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CBSE Class 12 Pre Board 2021 : Accountancy (Kendriya Vidyalaya (KV), Lucknow Region)

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KENDRIYA VIDYALAYA SANGATHAN, LUCKNOW REGION SECOND PRE-BOARD EXAMINATION - 2020-21 CLASS XII SUBJECT ACCOUNTANCY (055) Time Allowed: 3 Hours Max. Marks: 80 General Instructions: 1. This question paper comprises two Parts A and B. There are 32 questions in the question paper. All questions are compulsory. 2. Question nos. 1 to 13 and 23 to 29 are very short answer type questions carrying 1 mark each. 3. Question nos. 14 and 30 are short answer type I questions carrying 3 marks each. 4. Question nos. 15 to 18 a nd 31 are short answer type II questions carrying 4 marks each. 5. Question nos. 19, 20 and 32 are long answer type I questions carrying 6 marks each. 6. Question nos. 21 and 22 are long answer type II questions carrying 8 marks each. 7. There is no overall choice. However, an internal choice has been provided in 2 questions of three marks, 2 questions of four marks and 2 questions of 8 marks. PART A: (Accounting for Not for profit organization, Partnership firm and companies) Q1. Ritu withdrew Rs 2,00,000 against capital besides withdrawing Rs. 10,000 every month at the end of the month. If interest on drawings is charged @ 8% per annum, what will be the amount of interest? a) Rs 9,600 b) Rs 5,400 c) Rs 4,400 d) Rs 4,800 1 Q2. Neha, Shaweta and Preeti are partners sharing profits and losses in the ratio of 5:3:2. They decide to admit Raj for 1/6th share. On the date of admission, the following balances exist in the Balance Sheet: General Reserve Rs 35,000 Profit & Loss A/c (Cr.) Rs 15,000 Pass the necessary Journal entry. 1 Q3. Securities Premium Reserve can be used by the company for a) paying dividend. b) Adjusting trading loss. c) Issuing fully paid-up bonus shares. d) Adjusting loss on revaluation of assets. 1 Q4. What amount of Building Fund will be shown in the Balance Sheet of Bareilly Cricket Association if: Balance of Building Fund Rs 10,00,000 Donations received for Building Rs 12,00,000 Expenditure incurred on the Construction of Sports Room: Rs 9,00,000 a) Rs 9,00,000 c) Rs 22,00,000 b) Rs 10,00,000 d) Rs 13,00,000 1 Q5. Subhash & Co. is dissolved. It is agreed with Amit, a partner that he will oversee the dissolution for a remuneration of Rs 15,000. Dissolution expenses were Rs 18,000 which were paid by the firm. Realization Account will be debited by: a) Rs 15,000 b) Rs 18,000 c) Rs 33,000 d) Rs 3,000 1 1 Q6. Abhishek Ltd. forfeited 300 shares of Rs 10 each, fully called up, held by Rohan for non-payment of allotment money of Rs 3 per share and final call money of Rs 4 per share. Out of these shares, 250 shares were re-issued to Rachit for Rs 2,000 as fully paid-up. The gain on reissue is: a) Rs 900 b) Rs 400 c) Rs 750 d) Rs 250 1 Q7. Debtors Rs 1,32,000, Provision for Doubtful Debts Rs 12,000. Rs 24,000 of the book debts are bad. Realisation Account is to be credited by a) Rs 1,08,000 b) Rs 1,20,000 c) Rs 96,000 d) None of these 1 Q8. For which of the following situations, the Old Profit-sharing Ratio is used at the time of Reconstitution of Partnership-Change in Profit-sharing Ratio: a) Write off the existing goodwill appearing in the books of the firm. b) Distribution of gain/loss of Revaluation Account. c) Distribution of any reserve or accumulated profits/losses existing in the books of the firm. d) All of the above. 1 Q9. M, N and P were partners sharing profits in the ratio of 3:2:1. P died on 31st May, 2020. P s share of profits till the date of his death was calculated at Rs 7,250. Pass the necessary Journal entry. 1 Q10. Ajay and Deepak are partners with capitals of Rs 30,000 each. They admit Aditya as a partner for 1/4th share in the profits of the firm. Aditya brings Rs 48,000 as his share of capital. Profit and Loss A/c showed a credit balance of Rs 24,000 as on the date of admission of Aditya. The amount of firm s goodwill is: a) Rs 40,000 b) Rs 60,000 c) Rs 75,000 d) Rs 30,000 1 Q11. P, Q and R were partners sharing profits and losses equally. P died. The amount due to P was calculated as Rs. 30,000 without considering the following: Unrecorded assets taken by P Rs 10,000; Unrecorded liabilities assumed by the executors of P Rs.1000 What is the amount due to P s executors? a) Rs 41,000 b) Rs 40,000 c) Rs 24,000 d) Rs 39,000. 1 Q12. Partnership Deed provides to pay remuneration @ 2% of net sales to each partner Anil and Sunil. Net Sales and Net Loss for the year are Rs 10,00,000 and Rs 1,00,000 respectively. How much remuneration will be paid to Anil and Sunil? 1 Q13. Match the following: a) Fixed Capital b) Fluctuating Capital c) Interest on Capital d) Interest on Loan (i) Profit & loss Appropriation A/c (ii) Profit & Loss A/c (iii) Current A/c and Capital A/c (iv) Capital A/c 2 1 Q14. Show the following information in financial statements of a Not-for-Profit Organisation: Details Amount (Rs) 8,00,000 4,00,000 2,40,000 3,60,000 4,00,000 Match Expenses Match Fund Donation for Match Fund Sale of Match tickets Match Fund Investment OR On the basis of the information given below, calculate the amount of stationary to be debited to Income and Expenditure Account of Youth Sports Club for the year ended 31st March, 2020: Particulars Stock of Stationery Creditors for Stationery 1st April, 2019 (Rs.) 31st March, 2020 (Rs.) 40,000 45,000 30,000 55,000 Stationary purchased during the year ended 31st March, 2020 was Rs 2,35,000. 3 Q15. Ankit, Himanshu and Praveen are partners in a firm. Net profit of the firm for the year ended 31 st March, 2020 is Rs 30,000 which was distributed among the partners in their agreed ratio 3:1:1. It is noticed on 10th April, 2020 that the undermentioned transactions were not passed through the books of accounts of the firm for the year ended 31st March,2020. a) Interest on capital @ 6% per annum; the capitals of Ankit, Himanshu and Praveen being Rs.50,000, Rs.40,000 and Rs 30,000 respectively. b) Interest on drawings: Ankit Rs 350; Himanshu Rs 250; Praveen Rs 150. c) Partners Salaries: Ankit Rs 5,000; Himanshu Rs 7,500. d) Commission due to Ankit (for a special transaction) Rs 3,000. You are required to pass an adjustment entry to rectify the error (show your working clearly). OR Gaurav, Ritik and Vipin were partners in the firm sharing profit in the ratio of 4:3:3. Their fixed capitals on 1st April, 2019 were Rs 9,00,000, Rs 5,00,000 and Rs 4,00,000 respectively. On 1st November, 2019, Gaurav gave a loan of Rs 80,000 to the firm. As per the partnership agreement: a) The partners were entitled to an interest on capital @ 6% p.a. b) Interest on partners drawings was to be charged @ 8% p.a. The firm earned profits of Rs 2,53,000 (after interest on Gaurav s loan) during the year 2019-20. Partners drawings for the year amounted to Gaurav Rs. 80,000 Ritik Rs 70,000 and Vipin Rs 50,000. Prepare Profit and Loss Appropriation Account for the year ending 31st March, 2020. 4 Q16. Neha Ltd. has an authorized capital of Rs.20,00,000 divided into equity shares of Rs.10 each. The company invited applications for 60,000 shares. Applications were received for 58,000 shares. All calls were made and were duly received except the final call of Rs 3 per share on 2000 shares. These shares were forfeited. Present share capital in the Balance Sheet of the company as per schedule III of the Companies Act, 2013. 4 3 Q17. M and N started a business on 1st April, 2019 by contributing Rs 5,00,000 and Rs 2,50,000 respectively as capital. On 1st July, 2019, M gave loan to the firm of Rs 2,00,000. N alone was looking after the business of the firm during the year ended 31st March, 2020, the firm earned a net profit of Rs 4,09,000. There was no partnership agreement- oral or written. At the time of the distribution of profit: M Claims: a) Interest to be given on capital and loan @ 12% p.a. b) The profit should be distributed in the capital ratio. N Claims: a) Salary of Rs 10,000 p.m. for his service; and b) Commission Rs 5,000 p.m. in addition to Salary. How will be the dispute settled? 4 Q18. X and Y were partners in a firm, sharing profits in the ratio of 2:3. On 31st March, 2020, their Balance Sheet was as follows: Liabilities Creditors Workmen Compensation Reserve Capital A/cs: X 2,00,000 Y 3,00,000 Rs 1,05,000 1,00,000 5,00,000 7,05,000 Assets Bank Stock Furniture Computers Land and Building Rs 1,55,000 1,00,000 1,00,000 50,000 3,00,000 7,05,000 The partners decide to dissolve the firm on 1st April, 2020. The assets and liabilities were settled as follows: a) X agreed to take Land and Building at Rs 3,50,000 and Stock at Rs 90,000. b) Creditors accepted furniture and computers in settlement of their claims. Pass necessary Journal entries in respect of Realisation Account. 4 Q19. (a) Ritu Ltd. took over assets of Rs.10,80,000 and liabilities of Rs 80,000 of Amit Ltd. at the value of Rs 9,60,000 payable as Rs 2,40,000 by cheque and the balance by issuing 10% debentures of Rs 100 each at the premium of 20%. Pass the journal entries to record the above in the books of Ritu Ltd. b) Pass necessary Journal entries for the following cases: Case I: Praveen Ltd. Issued 10%, 1,000 Debentures of Rs 100 each at par, redeemable at a premium of 10%. Case II: Tarun Ltd. Issued 12% Debentures of Rs 50,000 at a discount of 5%, redeemable at a premium of 10%. 6 4 Q20. Following is the Receipts and Payments Account of Bradman Cricket Club for the year ended 31st March, 2020: RECEIPT AND PAYMENT ACCOUNT for the year ended 31st March, 2020 Dr. Cr. Receipts Rs Payments Rs To Balance b/d To Donation To Life Membership Fees To Receipts from Matches To Subscriptions To Lockers Rent To Interest on Investments To Sale of Furniture (Book Value Rs 1,600) To Entrance Fees 1,00,000 20,000 8,000 16,000 10,400 800 480 2,000 By Building By Match Expenses By Furniture By 10% Investments By Salaries: Y/E 31st March, 2019 Y/E 31st March, 2020 By Insurance By Sundry Expenses 6,000 By Balance c/d 1,63,680 1,08,000 900 5,100 32000 4,000 10,000 14,000 700 1,940 1,040 1,63,680 Additional information: a) Subscriptions outstanding on 31st March, 2019 were Rs 200 and on 31st March, 2020 were Rs 1,380. b) Outstanding salaries for the year ended 31st March, 2020 were Rs 800 and outstanding sundry expenses were Rs 600. c) Donation includes Rs. 20,000 for general donations and balance for building. d) 10% Investments were purchased on 1st July, 2019. Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2020. 6 Q21. Ritu and Anuj were partners in a firm and were sharing profits in the ratio of 3:1. On 31 March, 2020 their Balance Sheet was as follows: BALANCE SHEET OF RITU AND ANUJ as on 31st March, 2020 Liabilities Rs Assets Rs Provision for Bad Debts 7,000 Bank 24,000 Outstanding Expenses 18,000 Bills Receivable 80,000 Bills Payable 47,000 Sundry Debtors 95,000 Sundry Creditors 1,02,000 Stock 14,000 Workmen Compensation Reserve 55,000 Furniture 70,000 Capital A/cs: Machinery 2,00,000 Ritu 3,00,000 Land and Building 1,96,000 Anuj 1,50,000 4,50,000 6,79,000 6,79,000 On the above date Vinay was admitted as a partner for 1/5th share in the profits on the following conditions: a) Vinay will bring Rs 2,00,000 as his capital and necessary amount for his share of goodwill premium. The goodwill of the firm on Vinay s admission was valued at Rs 1,00,000. b) Outstanding expenses will be paid off. c) Rs 5000 will be written off as bad debts and a provision of 5% for bad debts on debtors was to be maintained. d) The liability towards workmen compensation was estimated at Rs 60,000. e) Machinery was to be depreciated by Rs 18,000 and Land and Building was to be depreciated by Rs 54,000. Pass necessary Journal entries for the above transactions in the book of the firm. 5 OR .X, Y and Z were partners in a firm sharing profits in the ratio of 1/2 : 1/3 : 1/6 respectively. Balance Sheet if the firm as on 31st March, 2020 was as follows: Liabilities Creditors Bills Payable General Reserve Capital A/cs: X Y Z BALANCE SHEET OF X, Y and Z as on 31st March, 2020 Rs Assets 9,500 Cash at Bank 2,500 Debtors 6,000 Less: Prov for Doubtful Debts Stock 20,000 Machinery 15,000 Building 12,500 47,500 65,500 8,000 250 Rs 1,250 7,750 12,500 21,500 22,500 65,500 Y retired from the firm on the above date on the following terms: a) Goodwill of the firm be valued at Rs 9000. Y s share is to be adjusted in the capital accounts of X and Z. b) Machinery was to be reduced to Rs 19,150. c) Stock to be appreciated by 20% and Building by 10%. d) Provision for Doubtful Debts to be increased by Rs 975. e) Liability for Workmen s Compensation Claim to the extent of Rs 825 to be accounted. f) It was agreed that X and Z will share future profits in the ratio of 3:2. You are required to prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the firm after the retirement of Y. 8 Q22. Sunrise Ltd. invited applications 2,00,000 Equity Shares of Rs 100 each at a premium of Rs 10 per share. The amount was payable as follows: On application Rs 40 per share (including premium), on allotment Rs 30 per share and the balance on first and final call. Applications for 3,00,000 shares were received. Applications for 40,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Ramesh who was allotted 2,000 shares did not pay the allotment and first and final call money. His shares were forfeited. The forfeited shares were reissued at Rs 90 per share as fully paid-up. Pass necessary Journal entries in the books of company if Calls-in-Arrears Account is to be maintained. OR Queen Ltd. invited applications for 80,000 shares of Rs 10 each at par. The amount was payable as follows: On Application Rs 2 On Allotment Rs 4 On First and Final Call Rs 4 Applications for 1,00,000 shares were received. Allotment was made on pro-rata basis to all the applicants. Excess money received on applications was adjusted on sums due on allotment. Satnam who had applied for 1000 shares did not pay the allotment money and his shares were immediately forfeited. Harnam did not pay the first and final call on 800 shares allotted to him. His shares were also forfeited. All the forfeited shares were re-issued at Rs. 12 per share as fully paid-up. Pass necessary Journal entries in the books of Queen Ltd. for the above transactions boys if Calls-in-Arrears Account is maintained. 8 6 PART-B ANALYSIS OF FINANCIAL STATEMENTS Q23. An example of an activity which is shown as Financing Activity in case of all enterprises is: a) Purchase of Goodwill. b) Payment of salaries to employees. c) Payment for purchase of Assets. d) Payment of dividend on shares. 1 Q24. In a Company s Balance Sheet, Calls-in-advance and interest thereon is shown under a) Non-current Liabilities. b) Current liabilities. c) Non-current Assets. d) Current Assets. 1 Q25. Comparison of values of one period with those of another period for the same firm is: a) Intra-firm comparison. b) Inter-firm comparison. c) Pattern Comparison. d) Trend Comparison. 1 Q26. 10% Debentures, earlier shown as Long-term Borrowings, redeemable within 12 months of the Balance Sheet will be shown as under: a) Short-term Borrowings. b) Short-term Provisions. c) Other Current Liabilities. d) Trade Payables. 1 Q27. Sunrise Ltd. has a Current Ratio at 3:1. To maintain this ratio at 4:1, management may a) Pay a Current Liability. b) Sell Stock-in-trade at profit. c) Sell Fixed Assets at Loss. d) All of the above. 1 Q28. Which of the following is not an investing cash flow? (a) Purchase of marketable securities of Rs 25,000 (b) Sale of land for Rs 28,000 cash. (c) Sale of 2,500 share ( held as investment ) for Rs. 15 each (d) Purchase of equipment for Rs 500 cash. 1 Q29. Current Ratio is 2:1. State giving reason, whether the Current Ratio will improve or decline or will not change on purchase of inventory for cash. Q30. Net profit after interest and tax Rs 1,00,000 ; Current Assets Rs 4,00,000 ; Current Liabilities Rs 2,00,000 ; Tax Rate 20% ; Fixed Assets Rs 6,00,000 ; 10% Long-Term Debt Rs 4,00,000. Calculate Return on Investment. OR 7 3 From the following information, calculate (i) Current Ratio; (ii) Quick Ratio: Particulars Rs Particulars Trade Receivables 8,00,000 Bills Payable Inventory 3,20,000 Sundry Creditors Marketable Securities 1,60,000 9% Debentures Cash and Bank Balances 2,40,000 Expenses payable Prepaid expenses 80,000 Revenue from Operations Rs 1,60,000 3,20,000 4,00,000 3,20,000 40,00,000 Q31. Prepare Common-size Balance Sheet from the following information: 31st March, 2020 (Rs) 31st March, 2019 (Rs) Shareholders Funds 9,00,000 6,00,000 Non-Current Liabilities 3,00,000 3,00,000 Current Liabilities 3,00,000 1,00,000 Non-current Assets 10,50,000 7,00,000 Current Assets 4,50,000 3,00,000 OR From the following information prepare a Comparative Statement of Profit & Loss of Sunrise Ltd.: 31.3.2020 31.3.2019 Rs. Rs. Revenue from Operations 18,00,000 15,00,000 Cost of Materials Consumed 14,00,000 11,00,000 Other Expenses 12% of Material Consumed 12% of Material Consumed Income Tax 50% 40% Q32. Following is the Balance Sheet of Prakash Ltd. as at 31-3-2020: Balance Sheet of Prakash Ltd as at 31-3-2020 Particulars Note No 31-3-2020 31-3-2019 EQUITY & LIABILITIES (1) Shareholders Funds a) Share Capital 15,00,000 14,00,000 b) Reserves & Surplus 1 2,50,000 1,10,000 (2) Non-Current Liabilities a) Long-Term Borrowings 2,00,000 1,25,000 (3) Current Liabilities a) Short term Borrowings 2 12,000 10,000 b) Trade Payables 15,000 83,000 c) Short term Provisions 3 18,000 11,000 TOTAL 19,95,000 17,39,000 ASSETS 1) Non-Current Assets a) Fixed Assets (i) Tangible Assets 4 18,60,000 16,10,000 (ii) Intangible Assets 5 50,000 30,000 2) Current Assets a) Current Investments 8,000 5,000 b) Inventories 37,000 59,000 c) Trade Receivable 26,000 23,000 d)Cash & Bank 14,000 12,000 TOTAL 19,95,000 17,39,000 8 4 Notes to Accounts: Note No. Particulars 1 Reserves and Surplus: Surplus (Balance in Statement of Profit & Loss) 2 Short Term Borrowings: Bank Overdraft 3 Short Term Provisions Provision for Tax 4 Tangible Assets Machinery Accumulated Depreciation 5 Intangible Assets Patents 31-3-2020 31-3-2019 2,50,000 1,10,000 12,000 10,000 18,000 11,000 20,00,000 (1,40,000) 17,00,000 (90,000) 50,000 30,000 Additional Information: (i) Tax paid during the year amounted to Rs 16,000. (ii) Machine with a net book value of Rs 10,000 (Accumulated Depreciation Rs 40,000) was sold for Rs 2,000. Prepare Cash Flow Statement. 6 9

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