These Sample papers are part of CBSE Sample Papers for Class 12 Accountancy. Here we have given CBSE Sample Papers for Class 12 Accountancy Paper 1
CBSE Sample Papers for Class 12 Accountancy Paper 1
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Students who are going to appear for CBSE Class 12 Examinations are advised to practice the CBSE sample papers given here which is designed as per the latest Syllabus and marking scheme as prescribed by the CBSE is given here. Paper 1 of Solved CBSE Sample Papers for Class 12 Accountancy is given below with free PDF download solutions.
Time: 3 Hours
Maximum Marks: 80
(i) Please check that this paper contains 23 questions.
(ii) The paper contains two parts A and B.
(iii) Part A is compulsory for all.
(iv) Part B has two options—Option-1 Analysis of Financial Statements and Option-II Computerized Accounting.
(v) Attempt only one option of Part B.
(vi) All parts of a question should be attempted at one place.
PART – A
Partnership Firms and Company Accounts
X, Y and Z were partners sharing Profits in the ratio of 1/2, 3/10 and 1/5. X retired from the firm. Calculate the gaining ratio of the remaining partners.
State the rights acquired by a newly admitted Partner.
Distinguish between Dissolution of partnership and dissolution of partnership firm’ on the basis of Court’s intervention.
Give the meaning of reconstitution of a partnership firm.
A. Ltd. invited applications for issuing 10,00,000 equity shares of Rs 10 each. The Public applied for 8,55,000 shares. Can the company proceed for the allotment of shares? Give reason in support of your answer.
A. Ltd. Forfeited 100 equity shares of Rs 10 each issued at a premium of 20% for the non payment of final call of Rs 5 including premium. State the maximum amount of discount at which these shares can be reissued.
A and B were Partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were Rs 2,00,000 and Rs 1,00,000 respectively. They admit C on 1st April 2014 as a new partner for 1/5 share in the future profits. C brought Rs 1,00,000 as his capital. Calculate the value of goodwill of the firm and record necessary journal entries for the above transaction on C’s admission.
Rohan Ltd. issued 6,000 10% Debentures of Rs 100 each on 1st April 2013. The issue was fully subscribed. According to the terms of issue, Interest on the debentures is payable half-yearly on 30th September and 31st March and the tax deducted at source is 10%.
Pass the necessary journal entries related to the debenture interest for the half-yearly ending on 31st March 2014 and transfer of interest on debentures to statement of profit and loss.
Simmi and Ginni decided to start a partnership firm to manufacture low cost bags as plastic bags were creating many environmental problems. They contributed capitals of Rs 2,00,000 and Rs 1,00,000 respectively on 1st April, 2013. For this, Simmi expressed his willingness to admit Sunny as a Partner without Capital, who is specially abled but a very creative and intelligent friend of his. Ginni agreed to this. The terms of partnership were as follows:
(i) New profit sharing ratio will be 2:2:1.
(ii) Interest on capital will be provided @ 10% P.a.
Due to shortage of capital, Simmi contributed Rs 50,000 on 30th September, 2013 and Ginni contributed Rs 20,000 on 1st January, 2014 as additional capital. The profit of the firm year ended 31st March 2014 was Rs 1,80,000.
(a) Identify any two values which the firm wants to communicate to the society.
(b) Prepare profit and loss appropriation account for the year ending 31st March 2014.
A company had Rs 10,00,000 12% debentures outstanding as on 1st April, 2015. During the year, company took a loan of Rs 4,00,000 from the state bank of India for which the company placed with the bank debentures for Rs 5,00,000 as collateral security. Pass Journal entries if any. Also, show how the debentures and bank loan will appear in the company’s balance sheet
P and Q are partners in a firm sharing profits in the ratio of 7:5. On April 1,2015 they admit R as a new partner for 176th share. R contributed the following assets towards his capital and for her share of goodwill. Stock Rs 80,000, Debtors Rs 60,000, Land Rs 2,20,000, Plant and machinery Rs 1,00,000. On the date of admission of R, the Goodwill of fire firm was valued at ? 6,00,000. Record necessary journal entries in the books of the firm on R’s admission and prepare R’s capital account
Seema Ltd. was formed with a nominal share capital of Rs 60,00,000 divided into 60,000 shares of Rs 100 each. The company offers 40,000 shares to the public payable. Rs 30 per share on application, Rs 30 per share on allotment and the balance on first and final call, applications were received for
38,000 shares. All money payable on allotment was duly received, except on 1,000 shares held by Y. First and final call was not made by the company. How would you show the share capital in the balance sheet of seema Ltd.? Also prepare notes to accounts for the same.
(a) Give Journal entries for forfeiture and reissue of shares. D Ltd. forfeited 4000 Shares of Rs 10 each, Rs 7 called up issued at a premium of 20% (to be paid at the time of allotment) for non payment of a first call of Rs 2 per share, out of these, 2500 shares were reissued as Rs 7 paid up for Rs 4 per share.
(b) Which value has been affected by forfeiting above mentioned 4000 shares just after first call Suggest a better alternative.
P, Q and R were partners in a firm having capitals of Rs 1,20,000, Rs 1,20/100 and Rs 1,60,000 respectively. Their current account balances were P: Rs 20,000, Q: Rs 10,000 and C: Rs 4,000 (Dr.). According to the partnership deed the partners were entitled to interest on capital @ 10% P.a. R being the working partner was also entitled to a salary of Rs 10,000 P.a. The profits were to be divided as follows:
(a) The first Rs 40,000 in the proportion to their capitals.
(b) Remaining profits to be shared equally.
The firm made a profit of Rs 3,12,000 before charging any of the above items. Prepare the profit and loss appropriation account and pass necessary journal entry for appropriation of profit
Mala, Neela and Kala were partners sharing profits in the ratio of 3:2:1. On 1-3-2014, their firm was dissolved. The assets were realised and liabilities were Paid off. The accountant prepared realisation account. Partners capital accounts and cash account, but forgot to post few amounts in these accounts.
You are required to complete these below given accounts by posting the correct amount
Z. Comp. Ltd, with an authorised capital of Rs 2,00,000 divided into 20,000 equity shares of Rs 10 each, issued the entire shares payable as follows:
Rs 5 on application (including Rs 2 as premium)
Rs 4 on allotment
Rs 3 on call
All share money is received in full with the exception of the allotment money on 200 shares and the call money on 500 shares (including 200 shares on which allotment money had not been paid). The above 500 shares are duly forfeited and 400 of these (including 200 shares on which allotment money had not been paid) are reissued at Rs 7 per share payable by the purchaser.
Make the necessary journal entries.
A company issued 6,000 preference shares of Rs 10 each as fully paid to the vendors for the purchase of building : 20,000 equity shares of Rs 10 each were issued to the public of which, 18,000 were subscribed for During the first year Rs 6 per share were called up, payable Rs 3 on application, Rs 1 on allotment, Rs 1 on first call and Rs 1 on second call. The amounts received in respect of the equity shares were as follows:
on 16,000 equity shares, the full amount called
on 1,200 shares Rs 5 per share,
on 500 shares Rs 4 per share,
on 300 equity share Rs 3 per share.
The directors forfeited 800 equity shares on which less than Rs 5 per share had been paid. Show journal entries in the books of the company.
Pankaj, Naresh and Saurabh are Partners sharing profits in the ratio of 3 : 2 :1. Naresh retired from the firm due to his illness. On that date, the balance sheet of the firm was as follows:
(i) Premises have appreciated by 20%, stock depreciated by 10% and provision for doubtful debts was to be made 5% on debtors. Further, provision for legal damages is to be made for Rs 1,200 and furniture to be brought up to Rs 45,000.
(ii) Goodwill of the firm be valued at Rs 42,000.
(iii) Rs 26,000 from Naresh’s capital account be transferred to his loan account and balance be paid through bank, if required, necessary loan may be obtained from bank.
(iv) New profit sharing ratio of Pankaj and Saurabh is decided to be 5 : 1. Give the necessary ledger accounts and balance sheet of the firm after Naresh’s retirement.
L and m share profits of a business in the ratio of 5 : 3. They admit N into the firm for a fourth share in the profits to be contributed equally by L and M. On the date of admission, the balance sheet of L and M was as follows:
The terms of N’s admission were as follows:
(i) N will bring Rs 25,000 as his capital.
(ii) Goodwill of the firm is to be valued at 4 years purchase of the average super profits of the last three years.
Average profits of the last three years are Rs 20,000. While the normal profits that can be earned on the capital employed are Rs 12,000.
(iii) Furniture is to be revalued at Rs 24,000 and the value of stock to be reduced by 20%. Prepare revaluation account, partners capital accounts and the balance sheet of the firm after admission of N.
PART – B
“Financial Statement Analysis”
Assuming that the debt equity Ratio is 1:2, state giving reason, whether the ratio will improve, decline or will have no change in case equity shares are issued for cash.
Mention the net amount of source or use of cash when a fixed assets (having book value of Rs 15,000) is sold at a loss of Rs 5,000.
Show the major headings with two sub headings each into which the assets side of company’s is balance sheet is organised and presented.
Prepare the common size income statement from the following information:
A company’s stock turnover is 5 times. Stock at the end is Rs 20,000 more than that at the beginning. Sales are Rs 8,00,000. Rate of gross profit on cost 1/4. Current liabilities Rs 2,40,000. Acid test ratio 0.75. Calculate current ratio.
The balance sheet of Kedar Ltd. as on 31st December 2010 and 31st December 2011 were as follows:-
(i) Rs 50,000 depreciation has been charged on plant and machinery during the year 2011.
(ii) A piece of machinery costing Rs 12,000 (book value Rs 5,000) was sold at 60% profit on book value. Prepare cash flow statement.
Profit sharing ratio of X : Y : Z = = 5 : 3 : 2
Gaining ratio of Y and Z = 3 : 2
Gaining ratio will be the same as the old ratio which existed between Y and Z i.e. 3 : 2, since Y and Z gains in their old Ratio, unless agreed otherwise.
Rights acquired by a newly admitted partner:
(a) Right to Share profits with other old partners in agreed ratio.
(b) Right to Share in the assets of the business.
In dissolution of partnership, the court need not intervene as partnership can be dissolved by mutual agreement and in dissolution of partnership firm, A firm can be dissolved by the order of court.
Reconstitution of a partnership firm means any change in the existing agreement of partnership. As a result, the existing agreement comes to an end and a new agreement comes into existence, though, the firm continues.
The company can Proceed for allotment of shares because it is presumed that it is not a case of first allotment of shares.
In case of first allotment of shares, no allotment can be made unless the amount stated in the prospectus as the minimum subscription has been subscribed to.
Amount received on application and allotment = 7 x 100 = Rs 700
These shares can be reissued up to a discount of Rs 7 per share or Rs 700
Total capital of firm based on C’s capital = 1,00,000 x 5 = 5,00,000
Combined capital of A, B and C = 2,00,000 + 1,00,000 + 1,00,000 = 4,00,000
Hidden goodwill of firm = 5,00,000 – 4,00,000 = 1,00,000
C’s share in goodwill = 1,00,000 x = 20,000
Books of Rohan Ltd.
(a) Values, the firm wants to communicate to the society:
(i) Harmony among partners being from different walks of life.
(ii) Helping and caring thoughts for specially abled people.
(b) Profit and loss appropriation account for the year ended 31st March 2014
Journal of D Ltd.
(b) (i) Value affected by forfeiting the shares just after first call is the investors confidence and stimulus for applying in the public issue of companies.
(ii) Better alternative would have been giving him ample time to make the payment of first Call together with second call and then forfeit the shares after giving due notice.
Profit and Loss Appropriation Account
Ratio will decline because with the issue of equity shares, shareholders funds increase whereas debt remains the same which will lead to decrease in Debt equity ratio.
Net amount of source Rs 10,000.
Cash Flow Statement
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