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CBSE Class 12 Board Exam 2019 : Accountancy (Series 1)

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SET 1 Series : BVM/1 . Code No. . 67/1/1 - - Roll No. Candidates must write the Code on the title page of the answer-book. - 23 - - - - 23 , - 15 - 10.15 10.15 10.30 - - Please check that this question paper contains 23 printed pages. Code number given on the right hand side of the question paper should be written on the title page of the answer-book by the candidate. Please check that this question paper contains 23 questions. Please write down the Serial Number of the question before attempting it. 15 minute time has been allotted to read this question paper. The question paper will be distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the students will read the question paper only and will not write any answer on the answer-book during this period. ACCOUNTANCY 3 80 Time allowed : 3 hours 67/1/1 Maximum Marks : 80 1 P.T.O. (i) (ii) (iii) (iv) - (v) General Instructions : (i) This question paper contains two parts A and B. (ii) Part A is compulsory for all. (iii) Part B has two options : Analysis of Financial Statements and Computerized Accounting. (iv) Attempt only one option of Part B. (v) All parts of a question should be attempted at one place. PART A ( ) ACCOUNTANCY ( , ) (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 1. 3 : 2 ` 2,00,000 ` 20,000 - 1 Atul and Neera were partners in a firm sharing profits in the ratio of 3 : 2. They admitted Mitali as a new partner. Goodwill of the firm was valued at ` 2,00,000. Mitali brings her share of goodwill premium of ` 20,000 in cash, which is entirely credited to Atul s Capital Account. Calculate the new profit sharing ratio. 2. ? ? 1 What is meant by Issued Capital ? OR What is meant by Employees Stock Option Plan ? 3. Differentiate between Dissolution of Partnership and Dissolution of a Partnership Firm on the basis of Court s Intervention. 67/1/1 2 1 4. ? 1 , 31 , 2018 ` 2,17,000 , 1932 What is meant by Gaining Ratio on retirement of a partner ? OR P, Q and R were partners in a firm. On 31st March, 2018 R retired. The amount payable to R ` 2,17,000 was transferred to his loan account. R agreed to receive interest on this amount as per the provisions of Partnership Act, 1932. State the rate at which interest will be paid to R. 5. - 6% , ` 900 1 Chhavi and Neha were partners in a firm sharing profits and losses equally. Chhavi withdrew a fixed amount at the beginning of each quarter. Interest on drawings is charged @ 6% p.a. At the end of the year, interest on Chhavi s drawings amounted to ` 900. Pass necessary journal entry for charging interest on drawings. 6. ? 1 How are Specific donations treated while preparing final accounts of a Not-For-Profit Organisation ? OR State the basis of accounting of preparing Income and Expenditure Account of a NotFor-Profit Organisation. 67/1/1 3 P.T.O. 7. ` 10,00,000 15% ` 60,000 ` 3,00,000, ` 3,60,000 ` 4,20,000 3 The capital of the firm of Anuj and Benu is ` 10,00,000 and the market rate of interest is 15%. Annual salary to the partners is ` 60,000 each. The profit for the last three years were ` 3,00,000, ` 3,60,000 and ` 4,20,000. Goodwill of the firm is to be valued on the basis of two years purchase of last three years average super profits. Calculate the goodwill of the firm. 8. 31 , 2018 (`) (`) 1,50,000 1,50,000 18,000 12,000 ` 6,000 3 How the following items for the year ended 31st March, 2018 will be presented in the financial statements of Aisko Club : Particulars Debit Credit Amount (`) Amount (`) Tournament Fund 1,50,000 Tournament Fund Investments Income from Tournament Fund Investments Tournament Expenses 12,000 Additional Information : Interest Accrued on Tournament Fund Investments ` 6,000 67/1/1 4 1,50,000 18,000 9. ` 100 3,000, 11% 6% 3,600 600 3 1 , 2015 ` 100 6,000, 12% 7% 12% Garvit Ltd. invited applications for issuing 3,000, 11% Debentures of ` 100 each at a discount of 6%. The full amount was payable on application. Applications were received for 3,600 debentures. Applications for 600 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants. Pass the necessary journal entries for the above transactions in the books of Garvit Ltd. OR On 1st April 2015, P Ltd. Issued 6,000 12% Debentures of ` 100 each at par redeemable at a premium of 7%. The Debentures were to be redeemed at the end of third year. Prepare Loss on issue of 12% Debentures Account. 10. 1 , 2014 ` 12,00,000, 9% , 8% 31 , 2018 31 , 2017 ` 3,00,000 31 , 2018 3 Unilink Ltd. had outstanding ` 12,00,000, 9% debentures on 1st April, 2014 redeemable at a premium of 8% in two equal annual instalments starting from 31st March, 2018. The company had a balance of ` 3,00,000 in Debenture Redemption Reserve on 31st March, 2017. Pass the necessary journal entries for redemption of debentures in the books of Unilink Ltd. for the year ended 31st March, 2018. 67/1/1 5 P.T.O. 11. , 4 : 3 : 3 31-3-2018 ( ) (i) ` 80,000 50% 20% 30% (ii) ` 32,000 ` 13,000 ` 50,000 (iii) ` 20,000 ` 2,000 (iv) ` 12,000 ` 12,500 4 Ankit, Bobby and Kartik were partners in a firm sharing profits in the ratio 4 : 3 : 3. The firm was dissolved on 31-3-2018. Pass the necessary Journal entries for the following transactions after various assets (other than cash and bank) and third party liabilities had been transferred to Realisation Account : (i) The firm had stock of ` 80,000. Ankit took over 50% of the stock at a discount of 20% while the remaining stock was sold off at a profit of 30% on cost. (ii) A liability under a suit for damages included in creditors was settled at ` 32,000 as against only ` 13,000 provided in the books. Total creditors of the firm were ` 50,000. (iii) Bobby s sister s loan of ` 20,000 was paid off along with interest of ` 2,000. (iv) Kartik s Loan of ` 12,000 was settled at ` 12,500. 12. , 2 : 3 : 1 1 , 2018 3 : 2 : 1 - ` 24,000 ` 1,44,000 ( ) ` 1,80,000 ( ) ( ` 3,00,000) ` 4,80,000 67/1/1 6 4 Radhika, Bani and Chitra were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 1. With effect from 1st April, 2018 they decided to share future profits and losses in the ratio of 3 : 2 : 1. On that date their Balance Sheet showed a debit balance of ` 24,000 in Profit and Loss Account and a balance of ` 1,44,000 in General Reserve. It was also agreed that : (a) The goodwill of the firm be valued at ` 1,80,000. (b) The Land (having book value of ` 3,00,000) will be valued at ` 4,80,000. Pass the necessary journal entries for the above changes. 13. 31 , 2018 - 31 , 2018 (`) 12% 1,41,200 40,000 800 20,000 2016-17 40,000 2017-18 94,000 2018-19 7,200 ( ` 4,000) (`) 23,400 8,000 10,600 30,000 59,000 40,000 50,000 17,400 1,600 2,21,000 2,21,000 67/1/1 (i) 200 ` 1,000 ` 60,000 25 (ii) 1-4-2017 ` 3,000 31-3-2018 ` 4,000 7 6 P.T.O. From the following Receipts and Payments Account and additional information, prepare Income and Expenditure Account and Balance Sheet of Sears Club, Noida as on March 31, 2018. Receipts and Payments & Account of Sears Club for the year ended 31-3-2018 Receipts Amount Payments (`) To Balance b/d (`) 20,000 By Stationery To Subscriptions Amount By 12% Investments 23,400 8,000 2016-17 40,000 By Electricity expenses 10,600 2017-18 94,000 By Expenses on lectures 30,000 2018-19 7,200 To Donations for building To Interest on Investments To Government Grant 1,41,200 By Sports equipment 40,000 By Books 800 By Balance c/d 59,000 40,000 50,000 17,400 To Sale of old furniture (Book value ` 4,000) 1,600 2,21,000 2,21,000 Additional Information : 14. (i) The club has 200 members each paying an annual subscription of ` 1,000. ` 60,000 were in arrears for last year and 25 members paid in advance in the last year for the current year. (ii) Stock of stationery on 1-4-2017 was ` 3,000 and on 31-3-2018 was ` 4,000. , 5 : 3 : 2 1 , 2015 ` 90,300 ` 10,300 31 , 2017 6% 31 Giriija, Yatin and Zubin were partners sharing profits in the ratio 5 : 3 : 2. Zubin died on 1st August, 2015. Amount due to Zubin s executor after all adjustments was ` 90,300. The executor was paid ` 10,300 in cash immediately and the balance in two equal annual instalments with interest @ 6% p.a. starting from 31 st March, 2017. Accounts are closed on 31st March each year. Prepare Zubin s Executors Account till he is finally paid. 67/1/1 8 6 15. 1 , 2017 ` 8,00,000 ` 6,00,000 3 : 2 - 6 ` 20,000 5% 8% 1 , 2017 ` 20,000 ` 5,000 6% - 31 , 2018 ` 4,89,950 31 , 2018 ` 20,00,000 , 2 : 2 : 1 (i) ` 15,000 (ii) ` 5,00,000 ` 2,00,000 3 : 2 31 , 2018 ` 1,75,000 ` 15,00,000 31 , 2018 - , Sonu and Rajat started a partnership firm on April 1, 2017. They contributed ` 8,00,000 and ` 6,00,000 respectively as their capitals and decided to share profits and losses in the ratio of 3 : 2. The partnership deed provided that Sonu was to be paid a salary of ` 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu withdrew ` 20,000 on 1st December, 2017 and Rajat withdrew ` 5,000 at the end of each month. Interest on drawings was charged @ 6% p.a. The net profit as per Profit and Loss Account for the year ended 31st March, 2018 was ` 4,89,950. The turnover of the firm for the year ended 31st March, 2018 amounted to ` 20,00,000. Pass necessary journal entries for the above transactions in the books of Sonu and Rajat. OR Jay, Vijay and Karan were partners of an architect firm sharing profits in the ratio of 2 : 2 : 1. Their partnership deed provided the following : (i) A monthly salary of ` 15,000 each to Jay and Vijay. (ii) Karan was guaranteed a profit of ` 5,00,000 and Jay guaranteed that he will earn an annual fee of ` 2,00,000. Any deficiency arising because of guarantee to Karan will be borne by Jay and Vijay in the ratio of 3 : 2. During the year ended 31st March, 2018 Jay earned fee of ` 1,75,000 and the profits of the firm amounted to ` 15,00,000. Showing your workings clearly prepare Profit and Loss Appropriation Account and the Capital Account of Jay, Vijay and Karan for the year ended 31st March, 2018. 67/1/1 9 P.T.O. 16. . . ` 10 50,000 ` 2 8 ` 3 (` 1 ) ` 3 (` 1 ) ` 3 70,000 5,000 50,000 90% ` 1,11,000 , , ` 1,20,000 ` 8 . . ` 50 80,000 20% ` 20 (` 5 ) ` 15 (` 5 ) ` 15 1,20,000 20,000 4,000 , 2,500 , ` 60 , ` 50 67/1/1 10 DF Ltd. invited applications for issuing 50,000 shares of ` 10 each at a premium of ` 2 per share. The amount was payable as follows : On Application : ` 3 per share (including premium ` 1) On Allotment : ` 3 per share (including premium ` 1) On First call : ` 3 per share On Second and Final Call : Balance amount Application for 70,000 shares were received. Allotment was made on the following basis. Applications for 5,000 shares Full Applications for 50,000 shares 90% Balance of the applications were rejected. ` 1,11,000 were received on account of allotment. The amount of allotment due from the shareholders to whom shares were allotted on prorata basis was fully received. A few shareholders to whom shares were allotted in full, failed to pay the allotment money. ` 1,20,000 were received on first call. Directors decided to forfeit those shares on which allotment and call money was due. Half of the forfeited shares were re-issued @ ` 8 per share fully paid up. Final call was not made. Pass the necessary journal entries for the above transactions in the book of DF Ltd. OR EF Ltd. invited applications for issuing 80,000 equity shares of ` 50 each at a premium of 20%. The amount was payable as follows : On Application : ` 20 per share (including premium ` 5) On Allotment: ` 15 per share (including premium ` 5) On First Call : ` 15 per share On Second and Final call : Balance amount Applications for 1,20,000 shares were received. Applications for 20,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Seema, holding 4,000 shares failed to pay the allotment money. Afterwards the first call was made. Seema paid allotment money along with the first call. Sahaj who had applied for 2,500 shares failed to pay the first call money. Sahaj s shares were forfeited and subsequently reissued to Geeta for ` 60 per share, ` 50 per share paid up. Final call was not made. Pass necessary journal entries for the above transactions in the books of EF Ltd. by opening calls-in-arrears account. 67/1/1 11 P.T.O. 17. , 2 : 2 : 1 31 , 2018 - 31-3-2018 , - 1,60,000 1,20,000 92,000 (`) 45,000 13,000 20,000 3,72,000 (`) 42,000 60,000 2,000 4,50,000 58,000 80,000 90,000 1,80,000 4,50,000 (i) 10% - (ii) 15% (iii) ` 87,000 (iv) ` 3,00,000 (v) , - 3 : 2 - 31 , 2018 - 31 , 2018 - 5,00,000 4,00,000 (`) 60,000 60,000 1,46,000 2,000 9,00,000 10,20,000 67/1/1 (`) 1,66,000 1,44,000 1,50,000 2,60,000 3,00,000 10,20,000 12 8 1 , 2018 1 4 ( ) ` 4,00,000 , ( ) 20% 90% ( ) ` 3,00,000 ( ) ` 3,00,000 , - Akul, Bakul and Chandan were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31st March, 2018 their Balance Sheet was as follows : Balance Sheet of Akul, Bakul and Chandan as on 31-3-2018 Liabilities Amount (`) Sundry Creditors 45,000 Cash at Bank Employees Provident Fund 13,000 Debtors General reserve 20,000 Less : Provision Capitals : Amount Assets for doubtful debts (`) 42,000 60,000 2,000 58,000 Akul 1,60,000 Stock 80,000 Bakul 1,20,000 Furniture 90,000 Chandan 92,000 3,72,000 Plant and Machinery 1,80,000 4,50,000 4,50,000 Bakul retired on the above date and it was agreed that : (i) Plant and Machinery was undervalued by 10%. (ii) Provision for doubtful debts was to be increased to 15% on debtors. (iii) Furniture was to be decreased to ` 87,000. (iv) Goodwill of the firm was valued at ` 3,00,000 and Bakul s share was to be adjusted through the capital accounts of Akul and Chandan. (v) Capital of the new firm was to be in the new profit sharing ratio of the continuing partners. Prepare Revaluation account, Partners Capital accounts and the Balance Sheet of the reconstituted firm. OR 67/1/1 13 P.T.O. Sanjana and Alok were partners in a firm sharing profits and losses in the ratio 3 : 2. On 31st March, 2018 their Balance Sheet was as follows : Balance Sheet of Sanjana and Alok as on 31-3-2018 Liabilities Creditors Amount Amount Assets (`) (`) 60,000 Cash Workmen s Compensation Fund Debtors 1,66,000 1,46,000 60,000 Less : Provision for doubtful debts Capitals : Sanjana 5,00,000 Alok 4,00,000 2,000 1,44,000 Stock 1,50,000 Investments 2,60,000 9,00,000 Furniture 10,20,000 3,00,000 10,20,000 On 1st April, 2018, they admitted Nidhi as a new partner for 1/4 th share in the profits on the following terms : (a) Goodwill of the firm was valued at ` 4,00,000 and Nidhi brought the necessary amount in cash for her share of goodwill premium, half of which was withdrawn by the old partners. (b) Stock was to be increased by 20% and furniture was to be reduced to 90%. (c) Investments were to be valued at ` 3,00,000. Alok took over investments at this value. (d) Nidhi brought ` 3,00,000 as her capital and the capitals of Sanjana and Alok were adjusted in the new profit sharing ratio. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm on Nidhi s admission. 67/1/1 14 I ( ) PART B (OPTION I) (Analysis of Financial Statements) 18. , ` 3,00,000 , ` 6,00,000 ` 9,00,000 ` 70,000 ` 79,000 ` 10,000 1 Mevo Ltd., a financial enterprise had advanced a loan of ` 3,00,000, invested ` 6,00,000 in shares of the other companies and purchased machinery for ` 9,00,000. It received dividend of ` 70,000 on investment in shares. The company sold an old machine of the book value of ` 79,000 at a loss of ` 10,000. Compute Cash flows from Investing Activities. 19. - 1 Give the meaning of Cash Equivalents for the purpose of preparing Cash Flow Statement. 20. 67/1/1 , 2013 -III, -I - - , (i) - (ii) (iii) (iv) (v) (vi) (vii) (viii) 15 4 P.T.O. Explain briefly any four objectives of Analysis of Financial Statements . OR State under which major headings and sub-headings will the following items be presented in the Balance Sheet of a company as per Schedule-III, Part-I of the Companies Act, 2013. (i) Prepaid Insurance (ii) Investment in Debentures (iii) Calls-in-arrears (iv) Unpaid dividend (v) Capital Reserve (vi) Loose Tools (vii) Capital work-in-progress (viii) Patents being developed by the company. 21. ( ) . . 3+1 = 4 ` 8,00,000. 1.5 : 1 2 : 1. 6 , 25% , ( ) 60% ` 20,000 , ( ) ` 4,00,000 1,80,000 1,00,000 - - 70,000 30,000 1,20,000 ( ) 1 : 2 , 67/1/1 16 (a) Calculate Revenue from operations of BN Ltd. From the following information : Current assets ` 8,00,000. Quick ratio is 1.5 : 1 Current ratio is 2 : 1. Inventory turnover ratio is 6 times. Goods were sold at a profit of 25% on cost. (b) (a) (b) The Operating ratio of a company is 60%. State whether Purchase of goods costing ` 20,000 will increase, decrease or not change the operating ratio. OR Calculate Total Assets to Debt ratio from the following information : ` Equity Share Capital 4,00,000 Long Term Borrowings 1,80,000 Surplus i.e. Balance in statement of Profit and Loss 1,00,000 General Reserve 70,000 Current Liabilities 30,000 Long Term Provisions 1,20,000 The Debt Equity ratio of a company is 1 : 2. State whether Issue of bonus shares will increase, decrease or not change the Debt Equity Ratio. 22. 31 , 2017 2018 - - ( %) - ( %) 2017-18 2016-17 ` 6,00,000 ` 5,00,000 20% 20% 40% 30% 50% 50% 4 From the following information extracted from the Statement of Profit and Loss for the years ended 31st March, 2017 and 2018, prepare a Comparative Statement of Profit & Loss. Particulars Revenue from operations Other incomes (% of revenue from operations) Employee benefit expenses (% of Total Revenue) Tax rate 67/1/1 17 2017-18 ` 6,00,000 20% 40% 50% 2016-17 ` 5,00,000 20% 30% 50% P.T.O. 23. 31-3-2018 - 31-3-2018 - I (`) (`) ( ) 7,90,000 5,80,000 1 4,60,000 1,20,000 2 5,00,000 3,00,000 ( ) 3 1,15,000 42,000 ( ) 4 1,18,000 46,000 19,83,000 10,88,000 5 9,80,000 6,35,000 6 2,68,000 1,70,000 ( ) 1,40,000 70,000 ( ) 4,40,000 1,50,000 ( ) 1,55,000 63,000 19,83,000 10,88,000 ( ) (2) (3) (1) (2) (i) (ii) 67/1/1 31-3-17 (1) II. 31-3-18 18 1. 2. 6. (`) 3,20,000 60,000 1,40,000 60,000 4,60,000 1,20,000 5,00,000 3,00,000 5,00,000 3,00,000 1,15,000 42,000 1,15,000 42,000 1,18,000 46,000 1,18,000 46,000 11,00,000 7,50,000 ( ) (1,20,000) (1,15,000) 9,80,000 6,35,000 2,68,000 1,70,000 2,68,000 1,70,000 5. (`) ( - ) 4. 31-3-17 12% 3. 31-3-18 1 , 2017 12% 67/1/1 19 6 P.T.O. From the following Balance Sheet of Kiero Ltd. and the additional information as on 31-3-2018, prepare a Cash Flow Statement : Kiero Ltd. Balance Sheet as at 31-3-2018 Particulars I Note 31-3-18 31-3-17 No. (`) (`) Equity and Liabilities (1) (2) Shareholders Funds (a) Share Capital (b) Reserves and Surplus 5,80,000 1 4,60,000 1,20,000 2 5,00,000 3,00,000 Non-Current Liabilities Long term Borrowings (3) 7,90,000 Current Liabilities (a) Short term borrowings 3 1,15,000 42,000 (b) Short term Provisions 4 1,18,000 46,000 19,83,000 10,88,000 Total II. Assets (1) Non-Current Assets Fixed Assets (2) (i) Tangible Assets 5 9,80,000 6,35,000 (ii) Intangible Assets 6 2,68,000 1,70,000 Current Assets (a) Current Investments 1,40,000 70,000 (b) Trade Receivables 4,40,000 1,50,000 (c) Cash and Cash Equivalents 1,55,000 63,000 19,83,000 10,88,000 Total 67/1/1 20 Notes to Accounts Note Particulars 31-3-18 (`) 31-3-17 (`) No. 1. 2. Reserves and Surplus Surplus(Balance in Statement of Profit & Loss) 3,20,000 60,000 General Reserve 1,40,000 60,000 4,60,000 1,20,000 5,00,000 3,00,000 5,00,000 3,00,000 1,15,000 42,000 1,15,000 42,000 1,18,000 46,000 1,18,000 46,000 Plant and Machinery 11,00,000 7,50,000 Less : Accumulated Depreciation (1,20,000) (1,15,000) 9,80,000 6,35,000 2,68,000 1,70,000 2,68,000 1,70,000 Long-term Borrowings 12% Debentures 3. Short-term Borrowings Bank Overdraft 4. Short-term Provisions Provision for Tax 5. 6. Tangible Assets Intangible Assets Goodwill Additional Information : 12% debentures were issued on 1st September, 2017. 67/1/1 21 P.T.O. ( II) ( ) Part B OPTION II (Computerised Accounting) 18. ? 1 What is meant by Data base design ? 19. - ( - ) ? 1 What is meant by a Summary Query ? 20. ? 4 Why is it necessary to have safety features in accounting software ? Explain any two tools which provide data security. 21. Explain Null Values and Complex attributes . OR Explain closing entries and adjusting entries. 67/1/1 22 4 22. 4 Explain Transparency control and Scalability as features of Computerized Accounting System. OR Explain Payroll Accounting Subsystem & Costing Subsystem . 23. ( ) 6 Name and explain the function which returns the future value of an investment which has constant payment and interest. _____________ 67/1/1 23 P.T.O. 67/1/1 24

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