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 5
CBSE Sample Papers for Class 12 Accountancy Paper 5
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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 5 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
What share of profits would a sleeping partner who has contributed 70% of the total capital, get in the absence of a deed?
Give the average period in months for charging interest on drawings for the same amount withdrawn at the beginning of each quarter.
G and R are partners. R wants to admit his son S into business. Can S become the partner of the firm? Give reason.
On dissolution of a firm, its balance sheet revealed total creditors Rs 50,000, total capital Rs 48,000, Cash balance Rs 3,000. Its assets were realised at 12% less. What will be loss on realisation?
Z Ltd. forfeited 100 equity shares of Rs 10 each at a premium of 20% for the non payment of final call of Rs 5 including premium. State the maximum amount of discount at which these shares can be reissued.
What is zero coupon bond?
Anita, Asha and Amrit are partners sharing profits in the ratio of 3:2:1 respectively. From 1st January 2010, they decided to share profits in the ratio of 1:3:2. The partnership deed provides that in the event of any change in profit sharing ratio, the goodwill should be valued at three years purchase of the average of five years profits. The profits and losses of the preceding five years are:
Profit: 2005 – Rs 1,20,000, 2006 – Rs 3,00,000, 2007 – Rs 3,40,000, 2008 – Rs 3,80,000, Loss ; 2009 – Rs 1,40,000.
Showing the working clearly, give the necessary journal entry to record the above change.
On 1-04-2009, Shilpi Ltd. made an issue of 2500 6% debentures of Rs 100 each. The company during the year 2012-13 purchased for cancellation of 500 of these debentures. The company paid Rs 90 per debentures for 400 debentures and Rs 94 per debentures for the rest. The expenses on purchase amounted to Rs 700. Pass necessary journal entries in the books of the company for the period 2012-13.
Ravi Textiles Ltd. had issued Rs 8,00,000,8% debentures of Rs 100 each, redeemable at a premium of 10% on 31st March 2015. The board of directors decided to transfer the minimum required amount to debenture redemption reserve account at the time of redemption. Investment are
required by law was made in fixed deposit of the bank at 6% P.a on 30th April. Pass journal entries at the time of redemption of debentures.
Y. Ltd. issued 60,000 shares of Rs 10 each at a premium of 10%, payments were to be made as on application : Rs 4 per share (including premium), on allotment – Rs 3 per share, on final call – the balance. All money were duly received except final call on 600 shares.
Show the share capital in the company’s balance sheet together with notes to accounts.
Ram and Shyam are partners sharing profits as 9:5. They agree to admit Salman their manager into partnership, who is to get 1/8 share in the profits. He acquires this share as 1/12 from Ram and 1/24 from Shyam.
You are required to:
(i) Calculate the new profit sharing ratio.
(ii) Indicate the value in taking Salman as a partner.
X, Y and Z are partners sharing profits in the ratio of 1/2 :1/3 :1/6. y retires and his share is taken by X and Z in the ratio of 5 : 3. Instead of transferring the amount due to Y to his loan account, they decided to make full payment to him. You are required to:
(i) Calculate the new profit sharing ratio.
(ii) Identify the value involved in making full payment.
(a) Y Ltd. forfeited 400 shares of Rs 100 each on which first call of Rs 20 per share was not received, the second and final call of Rs 30 per share has not yet been called. Out of these, 200 shares were re-issued as Rs 70 paid up for Rs 55 per share. Pass journal entries for the forfeiture and reissue.
(b) State the value affected by forfeiting the shares. Suggest a better alternative for the same.
L, M and N were partners sharing profits in the ratio of 3 : 4 : 5. Their fixed capitals were L – ., Rs 4,00,000, M – Rs 5,00,000 and N – Rs 6,00,000 respectively. The partnership deed provided for
(i) Interest on capitals @ 6% P.a.
(ii) Salary of Rs 30,000 P.a to N.
(iii) Interest on Partners’ drawings will be charged @ 12% P.a.
During the year ended 31-3-2009, the firm earned a profit of Rs 2,70,000. L withdraws Rs 10,000 on 1-4-2008, M withdraws Rs 12,000 on 30-9-2008 and N withdraws Rs 15,000 on 31-12-2008. Prepare profit and loss appropriation account for the year ended 31-3-2009.
Sudha and Joshi were Partners in a firm sharing profits in the ratio of 3 : 7. On 31-3-2012, their balance sheet was as follows:
The firm was dissolved on 1-4-2013 and the assets and liabilities were settled as follows:
(i) Creditors accepted stock and debtors in their full and final settlement of the claim.
(ii) Land and building was sold for Rs 7,00,000 and machinery was taken over by Joshi by paying cash less than 30% of its book value. Pass journal entries.
S Ltd. invited applications for issuing 2,00,000 equity shares of Rs 100 each at a premium of Rs 60 per share. The amount has payable as follows:
On application – Rs 30 per share (including premium Rs 10)
On allotment – Rs 70 per share (including premium Rs 50)
On first and final call — the balance amount.
Applications for Rs 1,90,000 shares were received. Shares were allotted to all the applicants and the company received all money due on allotment except Jain who had been allotted 1,000 shares and his shares were immediately forfeited. Afterwards, first and final call was made. Gupta did not pay the first and final call on his 2,000 allotted shares. His shares were also forfeited. 50% of the forfeited shares of both Jain and Gupta were re-issued for Rs 90 per share fully paid up.
Pass necessary journal entries in the books of S Ltd. for the above transactions.
X Ltd. issues 50,000 shares of RS 10 each at a premium of RS 2 per share payable as follows:
Rs 3 on application
Rs 6 on allotment (including premium) and Rs 3 on call.
Applications were received for 75,000 shares and a pro-rata allotment was made as follows: To the applicants of 40,000 shares – 30,000 shares were issued and for the rest, 20,000 shares were issued. All money due were received except the allotment and call money from Ram who had applied for 1,200 shares (out of the group of 40,000 shares). All his shares were forfeited. The forfeited shares were reissued for Rs 7 per share fully paid up. Pass necessary journal entries for the above transactions.
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 on 1.4.2004:
A retired from the business on 1-4-2004 and his share in the firm was to be ascertained on the revaluation of the assets as follows:
Stock Rs 20,000, Furniture Rs 3,000, Plant and Machinery Rs 9,000, Building Rs 20,000, Rs 850 was to be provided for doubtful debts. The goodwill of the firm was valued at Rs 6000.
A was to paid Rs 11,500 in cash on retirement and the balance in three equal yearly installments with interest at 9% per annum.
Prepare revaluation account, partners’ capital accounts and A’s loan account on the date of his retirement.
Murari and Vohra were partners in a firm with capitals of Rs 1,20,000 and Rs 1,60,000 respectively. On 1-4-2011, they admitted Yadav as a Partner for one fourth share in profits on his payment of Rs 2,00,000 as his capital and Rs 90,000 for his one fourth share of goodwill.
On that date, the creditors of Murari and Vohra were Rs 60,000 and Bank overdraft was Rs 15,000. Their assets apart from cash included stock Rs 10,000, Debtors Rs 40,000, Plant and machinery Rs 80,000, Land and building Rs 2,00,000. It was agreed that stock should be depreciated by Rs 20,00, plant and machinery by 20%, Rs 5000 should be written off as bad debts and land and building should be appreciated by 25%. Prepare revolution account, partners’ capital accounts and the balance sheet of the new firm.
‘Analysis of Financial Statements’
Debt equity ratio is 2%. State giving reason, whether the debt equity ratio will improve or decline or will not change on declaration of a final dividend.
List any two examples of cash equivalents.
Under what heads and sub heads the following items will appear in the balance sheet of a company as per schedule III, Part I to the companies Act 2013:
1. Matured debentures,
2. Provision for warranties,
3. Mining rights,
4. Bank overdraft,
5. Trade marks,
6. Interest accrued on investments.
Prepare common size statement of profit and loss from the following information:
Cash revenue from operations Rs 1,30,000, credit Revenue from operations Rs 3,70,000, Liquid assets Rs 1,40,000, Current liabilities Rs 1,05,000 and inventory Rs 90,000. Compute working capital turnover ratio.
From the information, calculate net cash flow from operating activities:
Equal share of profit.
S cannot become the partner of the firm.
Reason: According to section 31(1) of Indian partnership Act 1932, a partner can be admitted as a new partner only with the consent of all the existing partners unless otherwise agreed upon.
Loss on realisation Rs 11,400.
These shares can be reissued at a maximum discount of Rs 7 per share (i.e., Rs 700)
A zero coupon bond is one which does not carry any specific rate of interest. In order to compensate the investors, such bonds are issued at a substantial discount. The difference between issue price and the redemption price represents the total interest to be spread over the duration of the bond.
Goodwill Rs 6,00,000, Anita sacrifices 2/6, Asha Gains 1/6, Amrit Gains 1/6.
Amount transferred to capital reserve Rs 3,900.
Debenture redemption investment Rs 1,20,000 made on 30th April 2014. Debenture redemption reserve created for Rs 2,00,000.
Share Capital Rs 5,97,000.
(i) New profit sharing ratio 94 : 53 : 21.
(i) New ratio = 17:7.
(ii) Full payment has been made to B so that he may not face financial difficulties after retirement.
(a) Capital reserve Rs 7,000.
(b) (i) Company’s reputation has been adversely affected by forfeiture of shares just after the first call.
(ii) Better alternative would have been to give an opportunity to the defaulting shareholder to make the payment of first call alongwith the second call.
Profit distributed between L Rs 38,092.50, M Rs 50,790 and N Rs 63,487.50.
Loss on realisation Rs 13,000.
Amount transferred to capital reserve Rs 35,000.
Amount transferred to capital reserve Rs 900.
Loss on revaluation Rs 8,400, A’s loan Rs 29,550, Balance of B’s capital A/c Rs 21,700 and C’s capital A/c Rs 18,350.
Profit on Revaluation Rs 27,000, Total of Balance Sheet Rs 6,72,000.
Not change. Reason: it represents merely the conversion of provision into a current liability.
It can be verified by the following journal entry:
Proposed dividend A/c Dr.
To dividend payable A/c
1. Treasury bill,
2. Commercial papers,
3. Commercial bills,
4. Call money,
5. Certificate of deposit.
% of Total Revenue 20% and % of profit after tax 20%.
Working capital turnover ratio = 4 times.
Net cash flow from operating activities – Rs 22,200.
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