CONTENTS. Syllabus 5-8 Examination Paper, 2015 (Delhi & Outside Delhi) Sample Question Paper

Transcription

1

2

3

4 CONTENTS Syllabus 5-8 Examination Paper, 2015 (Delhi & Outside Delhi) 9-28 Sample Question Papers (Solved) Sample Question Paper with Topper Answers (issued by CBSE) Sample Question Paper - 2 (Issued by CBSE) Sample Question Paper Sample Question Paper Sample Question Paper Sample Question Papers (Self Assessment) Sample Question Paper Sample Question Paper Sample Question Paper Sample Question Paper Sample Question Paper Solutions Sample Question Paper - 2 (Issued by CBSE) Sample Question Paper Sample Question Paper Sample Question Paper * SOLUTIONS for Sample Question Paper 6 to 10 can be downloaded from ( iii )

5

6 Highlights of Curriculum Document for March 2016 Exam Circular No. Acad.-18/2015 Curriculum (Printed in 2014) Class XII Unit 1 : Accounting for Partnership Firms. Change in the Profit Sharing Ratio among the existing partners - sacrificing ratio, gaining ratio. Accounting for revaluation of assets and re-assessment of liabilities and treatment of reserves and accumulated profits. Unit 2 : Accounting for Companies Accounting for Share Capital : issue at par and at premium and at discount. Unit 3: Analysis of Financial Statements Financial Statements of a Company: As per Schedule VI of the Companies Act Suggested Questions Paper Design SYLLABUS Curriculum final for the examination to be held in March 2016 Change in the Profit Sharing Ratio among the existing partners sacrificing ratio, gaining ratio. Accounting for revaluation of assets and re-assessment of liabilities and treatment of reserves and accumulated profits. Preparation of revaluation account and balance sheet. Accounting for Share capital: issue at par and at premium. Note added : Related sections of the Indian Companies Act, 2013 will apply. Unit 3 : Analysis of Financial Statements. Financial Statements of a Company : As per Schedule III of the Companies Act, Slight changes in % weightings to different learning levels. 1 mark questions will have very short answer questions only. All 8 marks questions will have internal choice. Category 5 will include evaluation skills only. ACCOUNTANCY Class XII (Code No. 055) ( ) One Paper 3 Hours 80 Marks Units Periods Marks Part A Accounting for Partnership Firms and Companies Unit 1. Accounting for Partnership Firms Unit 2. Accounting for Companies Part B Financial Statement Analysis Unit 3. Analysis of Financial Statements Unit 4. Cash Flow Statement Part C Project Work Project work will include : Project File 4 Marks Written Test 12 Marks (One Hour) Viva Voce 4 Marks OR Part B Computerized Accounting Unit 3. Computerized Accounting Part C Practical Work Practical work will include: Practical File 4 Marks Practical Examination 12 Marks (One Hour) Viva Voce' 4 Marks

7 6 OSWAAL CBSE Sample Question Paper, Accountancy, Class 12 PART A : ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES 60 MARKS 150 PERIODS UNIT 1 : ACCOUNTING FOR PARTNERSHIP FIRMS 90 PERIODS Units/Topics Partnership: features, Partnership Deed. Provisions of the Indian Partnership Act 1932 in the absence of partnership deed. Fixed v/s fluctuating capital accounts.preparation of Profit and Loss Appropriation account- division of profit among partners, guarantee of profits. Past adjustments (relating to interest on capital, interest on drawing, salary and profit sharing ratio). Goodwill : nature, factors affecting and methods of valuation - average profit, super profit and capitalization. Scope : Interest on Partners' loan is to be treated as a charge against profits. Accounting for Partnership firms - Reconstitution and Dissolution. Change in the Profit Sharing Ratio among the existing partners - sacrificing ratio, gaining ratio, accounting for revaluation of assets and reassessment of liabilities and treatment of reserves and accumulated profits. Preparation of revaluation account and balance sheet. Admission of a partner : effect of admission of a partner on change in the profit sharing ratio, treatment of goodwill (as per AS 26), treatment for revaluation of assets and reassessment of liabilities, treatment of reserves and accumulated profits, adjustment of capital accounts and preparation of balance sheet. Retirement and death of a partner : effect of retirement / death of a partner on change in profit sharing ratio, treatment of goodwill (as per AS 26), treatment for revaluation of assets and reassessment of liabilities, adjustment of accumulated profits and reserves, adjustment of capital accounts and preparation of balance sheet. Preparation of loan account of the retiring partner. Dissolution of a partnership firm : types of dissolution of a firm. Settlement of accounts - preparation of realization account, and other related accounts: capital accounts of partners and cash/bank a/c (excluding piecemeal distribution, sale to a company and insolvency of partner(s)). Note : (i) The realized value of each asset must be given at the time of dissolution. (ii) In case, the realization expenses are borne by a partner, clear indication should be given regarding the payment thereof. UNIT 2 : ACCOUNTING FOR COMPANIES Units/Topics Accounting for Share Capital Share and share capital: nature and types. Accounting for share capital: issue and allotment of equity shares, private placement of shares, Employee Stock Option Plan (ESOP). Public subscription of shares - over subscription and under subscription of shares; issue at par and at premium, calls in advance and arrears (excluding interest), issue of shares for consideration other than cash. Accounting treatment of forfeiture and re-issue of shares. Learning Outcomes After going through this Unit, the students will be able to : state the meaning of partnership, partnership firm and partnership deed. describe the characteristic features of partnership and the contents of partnership deed. explain the significance of provision of Partnership Act in the absence of partnership deed. Differentiate between fixed and fluctuating capital, outline the process and develop the understanding of preparation of Profit and Loss Appropriation Account. develop the understanding of making past adjustments. state the meaning, nature and factors affecting goodwill develop the understanding of valuation of goodwill using different methods of valuation of goodwill. describe the meaning of sacrificing ratio, gaining ratio and the change in profit sharing ratio among existing partners. develop the understanding of accounting treatment of assets and re-assessment of liabilities and treatment of reserves and accumulated profits by preparing revaluation account and balance sheet. explain the effect of change in profit sharing ratio on admission of a new partner. develop the understanding of treatment of goodwill as per AS-26, treatment of revaluation of assets and re-assessment of liabilities, treatment of reserves and accumulated profits, adjustment of capital accounts and preparation of balance sheet of the new firm. explain the effect of retirement / death of a partner on change in profit sharing ratio. state the meaning of sacrificing ratio. develop the understanding of accounting treatment of goodwill, revaluation of assets and re-assessment of liabilities and adjustment of accumulated profits and reserves on retirement / death of a partner and capital adjustment. develop the skill of calculation of deceased Partners' share till the time of his death and prepare deceased Partners' executor's account. discuss the preparation of the capital accounts of the remaining partners and the balance sheet of the firm after retirement / death of a partner. understand the situations under which a partnership firm can be dissolved. develop the understanding of preparation of realisation account and other related accounts. Learning Outcomes 60 PERIODS After going through this Unit, the students will be able to: state the meaning of share and share capital and differentiate between equity shares and preference shares and different types of share capital. understand the meaning of private placement of shares. explain the accounting treatment of share capital transactions regarding issue of shares. develop the understanding of accounting treatment of forfeiture and re-issue of forfeited shares.

8 Syllabus 7 Disclosure of share capital in company's Balance Sheet. Accounting for Debentures Debentures: Issue of debentures at par, at a premium and at a discount. Issue of debentures for consideration other than cash; Issue of debentures with terms of redemption; debentures as collateral Securitiesconcept, interest on debentures. Redemption of debentures: Lump sum, draw of lots and purchase in the open market (excluding ex-interest and cuminterest). Creation of Debenture Redemption Reserve. Note : Related sections of the Indian Companies Act, 2013 will apply. describe the presentation of share capital in the balance sheet of the company as per schedule III part I of the Companies Act explain the accounting treatment of different categories of transactions related to issue of debentures. develop the skill of calculating interest on debentures and its accounting treatment. state the meaning of redemption of debentures. develop the understanding of accounting treatment of transactions related to redemption of debentures. PART B : FINANCIAL STATEMENT ANALYSIS UNIT 3 : ANALYSIS OF FINANCIAL STATEMENTS (20 MARKS) 30 PERIODS Financial statements of a company : Statement of Profit and Loss and Balance Sheet in the prescribed form with major headings and sub headings (as per Schedule III to the Companies Act, 2013). Scope : Exceptional items, extraordinary items and profit (loss) from discontinued operations are excluded. Financial Statement Analysis : Objectives, importance and limitations. Tools for Financial Statement Analysis : Comparative statements, common size statements, cash flow analysis, ratio analysis. Accounting Ratios : Objectives, classification and computation. Liquidity Ratios : Current ratio and Quick ratio. Solvency Ratios : Debt to Equity Ratio, Total Asset to Debt Ratio, Proprietary Ratio and Interest Coverage Ratio. Activity Ratios : Inventory Turnover Ratio, Trade Receivables Turnover Ratio, Trade Payables Turnover Ratio and Working Capital Turnover Ratio. Profitability Ratios : Gross Profit Ratio, Operating Ratio, Operating Profit Ratio, Net Profit Ratio and Return on Investment. UNIT 4 : CASH FLOW STATEMENT Meaning, objectives and preparation (as per AS 3 (Revised) (Indirect Method only) Scope : (i) Adjustments relating to depreciation and amortization, profit or loss on sale of assets including investments, dividend (both final and interim) and tax. (ii) Bank overdraft and cash credit to be treated as short term borrowings. (iii) Current Investments to be taken as Marketable securities unless otherwise specified. After going through this Unit, the students will be able to : develop the understanding of major headings and subheadings (as per Schedule III to the Companies Act, 2013) of balance sheet as per the prescribed norms / formats. state the meaning, objectives and limitations of financial statement analysis. describe the meaning of different tools of 'financial statements analysis'. develop the understanding of preparation of comparative and common size financial statements. know the meaning, objectives and significance of different types of ratios. develop the understanding of computation of current ratio and quick ratio. develop the skill of computation of debt equity ratio, total asset to debt ratio, proprietary ratio and interest coverage ratio. develop the skill of computation of inventory turnover ratio, trade receivables and trade payables ratio and capital turnover ratio. develop the skill of computation of gross profit ratio, operating ratio, operating profit ratio, net profit ratio and return on investment. 20 PERIODS After going through this Unit, the students will be able to: state the meaning and objectives of cash flow statement. develop the understanding of preparation of Cash Flow Statement using indirect method as per AS 3 with given adjustments. PROJECT WORK 20 MARKS 40 PERIODS Note : Kindly refer to the Guidelines published by the CBSE. OR PART B : COMPUTERISED ACCOUNTING (20 MARKS 60 PERIODS) UNIT 3 : COMPUTERISED ACCOUNTING Overview of Computerised Accounting System. Introduction : Application in Accounting. Features of Computerised Accounting System. Structure of CAS. Software Packages : Generic; Specific; Tailored. Accounting Application of Electronic Spreadsheet. Concept of electronic spreadsheet. Features offered by electronic spreadsheet.

9 8 OSWAAL CBSE Sample Question Paper, Accountancy, Class 12 Application in generating accounting information - bank reconciliation statement; asset accounting; loan repayment of loan schedule, ratio analysis Data representation- graphs, charts and diagrams. Using Computerized Accounting System. Steps in installation of CAS, codification and Hierarchy of account heads, creation of accounts. Data : Entry, validation and verification. Adjusting entries, preparation of balance sheet, profit and loss account with closing entries and opening entries. Need and Securities features of the system. Database Management System (DBMS) Concept and Features of DBMS. DBMS in Business Application. Generating Accounting Information - Payroll. PART C : PRACTICAL WORK Please refer to the guidelines published by CBSE. Prescribed Books : Accountancy -1 Class XII NCERT Publication Accountancy -II Class XII NCERT Publication One Paper S. No (20 MARKS 26 PERIODS) SUGGESTED QUESTION PAPER DESIGN FOR ACCOUNTANCY (CODE NO. 055) Class-XII ( ) March 2016 Examination Very Typology of Questions Short Ans 1 Mark Remembering-(Knowldge based Simple recall questions, to know specific facts, terms, concepts, principles, or theories, Identify, define-or recite, information) Understanding (Comprehension - to be familiar with meaning and to understand conceptually, interpret, compare, contrast, explain, paraphrase, or interpret information) Application (Use abstract information in concrete situation, to apply knowledge to new situations; Use given content to interpret a situation, provide an example, or solve a problem) High Order Thinking Skills (Analysis & Synthesis - Classify, compare, contrast, or differentiate between different pieces of information; Organize and/or integrate unique pieces of information from a variety of sources) Evaluation - (Appraise, judge, and/or justify the value or worth of a decision or outcome, or to predict outcomes based on values) Short Ans-I 3 Marks Short Ans-II 4 Marks Long Ans-I 6 Marks Long Ans-II 8 Marks Duration : 3 Hours Theory : 80 Marks Marks % % % % % % Total 8 1=8 4 3=12 5 4=20 4 6=24 2 8=16 80(23)+20 Project Scheme of options : All questions carrying 8 marks will have an internal choice. Note : The Board has introduced Learning Outcomes in the syllabus to motivate students to constantly explore all levels of learning. However these are only indicative. These do not in any way restrict the scope of questions asked in the examinations. The examination questions will be strictly based on the prescribed question paper design and syllabus. 100 %

10 EXAMINATION PAPER C.B.S.E Class XII Delhi & Outside Delhi Accountancy Time allowed : 3 Hours Max. Marks : 80 General Instructions : (i) This question paper contains three parts A, B and C. (ii) Part A is compulsory for all. (iii) There are two parts. Part B Financial Statement Analysis and Part C Computerized Accounting. Attempt only one Part. (v) All part of a question should be attempted at one place. Delhi Set-I Code No. 67/1/1 SECTION A (Accounting for Partnership Firms and Companies) 1. In the absence of partnership deed the profits of a firm are divided among the partners : (a) In the ratio of capital (b) Equally (c) In the ratio of time devoted for the firm's business (d) According to the managerial abilities of the partners 1 2. A, B, C and D were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On they admitted E as a 1 new partner for share in the profits. E brought ` 10,000 for his share of goodwill premium which was correctly 10 recorded in the books by the accountant. The accountant showed goodwill at ` 1,00,000 in the books. Was the accountant correct in doing so? Give reason in support of your answer On the retirement of Hari from the firm of 'Hari, Ram and Sharma' the balance-sheet showed a debit balance ` 12,000 in the profit and loss account. For calculating the amount payable to Hari this balance will be transferred (a) to the credit of the Capital accounts of Hari, Ram and Sharma equally (b) to the debit of the Capital accounts of Hari, Ram and Sharma equally (c) to the debit of the Capital accounts of Ram and Sharma equally (d) to the credit of the Capital accounts of Ram and Sharma equally 1 4. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3 : 2 : 2. On 23 rd January, 2015 Verma died. Verma's share of profit till the date of his death was calculated at ` 2,350. Pass necessary Journal Entry for the same in the books of the firm Give the meaning of forfeiture of shares Joy Ltd. issued 1,00,000 equity shares of ` 10 each. The amount was payable as follows : On application ` 3 per share. On allotment ` 4 per share. On 1 st and final call balance Applications for 95,000 shares were received and shares were allotted to all the applicants. Sonam to whom 500 shares were allotted failed to pay allotment money and Gautam paid his entire amount due including the amount due on first and final call on the 750 shares allotted to him along with allotment. The amount received on allotment was : 1

11 10 OSWAAL CBSE Sample Question Paper, Accountancy, Class 12 (a) ` 3,80,000 (b) ` 3,78,000 (c) ` 3,80,250 (d) ` 4,00, State any three purposes other than 'issue of bonus shares' for which securities premium can be utilized On Jay and Vijay, entered into partnership for supplying laboratory equipments to government schools situated in remote and backward areas. They contributed capitals of ` 80,000 and ` 50,000 respectively and agreed to share the profits in the ratio of 3 : 2. The partnership deed provided that interest on capital shall be allowed at 9% per annum. During the year the firm earned a profit of ` 7,800. Showing your calculations clearly, prepare 'Profit and Loss Appropriation Account' of Jay and Vijay for the year ended 'Tractors India Ltd.' is registered with an authorized capital of ` 10,00,000 divided into 1,00,000 equity shares of ` 10 each. The company issued 50,000 equity shares at a premium of ` 5 per share. ` 2 per share were payable with application, ` 8 per share including premium on allotment and the balance amount on first and final call. The issue was fully subscribed and all the amount due was received except the first and final call money on 500 shares allotted to Balaram. Present the 'Share Capital' in the Balance Sheet of 'Tractors India Ltd.' as per Schedule VI Part I of the Companies Act, Also prepare Notes to Accounts for the same 'Sangam Woollens Ltd.' Ludhiana, are the manufacturers and exporters of woollen garments. The company decided to distribute free of cost woollen garments to 10 villages of Lahaul and Spiti District of Himachal Pradesh. The company also decided to employ 50 young persons from these villages in its newly established factory. The company issued 40,000 equity shares of ` 10 each and 1,000 9% debentures of ` 100 each to the vendors for the purchase of machinery of ` 5,00,000. Pass necessary Journal Entries. Also identify any one value that the company wants to communicate to the society Dev, Swati and Sanskar were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On their Balance Sheet was as follows : Liabilities Amount (`) Assets Amount (`) Trade Payables Bank Loan Capitals : 17,000 13,000 Building Inventory Trade Receivables 1,04,000 16,000 23,000 Dev 77,000 Cash 40,000 Swati 87,000 Profit & Loss A/c. 57,000 Sanskar 46,000 2,10,000 2,40,000 2,40,000 On 30 th June, 2014 Dev died. According to partnership agreement Dev was entitled interest on capital at 12% per annum. His share of profit till the date of his death was to be calculated on the basis of the average profits of last four years. The profits of the last four years were ; Years Profit ` ,04, ,80, , (Loss) 57,000 On , Dev withdrew ` 15,000 to pay for his medical bills. Prepare Dev's account to be presented to his executors Kumar, Gupta and Kavita were partners in a firm sharing profits and losses equally. The firm was engaged in the storage and distribution of canned juice and its godowns were located at three different places in the city. Each godown was being managed individually by Kumar, Gupta and Kavita. Because of increase in business activities at the godown managed by Gupta, he had to devote more time. Gupta demanded that his share in the profits of

12 Examination Paper the firm be increased, to which Kumar and Kavita agreed. The new profit sharing ratio was agreed to be 1 : 2 : 1. For this purpose the goodwill of the firm was valued at two years purchase of the average profits of last five years. The profits of the last five years were as follows : Years Profit ` I 4,00,000 II 4,80,000 III 7,33,000 IV (Loss) 33,000 V 2,20,000 You are required to : (i) Calculate the goodwill of the firm. (ii) Pass necessary Journal Entry for the treatment of goodwill on change in profit sharing ratio of Kumar, Gupta and Kavita On Sahil and Charu entered into partnership for sharing profits in the ratio of 4 : 3. They admitted Tanu as a new partner of for 1 th share which she acquired equally from Sahil and Charu. Sahil, Charu and 5 Tanu earned profits at a higher rate than the normal rate of return for the year ended Therefore, they decided to expand their business. To meet the requirements of additional capital they admitted Puneet as a new partner on for 1 th 7 share in profits which he acquired from Sahil and Charu in 7 : 3 ratio. Calculate : (i) New profit sharing ratio of Sahil, Charu and Tanu for the year (ii) New profit sharing ratio of Sahil, Charu, Tanu and Puneet on Puneet's admission Bharat Ltd. had an authorized capital of ` 20,00,000 divided into 2,00,000 equity shares of ` 10 each. The company issued 1,00,000 shares and the dividend paid per share was ` 2 for the year ended The management of the company decided to export its products to the neighbouring countries Nepal, Bhutan, Sri Lanka and Bangladesh. To meet the requirement of additional funds the financial manager of the company put up the following three alternatives before its Board of Directors : (i) Issue 54,000 equity shares. (ii) Obtain a loan from Import and Export Bank of India. The loan was available at 12% per annum interest. (iii) To issue 9% Debentures at a discount of 10%. After comparing the available alternatives the company decided on to issue 6,000 9% debentures of ` 100 each at a discount of 10%. These debentures were redeemable in four installments starting from the end of third year. The amount of debentures to be redeemed at the end of third, fourth, fifth and sixth year was as follows : Year Profit (`) III 1,00,000 IV 1,00,000 V 2,00,000 VI 2,00,000 Prepare 9% Debentures Account for the years to Bora, Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5 : 3 : 1. On their firm was dissolved. The assets were realized and the liabilities were paid off. Given below are the Realisation Account, Partners' Capital Accounts and Bank Account of the firm. The accountant of the firm left a few amounts unposted in these accounts. You are required to complete these accounts by posting the correct amounts.

13 12 OSWAAL CBSE Sample Question Paper, Accountancy, Class 12 Dr. Realisation Account Cr. Particulars Amount (`) Particulars Amount (`) To Stock To Debtors To Plant and Machinery To Bank : 10,000 25,000 40,000 By Provision for bad debts By Sundry Creditors By Bills Payable By Mortgage Loan 5,000 16,600 3,400 15,000 Sunday Creditors 16,000 By Bank assets realized : Bills Payable 3,400 Stock 6,700 Mortgage Loan 15,000 34,400 Debtors 12,500 To Bank (Outstanding repairs) 400 Plant & Machinery 36,000 55,200 To Bank (Exp.) 620 1,10,420 By Bank-unrecorded assets realized By... 6, ,10,420 Dr. Capital Accounts Cr. Particulars Bora (`) Singh (`) Ibrahim (`) Particulars Bora (`) Singh (`) Ibrahim (`) By Bal. b/d By General 22,000 2,500 18,000 1,500 10, Reserve 24,500 19,500 10,500 24,500 19,500 10,500 Dr. Cash Account Cr. Particulars Amount (`) Particulars Amount (`) To Bal. b/d To Realisation (assets realized)... 19,500 55, By Realisation (liabilities) By Realisation (unrecorded liabilities) By... By... 34, ,920 80, Alfa Ltd. invited applications for issuing 75,000 equity shares of ` 10 each. The amount was payable as follows : On application and allotment ` 4 per share. On first call ` 3 per share On second and final call balance. Applications for 1,00,000 shares were received. Shares were allotted to all the applicants on pro-rata basis and excess money received with applications was transferred towards sums due on first call. Vibha who was allotted 750 shares failed to pay the first call. Her shares were immediately forfeited. Afterwards the second call was made. The amount due on second call was also received except on 1000 shares, applied by Monika. Her shares were also forfeited. All the forfeited shares were re-issued to Mohit for ` 9,000 as fully paid up. Pass necessary Journal Entries in the books of Alfa Ltd. for the above transactions. OR Jeevan Dhara Ltd. invited applications for issuing 1,20,000 equity shares of ` 10 each at a premium of ` 2 per share. The amount was payable as follows : On application ` 2 per share. On allotment ` 5 per share (including premium) On first and final call balance. Applications for 1,50,000 shares were received. Shares were allotted to all the applicants on pro-rata basis. Excess money received on applications was adjusted towards sums due on allotment. All calls were made. Manu who had applied for 3,000 shares failed to pay the amount due on allotment and first and final call. Madhur who was allotted 2,400 shares failed to pay the first and final call. Shares of both Manu and Madhur were forfeited. The forfeited shares were re-issued at ` 9 per share as fully paid up. Pass necessary Journal Entries for the above transactions in the books of Jeevan Dhara Ltd. 8

14 Examination Paper Charu and Harsha were partners in a firm sharing profits in the ratio of 3 : 2. On their Balance Sheet was as follows : Liabilities Amount (`) Assets Amount (`) Creditors General Reserve Workmen Compensation Fund Investment Fluctuation Fund Provision for bad debts Capitals 17,000 4,000 9,000 11,000 2,000 Cash Debtors Investments Plant Land and Building 6,000 15,000 20,000 14,000 38,000 Charu 30,000 Harsha 20,000 50,000 93,000 93,000 On the above date Vaishali was admitted for 1/4 th share in the profits of the firm on the following terms : (a) Vaishali will bring ` 20,000 for her capital and ` 4,000 for her share of goodwill premium. (b) All debtors were considered good. (c) The market value of investments was ` 15,000. (d) There was a liability of ` 6,000 for workmen compensation. (e) Capital accounts of Charu and Harsha are to be adjusted on the basis of Vaishali's capital by opening current accounts. Prepare Revaluation Account and Partners' Capital Accounts. OR Amit, Balan and Chander were partners in a firm sharing profits in the proportion of 1, and 1 respectively. 6 Chander retired on The Balance Sheet of the firm on the date of Chander's retirement was as follows : Balance Sheet of Amit, Balan and Chander as on Liabilities Amount (`) Assets Amount (`) Sundry Creditors 12,600 Bank 4,100 Provident Fund 3,000 Debtors 30,000 General Reserve 9,000 Less : Provision 1,000 29,000 Capitals : Stock 25,000 Amit 40,000 Investments 10,000 Balan 36,500 Patents 5,000 Chander 20,000 96,500 Machinery 48,000 1,21,000 1,21,100 It was agreed that : (a) Goodwill will be valued at ` 27,000. (b) Depreciation of 10% was to be provided on machinery. (c) Patents were to be reduced by 20%. (d) Liability on account of Provident Fund was estimated at ` 2,400. (e) Chander took over investments for ` 15,800. (f) Amit and Balan decided to adjust their capitals in proportion of their profit sharing ratio by opening current accounts. Prepare Revaluation Account and Partners' Capital Accounts on Chander's retirement. 8 SECTION B (Financial Statements Analysis) 18. Which of the following transactions will result into 'Flow of Cash'? (a) Deposited ` 10,000 into bank. (b) Withdrew cash from bank ` 14,500.

15 14 OSWAAL CBSE Sample Question Paper, Accountancy, Class 12 (c) Sale of machinery of the book value of ` 74,000 at a loss of ` 9,000. (d) Converted ` 2,00,000 9% debentures into equity shares While preparing the 'Cash Flow Statement' the accountant of Gulfam Ltd., a financing company showed 'Dividend received on Investments' as Investing Activity'. Was he correct in doing so? Give reason Under which major headings the following items will be presented in the Balance Sheet of a company as per Schedule VI Part I of the Companies Act, 1956? (i) Loans provided repayable on demand (ii) Goodwill (iii) Copyrights (iv) Loose tools (v) Cheques (vi) General Reserve (vii) Stock of finished goods and (viii) 9% Debentures repayable after three years From the following information related to Naveen Ltd. Calculate (a) Return on Investment and (b) Total Assets to Debt Ratio. Information : Fixed Assets ` 75,00,000; Current Assets ` 40,00,000; Current Liabilities ` 27,00,000; 12% Debentures ` 80,00,000 and Net Profit before Interest, Tax and Divident ` 14,50, The motto of Yash Ltd., an advertising company is 'Service With Dignity'. Its management and work force is hard-working, honest and motivated. The Net Profit of the company doubled during the year ended Encouraged by its performance company decided to give one month extra salary to all its employees. Following is the Comparative Statement of Profits and Loss of the company for the years ended 31 st March 2013 and Yash Ltd. Comparative Statements of Profit and Loss. Particulars Note No (`) (`) Absolute Change (`) % Change Revenue form operations 10,00,000 15,00,000 5,00, Less : Employees benefit expenses 6,00,000 7,00,000 1,00, Profit before tax 4,00,000 8,00,000 4,00, Tax Rate 25% 1,00,000 2,00,000 1,00, Profit after tax 3,00,000 6,00,000 3,00, (a) Calculate Net Profit Ratio for the years ending 31 st March, 2013 and (b) Identify any two values which Yash Ltd. is trying to propagate Following is the Balance Sheet of Thermal Power Ltd. as at : Thermal Power Ltd. Balance Sheet as at Particulars Note No (`) (`) I-EQUITY AND LIABILITIES : 1. Shareholder's Funds : (a) Share Capital (b) Reserves and Surplus 2. Non-Current Liabilities : Long-Term Borrowings 3. Current Liabilities : (a) Trade Payables (b) Short-Term Provisions 1 12,00,000 3,00,000 2,40,000 1,79,000 50,000 11,00,000 2,00,000 1,70,000 2,04,000 77,000 Total 19,69,000 17,51,000

16 Examination Paper II-ASSETS : 1. Non-Current Assets : (a) Tangible (b) Intangible 2. Current Assets : (a) Current Investments (b) Inventories (c) Trade Receivables (d) Cash and Cash equivalents ,70,000 40,000 2,40,000 1,29,000 1,70,000 3,20,000 8,50,000 1,12,000 1,50,000 1,21,000 1,43,000 3,75,000 Total 19,69,000 17,51,000 Notes to Accounts : S. No. Particulars (`) (`) 1. Reserves and Surplus Surplus (balance in Statement of Profit and Loss) 3,00,000 2,00, Tangible Assets Machinery Less : Accumulated Depreciation 12,70,000 (2,00,000) 10,00,000 (1,50,000) 3. Intangible Assets Goodwill 40,000 1,12,000 Additional Information : During the year a piece of machinery, costing ` 24,000 on which accumulated depreciation was ` 16,000, was sold for ` 6,000. Prepare Cash Flow Statement. 6 SECTION C (Computerized Accounting) 18. A sequential code refers to a code applied to some document where : (a) Numbers and letters are assigned in consecutive order. (b) Where account heads are assigned to documents. (c) Special names are given to documents. (d) When documents are arranged in sequence of their names 'DBMS' stands for : (a) Dividend Based Management System. (b) Data Based Management Software. (c) Data Base Management System. (d) Divide the Basic Master Software Explain the information provided by a salary bill Why is it necessary to have safety, Securities and confidentiality features in accounting software? Explain any two tools which provide data safety What is meant by 'Tailored Accounting Software'? Explain Name and explain the financial function which calculates accrued interest for a Securities that pays periodic interest. 6

17 16 OSWAAL CBSE Sample Question Paper, Accountancy, Class 12 Delhi Set-II Code No. 67/1/2 Note : Except these, All questions are from Set I. SECTION A (Accounting for Partnership Firms and Companies) 7. State any three purposes other than 'buy back of share' for which securities premium can be utilized 'Scooters India Ltd.' is registered with an authorized capital of ` 50,00,000 divided into 5,00,000 shares of ` 10 each. The company issued 1,00,000 shares for subscriptions to the public at par. The amount was payable as follows : On application and allotment ` 3 per share On 1 st call ` 2 per share On 2 nd and final call ` 5 per share The issue was fully subscribed. All calls were made and were duly received except the 2nd and final call on 1,000 shares held by Rohan. His shares were forfeited and afterwards re-issued at ` 8 per share as fully paid up. Present 'Share Capital' in the Balance Sheet of the Company as per Schedule VI Part I of the Companies Act, Also prepare Notes to accounts for the same Vikas, Gagan and Momita were partners in a firm sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on 31 st March every year. On 30 th September, 2014 Momita died. According to the provisions of partnership deed the legal representatives of a deceased partner are entitled for the following in the event of his/her death : (a) Capital as per the last Balance Sheet. (b) Interest on 6% per annum till the date of her death. (c) Her share of profit to the date of death calculated on the basis of Average Profits of last four years. (d) Her share of goodwill to be determined on the basis of three years purchase of the average profits of last four years. The profits of last four years were : Year Profit (`) , , , ,000 The balance in Momita's capital account on was 60,000 and she had withdrawn 10,000 till the date of her death. Interest on her drawings were ` 300. Prepare Momita's Capital Account to be presented to her executors 'Amrit Dhara Ltd.' invited applications for issuing 80,000 equity shares of ` 10 each. The amount was payable as follows : On application and allotment ` 2 per share On first call ` 4 per share On second and final call The balance Applications for 1,00,000 shares were received. Shares were allotted on pro-rata basis to all the applicants. Excess money received with applications were adjusted towards sums due on first call. Manohar who had applied for 2,000 shares failed to pay the first call and his shares were immediately forfeited. Afterwards second and final call was made. Mahan who was allotted 2,400 shares failed to pay the second and final call. His shares were also forfeited. All the forfeited shares were re-issued at ` 9 per share as fully paid up. Pass necessary Journal Entries in the books of the company for the above transactions. OR 'Sulabh Ltd.' invited applications for issuing 1,50,000 equity shares of ` 10 each at a premium of ` 3 per share. The amount was payable as follows : On application ` 2 per share On allotment ` 6 per share (including premium) On first and final call ` The balance Applications for 2,00,000 shares were received and shares were allotted on pro-rata basis to all the applicants. Excess money received with applications were adjusted towards sums due on allotment. Suman who had applied for 2,000 shares failed to pay the allotment and call money. Raman failed to pay first and final call on his 500 shares. Shares of both Suman and Raman were forfeited after the final call was made. The forfeited shares were re-issued for ` 12 per share as fully paid up. Pass necessary Journal Entries for the above transactions in the books of the company. 8

18 Examination Paper SECTION B (Financial Statements Analysis) 18. Which of the following transactions will not result into flow of cash : (a) Issue of equity shares of ` 1,00,000. (b) Purchase of machinery of ` 1,75,000. (c) Redemption of 9% debentures ` 3,50,000. (d) Cash deposited into bank ` 15, While preparing the Cash Flow Statement of Alka Ltd. 'dividend paid' was shown as an operating activity by the accountant of the company. Was he correct in doint so? Give reason Under which Major heads the following items wil be placed in the Balance Sheet of a Company as per Schedule VI, Part I of the Companies Act, 1956? (i) Securities Premium Reserve (ii) Balances with banks (iii) Term loans from bank (iv) Goods-in-transit (v) Loans repayable on demand (vi) Computer software (vii) Unpaid dividends and (viii) Vehicles 4 SECTION C (Computerized Accounting) 23. Name and explain the Error whih occurs when there are invalid numeric values in a formula or function. Also state the steps to correct this error. 6 Delhi Set-III Code No. 67/1/3 Note : Except these, All questions are from Set I & II. SECTION A (Accounting for Partnership Firms and Companies) 7. Securities premium can also be utilized for three other purposes besides (i) 'Issuing fully paid bonus shares' and (ii) 'Buy back of shares'. State those purposes Sun Pharma Ltd. is registered with an authorized capital of ` 1,00,00,000 divided into 1,00,000 equity shares of 100 each. The company issued 50,000 shares at a premium of ` 40 per shares. A shareholders holding 500 shares did not pay the final call of ` 20 per share. His shares were forfeited. Present the 'Share Capital' in the Balance Sheet of the Company as per Schedule VI part I of the Companies Act, Also prepare notes to Accounts Sunny, Honey and Rupesh were partners in a firm. On their Balance Sheet was as follows : Liabilities Amount (`) Assets Amount (`) Creditors General Reserve Capitals : 10,000 30,000 Plant and machinery Furniture Investments 40,000 15,000 20,000 Sunny 30,000 Debtors 20,000 Honey 30,000 Stock 25,000 Rupesh 20,000 80,000 1,20,000 1,20,000

19 18 OSWAAL CBSE Sample Question Paper, Accountancy, Class 12 Honey died on The Partnership deed provides that the executors of the deceased partner were entitled to : (a) Balance in the capital account of the deceased partner. (b) Interest on 6% per annum upto the date of his death. (c) His share in the undistributed profits or losses as per the balance sheet. (d) His share in the profits of the firm till the data of his death, calculated on the basis of rate of net profit on sales of the previous year. The rate of net profit on sale of previous rear was 20%. Sales of the firm during the year till was 6,00,000. Prepare Honey's Capital Account to be presented to his executors 'Wellness Ltd.' invited applications for issuing 40,000 equity shares of ` 10 each at a discount of 10%. The amount was payable as follows : On application and allotment ` 4 per share On first call ` 3 per share On second and final call The balance Applications for 39,000 shares were received and allotment was made to all the applicants. The payment was received as per the following details : On 30,000 shares Full amount. On 6,000 shares ` 7 per share. On 3,000 shares ` 4 per share. The Directors forfeited those shares on which less than ` 7 per share were received. The forfeited shares were re-issued at ` 8 per share as fully paid up. Pass necessary Journal Entries in the books of the company for the above transactions. OR 'Shubham Ltd.' invited applications for issuing 12,000 equity shares of ` 10 each at a premium of ` 3 per share. The amount was payable as follows : On application ` 6 per share (including premium) On allotment ` 4 per share On first and final call ` The balance Applications for 18,000 shares were received and pro-rata allotment was made to all the applicants. Excess money received with applications were adjusted towards sums due on first call. All calls were made and were duly received except the first call and second and final call on 120 shares allotted to Vibhu. His shares were forfeited shares were reissued at the maximum permissible discount as per the provisions of the Companies Act, Pass necessary Journal Entries for the above transactions in the books of the company. 8 SECTION B (Financial Statements Analysis) 18. Which of the following is not included in cash and cash equivalents? (a) Balances with banks (b) Bank deposits with 100 days of maturity (c) Cheques and drafts on hand and (d) Cash on hand While preparing Cash Flow Statement of Sharda Ltd. 'Depreciation provided on fixed assets' was added to net profit to calculated cash flow from operating activities. Was the accountant correct in doing so? Give reason Under which heads the following items will be placed in the Balance Sheet of a company as per Schedule VI Part I of the Companies Act, 1956? (i) Cash in hand (ii) Mining Rights (iii) Short term deposits (iv) Debenture Redemption Reserve (v) Income received in advance (vi) Balance of the Statement of Profit and Loss (vii) Office Equipments and (viii) Work-in-progress. 4

20 Examination Paper SECTION C (Computerized Accounting) 23. Name and explain the function which calculates periodic payment of an Annuity assuming equal payments and a constant rate of interest. 6 Outside Delhi Set-I Code No. 67/1 SECTION A (Accounting for Partnership Firms and Companies) 1. In the absence of Partnership Deed, interest on loan of a partner is allowed : (i) at 8% per annum. (ii) at 6% per annum. (iii) no interest is allowed. (iv) at 12% per annum Geeta Sunita and Anita were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On they admitteed Yogita as a new partner for 1/10 th share in the profits. On Yogita's admission, the Profit and Loss Account of the firm was showing a debit balance of ` 20,000 which was credited by the accountant of the firm to the capital accounts of Geeta, Sunita and Anita in their profit sharing ratio. Did the accountant give correct treatment? Give reason in support of your answer On the death of a partner, his share in the profits of the firm till the date of this death is transferred to the : 1 (i) Debit of Profit and Loss Account. (ii) Credit of Profit and Loss Account. (iii) Debit of Profit and Loss Suspense Account. (iv) Credit of Profit and Loss Suspense Account. 4. Anant, Gulab and Khushbu were partners in a firm sharing profits in the ratio of 5 : 3 : 2. From , they decided to share the profits equally. For this purpose the goodwill of the firm was valued at ` 2,40,000. Pass nesessary Journal Entry for the treatment of goodwill on change in the profit sharing ratio of Anant, Gulab and Khushbu Give the meaning of forfeiture of shares Nirman Ltd. issued 50,000 equity shares of ` 10 each. The amount was payable as follows : On application ` 3 per share On allotment ` 2 per share On First and final call the balance Application for 45,000 shares were received and shares were allotted to all the applicants. Pooja, to whom 500 shares were allotted, paid her entire share money at the time of allotment, whereas Kundan did not pay the first and final call on his 300 shares. The amount received at the time of making first and final call was : (i) ` 2,25,000 (ii) ` 2,20,000 (iii) ` 2,21,000 (iv) ` 2,19, Guru Ltd. invited applications for issuing 5,00,000 equity shares of ` 10 each at a premium of ` 5 per share. Because of favourable market conditions the issue was over-subscribed and applications for 15,00,000 shares were received. Suggest the alternatives available to the Board of Directors for the allotment of shares On , Brij and Nandan enterd into partnership to construct toilets in government girls schools is the remote areas of Uttarakhand. They contributed capitals of ` 10,00,000 and ` 15,00,000 respectively. Their profit sharing ratio was 2 : 3 and interest allowed on capital as provided in the Partnership Deed was 12% per annum. During the year ended , the firm earned a profit of ` 2,00,000. Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 'Suvidha Ltd. ' is registered with an authorized capital of ` 10,00,00,000 divided into 10,00,000 equity shares of `100 each. The company issued 1,00,000 shares for public subscription. A shareholder holding 100 shares, failed to pay the final call of ` 20 per share. His shares were forfeited. The forfeited shares were re-issued at ` 90 per share as fully paid up.

21 Oswaal CBSE Sample Question Papers For Class 12 Accountancy 50% OFF Publisher : Oswaal Books ISBN : Author : Panel of Experts Type the URL : 13 Get this ebook