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CBSE Class 12 Sample / Model Paper 2023 : Accountancy

9 pages, 87 questions, 1 questions with responses, 1 total responses,    1    0
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SAMPLE PAPER ACCOUNTANCY CLASS: - XII SET-1, (2022-23) Time: 3 Hrs MM:80 General Instructions: (i) This question paper contains 34 questions. All questions are compulsory. (ii) This question paper is divided into two parts, Part A and B. (iii) Part-A is compulsory for all candidates. (iv) Part-B. Analysis of Financial Statements. (v) Question 1 to 16 and 27 to 30 carries 1 mark each. (vi) Questions 17 to 20, 31 and 32 carries 3 marks each. (viii) Questions from 21, 22 and 33 carries 4 marks each. (ix) Questions from 23 to 26 and 34 carries 6 marks each. There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2 questions of three marks, 1 question of four marks and 2 questions of six mark Q No. Part A - Accounting for Partnership Firms and Companies Marks 1. Aman, Nitin and Shubham are partners sharing profits in the ratio of 2:2:1. Nitin retired and his share is taken by Shubham only. Calculate new profit sharing ratio of Aman and Shubham. 1 (a) 2 : 6 (c) 1:1 2 There are two statements marked as Assertion (A) and Reason (R.). Read the statement and choose the appropriate option from the options given below: Assertion (A): Loan from spouse of a partner is considered as external liability. Reason (R): It is shown on the debit side of Realisation. (a) Both A and R are true and R is the correct explanation of A (c) A is true but R is false 3 (b) 2:3 (d) 2:1 (a) Both A and R are true but R is not the correct explanation of A (d) A is false but R is true Abha Ltd forfeited 7000 equity shares of Rs. 100 each issued at a premium of 10%, for non-payment of first and final call of 40 per share. The maximum amount of discount at which these shares can be reissued will be: (a) 2,80,000 (c) 4,90,000 1 (b) 3,50,000 (d) None of these OR 1 1 When debentures are issued at a discount but are redeemable at a par, which of the following account will be debited at the time of issue. (a) Discount on issue of Debentures A/c (c) Premium on redemption of deb. A/c 4 (b) Loss on issue of Debentures A/c (d) Security Premium A/c Calculate the value of goodwill at 3 years purchase when normal rate of return is 10%. Capital employed 2, 50,000, and Average Profit 30,000. (a) 3,000 (c) 30,000 1 (b) 25,000 (d) 15,000 OR In case of Workmen Compensation Reserve, if the amount claimed is more than the amount lying in WCR, then the shortfall will be recorded in : (a) Revaluation Account (b) Partners Capital Account (c) Balance Sheet (d) None of these 5 A partner withdrew 4,000 per month from 1st July, 2021, on beginning of every month. Accounts are closed at 31st March 2022. If rate of interest is 10% p.a. Calculate interest on drawings. (a) 1,600 (c) 1,500 6 (b) 1,800 (d) 2,200 Free Ltd. agreed to pay purchase consideration of 1, 30,000 by issuing fully paid up debentures of 100 at 120. How many debentures will be issued? (a) 1,083 (c) Can t be determined 1 1 (b) 1,084 (d) None of these OR The following journal entry is appearing in Cee Ltd. Bank Account Dr Loss on Issue of Debentures Account Dr To 12% Debentures To Premium on Redemption of Debentures 2,00,000 1,00,000 2,50,000 50,000 Debentures are issued at a discount of : (a) 5% (c) 15% 7 Luxor Ltd. issued 10,000, 7% debentures of 100 each at a discount of 4 redeemable at a premium of 6. It will write off loss on Issue of debentures from: (a) Securities Premium Reserve (c) Capital Reserve 8 (b) 10% (d) 20% (b) Statement of Profit and Loss Account (d) General Reserve A, B and K were partners sharing profits and losses in the ratio of 4:3:1. B retires and gives her share of profit to A for 3,600 and to K for 3,000. The gaining ratio of A and K will be: (a) 4:5 (c) 6:5 1 (b) 2:1 (d) 4:1 OR 2 1 V and S were partners in a firm sharing profits and losses in the ratio of 3:2. Their capitals were 1, 20,000 and 2, 40,000 respectively. They were entitled to interest on capital @ 10%. The firm earned a profit of 18,000 during the year. The interest on V s capital will be : (a) 12,000 (c) 7,200 9 A Company got its mining right recently. You are required to show this right in financial statements of the company as : (a) Expense (c) Current Asset 10 12 13 14 15 1 (b) 16,000 (d) 64,000 Vee and Anu are partners in a firm sharing profits and losses in the ratio 2:1. Their capital balances were 10, 00,000 and 8, 00,000 respectively. The firm made a profit during the year amounted to 3.45,000. Both partners are allowed a salary of 2,500 per month. Interest on capital is allowed @ 5% on capital balance. Calculate the Capital balance of Anu. (a) 9,35,000 (c) 9,85,000 1 (b) 28,800 (d) 40,000 A and B share profits in the ratio of 3:2. Their capitals are 40,000 and 30, 000 respectively. C is admitted for 1/5th share in profits. What is the amount of capital which C should bring? (a) 17,500 (c) 1,00,000 1 (b) Reserves & Surplus (d) Unsecured Loans Y Co. Ltd. purchased assets worth 28, 80,000. It issued debentures of 100 each at a discount of Rs. 4 % in full satisfaction of the purchase consideration. The number of debentures issued to vendor is : (a) 30,000 (c) 32,000 1 (b) 10,000 (d) None of these Balance of Share Forfeiture account is shown in the balance sheet under the item : (a) Current Liabilities & Provisions (c) Share Capital 1 (b) Long term Liability (d) None of the Above Ali has given guarantee to Celia for minimum 10,000 profit. At year end, the firm suffered loss and Celia s share in the loss was 2,000. Calculate amount of deficiency to be borne by Ali. (a) 2,000 (c) 12,000 1 (b) Intangible Asset (d) Non-Current Liability A Company issued Capital. A shareholder paid all money on allotment while first call is not called by the company. You are required to show this advance in Balance sheet of the company as : (a) Current Liability (c) Current Assets 11 (b) 10,800 (d) 6,000 (b) 9,10,000 (d) None of these 3 1 Or N, P and S are equal partners At the time of N s retirement. Workmen compensation Reserve (WCR) appears in the books at 70,000 and the claim of 25,000 was against it. The amount of WCR credited to N s Capital account will be : (a) 33,300 (c) 45,000 16 On dissolution of partnership firm, out of the total debtors of 2, 50,000, 10,000 become bad & the rest realised 70%. In the given case _____ will be debited by _____. (a) Realisation Account 1,75,000 (c) Capital Account 1,68,000 17 (b) 15,000 (d) 95,000 1 (b) Realisation Account 1,68,000 (d) Bank Account 1,68,000 X, Y and Z were partners in a firm sharing profits in the ratio of 3:2:1. The firm closes its books on 31st March every year. Y died on 12th June, 2022. On Y s death, the goodwill of the firm was valued at 60,000. His share of profit of the firm till the time of his death was to be calculated on the basis of previous year s profit which was 1, 50,000. According to Y s will the executors should donate his share to an orphanage for girls. 3 Pass the necessary journal entries for the treatment of goodwill and Y s share of profit at the time of his death. 18 Madhu and Neha were partners in a firm sharing profits and losses in the ratio of 3:5. Their fixed capital was 4, 00,000 and 6, 00,000 respectively. On 1st January 2021, Tina was admitted as a new partner for one-fourth share in the profits. Tina acquired her share of profits from Neha. Tina brought 4, 00,000 as her capital which was to be kept fixed like the capitals of Madhu and Neha. Calculate the goodwill of the firm on Tina s admission and the new profit sharing ratio of Madhu, Neha and Tina. Also pass necessary Journal entries for the treatment of goodwill on Tina s admission considering that Tina did not bring her share of goodwill premium in cash. 3 OR A and B are partners in a firm sharing profits and losses in the ratio of 3:2. Following is the Balance sheet of the firm as at 31st March 2022: Liabilities Capital A B Amount 60, 000 20,000 80,000 Assets Sundry Assets Amount 80,000 80,000 Profit 30,000 for the year ended 31st March 2021 was divided between the partners without allowing interest on capitals @12% p.a. and salary to A @ 1,000 per month. During the year A withdrew 10,000 and B 20,000. Pass the necessary adjustment entry and show your working clearly. 19 Lemon Ltd. purchased from C. Ltd., computers of 3,00,000 and software for 5,00,000 payable 80,000 by cheque and balance by issue of 7% Debentures of 100 each at a discount of 10%. The company has balance in Securities Premium Reserve of 40,000 and in Capital Reserve of 25,000. Pass the journal entries in the books of Lemon Ltd. OR Y Ltd took over the assets of Rs. 15, 00,000 and liabilities of Pvt. Ltd. for purchase consideration of 13, 68,500; 25,500 were paid by issuing a promissory note in favour 4 3 of P Ltd. payable after two months and the balance was paid by issue of Equity shares of 100 each at a premium of 25%. Pass necessary journal entries for the above transaction I the books of Y Ltd. 20 A and B are partners in the ratio of 2:3 with a capital of 4, 00,000 and 2, 00,000 respectively. Interest is to be allowed @ 6% p.a. Profit before allowing interest on capitals is 30,000. 3 Prepare Profit and Loss Appropriation Account to distribute profit or loss if interest on capital is considered to be a charge. 21 On 1/4/2022, Parul Ltd. issued 6,000, 12% Debentures of 100 each at par redeemable at a premium of 7% at the end of third year. Pass Journal entries for issue of debentures and writing off loss on issue of debentures. Also prepare Loss on Issue of Debentures account. 4 22 Pass necessary Journal entries for the following transactions on the dissolution of the firm. 4 (a) Debtors were of 1, 24,200. X takes over debtors amounted to 1, 20,000 at 1, 17,200 and the remaining debtors were sold to a debt collecting agency at 50% of the value. (b) Sundry Assets were of 1, 17,000. Y is to take over some sundry assets at 72,000 (being 10% less than the book value). Z is to take over remaining sundry assets at 80% of the book value. (c) Z assumes the responsibility of discharge of Mrs. Z s loan of 11,500 together with accrued interest of 2,300. 23 Simran Ltd. invited applications for issuing 3, 20,000 equity shares of 10 each at a premium of 5 per share. The amount was payable as follows. On Application- 3 per share (including premium of 1 per share) On Allotment- 5 per share (including premium of 2 per share) On First and Final Call = Balance Applications for 4, 00,000 shares were received. Applications for 40000 shares were rejected and application money refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jeevan holding 800 shares failed to pay the allotment money and his shares were immediately forfeited. Afterwards final call was made, Ganesh who had applied for 2,700 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares 1,500 shares were re-issued at 8 per share fully paid up. The reissued shares included all the forfeited shares of Jeevan. Pass journal entries for the above transactions in the books of the company. OR Journalise the following transactions in the books of B Oil Ltd. (a) 200 shares of 100 each issued at a premium of 10 were forfeited for the nonpayment of allotment money of 60 per share. The first and final call of 20 per share on these shares was not made. The forfeited shares were reissued at 70 per share as fully paid up. (b) 150 shares of 10 each issued at a premium of 4 per share payable with allotment were forfeited for non-payment of allotment money of 8 per share including premium. The first and final call of 4 per share was not made. The forfeited shares were reissued at 15 per share fully paid up. 5 6 24 A & B were partners sharing profits and losses in the ratio of 3:2. On 31st December 2021, their Balance Sheet was as follows: Liabilities Sundry Creditors Reserves Capital A B Amount Assets Cash Plant & Machinery Land Building Stock Debtors 32,000 20,000 60,000 50,000 1,62,000 6 Amount 4,000 40,000 80,000 22,000 16,000 1,62,000 On the above date, C was admitted into partnership on the following terms: (a) C was to pay 40,000 as capital and 20,000 as goodwill for 1/4th share in profits. (b) Land and building were to be valued at 90,000 and Plant and Machinery at 50,000. Stock was to be written down by 4,000. Creditors included 1,000 no longer payable. (c) Capitals of all partners of the new firm were to be in the profit sharing ratio and for this purpose current accounts were to be opened. Prepare Partners Capital Account. OR The Balance Sheet of A, B and C who were sharing profits and losses in the ratio of 1/2, 1/3 and 1/6 respectively was as follows as on 1st April, 2019. Liabilities Bills Payable Sundry Creditors Profit and Loss Account Capital A B C Amount 6,400 12,500 4,500 40,000 25,000 20,000 Assets Cash Bills Receivable Debtors Stock Furniture Plant & Machinery Building 1,08,400 Amount 25,650 5,400 17,800 22,300 3,500 9,750 24,000 1,08,400 A retired from business on 1st April, 2019 and his share in the firm was to be ascertained on the revaluation of assets as follows. Stock 20,000, Furniture 3,000; Plant & Machinery 9,000; Building 20,000; 850 was to be provided for doubtful debts. The goodwill of the firm was valued at 6,000. A was paid 11,500 in cash on retirement and the balance in three equal instalments with interest @ 9% per annum. Prepare Revaluation A/c, A s Capital A/c a A s Loan A/c till final payment is made to him. 25 Vijay, Vivek and Vinay are partners in a business sharing profits as 3/4, 1/8 and 1/8 respectively and their Balance Sheet as at 31st March, 2020 was: Liabilities Capital A/c: Vijay Vivek Vinay General Reserve Loan by Vinay ( ) Assets Plant Debtors Stock Cash Bank 5,00,000 3.00.000 2,50,000 50,000 50,000 6 ( ) 5,00,000 4,00,000 2,00,000 50,000 2,50,000 6 Creditors 2,50,000 14,00,000 14,00,000 Vinay died on 31st December, 2020 and the Partnership Deed provided the following: (a) The deceased partner will be entitled to his share of profits up to the date of death, calculated on the basis of previous year s profits. (b) He will be entitled to his share of goodwill of the firm, calculated on the basis of three years purchase of the average profits of the four years. The net profits for the last four years ended 31st March, 2017 8,00,000; 2018 6,00,000; 2019 4,00,000 and 2020 2,00,000. (c) His drawing up to the date of death was 18,000. Determine the amount payable to the legal representatives of the deceased partner by preparing the accounts. 26 The Kerala Coir Mills Ltd., with an authorised capital of 5,00,000 Equity Shares of 10 each, issued 2,00,000 Equity Shares, payable 3 on application, 2 on allotment, 3 on first call and 2 on second and final call. 6 The amount due on allotment was received. On the first call being made, one shareholder holding 6,000 Equity Shares paid second and final call along with the first call while five shareholders with a total holding of 10,000 Equity Shares did not pay the first call on their Equity Shares. Company has not demanded the second and final call. Pass Journal entries to record the transactions and draw up the company s Balance Sheet. Part B Analysis of Financial Statements 27 Ratio Analysis under financial analysis is significant as it : (a) Ignores qualitative factors (c) Does not requires any standards 1 (b) Helps in window dressing (d) Helps in locating weak points of the firm Or _____________ ratios are the measure of the speed with which various accounts are converted into revenue from operations or cash. (a) Activity (c) Debt 28 (b) Liquidity (d) Profitability What will be the Creditors Turnover Ratio? 1 Total Purchase 1,70,000 Purchase Return 8,000 Creditors at the beginning of year 24,000 (a) 5.12 times (c) 5.21 times 29 Cash Purchase 1,70,000 Creditors in the beginning 24,000 (b) 5.16 times (d) 5.25 times Z Ltd. redeemed Rs. 1, 00,000, 9% debentures at 10% premium. What will be the amount of Cash flow from financing activities? (a) 1,10,000 (c) 10,000 (b) 1,00,000 (d) None of these OR 7 1 Dividend received by financial enterprise is shown in cash flow statement under : (a) Operating Activity (b) Investing Activity (c) Financing Activity (d) None of the Above 30 Calculate purchase value of furniture. 1 Closing Balance ( ) Furniture Depreciation 4,20,000 1,10,000 Opening Balance ( ) 4,00,000 1,00,000 Furniture costing 40,000 with its accumulated depreciation of 24,000 was sold for 20,000. (a) 40,000 (c ) (70,000) 31 Classify the following items under Major heads and Sub-heads (if any) in the Balance Sheet of the Company as per Schedule III of the Companies Act 2013. (a) (b) (c) (d) (e) (f) 32 3 Bank Overdraft Net Loss as shown by Profit and Loss Statement Bonds Trademark Raw Materials Loose Tool. State giving reasons, which of the following transactions would increase, decrease or not change the Stock Turnover Ratio. (a) (b) (c) (d) (e) (f) 33 (b) 50,000 (d) (60,000) 3 Sale of goods for 25,000 (costing 20,000) Increase in the value of closing stock by 12,000 Goods purchased for 50,000. Purchase Return amounting to 5,000 Goods costing 15,000 distributed as free samples. Goods costing 5,000 withdrawn for personal use. Following information is available for the year as ending on 31st March 2022. Calculate Gross Profit Ratio. Cash Revenue from Operations Cash Purchases Credit Purchases Ratio of Cash sales & Credit Sales Salaries 50,000 30,000 1,20,000 1:3 50,000 Decrease in Inventory Return Outward Wages Carriage Inwards 20,000 4,000 10,000 4,000 OR From the following information calculate Proprietary Ratio. Long term borrowings 2,00,000 Long term provision 1,00,000 Current Liabilities 50,000 Non Current Assets 3,60,000 Current Assets 90,000 8 4 34 From the following Balance Sheets of Brothers Limited as on March 31st, 2020. Prepare a Cash Flow from operating and Investing Activities: BALANCE SHEET Note No. I. EQUITY AND LIABILITIES: 1. Shareholder s Funds: Equity Share Capital Reserve and Surplus 1 2. Non-Current Liabilities: Long-Term Borrowings (9% Debentures) 3. Current Liabilities: 2 Trade Payable Other Current Liabilities (Outstanding Rent) Particulars TOTAL II. ASSETS: 1. Non-Current Assets: Fixed Assets (Tangible Assets) Non-Current Investment (Shares in X Ltd.) 2. Current Assets: Inventories Trade Receivables Cash and Cash Equivalents TOTAL 3 31.03.2020 ( ) 31.03.2019 ( ) 7,50,000 1,80,000 7,50,000 90,000 2,40,000 1,80,000 1,35,000 1,35,000 1,80,000 1,20,000 14,40,000 13,20,000 10,05,000 1,80,000 9,00,000 1,20,000 90,000 1,20,000 45,000 1,20,000 1,20,000 60,000 14,40,000 13,20,000 Notes to Accounts: Note Particulars 31.03.2020 31.03.2019 No. ( ) ( ) 1. Reserve and Surplus: General Reserve 90,000 90,000 Balance in Statement of Profit and Loss 90,000 NIL 2. Trade Payables: Creditors 1,05,000 90,000 Bill Payable 30,000 90,000 Tangible Assets: 3 Plant and Machinery 11,17,000 9,75,000 Less: Accumulated Depreciation (1,12,500) (75,000) Additional Information: (I) During the year a machinery costing 37,500 and accumulated depreciation thereon 11,250 was sold for 24,000. (II) 9% Debentures 60,000 were issued on April 1st, 2019. ------------------------------------------------ 9 6

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