Commerce Exam > Commerce Notes > Additional Study Material for Commerce > Class 12 Accountancy sample paper Test - 1 (with solution)
Class 12 Accountancy sample paper Test - 1 (with solution) | Additional Study Material for Commerce PDF Download
Ques 1: Why is goodwill considered as an intangible asset but not a fictitious asset?
Ans: Goodwill is an intangible asset (i.e. an asset which can neither be seen nor touched) but not a fictitious asset because it has a realisable value subject to fluctuations.
Ques 2: The accountant of GT Ltd having two partners Geetika and Tushar passed a journal entry to distribute workmen compensation reserve as credit workmen compensation reserve account and debit partners' capital account. Is the treatment correct?
Ans: No, the treatment is incorrect. Correct Entry
Ques 3: Pass necessary journal entry to transfer 10% of profits to general reserves, if Profit is given Rs. 5,00,000.
Ans: JOURNAL
Date | Particular | LF | Amt (Dr) | Amt (Cr) | |
Profit and Loss Appropriation A/c | Dr | 50,000 | |||
To General Reserves A/c | 50,000 | ||||
| (Being 10% of Profits transferred to general reserves) |
Ques 4: In case of change in profit sharing ratio, how can the gaining partner compensate the sacrificing partner.
Ans: On change in profit sharing ratio, the gaining partner compensates the sacrificing partner by paying him goodwill which is equal to the share gained by him.
Ques 5: What do you understand by the term legacy?
Ans: Legacy is the amount received by a non-trading concern as per the will of a deceased person. It is like a donation. It appears on the receipt side of the receipts and payments account and is directly added to the capital fund in the balance sheet because it is not of recurring nature.
Ques 6: Goel Ltd invited applications for issuing 6,000, 12% debentures of Rs. 100 each at a premium of Rs. 50 per debenture. The full amount was payable on application. Applications were received for 8,000 debentures. Applications for 2,000 debentures. were rejected and application money was refunded. Debentures were allotted to the remaining applicants. Pass necessary journal entries for the above transactions in the books of Goel Ltd.
Ans: JOURNAL
Date | Particulars | LF | Amt (Cr) | Amt (Cr) | |
Bank A/c (8,000×150) | Dr | 12,00,000 | |||
To Debenture Application and Allotment A/c | 12,00,000 | ||||
(Being application money received on 8,000 debentures) | |||||
Debenture Application and allotment A/c | Dr | 12,00,000 | |||
To 12% Debentures A/c (6,000×100) | 6,00,000 | ||||
To Securities Premium Reserve A/c (6,000×50) | 3,00,000 | ||||
To Bank a/c (2,000×150) | 3,00,000 | ||||
(Being application money transferred to 12% debentures account and excess money refunded) |
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FAQs on Class 12 Accountancy sample paper Test - 1 (with solution) - Additional Study Material for Commerce
| 1. What are the key topics covered in Class 12 Accountancy sample paper Test - 1? |  |
Ans. The key topics covered in Class 12 Accountancy sample paper Test - 1 include financial statements, partnership accounts, company accounts, and cash flow statements.
| 2. How can I prepare for the Class 12 Accountancy exam effectively? | |
Ans. To prepare for the Class 12 Accountancy exam effectively, you can follow these steps:
- Understand the concepts thoroughly by studying the textbook and class notes.
- Practice solving different types of problems and sample papers.
- Revise regularly and create a study schedule to manage your time effectively.
- Seek help from teachers or classmates if you have any doubts or difficulties.
- Stay calm and confident during the exam.
| 3. Are there any specific formulas or equations that I should remember for the Class 12 Accountancy exam? | |
Ans. Yes, there are some important formulas and equations that you should remember for the Class 12 Accountancy exam. Some of the commonly used ones include:
- Gross profit = Net sales - Cost of goods sold
- Net profit = Gross profit - Operating expenses
- Return on investment (ROI) = Net profit / Average investment
- Debt to equity ratio = Total debt / Total equity
- Current ratio = Current assets / Current liabilities
| 4. Can you provide some tips for improving my understanding of partnership accounts? | |
Ans. Certainly! Here are some tips for improving your understanding of partnership accounts:
- Start by understanding the basic concepts and principles of partnership accounting.
- Practice solving different types of partnership problems to familiarize yourself with the calculations and adjustments.
- Pay attention to the partnership agreement and its impact on profit sharing, interest on capital, and drawings.
- Understand the treatment of goodwill, revaluation of assets and liabilities, and admission/retirement of partners.
- Review solved examples and case studies to gain a deeper understanding of real-world scenarios in partnership accounting.
| 5. How can I analyze a cash flow statement effectively for the Class 12 Accountancy exam? | |
Ans. To analyze a cash flow statement effectively for the Class 12 Accountancy exam, follow these steps:
- Start by understanding the three sections of a cash flow statement: operating activities, investing activities, and financing activities.
- Analyze the net cash flow from operating activities to assess the company's ability to generate cash from its core operations.
- Evaluate the cash flows from investing activities to understand the company's investments in assets and their impact on cash flow.
- Examine the cash flows from financing activities to determine the company's sources of funds and any changes in its capital structure.
- Compare the cash flows from different periods to identify trends and patterns, and assess the company's overall cash position and liquidity.
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