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
A partnership deed provides for the payment of interest on capital but there was a loss instead of profit during the year 2010-2011. At what rate, will the interest on capital allowed?
Would a ‘charitable dispensary’ run by 8 members deemed a partnership firm? Give reasons in support of your answer.
What is meant by calls in advance?
When realisation expenses are paid by a partner why is his capital account credited?
A and B who share profits in the ratio of 2:1 admit C as a partner for 1/5 share in profits which he acquires from A and B in ratio of 1:2 what will be new profit sharing ratio?
From how much amount debenture redemption reserve will be created in case of redemption of debentures by conversion.
A and B are partners in a firm. A was get commission of 10% on net profit before charging any commission. However, B was to get a commission of 10% on net profit after charging all commissions. Fill the missing figure in profit and loss appropriation account for year ended 31 March 2016.
Sarvottam Ltd. decided to redeem 1250,12% debentures of Rs 100 each. It purchased 850 debentures from open market at Rs 96 per debenture. The remaining debentures were redeemed out of profit. The company has already made a provision for debenture redemption reserve in books. Pass necessary journal entries in books of company for transactions.
On 1-1-2012, Z Ltd. issued 2,00,000, 6% debentures of Rs 100 each each at a discount of 4% redeemable at a premium of 5% after three year. The amount was payable as follows on application Rs 50 per debenture. Balance on allotment.
Record the necessary journal entry for issue of debentures.
The directors of a company forfeited 400 shares of Rs 10 each issued at a premium of Rs 3 per share for non payment of first call money of Rs 3 per share. The final call of Rs 2 per share has not been made, half the forfeited shares were reissued at Rs 2,000 fully paid. Record the journal entries for reissue of shares.
Mohan and Sam are partners in the ratio of 3 : 2. They admitted Madan, a specially abled unemployed engineer graduate as a partner for 1/4th share. Mohan and Sam decide to share profits equally in future.
You are required to:
(a) Identify two values in admitting Madan as a partner.
(b) Calculate new profit sharing ratio and sacrificing ratio.
Pass the journal entries for the following transactions on the dissolution of firm of K and L after the various assets and outside liabilities have been transferred to realisation A/c.
(i) Bank loan of Rs 15,000 was paid.
(ii) Stock worth Rs 20,000 was taken over by partner L.
(iii) K paid Rs 9,000 to a creditor.
(iv) Liability not appear in books of a/c settled at 3,700.
(v) Expenses of Rs 900 paid by L.
(vi) Loss on realisation of Rs 7,100 between K and L in 7 : 3 ratio.
(a) Shyam Ltd. converted 450,10% debentures of Rs 100 each by converting them into equity shares of Rs 100 each. Pass necessary journal entries in the books of Shyam Ltd.
(b) On 1-4-2005, J Ltd. had made an issue of 3,000, 6% debentures of Rs 100 each. The company during the year 2006-07, purchased for cancellation 600 of these debentures. The company paid ? 95 per debenture for 400 debentures and Rs 97 per debenture for the rest. The expenses on purchase amounted to Rs 500. Pass necessary journal entries in the books of the company for the period 2006-07.
The following information relates to a partnership firm:
(a) Profit for the last five years:
2008 Rs 80,000
2009 Rs 1,00,000
2010 Rs 2,00,000
2011 Rs 1,50,000
2012 Rs 2,70,000
Average capital employed is Rs 500000 and normal rate of profit is 20%.
Find out the value of goodwill on the basis of:
(i) Three years’ purchase of average profit
(ii) Three years’ purchase of super profit
(iii) Capitalisation of super profit
Jain and Gupta are partners in a firm sharing profits in the ratio of 2 : 3. Their balance sheet as at March 31-3-2013 is a follows:
The Goodwill of the firm has been valued at Rs 75,000, Land Rs 1,50,000 and buildings Rs 45,000. On March 31,2013, the partners decided to share profits equally with effect from April 1,2013. You are required to record necessary journal entries to be made in the books of the firm on account of change in the profit sharing ratio.
X Ltd. issued 40,000 equity shares of Rs 10 each at a premium of Rs 2.50 per share. The amount was payable as follows:
On application — Rs 2 per share
On allotment — Rs 4.50 per share (including premium)
and on call. — Rs 6 per share.
Owing to heavy subscription, the allotment was made on Pro-rata basis as follows:
(a) Applicants for 20,000 shares were allotted 10,000 shares.
(b) Applicants for 56,000 shares were allotted 14,000 shares.
(c) Applicants for 48,000 shares were allotted 16,000 shares.
It was decided that excess amount received on applications would be utilized on allotment and the surplus will be refunded.
Ram, to whom 1000 shares were allotted, who belong to category (a), failed to pay allotment money. His shares were forfeited after the call.
Pass the necessary journal entries in the books of X Ltd. For the above transactions.
Moti Ltd. invited applications for issuing 10,00,000 equity shares of Rs 10 each at a premium of Rs 2 per share. The amount was payable as follows:
On application — Rs 5 (including premium)
On allotment — Rs 4
On first and final call — Rs 3
Applications for 15,00,000 shares were received. Applications for 3,00,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Excess application money was utilised towards sums due on allotment. Giri, who had applied for 24,000 shares failed to pay the allotment and call money. His shares were forfeited. Out of the forfeited shares, 10,000 shares were reissued for Rs 8 per share fully paid up. Pass necessary Journal entries in the books on Moti Ltd.
B and C were partners sharing profits in the ratio of 3:2. Their balance sheet as on 31-3-2011 was as follows:
‘D’ was admitted to the partnership for 1/5th share in the profits on the following terms:
(i) The new profit sharing ratio was decided as 2 : 2 :1.
(ii) D will bring Rs 30,000 as his capital and Rs 15,000 for his share of goodwill.
(iii) Half of the goodwill amount was withdrawn by the partner who sacrificed his share of profit in favour of D.
(iv) A provision of 5% for bad and doubtful debts was to be maintained.
(v) An item of Rs 500 included in Sundry creditors was not likely to be paid.
(vi) A provision of Rs 800 was to be made for claims for damages against the firm.
After making the above adjustments, the capital accounts of B and C were to be adjusted on the basis of D’s capital. Actual cash was to be brought in or to be paid off as the case may be.
A, B and C were in partnership firm sharing profits in the proportion to their capitals. Their balance sheet on 31-03-2008 was as follows:
On the above date, B retired owing to ill health, the following adjustments were agreed
(a) Building be appreciated by 10%.
(b) Provision for doubtful debts be increased to 50% of debtors.
(c) Machinery be depreciated by 15%.
(d) Goodwill of the firm will value at Rs 36,000 and adjusted into the capital account of A and C who will share profits in future in the ratio of 3 :1.
(e) A provision to be made for outstanding repairs bill of Rs 3,000.
(f) Included in the value of creditors of Rs 1,800 for an outstanding legal claim, which is not likely to rise.
(g) Out of the insurance premium paid,Rs 2,000 is for the next year, the amount was debited to P and L A/c.
(h) The partners decide to fix the capital of new firm at Rs 1,20,000 in the profit sharing ratio.
Prepare revaluation A/c, Partners’ capital A/c and balance sheet of new firm after B’s retirement.
‘Analysis of Financial Statements’
State with reason whether the cash deposited into bank would result in inflow, outflow or No flow of cash or cash equivalents.
State with reason whether declaration of final dividend would result in inflow, outflow or no flow of cash or cash equivalents.
State the major headings under which the following items will be put as per schedule III part-
1 of the companies Act, 2015.
(i) Long term investments,
(ii) Bills receivables,
(iii) Motor car,
(iv) Securities premium reserve,
(v) Unclaimed dividend.
From the following information, prepare comparative balance sheet of HMSC Ltd.
Opening inventory Rs 60,000; Closing inventory Rs 1,00,000; Inventory turnover ratio 8 times. , Selling price 25% above cost. Calculate the gross profit ratio.
From the following particulars, calculate the net cash flow from operating activities.
(i) Profit made during the year 2014-2015 was ? 1,00,000 after considering the following items.
(ii) The following is the position of current assets and current liabilities:
No interest on capital will be allowed.
No, because ‘Charitable dispensary’ is a charitable institution, it is not a business with profit motive, so it cannot be deemed as partnership business.
Calls in advance refers to the amount paid by the shareholders in excess of the amount due from them. This is the amount received in advance before the due date.
Because these expenses are related to firm’s expenses but partner pays them on behalf of the firm from his personal property.
There is no requirement of creating a debenture redemption reserve in case of redemption by conversion since, no cash outflow will take place.
Profit and loss appropriate A/C
Books of Z Ltd.
(a) Two values involved are:
(i) Providing employment opportunity to unemployed persons.
(ii) Sensitivity towards disabled persons.
(b) Calculation of new profit sharing ratio:
Total profits = 80,000 + 1,00,000 + 2,00,000 + 1,50,000 + 2,70,000 = 8,00,000
Books of Jain and Gupta
No flow-reason: Cash deposited into bank represents,movement between items of cash.
No flow-Reason: Declaration of final dividend would result in No flow of cash because it does not involve cash.
Calculation of net cash flow from operating activities
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