Class 12 Accountancy Official Sample Question Paper (2021-22- Term I) | Accountancy Class 12 - Commerce PDF Download

 Page 1


SAMPLE QUESTION PAPER (TERM-1) 2021-22 
ACCOUNTANCY 
SUBJECT CODE: 055 
 
Time Allowed: 90 Minutes                       Maximum Marks: 40 
 
General Instructions: 
Read the following instructions very carefully and strictly follow them: 
1. This question paper comprises three PARTS – I, II and III. There 
are 69 questions in the question paper.  
2. Part - I -is compulsory for all candidates. 
3. Part - II Analysis of Financial Statement and Part -III 
Computerized Accounting. You have to attempt only one of the given 
OPTIONS.  
4. There is an internal choice provided in each Sections.  
I. Part-I, contains three Sections -A, B and C. Section A has 
questions from 1 to 18 and Section B has questions from 19 to 
36, you have to attempt any 15 questions each in both the 
sections. 
II. Part I, Section C has questions from 37 to 41. You have to 
attempt any four questions. 
III.  Part II, contains two Sections – A and B. Section A has 
questions from 42 to 48, you have to attempt any five questions 
and Section B has questions from 49 to 55, you have to 
attempt any six questions. 
IV. Part III, contains two Sections – A and B. Section A has 
questions from 49 to 62, you have to attempt any five questions 
and Section B has questions from 63 to 69, you have to 
attempt any six questions. 
5. All questions carry equal marks. There is no negative marking.  
6. Specific Instructions related to each Part and subdivisions (Section) 
is mentioned clearly before the questions. Candidates should read 
them thoroughly and attempt accordingly. 
 
 
 
 
 
 
 
 
Page 2


SAMPLE QUESTION PAPER (TERM-1) 2021-22 
ACCOUNTANCY 
SUBJECT CODE: 055 
 
Time Allowed: 90 Minutes                       Maximum Marks: 40 
 
General Instructions: 
Read the following instructions very carefully and strictly follow them: 
1. This question paper comprises three PARTS – I, II and III. There 
are 69 questions in the question paper.  
2. Part - I -is compulsory for all candidates. 
3. Part - II Analysis of Financial Statement and Part -III 
Computerized Accounting. You have to attempt only one of the given 
OPTIONS.  
4. There is an internal choice provided in each Sections.  
I. Part-I, contains three Sections -A, B and C. Section A has 
questions from 1 to 18 and Section B has questions from 19 to 
36, you have to attempt any 15 questions each in both the 
sections. 
II. Part I, Section C has questions from 37 to 41. You have to 
attempt any four questions. 
III.  Part II, contains two Sections – A and B. Section A has 
questions from 42 to 48, you have to attempt any five questions 
and Section B has questions from 49 to 55, you have to 
attempt any six questions. 
IV. Part III, contains two Sections – A and B. Section A has 
questions from 49 to 62, you have to attempt any five questions 
and Section B has questions from 63 to 69, you have to 
attempt any six questions. 
5. All questions carry equal marks. There is no negative marking.  
6. Specific Instructions related to each Part and subdivisions (Section) 
is mentioned clearly before the questions. Candidates should read 
them thoroughly and attempt accordingly. 
 
 
 
 
 
 
 
 
Part – I 
Section – A 
 
Instructions:  
? From question number 1 to 18, attempt any 15 questions. 
 
1. Gain / loss on revaluation at the time of change in profit sharing 
ratio of existing partners is shared by ___(i)______ whereas in case 
of admission of a partner it is shared by____(ii)_____. 
(A) (i) Remaining Partners, (ii) All Partners. 
(B) (i) All Partners, (ii) Old partners. 
(C) (i) New Partner, (ii) All partner. 
(D) (i) Sacrificing Partner, (ii) Incoming partner. 
 
2. Calculate the amount of second & final call when Abhijit Ltd, issues 
Equity shares of ?10 each at a premium of 40% payable on 
Application ?3, On Allotment ?5, On First Call ?2. 
 
(A) Second & final call ?3. 
(B) Second & final call ?4. 
(C) Second & final call ?1. 
(D) Second & final call ?14. 
 
3. Anish Ltd, issued a prospectus inviting applications for 2,000 
shares. Applications were received for 3,000 shares and pro- rata 
allotment was made to the applicants of 2,400 shares. If Dhruv has 
been allotted 40 shares, how many shares he must have applied 
for? 
 
(A) 40 
(B) 44 
(C) 48 
(D) 52 
 
Page 3


SAMPLE QUESTION PAPER (TERM-1) 2021-22 
ACCOUNTANCY 
SUBJECT CODE: 055 
 
Time Allowed: 90 Minutes                       Maximum Marks: 40 
 
General Instructions: 
Read the following instructions very carefully and strictly follow them: 
1. This question paper comprises three PARTS – I, II and III. There 
are 69 questions in the question paper.  
2. Part - I -is compulsory for all candidates. 
3. Part - II Analysis of Financial Statement and Part -III 
Computerized Accounting. You have to attempt only one of the given 
OPTIONS.  
4. There is an internal choice provided in each Sections.  
I. Part-I, contains three Sections -A, B and C. Section A has 
questions from 1 to 18 and Section B has questions from 19 to 
36, you have to attempt any 15 questions each in both the 
sections. 
II. Part I, Section C has questions from 37 to 41. You have to 
attempt any four questions. 
III.  Part II, contains two Sections – A and B. Section A has 
questions from 42 to 48, you have to attempt any five questions 
and Section B has questions from 49 to 55, you have to 
attempt any six questions. 
IV. Part III, contains two Sections – A and B. Section A has 
questions from 49 to 62, you have to attempt any five questions 
and Section B has questions from 63 to 69, you have to 
attempt any six questions. 
5. All questions carry equal marks. There is no negative marking.  
6. Specific Instructions related to each Part and subdivisions (Section) 
is mentioned clearly before the questions. Candidates should read 
them thoroughly and attempt accordingly. 
 
 
 
 
 
 
 
 
Part – I 
Section – A 
 
Instructions:  
? From question number 1 to 18, attempt any 15 questions. 
 
1. Gain / loss on revaluation at the time of change in profit sharing 
ratio of existing partners is shared by ___(i)______ whereas in case 
of admission of a partner it is shared by____(ii)_____. 
(A) (i) Remaining Partners, (ii) All Partners. 
(B) (i) All Partners, (ii) Old partners. 
(C) (i) New Partner, (ii) All partner. 
(D) (i) Sacrificing Partner, (ii) Incoming partner. 
 
2. Calculate the amount of second & final call when Abhijit Ltd, issues 
Equity shares of ?10 each at a premium of 40% payable on 
Application ?3, On Allotment ?5, On First Call ?2. 
 
(A) Second & final call ?3. 
(B) Second & final call ?4. 
(C) Second & final call ?1. 
(D) Second & final call ?14. 
 
3. Anish Ltd, issued a prospectus inviting applications for 2,000 
shares. Applications were received for 3,000 shares and pro- rata 
allotment was made to the applicants of 2,400 shares. If Dhruv has 
been allotted 40 shares, how many shares he must have applied 
for? 
 
(A) 40 
(B) 44 
(C) 48 
(D) 52 
 
4. Ambrish Ltd offered 2,00,000 Equity Shares of ?10 each, of these 
1,98,000 shares were subscribed. The amount was payable as ?3 
on application, ?4 an allotment and balance on first call. If a 
shareholder holding 3,000 shares has defaulted on first call, what is 
the amount of money received on first call? 
(A)  ?9,000. 
(B)  ?5,85,000. 
(C)  ?5,91,000. 
(D)  ?6,09,000. 
 
5.   What will be the correct sequence of events? 
(i) Forfeiture of shares. (ii) Default on Calls. 
(iii) Re-issue of shares. (iv) Amount transferred to capital reserve. 
Options: 
(A)  (i), (iv), (ii), (iii) 
(B)  (ii), (iv), (i), (iii) 
(C)  (ii), (i), (iii), (iv) 
(D)  (iii), (iv), (i) (ii) 
 
6.  Arun and Vijay are partners in a firm sharing profits and losses in the 
ratio of 5:1. 
Balance Sheet (Extract) 
Liabilities  ? Assets  ? 
  Machinery 40,000 
 
If the value of machinery reflected in the balance sheet is overvalued by  
33  %, find out the value of Machinery to be shown in the new Balance 
Sheet: 
 
(A) ? 44,000  
(B) ?48,000  
(C) ? 32,000  
(D) ?30,000 
7. Which of the following is true regarding Salary to a partner when 
the firm maintains fluctuating capital accounts? 
Page 4


SAMPLE QUESTION PAPER (TERM-1) 2021-22 
ACCOUNTANCY 
SUBJECT CODE: 055 
 
Time Allowed: 90 Minutes                       Maximum Marks: 40 
 
General Instructions: 
Read the following instructions very carefully and strictly follow them: 
1. This question paper comprises three PARTS – I, II and III. There 
are 69 questions in the question paper.  
2. Part - I -is compulsory for all candidates. 
3. Part - II Analysis of Financial Statement and Part -III 
Computerized Accounting. You have to attempt only one of the given 
OPTIONS.  
4. There is an internal choice provided in each Sections.  
I. Part-I, contains three Sections -A, B and C. Section A has 
questions from 1 to 18 and Section B has questions from 19 to 
36, you have to attempt any 15 questions each in both the 
sections. 
II. Part I, Section C has questions from 37 to 41. You have to 
attempt any four questions. 
III.  Part II, contains two Sections – A and B. Section A has 
questions from 42 to 48, you have to attempt any five questions 
and Section B has questions from 49 to 55, you have to 
attempt any six questions. 
IV. Part III, contains two Sections – A and B. Section A has 
questions from 49 to 62, you have to attempt any five questions 
and Section B has questions from 63 to 69, you have to 
attempt any six questions. 
5. All questions carry equal marks. There is no negative marking.  
6. Specific Instructions related to each Part and subdivisions (Section) 
is mentioned clearly before the questions. Candidates should read 
them thoroughly and attempt accordingly. 
 
 
 
 
 
 
 
 
Part – I 
Section – A 
 
Instructions:  
? From question number 1 to 18, attempt any 15 questions. 
 
1. Gain / loss on revaluation at the time of change in profit sharing 
ratio of existing partners is shared by ___(i)______ whereas in case 
of admission of a partner it is shared by____(ii)_____. 
(A) (i) Remaining Partners, (ii) All Partners. 
(B) (i) All Partners, (ii) Old partners. 
(C) (i) New Partner, (ii) All partner. 
(D) (i) Sacrificing Partner, (ii) Incoming partner. 
 
2. Calculate the amount of second & final call when Abhijit Ltd, issues 
Equity shares of ?10 each at a premium of 40% payable on 
Application ?3, On Allotment ?5, On First Call ?2. 
 
(A) Second & final call ?3. 
(B) Second & final call ?4. 
(C) Second & final call ?1. 
(D) Second & final call ?14. 
 
3. Anish Ltd, issued a prospectus inviting applications for 2,000 
shares. Applications were received for 3,000 shares and pro- rata 
allotment was made to the applicants of 2,400 shares. If Dhruv has 
been allotted 40 shares, how many shares he must have applied 
for? 
 
(A) 40 
(B) 44 
(C) 48 
(D) 52 
 
4. Ambrish Ltd offered 2,00,000 Equity Shares of ?10 each, of these 
1,98,000 shares were subscribed. The amount was payable as ?3 
on application, ?4 an allotment and balance on first call. If a 
shareholder holding 3,000 shares has defaulted on first call, what is 
the amount of money received on first call? 
(A)  ?9,000. 
(B)  ?5,85,000. 
(C)  ?5,91,000. 
(D)  ?6,09,000. 
 
5.   What will be the correct sequence of events? 
(i) Forfeiture of shares. (ii) Default on Calls. 
(iii) Re-issue of shares. (iv) Amount transferred to capital reserve. 
Options: 
(A)  (i), (iv), (ii), (iii) 
(B)  (ii), (iv), (i), (iii) 
(C)  (ii), (i), (iii), (iv) 
(D)  (iii), (iv), (i) (ii) 
 
6.  Arun and Vijay are partners in a firm sharing profits and losses in the 
ratio of 5:1. 
Balance Sheet (Extract) 
Liabilities  ? Assets  ? 
  Machinery 40,000 
 
If the value of machinery reflected in the balance sheet is overvalued by  
33  %, find out the value of Machinery to be shown in the new Balance 
Sheet: 
 
(A) ? 44,000  
(B) ?48,000  
(C) ? 32,000  
(D) ?30,000 
7. Which of the following is true regarding Salary to a partner when 
the firm maintains fluctuating capital accounts? 
(A) Debit Partner’s Loan A/c and Credit P & L Appropriation A/c. 
(B) Debit P & L A/c and Credit Partner’s Capital A/c. 
(C) Debit P & L Appropriation A/c and Credit Partner’s Current A/c. 
(D) Debit P & L Appropriation A/c and Credit Partner’s Capital A/c. 
 
8. At the time of reconstitution of a partnership firm, recording of an 
unrecorded liability will lead to: 
(A) Gain to the existing partners 
(B) Loss to the existing partners 
(C) Neither gain nor loss to the existing partners 
(D) None of the above 
 
9. E, F and G are partners sharing profits in the ratio of 3:3:2. 
According to the partnership agreement, G is to get a minimum 
amount of ?80,000 as his share of profits every year and any 
deficiency on this account is to be personally borne by E. The net 
profit for the year ended 31st March 2021 amounted to ?3,12 ,000. 
Calculate the amount of deficiency to be borne by E? 
(A) ?1,000 
(B) ?4,000 
(C) ?8,000 
(D) ?2,000 
 
10. At the time of admission of a partner, what will be the effect of the 
following information? 
Balance in Workmen compensation reserve ?40,000. Claim for 
workmen compensation ?45,000. 
(A) ?45,000 Debited to the Partner’s capital Accounts. 
(B) ?40,000 Debited to Revaluation Account. 
(C) ?5,000 Debited to Revaluation Account. 
(D) ?5,000 Credited to Revaluation Account. 
 
  
Page 5


SAMPLE QUESTION PAPER (TERM-1) 2021-22 
ACCOUNTANCY 
SUBJECT CODE: 055 
 
Time Allowed: 90 Minutes                       Maximum Marks: 40 
 
General Instructions: 
Read the following instructions very carefully and strictly follow them: 
1. This question paper comprises three PARTS – I, II and III. There 
are 69 questions in the question paper.  
2. Part - I -is compulsory for all candidates. 
3. Part - II Analysis of Financial Statement and Part -III 
Computerized Accounting. You have to attempt only one of the given 
OPTIONS.  
4. There is an internal choice provided in each Sections.  
I. Part-I, contains three Sections -A, B and C. Section A has 
questions from 1 to 18 and Section B has questions from 19 to 
36, you have to attempt any 15 questions each in both the 
sections. 
II. Part I, Section C has questions from 37 to 41. You have to 
attempt any four questions. 
III.  Part II, contains two Sections – A and B. Section A has 
questions from 42 to 48, you have to attempt any five questions 
and Section B has questions from 49 to 55, you have to 
attempt any six questions. 
IV. Part III, contains two Sections – A and B. Section A has 
questions from 49 to 62, you have to attempt any five questions 
and Section B has questions from 63 to 69, you have to 
attempt any six questions. 
5. All questions carry equal marks. There is no negative marking.  
6. Specific Instructions related to each Part and subdivisions (Section) 
is mentioned clearly before the questions. Candidates should read 
them thoroughly and attempt accordingly. 
 
 
 
 
 
 
 
 
Part – I 
Section – A 
 
Instructions:  
? From question number 1 to 18, attempt any 15 questions. 
 
1. Gain / loss on revaluation at the time of change in profit sharing 
ratio of existing partners is shared by ___(i)______ whereas in case 
of admission of a partner it is shared by____(ii)_____. 
(A) (i) Remaining Partners, (ii) All Partners. 
(B) (i) All Partners, (ii) Old partners. 
(C) (i) New Partner, (ii) All partner. 
(D) (i) Sacrificing Partner, (ii) Incoming partner. 
 
2. Calculate the amount of second & final call when Abhijit Ltd, issues 
Equity shares of ?10 each at a premium of 40% payable on 
Application ?3, On Allotment ?5, On First Call ?2. 
 
(A) Second & final call ?3. 
(B) Second & final call ?4. 
(C) Second & final call ?1. 
(D) Second & final call ?14. 
 
3. Anish Ltd, issued a prospectus inviting applications for 2,000 
shares. Applications were received for 3,000 shares and pro- rata 
allotment was made to the applicants of 2,400 shares. If Dhruv has 
been allotted 40 shares, how many shares he must have applied 
for? 
 
(A) 40 
(B) 44 
(C) 48 
(D) 52 
 
4. Ambrish Ltd offered 2,00,000 Equity Shares of ?10 each, of these 
1,98,000 shares were subscribed. The amount was payable as ?3 
on application, ?4 an allotment and balance on first call. If a 
shareholder holding 3,000 shares has defaulted on first call, what is 
the amount of money received on first call? 
(A)  ?9,000. 
(B)  ?5,85,000. 
(C)  ?5,91,000. 
(D)  ?6,09,000. 
 
5.   What will be the correct sequence of events? 
(i) Forfeiture of shares. (ii) Default on Calls. 
(iii) Re-issue of shares. (iv) Amount transferred to capital reserve. 
Options: 
(A)  (i), (iv), (ii), (iii) 
(B)  (ii), (iv), (i), (iii) 
(C)  (ii), (i), (iii), (iv) 
(D)  (iii), (iv), (i) (ii) 
 
6.  Arun and Vijay are partners in a firm sharing profits and losses in the 
ratio of 5:1. 
Balance Sheet (Extract) 
Liabilities  ? Assets  ? 
  Machinery 40,000 
 
If the value of machinery reflected in the balance sheet is overvalued by  
33  %, find out the value of Machinery to be shown in the new Balance 
Sheet: 
 
(A) ? 44,000  
(B) ?48,000  
(C) ? 32,000  
(D) ?30,000 
7. Which of the following is true regarding Salary to a partner when 
the firm maintains fluctuating capital accounts? 
(A) Debit Partner’s Loan A/c and Credit P & L Appropriation A/c. 
(B) Debit P & L A/c and Credit Partner’s Capital A/c. 
(C) Debit P & L Appropriation A/c and Credit Partner’s Current A/c. 
(D) Debit P & L Appropriation A/c and Credit Partner’s Capital A/c. 
 
8. At the time of reconstitution of a partnership firm, recording of an 
unrecorded liability will lead to: 
(A) Gain to the existing partners 
(B) Loss to the existing partners 
(C) Neither gain nor loss to the existing partners 
(D) None of the above 
 
9. E, F and G are partners sharing profits in the ratio of 3:3:2. 
According to the partnership agreement, G is to get a minimum 
amount of ?80,000 as his share of profits every year and any 
deficiency on this account is to be personally borne by E. The net 
profit for the year ended 31st March 2021 amounted to ?3,12 ,000. 
Calculate the amount of deficiency to be borne by E? 
(A) ?1,000 
(B) ?4,000 
(C) ?8,000 
(D) ?2,000 
 
10. At the time of admission of a partner, what will be the effect of the 
following information? 
Balance in Workmen compensation reserve ?40,000. Claim for 
workmen compensation ?45,000. 
(A) ?45,000 Debited to the Partner’s capital Accounts. 
(B) ?40,000 Debited to Revaluation Account. 
(C) ?5,000 Debited to Revaluation Account. 
(D) ?5,000 Credited to Revaluation Account. 
 
  
11. In the absence of partnership deed, a partner is entitled to an 
interest on the amount of additional capital advanced by him to the 
firm at a rate of: 
(A)  entitled for 6% p.a. on their additional capital, only when there are   
profits.  
(B)  entitled for 10% p.a. on their additional capital  
(C)  entitled for 12% p.a. on their additional capital  
(D)  not entitled for any interest on their additional capitals. 
 
12. Revaluation of assets at the time of reconstitution is necessary 
because their present value may be different from their: 
(A) Market Value. 
(B) Net Value. 
(C) Cost of Asset 
(D) Book Value. 
 
13. If average capital employed in a firm is ?8,00,000, average of 
actual profits is ?1,80,000 and normal rate of return is10%, then 
value of goodwill as per capitalization of average profits is:  
 (A)  ?10,00,000 
(B)  ?18,00,000 
(C)  ?80,00,000 
(D)  ?78,20,000 
 
14. In which of the following situation Companies Act 2013 allows for 
issue of shares at discount? 
 
(A) Issued to vendors. 
(B) Issued to public. 
(C) Issued as sweat equity. 
(D) None of the above. 
15. As per Section 52 of Companies Act 2013, Securities Premium 
Reserve cannot be utilised for: