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SAMPLE PAPER- 1 (unsolved)

ACCOUNTANCY
Class XII
Time allowed: 3 hours

Maximum Marks: 80

General Instructions:
1. This question paper contains Two parts A& B.
2. Both the parts are compulsory for all.
3. All parts of questions should be attempted at one place.
4. Marks are given at the end of each question.
Part A
1)

Partnership, Share Capital and Debentures


Maximum number of partners in case of a banking business can be ___
a.
20
b. 10
c.
7
d. 50

2)

Which one is correct in the following options, when there is no partnership deed?
a.
No interest on loan will be provided to partner
b. Interest on drawings will be charged @6% p.a.
c.
Interest on Capital will be 6% p.a.
d. Profit sharing ratio will be equal

3)

What is the nature of Revaluation Account?


a.
Personal Account
b. Real Account
Nominal Account
c.
d. Statement

4)

What do you mean by Executor?

5)

Why DRR is not necessary in case of infrastructure firms?

6)

Krishna ,Sandeep and Karim are partners sharing profit in the ratio of 3:2:1.Their fixed
capitals are: Krishna Rs 1,20,000,Sandeep Rs 90,000 and Karim Rs 60,000 .For the year
2013-14.Interest was credited to them @6% p.a instead of 5% p.a .Record adjustment entry.

7)

Record necessary journal entries for the issue of debentures in each of the following cases:
a.
27,000,7% debentures of Rs 100 each issued at par ,redeemable at par.
b. 25,000 7% debentures of Rs 100 each issued at par ,redeemable at 4% premium.
c.
35,000 7% debentures of Rs 100 each issued at a discount of 4% and redeemable at a
premium of 5%.

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8)

Jain Ltd .purchased Building for Rs 10,00,000 from Gupta Ltd.10% of the payable amount
was paid by a cheque drawn in favor of Gupta Ltd. The balance was paid by issue of Equity
shares of Rs 10 each at a discount of 10%. Pass necessary Journal Entries in the books of Jain
Ltd.

9)

On 1st January 2013,Y Ltd has 1000 12% Debentures of Rs 100 each issued at a discount of
5% redeemable at par. The DRR balances on this date is 30,000. They are due for redemption
at the end of the year. Pass the necessary Journal entries for redemption of Debentures in
lump sum.

10)

L&M were partners in a firm sharing in the ratio of 3:2.Their fixed capitals on 1.4.2010 were
L Rs 1,00,000 and M Rs 2,00,000.They agreed to allow interest on capital @ 12% per annum
and to charge on drawing @ 15% per annum. The firm earned a profit ,before all above
adjustments of Rs 30,000 and Rs 5,000 respectively. Showing your calculations, clearly
prepare Profit and Loss Appropriation A/c of L&M .The interest on capital will be allowed
even if the firm incurs a loss.

11)

(a) A,B and C are sharing profit in the ratio 3:2:1 ,C dies on 30 June ,2011.Accounts are
closed on 31st March every year. Sales for the year ending 31st March 2011 amounted to
Rs 90,00,000.Sales form 1st April 2013 to 30 June 2013 amounted to Rs 36,00,000.The
profit for the year ending 31st March 2013 amounted to Rs 4,50,000.Calculate the
deceased partners share in the current years profit.
(b) There is no earning members in Cs family and hence it is agreed to take Cs daughter
into partnership with 1/10th share of profit. You are required to identify the virtues in
making such decision.

12)

Three charted accountants A,B and C form a partnership firm , profit sharing ratio will be
3:2:1 subject to the following:
a) Cs Share of profit is guaranteed to be Rs 15,000 p.a. minimum.
b) B gives the guarantee to the effect that gross fees earned by him for the firm shall be
equal to the the average gross fees of preceding five years, which was Rs 25000.The net
profit for the year ended March 31st , 2013 is 75,000.The gross fees earned by B was Rs
16,000.
Show the Profit and Loss Appropriation Account giving the above effects.

13)

On dissolution of a partnership firm of P,Qand R; journalise the following:


i)
A loan of Rs 50,000 advanced by P ,was paid off along with the interest of Rs 1,000.
ii) Profit &Loss A/C balance of Rs 30,000 appears on the asset side of B/S.
iii) Creditors of Rs 50,000 accepted Rs 45,000 in full settlement.
iv) Expenses on Realisation amounting to Rs 1,500 was paid by R
v) A bill of Rs5,000 received from Mohan, was discounted from the bank; is dishonored
due to insolvency of Mohan. Only 50% was received from his estate.
vi) An unrecorded asset worth Rs 10,000 was taken by Q for Rs 7,000.

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14)

Pass necessary Journal Entries for the following transactions:


i)
X Ltd purchased its 2000 own debentures of the face value 10,000 from the open
market for immediate cancellation at Rs 95.
ii) S Ltd purchased its 8000 own debentures of the face value Rs 200 from the open
market for immediate cancellation at Rs 185.
iii) Z Ltd purchased its 3000 own debentures of the face value Rs 500 from the open
market for immediate cancellation at Rs 275.

15)

Nikhil and Piyush are partners sharing Profit and loss in the ratio of 3:1. On March 31st 2012
their Balance Sheet was as follows:
Liabilities
Capital
Nikhil
Piyush
Creditors
Bills Payable
General Reserve
Investment Fluctuation Fund

Amount.

Assets
Cash
Bills Receivable
Stock
Debtors
Machinery
Investment
Profit &loss A/c

30,000
16,200
21,000
20,000
4,000
5,000
96,200
They decided to admit Jatin into the partnership on the following terms

Amount
10,200
3,000
20,000
10,000
30,000
15,000
8,000
96,200

Machinery and stock is to be depreciated by 10%


Outstanding rent is Rs 2,500
Investment to be reduced by 7,500.
Jatin is to bring Rs 5,000 as Goodwill and Rs 10,000 as capital for a 1/5th share.
Capitals of partners be made proportionate taking Jatins capital as base.
Prepare Revaluation A/c, Partners Capital A/c and Balance Sheet of the new firm.
OR
Following is the balance Sheet X , Y, and Z as on 31st March 2004 Who were sharing profit
and loss in the ratio of their Capitals.
Liabilities
Creditors
Bills Payable
Provision for doubtful debt
General Reserve
Capital Account
X
Y
Z

Rs
40,000
12,000
6,000
24,000

Assets
Cash
Debtors
Stock
Furniture
Machinery

Rs
36,000
50,000
36,000
60,000
1,00,000

80,000
80,000
40,000
2,82,000
2,82,000
Y retires on the above date on the following terms:
i)
Provision for doubtful debts raised to Rs 8,000.
ii) Outstanding claim for damages of Rs 2,200 is to be provided.
iii) Creditors be reduced by Rs 12,000
iv) Goodwill of the firm is valued at Rs 40,000.
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After the retirement of Y the entire capital of the firm was fixed at Rs 1,80,000 and partners
decided to maintain it in their new profit sharing ratio of 3:2.
Prepare Revaluation A/c, Capital A/c and Balance sheet of X and Z.
16)

Geeta Ltd issued 50,000 shares of Rs 10 each payable Rs 3 on application ,Rs 4 on allotment
Rs 2 on first call and balance on final call. In all 60,000 application were received. Allotment
was done as follows:
i)
to applicants for 10,000 shares-in full
ii) to applicants for 20,000 shares-15,000 shares
iii) to applicants for 30,000 shares- 25,000 shares
Every share holder paid the money as and when due , except Sohan who applied for 2000
shares; out of the group applying for 20,000 shares did not paid allotment, first and final call
money. His shares were forfeited .1000 of the forfeited shares were reissued for Rs.8 per
share as fully paid up .Give Journal Entries.
The directors made full allotment to some and prorata allotment to the rest .Which values
are highlighted through it?
OR
K limited has been registered with an authorized capital of Rs. 2,00,000 divided into 2,000
shares of Rs.100 each of which 1,000 shares were offered for public subscription at a
premium of Rs.5 share, payable as under :
On application
10
On allotment
25 (including premium)
On first call
40
On final call
balance
Applications were received for 1,800 shares, of which applications for 300 shares were
rejected outright, the rest of applications were allotted 1,000 shares on pro-rata basis. Excess
Application money was transferred to allotment, All the money were duly received except
from Sundar, holder of 100 shares, who failed to pay allotment and first call money. His
shares were later forfeited and reissued to Shyam at Rs.60 per share, Rs 70 paid up. Final call
has not been made. Pass necessary Journal entries in the books of K limited. By
rejecting
300 shares, which values are ignored by the management?
PART B (ANALYSIS OF FINANCIAL STATEMENT)

17)

State one transactions which results in flow of cash.


a.
cash withdrawn from bank
b. issue of bonus shares
c.
purchase of machinery on credit
d. purchase of stock for cash

18)

X Ltd has a Debt equity ratio at 3:1; the management wants to maintain it at 1:1.What are the
two choices to do so.
a.
redemption of debentures
b. issue of bonus shares
declaring dividends
c.

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d.

buy- back of shares

19)

Payment of dividend by a financing company will come under which of the following activity:
a.
Operating activity
b. Financing Activity
c.
Investing activity
d. None of these

20)

Prepare a Comparative Income Statement from the following


2012
Gross Sales
1,20,200
Sales Return
20,200
Cost of goods sold
40% of net sales
Operating Expenses
15,000
Income Tax
50%

21)

a)
b)

2013
1,35,800
5,800
50% of net sale
14,000
50%

Current Ratio of a company is 4:3, working capital is Rs 80000.Calculate the amount of


current assets and current liabilities
Calculate Proprietary Ratio from the following
.
Closing Stock
60,000
9% Preference Shares
4,00,000
Security Premium
30,000
General Reserve
10,000
Other Current Assets
1,10,000
Current Liabilities
1,80,000
Fixed Assets
3,50,000
Operating Expenses
25,000

22)

a)
b)

Mention any two Contingent Liabilities of a Company.


List two items shown under non-current liabilities of a company.

23)

From the following Balance Sheet of Sheetal Ltd; prepare the Cash Flow Statement:
Particulars
Note no
31.3.2012(Rs)
31.3.2013(Rs)
1.Equity and Liabilities
a. Shareholders Fund
Equity Share capital
5,00,000
7,00,000
Reserves and Surplus
2,00,000
3,50,000
b. Non-current liabilities
Long term Borrowings
1,00,000
50,000
c. Current Liabilities
Trade payables
55,000
52,000
Short term Provisions
1
80,000
1,20,000
Total

9,35,000

12,72,000

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2.Assets
a.Non-Current Assets
Fixed assets
Tangible assets: building
Intangible assets :Patents
Non current Investments
b. Current Assets
Inventories
Trade receivables
Cash and cash equivalents

Total

5,00,000
1,00,000
------

5,00,000
95,000
1,00,000

55,000
80,000
2,00,000

1,30,000
1,47,000
3,00,000

9,35,000

12,72,000

Particulars
Provision for Tax
Proposed Dividend

31.3.2012(Rs)
30,000
50,000

31.32013(Rs)
50,000
70,000

Total

80,000

1,20,000

a)
b)

During the year a Building costing Rs 1,00,000 was purchased. Loss on sale of building
is Rs 12,000.
Depreciation charged on the building was Rs 18,000.

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