CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12

Class 12: CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12

The document CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12 is a part of the Class 12 Course Sample Papers for Class 12 Commerce.
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CBSE SAMPLE QUESTION PAPER ACCOUNTANCY (055) CLASS-XII


Time allowed: 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) Attempt only one option of Part B.
 (4) Part A contains 17 questions of which:
 Question 1 to 6 are carry 1 mark each.
 Question 7 to 11 are carry 3 marks each.
 Question 11 and 12 are carry 4 marks each.
 Question 13 to 15 are carry 6 marks each.
 Question 16 and 17 are carry 8 marks each.

Part A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES
Q1. Any change in the relationship of existing partners which results in an end of the existing agreement and enforces making of a new agreement is called
 (a) Revaluation of partnership.
 (b) Reconstitution of partnership.
 (c) Realization of partnership.
 (d) None of these.
 Ans.
(b) Reconstitution of partnership.

Q2. Karan, Nakul and Asha were partners in a firm sharing profits and losses in the ratio 3:2:1. At the time of admission of partner, the goodwill of the firm was valued at Rs. 2,00,000. The accountant of the firm passed the entry in the books of accounts and thereafter showed goodwill at Rs. 2,00,000 as an asset in the Balance Sheet. Was he correct in doing so? Why?
 Ans. 
No, the accountant’s decision is not correct because according to AS-26, goodwill should be recorded in the books only when consideration in money or money’s worth has been paid for it.

Q3. Anu, Bina and Charan are partners. The firm, had given a loan of Rs. 20,000 to Bina. They decided to dissolve the firm. In the event of dissolution, the loan will be settled by:
 (a) Transferring it to debit side of Realization account.
 (b) Transferring it to credit side of Realization account.
 (c) Transferring it to debit side of Bina’s capital account.
 (d) Bina paying Anu and Charan privately.
 Ans. 
(C) Transferring it to debit side of Bina’s capital account.

Q4. Differentiate between ‘Capital Reserve’ and ‘Reserve Capital’.
 Ans. 
‘Capital Reserve’ is the reserve that is created out of capital profits/gains whereas, that part of the share capital which has not yet been called up and has been kept as reserve to be called up in the event of the winding up of the company is called ‘Reserve Capital’

Q5. Metcalf Ltd. Issued 50,000 shares of Rs. 100 each payable Rs. 20 on application (on 1st May 2012); Rs. 30 on allotment (on 1st January 2013); Rs. 20 first call (on 1st July 2013) and the balance on final call (on 1st February 2014). Shankar, a shareholder holding 5,000 shares did not pay the first call on the due date. The second call was made and Shankar paid the first call amount along with second call. All sums due were received.
 Total amount received on 1st February was:
 (a) Rs. 15,00,000
 (b) Rs. 16,00,000
 (c) Rs. 10,00,000
 (d) Rs. 11,00,000
 Ans. 
Rs. 16,00,000.

Q6. Abha and Beena were partners sharing profits and losses in the ratio of 3:2. On April 1st 2013, they decided to admit Chanda for 1/5th share in the profits. They had a reserve of Rs. 25,000 which they wanted to show in their new balance sheet. Chanda agreed and the necessary adjustments were made in the books. On October 1st 2013, Abha met with an accident and died. Beena and Chanda decided to admit Abha’s daughter Fiza in their partnership, who agreed to bring Rs. 2,00,000 as capital. Calculate Abha’s share in the reserve on the date of her death.
 Ans. 
Rs. 12,000.

Q7. State any three purposes for which securities premium can be utilized.
 Ans. The amount received as securities premium can be used for following purposes (any
 three):
 (a) In purchasing its own shares.
 (b) Issuing fully paid bonus shares to the members.
 (c) Writing off preliminary expenses of the company.
 (d) Writing off the expenses of, or the commission paid, or discount allowed on any issue of
 securities or debentures of the company.
 (e) Providing for the premium payable on the redemption of any redeemable preferences
 shares or any debentures of the company.

 Q8. Ankur and Bobby were into the business of providing software solution in India. They were sharing profits and losses in the ratio 3:2. They admitted Rohit for a 1/5 share in the firm. Rohit, an alumni of ITT, Chennai would help them to expand their business to various South African countries where he had been working earlier. Rohit is guaranteed a minimum profit of Rs. 2,00,000 for the year. Any deficiency in Rohit’s share is to be borne by Ankur and Bobby in the ratio 4:1. Losses for the year were Rs. 10,00,000. Pass the necessary journal entries.
 Ans.

 Journal

Date

Particulars

L.F

Debit (Rs.)

Credit (Rs.)

 

Ankur’s Capital A/c Dr.

Bobby’s Capital A/cDr.

Rohit’s Capital A/cDr.

To Profit and Loss A/c

(Being loss debited to partners’ capital

accounts)

4.80.000

3.20.000

10,00,000

2,00,000

4,00,000

3.20.000

80.000

Ankur’s Capital A/c Dr.

Bobby’s Capital A/cDr.

To Rhoit’s Capital A/c

(being the deficiency borne by Ankur

and Bobby in the ratio 4:1)

 

Q9. Newbie Ltd. Was registered with an authorized capital of Rs. 5,00,000 divided into 50,000 equity shares of Rs. 10 each. Since the economy was in robust shape, the company decided to offer to the public for subscription 30,000 equity shares of Rs. 10 each at a premium of Rs. 20 per share. Applications for 28,000 shares were received and allotment was made to all applicants. All calls were made and duly received except the final call of Rs.2 per share on 200 shares. Show the ‘Share Capital’ in the Balance Sheet of Newbie Ltd. As per Schedule VI of the Companies Act 1956. Also prepare Notes to
 Accounts for the same.
 Ans.
 Balance Sheet of Newbie Ltd. as at:

Particulars

Note No.

(Rs.)

Equity and Liabilities

(1) Shareholders’ funds

Share capital

1

2,79,600

Notes  to  Accounts

Particulars

(Rs.)

1. Share Capital

Authorized Share Capital

  1. shares of Rs. 10 each

Issued Share Capital

  1. Shares of Rs. 10 each

Subscribed Share Capital

Subscribed and not fully paid

  1. Shares of Rs. 10 each 2,80,000

Less calls in arrears(400)

5,00,000

3,00,000

2,79,600

 

Q10. Drumbeats Ltd. Had a prosperous shoe business. They were manufacturing shoes in India and exporting to Italy. Being a socially aware organization, they wanted to pay
 back to the society. They decided to not only supply free shoes to 50 orphanages in various parts of the country but also given employment to children from those
 orphanages who were above 18 years of age. In order to meet the fund requirements, they decided to raise 50,000 equity shares of Rs. 50 each and 40,000 9% debentures of Rs. 40 each. Pass the necessary journal entries for issue of shares and debentures. Also identify one value which the company wants to communicate to the society.
 Ans.
 Journal

Particulars

L.F

Debit

(Rs.)

Credit

(Rs.)

Bank A/c Dr.

To Share Application and Allotment A/c

(Being the amount of application money received on 50,000 shares

@ Rs. 50 per share)

 

25,00,000

25,00,000

Share Application and Allotment A/c Dr.

To Share Capital A/c

(Being the amount transferred to share capital)

 

25,00,000

25,00,000

Bank A/cDr.

To 9% Debentures Application and Allotment A/c

(Being the amount received on 9% Debenture application and allotment on 40,000 Debentures @ Rs. 40 per debentures)

 

16,00,000

16,00,000

9% Debentures Application and Allotment A/c Dr.

To 9% Debentures A/c

(Being The amount transferred to Debentures A/c.)

 

16,00,000

16,00,000

Value which the company wants to communicate to the society: (Any one)
 · Social responsibility
 · Generation of employment opportunities.

Q11. Following is the Balance Sheet of Punita, Rashi and Seema who are sharing profits in
 the ratio 2:1:2 as on 31st March 2013.

 

Liabilities

Amount

(Rs.)

Assets

Amount

(Rs.)

 

Creditors

38,000

Building

2,40,000

 

Bill Payable

2,000

Stock

65,000

 

Capitals:

 

Debtors

30,000

 

Punita1,44,000

 

Cash at bank

5,000

 

Rashi92,000

3,60,000

Profit and Loss Account

60,000

Punita died on 30th September 2013. She had withdrawn 44,000 from her capital on July 1,2013. According to the partnership agreement, she was entitled to interest on capital @8% p.a. Her share of profit till the date of death was to be calculated on the basis of the average profits of the last three years. Goodwill was to be calculated on the years ended 2009-10, 2010-11 and 2011-12 were Rs. 30,000, Rs. 70,000 and Rs. 80,000 respoectively.
 Prepare Punita’s account to be rendered to her executors.

Ans.
Punita’s Capital Account

Particulars

Amount

(Rs.)

Particulars

Amount

(Rs.)

 

 

By Balance b/d

1,00,000

To P&L A/c

24,000

By interest on capital

4,880,

To Punita’s A/c

1,22,880

By P&L Suspense A/c

6,000

Executor’s A/c

By Rashi’s Capital A/c

By Seema’s Capital A/c

12,000

24,000

 

1,46,880

 

1,46,880

 
Q12. Kanika and Gautam are partners doing a dry cleaning business in Lucknow sharing profits in the ration 2:1 with capitals Rs. 5,00,000 and Rs. 4,00,000 respectively. Kanika withdrew the following amounts during the year to pay the hosted expenses of her son.

Rs. 1st Aprila - 10,000
 1st June - 9,000
 1st Nov - 14,000
 1st Dec. - 5,000
 Gautam withdrew Rs. 15,000 on the first day of April, July, October and January to pay rent for the accommodation of his family. He also paid Rs. 20,000 per month as rent for
 the office of partnership which was in a nearby shipping complex.
 Calculate interest on Drawings @6% p.a.
 Ans.

 Calculation of Interest on drawings:
 Kanika
CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12
3,00,000
 Gautam
CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12

Q13. (a) A firm earned profits of Rs. 80,000, Rs. 1,00,000, Rs. 1,20,000 and Rs. 1,80,000 during 2010-11, 2011-12, 2012-13 and 2013-14 respectively. The firm has capital
 investment of Rs. 5,00,000. A fair rate of return on investment is 15% p.a. Calculate goodwill of the firm based on three years’ purchase of average super profits of last four years.
 (b) Kabir and Farid are partners sharing profits and losses in the ratio of 7:3. Kabir surrenders 2/10th from his share and Farid surrenders 1/10ths form his share in favor of jyoti, a new partner. Calculate new profit sharing ratio and sacrificing ratio.

Ans. (a) Average Profit Method =CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12
CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12
CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12

Q14. (a) Sunrise Company Ltd. Has an equity share capital of Rs. 10,00,000. The company earns a return on investment of 15% on its capital. The company need funds for diversification. The finance manager had the following options: (i) Borrow Rs. 5,00,000 @15% p.a. from a bank payable in four equal quarterly installments starting from the end of the fifth year (ii) Issue Rs. 5,00,000, 9% Debentures of Rs. 100 each redeemable at a premium of 10% after five years. To increase the return to the shareholders, the company opted for option
 (ii) Pass the necessary journal entries for issue of debentures.

 (b) Walter Ltd. Issued Rs. 6,00,000 8% Debentures of Rs.100 each redeemable after 3 years either by draw of lots or by purchase in the open market. At the end of three years, finding the market price of debentures at Rs. 95 per debenture. It purchased all its debentures for immediate cancellation. Pass necessary journal entries for cancellation of debentures assuming the company has sufficient balance in Debenture Redemption Reserve.
 Ans. (a)

 

Date

Particulars

L.F

Debit

(Rs.)

Credit

(Rs.)

 

 

Bank A/c Dr.

To 9% Debenture Application and Allotment A/c (Being Debenture application money received)

 

5,00,000

5,00,000

 

 

9% Debenture Application and Allotment A/c Dr.

Loss on issue of Debentures A/c Dr.

 

 

 

  

 

To 9% Debenture A/c

To Premium on redemption of Debentures A/c

(Being issue of debentures at par, redeemable at a premium)

 

5,00,000

50,000

5,00,000

50,000

 

Own debentures A/c Dr.

To Bank A/c

(Being 60,000 debentures purchased for cancellation @ Rs.75)

 

5,70,000

5,70,000

 

8% Debentures A/c Dr.

To Own Debentures A/c

To Gain on Cancellation of Debentures A/c

(Being debentures cancelled)

 

6,00,000

5.70.000

30.000

 

Gain on Cancellation of Debentures A/c Dr.

To Capital Reserve

(Being the gain transferred to Capital Reserve)

 

30,000

30,000

 

Debenture Redemption Reserve A/c Dr.

To General Reserve

(Being the Amount of Debenture Redemption Reserve

Transferred to General Reserve)

 

3,00,000

3,00,000

 

 

Q15. Ashish and Neha were partners in a firm sharing profits and losses in the ratio 4:3. They decided to dissolve the firm on 1st May 2014. From the information given below,
 complete Realization A/c, Partner’s Capital Accounts and Bank A/c:
 Realisation A/c

 

Liabilities

Amount

(Rs.)

Assets

Amount

(Rs.)

 

To sundry assets: -Machinery

-Stock

-Debtors

5.60.000

90.000

By Sundry liabilities:

-Creditors

-Ashish’s wife’s loan

40,000

 

To Bank:

55,000

By Bank:

25,000

 

-Creditors

To Ashish’s Capital A/c;

 

-Machinery

-Debtors

4.80.000

10.000

  

-Ashish’s wife’s loan

34,000

By Ashish’s Capital A/c:

 

To Neha’s Capital A/c;

 

Stock1,28,000

1,98,000

(Realisation expenses)

7,000

-typewriter70,000

40,000

To profit transferred to:

7,000

By Neha’s Capital A/c

 

Ashish’s capital A/c 4,000

 

-Debtors

 

Neha’s capital A/c 3,000

 

 

 

 

7,93,000

 

7,93,000

 

Partner’s Capital A/c

 

Ashish

 

 

Ashish

 

 

Particulars

(Rs.)

Neha (Rs.)

Particulars

(Rs.)

Neha (Rs.)

 

To Realisation A/c

 

 

By

 

 

 

 

 

 

 

 

To Bank A/c

 

 

By

 

 

 

4,00,000

4,50,000

 

 

 

By

 

 

 

 

 

 

 

nk A/c

Particulars

Amount

(Rs.)

Particulars

Amount

(Rs.)

 

To Balance A/c

To Realisation A/c

 

By Realisation A/c

By Ashish’s Loan A/c

By Ashish’s Capital A/c

By Neha’s Capital A/c

 

 

4,000

4,00,000

 

4,00,000

 

 

 

 

 

 

Ans.
 Realisation  A/c

 

Liabilities

Amount

(Rs.)

Assets

Amount

(Rs.)

 

To sundry assets:

-Machinery

-Stock

-Debtors

5.60.000

90.000

By Sundry liabilities:

-Creditors

-Ashish’s wife’s loan

 

To Bank:

 

By Bank:

40,000

-Creditors

55,000

-Machinery

25,000

To Ashish’s Capital A/c;

 

-Debtors

4,80,000

-Ashish’s wife’s loan

34,000

By Ashish’s Capital A/c:

10,000

To Neha’s Capital A/c;

 

Stock1,28,000

1,98,000

(Realisation expenses)

7,000

-typewriter70,000

40,000

To profit transferred to:

 

By Neha’s Capital A/c

 

Ashish’s capital A/c 4,000

7,000

-Debtors

 

Neha’s capital A/c 3,000

 

 

 

 

7,93,000

 

7,93,000

Partner’s  Capital  A/c

Particulars

Ashish (Rs.)

Neha (Rs.)

Particulars

Ashish (Rs.)

Neha (Rs.)

To Realisation A/c

To Balance A/c

1,98,000

4,00,000

40.000

4.50.000

By Balance b/d

By Realisation A/c

5.60.000

34.000

4.80.000

7.000

By Realisation A/c

4,000

3,000

 

5,98,000

4,90,000

 

5,98,000

4,90,000

Bank  A/c

Particulars

Amount (Rs.)

Particulars

Amount (Rs.)

 

 

By Realisation A/c

40,000

To Balance A/c

4,04,000

By Ashish’s Loan A/c

4,000

To Realisation A/c

4,90,000

By Ashish’s Capital A/c

4,00,000

 

 

By Neha’s Capital A/c

4,50,000

 

8,94,000

 

8,94,000


Q16. A and B are partners in a firm sharing profits and losses in the ratio 3:1. They admit C for a 1/4 share on 31st March 2014 when their Balance Sheet was as follows:

 

Liabilities

Amount

(Rs.)

Assets

Amount

(Rs.)

 

Employees Provident fund

 

Stock

 

  

Workmen’s Compensation

Fund

Investment Fluctuation

Reserve

Capitals: A

B

17.000

6.000

4,100

54.000

35.000

Debtors50,000

Less Provision for Doubtful

debts2,000

Investments

Cash

Goodwill

15.000

48.000

7.000

6,100

40.000

 

1,16,100

 

1,16,100

 

The following adjustments were agreed upon:
(a) C brings in Rs. 16,000 as goodwill and proportionate capital.
 (b) Bad debts amounted to Rs. 3,000.
 (c) Market value of investment is Rs. 4,500.
 (d) Liability on account of workmen’s compensation reserve amounted to Rs. 2,000.
 Prepare Revaluation A/c and Partner’s Capital A/cs.
 OR
 X, Y and Z are partners in a firm sharing profits in proportion of 1/2, 1/6 and 1/3
 respectively. The Balance Sheet as on April 1, 2014 was as follows:

 

Amount

 

Amount

 

Liabilities

(Rs.)

Assets

(Rs.)

 

Employees Provident fund

12,000

Freehold Premises

40,000

 

Sundry Creditors

18,000

Machinery

30,000

 

General Reserve

Furniture

12,000

 

12,000

 

Capitals

Stock

22,000

 

30,000

 

X

Debtors20,000

 

 

30,000

 

Y

Less provision for Doubtful debts1,000

19,000

 

28,000

 

Z

Cash

7,000

 

 

1,30,000

 

1,30,000

 

Z  retires  from  the  business  and  the  partners  agree  that: (a)  Machinery  is  to  be  depreciated  by  10%
 (a) Machinery is to be depreciated by 10%
 (b) Provision for bad debts is to be increased to Rs. 1,500.
 (c) Furniture was taken over by Z for Rs. 14,000.
 (d) Goodwill is valued at Rs. 21,000 on Z’s retirement
 (e) The continuing partners’ have decided to adjust their capitals in their new profit
 sharing ratio after retirement of Z. Surplus or deficit if any, in their capital accounts
 will be adjusted through their current accounts.
 Prepare Revaluation A/c and Partners’ Capital A/c’s
 Ans.
 Revaluation A/c

Particulars

Amount (Rs.)

Particulars

Amount (Rs.)

To bad debts

1,000

By loss transferred to:

A’s Capital A/c

B’s Capital A/c

750

250

 

1,000

 

1,000

Partner’s  Capital  Accounts

Particulars

A(Rs.)

B(Rs.)

C(Rs.)

Particulars

A(Rs.)

B(Rs.)

C(Rs.)

To Goodwill A/c

To revaluation

A/c

To Balance c/d

30,000

750

39,450

10,000

250

30,150

23,200

23,2000

By Balance b/d

By Cash A/c

By Investment fluctuation

fund

By Workmen’s

Compensation fund

By premium for good will

54.000

1,200

3.000

12.000

35.000

400

1.000

4,000

23,200

 

70,200

40,400

23,200

 

70,200

40,400

23,200

OR
 Revaluation A/c

Particulars

(Rs.)

Particulars

(Rs.)

To Machinery

To Provision for doubtful debts

3,000

500

By Furniture

By Loss transferred to;

X’s Capital A/c

Y’s Capital A/c

Z’s Capital A/c

2,000

750

250

500

 

3,500

 

3,500

Partner’s  Capital  Accounts

Particulars

X(Rs.)

Y(Rs.)

Z(Rs.)

Particulars

X(Rs.)

Y(Rs.)

Z(Rs.)

To Furniture

To Z’s Capital

A/c

To revaluation

A/c

To Z’s Loan A/c

To Y’s Current

A/c

To Balance c/d

5,250

750

45,000

1,750

250

15.00

15.000

14,000

500

24,500

By Balance b/d

By General

Reserve

By X’s Capital A/c By Y’s Capital A/c

By X’s Current

A/c

30.000

6.000

15,000

30.000

2.000

28,00

4,000

5,250

1,750

 

51,000

32,000

39,000

 

51,000

32,000

39,000

 

Q17. Amrit Ltd. Issued 50,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable as Rs.3 on application, Rs.4 on allotment (including premium), Rs.2 on first call
 and the remaining on second call. Application were received for 75,000 shares and a pro-rata allotment was made to all the applicants.
 All moneys due were received except allotment and first call from Sonu who applied for 1,200 shares. All his shares were forfeited. The forfeited shares were reissued for
 Rs. 9,600. Final call was not made. Pass necessary journal entries.
 Ans. IN THE BOOK OF AMRIT LTD.
 JOURNAL

Date

Particulars

L.F

Debit

Credit

 

 

 

(Rs.)

(Rs.)

 

Bank A/c Dr.

To Share Application A/c

(Being application money received on 75,000, shares @Rs.3 per share)

 

2,25,000

2,25,000

 

Share Application A/c Dr.

To Share Capital A/c

To Bank A/c

(Being application money adjusted)

 

2,00,000

1,00,000

1,00,000

 

Bank A/cDr.

To Share Allotment A/c

(Being allotment money received)

OR

 

1,23,000

1,23,000

 

Bank A/c Dr.

Calls in Arrears A/c Dr.

To Share Allotment A/c

(Being allotment money received)

 

1.23.000

2.000

1,25,00

 

8Share First Call A/cDr.

To Share Capital A/c

(Being first call due on 50,000 shares)

 

1,00,000

1,00,000

 

Bank A/cDr.

To Share First Call A/c

(Being first call money received)

OR

 

98,400

98,400

 

Bank A/c Dr.

 

98,400

1,00,000

 

Calls in Arrears A/c Dr.

To Share First Call A/c

(Being first call money received)

 

1,6000

 

 

Share Capital A/cDr.

Securities Premium Reserve A/c Dr.

To Share Forfeiture A/c

To Share allotment A/c

 

 

 

  

 

To Share First Call A/c

 

5.600

1.600

3,600

 

(Being 800 shares forfeited for nonpayment of

 

2,000

 

allotment money and first call)

 

1,600

 

OR

Share Capital A/cDr.

Securities Premium Reserve A/c Dr.

 

5,600

3,600

 

To Share Forfeiture A/c

 

1,600

3,600

 

To Calls in Arrears A/c

(Being 800 shares forfeited for nonpayment of allotment money and first call)

 

9,600

5,600

 

Bank A/cDr.

To Share Capital A/c

To Securities Premium

Reserve A/c

(Being 800 Shares Reissued)

 

 

4,000

 

Share Forfeiture A/c Dr.

To Capital Reserve A/c

(Being Share forfeiture amount transferred to

Capital Reserve A/c

 

3,600

3,600

 

 PART B: ANALYSIS OF FINANCIAL STATEMENTS

Q18. Cash deposit with the bank with a maturity date after two months belongs to which
 of the following while preparing cash flow statement:
 (a) Investing activities
 (b) Financing activities
 (c) Cash and Cash equivalents
 (d) Operating activities.
 Ans.
(c) Cash and Cash equivalents

Q19. Fin serve Ltd is carrying on a Mutual Fund business. It invested Rs. 30,00,000 in shares and Rs. 15,00,000 in debentures of various companies during the year It received Rs. 3,00,000 as dividend and interest. Find out cash flows from investing activities.
 Ans.

 Cash flows from investing activities – Nil

Q20. (a) Name the sub heads under the head ‘Current Liabilities’ in the Equity and
 Liabilities part of the Balance Sheet as per Schedule VI of the companies Act 1956.
 (b) State any two objectives of Financial Statements Analysis.
 Ans.

 (a) CURRENT LIABILITIES
 (a) Short term borrowings
 (b) Trade payables
 (c) Other current liabilities
 (d) Short term provisions
 (b) Objectives of Financial Statements Analysis (any two)
 (i) Helps in assessing the earning capacity or profitability
 (ii) Helps in assessing managerial efficiency
 (iii) Helps in assessing the long them and short term solvency of the enterprise.
 (iv) Helps in inter-firm comparison.
 (v) Helps in forecasting and preparing budgets.
 (vi) Helps the users in understanding complicated matter in a simplified manner.

Q21. (a) From the following details, calculate opening inventory: Closing inventory Rs. 60,000; Total Revenue from operations Rs. 5,00,000 (including cash revenue from operations Rs. 1,00,000); Total purchases Rs. 3,00,000 (including credit purchases Rs. 60,000). Goods are sold at a profit of 25% on cost.
 (b) Current assets of a company are Rs. 17,00,000. Its current ratio is 2.5 and liquid ratio
 is 0.95.
 Ans. 

 (a) Total revenue from operations = Rs. 5,00,000
CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12
CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12
 = Rs. 1,00,000
 Cost of Revenue from operations = Net revenue from operations – Gross Profit
 = Rs. 5,00,000 – Rs. 1,00,000
 = Rs. 4,00,000
 Cost of Revenue from operations = Opening Inventory + Net Purchases- Closing inventory
 Rs. 4,00,000 = Opening inventory + Rs. 3,00,000-Rs. 60,000
 Opening inventory = Rs. 1,60,000

CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12
CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12
 Quick Assets=Rs. 6,46,000
 Inventory= Current Assets – Quick Assets
 = Rs. 17,00,000 – Rs. 6,46,000
 = Rs. 10,54,000
Ans. Current Liabilities= Rs. 6,80,000
 Inventory = Rs. 10,54,000

Q22. Nimani Ltd. is into the business of back office operation. Honesty and hard work are the two pillars on which the business has been built. It has a good turnover and profits.
 Encouraged by huge profits, it decided to give the workers bonus equal to two months salary. Following is the Comparative Statement of Profit and Loss of Nimani Ltd. for the years ended 31st March 2013 and 2014.
 (a) Calculate Net Profit ratio for the years ending 31 st March 2013 and 2014.
 (b) Identify any two values which Nimani Ltd. wants to communicate to the society.

Particulars

Note

No.

2013-13 (Rs.)

2013-14 (Rs.)

Absolute

Change

Percentage

change

Revenue form operations

20,00,000

30,00,000

10,00,000

50

Less Employee benefit

8,00,000

10,00,000

2,00,000

25

expenses

 

 

 

 

Profit before tax

12,00,000

20,00,000

8,00,000

66.67

Tax rate 40%

4,80,000

8,00,000

3,20,000

66.67

Profit after tax

7,20,000

12,00,000

4,80,000

66.67

Ans. (a) Calculation of Net Profit Ratio:
CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12
 = 36%
 2013-14
CBSE Accounts Sample Paper - 2 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12
 = 40%
 Values that Himani Ltd. wants to communicate to the society:
   Social responsibility
 · Welfare of employees.

Q23. Following are the Balance Sheets of Krishna Ltd. as on 31st March 2013 and 2014:

Particulars

Note

No.

2013-14

(Rs.)

2012-13

(Rs.)

1. EQUITY AND LIABILITIES

(1) Shareholders’ funds

(a) Share capital

 

14,00,000

10,00,000

(b) Reserves and surplus

1

5,00,000

4,00,000

(2) Non-current Liabilities

(a) Long term-borrowings

5,00,000

1,40,000

(3) Current liabilities

(a) Trade payables

 

1,00,000

60,000

(b) Short term Provisions

2

80,000

60,000

Total

25,80,000

16,60,000

II. ASSETS

(1) Non-current assets

(a) Fixed assets

(i) Tangible Assets

 

16,00,000

9,00,000

(ii) Intangible Assets

 

1,40,000

2,00,000

(2) Current Assets

(a) Inventories

3

4

2,50,000

2,00,000

(b) Trade receivables

5,00,000

3,00,000

(c) Cash and cash equivalents

 

90,000

60,000

Total

 

25,80,000

16,60,000

Notes to Accounts:

S.No.

Particulars

31.3.2014

(Rs.)

31.3.2014

(Rs.)

 

Reserve and Surplus:

 

 

1.

Surplus (i.e. balance in Statement of Profit and

 

 

 

Loss)

5,00,000

4,00,000

 

General Reserve

 

 

2.

Short term Provisions

 

 

 

Provision for tax

80,000

60,000

3.

Tangible assets

 

 

 

Machinery

17,60,000

10,00,000

 

Less Accumulated depreciation

(1,60,000)

(1,00,000)

4.

Intangible Assets

 

 

 

Goodwill

1,40,000

2,00,000

Prepare a Cash flow statement after taking into account the following adjustment
 (i) Tax paid during the year amounted to Rs. 70,000.
 Ans.
In the books of Krishna Ltd.
Cash Flow Statement
 For the year ended 31st March’14
 

Particulars

Rs.

Rs.

Cash flow from operating activities

 

 

Net Profit Before Tax (Working Note 1)

1,90,00

 

Add non-cash operating/non cash items:

60,000

 

Depreciation on machinery

60,000

 

Goodwill Written off

3,10,000

 

Operating Profit before working capital changes

40,000

 

Add increase in Trade Payables

(50,000)

 

Less Increase in Inventories

(2,00,000)

 

Increase in Trade Receivables

1,00,000

 

Cash generated from operation

(70,000)

 

Less : Increase tax paid

 

 

Cash flow from operating activities

 

30,0000

 

 

 

  

cash flow from investing activities

Purchase of Fixed Assets

(7,60,000)

 

Cash used in investing activities

 

(7,60,000)

cash flow from financing Activities

Issue of share

Long term borrowings

4,00,000

3,60,000

 

cash flow from Financing Activities

 

7,60,000

Net Increase in Cash & Cash equivalent

Add opening balance of cash and cash Equivalent

Closing balance of Cash & Cash Equivalent

30.000

60.000

90,000

 

Working Note I:
 Calculation of Net Profit Before Tax
 Surplus i.e. Balance in Statement of Profit and Loss1,00,000
 Add provision for tax 90,000
 1,90,000
 Provision for Tax A/c

Particulars

Amount

(Rs.)

Particulars

Amount

(Rs.)

To cash (tax paid)

To balance c/d

70.000

80.000

By balance b/d

By provision made during the

year

60,000

90,000

 

1,50,000

 

1,50,000

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