Class 12 Accountancy Official Sample Question Paper (2019-20) | Accountancy Class 12 - Commerce PDF Download

 Page 1


 
 
Accountancy – Class XII 
SQP (2019-20) 
General Instructions :  
(i) This question paper contains two parts – A and B.  
(ii) Part A is compulsory for all.  
(iii) Part B has two options – Analysis of Financial Statements and Computerised Accounting. 
(iv) Attempt only one option of Part B.  
(v) All parts of a question should be attempted at one place. 
 PART A 
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 
 
1 How are the following items presented in financial statements of a Not-for- Profit 
organisation:- 
(a) Tournament Fund- ? 80,000 
(b) Tournament expenses- ? 14,000 
1 
2 At what rate is interest payable on the amount remaining unpaid to the executor of deceased 
partner, in absence of any agreement among partners, when (s)he opts for interest and not share 
of profit.  
(a) 12% p.a. 
(b) 8% p.a. 
(c) 6% p.a. 
(d) 7.5%p.a. 
1 
3 State the order of payment of the following, in case of dissolution of partnership firm.  
 
i. to each partner proportionately what is due to him/her from the firm for advances as 
distinguished from capital (i.e. partner’ loan);  
ii. to each partner proportionately what is due to him on account of capital; and 
iii. for the debts of the firm to the third parties;  
1 
4               A and B are partners in a firm having a capital of ? 54,000 and ? 36,000 respectively. They 
admitted C for 1/3
rd
 share in the profits C brought proportionate amount of capital. The Capital 
brought in by C would be: 
a) ? 90,000 
b) ? 45,000 
c) ?  5,400 
d) ? 36,00 
1 
5 Amit, a partner in a partnership firm withdrew ? 7,000 in the beginning of each quarter. For 
how many months would interest on drawings be charged?                                                          
1 
6 Ankit, Unnati and Aryan are partners sharing profits in the ratio of 5:3:2. They decided to share 
future  profits in the ratio of 2:3:5 with effect from 1
st
 April,2018. They had the following 
balance in their balance sheet, passing necessary Journal Entry: 
Particulars Amount(?) 
Profit and loss Account (Dr)  60,500 
 
1 
7 A and B are partners in a firm. They admit C as a partner with 1/5
th
 share in the profits of the 
firm. C brings ? 4,00,000 as his share of capital. Calculate the value of C’s share of Goodwill 
on the basis of his capital, given that the combined capital of A and B after all adjustments is ? 
10,00,000 
1 
8 Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8:7:5. 
On 2
nd
 November 2018, Kavleen died. Kalveen’s share of profits till the date of her death was 
1 
Page 2


 
 
Accountancy – Class XII 
SQP (2019-20) 
General Instructions :  
(i) This question paper contains two parts – A and B.  
(ii) Part A is compulsory for all.  
(iii) Part B has two options – Analysis of Financial Statements and Computerised Accounting. 
(iv) Attempt only one option of Part B.  
(v) All parts of a question should be attempted at one place. 
 PART A 
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 
 
1 How are the following items presented in financial statements of a Not-for- Profit 
organisation:- 
(a) Tournament Fund- ? 80,000 
(b) Tournament expenses- ? 14,000 
1 
2 At what rate is interest payable on the amount remaining unpaid to the executor of deceased 
partner, in absence of any agreement among partners, when (s)he opts for interest and not share 
of profit.  
(a) 12% p.a. 
(b) 8% p.a. 
(c) 6% p.a. 
(d) 7.5%p.a. 
1 
3 State the order of payment of the following, in case of dissolution of partnership firm.  
 
i. to each partner proportionately what is due to him/her from the firm for advances as 
distinguished from capital (i.e. partner’ loan);  
ii. to each partner proportionately what is due to him on account of capital; and 
iii. for the debts of the firm to the third parties;  
1 
4               A and B are partners in a firm having a capital of ? 54,000 and ? 36,000 respectively. They 
admitted C for 1/3
rd
 share in the profits C brought proportionate amount of capital. The Capital 
brought in by C would be: 
a) ? 90,000 
b) ? 45,000 
c) ?  5,400 
d) ? 36,00 
1 
5 Amit, a partner in a partnership firm withdrew ? 7,000 in the beginning of each quarter. For 
how many months would interest on drawings be charged?                                                          
1 
6 Ankit, Unnati and Aryan are partners sharing profits in the ratio of 5:3:2. They decided to share 
future  profits in the ratio of 2:3:5 with effect from 1
st
 April,2018. They had the following 
balance in their balance sheet, passing necessary Journal Entry: 
Particulars Amount(?) 
Profit and loss Account (Dr)  60,500 
 
1 
7 A and B are partners in a firm. They admit C as a partner with 1/5
th
 share in the profits of the 
firm. C brings ? 4,00,000 as his share of capital. Calculate the value of C’s share of Goodwill 
on the basis of his capital, given that the combined capital of A and B after all adjustments is ? 
10,00,000 
1 
8 Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8:7:5. 
On 2
nd
 November 2018, Kavleen died. Kalveen’s share of profits till the date of her death was 
1 
calculated at? 9,375. Pass the necessary journal entry. 
9  A and B are partners in a firm sharing profits and losses in the ratio of 3:2.On 1
st
 April, 2019 
they decided to admit C their new ratio is decided to be equal. Pass the necessary journal entry 
to distribute Investment Fluctuation Reserve of? 60,000 at the time of C’s admission, when 
Investment  appear in the books at? 2,10,000 and its market value is ?1,90,000. 
 
1 
10 ‘Complete the following statement’ 
When a liability is discharged by a partner, at the time of dissolution, Capital Account is 
credited because ______________ . 
 
1 
11 A and B are in partnership sharing profits and losses in the ratio of 3:2. They admit C into 
partnership with 1/5
th
 share which he acquires equally from A and B. Accountant has calculated 
new profit sharing ratio as 5:3:2. Is accountant correct?  
1 
12 Wellness  Co. Ltd. has issued 20,000, 9% Debentures of ? 100 each at a premium of 10% on 1
st
 
April, 2018 redeemable as follows: 
31
st
 March, 2021 –  10,000 debentures  
31
st
 March, 2022 –  4,000 debentures  
31
st
 March, 2023 – balance debentures. 
It transferred to Debentures Redemption Reserve the required amount as applicable rules of the 
Companies Act and Rules, 2014 on due date.  How much amount will be transferred to General 
Reserve on  31
st
 March, 2021 
a) ? 1,00,000 
b) ? 2,50,000 
c) ? 5,00,000 
d) ? 20,00,000 
1 
13 A portion of share capital that is reserved by the company and will be utilized only on the 
happening of winding up of the company is called ________.  
 
1 
14 a) Calculate the amount of medicines consumed during the year ended 31
st
 March,2019 
 Particulars   Amount (?) 
Opening Stock of Medicines  50,000 
Closing stock of Medicines 45,000 more than  
opening stock 
Amount paid for medicines during the year 2,00,000 
Opening Creditors  20,000 
 Closing Creditors  50% of opening creditors 
Or 
Distinguish between Income and Expenditure Account and Receipt and payment Account on 
basis of :-  
i. Nature 
ii. Nature of items 
iii. Period  
 
 
 
 
3 
 
 
 
 
 
 
 
3 
15 Danish, Ana and Pranjal are partners in a firm sharing profits and losses in the ratio of 5:3:2. 
Their books are closed on March 31
st
 every year. 
Danish died on September 30
th
 , 2019, The executors of  Danish are entitled to:- 
i. His share of Capital i.e. ? 5,00,000 along-with his share of goodwill. The total goodwill 
of the firm was valued at  ? 60,000. 
ii. His share of profit up to his date of death on the basis of sales till date of death. Sales 
for the year ended March 31, 2019 was ? 2,00,000 and profit for the same year was 10% 
on sales. Sales shows a growth trend of 20% and percentage of profit earning is reduced 
by 1%.  
iii. Amount  payable to Danish was transferred to his executors. 
Pass necessary Journal Entries and show the workings clearly.  
4 
Page 3


 
 
Accountancy – Class XII 
SQP (2019-20) 
General Instructions :  
(i) This question paper contains two parts – A and B.  
(ii) Part A is compulsory for all.  
(iii) Part B has two options – Analysis of Financial Statements and Computerised Accounting. 
(iv) Attempt only one option of Part B.  
(v) All parts of a question should be attempted at one place. 
 PART A 
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 
 
1 How are the following items presented in financial statements of a Not-for- Profit 
organisation:- 
(a) Tournament Fund- ? 80,000 
(b) Tournament expenses- ? 14,000 
1 
2 At what rate is interest payable on the amount remaining unpaid to the executor of deceased 
partner, in absence of any agreement among partners, when (s)he opts for interest and not share 
of profit.  
(a) 12% p.a. 
(b) 8% p.a. 
(c) 6% p.a. 
(d) 7.5%p.a. 
1 
3 State the order of payment of the following, in case of dissolution of partnership firm.  
 
i. to each partner proportionately what is due to him/her from the firm for advances as 
distinguished from capital (i.e. partner’ loan);  
ii. to each partner proportionately what is due to him on account of capital; and 
iii. for the debts of the firm to the third parties;  
1 
4               A and B are partners in a firm having a capital of ? 54,000 and ? 36,000 respectively. They 
admitted C for 1/3
rd
 share in the profits C brought proportionate amount of capital. The Capital 
brought in by C would be: 
a) ? 90,000 
b) ? 45,000 
c) ?  5,400 
d) ? 36,00 
1 
5 Amit, a partner in a partnership firm withdrew ? 7,000 in the beginning of each quarter. For 
how many months would interest on drawings be charged?                                                          
1 
6 Ankit, Unnati and Aryan are partners sharing profits in the ratio of 5:3:2. They decided to share 
future  profits in the ratio of 2:3:5 with effect from 1
st
 April,2018. They had the following 
balance in their balance sheet, passing necessary Journal Entry: 
Particulars Amount(?) 
Profit and loss Account (Dr)  60,500 
 
1 
7 A and B are partners in a firm. They admit C as a partner with 1/5
th
 share in the profits of the 
firm. C brings ? 4,00,000 as his share of capital. Calculate the value of C’s share of Goodwill 
on the basis of his capital, given that the combined capital of A and B after all adjustments is ? 
10,00,000 
1 
8 Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8:7:5. 
On 2
nd
 November 2018, Kavleen died. Kalveen’s share of profits till the date of her death was 
1 
calculated at? 9,375. Pass the necessary journal entry. 
9  A and B are partners in a firm sharing profits and losses in the ratio of 3:2.On 1
st
 April, 2019 
they decided to admit C their new ratio is decided to be equal. Pass the necessary journal entry 
to distribute Investment Fluctuation Reserve of? 60,000 at the time of C’s admission, when 
Investment  appear in the books at? 2,10,000 and its market value is ?1,90,000. 
 
1 
10 ‘Complete the following statement’ 
When a liability is discharged by a partner, at the time of dissolution, Capital Account is 
credited because ______________ . 
 
1 
11 A and B are in partnership sharing profits and losses in the ratio of 3:2. They admit C into 
partnership with 1/5
th
 share which he acquires equally from A and B. Accountant has calculated 
new profit sharing ratio as 5:3:2. Is accountant correct?  
1 
12 Wellness  Co. Ltd. has issued 20,000, 9% Debentures of ? 100 each at a premium of 10% on 1
st
 
April, 2018 redeemable as follows: 
31
st
 March, 2021 –  10,000 debentures  
31
st
 March, 2022 –  4,000 debentures  
31
st
 March, 2023 – balance debentures. 
It transferred to Debentures Redemption Reserve the required amount as applicable rules of the 
Companies Act and Rules, 2014 on due date.  How much amount will be transferred to General 
Reserve on  31
st
 March, 2021 
a) ? 1,00,000 
b) ? 2,50,000 
c) ? 5,00,000 
d) ? 20,00,000 
1 
13 A portion of share capital that is reserved by the company and will be utilized only on the 
happening of winding up of the company is called ________.  
 
1 
14 a) Calculate the amount of medicines consumed during the year ended 31
st
 March,2019 
 Particulars   Amount (?) 
Opening Stock of Medicines  50,000 
Closing stock of Medicines 45,000 more than  
opening stock 
Amount paid for medicines during the year 2,00,000 
Opening Creditors  20,000 
 Closing Creditors  50% of opening creditors 
Or 
Distinguish between Income and Expenditure Account and Receipt and payment Account on 
basis of :-  
i. Nature 
ii. Nature of items 
iii. Period  
 
 
 
 
3 
 
 
 
 
 
 
 
3 
15 Danish, Ana and Pranjal are partners in a firm sharing profits and losses in the ratio of 5:3:2. 
Their books are closed on March 31
st
 every year. 
Danish died on September 30
th
 , 2019, The executors of  Danish are entitled to:- 
i. His share of Capital i.e. ? 5,00,000 along-with his share of goodwill. The total goodwill 
of the firm was valued at  ? 60,000. 
ii. His share of profit up to his date of death on the basis of sales till date of death. Sales 
for the year ended March 31, 2019 was ? 2,00,000 and profit for the same year was 10% 
on sales. Sales shows a growth trend of 20% and percentage of profit earning is reduced 
by 1%.  
iii. Amount  payable to Danish was transferred to his executors. 
Pass necessary Journal Entries and show the workings clearly.  
4 
16 Maanika, Bhavi and Komal are partners sharing profits in the ratio of 6:4:1. Komal is 
guaranteed a minimum profit of ? 2,00,000. The firm incurred a loss of ?22,00,000 for the year 
ended 31
st
 March,2018. Pass necessary journal entry regarding deficiency borne by Maanika 
and Bhavi and prepare Profit and Loss Appropriation Account. 
OR 
The partners of a firm, Alia, Bhanu and Chand distributed the profits for the year ended 
31
st
 March, 2017, ? 80,000 in the ratio of 3:3:2 without providing for the following 
adjustments: 
a)      Alia and Chand were entitled to a salary of  ? 1,500 each p.m. 
b)      Bhanu was entitled for a salary of ? 4,000 p.a. 
 Pass the necessary Journal entry for the above adjustments in the books of the firm. Show 
workings clearly. 
4 
17 
 
 
 
 
 
 
Bliss Products Ltd. registered with capital of ? 90,00,000 divided into 90,000 equity shares of ? 
100 each. The company issued prospectus inviting applications for 50,000 equity shares of ? 
100 each payable as ? 20  on application, ? 30  on allotment, ? 20  on first call and balance on 
second call. 
Applications were received for ?40,000 shares. Raman to whom 1600 shares were allotted 
failed to pay final call money and these shares were forfeited. Of the forfeited shares, 600 
shares were reissued to Sukhman, credited as fully paid for ? 90  per share.  
Present the Share Capital as per Schedule III of Companies Act, 2013 
4 
18 The firm of R, K and S was dissolved on 31.3.2019. Pass necessary journal entries for the 
following after various assets (other than cash and Bank) and the third party liabilities 
had been transferred to realisation account.  
(i) K agreed to pay off his wife’s loan of ? 6,000. 
(ii) Total Creditors of the firm were ? 40,000. Creditors worth ?10,000 were given a 
piece of furniture costing ?8,000 in full and final settlement. Remaining 
creditors allowed a discount of 10%. 
(iii) A machine that was not recorded in the books was taken over by K at ? 3,000 
whereas its expected value was ? 5,000. 
(iv) The firm had a debit balance of ? 15,000 in the profit and loss A/c on the date of 
dissolution.   
4 
19 From the following Receipts and Payments Accounts of Rolaxe Club, for the year ended 31
st
 
March, 2019. Prepare Income and Expenditure Account for the year ended 31
st
 March, 2019. 
Receipts and Payments Account for the year ended 31
st
 March, 2019 
 
Receipts Amount (?) Payments Amount (?) 
To Balance b/d  By Advertisement 13,100 
       Cash in hand 17,050 By Rent rates and Taxes 14,000 
        Current a/c with bank 18,570 By Repairs 15,000 
To Donations 20,000 By Printing and Stationery 16,000 
To Proceeds from charity  
Show 
16,200 By Government Bonds 5,000 
To Subscription 52,000 By Telephone Expenses 1,000 
To Life membership fees 5,250 By Furniture (purchased on 
1
st
 July, 2018) 
70,000 
To Entrance Fees 6,000 By Balance c/d  
To Interest on investment @ 
7% for the year. 
7,200        Cash in hand 3,170 
         Cash at Bank 5,000 
 1,42,270  1,42,270 
 
Additional Information :- 
i) Depreciate furniture by 15% p.a. 
ii) There were 416 Life Members on 31.3.2018 the subscription payable by each 
6 
Page 4


 
 
Accountancy – Class XII 
SQP (2019-20) 
General Instructions :  
(i) This question paper contains two parts – A and B.  
(ii) Part A is compulsory for all.  
(iii) Part B has two options – Analysis of Financial Statements and Computerised Accounting. 
(iv) Attempt only one option of Part B.  
(v) All parts of a question should be attempted at one place. 
 PART A 
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 
 
1 How are the following items presented in financial statements of a Not-for- Profit 
organisation:- 
(a) Tournament Fund- ? 80,000 
(b) Tournament expenses- ? 14,000 
1 
2 At what rate is interest payable on the amount remaining unpaid to the executor of deceased 
partner, in absence of any agreement among partners, when (s)he opts for interest and not share 
of profit.  
(a) 12% p.a. 
(b) 8% p.a. 
(c) 6% p.a. 
(d) 7.5%p.a. 
1 
3 State the order of payment of the following, in case of dissolution of partnership firm.  
 
i. to each partner proportionately what is due to him/her from the firm for advances as 
distinguished from capital (i.e. partner’ loan);  
ii. to each partner proportionately what is due to him on account of capital; and 
iii. for the debts of the firm to the third parties;  
1 
4               A and B are partners in a firm having a capital of ? 54,000 and ? 36,000 respectively. They 
admitted C for 1/3
rd
 share in the profits C brought proportionate amount of capital. The Capital 
brought in by C would be: 
a) ? 90,000 
b) ? 45,000 
c) ?  5,400 
d) ? 36,00 
1 
5 Amit, a partner in a partnership firm withdrew ? 7,000 in the beginning of each quarter. For 
how many months would interest on drawings be charged?                                                          
1 
6 Ankit, Unnati and Aryan are partners sharing profits in the ratio of 5:3:2. They decided to share 
future  profits in the ratio of 2:3:5 with effect from 1
st
 April,2018. They had the following 
balance in their balance sheet, passing necessary Journal Entry: 
Particulars Amount(?) 
Profit and loss Account (Dr)  60,500 
 
1 
7 A and B are partners in a firm. They admit C as a partner with 1/5
th
 share in the profits of the 
firm. C brings ? 4,00,000 as his share of capital. Calculate the value of C’s share of Goodwill 
on the basis of his capital, given that the combined capital of A and B after all adjustments is ? 
10,00,000 
1 
8 Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8:7:5. 
On 2
nd
 November 2018, Kavleen died. Kalveen’s share of profits till the date of her death was 
1 
calculated at? 9,375. Pass the necessary journal entry. 
9  A and B are partners in a firm sharing profits and losses in the ratio of 3:2.On 1
st
 April, 2019 
they decided to admit C their new ratio is decided to be equal. Pass the necessary journal entry 
to distribute Investment Fluctuation Reserve of? 60,000 at the time of C’s admission, when 
Investment  appear in the books at? 2,10,000 and its market value is ?1,90,000. 
 
1 
10 ‘Complete the following statement’ 
When a liability is discharged by a partner, at the time of dissolution, Capital Account is 
credited because ______________ . 
 
1 
11 A and B are in partnership sharing profits and losses in the ratio of 3:2. They admit C into 
partnership with 1/5
th
 share which he acquires equally from A and B. Accountant has calculated 
new profit sharing ratio as 5:3:2. Is accountant correct?  
1 
12 Wellness  Co. Ltd. has issued 20,000, 9% Debentures of ? 100 each at a premium of 10% on 1
st
 
April, 2018 redeemable as follows: 
31
st
 March, 2021 –  10,000 debentures  
31
st
 March, 2022 –  4,000 debentures  
31
st
 March, 2023 – balance debentures. 
It transferred to Debentures Redemption Reserve the required amount as applicable rules of the 
Companies Act and Rules, 2014 on due date.  How much amount will be transferred to General 
Reserve on  31
st
 March, 2021 
a) ? 1,00,000 
b) ? 2,50,000 
c) ? 5,00,000 
d) ? 20,00,000 
1 
13 A portion of share capital that is reserved by the company and will be utilized only on the 
happening of winding up of the company is called ________.  
 
1 
14 a) Calculate the amount of medicines consumed during the year ended 31
st
 March,2019 
 Particulars   Amount (?) 
Opening Stock of Medicines  50,000 
Closing stock of Medicines 45,000 more than  
opening stock 
Amount paid for medicines during the year 2,00,000 
Opening Creditors  20,000 
 Closing Creditors  50% of opening creditors 
Or 
Distinguish between Income and Expenditure Account and Receipt and payment Account on 
basis of :-  
i. Nature 
ii. Nature of items 
iii. Period  
 
 
 
 
3 
 
 
 
 
 
 
 
3 
15 Danish, Ana and Pranjal are partners in a firm sharing profits and losses in the ratio of 5:3:2. 
Their books are closed on March 31
st
 every year. 
Danish died on September 30
th
 , 2019, The executors of  Danish are entitled to:- 
i. His share of Capital i.e. ? 5,00,000 along-with his share of goodwill. The total goodwill 
of the firm was valued at  ? 60,000. 
ii. His share of profit up to his date of death on the basis of sales till date of death. Sales 
for the year ended March 31, 2019 was ? 2,00,000 and profit for the same year was 10% 
on sales. Sales shows a growth trend of 20% and percentage of profit earning is reduced 
by 1%.  
iii. Amount  payable to Danish was transferred to his executors. 
Pass necessary Journal Entries and show the workings clearly.  
4 
16 Maanika, Bhavi and Komal are partners sharing profits in the ratio of 6:4:1. Komal is 
guaranteed a minimum profit of ? 2,00,000. The firm incurred a loss of ?22,00,000 for the year 
ended 31
st
 March,2018. Pass necessary journal entry regarding deficiency borne by Maanika 
and Bhavi and prepare Profit and Loss Appropriation Account. 
OR 
The partners of a firm, Alia, Bhanu and Chand distributed the profits for the year ended 
31
st
 March, 2017, ? 80,000 in the ratio of 3:3:2 without providing for the following 
adjustments: 
a)      Alia and Chand were entitled to a salary of  ? 1,500 each p.m. 
b)      Bhanu was entitled for a salary of ? 4,000 p.a. 
 Pass the necessary Journal entry for the above adjustments in the books of the firm. Show 
workings clearly. 
4 
17 
 
 
 
 
 
 
Bliss Products Ltd. registered with capital of ? 90,00,000 divided into 90,000 equity shares of ? 
100 each. The company issued prospectus inviting applications for 50,000 equity shares of ? 
100 each payable as ? 20  on application, ? 30  on allotment, ? 20  on first call and balance on 
second call. 
Applications were received for ?40,000 shares. Raman to whom 1600 shares were allotted 
failed to pay final call money and these shares were forfeited. Of the forfeited shares, 600 
shares were reissued to Sukhman, credited as fully paid for ? 90  per share.  
Present the Share Capital as per Schedule III of Companies Act, 2013 
4 
18 The firm of R, K and S was dissolved on 31.3.2019. Pass necessary journal entries for the 
following after various assets (other than cash and Bank) and the third party liabilities 
had been transferred to realisation account.  
(i) K agreed to pay off his wife’s loan of ? 6,000. 
(ii) Total Creditors of the firm were ? 40,000. Creditors worth ?10,000 were given a 
piece of furniture costing ?8,000 in full and final settlement. Remaining 
creditors allowed a discount of 10%. 
(iii) A machine that was not recorded in the books was taken over by K at ? 3,000 
whereas its expected value was ? 5,000. 
(iv) The firm had a debit balance of ? 15,000 in the profit and loss A/c on the date of 
dissolution.   
4 
19 From the following Receipts and Payments Accounts of Rolaxe Club, for the year ended 31
st
 
March, 2019. Prepare Income and Expenditure Account for the year ended 31
st
 March, 2019. 
Receipts and Payments Account for the year ended 31
st
 March, 2019 
 
Receipts Amount (?) Payments Amount (?) 
To Balance b/d  By Advertisement 13,100 
       Cash in hand 17,050 By Rent rates and Taxes 14,000 
        Current a/c with bank 18,570 By Repairs 15,000 
To Donations 20,000 By Printing and Stationery 16,000 
To Proceeds from charity  
Show 
16,200 By Government Bonds 5,000 
To Subscription 52,000 By Telephone Expenses 1,000 
To Life membership fees 5,250 By Furniture (purchased on 
1
st
 July, 2018) 
70,000 
To Entrance Fees 6,000 By Balance c/d  
To Interest on investment @ 
7% for the year. 
7,200        Cash in hand 3,170 
         Cash at Bank 5,000 
 1,42,270  1,42,270 
 
Additional Information :- 
i) Depreciate furniture by 15% p.a. 
ii) There were 416 Life Members on 31.3.2018 the subscription payable by each 
6 
member, to be a life time member is ? 125 
iii)  
Subscription outstanding on 31
st
 March, 2018 6,000 
Subscription outstanding on 31
st
 March, 2019 7,000 
Subscription received in advance on 31
st
 March, 2018 4,000 
Subscription received in advance on 31
st
 March, 2019 5,000 
 
20 Journalise the following transactions  
a) Mehar Ltd. issued ? 1,00,000, 12% Debentures of ? 100 each at a premium of 5% 
redeemable at a premium of 2%  
b) 12 % Debentures were issued at a discount of 10% to a vendor of machinery for 
payment of ? 9,00,000 
c) Issue of 10,000 11% debentures of ? 100 each as collateral in favour of State Bank of 
India. Company opted to pass necessary entry for issue of debentures.  
Or 
Faith and Belief Ltd has total redeemable debentures of ? 5,00,000. It decides to redeem 
these debentures in two instalments of ? 3,00,000 and ? 2,00,000 on December 31
st
 
2018 and March 31
st
 2020 respectively. Assuming that the Company has sufficient 
funds in Debenture Redemption Reserve Account, pass necessary journal entries for the 
year ending March 31
st
 2020.  
6 
21 Gautam and Yashica  are partners in a firm, sharing profits and losses in 3:1 respectively. The 
balance sheet of the firm as on 31
st
 March 2018 was as follows: 
Balance Sheet 
As at 31.3.2018 
Liabilities Amt(?) Assets Amt(?) 
Sundry creditors 
Bills payable 
Capitals 
Gautam              4,00,000 
Yashica              1,00,000 
 
50,000 
30,000 
 
 
 
5,00,000 
Furniture 
Stock 
Debtors                             
Cash in hand  
Machinery 
   60,000 
1,40,000 
   80,000 
   90,000 
2,10,000 
 5,80,000  5,80,000 
Asma is admitted as a partner for 3/8
th
  share in the profits with a capital of ?2,10,000 
and  ?50,000 for her share of goodwill. It was decided that: 
i. New profit sharing ratio will be 3:2:3 
ii. Machinery will depreciated by 10% and Furniture by ?5,000. 
iii. Stock was re-valued at ? 2,10,000. 
iv. Provision for doubtful debts is to be created at 10% of debtors.  
v. The capitals of all the partners were to be in the new profit sharing ratio on basis 
of capital of new partner any adjustment to be done through current accounts. 
Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the new firm. 
  
Or 
 
X,Y and Z were in partnership sharing profits in proportion to their capitals. Their Balance 
Sheet as on 31st March, 2018 was as follows: 
 
Liabilities Amount (?) Particulars  Amount (?) 
Sundry Creditors 16,600 Cash 15,000 
Workmen’s Compensation 
Fund 
9,000 
Debtors                                   21,000  
Less-Prov for Doubtful Debts (1400) 
 
19,600 
General Reserve  6,000 Stock 19,000 
8 
Page 5


 
 
Accountancy – Class XII 
SQP (2019-20) 
General Instructions :  
(i) This question paper contains two parts – A and B.  
(ii) Part A is compulsory for all.  
(iii) Part B has two options – Analysis of Financial Statements and Computerised Accounting. 
(iv) Attempt only one option of Part B.  
(v) All parts of a question should be attempted at one place. 
 PART A 
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 
 
1 How are the following items presented in financial statements of a Not-for- Profit 
organisation:- 
(a) Tournament Fund- ? 80,000 
(b) Tournament expenses- ? 14,000 
1 
2 At what rate is interest payable on the amount remaining unpaid to the executor of deceased 
partner, in absence of any agreement among partners, when (s)he opts for interest and not share 
of profit.  
(a) 12% p.a. 
(b) 8% p.a. 
(c) 6% p.a. 
(d) 7.5%p.a. 
1 
3 State the order of payment of the following, in case of dissolution of partnership firm.  
 
i. to each partner proportionately what is due to him/her from the firm for advances as 
distinguished from capital (i.e. partner’ loan);  
ii. to each partner proportionately what is due to him on account of capital; and 
iii. for the debts of the firm to the third parties;  
1 
4               A and B are partners in a firm having a capital of ? 54,000 and ? 36,000 respectively. They 
admitted C for 1/3
rd
 share in the profits C brought proportionate amount of capital. The Capital 
brought in by C would be: 
a) ? 90,000 
b) ? 45,000 
c) ?  5,400 
d) ? 36,00 
1 
5 Amit, a partner in a partnership firm withdrew ? 7,000 in the beginning of each quarter. For 
how many months would interest on drawings be charged?                                                          
1 
6 Ankit, Unnati and Aryan are partners sharing profits in the ratio of 5:3:2. They decided to share 
future  profits in the ratio of 2:3:5 with effect from 1
st
 April,2018. They had the following 
balance in their balance sheet, passing necessary Journal Entry: 
Particulars Amount(?) 
Profit and loss Account (Dr)  60,500 
 
1 
7 A and B are partners in a firm. They admit C as a partner with 1/5
th
 share in the profits of the 
firm. C brings ? 4,00,000 as his share of capital. Calculate the value of C’s share of Goodwill 
on the basis of his capital, given that the combined capital of A and B after all adjustments is ? 
10,00,000 
1 
8 Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8:7:5. 
On 2
nd
 November 2018, Kavleen died. Kalveen’s share of profits till the date of her death was 
1 
calculated at? 9,375. Pass the necessary journal entry. 
9  A and B are partners in a firm sharing profits and losses in the ratio of 3:2.On 1
st
 April, 2019 
they decided to admit C their new ratio is decided to be equal. Pass the necessary journal entry 
to distribute Investment Fluctuation Reserve of? 60,000 at the time of C’s admission, when 
Investment  appear in the books at? 2,10,000 and its market value is ?1,90,000. 
 
1 
10 ‘Complete the following statement’ 
When a liability is discharged by a partner, at the time of dissolution, Capital Account is 
credited because ______________ . 
 
1 
11 A and B are in partnership sharing profits and losses in the ratio of 3:2. They admit C into 
partnership with 1/5
th
 share which he acquires equally from A and B. Accountant has calculated 
new profit sharing ratio as 5:3:2. Is accountant correct?  
1 
12 Wellness  Co. Ltd. has issued 20,000, 9% Debentures of ? 100 each at a premium of 10% on 1
st
 
April, 2018 redeemable as follows: 
31
st
 March, 2021 –  10,000 debentures  
31
st
 March, 2022 –  4,000 debentures  
31
st
 March, 2023 – balance debentures. 
It transferred to Debentures Redemption Reserve the required amount as applicable rules of the 
Companies Act and Rules, 2014 on due date.  How much amount will be transferred to General 
Reserve on  31
st
 March, 2021 
a) ? 1,00,000 
b) ? 2,50,000 
c) ? 5,00,000 
d) ? 20,00,000 
1 
13 A portion of share capital that is reserved by the company and will be utilized only on the 
happening of winding up of the company is called ________.  
 
1 
14 a) Calculate the amount of medicines consumed during the year ended 31
st
 March,2019 
 Particulars   Amount (?) 
Opening Stock of Medicines  50,000 
Closing stock of Medicines 45,000 more than  
opening stock 
Amount paid for medicines during the year 2,00,000 
Opening Creditors  20,000 
 Closing Creditors  50% of opening creditors 
Or 
Distinguish between Income and Expenditure Account and Receipt and payment Account on 
basis of :-  
i. Nature 
ii. Nature of items 
iii. Period  
 
 
 
 
3 
 
 
 
 
 
 
 
3 
15 Danish, Ana and Pranjal are partners in a firm sharing profits and losses in the ratio of 5:3:2. 
Their books are closed on March 31
st
 every year. 
Danish died on September 30
th
 , 2019, The executors of  Danish are entitled to:- 
i. His share of Capital i.e. ? 5,00,000 along-with his share of goodwill. The total goodwill 
of the firm was valued at  ? 60,000. 
ii. His share of profit up to his date of death on the basis of sales till date of death. Sales 
for the year ended March 31, 2019 was ? 2,00,000 and profit for the same year was 10% 
on sales. Sales shows a growth trend of 20% and percentage of profit earning is reduced 
by 1%.  
iii. Amount  payable to Danish was transferred to his executors. 
Pass necessary Journal Entries and show the workings clearly.  
4 
16 Maanika, Bhavi and Komal are partners sharing profits in the ratio of 6:4:1. Komal is 
guaranteed a minimum profit of ? 2,00,000. The firm incurred a loss of ?22,00,000 for the year 
ended 31
st
 March,2018. Pass necessary journal entry regarding deficiency borne by Maanika 
and Bhavi and prepare Profit and Loss Appropriation Account. 
OR 
The partners of a firm, Alia, Bhanu and Chand distributed the profits for the year ended 
31
st
 March, 2017, ? 80,000 in the ratio of 3:3:2 without providing for the following 
adjustments: 
a)      Alia and Chand were entitled to a salary of  ? 1,500 each p.m. 
b)      Bhanu was entitled for a salary of ? 4,000 p.a. 
 Pass the necessary Journal entry for the above adjustments in the books of the firm. Show 
workings clearly. 
4 
17 
 
 
 
 
 
 
Bliss Products Ltd. registered with capital of ? 90,00,000 divided into 90,000 equity shares of ? 
100 each. The company issued prospectus inviting applications for 50,000 equity shares of ? 
100 each payable as ? 20  on application, ? 30  on allotment, ? 20  on first call and balance on 
second call. 
Applications were received for ?40,000 shares. Raman to whom 1600 shares were allotted 
failed to pay final call money and these shares were forfeited. Of the forfeited shares, 600 
shares were reissued to Sukhman, credited as fully paid for ? 90  per share.  
Present the Share Capital as per Schedule III of Companies Act, 2013 
4 
18 The firm of R, K and S was dissolved on 31.3.2019. Pass necessary journal entries for the 
following after various assets (other than cash and Bank) and the third party liabilities 
had been transferred to realisation account.  
(i) K agreed to pay off his wife’s loan of ? 6,000. 
(ii) Total Creditors of the firm were ? 40,000. Creditors worth ?10,000 were given a 
piece of furniture costing ?8,000 in full and final settlement. Remaining 
creditors allowed a discount of 10%. 
(iii) A machine that was not recorded in the books was taken over by K at ? 3,000 
whereas its expected value was ? 5,000. 
(iv) The firm had a debit balance of ? 15,000 in the profit and loss A/c on the date of 
dissolution.   
4 
19 From the following Receipts and Payments Accounts of Rolaxe Club, for the year ended 31
st
 
March, 2019. Prepare Income and Expenditure Account for the year ended 31
st
 March, 2019. 
Receipts and Payments Account for the year ended 31
st
 March, 2019 
 
Receipts Amount (?) Payments Amount (?) 
To Balance b/d  By Advertisement 13,100 
       Cash in hand 17,050 By Rent rates and Taxes 14,000 
        Current a/c with bank 18,570 By Repairs 15,000 
To Donations 20,000 By Printing and Stationery 16,000 
To Proceeds from charity  
Show 
16,200 By Government Bonds 5,000 
To Subscription 52,000 By Telephone Expenses 1,000 
To Life membership fees 5,250 By Furniture (purchased on 
1
st
 July, 2018) 
70,000 
To Entrance Fees 6,000 By Balance c/d  
To Interest on investment @ 
7% for the year. 
7,200        Cash in hand 3,170 
         Cash at Bank 5,000 
 1,42,270  1,42,270 
 
Additional Information :- 
i) Depreciate furniture by 15% p.a. 
ii) There were 416 Life Members on 31.3.2018 the subscription payable by each 
6 
member, to be a life time member is ? 125 
iii)  
Subscription outstanding on 31
st
 March, 2018 6,000 
Subscription outstanding on 31
st
 March, 2019 7,000 
Subscription received in advance on 31
st
 March, 2018 4,000 
Subscription received in advance on 31
st
 March, 2019 5,000 
 
20 Journalise the following transactions  
a) Mehar Ltd. issued ? 1,00,000, 12% Debentures of ? 100 each at a premium of 5% 
redeemable at a premium of 2%  
b) 12 % Debentures were issued at a discount of 10% to a vendor of machinery for 
payment of ? 9,00,000 
c) Issue of 10,000 11% debentures of ? 100 each as collateral in favour of State Bank of 
India. Company opted to pass necessary entry for issue of debentures.  
Or 
Faith and Belief Ltd has total redeemable debentures of ? 5,00,000. It decides to redeem 
these debentures in two instalments of ? 3,00,000 and ? 2,00,000 on December 31
st
 
2018 and March 31
st
 2020 respectively. Assuming that the Company has sufficient 
funds in Debenture Redemption Reserve Account, pass necessary journal entries for the 
year ending March 31
st
 2020.  
6 
21 Gautam and Yashica  are partners in a firm, sharing profits and losses in 3:1 respectively. The 
balance sheet of the firm as on 31
st
 March 2018 was as follows: 
Balance Sheet 
As at 31.3.2018 
Liabilities Amt(?) Assets Amt(?) 
Sundry creditors 
Bills payable 
Capitals 
Gautam              4,00,000 
Yashica              1,00,000 
 
50,000 
30,000 
 
 
 
5,00,000 
Furniture 
Stock 
Debtors                             
Cash in hand  
Machinery 
   60,000 
1,40,000 
   80,000 
   90,000 
2,10,000 
 5,80,000  5,80,000 
Asma is admitted as a partner for 3/8
th
  share in the profits with a capital of ?2,10,000 
and  ?50,000 for her share of goodwill. It was decided that: 
i. New profit sharing ratio will be 3:2:3 
ii. Machinery will depreciated by 10% and Furniture by ?5,000. 
iii. Stock was re-valued at ? 2,10,000. 
iv. Provision for doubtful debts is to be created at 10% of debtors.  
v. The capitals of all the partners were to be in the new profit sharing ratio on basis 
of capital of new partner any adjustment to be done through current accounts. 
Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the new firm. 
  
Or 
 
X,Y and Z were in partnership sharing profits in proportion to their capitals. Their Balance 
Sheet as on 31st March, 2018 was as follows: 
 
Liabilities Amount (?) Particulars  Amount (?) 
Sundry Creditors 16,600 Cash 15,000 
Workmen’s Compensation 
Fund 
9,000 
Debtors                                   21,000  
Less-Prov for Doubtful Debts (1400) 
 
19,600 
General Reserve  6,000 Stock 19,000 
8 
Capitals :  
X               90,000 
Y               60,000 
Z               30,000 
 
 
1,80,000 
Machinery 
Building 
58,000 
1,00,000 
 
2,11,600 
 
2,11,600 
 
On the above date, Y retired owing to ill health. The following adjustments were agreed upon 
for calculation of amount due to Y. 
a) Provision for Doubtful Debts to be increased to 10% of Debtors. 
b) Goodwill of the firm be valued at ? 36,000 and be adjusted into the Capital Accounts of 
X and Z, who will share profits in future in the ratio of 3:1. 
c) Included in the value of Sundry Creditors was ? 2,500 for an outstanding legal claim, 
which will not arise. 
d) X and Z also decided that the total capital of the new firm will be ? 1,20,000 in their 
profit sharing ratio. Actual cash to be brought in or to be paid off as the case may be.  
e) Y to be paid ? 9,000 immediately and balance to be transferred to his Loan Account. 
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm 
after Y’s retirement. 
22 Saregama Ltd invited applications for issuing 80,000 equity shares of ? 100 each at a premium 
of ? 10. The amount was payable as follows  
On Application – ? 30 
On allotment – ? 30 (including a premium of ? 10) 
On 1
st
 call – ? 30  
On Final Call Balance  
Applications of  1,20,000 shares were received. Allotment was made on pro rata basis to all 
applicants. Excess money received on application was adjusted on sums due on allotment. 
Dhwani, who was allotted 1,600 shares, failed to pay allotment money and Sargam who applied 
of 6,000 shares did not pay 1
st
 call money. These shares were forfeited immediately after 1
st
 
call. 2,000 of these shares (including all shares of Dhwani were issued to  Tarang for ? 95 per 
share as 80 paid up. Pass necessary journal entries in books of Saregama Ltd. by opening call in 
arrear, call in advance account, if final call has not been made. 
Or 
a. X Ltd. forfeited 10 shares of ? 10 each, ? 7 called up on which the shareholder had paid 
application and allotment money of ? 5 per share. Out of these, 8 shares were re-issued 
to Y for  ?8 per share at ? 8 per paid up per share. Record the journal entries for 
forfeiture and reissue of shares by opening call in arrear, call in advance account. 
b. L ltd forfeited Mr M’s shares who has applied for 600 shares and was allotted 400 
shares failed to pay allotment money of ? 4 per share including premium of ? 2 on 
which he had paid application money of ? 2 only. Pass necessary journal entries for 
forfeiture of shares by opening call in arrear, call in advance account. 
c. Crown Ltd forfeited 50 shares of ? 10 each, for non- payment of final call money of ? 3 
per share. Out of these 20 shares were reissued to Taj at? 8 per share.  Record the 
journal entries for forfeiture and reissue of shares  assuming that the company maintains 
call in arrear, call in advance account. 
8 
 PART B 
OPTION 1 
(Analysis of Financial Statements) 
 
23 What will be the effect on current ratio if a bills payable is discharged on maturity?  1 
24 The two basic measures of operational efficiency of a company are 
a) Inventory Turnover Ratio and Working Capital Turnover Ratio  
b) Liquid Ratio and Operating Ratio 
c) Liquid Ratio and Current Ratio 
1