   1,50,000 
Capitals   Debtors   2,00,000 
 Pranav 2,00,000  Bank  1,50,000 
 Karan 2,00,000     
 Rahim 1,00,000 5,00,000    
      
  9,50,000   9,50,000 
 
  
  
 
Karan died on 12.6.2017. According to the partnership deed, the legal representatives of the deceased partner 
were entitled to the following:  
(i) Balance in his Capital Account 
(ii) Interest on Capital @12% p.a. 
(iii) Share of goodwill. Goodwill of the firm on Karan's death was valued at `60,000. 
(iv) Share in the profits of the firm till the date of his death, calculated on the basis of last year’s profit. The 
profit of the firm for the year ended 31.3.2017 was `5,00,000. 
Prepare Karan's Capital Account to be presented to his representatives. [6] 
 
15. Chander and Damini were partners in a firm sharing profits and losses equally. On 31r4 March, 2017 their 
Balance Sheet was as follows: 
Balance Sheet of Chander and Damini 
as on 31.3.2017 
Liabilities  Amount 
` 
Assets  Amount 
` 
Sundry Creditors   1,04,000 Cash at Bank   30,000 
Capitals:   Bills Receivable   45,000 
 Chander 2,50,000  Debtors   75,000 
 Damini 2,16,000 4,66,000 Furniture   1,10,000 
   Land and Building   3,10,000 
  5,70,000   5,70,000 
      
On 1.4.2017, they admitted Elina as a new partner for 
1
rd
3
 share in the profits on the following conditions:  
(i) Elina will bring `3,00,000 as her capital and `50,000 as her share of goodwill premium, half of which will 
be withdrawn by Chander and Damini.  
(ii) Debtors to the extent of `5,000 were unrecorded.  
(iii) Furniture will be reduced by 10% and 5% provision for bad and doubtful debts will be created on bills 
receivables and debtors.  
(iv) Value of land and building will be appreciated by 20%.  
(v) There being a claim against the firm for damages, a liability to the extern of `8,000 will be created for the 
same.  
Prepare Revaluation Account and Partners Capital Accounts. [6] 
Page 4


  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2 – 2018 
 
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) Part B has two options- Analysis of Financial Statement and Computerised Accounting. 
4) Attempt only one option of part B.   
5) All parts of a question should be attempted at one place 
 
SECTION A 
 
1. Neetu, Meetu and Teetu were partners in a firm. On 1
st
 January, 2018, Meetu retired. On Meetu's retirement 
the goodwill of the firm was valued at `4,20,000.  
Pass necessary journal entry for the treatment of goodwill on Meetu's retirement. [1]  
 
2. Amit and Beena were partners in a firm sharing profits and losses in the ratio of 3 : 1. Chaman was admitted as 
a new partner for 
1
th
6
share in the profits. Chaman acquired 
2
th
5
of his share from Amit.  
How much share did Chaman acquire from Beena? [1]   
 
3. Is ‘Reserve Capital’ a part of ‘unsubscribed capital’ or ‘Uncalled Capital’? [1]   
 
4. Give the meaning of 'Debentures issued as Collateral Security'.  [1]   
 
5. Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of 
settlement of assets and liabilities.  [1]   
 
6. Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas Hitesh is an architect. They contributed 
equal amounts and purchased a building for `2 crores. After a year, they sold it for `3 crores and shared the 
profits equally. Are they doing the business in partnership? Give reason in support of your answer. [1]   
 
7. What is meant by a 'Share'? Give any two differences between 'Preference Shares' and 'Equity Shares'. [3]   
 
8. Jayant, Kartik and Leena were partners in a firm sharing profits and losses in the ratio of 5 : 2 : 3. Kartik died 
and Jayant and Leena decided to continue the business. Their gaining ratio was 2 : 3.  
Calculate the new profit sharing ratio of Jayant and Leela. [3] 
 
9. Complete the following journal entries left blank in the books of VK Ltd.:  [3] 
VK Ltd. 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Feb 1 __________________________________ Dr.  ________  
 ------- __________________________________    _________ 
 (Purchased own 500, 9% debentures of `100 each 
at `97 each for immediate cancellation) 
    
  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
      
Feb 1 _______________________________________ Dr.  _________  
 --------- ___________________________________    _________ 
 --------- ______________________________________    _________ 
 (Cancelled own debentures)     
      
__________ _______________________________________ Dr.  ________  
 --------- ___________________________________    __________ 
 (___________________________________________)     
 
10. NK Ltd., a truck manufacturing company, is registered with an authorised capital of `1,00,00,000 divided into 
equity shares of `100 each. The subscribed and paid up capital of the company is `50,00,000. The company 
decided to open technical schools in the Jhalawar district of Rajasthan to train the specially abled children of 
the area. It is planning to provide them employment in its various production units and industries in the 
neighbourhood area.  
To meet the capital expenditure requirements of the project, the company offered 20,000 shares to the public 
for subscription. The shares were fully subscribed and paid.  
Present the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the 
Companies Act, 2013. Also identify any two values that the company wants to communicate. [3] 
 
11. Asha and Aditi are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit Raghav as a 
partner for 
1
th
4
 share in the profits of the firm. Raghav brings `6,00,000 as his capital and his share of 
goodwill in cash. Goodwill of the firm is to be valued at two years' purchase of average profits of the last four 
years.  
The profits of the firm during the last four years are given below: 
Year Profit (`) 
2013-14 3,50,000 
2014-15 4,75,000 
2015-16 6,70,000 
2016-17 7,45,000 
The following additional information is given: 
(i) To cover management cost an annual charge of `56,250 should be made for the purpose of valuation of 
goodwill. 
(ii) The closing stock for the year ended 31.3.2017 was overvalued by `15,000. 
Pass necessary journal entries on Raghav's admission showing the working notes clearly.  [4] 
 
12. Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4 : 5 : 6. On 31
st
 
March, 2014, Girdhari retired. On that date the capitals of Banwari, Girdhari and Murari before the necessary 
adjustments stood at `2,00,000, `1,00,000 and `50,000 respectively. On Girdhari's retirement, goodwill of the 
firm was valued at `1,14,000. Revaluation of assets and re-assessment of liabilities resulted in a profit of 
`6,000. General Reserve stood in the books of the firm at `30,000.  
The amount payable to Girdhari was transferred to his loan account. Banwari and Murari agreed to pay 
Girdhari two yearly instalments of `75,000 each including interest @ 10% p.a. on the outstanding balance 
during the first two years and the balance including interest in the third year. The firm closes its books on 31st 
March every year. 
Prepare Girdhari's loan account till it is finally paid showing the working notes clearly.  [4] 
 
13. On 1
st
 April, 2014, KK Ltd. invited applications for issuing 5,000 10% debentures of `1,000 each at a discount 
of 6%. These debentures were repayable at the end of 3
rd
 year at a premium of 10%. Applications for 6,000 
debentures were received and the debentures were allotted on pro-rata basis to all the applicants. Excess 
money received with applications was refunded. 
The directors decided to transfer the minimum amount to Debenture Redemption Reserve on 31.3.2016. On 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
1.4.2016, the company invested the necessary amount in 9% bank fixed deposit as per the provisions of the 
Companies Act 2013. Tax was deducted at source by bank on interest @10% p.a. 
Pass the necessary journal entries for issue and redemption of debentures. Ignore entries relating to writing 
off loss on issue of debentures and interest paid on debentures. [6] 
 
14. Pranav, Karan and Rahim were partners in a firm sharing profits and losses in the ratio of 2: 2 : 1. On 31
st
 
March, 2017 their Balance Sheet was as follows: 
Balance Sheet of Pranav, Karan and Rahim 
as on 31.3.2017 
Liabilities  Amount 
` 
Assets  Amount 
` 
Creditors   3,00,000 Fixed Assets  4,50,000 
General Reserve   1,50,000 Stock   1,50,000 
Capitals   Debtors   2,00,000 
 Pranav 2,00,000  Bank  1,50,000 
 Karan 2,00,000     
 Rahim 1,00,000 5,00,000    
      
  9,50,000   9,50,000 
 
  
  
 
Karan died on 12.6.2017. According to the partnership deed, the legal representatives of the deceased partner 
were entitled to the following:  
(i) Balance in his Capital Account 
(ii) Interest on Capital @12% p.a. 
(iii) Share of goodwill. Goodwill of the firm on Karan's death was valued at `60,000. 
(iv) Share in the profits of the firm till the date of his death, calculated on the basis of last year’s profit. The 
profit of the firm for the year ended 31.3.2017 was `5,00,000. 
Prepare Karan's Capital Account to be presented to his representatives. [6] 
 
15. Chander and Damini were partners in a firm sharing profits and losses equally. On 31r4 March, 2017 their 
Balance Sheet was as follows: 
Balance Sheet of Chander and Damini 
as on 31.3.2017 
Liabilities  Amount 
` 
Assets  Amount 
` 
Sundry Creditors   1,04,000 Cash at Bank   30,000 
Capitals:   Bills Receivable   45,000 
 Chander 2,50,000  Debtors   75,000 
 Damini 2,16,000 4,66,000 Furniture   1,10,000 
   Land and Building   3,10,000 
  5,70,000   5,70,000 
      
On 1.4.2017, they admitted Elina as a new partner for 
1
rd
3
 share in the profits on the following conditions:  
(i) Elina will bring `3,00,000 as her capital and `50,000 as her share of goodwill premium, half of which will 
be withdrawn by Chander and Damini.  
(ii) Debtors to the extent of `5,000 were unrecorded.  
(iii) Furniture will be reduced by 10% and 5% provision for bad and doubtful debts will be created on bills 
receivables and debtors.  
(iv) Value of land and building will be appreciated by 20%.  
(v) There being a claim against the firm for damages, a liability to the extern of `8,000 will be created for the 
same.  
Prepare Revaluation Account and Partners Capital Accounts. [6] 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
16. X Ltd. invited applications for issuing 50,000 equity shares of `10 each. The amount was payable as follows: 
On Application:   `2 per share  
On Allotment:   `2 per share  
On First Call:   `3 per share  
On Second and Final Call:  Balance amount  
Applications for 70,000 shares were received. Applications for 10,000 shares were rejected and the 
application money was refunded. Shares were allotted to the remaining applicants on a pro-rata basis and 
excess money received with applications was transferred towards sums due on allotment and calls, if any. 
Gopal, who applied for 600 shares, paid his entire share money with application. Ghosh, who had applied for 
6,000 shares, failed to pay the allotment money and his shares were immediately forfeited. These forfeited 
shares were re-issued to Sultan for `20,000; `4 per share paid up. The first call money and the second and final 
call money was called and duly received.  
Pass necessary journal entries for the above transactions in the books of X Ltd. Open Calls-in-Advance Account 
and Calls-in-Arrears Account wherever necessary. [8] 
 
Or 
A Ltd. invited applications for issuing 1,00,000 shares of `10 each at a premium of `1 per share. The amount 
was payable as follows:  
On Application:   `3 per share  
On Allotment:   `3 per share (including premium)  
On First Call:   `3 per share  
On Second and Final Call:  Balance amount  
Applications for 1,60,000 shares were received. Allotment was made on the following basis:  
(i) To applicants for 90,000 shares:  40,000 shares  
(ii) To applicants for 50,000 shares:  40,000 shares 
(iii) To applicants for 20,000 shares:  full shares  
Excess money paid on application is to be adjusted against the amount due on allotment and calls. 
Rishabh, a shareholder, who applied for 1,500 shares and belonged to category (ii), did not pay allotment, first 
and second and final call money. 
Another shareholder, Sudha, who applied for 1,800 shares and belonged to category (i), did not pay the first 
and second and final call money.  
All the shares of Rishabh and Sudha were forfeited and were subsequently re-issued at `7 per share fully paid.  
Pass the necessary journal entries in the books of A Ltd. Open Calls-in-Arrears Account and Calls-in-Advance 
Account wherever required.  [8] 
 
17. Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31
st
  
March, 2017 their Balance Sheet was as follows:  
Balance Sheet of Chander and Damini 
as on 31.3.2017 
Liabilities  Amount 
` 
Assets  Amount 
` 
Capitals:   Capital: Manan   10,000 
 Srijan 2,00,000  Plant   2,20,000 
 Raman 1,50,000 3,50,000 Investment   70,000 
Creditors   75,000 Stock  50,000 
Bills Payable   40,000 Debtors  60,000 
Outstanding Salary   35,000 Bank  10,000 
   Profit & Loss A/c  80,000 
  5,00,000   5,00,000 
 
  
  
 
On the above date they decided to dissolve the firm.  
(i) Srijan was appointed to realise the assets and discharge the liabilities. Srijan was to receive 5% commission 
Page 5


  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2 – 2018 
 
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) Part B has two options- Analysis of Financial Statement and Computerised Accounting. 
4) Attempt only one option of part B.   
5) All parts of a question should be attempted at one place 
 
SECTION A 
 
1. Neetu, Meetu and Teetu were partners in a firm. On 1
st
 January, 2018, Meetu retired. On Meetu's retirement 
the goodwill of the firm was valued at `4,20,000.  
Pass necessary journal entry for the treatment of goodwill on Meetu's retirement. [1]  
 
2. Amit and Beena were partners in a firm sharing profits and losses in the ratio of 3 : 1. Chaman was admitted as 
a new partner for 
1
th
6
share in the profits. Chaman acquired 
2
th
5
of his share from Amit.  
How much share did Chaman acquire from Beena? [1]   
 
3. Is ‘Reserve Capital’ a part of ‘unsubscribed capital’ or ‘Uncalled Capital’? [1]   
 
4. Give the meaning of 'Debentures issued as Collateral Security'.  [1]   
 
5. Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of 
settlement of assets and liabilities.  [1]   
 
6. Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas Hitesh is an architect. They contributed 
equal amounts and purchased a building for `2 crores. After a year, they sold it for `3 crores and shared the 
profits equally. Are they doing the business in partnership? Give reason in support of your answer. [1]   
 
7. What is meant by a 'Share'? Give any two differences between 'Preference Shares' and 'Equity Shares'. [3]   
 
8. Jayant, Kartik and Leena were partners in a firm sharing profits and losses in the ratio of 5 : 2 : 3. Kartik died 
and Jayant and Leena decided to continue the business. Their gaining ratio was 2 : 3.  
Calculate the new profit sharing ratio of Jayant and Leela. [3] 
 
9. Complete the following journal entries left blank in the books of VK Ltd.:  [3] 
VK Ltd. 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Feb 1 __________________________________ Dr.  ________  
 ------- __________________________________    _________ 
 (Purchased own 500, 9% debentures of `100 each 
at `97 each for immediate cancellation) 
    
  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
      
Feb 1 _______________________________________ Dr.  _________  
 --------- ___________________________________    _________ 
 --------- ______________________________________    _________ 
 (Cancelled own debentures)     
      
__________ _______________________________________ Dr.  ________  
 --------- ___________________________________    __________ 
 (___________________________________________)     
 
10. NK Ltd., a truck manufacturing company, is registered with an authorised capital of `1,00,00,000 divided into 
equity shares of `100 each. The subscribed and paid up capital of the company is `50,00,000. The company 
decided to open technical schools in the Jhalawar district of Rajasthan to train the specially abled children of 
the area. It is planning to provide them employment in its various production units and industries in the 
neighbourhood area.  
To meet the capital expenditure requirements of the project, the company offered 20,000 shares to the public 
for subscription. The shares were fully subscribed and paid.  
Present the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the 
Companies Act, 2013. Also identify any two values that the company wants to communicate. [3] 
 
11. Asha and Aditi are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit Raghav as a 
partner for 
1
th
4
 share in the profits of the firm. Raghav brings `6,00,000 as his capital and his share of 
goodwill in cash. Goodwill of the firm is to be valued at two years' purchase of average profits of the last four 
years.  
The profits of the firm during the last four years are given below: 
Year Profit (`) 
2013-14 3,50,000 
2014-15 4,75,000 
2015-16 6,70,000 
2016-17 7,45,000 
The following additional information is given: 
(i) To cover management cost an annual charge of `56,250 should be made for the purpose of valuation of 
goodwill. 
(ii) The closing stock for the year ended 31.3.2017 was overvalued by `15,000. 
Pass necessary journal entries on Raghav's admission showing the working notes clearly.  [4] 
 
12. Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4 : 5 : 6. On 31
st
 
March, 2014, Girdhari retired. On that date the capitals of Banwari, Girdhari and Murari before the necessary 
adjustments stood at `2,00,000, `1,00,000 and `50,000 respectively. On Girdhari's retirement, goodwill of the 
firm was valued at `1,14,000. Revaluation of assets and re-assessment of liabilities resulted in a profit of 
`6,000. General Reserve stood in the books of the firm at `30,000.  
The amount payable to Girdhari was transferred to his loan account. Banwari and Murari agreed to pay 
Girdhari two yearly instalments of `75,000 each including interest @ 10% p.a. on the outstanding balance 
during the first two years and the balance including interest in the third year. The firm closes its books on 31st 
March every year. 
Prepare Girdhari's loan account till it is finally paid showing the working notes clearly.  [4] 
 
13. On 1
st
 April, 2014, KK Ltd. invited applications for issuing 5,000 10% debentures of `1,000 each at a discount 
of 6%. These debentures were repayable at the end of 3
rd
 year at a premium of 10%. Applications for 6,000 
debentures were received and the debentures were allotted on pro-rata basis to all the applicants. Excess 
money received with applications was refunded. 
The directors decided to transfer the minimum amount to Debenture Redemption Reserve on 31.3.2016. On 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
1.4.2016, the company invested the necessary amount in 9% bank fixed deposit as per the provisions of the 
Companies Act 2013. Tax was deducted at source by bank on interest @10% p.a. 
Pass the necessary journal entries for issue and redemption of debentures. Ignore entries relating to writing 
off loss on issue of debentures and interest paid on debentures. [6] 
 
14. Pranav, Karan and Rahim were partners in a firm sharing profits and losses in the ratio of 2: 2 : 1. On 31
st
 
March, 2017 their Balance Sheet was as follows: 
Balance Sheet of Pranav, Karan and Rahim 
as on 31.3.2017 
Liabilities  Amount 
` 
Assets  Amount 
` 
Creditors   3,00,000 Fixed Assets  4,50,000 
General Reserve   1,50,000 Stock   1,50,000 
Capitals   Debtors   2,00,000 
 Pranav 2,00,000  Bank  1,50,000 
 Karan 2,00,000     
 Rahim 1,00,000 5,00,000    
      
  9,50,000   9,50,000 
 
  
  
 
Karan died on 12.6.2017. According to the partnership deed, the legal representatives of the deceased partner 
were entitled to the following:  
(i) Balance in his Capital Account 
(ii) Interest on Capital @12% p.a. 
(iii) Share of goodwill. Goodwill of the firm on Karan's death was valued at `60,000. 
(iv) Share in the profits of the firm till the date of his death, calculated on the basis of last year’s profit. The 
profit of the firm for the year ended 31.3.2017 was `5,00,000. 
Prepare Karan's Capital Account to be presented to his representatives. [6] 
 
15. Chander and Damini were partners in a firm sharing profits and losses equally. On 31r4 March, 2017 their 
Balance Sheet was as follows: 
Balance Sheet of Chander and Damini 
as on 31.3.2017 
Liabilities  Amount 
` 
Assets  Amount 
` 
Sundry Creditors   1,04,000 Cash at Bank   30,000 
Capitals:   Bills Receivable   45,000 
 Chander 2,50,000  Debtors   75,000 
 Damini 2,16,000 4,66,000 Furniture   1,10,000 
   Land and Building   3,10,000 
  5,70,000   5,70,000 
      
On 1.4.2017, they admitted Elina as a new partner for 
1
rd
3
 share in the profits on the following conditions:  
(i) Elina will bring `3,00,000 as her capital and `50,000 as her share of goodwill premium, half of which will 
be withdrawn by Chander and Damini.  
(ii) Debtors to the extent of `5,000 were unrecorded.  
(iii) Furniture will be reduced by 10% and 5% provision for bad and doubtful debts will be created on bills 
receivables and debtors.  
(iv) Value of land and building will be appreciated by 20%.  
(v) There being a claim against the firm for damages, a liability to the extern of `8,000 will be created for the 
same.  
Prepare Revaluation Account and Partners Capital Accounts. [6] 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
16. X Ltd. invited applications for issuing 50,000 equity shares of `10 each. The amount was payable as follows: 
On Application:   `2 per share  
On Allotment:   `2 per share  
On First Call:   `3 per share  
On Second and Final Call:  Balance amount  
Applications for 70,000 shares were received. Applications for 10,000 shares were rejected and the 
application money was refunded. Shares were allotted to the remaining applicants on a pro-rata basis and 
excess money received with applications was transferred towards sums due on allotment and calls, if any. 
Gopal, who applied for 600 shares, paid his entire share money with application. Ghosh, who had applied for 
6,000 shares, failed to pay the allotment money and his shares were immediately forfeited. These forfeited 
shares were re-issued to Sultan for `20,000; `4 per share paid up. The first call money and the second and final 
call money was called and duly received.  
Pass necessary journal entries for the above transactions in the books of X Ltd. Open Calls-in-Advance Account 
and Calls-in-Arrears Account wherever necessary. [8] 
 
Or 
A Ltd. invited applications for issuing 1,00,000 shares of `10 each at a premium of `1 per share. The amount 
was payable as follows:  
On Application:   `3 per share  
On Allotment:   `3 per share (including premium)  
On First Call:   `3 per share  
On Second and Final Call:  Balance amount  
Applications for 1,60,000 shares were received. Allotment was made on the following basis:  
(i) To applicants for 90,000 shares:  40,000 shares  
(ii) To applicants for 50,000 shares:  40,000 shares 
(iii) To applicants for 20,000 shares:  full shares  
Excess money paid on application is to be adjusted against the amount due on allotment and calls. 
Rishabh, a shareholder, who applied for 1,500 shares and belonged to category (ii), did not pay allotment, first 
and second and final call money. 
Another shareholder, Sudha, who applied for 1,800 shares and belonged to category (i), did not pay the first 
and second and final call money.  
All the shares of Rishabh and Sudha were forfeited and were subsequently re-issued at `7 per share fully paid.  
Pass the necessary journal entries in the books of A Ltd. Open Calls-in-Arrears Account and Calls-in-Advance 
Account wherever required.  [8] 
 
17. Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31
st
  
March, 2017 their Balance Sheet was as follows:  
Balance Sheet of Chander and Damini 
as on 31.3.2017 
Liabilities  Amount 
` 
Assets  Amount 
` 
Capitals:   Capital: Manan   10,000 
 Srijan 2,00,000  Plant   2,20,000 
 Raman 1,50,000 3,50,000 Investment   70,000 
Creditors   75,000 Stock  50,000 
Bills Payable   40,000 Debtors  60,000 
Outstanding Salary   35,000 Bank  10,000 
   Profit & Loss A/c  80,000 
  5,00,000   5,00,000 
 
  
  
 
On the above date they decided to dissolve the firm.  
(i) Srijan was appointed to realise the assets and discharge the liabilities. Srijan was to receive 5% commission 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper Set 2 – 2018 
 
     
 
on sale of assets (except cash) and was to bear all expenses of realisation.  
(ii) Assets were realised as follows: 
` 
Plant 85,000 
Stock 33,000 
Debtors 47,000 
(iii) Investments were realised at 95% of the book value. 
(iv) The firm had to pay `7,500 for an outstanding repair bill not provided for earlier. 
(v) A contingent liability in respect of bills receivable, discounted with the bank had also materialised and had 
to be discharged for `15,000. 
(vi) Expenses of realisation amounting to `3,000 were paid Srijan.  
Prepare Realisation Account Partners' Capital Accounts and Bank Account.  [8] 
 
Or 
Moli, Bhola and Raj were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. Their partnership 
deed provided for the following:  
(i) Interest on capital @ 5% p.a. 
(ii) Interest on drawing @ 12% p.a. 
(iii) Interest on partners' loan @ 6% p. a. 
(iv) Moli was allowed an annual salary of `4,000; Bhola was allowed a commission of 10% of net profit as 
shown by Profit and Loss Account and Raj was guaranteed a profit of `1,50,000 after making all the 
adjustments as provided in the partnership agreement. Their fixed capitals were Moli : `5,00,000; Bhola : 
`8,00,000 and Raj : `4,00,000. On 1
st
 April, 2016 Bhola extended a loan of `1,00,000 to the firm. The net 
profit of the firm for the year ended 31
st
 March, 2017 before interest on Bhola's loan was `3,06,000. 
Prepare Profit and Loss Appropriation Account of Moli, Bhola and Raj for the year ended 31
st
 March, 2017 
and their Current Accounts assuming that Bhola withdrew `5,000 at the end of each month, Moli 
withdrew `10,000 at the end of each quarter and Raj withdrew `40,000 at the end of each half year. [8] 
 
SECTION B 
 
18. 'Interest received and paid' is considered as which type of activity by a finance company while preparing a 
Cash Flow Statement? [1] 
 
19. State the primary objective of preparing a Cash Flow Statement. [1] 
 
20. JW Ltd. was a company manufacturing geysers. As a part of its long term goal for expansion, the company 
decided to identify the opportunity in rural areas. Initial plan was rolled out for Bhiwani village in Haryana. 
Since the village did not have regular supply of electricity, the company decided to manufacture solar geysers. 
The core team consisting of the Regional Manager, Accountant and the Marketing Manager was taken from the 
Head Office and the remaining employees were selected from the village and neighbourhood areas. 
At the time of preparation of financial statements, the accountant of the company fell sick and the company 
deputed a junior accountant temporarily from the village for two months. 
The Balance Sheet prepared by the junior accountant showed the following items against the Major Heads and 
Sub-heads mentioned which were not as per Schedule III of the Companies Act, 2013. 
Items Major Head/Sub-Head 
Loose Tools Trade Receivables 
Cheques in Hand Current Investments 
Term Loan from Bank Other Long-term Liabilities 
Computer Software Tangible Fixed Assets 
Identify any two values that the company wants to communicate to the society. Also present the above items 
under the correct major heads and sub-heads as per Schedule III of the Companies Act, 2013. [4]