CBSE Accounts Sample Paper - 3 (2018-19) | Sample Papers for Class 12 Commerce PDF Download

SAMPLE QUESTION PAPER 03
 ACCOUNTANCY (055) CLASS-XII
 2016-17

Time allowed – 3 hours, Maximum Marks: 80

 General Instructions:
 • This question paper contains two parts A and B.
 • Part A is compulsory for all.
 • Part B has two options – Financial Statements Analysis and Computerized Accounting.
 • Attempt only one option of Part B.
 • 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 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 Rs.2,50,000. C was paid Rs.3,00,000 in full settlement. Afterwards D was admitted for 1/4th share. Calculate the amount of goodwill premium brought by D. (1)
 Ans. Goodwill share of C= Rs.3,00,000 - Rs.2,50,000= Rs.50,000
 Firm’s Goodwill = 50,000 x 10/2= Rs.2,50,000
 D’s share in Goodwill= Rs.2,50,000 x 1/4= Rs.62,500

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 Rs.3,85,000 and Rs.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. (1)
 Ans. Combined capital of A and B = Rs.3,85,000+Rs.4,15,000= Rs.8,00,000
 C’s share=1/5th of total capital
 Remaining share= 1-1/5 =4/5
 4/5= Rs.8,00,000
 C’s capital=Rs.8,00,000x5/4x1/5= Rs.2,00,000

Q3. A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is Rs.2,50,000. The total interest on partner’s drawing is Rs.4,000. A’s salary is Rs.4,000 per quarter and B’s salary is Rs.40,000 per annum. Calculate the net profit/loss earned during this year. (1)
 Ans. Net Profit during the year=Divisible profits + Salary to partners – Interest on Drawings =
 2,50,000+16,000+40,000-4000= Rs.3,02,000

Q4. ABC Ltd. purchased for cancellation its own 5,000, 9% Debentures of `100 each for Rs.95 per debenture. Brokerage charges Rs.15,000 were incurred. Calculate the amount to be transferred to capital reserve. (1)
 Ans. Amount paid for 5,000 Debentures=4,75,000+15,000= Rs.4,90,000 The nominal value of debentures to be redeemed/cancelled= Rs.5,00,000
 Amount of profit on redemption to be transferred to capital reserve= Rs.5,00,000 _ Rs.4,90,000 = Rs.10,000

Q5. When can shares held by a shareholder be forfeitedRs. (1)
 Ans. Shares held by a shareholder can be forfeited for the non-payment of call money due

Q6. A partnership firm has 50 members. All the partners have agreed to admit Ram and Mohan as new partners. Can Ram and Mohan be admittedRs. Give reason in support of your answer.(1)
 Ans. No, Ram and Mohan can’t be admitted as partners.
 Reason_ As per the Companies Miscellaneous Rules, 2014 the Maximum number of partners
 in a partnership firm can be 50

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.
 A Ltd. obtained Loan of Rs.1,00,000 from Indian Bank and issued 1200, 10% Debentures of Rs.`100 each as Collateral security. The company recorded the issue of debentures as collateral security by opening ‘Debenture Suspense Account.’ Present the issue of debentures in the Balance Sheet of the company. (3)
 Ans. 
 Treatment:
 An extract of Balance sheet of A Ltd.

Notes  to  Accounts:

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 1/4th of her share; Sunita surrenders 1/3rd
 of her share and Teena surrenders 1/5th of her share in favour of Samiksha. Find the new Profit sharing ratio (3)
 Ans. Rekha surrenders for Samiksha = 1/4 x 3/6 = 3/24 Sunita surrenders for Samiksha = 1/3 x 2/6 = 2/18
 Teena surrenders for Samiksha = 1/5 x 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

Q9. King Ltd took over assets ofRs. 25,00,000 and liabilities of Rs.6,00,000 of Queen Ltd. King Ltd paid the purchase consideration by issuing 10,000 equity shares of Rs.100each at a premium of 10% and Rs.11,00,000 by a Bank Draft. Calculate Purchase consideration and pass necessary Journal entries in the books of King Ltd (3)
 Ans.

KING  LTD.JOURNAL

Q10. ABC Ltd was a cloth manufacturing company located in Delhi. Being a socially aware organization 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 funds through issue of 50,000 Equity shares of 50 each to set up the plant in the rural area of Kashmir. Pass necessary Journal entries for the issue of shares and identify any two values that the company wanted to communicate to the society. (3)
 Ans:
 ABC LTD.
 JOURNAL

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 years’ purchase of average profit of last 4 years, which was Rs.40,000. General Reserve showed a balance of Rs.1,30,000 and D’s Capital in the Balance Sheet was Rs.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. (4)
 Ans. JOURNAL

D’s Capital  Account

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 31st 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 Rs.2,00,000; Rs.1,60,000 and Rs.1,20,000 respectively. During the last two years they had shared the profits as under(4)

You are required to give necessary adjusting entry on April 1, 2014
 Ans. Table  Showing  Adjustment

JOURNAL

Q13. On 31st March 2015 the Balance Sheet of Punit, Rahul and Seema was as follows(6) Balance Sheet of Punit, Rahul and Seema as at March 31, 2015

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: Rs.30,000; 2011-12: Rs.26,000; 2012-13: Rs.24,000; 2013-14:
 Rs.30,000 and 2014-15: Rs.40,000
 (ii) Patents be valued at Rs.16,000; Machinery at Rs.56,000; Buildings at Rs.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 Rs.15,500 was paid to her executors immediately.
Prepare Revaluation Account, Seema’s Capital Account and Seema’s executors Account

Seema’s Capital  Account

Seema’s  Executor’s Account

Working  Note: 
 Average  Profit=  (30,000+26,000+24,000+30,000+40,000)/5=  Rs.30,000
 Goodwill=  30,000X2=  Rs.60,000
 Seema’s  share  of  Profit  for  6  months=40,000X6/12X2/12=  Rs.4,000
 Interest  on  Seema’s  Capital  =  30,000  X  10/100  X6/12  =  Rs.1,500

Q14. Ruchi Ltd issued 42,000, 7% Debentures of Rs.100 each on 1st April, 2011, redeemable at a premium of 8% on 31st March 2015. The company decided to create required Debenture Redemption Reserve on 31st March 2014. The company invested the funds as required by law in a fixed deposit with State Bank of India on 1st April, 2014 earning interest @ 10% per annum. Tax was deducted at source by the bank on interest @ 10% per annum. Pass necessary Journal Entries regarding issue and redemption of debentures(6)
 Ans. 
 RUCHI LTD.
 JOURNAL
 ISSUE OF DEBENTURES

REDEMPTION  OF  DEBENTURES:

Q15. Hema and Garima were partners in a firm sharing profits in the ration of 3:2. On March 31, 2015, their Balance Sheet was as follows: Balance Sheet of Hema and Garima as at March 31, 2015

On the above date the firm was dissolved. The various assets were realized and liabilities were settled as under:
 (i) Garima agreed to pay her husband’s loan.
 (ii) Leasehold Premises realized Rs.1,50,000 and Debtors Rs.2,000 less.
 (iii) Half the creditors agreed to accept furniture of the firm as full settlement of their claim and remaining half agreed to accept 5% less.
 (iv) 50% Stock was taken over by Hema on cash payment of Rs.90,00 and remaining stock was sold for Rs.94,000.
 (v) Realisation expenses of Rs.10,000 were paid by Garima on behalf of firm.
 (vi) Pass necessary journal entries for the dissolution of the firm.(6)
Ans.
 Journal

Q16. P and Q were partners in a firm sharing profits in 3:2 ratio. R was admitted as a new partner for 1/4th share in the profits on April 1, 2015. The Balance Sheet of the firm on March 31,2015 was as follows:(8)
 Ans:
 Balance Sheet of P and Q
 as at March 31, 2015

The term of agreement on R’s admission were as follows:
 a) R brought in cash Rs.60,000 for his capital and Rs.30,000 for his share of goodwill.
 b) Building was valued at Rs.1,00,000 and Machinery at Rs.36,000.
 c) The capital accounts of P and Q were to be adjusted in the new profit-sharing ratio.
 Necessary cash was to be brought in or paid off to them as the case may be.
 Prepare Revaluation Account, Partner’s Capital Account and the Balance Sheet of P, Q and R.
 OR
 Khushboo, Leela and Meena were partners in a firm sharing profits in the ratio of 5:3:2.
 Their Balance Sheet on March 31,2015 was as follows:

Balance Sheet of Khushboo, Leela and Meena
 As at March 31, 2015

On April 1,2015 Leela retired on the following terms:
 i. Building was to be depreciated by Rs.10,000.
 ii . A Provision of 5% was to be made on Debtors for doubtful debts.
 iii..Salary outstanding was Rs.4,800
 iv. Goodwill of the firm was valued at Rs.1,40,000.
 v. Leela was to be paid Rs.20,800 through cheque and the balance was to be paid in two equal quarterly installments (starting from June 30,2015) along with interest @ 10% p.a.
 Prepare Revaluation Account, Leela’s Capital Account and her Loan Account till it is finally
 paid.(8)
 Ans. Revaluation  Account

Partners’ Capital Account

Balance Sheet of P,Q and R as at April 1, 2015

Revaluation  Account

Leela’s  Capital  Account

Leela’s Loan Account

Q17. Surya Ltd with a Registered capital of 10,00,000 Equity Shares of Rs.10 each, issued 1,00,000 Equity Shares payable Rs.3 on Application, Rs.2 on Allotment, Rs.3 on First Call and Rs.2 on Second and Final call. The amount due on Allotment was duly received except from Mr. X holding 6,000 shares. His shares were immediately forfeited. On the first call being made, Mr. Y holding 5,000 Equity shares paid the entire balance on his holding. Second call was not made. Pass the necessary Journal Entries to record the transactions and show how the Share Capital will be presented in the Balance Sheet of the Company. Also prepare notes to accounts.
 OR
 a) Nidhi Ltd. Issued 2,000 Shares of Rs.100 each. All the money was received except on 200 shares on which only Rs.90 per share were received. These shares were forfeited and out of the forfeited shares 100 shares were reissued at Rs.80 each as fully paid up. Pass necessary Journal entries for the above transactions and prepare the Forfeited Share Account.
 b) Complete the following Journal Entries(8)

Ans.
Surya Limited Journal

Notes to Accounts:

OR

Forfeited  Share  Account

b)JOURNAL:

PART  –  B
 Option-I
 ANAYSIS  OF  FINANCIAL  STATEMENTS

Q18.The patents of X ltd. increased from Rs.3,00,000 in 2013-14 to Rs.3,50,000 in 2014- 15.What will be its(1) treatment while preparing Cash Flow Statement for the year ended 31st March 2015.
 Ans. It will be taken as purchase of Patents of Rs.50,000 and will be shown under Cash from
 Investing Activities as an outflow of cash.

Q19. Kartik Mutuals, a mutual fund company, provides you the following information(1)
 Ans:

Additional Information:
 Equity Share Capital raised during the year Rs.3,00,000
 10% bank loan repaid was Rs.1,00,000
 Dividend received during the year was Rs.20,000
 Find out the cash flow from financing activities.
 Ans. 

Note: Dividend received during the year Rs.20,000 will be shown in the Investing Activities

Q20. Mudra Ltd. Is in the process of preparing its Balance Sheet as per Schedule III, Part I of the Companies Act, 2013 and provides its true and fair view of the financial
 position.
a) Under which head and sub-head will the company show ‘Stores and Spares’ in its Balance SheetRs.
 b) What is the accounting treatment of ‘Stores and Spares’ when the Company will calculate its Inventory Turnover RatioRs.
 c) The management of Mudra Ltd. wants to analyse its Financial Statements. State any two objectives of such analysis.
 d) Identify the value being followed by Mudra Ltd.(4)
 Ans. 
 a) Head: Current Assets Sub head ; Inventories
 b) While calculating Inventory Turnover Ratio it is not included in Inventories
 c) Objectives – Assessing the ability of the enterprise to meet its short term and long term
 commitments, Assessing the earning capacity of the enterprise
 d) Values: Transparency, Honesty, Abiding by law

Q21. a) X Ltd. has a current ratio 3.5:1 and quick ratio of 2:1. If excess of current assets over quick assets represented by Inventory is Rs.24,000, calculate current assets and
 current liabilities.
 b) From the following information, calculate Inventory Turnover Ratio. Revenue from Operations: Rs.4,00,000, Average Inventory : Rs.55,000, The rate of Gross
 Loss on Revenue from Operations was 10%(4 )
Ans. 
 a) Current Ratio = 3.5:1
 Quick Ratio = 2:1
 Let Current Liabilities = x
 Current Assets = 3.5x And
 Quick Assets = 2x
 Inventory = Current Assets – Quick Assets
 24,000 = 3.5x – 2x
 24,000 = 1.5x
 x = Rs.16,000
 Current Assets = 3.5x = 3.5 x Rs.16,000 = Rs.56,000
 Verification : Current Ratio = Current Assets : Current Liabilities
 = Rs.56,000 : Rs.16,000 =3.5:1
 Quick Ratio = Quick Assets : Current Liabilities
 = Rs.32,000 : Rs.16,000
 =2:1

b) Revenue from Operations = Rs.4,00,000
 Gross Loss = 10% of Rs.4,00,000 = Rs.40,000
 Cost of Revenue from Operations = Revenue from Operations + Gross Loss
 = Rs.4,00,000 + Rs.40,000
 = 4,40,000
 Inventory Turnover Ratio = Cost of Goods Sold/ Average Inventory
 =Rs. 4,40,000 / Rs.55,000
 = 8 times.

Q22. From the following Statement of profit and loss of the Sakhi Ltd for the years ended 31st March 2016, prepare Comparative Statement of Profit & Loss(4)

 STATEMENT OF PROFIT & LOSS
 for the years ended 31st March, 2016

Ans. 
 STATEMENT  OF  PROFIT  &  LOSS
 For  the  years  ended  31st  March  2015  &  2016

Q23. Following is the Balance Sheets of Akash Ltd. as at 31-3-2014(6)
 Akash Ltd.
 Balance Sheet

Notes to Accounts:-

Additional Information: 
 (i) Tax paid during the year amounted to Rs.16,000.
 (ii) Machine with a net book value of Rs.10,000 (Accumulated Depreciation Rs.40,000) was sold for Rs.2,000 Prepare Cash Flow Statement.

Cash Flow Statement
 For the year ended 31st March, 2014

WORKING NOTES:
 Machinery Account

Accumulated  Depreciation  Account

Provision  for  Tax  Account

PART – B
 Option-II
 Computerised Accounting

Q18. While navigating in the workbook, which of the following commands is used to move to the beginning of the Current row:
 a. [ctrl] + [home]
 b. [page up]
 c. [Home]
 d. [ctrl] + [Back space]
 Ans. (c)

Q19. Join line in the context of Access table means(1)
 a. Graphical representation of tables between tables
 b. Lines bonding the data within table
 c. Line connecting two fields of a table
 d. Line connecting two records of a table
 Ans.(b)

Q20. Enumerate the basic requirements of computerized accounting system for a business organization.(4)
 Ans. The computerized accounting is one the database-oriented applications wherein the transaction data is stored in well-organized database. The user operates on such database using the required interface and also takes the required reports by suitable transformations of stored data into information. Therefore, the fundamentals of computerized accounting include all the basic requirements of any database-oriented application in computers.
 Accounting framework........ [2]
 It is the application environment of the computerized accounting. A healthy accounting framework in terms of accounting principles, coding and grouping structure is a precondition
 for any computerized accounting system.
 Operating procedure......... [2]
 A well-conceived and designed operating procedure blended with suitable operating environment of the enterprise is necessary to work with the computerized accounting
 system.

Q21. The generation of ledger accounts is not a necessary condition for making trial balance in a computerized accounting system. Explain.(4)
 Ans: In computerized accounting system, every day business transactions are recorded with the help of computer software. Logical scheme is applied for codification of account and transaction. Every account and transaction is assigned a unique code. The grouping of accounts is done from the first stage. [Briefly explaining what is account groups and hierarchy of ledger.] The hierarchy of ledger accounts is maintained and the data is transferred into Ledger accounts automatically by the computer. In order to produce ledger accounts the stored transaction data is processed to appear as classified so that same is presented in the form of report. The preparation of financial statements is independent of producing the trial balance.

Q22. Internal manipulation of accounting records is much easier in computerized accounting than in manual accounting. HowRs.(4)
 Ans. Internal manipulation of accounting records is much easier in computerized accounting
 due to the following:
 i. Defective logical sequence at the programming stage
 ii. Prone to hacking

Q23. Computerisation of accounting data on one hand stores voluminous data in a systematic and organized manner whereas on the other hand suffers from threats of vulnerability and manipulations. Discuss the security measures you would like to employ for securing the data from such threats.(6)
 Sol: Every accounting software ensures data security, safety and confidentiality. Therefore every, software should provide for the following:
 →Password Security: Password is a mechanism, which enables a user to access a system including data. The system facilitates defining the user rights according to organization policy. Consequently, a person in an organization may be given access to a particular set of a data while he may be denied access to another set of data.
 → Data Audit: This feature enables one to know as to who and what changes have been made in the original data thereby helping and fixing the responsibility of the person who has manipulated the data and also ensures data integrity. Basically, this feature is similar to Audit Trial.
 → Data Vault: Software provides additional security through data encryption