CBSE Class 12 Accounts Sample Paper | Additional Study Material for Commerce PDF Download

CBSE Class 12 2017-18
Accountancy Sample Paper-02

General Instruction: -
1. All question are complusory.
2. Marks are Given alongwith their questions.

PART A (Partnership and Company accounts)

Q1 what are the number of months taken for calculation of interest on drawings if drawings are charged at the end of each quarter? (1)
Ans: 1 4.5

Q2 A B and C are partners with no partnership deed. A advances 10,000 as loan to the firm and demands interest @12% p.a. Is A correct give reasons? (1)
Ans: A is incorrect as in the absence of partnership deed interest on loan payable is 6% p a

Q3 what is the maximum discount that can be offered in case of reissue of shares. (1)
Ans: The amount in share forfeited account is the maximum discount that can be offered atthe time of reissue of shares.

Q4 Pass journal entry for reissue of shares- 1000 shares were reissued at 70, 80 paid up. (1)
Ans: 

Q5 calculate interest on debentures- rs 5,00,000 7% debentures issued on 1st april 2013. (1)
Ans: 5 interest  on  debentures  =  500000*7/100  =  35000

Q6 A B C are partners sharing profits and losses in the ratio of 3:2:1. B retires from the firm. Calculate gaining ratio and new ratio. (1)
Ans: old  ratio  =  3:2:1
B retires so new ratio= 3:1 and gaining ratio =3:1

Q7 This question contains two parts – (3)
a) Gauri limited converted 450 10% debentures of 100 Each at a premium of 10% by converting them in to equity shares of 100 each issued at a premium of 25%. Pass journal entry.
Ans: a)

 No of shares = 49500/100+25 =396

b) S Ltd took a loan from PNB of 1,00,000 by issuing 10,000 debentures of 12 each as collateral security. Pass journal entry and show it in the balance sheet.
Ans:
 journal entry

Balance sheet extract

Notes to account

Q8 M ltd issued 2000 shares of 10 each at a premium of 5 payable – 3 on application 5 on allotment(including premium) and balance on first and final call. Prepare the cash book of the company. (3)
Ans: 

Q9 Rohit Mohit and Sohit are partners sharing profit and losses in the ratio of 2:1:1.. Their capitals on 31st march 2017 are 5,30,000 6,40,000 and 7,90,000. Their drawings were rohit = 70,000 mohit = 60,000 and sohit = 10,000. Partnership deed provided to charge interest on capital @10% p a and interest on drawings @ 5%. Prepare profit and loss appropriation account. (3)
Ans:
profit  and  loss  appropriation  account

interest  on  drawings  =
Rohit  =  70,000*5/100=  3500
Mohit  =  60,000*5/100=3000
Sohit  =  10,000*5/100=500
Note  –months  are  not  taken  for  interest  on  drawings  as  per  annum  is  not  written  with  the percentage.
For  interest  on  capital Calculation  of  opening  capital

7,00,000*10/100=  70,000
800000*10/100=  80,000

Q10 Designs unlimited is in a garment business . it decided to install 100 toilets in school under swachh bharat. It purchased material from Indian traders limited costing 225000. Payment was made 5000 through cheque and remaining by issuing equity shares of 10 each at 10% premium. Pass journal entries. (3)
Ans:

No  of  shares  =  2,20,000/10+1  =  20,000

Q11 A B and C are partners sharing profits in the ratio of capitals. Their capitals were 50,000 25,000 and 25,000. The following omissions were madei)
Interest on capital @5%
ii) Salary to C 1000 per month
iii) The profit for the year was 33000 which was distributed equally. Pass journal entry . (4)
Ans: 

Working note

Q12 Pawan Iqbal and Rick are partners sharing profits in the ratio of 2:2:1. From april 2016 they decided to share profits in the ratio of 1:2:2. On that date following balances appeared – profit and loss account(debit balance) = 40,000 general reserve = 140,000 deferred revenue expenditure=20,000. Pass adjusting entry. (4)
Ans:

sacrificing ratio = old ratio-new ratio 2/5-1/5= 1/5
2/5-2/5 =0
1/5-2/5 = -1/5
General reserve – profit and loss- deferred revenue expenditure =140,000-40,000-20,000 = 80,000
80,000*1/5 = 16000

Q13 K S and R are partners sharing profits and losses in the ratio of 3:2:1.on 31st march 2016 their balance sheet was as follows- (6)

R  died  on  31st  may  2016 i)  Goodwill  of  the  firm  be  valued  at  3  years  purchase  of  average  profits  of  last  5  years  ,which were  2011-  40000  2012  -40000  2013-  30,000  2014  –  40,000  2015-  50,000 ii)  Richa  share  of  profits  till  the  date  of  death  to  be  calculated  on  average  profit  of  last  two years.
Prepare  richa  capital  account.
Ans:
​R’s capital account

Q14 following is the balance sheet of harsh and sureshwho share profits in the ratio of 3:2 (6) The firm was dissolved on 31st march. Plant and machinery realized 16000 and stock 2500. 9000 were collected from debtors. Creditors were paid 30,000. Prepare realization account partner’s capital account and bank account.
Ans:
realisation account

Partner’s  capital  account

Bank  account

Q15 a) A B C are partners sharing profit and losses in the ratio of 5:3:2. Pass journal entries-(3)
i) The value of fixed assets =1,00,000. Fixed assets are overvalued by 20%
ii) Make provision for outstanding expenses =10,000
iii) Goodwill of the firm was valued at 50,000. The new ratio was 3:2 . C retired from the firm.
(b) A ltd purchased rs 25000 of its own debentures of rs 100 each at rs 90 reedemed at a premium of 10%. Pass journal entries for cancellation. (3)
Ans:

b)

 Q16 radha limited issued 40,000 shares of rs 10 each at a premium of rs 2 per share payable – 4 on application 5 on allotment (including premium)and on call 3 per share. applications were received for 60,000 shares . allotment was made on pro rata basis to the applicants of 48000 shares . excess money was adjusted towards allotment.C to whom 1600 shares were allotted failed to pay allotment and J to whom 2000 shares were allotted failed to pay call money . these shares were forfeited and reissued at rs 15 fully paid up. Pass journal entries. (8)
Or

Q16 f ltd issued 2,00,000 shares of 20 each payable 4 on application 6 on allotment and balance on first and final call. Application were received for 3,00,000 shares and pro rata allotment was made to all applicants.money overpaid on application was adjusted towards allotment. Sohan who applied for 3000 shares failed to pay allotment and call money. His shares were forfeited. Half of these shares were reissued at rs 18 fully paid up. Pass journal entries. (8)
Ans:

Or

Q17 A and D are partners sharing profits in the ratio of 3:2. There balance sheet was as follows –

i) R is admitted with a capital of rs 16000 and the new ratio is 5:3:2
ii) R brings necessary amount of goodwill in cash
iii) Stock is depreciated at 5%
iv) Provision for doubtful debts to be made at 500
v) Furniture depreciated by 10%
vi) Building valued at 40,000
vii) Capitals of partners to be adjusted on the basis of new partner’s capital making necessary
adjustment in cash.
Prepare necessary accounts . (8)

Ans:
Revaluation account

PARTNER’S CAPITAL ACCOUNT

Cash  a/c

Balance  sheet

Hidden goodwill = total capital- adjusted capital =80,000-65650
=14350
Capital adjustment = total capital = 16000*10/2 =80,000
Divide 80,000 in the ratio of 5:3:2

Part – B( Analysis of financial statements)
Q18 under which type of activity will you classify purchase of investments while preparing cash flow statement. (1)
Ans: ​purchase of investment is considered as investing activity.

Q19 cash flow from operating activities = 23000 Cash flow from financing activity = 15000 Net increase in cash and cash equivalent – 22000 Calculate cash flow from investing activity. (1)
Ans: – cash flow from investing activity = 22000-23000-15000 =(16000)=cash used in investing activity

Q20 prepare comparative balance sheet – (4)
Ans: 

Q21 draw the balance sheet of a company as per schedule III of companies act 2013. (4)
Ans:
a​) inventories b) Trade receivables c) Cash and cash equivalent d) Current investments

Q22 from the following information calculate – (4)
a.) Quick ratio
b.) Return on investment.
Sales = 4,00,000 opening stock 50,000 closing stock 60,000 current assets 2,00,000 working
capital (60,000) net profit = 140000 total assets = 6,00,000
Ans:  quick  assets  =  current  assets-  closing  stock =2,00,000-60,000=  140,000
Working  capital  =  current  assets  –  current  liabilities -60,000=  2,00,000-cl Current  liabilities=  140,000 Quick  ratio  =  quick  assets  /current  liabilities =140,000/140,000  =  1:1
B  capital  employed=  total  assets-  current  liabilities =600,000-140,000
=4,60,000
Return  on  investment  =  net  profit  before  tax/  capital  employed*100 =140,000/360,000*100=  38.89%

Q23 prepare cash flow statement – (6)
Ans: a​ Cash  flow  statement  AS-  3  revised

investment

Fixed assets

Provision  for   tax