CBSE Accountancy Past year paper Delhi (Set - 3) - 2014, Class 12 | Additional Study Material for Commerce PDF Download

 Page 1


  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper_Set-3_2014 
 
Time: 3 Hrs Max. Marks: 80 
  
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) All parts of a question should be attempted at one place. 
Section A 
(i) This section consists of 18 questions. 
(ii) All the question are compulsory. 
(iii) Question Nos. 1 to 7 are very short – answer questions carrying 1 mark each. 
(iv) Question Nos. 8 to 10 carry 3 marks each. 
(v) Question Nos. 11 and 14 carry 4 marks each. 
(vi) Question Nos. 15 to 16 carry 6 marks each. 
(vii) Question Nos. 17 and 18 Carry 8 marks each. 
Section B 
(i) This section consists of 7 questions 
(ii) All questions are compulsory 
(iii) Question Nos.19 and 21 are very short – answer carrying 1 mark each 
(iv) Question Nos. 22 carry 3 marks 
(v) Question Nos. 23 to 24 carry 4 marks 
(vi) Question No.25 carries 6 marks 
 
Section A 
1. Give the meaning of ‘Debenture’. 
 
2. Why heirs of a retiring/deceased partner are entitle to a share of goodwill of the firm? 
  
3. Distinguish between ‘Dissolution of partnership’ and Dissolution of partnership firm ‘on the basis of closure 
of Books. 
 
4. X, Y and Z are partners sharing profit in ratio of 1/2 , 2/5, and 1/10 . Find the new ratio of remaining 
partners if Z retires. 
  
5. Give any one purpose for which the amount received as ‘Securities Premium’ may be utilised. 
  
6. What is meant by ‘Reconstitution of a Partnership Firm? 
 
7. What is the maximum amount of discount at which forfeited share can be re-issued? 
 
8. Saloni and Shrishti were partners in a firm sharing profits in the ratio of 7:3. Their capitals were `2,00,000 
and `1,50,000 respectively. They admitted Aditi on 1st April, 2013 as a new partner for 1/6
th
 share in 
future profits. Aditi brought `1,00,000 as her capital. Calculate the value of goodwill of the firm and record 
necessary journal entries for the above transaction on Aditi's admission. 
 
9. BG. Ltd. issued 2,000, 12% debentures of `100 each on 1st April 2012. The issue was fully subscribed. 
Page 2


  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper_Set-3_2014 
 
Time: 3 Hrs Max. Marks: 80 
  
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) All parts of a question should be attempted at one place. 
Section A 
(i) This section consists of 18 questions. 
(ii) All the question are compulsory. 
(iii) Question Nos. 1 to 7 are very short – answer questions carrying 1 mark each. 
(iv) Question Nos. 8 to 10 carry 3 marks each. 
(v) Question Nos. 11 and 14 carry 4 marks each. 
(vi) Question Nos. 15 to 16 carry 6 marks each. 
(vii) Question Nos. 17 and 18 Carry 8 marks each. 
Section B 
(i) This section consists of 7 questions 
(ii) All questions are compulsory 
(iii) Question Nos.19 and 21 are very short – answer carrying 1 mark each 
(iv) Question Nos. 22 carry 3 marks 
(v) Question Nos. 23 to 24 carry 4 marks 
(vi) Question No.25 carries 6 marks 
 
Section A 
1. Give the meaning of ‘Debenture’. 
 
2. Why heirs of a retiring/deceased partner are entitle to a share of goodwill of the firm? 
  
3. Distinguish between ‘Dissolution of partnership’ and Dissolution of partnership firm ‘on the basis of closure 
of Books. 
 
4. X, Y and Z are partners sharing profit in ratio of 1/2 , 2/5, and 1/10 . Find the new ratio of remaining 
partners if Z retires. 
  
5. Give any one purpose for which the amount received as ‘Securities Premium’ may be utilised. 
  
6. What is meant by ‘Reconstitution of a Partnership Firm? 
 
7. What is the maximum amount of discount at which forfeited share can be re-issued? 
 
8. Saloni and Shrishti were partners in a firm sharing profits in the ratio of 7:3. Their capitals were `2,00,000 
and `1,50,000 respectively. They admitted Aditi on 1st April, 2013 as a new partner for 1/6
th
 share in 
future profits. Aditi brought `1,00,000 as her capital. Calculate the value of goodwill of the firm and record 
necessary journal entries for the above transaction on Aditi's admission. 
 
9. BG. Ltd. issued 2,000, 12% debentures of `100 each on 1st April 2012. The issue was fully subscribed. 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
According to the terms of issue, interest on the debentures is payable half-yearly on 30th September and 
31st March and the tax deducted at source is 10%. Pass necessary journal entries related to the debenture 
interest for the half-yearly ending 31st March, 2013 and transfer of interest on debentures of the year to 
the Statement of Profit & Loss. 
 
10. ‘Pass necessary journal entries in the following cases :  
(i) Kay Ltd. converted 3,000, 12% debentures of `100 each issued at a premium of 10% into equity shares of 
`100 each issued at a premium of 25%.  
(ii) Jay Ltd. redeemed 1,500, 12% debentures of `1,000 each issued at a discount of 10% by converting them 
into equity shares of `50 each issued at par. 
 
11. Virad, Vishad and Roma were partners sharing profits in the ratio of 5 : 3 :2 respectively. On march 31, 
2013,their Balance Sheet as under. 
Liabilities  Amount 
` 
Assets Amount 
` 
Capital:   Building 2,00,000 
-----Virad 3,00,000  Machinery 3,00,000 
-----Vishad 2,50,000  Patents 1,10,000 
-----Roma 1,50,000 7,00,000 Stock 1,00,000 
Reserve Fund  60,000 Debtors 80,000 
Creditors  1,10,000 Cash 80,000 
  8,70,000  8,70,000 
Virad died on October 1, 2013. It was agreed between his executors and the remaining partner's that: 
a. Goodwill of the firm be valued at 
1
2
2
years purchase of average profits for the last three years. The 
average profits were `1,50,000.  
b. Interest on capital be provided at 10% p.a.  
c. Profit for the year 2013-14 be taken as having accrued at the same rate as that of the previous year 
which was `1,50,000.  
Prepare Virad's Capital Account to be presented to his Executors as on October 1, 2013. 
 
12. Pass necessary journal entries for the following transactions in the books of Rajan Ltd :  
a. Rajan Ltd. purchased machinery of `7,20,000 from Kundan Ltd. The payment was made to Kundan Ltd. 
by issue of equity shares of `100 each at 10% discount.  
b. Rajan Ltd purchased a running business from Vikas Ltd. for a sum of `2,50,000 payable as `2,20,000 in 
fully paid equity shares of `10 each and balance by a bank draft. The assets and liabilities consisted of 
the following : 
Plant & Machinery `90,000; Building `90,000; Sundry Debtors `30,000; Stock `50,000; Cash `20,000; 
Sundry Creditors `20,000. 
 
13. Satnam and Qureshi after doing their MBA decided to start a partnership firm to manufacture ISI marked 
electronic goods for economically weaker section of the society. Satnam also expressed his willingness to 
admit Juliee as partner without capital who is specially abled but a very creative and intelligent friend of him. 
Qureshi agreed to this. They formed a partnership on 1st April 2012 on the following terms :  
i. Satnam will contribute `4,00,000 and Qureshi will contribute `2,00,000 as capitals. 
ii. Satnam, Qureshi and Juliee will share profits in the ratio of 2:2:1.  
iii. Interest on capital will be allowed @ 6% p.a.  
Due to shortage of capital Satnam contributed `50,000 on 30th September, 2012 and Qureshi contributed 
`20,000 on 1st January, 2013 as additional capitals. The profit of the firm for the year ended 31st March, 
2013 was `3,37,800.  
a. Identify any two values which the firm wants to communicate to the society.  
b. Prepare Profit & Loss Appropriation Account for the year ending 31st March, 2013. 
 
14.  On 1st April, 2012, Mayank Ltd. was formed with an authorised capital of `25,00,000 divided into 50,000 
equity shares of `50 each. The company issued prospectus inviting applications for 45,000 shares. The 
issue price was payable as under :  
Page 3


  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper_Set-3_2014 
 
Time: 3 Hrs Max. Marks: 80 
  
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) All parts of a question should be attempted at one place. 
Section A 
(i) This section consists of 18 questions. 
(ii) All the question are compulsory. 
(iii) Question Nos. 1 to 7 are very short – answer questions carrying 1 mark each. 
(iv) Question Nos. 8 to 10 carry 3 marks each. 
(v) Question Nos. 11 and 14 carry 4 marks each. 
(vi) Question Nos. 15 to 16 carry 6 marks each. 
(vii) Question Nos. 17 and 18 Carry 8 marks each. 
Section B 
(i) This section consists of 7 questions 
(ii) All questions are compulsory 
(iii) Question Nos.19 and 21 are very short – answer carrying 1 mark each 
(iv) Question Nos. 22 carry 3 marks 
(v) Question Nos. 23 to 24 carry 4 marks 
(vi) Question No.25 carries 6 marks 
 
Section A 
1. Give the meaning of ‘Debenture’. 
 
2. Why heirs of a retiring/deceased partner are entitle to a share of goodwill of the firm? 
  
3. Distinguish between ‘Dissolution of partnership’ and Dissolution of partnership firm ‘on the basis of closure 
of Books. 
 
4. X, Y and Z are partners sharing profit in ratio of 1/2 , 2/5, and 1/10 . Find the new ratio of remaining 
partners if Z retires. 
  
5. Give any one purpose for which the amount received as ‘Securities Premium’ may be utilised. 
  
6. What is meant by ‘Reconstitution of a Partnership Firm? 
 
7. What is the maximum amount of discount at which forfeited share can be re-issued? 
 
8. Saloni and Shrishti were partners in a firm sharing profits in the ratio of 7:3. Their capitals were `2,00,000 
and `1,50,000 respectively. They admitted Aditi on 1st April, 2013 as a new partner for 1/6
th
 share in 
future profits. Aditi brought `1,00,000 as her capital. Calculate the value of goodwill of the firm and record 
necessary journal entries for the above transaction on Aditi's admission. 
 
9. BG. Ltd. issued 2,000, 12% debentures of `100 each on 1st April 2012. The issue was fully subscribed. 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
According to the terms of issue, interest on the debentures is payable half-yearly on 30th September and 
31st March and the tax deducted at source is 10%. Pass necessary journal entries related to the debenture 
interest for the half-yearly ending 31st March, 2013 and transfer of interest on debentures of the year to 
the Statement of Profit & Loss. 
 
10. ‘Pass necessary journal entries in the following cases :  
(i) Kay Ltd. converted 3,000, 12% debentures of `100 each issued at a premium of 10% into equity shares of 
`100 each issued at a premium of 25%.  
(ii) Jay Ltd. redeemed 1,500, 12% debentures of `1,000 each issued at a discount of 10% by converting them 
into equity shares of `50 each issued at par. 
 
11. Virad, Vishad and Roma were partners sharing profits in the ratio of 5 : 3 :2 respectively. On march 31, 
2013,their Balance Sheet as under. 
Liabilities  Amount 
` 
Assets Amount 
` 
Capital:   Building 2,00,000 
-----Virad 3,00,000  Machinery 3,00,000 
-----Vishad 2,50,000  Patents 1,10,000 
-----Roma 1,50,000 7,00,000 Stock 1,00,000 
Reserve Fund  60,000 Debtors 80,000 
Creditors  1,10,000 Cash 80,000 
  8,70,000  8,70,000 
Virad died on October 1, 2013. It was agreed between his executors and the remaining partner's that: 
a. Goodwill of the firm be valued at 
1
2
2
years purchase of average profits for the last three years. The 
average profits were `1,50,000.  
b. Interest on capital be provided at 10% p.a.  
c. Profit for the year 2013-14 be taken as having accrued at the same rate as that of the previous year 
which was `1,50,000.  
Prepare Virad's Capital Account to be presented to his Executors as on October 1, 2013. 
 
12. Pass necessary journal entries for the following transactions in the books of Rajan Ltd :  
a. Rajan Ltd. purchased machinery of `7,20,000 from Kundan Ltd. The payment was made to Kundan Ltd. 
by issue of equity shares of `100 each at 10% discount.  
b. Rajan Ltd purchased a running business from Vikas Ltd. for a sum of `2,50,000 payable as `2,20,000 in 
fully paid equity shares of `10 each and balance by a bank draft. The assets and liabilities consisted of 
the following : 
Plant & Machinery `90,000; Building `90,000; Sundry Debtors `30,000; Stock `50,000; Cash `20,000; 
Sundry Creditors `20,000. 
 
13. Satnam and Qureshi after doing their MBA decided to start a partnership firm to manufacture ISI marked 
electronic goods for economically weaker section of the society. Satnam also expressed his willingness to 
admit Juliee as partner without capital who is specially abled but a very creative and intelligent friend of him. 
Qureshi agreed to this. They formed a partnership on 1st April 2012 on the following terms :  
i. Satnam will contribute `4,00,000 and Qureshi will contribute `2,00,000 as capitals. 
ii. Satnam, Qureshi and Juliee will share profits in the ratio of 2:2:1.  
iii. Interest on capital will be allowed @ 6% p.a.  
Due to shortage of capital Satnam contributed `50,000 on 30th September, 2012 and Qureshi contributed 
`20,000 on 1st January, 2013 as additional capitals. The profit of the firm for the year ended 31st March, 
2013 was `3,37,800.  
a. Identify any two values which the firm wants to communicate to the society.  
b. Prepare Profit & Loss Appropriation Account for the year ending 31st March, 2013. 
 
14.  On 1st April, 2012, Mayank Ltd. was formed with an authorised capital of `25,00,000 divided into 50,000 
equity shares of `50 each. The company issued prospectus inviting applications for 45,000 shares. The 
issue price was payable as under :  
  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
On Application: `15  
On Allotment: `20  
On Call: Balance amount  
The issue was fully subscribed and the company allotted shares to all the applicants. The company did not 
make the call during the year. Show the following:  
(a) Share capital in the Balance Sheet of the company as per revised Schedule-VI, Part-I of the Companies 
Act, 1956.  
(b) Also prepare 'Notes to Accounts' for the same. 
 
15. Amar, Karan and Varun were partners in a firm manufacturing garment. They were sharing profits in the 
ratio of 5:3:2. On 1st April, 2012 their capitals were `3,00,000, `4,00,000 and `5,00,000 respectively. After 
the flood in Uttaranchal, all partners decide to personally help the flood victims. For this Amar withdrew 
`30,000 from the firm on 1st September, 2012, Karan instead of withdrawing cash from the firm took 
garments amounting to `36,000 from the firm and distributed to the flood victims. On the other hand, 
Varun withdrew `1,50,000 from his capital on 1st January, 2013 and started a school to provide 
elementary education in the flood affected area. The partnership deep provides for charging interest on 
drawings @ 6% p.a. After the Final Accounts were prepared, it was discovered that interest on drawings 
had not been charged. 
Give the necessary adjusting journal entry and show the working notes clearly. Also state any two values 
that the partners wanted to communicate to the society. 
 
16.  Kumar and Gaurav were partners in firm in a sharing profit in the ratio of their capitals. On 31
st
March,2013 
their Balance Sheet was as follows: 
Balance Sheet of Kumar and Gaurav as on 31
st
 March,2013  
Liabilities  Amount 
` 
Assets Amount 
` 
Creditors  80,000 Bank 79,000 
Workman Compensation Fund  25,000 Debtors 1,70,000 
Satya’s Current Account  24,000 Stock 34,000 
Capital’s:   Machinery 79,000 
-----Kumar 1,50,000  Shanti’s Current Account 17,000 
-----Gaurav 1,00,000 2,50,000   
  3,79,000  3,79,000 
On the above date the firm was dissolved:  
i. Kumar took over 50% of stock at 10% less than its book value. The remaining stock was sold for 
`10,000.  
ii. Debtors were realized at a discount of 5%.  
iii. An unrecorded asset was sold for `9,000 and machinery was sold for `18,000.  
iv. Creditors were paid in full.  
v. There was an outstanding bill for repairs for amounting to `14,000 which was settled at `12,000. 
Prepare Realisation Account. 
 
17. Mohan and Mahesh were Partners in a firm Sharing profit in the ratio 3:2 On 1
st
 April, 2012 they admitted 
Nusrat as a partners in the firm. The Balance Sheet of Mohan and Mahesh on that date was as under: 
Balance Sheet of Mohan and Mahesh as on 1
st
 April, 2012 
Liabilities  Amount 
` 
Assets Amount 
` 
Creditors  2,10,000 Cash in hand 1,40,000 
Workman’s Compensation Fund  2,50,000 Debtors 1,60,000 
General Reserve  1,60,000 Stock 1,20,000 
Capital:   Machinery 1,00,000 
-----Mohan 1,00,000  Building 2,80,000 
-----Mahesh 80,000 1,80,000   
  8,00,000  8,00,000 
 
Page 4


  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper_Set-3_2014 
 
Time: 3 Hrs Max. Marks: 80 
  
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) All parts of a question should be attempted at one place. 
Section A 
(i) This section consists of 18 questions. 
(ii) All the question are compulsory. 
(iii) Question Nos. 1 to 7 are very short – answer questions carrying 1 mark each. 
(iv) Question Nos. 8 to 10 carry 3 marks each. 
(v) Question Nos. 11 and 14 carry 4 marks each. 
(vi) Question Nos. 15 to 16 carry 6 marks each. 
(vii) Question Nos. 17 and 18 Carry 8 marks each. 
Section B 
(i) This section consists of 7 questions 
(ii) All questions are compulsory 
(iii) Question Nos.19 and 21 are very short – answer carrying 1 mark each 
(iv) Question Nos. 22 carry 3 marks 
(v) Question Nos. 23 to 24 carry 4 marks 
(vi) Question No.25 carries 6 marks 
 
Section A 
1. Give the meaning of ‘Debenture’. 
 
2. Why heirs of a retiring/deceased partner are entitle to a share of goodwill of the firm? 
  
3. Distinguish between ‘Dissolution of partnership’ and Dissolution of partnership firm ‘on the basis of closure 
of Books. 
 
4. X, Y and Z are partners sharing profit in ratio of 1/2 , 2/5, and 1/10 . Find the new ratio of remaining 
partners if Z retires. 
  
5. Give any one purpose for which the amount received as ‘Securities Premium’ may be utilised. 
  
6. What is meant by ‘Reconstitution of a Partnership Firm? 
 
7. What is the maximum amount of discount at which forfeited share can be re-issued? 
 
8. Saloni and Shrishti were partners in a firm sharing profits in the ratio of 7:3. Their capitals were `2,00,000 
and `1,50,000 respectively. They admitted Aditi on 1st April, 2013 as a new partner for 1/6
th
 share in 
future profits. Aditi brought `1,00,000 as her capital. Calculate the value of goodwill of the firm and record 
necessary journal entries for the above transaction on Aditi's admission. 
 
9. BG. Ltd. issued 2,000, 12% debentures of `100 each on 1st April 2012. The issue was fully subscribed. 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
According to the terms of issue, interest on the debentures is payable half-yearly on 30th September and 
31st March and the tax deducted at source is 10%. Pass necessary journal entries related to the debenture 
interest for the half-yearly ending 31st March, 2013 and transfer of interest on debentures of the year to 
the Statement of Profit & Loss. 
 
10. ‘Pass necessary journal entries in the following cases :  
(i) Kay Ltd. converted 3,000, 12% debentures of `100 each issued at a premium of 10% into equity shares of 
`100 each issued at a premium of 25%.  
(ii) Jay Ltd. redeemed 1,500, 12% debentures of `1,000 each issued at a discount of 10% by converting them 
into equity shares of `50 each issued at par. 
 
11. Virad, Vishad and Roma were partners sharing profits in the ratio of 5 : 3 :2 respectively. On march 31, 
2013,their Balance Sheet as under. 
Liabilities  Amount 
` 
Assets Amount 
` 
Capital:   Building 2,00,000 
-----Virad 3,00,000  Machinery 3,00,000 
-----Vishad 2,50,000  Patents 1,10,000 
-----Roma 1,50,000 7,00,000 Stock 1,00,000 
Reserve Fund  60,000 Debtors 80,000 
Creditors  1,10,000 Cash 80,000 
  8,70,000  8,70,000 
Virad died on October 1, 2013. It was agreed between his executors and the remaining partner's that: 
a. Goodwill of the firm be valued at 
1
2
2
years purchase of average profits for the last three years. The 
average profits were `1,50,000.  
b. Interest on capital be provided at 10% p.a.  
c. Profit for the year 2013-14 be taken as having accrued at the same rate as that of the previous year 
which was `1,50,000.  
Prepare Virad's Capital Account to be presented to his Executors as on October 1, 2013. 
 
12. Pass necessary journal entries for the following transactions in the books of Rajan Ltd :  
a. Rajan Ltd. purchased machinery of `7,20,000 from Kundan Ltd. The payment was made to Kundan Ltd. 
by issue of equity shares of `100 each at 10% discount.  
b. Rajan Ltd purchased a running business from Vikas Ltd. for a sum of `2,50,000 payable as `2,20,000 in 
fully paid equity shares of `10 each and balance by a bank draft. The assets and liabilities consisted of 
the following : 
Plant & Machinery `90,000; Building `90,000; Sundry Debtors `30,000; Stock `50,000; Cash `20,000; 
Sundry Creditors `20,000. 
 
13. Satnam and Qureshi after doing their MBA decided to start a partnership firm to manufacture ISI marked 
electronic goods for economically weaker section of the society. Satnam also expressed his willingness to 
admit Juliee as partner without capital who is specially abled but a very creative and intelligent friend of him. 
Qureshi agreed to this. They formed a partnership on 1st April 2012 on the following terms :  
i. Satnam will contribute `4,00,000 and Qureshi will contribute `2,00,000 as capitals. 
ii. Satnam, Qureshi and Juliee will share profits in the ratio of 2:2:1.  
iii. Interest on capital will be allowed @ 6% p.a.  
Due to shortage of capital Satnam contributed `50,000 on 30th September, 2012 and Qureshi contributed 
`20,000 on 1st January, 2013 as additional capitals. The profit of the firm for the year ended 31st March, 
2013 was `3,37,800.  
a. Identify any two values which the firm wants to communicate to the society.  
b. Prepare Profit & Loss Appropriation Account for the year ending 31st March, 2013. 
 
14.  On 1st April, 2012, Mayank Ltd. was formed with an authorised capital of `25,00,000 divided into 50,000 
equity shares of `50 each. The company issued prospectus inviting applications for 45,000 shares. The 
issue price was payable as under :  
  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
On Application: `15  
On Allotment: `20  
On Call: Balance amount  
The issue was fully subscribed and the company allotted shares to all the applicants. The company did not 
make the call during the year. Show the following:  
(a) Share capital in the Balance Sheet of the company as per revised Schedule-VI, Part-I of the Companies 
Act, 1956.  
(b) Also prepare 'Notes to Accounts' for the same. 
 
15. Amar, Karan and Varun were partners in a firm manufacturing garment. They were sharing profits in the 
ratio of 5:3:2. On 1st April, 2012 their capitals were `3,00,000, `4,00,000 and `5,00,000 respectively. After 
the flood in Uttaranchal, all partners decide to personally help the flood victims. For this Amar withdrew 
`30,000 from the firm on 1st September, 2012, Karan instead of withdrawing cash from the firm took 
garments amounting to `36,000 from the firm and distributed to the flood victims. On the other hand, 
Varun withdrew `1,50,000 from his capital on 1st January, 2013 and started a school to provide 
elementary education in the flood affected area. The partnership deep provides for charging interest on 
drawings @ 6% p.a. After the Final Accounts were prepared, it was discovered that interest on drawings 
had not been charged. 
Give the necessary adjusting journal entry and show the working notes clearly. Also state any two values 
that the partners wanted to communicate to the society. 
 
16.  Kumar and Gaurav were partners in firm in a sharing profit in the ratio of their capitals. On 31
st
March,2013 
their Balance Sheet was as follows: 
Balance Sheet of Kumar and Gaurav as on 31
st
 March,2013  
Liabilities  Amount 
` 
Assets Amount 
` 
Creditors  80,000 Bank 79,000 
Workman Compensation Fund  25,000 Debtors 1,70,000 
Satya’s Current Account  24,000 Stock 34,000 
Capital’s:   Machinery 79,000 
-----Kumar 1,50,000  Shanti’s Current Account 17,000 
-----Gaurav 1,00,000 2,50,000   
  3,79,000  3,79,000 
On the above date the firm was dissolved:  
i. Kumar took over 50% of stock at 10% less than its book value. The remaining stock was sold for 
`10,000.  
ii. Debtors were realized at a discount of 5%.  
iii. An unrecorded asset was sold for `9,000 and machinery was sold for `18,000.  
iv. Creditors were paid in full.  
v. There was an outstanding bill for repairs for amounting to `14,000 which was settled at `12,000. 
Prepare Realisation Account. 
 
17. Mohan and Mahesh were Partners in a firm Sharing profit in the ratio 3:2 On 1
st
 April, 2012 they admitted 
Nusrat as a partners in the firm. The Balance Sheet of Mohan and Mahesh on that date was as under: 
Balance Sheet of Mohan and Mahesh as on 1
st
 April, 2012 
Liabilities  Amount 
` 
Assets Amount 
` 
Creditors  2,10,000 Cash in hand 1,40,000 
Workman’s Compensation Fund  2,50,000 Debtors 1,60,000 
General Reserve  1,60,000 Stock 1,20,000 
Capital:   Machinery 1,00,000 
-----Mohan 1,00,000  Building 2,80,000 
-----Mahesh 80,000 1,80,000   
  8,00,000  8,00,000 
 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
It was agreed that:  
i. The value of Building and Stock be appreciated to `3,80,000 and `1,60,000 respectively.  
ii. The liabilities of workmen's compensation fund was determined at `2,30,000. 
iii. Nusrat brought in her share of goodwill `1,00,000 in cash.  
iv. Nusrat was to bring further cash as would make her capital equal to 20% of the combined capital of 
Mohan and Mahesh after above revaluation and adjustments are carried out.  
v. The future profit sharing ratio will be Mohan 2/5
th
, Mahesh 2/5
th
, Nusrat 1/5
th
.  
Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet of the new firm. Also show 
clearly the calculation of Capital brough by Nusrat. 
 
OR 
 
Kushal Kumar and Kavita were partners in a firm sharing profit in the ratio 3:1:1. 
On 1
st
 April ,2012 their Balance Sheet was as follows: 
Balance Sheet of Kushal, Kumar and Kavita as on 1
st
 April, 2012 
Liabilities Amount 
` 
Assets Amount 
` 
Creditors  1,20,000 Cash   70,000 
Bill  payable  1,80,000 Debtors 2,00,000  
General Reserve  1,20,000 Less: Provision 10,000 1,90,000 
Capital:   Stock  2,20,000 
-----Kushi 3,00,000  Furniture  1,20,000 
-----Kumar 2,80,000  Building  3,00,000 
-----Kavita 3,00,000 8,80,000 Land  4,00,000 
  13,00,000   13,00,000 
On the above date Kavita retired and the following was agreed :  
i. Goodwill of the firm was valued at `40,000.  
ii. Land was to be appreciated by 30% and building was to be depreciated by `1,00,000.  
iii.  Value of furniture was to be reduced by `20,000.  
iv.  Bad debts reserve is to be increased to `15,000.  
v. 10% of the amount payable to Kavita was paid in cash and the balance was transferred to her Loan 
Account.  
vi. Capitals of Kushal and Kumar will be in proportion to their new profit sharing ratio. The 
surplus/deficit, if any in their Capital Accounts will be adjusted through Current Accounts.  
Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet of Kushal and Kumar after 
Kavita's retirement. 
 
18. XYZ Ltd. invited applications for 40,000 equity shares of `100 each at a discount of 6%. The amount was 
payable as follows: 
On Application and Allotment - `90 per share 
On First and Final call - the balance amount 
Applications for 60,000 shares were received. Applications for 10,000 shares were rejected and shares 
were allotted on pro-rata basis to remaining applicants. Excess application money received on application 
and allotment was adjusted towards sums due on first and final call. The calls were made. A shareholder, 
who applied for 50 share, failed to pay the first and final call money. His shares were forfeited. All the 
forfeited shares were re-issued at `97 per share fully paid up.  
Pass necessary journal entries for the above transactions in the books of XYZ Ltd. 
 
OR 
AB Ltd. invited applications for issuing 75,000 equity shares of `100 each at a premium of `30 per share. 
The amount way payable as follows: 
On Application and Allotment - `85 per share (including premium) 
Page 5


  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper_Set-3_2014 
 
Time: 3 Hrs Max. Marks: 80 
  
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) All parts of a question should be attempted at one place. 
Section A 
(i) This section consists of 18 questions. 
(ii) All the question are compulsory. 
(iii) Question Nos. 1 to 7 are very short – answer questions carrying 1 mark each. 
(iv) Question Nos. 8 to 10 carry 3 marks each. 
(v) Question Nos. 11 and 14 carry 4 marks each. 
(vi) Question Nos. 15 to 16 carry 6 marks each. 
(vii) Question Nos. 17 and 18 Carry 8 marks each. 
Section B 
(i) This section consists of 7 questions 
(ii) All questions are compulsory 
(iii) Question Nos.19 and 21 are very short – answer carrying 1 mark each 
(iv) Question Nos. 22 carry 3 marks 
(v) Question Nos. 23 to 24 carry 4 marks 
(vi) Question No.25 carries 6 marks 
 
Section A 
1. Give the meaning of ‘Debenture’. 
 
2. Why heirs of a retiring/deceased partner are entitle to a share of goodwill of the firm? 
  
3. Distinguish between ‘Dissolution of partnership’ and Dissolution of partnership firm ‘on the basis of closure 
of Books. 
 
4. X, Y and Z are partners sharing profit in ratio of 1/2 , 2/5, and 1/10 . Find the new ratio of remaining 
partners if Z retires. 
  
5. Give any one purpose for which the amount received as ‘Securities Premium’ may be utilised. 
  
6. What is meant by ‘Reconstitution of a Partnership Firm? 
 
7. What is the maximum amount of discount at which forfeited share can be re-issued? 
 
8. Saloni and Shrishti were partners in a firm sharing profits in the ratio of 7:3. Their capitals were `2,00,000 
and `1,50,000 respectively. They admitted Aditi on 1st April, 2013 as a new partner for 1/6
th
 share in 
future profits. Aditi brought `1,00,000 as her capital. Calculate the value of goodwill of the firm and record 
necessary journal entries for the above transaction on Aditi's admission. 
 
9. BG. Ltd. issued 2,000, 12% debentures of `100 each on 1st April 2012. The issue was fully subscribed. 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
According to the terms of issue, interest on the debentures is payable half-yearly on 30th September and 
31st March and the tax deducted at source is 10%. Pass necessary journal entries related to the debenture 
interest for the half-yearly ending 31st March, 2013 and transfer of interest on debentures of the year to 
the Statement of Profit & Loss. 
 
10. ‘Pass necessary journal entries in the following cases :  
(i) Kay Ltd. converted 3,000, 12% debentures of `100 each issued at a premium of 10% into equity shares of 
`100 each issued at a premium of 25%.  
(ii) Jay Ltd. redeemed 1,500, 12% debentures of `1,000 each issued at a discount of 10% by converting them 
into equity shares of `50 each issued at par. 
 
11. Virad, Vishad and Roma were partners sharing profits in the ratio of 5 : 3 :2 respectively. On march 31, 
2013,their Balance Sheet as under. 
Liabilities  Amount 
` 
Assets Amount 
` 
Capital:   Building 2,00,000 
-----Virad 3,00,000  Machinery 3,00,000 
-----Vishad 2,50,000  Patents 1,10,000 
-----Roma 1,50,000 7,00,000 Stock 1,00,000 
Reserve Fund  60,000 Debtors 80,000 
Creditors  1,10,000 Cash 80,000 
  8,70,000  8,70,000 
Virad died on October 1, 2013. It was agreed between his executors and the remaining partner's that: 
a. Goodwill of the firm be valued at 
1
2
2
years purchase of average profits for the last three years. The 
average profits were `1,50,000.  
b. Interest on capital be provided at 10% p.a.  
c. Profit for the year 2013-14 be taken as having accrued at the same rate as that of the previous year 
which was `1,50,000.  
Prepare Virad's Capital Account to be presented to his Executors as on October 1, 2013. 
 
12. Pass necessary journal entries for the following transactions in the books of Rajan Ltd :  
a. Rajan Ltd. purchased machinery of `7,20,000 from Kundan Ltd. The payment was made to Kundan Ltd. 
by issue of equity shares of `100 each at 10% discount.  
b. Rajan Ltd purchased a running business from Vikas Ltd. for a sum of `2,50,000 payable as `2,20,000 in 
fully paid equity shares of `10 each and balance by a bank draft. The assets and liabilities consisted of 
the following : 
Plant & Machinery `90,000; Building `90,000; Sundry Debtors `30,000; Stock `50,000; Cash `20,000; 
Sundry Creditors `20,000. 
 
13. Satnam and Qureshi after doing their MBA decided to start a partnership firm to manufacture ISI marked 
electronic goods for economically weaker section of the society. Satnam also expressed his willingness to 
admit Juliee as partner without capital who is specially abled but a very creative and intelligent friend of him. 
Qureshi agreed to this. They formed a partnership on 1st April 2012 on the following terms :  
i. Satnam will contribute `4,00,000 and Qureshi will contribute `2,00,000 as capitals. 
ii. Satnam, Qureshi and Juliee will share profits in the ratio of 2:2:1.  
iii. Interest on capital will be allowed @ 6% p.a.  
Due to shortage of capital Satnam contributed `50,000 on 30th September, 2012 and Qureshi contributed 
`20,000 on 1st January, 2013 as additional capitals. The profit of the firm for the year ended 31st March, 
2013 was `3,37,800.  
a. Identify any two values which the firm wants to communicate to the society.  
b. Prepare Profit & Loss Appropriation Account for the year ending 31st March, 2013. 
 
14.  On 1st April, 2012, Mayank Ltd. was formed with an authorised capital of `25,00,000 divided into 50,000 
equity shares of `50 each. The company issued prospectus inviting applications for 45,000 shares. The 
issue price was payable as under :  
  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
On Application: `15  
On Allotment: `20  
On Call: Balance amount  
The issue was fully subscribed and the company allotted shares to all the applicants. The company did not 
make the call during the year. Show the following:  
(a) Share capital in the Balance Sheet of the company as per revised Schedule-VI, Part-I of the Companies 
Act, 1956.  
(b) Also prepare 'Notes to Accounts' for the same. 
 
15. Amar, Karan and Varun were partners in a firm manufacturing garment. They were sharing profits in the 
ratio of 5:3:2. On 1st April, 2012 their capitals were `3,00,000, `4,00,000 and `5,00,000 respectively. After 
the flood in Uttaranchal, all partners decide to personally help the flood victims. For this Amar withdrew 
`30,000 from the firm on 1st September, 2012, Karan instead of withdrawing cash from the firm took 
garments amounting to `36,000 from the firm and distributed to the flood victims. On the other hand, 
Varun withdrew `1,50,000 from his capital on 1st January, 2013 and started a school to provide 
elementary education in the flood affected area. The partnership deep provides for charging interest on 
drawings @ 6% p.a. After the Final Accounts were prepared, it was discovered that interest on drawings 
had not been charged. 
Give the necessary adjusting journal entry and show the working notes clearly. Also state any two values 
that the partners wanted to communicate to the society. 
 
16.  Kumar and Gaurav were partners in firm in a sharing profit in the ratio of their capitals. On 31
st
March,2013 
their Balance Sheet was as follows: 
Balance Sheet of Kumar and Gaurav as on 31
st
 March,2013  
Liabilities  Amount 
` 
Assets Amount 
` 
Creditors  80,000 Bank 79,000 
Workman Compensation Fund  25,000 Debtors 1,70,000 
Satya’s Current Account  24,000 Stock 34,000 
Capital’s:   Machinery 79,000 
-----Kumar 1,50,000  Shanti’s Current Account 17,000 
-----Gaurav 1,00,000 2,50,000   
  3,79,000  3,79,000 
On the above date the firm was dissolved:  
i. Kumar took over 50% of stock at 10% less than its book value. The remaining stock was sold for 
`10,000.  
ii. Debtors were realized at a discount of 5%.  
iii. An unrecorded asset was sold for `9,000 and machinery was sold for `18,000.  
iv. Creditors were paid in full.  
v. There was an outstanding bill for repairs for amounting to `14,000 which was settled at `12,000. 
Prepare Realisation Account. 
 
17. Mohan and Mahesh were Partners in a firm Sharing profit in the ratio 3:2 On 1
st
 April, 2012 they admitted 
Nusrat as a partners in the firm. The Balance Sheet of Mohan and Mahesh on that date was as under: 
Balance Sheet of Mohan and Mahesh as on 1
st
 April, 2012 
Liabilities  Amount 
` 
Assets Amount 
` 
Creditors  2,10,000 Cash in hand 1,40,000 
Workman’s Compensation Fund  2,50,000 Debtors 1,60,000 
General Reserve  1,60,000 Stock 1,20,000 
Capital:   Machinery 1,00,000 
-----Mohan 1,00,000  Building 2,80,000 
-----Mahesh 80,000 1,80,000   
  8,00,000  8,00,000 
 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
It was agreed that:  
i. The value of Building and Stock be appreciated to `3,80,000 and `1,60,000 respectively.  
ii. The liabilities of workmen's compensation fund was determined at `2,30,000. 
iii. Nusrat brought in her share of goodwill `1,00,000 in cash.  
iv. Nusrat was to bring further cash as would make her capital equal to 20% of the combined capital of 
Mohan and Mahesh after above revaluation and adjustments are carried out.  
v. The future profit sharing ratio will be Mohan 2/5
th
, Mahesh 2/5
th
, Nusrat 1/5
th
.  
Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet of the new firm. Also show 
clearly the calculation of Capital brough by Nusrat. 
 
OR 
 
Kushal Kumar and Kavita were partners in a firm sharing profit in the ratio 3:1:1. 
On 1
st
 April ,2012 their Balance Sheet was as follows: 
Balance Sheet of Kushal, Kumar and Kavita as on 1
st
 April, 2012 
Liabilities Amount 
` 
Assets Amount 
` 
Creditors  1,20,000 Cash   70,000 
Bill  payable  1,80,000 Debtors 2,00,000  
General Reserve  1,20,000 Less: Provision 10,000 1,90,000 
Capital:   Stock  2,20,000 
-----Kushi 3,00,000  Furniture  1,20,000 
-----Kumar 2,80,000  Building  3,00,000 
-----Kavita 3,00,000 8,80,000 Land  4,00,000 
  13,00,000   13,00,000 
On the above date Kavita retired and the following was agreed :  
i. Goodwill of the firm was valued at `40,000.  
ii. Land was to be appreciated by 30% and building was to be depreciated by `1,00,000.  
iii.  Value of furniture was to be reduced by `20,000.  
iv.  Bad debts reserve is to be increased to `15,000.  
v. 10% of the amount payable to Kavita was paid in cash and the balance was transferred to her Loan 
Account.  
vi. Capitals of Kushal and Kumar will be in proportion to their new profit sharing ratio. The 
surplus/deficit, if any in their Capital Accounts will be adjusted through Current Accounts.  
Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet of Kushal and Kumar after 
Kavita's retirement. 
 
18. XYZ Ltd. invited applications for 40,000 equity shares of `100 each at a discount of 6%. The amount was 
payable as follows: 
On Application and Allotment - `90 per share 
On First and Final call - the balance amount 
Applications for 60,000 shares were received. Applications for 10,000 shares were rejected and shares 
were allotted on pro-rata basis to remaining applicants. Excess application money received on application 
and allotment was adjusted towards sums due on first and final call. The calls were made. A shareholder, 
who applied for 50 share, failed to pay the first and final call money. His shares were forfeited. All the 
forfeited shares were re-issued at `97 per share fully paid up.  
Pass necessary journal entries for the above transactions in the books of XYZ Ltd. 
 
OR 
AB Ltd. invited applications for issuing 75,000 equity shares of `100 each at a premium of `30 per share. 
The amount way payable as follows: 
On Application and Allotment - `85 per share (including premium) 
  
 
CBSE XII  | Accountancy 
Delhi Board Paper_Set-3_2014 
 
     
 
On First and Final call - the balance amount 
Applications for 1,27,500 shares were received. Applications for 27,500 shares were rejected and shares 
were allotted on pro-rata basis to the remaining applicants. Excess money received on application and 
allotment was adjusted towards sums due to first and final call. The calls were made. A shareholder, who 
applied for 1,000 shares, failed to pay the first and final call money. His shares were forfeited. All the 
forfeited shares were reissued at `150 per share fully paid up. 
Pass necessary journal entries for the above transactions in the books of AB Ltd. 
 
 
Section B 
 
19.  State the objective of preparing ‘Cash Flow statement’ 
 
20. State any one limitation of ‘Analysis of Financial Statement’.  
 
21. What is meant by ‘Cash Equivalent’ while preparing Cash Flow Statement? 
 
22. Under which major sub-headings the following items will be placed in the Balance Sheet of a company as 
per revised Schedule-VI, Part-I of the Companies Act, 1956:  
i. Accrued Incomes  
ii. Loose Tools  
iii. Provision for employees benefits  
iv. Unpaid dividend  
v. Short-term loans  
vi. Long-term loans. 
 
23.  From the following Statement of profit and loss of the year ended 31
st
 March, 2013, prepare a comparative 
statement of Profit and Loss ‘of Better Sales Ltd. 
Particulars 
2012-13 
` 
2011-12 
` 
Revenue from operation 
7,00,000 5,00,000 
Other expenses 
75,000 1,00,000 
Expenses 4,50,000 3,75,000 
Rate of Income tax was 50%. 
 
24. (a) From the Following information , compute Debt-Equity Ratio: 
 ` 
Long Term Borrowings 8,00,000 
Long Term Provision 4,00,000 
Current Liabilities 2,00,000 
Non-Current-Assets 14,40,000 
Current -Assets 3,60,000 
(b) The current ratio of Z. Ltd is 1: 1. State with reason which of the following transaction would 
i. increase;  
ii. decrease or  
iii. not change the ratio.  
1. Included in the trade payables was a bills payable of ` 3,000 which was met on maturity. 
2. Debentures of `50,000 were converted into Equity Share. 
 
 
 
25. Prepare a Cash Flow Statement from the information given in the balance sheet of live Ltd. As at 31-3-
2013and 31-3-2012: