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 6
CBSE Sample Papers for Class 12 Accountancy Paper 6
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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 6 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
State any two items from accounting point of view that may be included in a partnership deed?
Give one reason in favour of having partnership deed?
The firm XYZ earned a profit of Rs 2,75,000 during the year ending on 31 March, 2009.10% of the profit was to be transferred to general reserve. Pass necessary journal entry for the same.
Why a retiring/deceased partner entitled to a share of goodwill of the firm?
Give any two alternatives to a company for the allotment of shares in case of over-subscription?
DN Ltd. issued 50,000 shares of Rs 10 each at a discount of 10% payable at Rs 2 per share on application, Rs 3 per share on allotment and Rs 2 on each first and final call. Applications were received for 70,000 shares. It was decided that
(a) refuse allotment to the applicants of 10,000 shares.
(b) allot 20000 shares to Mohan who had applied for similar number and
(c) allot the remaining shares on pro data basis. Mohan failed to pay the allotment money and Sohan who belonged the category C and was alloted 3000 shares paid both the calls with allotment Calculate the amount received on allotment.
X, Y and Z are partners sharing protits and losses in the ratio 3:2:1. After final accounts have prepared, it was discovered that interest on drawings @ 5% p.a had not been taken into consideration. The drawings of the partners were X Rs 15,000, Y Rs 12,600 Z Rs 12,000. Give necessary adjusting journal entry.
X Ltd. redeemed 100, 6% debentures of Rs 100 each by converting them into equity shares of Rs 100 each. The 6% debentures were redeemable at premium of 10% for which the equity shares were issued at 25% premium. Pass the necessary journal entries for the redemption of the above mentioned debentures in the books of X Ltd.
Adit Taneja applied for 4,000 shares of Rs 100 each issued at a premium of Rs 2 per share. After having paid Rs 2 per share on application, he did not pay allotment money on Rs 5 per share (including premium) and on his subsequent failure to pay the first call, his shares were forfeited-Fill in the following journal entries.
(a) Q Ltd. forfeited 1000 equity shares of Rs 10 each issued at Rs 14 per share for non payment of final call of Rs 7 (including premium) per share. Pass Journal entry.
(b) Tata chemicals Ltd. provided Rs 20 lac for a solar water purification, plant set up by a Non Govt organisation. People from economically backward class living in the vicinity will be given five litres of clean portable water daily for each family member. State the values involved in such decision.
(a) P, Q and R sharing profits and losses in the ratio of 3 :2 1 decide to share future profits and losses in the ratio of 4:3:2 with effect from 1 April, 2012. Following is an extract of their balance sheet as at 31 March, 2012:
Show the accounting treatment if a claim account of workmen’s compensation is estimated at Rs 1,20,000.
(b) They also decided that 5% of profits of firm will be devoted for providing school uniforms to the students belonging to low income group admitted to private schools as per the provisions of Right to Education Act 2009. Identify any two values involved in making such a decision.
L and M were partners in a firm sharing profits 4:3 ratio. They admitted O as a new partner. The new profit sharing ratio of L, M and O will be 3 : 3 : 4. O brought Rs 2,00,000 for his capital. The goodwill of the firm on O’s admission was valued at Rs 70,000. O brought his share of goodwill in cash. Calculate the sacrificing ratio of L and M and pass necessary journal entries for above transactions on O’s admission
(a) Sundram Ltd. purchased furniture for Rs 3,00,000 from Ravindram Ltd, Rs 1,00,000 were paid by drawing a promissory note in favour of Ravindram Ltd. The balance was paid by issue of equity shares of Rs 10 each at a premium of 25%. Pass necessary journal entries in books of Sundram Ltd.
(b) SSP Ltd forfeited 300 shares of Rs 10 each issued at a premium of Rs 2 per share for the non payment of allotment money of Rs 4 per share (including premium). The first and final call of Rs 3 per share has not been made yet. 50% of forfeited shares were re-issued at Rs 8 per share fully paid up. Pass necessary journal entries for forfeiture and reissue of shares.
Lalan and Balan were partners in a firm sharing profit in the ratio of 3 : 2. Their fixed capitals on 1-4-2010 were:
Lalan Rs 1,00,000 and Balan Rs 2,00,000. They agreed to allow interest on capital @ 12% P.a and to charge on drawings @ 15% P.a. The firm earned a profit, before all above adjustments were Rs 30,000 for the year ended 31-3-2011. The drawings of Lalan and Balan during the year were Rs 3,000 and Rs 5,000 respectively. Showing your calculations clearly, prepare profit and loss appropriation A/c of Lalan and Balan. The interest on capital will be allowed even if the firm incurs a loss.
A and B shares profits and losses in the ratio of 3 : 2. They have decided to dissolve the firm. Assets and external liabilities have been transferred to realisation A/c. Pass the journal entries to effect the following:
(a) Bank loan of Rs 12,000 is paid off.
(b) A was to bear all expenses of realisation for which he is given a commission of Rs 400.
(c) Deferred Advertisement expenditure A/c appeared in the books at Rs 28/100.
(d) Stock worth Rs 1,600 was taken over by B at Rs 1,200.
(e) An unrecorded computer realised Rs 7,000.
(f) There was an outstanding bill for repairs for Rs 2,000, which was paid off.
Metallic Ltd. invited applications for 40,000 equity shares of Rs 50 each issued at a premium of Rs 10 per share. The amount was payable as follows:
On application and allotment — Rs 20 per share. Balance (including premium) on first and final call.
Applications for 70,000 shares were received. Applications for 20,000 shares were rejected and pro-rata allotment was made to the remaining applicants. First and final call was made and duly received except on 400 shares allotted to Nitesh and his shares were forfeited.
Journalise the above transactions.
Arti Ltd. invited applications for issuing 80,000 shares of Rs 10 each at a premium of Rs 4 per share. The amount was payable as follows: .
On application — Rs 5 per share.
On allotment — Rs 9 per share (including premium)
Applications were received for 1,40,000 shares.
Allotment was made on the following basis:
(i) To applicants for 80,000 shares — 60,000 shares
(ii) To applicants for 60,000 shares — 20,000 shares
Rajiv belonging to category (i), had applied for 1,200 shares failed to pay his dues and his shares were forfeited. Pass journal entries in the books of Arti Ltd. to record the above transactions.
Following is the balance sheet of X, Y and Z as on 31-3-2012. They shared profits in the ratio of 3:2:2.
On 1st April 2012, Y decided to retire from the firm on the following terms:
(a) Stock to be depreciated by Rs 12,000.
(b) Advertisement suspense A/c to be written off.
(c) Provision for bad and doubtful debts to be increased to Rs 6,000.
(d) Fixed assets to be appreciated by 10%.
(e) Goodwill of the firm, valued at Rs 80,000 and the amount due to the retiring partner be adjusted in X’s and Z’s capital accounts.
Prepare revaluation account, partners’ capital accounts and balance sheet of the firm.
X and Y were partners in a firm sharing profits in 5:3 ratio. They admitted Z as a new partner for 1/3 share in profit Z was to contribute Rs 20,000 as his capital. The balance sheet of x and y on 1-4-2013, the date of Z’s admission was as follows:
Other terms agreed upon were:
(i) Goodwill of the firm was valued at Rs 12,000.
(ii) Land and building were to be valued at Rs 35,000 and plant and machinery at Rs 25,000.
(iii) The provision for doubtful debts was found to be in excess by Rs 400.
(iv) A liability for Rs 1,000 included in Sundry creditors was not likely to arise.
(v) The capitals of the partners be adjusted on the basis of Z’s contribution of capital in the firm.
(vi) Excess or shortfall, if any, to be transferred to current account.
Prepare revaluation account, partners’ capital accounts and the balance sheet of the new firm.
PART – B
‘Analysis of Financial Statements’
What is meant by financial statements?
Dividend paid by a finance company is classified under which kind of activity while preparing a cash flow statement?
List any four items which are included under the head current assets of the company’s balance sheet, as per the schedule III to the companies act 2013.
Prepare common size statement of profit and loss from the following information:
Net profit after interest but before tax Rs 1,40,000, 15% long term borrowings Rs 4,00,000, shareholders funds Rs 2,40,000, tax rate 50%. Calculate return on capital employed.
From the following information. Prepare a cash flow statement:
(i) Interest on capital
(ii) Profit sharing ratio.
To avoid litigation in future.
Retiring/deceased partner losses his share in profit, to compensate this, he becomes entitled to a share of goodwill of the firm.
(i) Some applications are accepted in full and excess applications are rejected and their application money is refunded.
(ii) Some application may be alloted shares in fixed proportion called Pro-rata allotment.
Total amount due on allotment = 50,000 x 3 = 1,50,000
Calls in arrears = 2,0000 x 3 = 60,000
Calls in advance = 3000 x 4 = 12000
Already received = Rs 20,000
Calculation of allotment money received
Total amount = 1,50,000
(iii) Since share capital A/c is debited with Rs 24,000 (i.e. Rs 8 per share), the amount of first call must be Rs 3 per share.
(b) (i) Use of solar power will be helpful in environmental protection.
(ii) It will help to reduce the health hazards and improve the quality of life of poor sections of the society.
(b) Two values involved are:
(i) Assisting the implementation of Right to Education Act 2009.
(it) Helping the low income group segment of the society.
(a) In the books of Sundram Ltd.
The financial statements are historical documents which show the organised summary of detailed information about the financial performance of an accounting entity for an accounting period and financial position at the end of an accounting period.
(i) Current investments,
(iii) Trade receivables,
(iv) Cash and cash equivalents,
(v) Short term loans and advances,
(vi) Other current Assets.
Common size Statement of Profit and Loss
for the year ended 31st March 2014 and 2015
Cash flow statement for the year ended 31st March 2015
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