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Class 12 Accountancy Previous Year Paper - 1 - Accountancy Class 12 - Commerce

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 Page 1


Page 1 of 8 
 
     
      
 
 
General Instructions: 
 
1. All questions are compulsory. 
2. Please write question number before attempting a question. 
3. Attempt all parts of a question at one place. 
4. Use of calculators or any other calculating device not allowed. 
5. Show clearly working notes wherever necessary. 
PART A: ACCOUNTING FOR PARTNERSHIP FIRMS,NOT-FOR PROFIT ORGANISATIONS AND 
COMPANIES 
 
1 How is dissolution of partnership different from dissolution of partnership firm? 
 
1 
2 Mohan and Shyam are equal partners in a firm. State with reason whether the claim is valid if the 
partnership agreement is silent and Mohan is an active partner. He wants a salary of ?10,000 per year. 
 
OR 
 
One of the partners in a partnership firm has withdrawn ?9,000 at the end of each quarter, throughout the 
year. Calculate the interest on drawings at the rate of 6% per annum. 
1 
3 A and B are partners sharing profits and losses in the ratio of 3:2. Their capital accounts showed balances 
of ?1,50,000 and ?2,00,000 respectively on April  01, 2017. Show the treatment of interest on capital 
for the year ending March 31, 2018, if partnership deed provides for interest on capital @8% p.a. and the 
firm incurred a loss of ?10,000 during the year. 
OR 
 
State two situations in which interest on partners’ capital is provided. 
 
1 
4 What do you understand by the terms legacy and honorarium? 1 
 
 
FINALTERM EXAMINATION 
 
 
 
 ACCOUNTANCY  
CLASS: XII Time Allotted: 3 Hrs 
Max. Marks:80 
Page 2


Page 1 of 8 
 
     
      
 
 
General Instructions: 
 
1. All questions are compulsory. 
2. Please write question number before attempting a question. 
3. Attempt all parts of a question at one place. 
4. Use of calculators or any other calculating device not allowed. 
5. Show clearly working notes wherever necessary. 
PART A: ACCOUNTING FOR PARTNERSHIP FIRMS,NOT-FOR PROFIT ORGANISATIONS AND 
COMPANIES 
 
1 How is dissolution of partnership different from dissolution of partnership firm? 
 
1 
2 Mohan and Shyam are equal partners in a firm. State with reason whether the claim is valid if the 
partnership agreement is silent and Mohan is an active partner. He wants a salary of ?10,000 per year. 
 
OR 
 
One of the partners in a partnership firm has withdrawn ?9,000 at the end of each quarter, throughout the 
year. Calculate the interest on drawings at the rate of 6% per annum. 
1 
3 A and B are partners sharing profits and losses in the ratio of 3:2. Their capital accounts showed balances 
of ?1,50,000 and ?2,00,000 respectively on April  01, 2017. Show the treatment of interest on capital 
for the year ending March 31, 2018, if partnership deed provides for interest on capital @8% p.a. and the 
firm incurred a loss of ?10,000 during the year. 
OR 
 
State two situations in which interest on partners’ capital is provided. 
 
1 
4 What do you understand by the terms legacy and honorarium? 1 
 
 
FINALTERM EXAMINATION 
 
 
 
 ACCOUNTANCY  
CLASS: XII Time Allotted: 3 Hrs 
Max. Marks:80 
Page 2 of 8 
 
5 How much Debenture Redemption Reserve is required in case of fully convertible debentures as per the 
provision of section 71 (4) of the Companies Act, 2013 read with Rule 18(7) of the Companies (Share 
Capital and Debentures) Rules 2014. 
1 
6 Define Debentures. 
 
OR 
What is the nature of interest on debenture? 
 
1 
7 Calculate the amount of medicines consumed during the year 2013-2014 and show how it appears in 
income expenditure account. 
Particulars 1-4-2013 31-3-2014 
Stock of Medicines 3,00,000 5,00,000 
Advance to suppliers 20,000 30,000 
Creditors for Medicines 2,10,000 3,05,000 
Amount Paid for Medicines 23,00,000. 
 
 
3 
8 XYZ Ltd. was registered with an authorized capital of  ?5,00,000 divided into 50,000 equity shares of? 10 
each.  Since the economy was in robust shape, the company decided to offer to the public for subscription 
30,000 equity shares of ? 10 each at a premium of ? 20 per share.  Applications for 28,000 shares were 
received and allotment was made to all the applicants.  All calls were made and duly received except the 
final call of ? 2 per share on 200 shares.  
Show the ‘Share Capital’ in the Balance Sheet of the company as per the Companies Act 2013. Also 
prepare Notes to Accounts for the same. 
 
3 
9 Sunshine Ltd. purchased machinery costing ?10,00,000 from Moonlight Ltd. The company paid the price 
by issue of equity shares of ?10 each at a premium of 25%. Pass necessary journal entries for the above 
transactions in the books of Sunshine Ltd.  
OR 
 
What do you mean by Debenture Issued as Collateral Security? Explain with an example. 
 
3 
10 Give journal entries for the Issue of Debentures in the following conditions:- 
a) Issued 2,000, 12% debentures of ? 100 each at a discount of 2%, redeemable at a premium of 5%. 
b) Issued 2,000, 12% debentures of ? 100 each at a premium of 5%, redeemable at a premium of 10% 
 
3 
11 Capital employed in a business is ?2,00,000. The normal rate of return on capital employed is 15%. During 
the year 2018 the firm earned a profit of ?48,000. Calculate goodwill on the basis of 3 years purchase of 
super profit? 
4 
12 Nair, Seerat and Hina were partners in firm manufacturing blankets. They were sharing profits in the ratio 
5:3:2. Their capitals on 1
st
 April 2017 were ? 2,00,000; ?3,00,000 and ? 6,00,000 respectively. After the 
4 
Page 3


Page 1 of 8 
 
     
      
 
 
General Instructions: 
 
1. All questions are compulsory. 
2. Please write question number before attempting a question. 
3. Attempt all parts of a question at one place. 
4. Use of calculators or any other calculating device not allowed. 
5. Show clearly working notes wherever necessary. 
PART A: ACCOUNTING FOR PARTNERSHIP FIRMS,NOT-FOR PROFIT ORGANISATIONS AND 
COMPANIES 
 
1 How is dissolution of partnership different from dissolution of partnership firm? 
 
1 
2 Mohan and Shyam are equal partners in a firm. State with reason whether the claim is valid if the 
partnership agreement is silent and Mohan is an active partner. He wants a salary of ?10,000 per year. 
 
OR 
 
One of the partners in a partnership firm has withdrawn ?9,000 at the end of each quarter, throughout the 
year. Calculate the interest on drawings at the rate of 6% per annum. 
1 
3 A and B are partners sharing profits and losses in the ratio of 3:2. Their capital accounts showed balances 
of ?1,50,000 and ?2,00,000 respectively on April  01, 2017. Show the treatment of interest on capital 
for the year ending March 31, 2018, if partnership deed provides for interest on capital @8% p.a. and the 
firm incurred a loss of ?10,000 during the year. 
OR 
 
State two situations in which interest on partners’ capital is provided. 
 
1 
4 What do you understand by the terms legacy and honorarium? 1 
 
 
FINALTERM EXAMINATION 
 
 
 
 ACCOUNTANCY  
CLASS: XII Time Allotted: 3 Hrs 
Max. Marks:80 
Page 2 of 8 
 
5 How much Debenture Redemption Reserve is required in case of fully convertible debentures as per the 
provision of section 71 (4) of the Companies Act, 2013 read with Rule 18(7) of the Companies (Share 
Capital and Debentures) Rules 2014. 
1 
6 Define Debentures. 
 
OR 
What is the nature of interest on debenture? 
 
1 
7 Calculate the amount of medicines consumed during the year 2013-2014 and show how it appears in 
income expenditure account. 
Particulars 1-4-2013 31-3-2014 
Stock of Medicines 3,00,000 5,00,000 
Advance to suppliers 20,000 30,000 
Creditors for Medicines 2,10,000 3,05,000 
Amount Paid for Medicines 23,00,000. 
 
 
3 
8 XYZ Ltd. was registered with an authorized capital of  ?5,00,000 divided into 50,000 equity shares of? 10 
each.  Since the economy was in robust shape, the company decided to offer to the public for subscription 
30,000 equity shares of ? 10 each at a premium of ? 20 per share.  Applications for 28,000 shares were 
received and allotment was made to all the applicants.  All calls were made and duly received except the 
final call of ? 2 per share on 200 shares.  
Show the ‘Share Capital’ in the Balance Sheet of the company as per the Companies Act 2013. Also 
prepare Notes to Accounts for the same. 
 
3 
9 Sunshine Ltd. purchased machinery costing ?10,00,000 from Moonlight Ltd. The company paid the price 
by issue of equity shares of ?10 each at a premium of 25%. Pass necessary journal entries for the above 
transactions in the books of Sunshine Ltd.  
OR 
 
What do you mean by Debenture Issued as Collateral Security? Explain with an example. 
 
3 
10 Give journal entries for the Issue of Debentures in the following conditions:- 
a) Issued 2,000, 12% debentures of ? 100 each at a discount of 2%, redeemable at a premium of 5%. 
b) Issued 2,000, 12% debentures of ? 100 each at a premium of 5%, redeemable at a premium of 10% 
 
3 
11 Capital employed in a business is ?2,00,000. The normal rate of return on capital employed is 15%. During 
the year 2018 the firm earned a profit of ?48,000. Calculate goodwill on the basis of 3 years purchase of 
super profit? 
4 
12 Nair, Seerat and Hina were partners in firm manufacturing blankets. They were sharing profits in the ratio 
5:3:2. Their capitals on 1
st
 April 2017 were ? 2,00,000; ?3,00,000 and ? 6,00,000 respectively. After the 
4 
Page 3 of 8 
 
floods in Kerala, all partners decided to help the flood victims personally.  
For this Nair withdrew ?10,000 from the firm on 1
st
 September 2017. Seerat, instead of withdrawing cash 
from the firm took blankets amounting to ? 12,000 from the firm and distributed to the flood victims. On 
the other hand, Hina withdrew ? 2,00,000 from her capital on 1
st
 January, 2018 and set-up  a centre to 
provide medical facilities in the flood affected area.  
The partnership deed provides for charging interest on drawings @ 6% p.a. After the final accounts were 
prepared, it was discovered that interest on drawings had not been charged.  
Give the necessary adjusting journal entry and show the working notes clearly. Also state any two values 
that the partners wanted to communicate to the society. 
  
13 R, S and H were partners in a firm sharing profits in the ratio 7:2:1 respectively. Their fixed capitals were 
R- ? 3,00,000; S ? 2,00,000 and H ? 1,00,000. The partnership deed provided for the following for the 
division of profit. 
i. 10% of the trading profits will be transferred to reserve account. 
ii. H was guaranteed a profit of ? 50,000. Any loss because of guarantee to H will be shared by R 
and S equally. 
The trading profit of the firm for the year ended 31
st
 March 2017 was ? 2,00,000. 
Prepare Profit and Loss Appropriation account and Current account for the partners for the year ended 31
st
 
March 2017.     
6 
14 On April 1, 2013, XY Limited issued ? 9,00,000  10% debentures at a discount of 9%. The debentures 
were to be redeemed in three equal annual instalments starting from March 31, 2015. Prepare ‘Discount on 
Issue of Debenture Account’ for the first three years starting from April 1, 2013. Also show your workings 
clearly. 
 
6 
15 From the following Receipts and Payment Accounts and information given below, prepare Income and 
Expenditure Account and Opening and Closing Balance Sheet of Adult Literacy Organisation. 
 
Adult Literacy Organisation 
Receipt and Payment Account as on December 31, 2016. 
Receipt Amount Payment Amount 
To Balance b/d  By General Expenses 3,200 
    Cash in hand 4,000 By Newspapers 1850 
    Cash at bank 15,550 By Electricity 3,000 
To Subscription  By Fixed Deposit with bank 
(on 31.06.2016) @10%p.a. 
18,000 
      2015           1,200  By Books  7,000 
      2016         26,500  By Salary 3,600 
      2017              500 28,200 By Rent 6,500 
To Sale of old newspapers 1,250 By Postage charges 300 
To Govt. grant 12,000 By Furniture (purchased)  10,500 
To Sale of old furniture (Book value 
5,000) 
3,700 By Balance c/d  
6  
Page 4


Page 1 of 8 
 
     
      
 
 
General Instructions: 
 
1. All questions are compulsory. 
2. Please write question number before attempting a question. 
3. Attempt all parts of a question at one place. 
4. Use of calculators or any other calculating device not allowed. 
5. Show clearly working notes wherever necessary. 
PART A: ACCOUNTING FOR PARTNERSHIP FIRMS,NOT-FOR PROFIT ORGANISATIONS AND 
COMPANIES 
 
1 How is dissolution of partnership different from dissolution of partnership firm? 
 
1 
2 Mohan and Shyam are equal partners in a firm. State with reason whether the claim is valid if the 
partnership agreement is silent and Mohan is an active partner. He wants a salary of ?10,000 per year. 
 
OR 
 
One of the partners in a partnership firm has withdrawn ?9,000 at the end of each quarter, throughout the 
year. Calculate the interest on drawings at the rate of 6% per annum. 
1 
3 A and B are partners sharing profits and losses in the ratio of 3:2. Their capital accounts showed balances 
of ?1,50,000 and ?2,00,000 respectively on April  01, 2017. Show the treatment of interest on capital 
for the year ending March 31, 2018, if partnership deed provides for interest on capital @8% p.a. and the 
firm incurred a loss of ?10,000 during the year. 
OR 
 
State two situations in which interest on partners’ capital is provided. 
 
1 
4 What do you understand by the terms legacy and honorarium? 1 
 
 
FINALTERM EXAMINATION 
 
 
 
 ACCOUNTANCY  
CLASS: XII Time Allotted: 3 Hrs 
Max. Marks:80 
Page 2 of 8 
 
5 How much Debenture Redemption Reserve is required in case of fully convertible debentures as per the 
provision of section 71 (4) of the Companies Act, 2013 read with Rule 18(7) of the Companies (Share 
Capital and Debentures) Rules 2014. 
1 
6 Define Debentures. 
 
OR 
What is the nature of interest on debenture? 
 
1 
7 Calculate the amount of medicines consumed during the year 2013-2014 and show how it appears in 
income expenditure account. 
Particulars 1-4-2013 31-3-2014 
Stock of Medicines 3,00,000 5,00,000 
Advance to suppliers 20,000 30,000 
Creditors for Medicines 2,10,000 3,05,000 
Amount Paid for Medicines 23,00,000. 
 
 
3 
8 XYZ Ltd. was registered with an authorized capital of  ?5,00,000 divided into 50,000 equity shares of? 10 
each.  Since the economy was in robust shape, the company decided to offer to the public for subscription 
30,000 equity shares of ? 10 each at a premium of ? 20 per share.  Applications for 28,000 shares were 
received and allotment was made to all the applicants.  All calls were made and duly received except the 
final call of ? 2 per share on 200 shares.  
Show the ‘Share Capital’ in the Balance Sheet of the company as per the Companies Act 2013. Also 
prepare Notes to Accounts for the same. 
 
3 
9 Sunshine Ltd. purchased machinery costing ?10,00,000 from Moonlight Ltd. The company paid the price 
by issue of equity shares of ?10 each at a premium of 25%. Pass necessary journal entries for the above 
transactions in the books of Sunshine Ltd.  
OR 
 
What do you mean by Debenture Issued as Collateral Security? Explain with an example. 
 
3 
10 Give journal entries for the Issue of Debentures in the following conditions:- 
a) Issued 2,000, 12% debentures of ? 100 each at a discount of 2%, redeemable at a premium of 5%. 
b) Issued 2,000, 12% debentures of ? 100 each at a premium of 5%, redeemable at a premium of 10% 
 
3 
11 Capital employed in a business is ?2,00,000. The normal rate of return on capital employed is 15%. During 
the year 2018 the firm earned a profit of ?48,000. Calculate goodwill on the basis of 3 years purchase of 
super profit? 
4 
12 Nair, Seerat and Hina were partners in firm manufacturing blankets. They were sharing profits in the ratio 
5:3:2. Their capitals on 1
st
 April 2017 were ? 2,00,000; ?3,00,000 and ? 6,00,000 respectively. After the 
4 
Page 3 of 8 
 
floods in Kerala, all partners decided to help the flood victims personally.  
For this Nair withdrew ?10,000 from the firm on 1
st
 September 2017. Seerat, instead of withdrawing cash 
from the firm took blankets amounting to ? 12,000 from the firm and distributed to the flood victims. On 
the other hand, Hina withdrew ? 2,00,000 from her capital on 1
st
 January, 2018 and set-up  a centre to 
provide medical facilities in the flood affected area.  
The partnership deed provides for charging interest on drawings @ 6% p.a. After the final accounts were 
prepared, it was discovered that interest on drawings had not been charged.  
Give the necessary adjusting journal entry and show the working notes clearly. Also state any two values 
that the partners wanted to communicate to the society. 
  
13 R, S and H were partners in a firm sharing profits in the ratio 7:2:1 respectively. Their fixed capitals were 
R- ? 3,00,000; S ? 2,00,000 and H ? 1,00,000. The partnership deed provided for the following for the 
division of profit. 
i. 10% of the trading profits will be transferred to reserve account. 
ii. H was guaranteed a profit of ? 50,000. Any loss because of guarantee to H will be shared by R 
and S equally. 
The trading profit of the firm for the year ended 31
st
 March 2017 was ? 2,00,000. 
Prepare Profit and Loss Appropriation account and Current account for the partners for the year ended 31
st
 
March 2017.     
6 
14 On April 1, 2013, XY Limited issued ? 9,00,000  10% debentures at a discount of 9%. The debentures 
were to be redeemed in three equal annual instalments starting from March 31, 2015. Prepare ‘Discount on 
Issue of Debenture Account’ for the first three years starting from April 1, 2013. Also show your workings 
clearly. 
 
6 
15 From the following Receipts and Payment Accounts and information given below, prepare Income and 
Expenditure Account and Opening and Closing Balance Sheet of Adult Literacy Organisation. 
 
Adult Literacy Organisation 
Receipt and Payment Account as on December 31, 2016. 
Receipt Amount Payment Amount 
To Balance b/d  By General Expenses 3,200 
    Cash in hand 4,000 By Newspapers 1850 
    Cash at bank 15,550 By Electricity 3,000 
To Subscription  By Fixed Deposit with bank 
(on 31.06.2016) @10%p.a. 
18,000 
      2015           1,200  By Books  7,000 
      2016         26,500  By Salary 3,600 
      2017              500 28,200 By Rent 6,500 
To Sale of old newspapers 1,250 By Postage charges 300 
To Govt. grant 12,000 By Furniture (purchased)  10,500 
To Sale of old furniture (Book value 
5,000) 
3,700 By Balance c/d  
6  
Page 4 of 8 
 
To interest received on FD 450       Cash in hand 3,000 
        Cash at bank 8,200 
 65,150  65,150 
Adjustments 
(a) Subscription outstanding as at 31-12-2015, 2,000 and on 31-12-2016, 1,500 
(b) On December 31, 2016 Salary outstanding 600, and one month Rent paid in advance. 
(c) On January 1, 2015 organisation owned Furniture 12,000 and Books 5,000. 
 
OR 
From the following Receipts and Payments Account of Community Club and additional information, 
prepare an Income and Expenditure Account for the year ending 31
st
 March, 2018 and Balance Sheet as on 
that date. 
Dr.       Receipts and Payments Account for the year ended 31
st
 March, 2018        Cr.                   
Receipts  ? Payments  ? 
To Balance b/d 
Cash in Hand                   10,000 
Cash at Bank                  40,000 
 
 
50,000 
By Affiliation Fee to Pradesh 
Club 
10,000 
To Subscription 
2016-17                            5,000                             
2017-18                      1,50,000 
2018-19                          10,000 
 
 
 
1,65,000 
By Furniture (1
st
 October, 2017) 30,000 
To Life Membership Fees 1,20,000 By Sports Expenses 25,000 
To Sale of Scrap 2,000 By Sundry Expenses 1,52,000 
To Interest on Sports Fund Investment 20,000 By Balance c/d 
Cash in Hand           40,000                    
Cash at Bank        1,00,000                   
 
 
1,40,000 
 3,57,000  3,57,000 
Additional Information: 
(i)The Club has 1,600 members, each paying an annual subscription of Rs.100. Subscription of Rs.4,500 is 
still in arrears for 2017-18. 
(ii)On 1
st
 April, 2017, the Club’s assets and liabilities included Furniture Rs.20,000. Sports Fund and 10% 
Sports Fund Investment Rs.3,00,000 each. 
(iii)Provide depreciation on Furniture at 20% p.a. 
 
16 Pompus   Ltd.  issued 50,000 shares of ? 10 each at a premium of ? 2 per share, ? 3 on application, ? 
5(including premium on allotment) and balance in equal instalments over two calls. Applications received 
for 92,000 shares and the allotment was made as under; 
A) Applicants of 40,000 shares – Allotted 30,000 shares 
B) Applicants of 40,000 shares – Allotted 20,000 shares 
C) Applicants of 12,000 shares – Nil 
Suresh who had applied for 2,000 shares (category A) did not pay any money other than application 
money 
Chander who was allotted 800 shares (Category B) paid the call money due along with the allotment. All 
other allottees paid their dues as per schedule. 
8 
Page 5


Page 1 of 8 
 
     
      
 
 
General Instructions: 
 
1. All questions are compulsory. 
2. Please write question number before attempting a question. 
3. Attempt all parts of a question at one place. 
4. Use of calculators or any other calculating device not allowed. 
5. Show clearly working notes wherever necessary. 
PART A: ACCOUNTING FOR PARTNERSHIP FIRMS,NOT-FOR PROFIT ORGANISATIONS AND 
COMPANIES 
 
1 How is dissolution of partnership different from dissolution of partnership firm? 
 
1 
2 Mohan and Shyam are equal partners in a firm. State with reason whether the claim is valid if the 
partnership agreement is silent and Mohan is an active partner. He wants a salary of ?10,000 per year. 
 
OR 
 
One of the partners in a partnership firm has withdrawn ?9,000 at the end of each quarter, throughout the 
year. Calculate the interest on drawings at the rate of 6% per annum. 
1 
3 A and B are partners sharing profits and losses in the ratio of 3:2. Their capital accounts showed balances 
of ?1,50,000 and ?2,00,000 respectively on April  01, 2017. Show the treatment of interest on capital 
for the year ending March 31, 2018, if partnership deed provides for interest on capital @8% p.a. and the 
firm incurred a loss of ?10,000 during the year. 
OR 
 
State two situations in which interest on partners’ capital is provided. 
 
1 
4 What do you understand by the terms legacy and honorarium? 1 
 
 
FINALTERM EXAMINATION 
 
 
 
 ACCOUNTANCY  
CLASS: XII Time Allotted: 3 Hrs 
Max. Marks:80 
Page 2 of 8 
 
5 How much Debenture Redemption Reserve is required in case of fully convertible debentures as per the 
provision of section 71 (4) of the Companies Act, 2013 read with Rule 18(7) of the Companies (Share 
Capital and Debentures) Rules 2014. 
1 
6 Define Debentures. 
 
OR 
What is the nature of interest on debenture? 
 
1 
7 Calculate the amount of medicines consumed during the year 2013-2014 and show how it appears in 
income expenditure account. 
Particulars 1-4-2013 31-3-2014 
Stock of Medicines 3,00,000 5,00,000 
Advance to suppliers 20,000 30,000 
Creditors for Medicines 2,10,000 3,05,000 
Amount Paid for Medicines 23,00,000. 
 
 
3 
8 XYZ Ltd. was registered with an authorized capital of  ?5,00,000 divided into 50,000 equity shares of? 10 
each.  Since the economy was in robust shape, the company decided to offer to the public for subscription 
30,000 equity shares of ? 10 each at a premium of ? 20 per share.  Applications for 28,000 shares were 
received and allotment was made to all the applicants.  All calls were made and duly received except the 
final call of ? 2 per share on 200 shares.  
Show the ‘Share Capital’ in the Balance Sheet of the company as per the Companies Act 2013. Also 
prepare Notes to Accounts for the same. 
 
3 
9 Sunshine Ltd. purchased machinery costing ?10,00,000 from Moonlight Ltd. The company paid the price 
by issue of equity shares of ?10 each at a premium of 25%. Pass necessary journal entries for the above 
transactions in the books of Sunshine Ltd.  
OR 
 
What do you mean by Debenture Issued as Collateral Security? Explain with an example. 
 
3 
10 Give journal entries for the Issue of Debentures in the following conditions:- 
a) Issued 2,000, 12% debentures of ? 100 each at a discount of 2%, redeemable at a premium of 5%. 
b) Issued 2,000, 12% debentures of ? 100 each at a premium of 5%, redeemable at a premium of 10% 
 
3 
11 Capital employed in a business is ?2,00,000. The normal rate of return on capital employed is 15%. During 
the year 2018 the firm earned a profit of ?48,000. Calculate goodwill on the basis of 3 years purchase of 
super profit? 
4 
12 Nair, Seerat and Hina were partners in firm manufacturing blankets. They were sharing profits in the ratio 
5:3:2. Their capitals on 1
st
 April 2017 were ? 2,00,000; ?3,00,000 and ? 6,00,000 respectively. After the 
4 
Page 3 of 8 
 
floods in Kerala, all partners decided to help the flood victims personally.  
For this Nair withdrew ?10,000 from the firm on 1
st
 September 2017. Seerat, instead of withdrawing cash 
from the firm took blankets amounting to ? 12,000 from the firm and distributed to the flood victims. On 
the other hand, Hina withdrew ? 2,00,000 from her capital on 1
st
 January, 2018 and set-up  a centre to 
provide medical facilities in the flood affected area.  
The partnership deed provides for charging interest on drawings @ 6% p.a. After the final accounts were 
prepared, it was discovered that interest on drawings had not been charged.  
Give the necessary adjusting journal entry and show the working notes clearly. Also state any two values 
that the partners wanted to communicate to the society. 
  
13 R, S and H were partners in a firm sharing profits in the ratio 7:2:1 respectively. Their fixed capitals were 
R- ? 3,00,000; S ? 2,00,000 and H ? 1,00,000. The partnership deed provided for the following for the 
division of profit. 
i. 10% of the trading profits will be transferred to reserve account. 
ii. H was guaranteed a profit of ? 50,000. Any loss because of guarantee to H will be shared by R 
and S equally. 
The trading profit of the firm for the year ended 31
st
 March 2017 was ? 2,00,000. 
Prepare Profit and Loss Appropriation account and Current account for the partners for the year ended 31
st
 
March 2017.     
6 
14 On April 1, 2013, XY Limited issued ? 9,00,000  10% debentures at a discount of 9%. The debentures 
were to be redeemed in three equal annual instalments starting from March 31, 2015. Prepare ‘Discount on 
Issue of Debenture Account’ for the first three years starting from April 1, 2013. Also show your workings 
clearly. 
 
6 
15 From the following Receipts and Payment Accounts and information given below, prepare Income and 
Expenditure Account and Opening and Closing Balance Sheet of Adult Literacy Organisation. 
 
Adult Literacy Organisation 
Receipt and Payment Account as on December 31, 2016. 
Receipt Amount Payment Amount 
To Balance b/d  By General Expenses 3,200 
    Cash in hand 4,000 By Newspapers 1850 
    Cash at bank 15,550 By Electricity 3,000 
To Subscription  By Fixed Deposit with bank 
(on 31.06.2016) @10%p.a. 
18,000 
      2015           1,200  By Books  7,000 
      2016         26,500  By Salary 3,600 
      2017              500 28,200 By Rent 6,500 
To Sale of old newspapers 1,250 By Postage charges 300 
To Govt. grant 12,000 By Furniture (purchased)  10,500 
To Sale of old furniture (Book value 
5,000) 
3,700 By Balance c/d  
6  
Page 4 of 8 
 
To interest received on FD 450       Cash in hand 3,000 
        Cash at bank 8,200 
 65,150  65,150 
Adjustments 
(a) Subscription outstanding as at 31-12-2015, 2,000 and on 31-12-2016, 1,500 
(b) On December 31, 2016 Salary outstanding 600, and one month Rent paid in advance. 
(c) On January 1, 2015 organisation owned Furniture 12,000 and Books 5,000. 
 
OR 
From the following Receipts and Payments Account of Community Club and additional information, 
prepare an Income and Expenditure Account for the year ending 31
st
 March, 2018 and Balance Sheet as on 
that date. 
Dr.       Receipts and Payments Account for the year ended 31
st
 March, 2018        Cr.                   
Receipts  ? Payments  ? 
To Balance b/d 
Cash in Hand                   10,000 
Cash at Bank                  40,000 
 
 
50,000 
By Affiliation Fee to Pradesh 
Club 
10,000 
To Subscription 
2016-17                            5,000                             
2017-18                      1,50,000 
2018-19                          10,000 
 
 
 
1,65,000 
By Furniture (1
st
 October, 2017) 30,000 
To Life Membership Fees 1,20,000 By Sports Expenses 25,000 
To Sale of Scrap 2,000 By Sundry Expenses 1,52,000 
To Interest on Sports Fund Investment 20,000 By Balance c/d 
Cash in Hand           40,000                    
Cash at Bank        1,00,000                   
 
 
1,40,000 
 3,57,000  3,57,000 
Additional Information: 
(i)The Club has 1,600 members, each paying an annual subscription of Rs.100. Subscription of Rs.4,500 is 
still in arrears for 2017-18. 
(ii)On 1
st
 April, 2017, the Club’s assets and liabilities included Furniture Rs.20,000. Sports Fund and 10% 
Sports Fund Investment Rs.3,00,000 each. 
(iii)Provide depreciation on Furniture at 20% p.a. 
 
16 Pompus   Ltd.  issued 50,000 shares of ? 10 each at a premium of ? 2 per share, ? 3 on application, ? 
5(including premium on allotment) and balance in equal instalments over two calls. Applications received 
for 92,000 shares and the allotment was made as under; 
A) Applicants of 40,000 shares – Allotted 30,000 shares 
B) Applicants of 40,000 shares – Allotted 20,000 shares 
C) Applicants of 12,000 shares – Nil 
Suresh who had applied for 2,000 shares (category A) did not pay any money other than application 
money 
Chander who was allotted 800 shares (Category B) paid the call money due along with the allotment. All 
other allottees paid their dues as per schedule. 
8 
Page 5 of 8 
 
Pass Journal entries in the books of the Company.                                               
 
OR 
Melody Ltd. Invited applications for issuing 30,000 equity shares of ? 100 each at a premium of ? 20 each. 
The amount was payable as follows: 
On application and allotment ? 40 (Including premium ? 10) per share 
On First call ? 50 (Including premium ? 10) per share. 
On Second and Final call – Balance 
Applications for 75,000 shares were received. Applications for 15,000 shares were rejected and the money 
received from them was refunded. Shares were allotted on a pro-rata basis to the remaining applicants. All 
calls were made. 
A who had applied for 2,000 shares failed to pay the first call and second and final call. 
B who was allotted 1,000 shares failed to pay the second and final call.  
The shares of both A and B were forfeited. The forfeited shares were reissued at ? 160 as fully paid.  
Pass Journal entries in the books of the company.  
 
17 E, F and G were partners in a firm sharing profits in the ratio of 2: 2: 1. On March 31, 2017, their firm was 
dissolved. On the date of dissolution, the Balance Sheet of the firm was as follows: 
Balance Sheet  
as at March 31, 2017 
Liabilities ? Assets  ? 
Capitals:   
E   1,30,000                              
F   1,00,000                                
Creditors  
Outstanding Expenses    
 
 
 2,30,000  
45,000  
17,000 
G’s Capital  
Profit & Loss Account  
Land & Building  
Furniture  
Machinery  
Debtors  
Bank 
500  
10,000  
1,00,000  
50,000  
90,000  
36,500  
5,000 
 2,92,000   2,92,000 
F was appointed to undertake the process of dissolution for which he was allowed a remuneration of ? 
5,000. F agreed to bear the dissolution expenses. Assets realized as follows:  
(i) The Land & Building was sold for ? 1,08,900.  
(ii) Furniture was sold at 25% of book value.  
(iii) Machinery was sold as scrap for ? 9,000.   
(iv) All the Debtors were realized at full value.  
Creditors were payable on an average of 3 months from the date of dissolution. On discharging the 
Creditors on the date of dissolution, they allowed a discount of 5%.  
Pass necessary Journal entries for dissolution in the books of the firm. 
 
OR 
8 
 Prashant and Rajesh were partners in a firm sharing profits in the ratio of 3:2. In spite of repeated 
reminders by the authorities, they kept dumping hazardous material into a nearby river. The court ordered 
for the dissolution of their partnership firm on 31
st
March 2018. Prashant was deputed to realise the assets 
and to pay the liabilities. He was paid ? 1,000 as commission for his services. The financial position of the 
 
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FAQs on Class 12 Accountancy Previous Year Paper - 1 | Accountancy Class 12 - Commerce PDF Download

1. What are the important topics to focus on while preparing for the Class 12 Accountancy exam?
Ans. While preparing for the Class 12 Accountancy exam, it is important to focus on topics such as Financial Statements, Partnership Accounts, Cash Flow Statements, Accounting for Not-for-Profit Organizations, and Analysis of Financial Statements. These topics carry significant weightage in the exam and require thorough understanding and practice.
2. How can I improve my problem-solving skills in Accountancy for the Class 12 exam?
Ans. To improve problem-solving skills in Accountancy for the Class 12 exam, it is advisable to practice solving a variety of numerical problems from the textbook and previous year papers. Additionally, joining study groups or taking guidance from a tutor can provide valuable insights and strategies for tackling different types of accountancy problems effectively.
3. What are the best resources for studying Accountancy for the Class 12 exam?
Ans. Some of the best resources for studying Accountancy for the Class 12 exam include the NCERT textbook, reference books by renowned authors like T.S. Grewal, and online platforms that offer comprehensive study materials, video lectures, and practice questions. It is important to choose resources that align with the syllabus and provide clear explanations of concepts.
4. How should I manage my time effectively while preparing for the Class 12 Accountancy exam?
Ans. Managing time effectively while preparing for the Class 12 Accountancy exam involves creating a study schedule and sticking to it. Allocate specific time slots for each topic or chapter, giving more time to complex or challenging areas. Break down your study sessions into smaller, focused segments, and take short breaks in between to stay refreshed and maintain concentration.
5. Are there any important tips to remember while attempting the Accountancy exam?
Ans. Yes, here are some important tips to remember while attempting the Accountancy exam: - Read the questions carefully and understand what is being asked before attempting the answers. - Organize your answers neatly and present them in a structured manner, using subheadings where required. - Support your answers with relevant examples, calculations, and explanations to demonstrate a clear understanding of the concepts. - Manage your time wisely and allocate sufficient time to each question based on its marks weightage. - Double-check your answers for any errors or omissions before submitting the paper.
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