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CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce PDF Download

12 Accounts
  Sample Paper 01

Time allowed :3 hours, Max Marks 80
 General Instructions:

a) This question paper contains two parts A and B.
 b) Part A is compulsory for all.
 c) Question 1 to 6 in Section A carrying 1 marks.
 d) Question 7 to 10 in Section A carrying 3 marks.
 e) Question 11 and 12 in Section A carrying 4 marks.
 f) Question 13 to 15 in Section A carrying 6 marks.
 g) Question 16 and 17 in Section A carrying 8 marks.
 h) Part B has two options-Financial statements Analysis and Computerized Accounting.
 i) Question 18 and 19 in Section B carrying 1 mark.
 j) Question 20 to 22 in Section B carrying 4 marks.
 k) Question 23 in Section B carrying 6 marks.
 l) Attempt only one option of Part B.
 i) All parts of a question should be attempted at one place.

PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES
 Q1. A, B and C are the partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital balance after adjustments regarding Reserves, Accumulated profits/ losses and gain/loss on revaluation was Rs.2,50,000. C was paid Rs. 3,00,000 in full settlement. Afterwards D was admitted for 1/4th share . Calculate the amount of goodwill premium brought by D.
 Ans
. Goodwill share of C= Rs. 3,00,000- Rs. 2,50,000= Rs. 50,000
Firm’s Goodwill= 50,000 10/2 = Rs.2,50,000
D’s share in Goodwill= Rs. 2,50,000 1/4 = 62,500


Q2. A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of A and B were Rs. 3,85,000 and Rs. 4,15,000 respectively. C brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by C.
 Ans. 
Combined capital of A and B = Rs. 3,85,000+Rs.4,15,000=Rs. 8,00,000
C’s Share =1/5 th of total capital
Remaining share=1-1/5=4/5
4/5= Rs. 8,00,000
C’s capital= Rs. 8,00,000 5/4 1/5= Rs.2,00,000

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

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

Q5. A Ltd forfeited a share of Rs.100 issued at a premium of 20% for non-p share and final call of Rs.10 per share. State the minimum price at which this share can be reissued.
Ans. Minimum price at which shares can be reissued = Rs.100 – Rs.60 = Rs.40

Q6. A group of 60 persons want to form a partnership business in India. Can they do so? Give reason in support of your answer.
 Ans. 
No, Maximum no. of partners as per The Companies Misc. Rule, 2014 is 50 persons.

Q7. Explain with an imaginary example how issue of debenture as collateral security is shown in the balance sheet of a company when it is recorded in the books of accounts.
 Ans. 
Alfa Ltd. obtained Loan of Rs.1, 00,000 from Indian Bank and issued 1200, 10% Debentures of Rs.100 each as Collateral security. (or any other example)
Treatment: An extract of Balance sheet of Alfa Ltd.
as at ----------------

Particulars

Note No.

Rs.

EUITY AND LIABILITIES

Non- current liabilities

Long Term Borrowings

1

1,00,000

Notes to Accounts:
 Note No Particulars Rs.

Note

No

Particulars

Rs.

1

Long Term Borrowings

Loan from Indian Bank

1200, 10% Debentures of Rs.100 each issued as Collateral Security

1,20,000

Less: debenture Suspense (1,20,000)

1,00,000

 

 

1,00,000


Q8. Rekha, Sunita and Teena are partners in a firm sharing profits in the ratio of 3:2:1.Samiksha joins the firm. Rekha surrenders of her share; Sunita surrenders of
 her share and Teena of her share in favour of Samiksha. Find the new Profit sharing ratio.

CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce

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

Ans. Calculation of Purchase Consideration:
Nominal Value of Shares issued = 10000 X 100 = 10,00,000
Securities Premium Reserve = 1,00,000
Bank draft = 11,00,000
Purchase consideration = 22,00,000
KING LTD. JOURNAL

Date

Particulars

L.F

Debit

Rs.

Credit

Rs.

i.

Sundry Assets A/c--------- Dr

Goodwill A/c (b/f)------- Dr

To Sundry Liabilities A/c

To Queen Ltd.

(Being the purchase of assets and liabilities of Queen Ltd.)

 

  1. 000
  2. 000

6,00,000

22,00,000

ii.

Queen Ltd. — Dr

To Equity Share capital A/c

To Securities Premium Reserve A/c

To Bank A/c

(Being 10,000 Equity Shares issued of Rs.100 each issued at a

premium of 10% and Rs. 11,00,000 paid by Bank draft)

 

22,00,000

10,00,000

1,00,000

11,00,000


Q10. ABC Ltd was a cloth manufacturing company located in Delhi. Being a socially aware organization they wanted to set up a manufacturing plant in a backward area of
 Kashmir to provide employment to the local people. On July 17, 2014 a flood had hit the entire state of Jammu & Kashmir causing massive destruction and loss. The company
 wanted to help the people, so they decided to raise the funds through issuing 50,000 Equity shares of Rs.50 each to set up the plant in the rural area of Kashmir.
 Ans.
Pass necessary Journal entries for the issue of shares and identify any two values that
the company wanted to communicate to the society.
ABC LTD. JOURNAL

Date

Particulars

L.F

Debit Rs.

Credit

Rs.

(i)

Bank A/c------- Dr.

To Equity Share Application & Allotment A/c

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

shares @ Rs.50 per share.)

 

25,00,000

25,00,000

(ii)

Equity Share Application & Allotment A/c — Dr.

To Equity Share Capital A/c

(Being the amount transferred to Share Capital A/c)

 

25,00,000

25,00,000

Values which the Company wants to communicate to the Society:
(i) Discharge of Social Responsibility.
(ii) Generation of employment opportunities.
(iii) Helping the needy people
(iv) Sympathy for poor.

Q11. A, B, C and D were partners sharing profits in the ratio of 1:2:3:4. D retired and his share was acquired by A and B equally. Goodwill was valued at 3 year’s purchase of
 average profits of last 4 years, which were Rs.40,000. General Reserve showed a balance of Rs.1,30,000 and D’s Capital in the Balance Sheet was Rs. 3,00,000 at the time of D’s retirement. You are required to record necessary Journal entries in the books of the firm and prepare D’s capital account on his retirement.

Ans. JOURNAL

S.No.

PARTICULARS

L.F

DEBIT Rs.

CREDIT Rs.

(i)

A’s Capital A/c              Dr.

B’s Capital A/c Dr.

To D’s Capital A/c

(Treatment of goodwill on retirement of D)

 

24,000

24,000

48,000

 

General Reserve               Dr.

To A’s Capital A/c

To B’s Capital A/c

 

 

13.000

26.000

 

(ii)

To C’s Capital A/c

 

1,30,000

39,000

 

To D’s Capital A/c

 

 

52,000

 

(General Reserve distributed)

 

 

 

 

D’s  Capital  Account

PARTICULARS

AMOUNT(Dr.) Rs.

PARTICULARS

AMOUNT(Cr.) Rs.

To D’s Loan A/C

4,00,000

By Balance b/d

By A’s Capital A/c

3,00,000

24,000

By B’s Capital A/c

24,000

 

 

By General Reserve

52,000

 

4,00,000

 

4,00,000


Q12. Kavita, Meenakshi and Gauri are partners doing a paper business in Ludhiana. After the accounts of partnership have been drawn up and closed, it was discovered that for the years ending 31st March 2013 and 2014, Interest on capital has been allowed to partners @6% p. a. although there is no provision for interest on capital in the
 partnership deed. Their fixed capitals were Rs. 2,00,000; Rs.1,60,000 and Rs.1,20,000 respectively. During the last two years they had shared the profits as under:

Year

Ratio

31 March 2013

3:2:1

31 March 2014

5:3:2

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

 

Kavita Rs.

Meenakshi Rs.

Gauri Rs.

Total Rs.

Interest on Capital (2012-13) Dr.

12,000

9,600

7,200

28,800

Interest on Capital (2013-14) Dr.

12,000

9,600

7,200

28,800

 

 

 

 

 

Total Dr.

24,000

19,200

14,400

57,600

Profit to be credited (2012-13) Cr.

14,400

9,600

4,800

28,800

14,400

8,640

5,760

28,800

Total Cr.

28,800

18.240

10,560

57,600

Adjustment

4,800 Cr.

960 Dr.

3,840 Dr.

 

JOURNAL ENTRY:

DATE

PARTICULARS

L.F.

DEBIT

Rs.

CREDIT Rs.

2014

Apr 1

Meenakshi’s Current A/c Dr.

Gauri’s Current A/c Dr.

To Kavita’s Current A/c

(Adjustment for interest on capital for the Year 2012­2013 and 2013-14)

 

960

3,840

4,800


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

Liabilities

Rs.

Assets

Rs.

 

Capitals:

 

Buildings

 

 

 

40,000

 

Punit 60,000

 

 

Machinery

60,000

 

Rahul 50,000

 

1,40,000

Patents

12,000

 

Seema 30,000

 

20,000

Stock

20,000

 

Reserves

Cash

 

14,000

42,000

 

Creditors

 

 

 

1,74,000

 

1,74,000

 

They were sharing Profit and loss in the ratio 5:3:2. Seema died on October 1, 2015. It was agreed between her executors and the remaining
 partners that:
 i. Goodwill be valued at 2 years’ purchase of the average profits of the previous five years, which were: 2010-11: Rs.30,000; 2011-12: Rs.26,000; 2012-13: Rs.24,000; 2013-14:
 Rs.30,000 and 2014-15: Rs.40,000.
 ii. Patents be valued at Rs.16,000; Machinery at Rs.56,000; Buildings at Rs.60,000.
 iii. Profit for the year 2015-16 be taken as having been accrued at the same rate as that
 in the previous year.
 iv. Interest on capital be provided at 10% p. a.
 v. A sum of Rs.15,500 was paid to her executors immediately.
 Ans. 
Revaluation Account

Particulars

L.F.

Amount(Dr.) Rs.

Particulars

L.F.

Amount(Cr.) Rs.

To Machinery

 

 

By Patents

 

4,000

To Profit Distributed

 

4,000

By Buildings

 

20,000

Punit

10,000

 

 

 

 

 

Rahul

6,000

20,000

 

 

 

Seema

4,000

 

24,000

 

 

24,000

Seema’s Capital Account 

 

Date

Particulars

L.F.

Amount(Dr.)

Date

Pariculars

L.F.

Amount(Cr.)

2015

 

 

 

2015

 

 

 

Oct1

To Seema’s Executor’s

A/c

55,500

Apr

1

By Balance b/d

30,000

 

 

Oct1

By Reserves

4,000

Oct 1

By Punit’s

Capital

7,500

Oct 1

By Rahul’s

Capital

4,500

Oct 1

By Revaluation

A/c

4,000

Oct 1

By P & L

Suspense

4,000

 

 

 

 

 

 

O

n

r-h

h-i

By Int. on Capital

 

1,500

 

 

 

55,500

 

 

 

55,500

        

 

Seema’s Executor’s  Account

Date

Particulars

L.F.

Amount

Date

Pariculars

L.F.

Amount

 

2015

 

 

 

2015

By Seema’s Capital

 

 

 

Oct

To Bank A/c

 

15,500

Oct

 

55,500

 

A/c

 

1

 

 

 

1

 

 

 

 

Oct

To Seema’s Executor’s Loan

 

40,000

 

 

 

 

 

1

A/c

 

 

 

 

 

 

 

 

 

55,500

 

 

 

55,500

 

Working Note:
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce

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

Date

Particulars

L.F.

Debit

Credit

2011

April

1

Bank A/c---------------------------------------- Dr.

To Debenture Application & Allotment A/c

(Being the Application and allotment money received on

issue of Debentures)

 

42,00,000

42,00,000

 

Debenture Application & Allotment A/c ---Dr.

 

 

 

 

Loss on Issue of Debenture A/c--------- Dr.

 

 

 

April

To 7% debenture A/c

 

42,00,000

42,00,000

1

To Premium on Redemption of Debenture A/c (Being allotment of Debentures redeemable at 8%

premium)

 

3,36,000

3,36,000

 

REDEMPTION OF DEBENTURES:

Date

Particulars

L.F.

Debit

Credit

2014

March

31

Surplus i.e. balance in Statement of Profit & LossDr.

To Debenture redemption Reserve A/c (Being the profits transferred to Debenture

Redemption Reserve)

 

10,50,000

10,50,000

2014

April

1

Debenture Redemption Investment A/c---------- Dr.

To Bank A/c

(Being the Investment made as fixed deposit as per

Companies Act, 2013 earning Interest @10%)

 

6,30,000

6,30,000

2015

March

31

Bank A/c------ Dr.

TDS collected A/c-------- Dr.

To Debenture Redemption Investment A/c

To Interest Earned A/c

(Being the fixed deposit encashed on Redemption and interest received @10%p.a.)

 

6,86,700

6,300

6.30.000

63.000

2015

March

31

7% Debenture A/c------------------------------------ Dr

Premium on Redemption of Debenture A/c—Dr

To Debentureholder’s A/c

(Being amount due to Debenture holders)

 

42,00,000

3,36,000

45,36,000

March

31

Debentureholder’s A/c----------------------------- Dr.

To Bank A/c

(Being the amount due paid on redemption)

 

45,36,000

45,36,000

March

31

Debenture Redemption Reserve A/c-------------- Dr.

To General Reserve A/c

(Being Debenture Redemption Reserve transferred to

 

10,50,000

10,50,000

 General Reserve   

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

Liabilities

Rs.

Assets

Rs.

Creditors

36,000

Bank

40,000

Garima’s Husband’s Loan

60,000

Debtors

76,000

Hema’s Loan

40,000

Stock

2,00,000

Capitals:

 

Furniture

20,000

Hema

Garima

2,00,000

1,00,000

3,00,000

Leasehold Premises

1,00,000

 

4,36,000

 

4,36,0000

     

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

 

Date

Particulars

Debit

Credit

 

 

Realisation A/c Dr.

 

 

 

 

To Debtors A/c

 

76,000

 

 

To Stock A/c

 

2,00,000

 

1.

To Furniture A/c

3,96,000

20,000

 

To Leasehold Premises A/c

(Being Assets transferred to Realisation A/c)

 

1,00,000

2.

Creditors A/c Dr.

Garima’s Husband A/c Dr.

To Realisation A/c

(Being third party liabilities transferred to Realisation A/c)

36.000

96.000

96,000

3

Bank A/c Dr.

To Realisation A/c

(Being Assets realised)

4,08,000

4,08,000

4

Bank A/c Dr.

To Realisation A/c

(Being Assets realised)

17,100

17,100

5.

Realisation A/c Dr.

To Garima’s Capital A/c

(Being realization expenses and Garima’s husband loan paid off by Garima)

70,000

70,000

6.

Realisation A/c Dr.

To Hema’s Capital A/c

To Garima’s Capital A/c

(Being profit on realization distributed among partners)

20,900

12,540

8,360

7.

Hema’s Loan A/c Dr.

To Bank A/c

(Being Hema’s laon paid)

40,000

40,000

8.

Hema’s Capital A/c Dr.

Garima’s Capital A/c Dr.

To Bank A/c

(Being amount paid to partners at final settlement of accounts)

2,12,540

1,78,360

3,90,900

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

Liabilities

Rs.

Assets

Rs.

Creditors

20,000

Cash

20,000

General

Reserve

16,000

Debtors

18,000

Capitals:

 

Stock

20,000

P

Q

96.000

68.000

1,64,000

Furniture

Machinery

Buildings

12,000

40.000

90.000

 

2,00,000

 

2,00,000

     

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

Liabilities

Amount

Assets

Amount

Creditors

 

Bank

44,000

Capitals :

70,000

Debtors

24,000

Khushboo 90,000

Stock

60,000

Leela 56,000

 

Buildings

1,40,000

Meena 60,000

2,06,000

Profit & Loss A/c

8,000

 

2,76,000

 

2,76,000

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

Particulars

LF

Rs. (Dr.)

Particulars

LF

Rs (Cr.)

To Machinery

 

4,000

By Buildings

 

 

To Profit Distributed:

P 3,600

Q 2,400

 

6,000

 

 

10,000

 

 

10,000

 

 

10,000

CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
OR
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce

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

CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
Ans. In the books of Surya Ltd.:
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 CommerceCBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 CommerceCBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 CommerceCBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce

ANALYSIS OF FINANCIAL STATEMENTS PART - B

Q18. The Goodwill of X ltd. increased from Rs.2, 00,000 in 2013-14 to Rs.3, 50,000 in 2014-15. What will be its treatment while preparing Cash Flow Statement for the year ended
 31st March 2015?
 Ans.
It will be taken as purchase of Goodwill of Rs. 1,50,000 and will be shown under Cash from Investing Activities as an outflow of cash.

Q19. Kartik Mutuals, a mutual fund company, provides you the following information:
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
Additional Information:
 Equity Share Capital raised during the year Rs.3,00,000
 10% bank loan repaid was Rs.1,00,000
 Dividend received during the year was Rs.20,000
 Find out the cash flow from financing activities.

Ans. 
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce

Q20. Mudra Ltd. is in the process of preparing its Balance Sheet as per Schedule III, Part I of the Companies Act, 2013 and provides its true and fair view of the financial position.
 a) Under which head and sub-head will the company show 'Stores and Spares' in its Balance Sheet?
 b) What is the accounting treatment of 'Stores and Spares' when the Company will calculate its Inventory Turnover Ratio?
 c) The management of Mudra Ltd. want to analyse its Financial Statements. State any two objectives of such analysis.
 d) Identify the value being followed by Mudra Ltd.

Ans. 
a) Head: Current Assets Sub head ; Inventories
b) While calculating Inventory Turnover Ratio it is not included in Inventories
c) Objectives - Assessing the ability of the enterprise to meet its short term and long term commitments, Assessing the earning capacity of the enterprise
d) Values: Transparency, Honesty, Abiding by law

Q21. a) X Ltd. has a current ratio of 3.5:1 and quick ratio of 2:1. If excess of current assets over quick assets represented by Inventory is Rs.24,000, calculate current assets and current liabilities.
 b) From the following information, calculate Inventory Turnover Ratio. Revenue from Operations: Rs.4,00,000, Average Inventory : Rs.55,000, The rate of Gross Loss on Revenue from Operations was 10%.
 Ans. 

a) Current Ratio = 3.5:1
quick Ratio = 2:1
Let Current Liabilities = x
Current Assets = 3.5x And
quick Assets = 2x
Inventory = Current Assets - quick Assets
24,000 = 3.5x – 2x
24,000 = 1.5x =Rs.16,000
Current Assets = 3.5x = 3.5 X Rs.16,000 = Rs. 56,000.
Verification : Current Ratio = Current Assets : Current Liabilities
= Rs. 56,000 : Rs.16,000
= 3.5 : 1
quick Ratio = quick Assets : Current Liabilities
= Rs. 32,000 : Rs.16,000 = 2:1

b) Revenue from Operations = Rs.4,00,000
Gross Loss = 10% of Rs. 4,00,000 = Rs.40,000
Cost of Revenue from Operations = Revenue from Operations + Gross Loss
= Rs. 4,00,000 + Rs. 40,000 = Rs.4,40,000
Inventory Turnover Ratio = Cost of Goods Sold/ Average Inventory
= Rs. 4, 40,000 / Rs55,000 = 8 times.

Q22. From the following Statement of profit and loss of the Sakhi Ltd for the years ended 31st March 2015, prepare Comparative Statement of Profit & Loss.
 Ans:

CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
 

Q23. Following is the Balance Sheets of Akash Ltd. as at 31-3-2014:
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
Additional Information:
(i) Tax paid during the year amounted to Rs.16, 000.
(ii) Machine with a net book value of Rs.10,000 (Accumulated Depreciation Rs.40,000) was
sold for Rs.2,000.
Prepare Cash Flow Statement.
 Ans. 
Cash Flow Statement
For the year ended 31st March,2014
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
WORKING NOTES:
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
CBSE Accounts Sample Paper - 1 (2018-19) | Sample Papers for Class 12 Commerce
OR
Part B: Computerized Accounting

Q18. While navigating in the workbook, which of the following commands is used to
 move to the beginning of the Current row:

a. [ ctrl] + [home]
b. [page Up]
c. [Home]
d. [ctrl] + [Back space]
Ans. (c)

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

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

Q21. The generation of ledger accounts is not a necessary condition for making trial balance in a computerised accounting system. Explain.
 Ans. 
In computerised accounting system, every day business transactions are recorded with the he lp of computer software. Logical scheme is implied for codification of account and transaction. Every account and transaction is 34,000 assigned a unique code. The grouping of accounts is done from the first stage. [Briefly explaining what is account groups and hierarchy of ledger].The hierarchy of ledger accounts is maintained and the data is transferred into Ledger accounts automatically by the computer. In order to produce ledger accounts the stored transaction data is processed to appear as classified so that same is presented in the form of report. The preparation of financial statements is independent of producing the trial balance.

Q22. Intentional manipulation of accounting records is much easier in computerised
 accounting than in manual accounting. How?
 Ans. 
Intentional manipulation of accounting records is much easier in computerised accounting due to following:
i. Defective logical sequence at the programming stage
ii. Prone to hacking

Q23. Computerisation of accounting data on one hand stores voluminous data in a systematic and organised manner where as on the other hand suffers from threats of  vulnerability and manipulations. Discuss the security measures you would like to employ for securing the data from such threats.
 Ans. 

Every accounting software ensures data security, safety and confidentiality. Therefore every, software should provide for the following:
Password Security: Password is a mechanism, which enables a user to access a system including data.The system facilitates defining the user rights according to
organisation policy. Consequently, a person in an organisation may be given access to a particular set of a data while he may be denied access to another set of data.
Data Audit: This feature enables one to know as to who and what changes have been made in the original data thereby helping and fixing the responsibility of the person who has manipulated the data and also ensures data integrity. Basically, this featureis similar to Audit Trail. Data Vault: Software provides additional security through data encryption.

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FAQs on CBSE Accounts Sample Paper - 1 (2018-19) - Sample Papers for Class 12 Commerce

1. What are the main topics covered in the CBSE Accounts Sample Paper - 1 for Class 12 (2018-19)?
Ans. The main topics covered in the CBSE Accounts Sample Paper - 1 for Class 12 (2018-19) include financial accounting, partnership accounts, company accounts, and analysis of financial statements.
2. How can I access the CBSE Accounts Sample Paper - 1 for Class 12 (2018-19)?
Ans. You can access the CBSE Accounts Sample Paper - 1 for Class 12 (2018-19) by visiting the official website of the Central Board of Secondary Education (CBSE). Look for the "Sample Papers" section and select the appropriate paper for the mentioned year and class.
3. Are the questions in the CBSE Accounts Sample Paper - 1 (2018-19) of Class 12 similar to the actual board exam questions?
Ans. The questions in the CBSE Accounts Sample Paper - 1 (2018-19) for Class 12 are designed to give students an idea of the type of questions that may appear in the board exams. While they may not be exactly the same, they are meant to provide practice and help students understand the pattern and difficulty level of the actual exam questions.
4. What is the duration of the CBSE Accounts Class 12 board exam?
Ans. The duration of the CBSE Accounts Class 12 board exam is three hours. Students are required to complete the paper within this time frame and submit their answer sheets accordingly.
5. Can I use a calculator during the CBSE Accounts Class 12 board exam?
Ans. Yes, students are allowed to use a calculator during the CBSE Accounts Class 12 board exam. However, it is important to note that only a non-programmable and non-scientific calculator is permitted. Students should ensure that their calculator complies with the guidelines provided by the board.
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