Cbse Sample Papers For Class 12 Accountancy With Solution PDF

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SAMPLE QUESTION PAPER

ACCOUNTANCY (055), CLASS-XII
Time Allowed – 3Hrs. Max. Marks – 80
General Instructions:-
1. This question paper contains three parts A, B and C
2. Part A is compulsory for all.
3. Attempt only one part of the remaining parts B and C.
4. All parts of a question should be attempted at one place.
PART ‘A’
1. Alka, Barkha and Charu are partners in a firm having no partnership agreement. Alka,
Barkha and Charu contributed `2,00,000, `3,00,000 and `1,00,000 respectively. Alka and
Barkha desire that the profits should be divided in the ratio of capital contribution.
Charu does not agree to this. Is Charu correct? Give reason. (1)
2. Pawan and Jayshree are partners. Bindu is admitted for 1/4th share. State the ratio in
which Pawan and Jayshree will sacrifice their share in favour of Bindu? (1)
3. State any two occasions on which a firm may be reconstituted. (1)
4. When is ‘Partner’s Executers’ Account prepared? (1)
5. What is the maximum amount of discount at which forfeited shares can be re-issued? (1)
6. Give the meaning of ‘Subscribed and fully paid-up capital’. (1)
7. State an exception to the creation of Debenture Redemption Reserve as per SEBI
Guidelines. (1)
8. A, B and C are partners in a firm. They had omitted interest on capital @10% p.a. for
three years ended 31st March, 2013. Their fixed capitals on which interest was to be
calculated throughout were:
A `1,00,000
B ` 80,000
C ` 70,000
Give the necessary adjusting journal entry with working notes. (3)
9. On 1st April, 2011, Rhythm Limited issued 1,000 10% debentures of `500 each at par.
Debentures were redeemable after 7 years. However, the company gave an option to
debenture holders to get their debentures converted into equity shares of `100 each at a
premium of `25 per share anytime after the expiry of one year.
Shivansh, holder of 200 debentures, informed on April 1, 2013 that he wanted to
exercise the option of conversion of debentures into equity shares.
The company accepted his request and converted debentures into equity shares.
Pass necessary journal entries to record the issue of debentures on April 1, 2011 and
conversion of debentures on April 1, 2013. (3)
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10. Pass necessary journal entries for ‘issue of debentures’ for the following:
(i) Jain Ltd. issued 750, 12% Debentures of `100 each at a discount of 10%
redeemable at a premium of 5%.
(ii) Sohan Ltd. issued 800, 9% Debentures of `100 each at a premium of `20 per
Debenture redeemable at a premium of `10 per Debenture.
(3)
11. Shabir and David were partners in a firm supplying school uniforms. They shared
profits in the ratio of 4:3. Their capitals as on 1st April, 2013 were `1,00,000 and `50,000
respectively. On this date Shabir suggested David to start supplying low cost school
uniforms to the students who belonged to low income group and admitted to the private
schools of the city as per the provisions of Rights to Education Act 2009. David agreed
and requested to admit into the firm his friend Charu, a specially abled unemployed
person having good knowledge of cost-reduction methods. However, it was agreed that
Charu will not contribute any capital. Shabir agreed to it. They were in need of more
capital. Shabir, therefore persuaded a rich friend of his, Rafiq, to be a partner.
1. Rafiq contributed `7,00,000 in cash, delivery van of `2,75,000 and furniture of
`25,000 as his capital.
2. The new profit sharing ratio will be 3:2:1:1
(a) Identify any four values which the partners want to communicate to the
society.
(b) Pass necessary journal entry for capital contributed by Rafiq in the form of cash
and assets. (4)
12. A, B and C are partners sharing profits in the ratio of 5:3:2. Their Balance-Sheet as on
March 31st, 2013 was as follows:
Balance-sheet of A,B & C as at March 31st , 2013
Liabilities Amount Assets Amount
` `
Creditors 20,000 Cash 16,000
Employees Provident 26,000 Debtors 16,000
Fund Stock 80,000
Capitals: Furniture 34,000
A 1,00,000 Building 1,20,000
B 70,000
C 50,000 2,20,000
2,66,000 2,66,000
C retired on the above date and it was agreed that:

(i) C’s share of Goodwill was `8,000;
(ii) 5% provision for doubtful debts was to be made on debtors;
(iii) Sundry creditors were valued `4,000 more than the book value.
Pass necessary journal entries for the above transactions on C’s retirement. (4)
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13. Raghav limited purchased a running business from Krishna Traders for a sum of
`15,00,000. `3,00,000 were paid by cheque and for the balance Raghav Ltd. issued
equity shares of `100 each at a premium of 20%.
The assets and liabilities consisted of the following:

`
Plant and Machinery 4,00,000
Building 6,00,000
Stock 5,00,000
Sundry Debtors 3,00,000
Sundry creditors 2,00,000
Record necessary journal entries in the books of Raghav limited. (4)
14. Janta Ltd.had an authorized capital of `2,00,000 divided into equity shares of `10 each.
The company offered for subscription of `10,000 shares. The issue was fully subscribed.
The amount payable on application was `2 per share. `4 per share were payable each on
allotment and first and final call. A share holder holding 100 shares failed to pay the
allotment money. His shares were forfeited. The company did not make the final call.
How the ‘share capital’ will be presented in the company’s balance-sheet?
Also prepare Notes to Accounts for the same.
(4)
15. X,Y and Z were partners in a firm. Their capitals on 1st April, 2012 were: X `2,00,000;
Y `2,50,000 and Z `3,00,000. The partnership deed provided for the following:
(i) They will share profits in the ratio of 2:3:3
(ii) X will be allowed a salary of `12,000 p.a.
(iii) Interest on capital will be allowed @ 12% p.a.
During the year X withdrew `28,000; Y `30,000 and Z `18,000. For the year ended
31.3.2013 the firm earned a profit of `5,00,000.
Prepare Profit and Loss Appropriation Account and Partner’s Capital Accounts. (6)
16. Ram, Mohan and Sohan were partners sharing profits and losses in the ratio of 5:3:2.
On 31st March, 2012 their Balance Sheet was as under:
Liabilities ` Assets `
Capital: ` Land 1,25,000
Ram 1,50,000 Patents 30,000
Mohan 1,25,000 Machinery 1,50,000
Sohan 75,000 Stock 1,90,000
------------- 3,50,000 Cash at Bank 40,000
Workmen’s Compensation 30,000

Reserve 1,55,000
Creditors
5,35,000 5,35,000
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----------- ------------------
- --
Sohan died on 1st August, 2012. It was agreed that:

(i) Goodwill of the firm was valued at `1,75,000.
(ii) Machinery was valued at `1,40,000; Patents at `40,000 and Land at `1,50,000 on
this date.
(iii) For the purpose of calculating Sohan’s share in the profits of 2012-2013, the
profits should be taken to have accrued on the same scale as in 2011-12, which
were `75,000.
(iv) Sohan mentioned in his will that the amount payable to his legal representatives
should be used for welfare of the society.
Prepare Revaluation Account and Sohan’s Capital Account. Suggest any two
ways by which the amount payable to Sohan’s legal representative may be
utilized for welfare of the society.
(6)
17. Srijan Limited issued `10,000 new capital divided into 100 shares of ` 100 each at a
premium of `20 per share, payable as under:
On Application `10 per share
On Allotment `40 per share (including
Premium of `10 per share)
On First and Final Call Balance
Over-payments on application were to be applied towards sums due on allotment and

first and final call. Where no allotment was made, money was to be refunded in full.
The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000
shares were allotted only 2,000 shares and applicants for 3,000 shares were sent letters
of regret. Shares were allotted in full to the remaining applicants.
Give Journal Entries to record the above transactions (including cash transactions) in the
books of the company (8)
OR
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Sangita Limited invited applications for issuing 60,000 shares of `10 each at par. The
amount was payable as follows:
On Application `2 per Share
On Allotment `3 per Share
On First and Final Call `5 per Share
Applications were received for 92,000 shares. Allotment was made on the following
basis:
(i) To applicants for 40,000 shares – Full
(ii) To applicants for 50,000 shares -40%
(iii) To applicants for 2,000 shares – nil.
`1,08,000 was realized on account of allotment (excluding the amount carried from
application money) and `2,50,000 on account of call.
The directors decided to forfeit shares of applicants belonging to category (i) on which
allotment money was overdue Give Journal Entries to record the above transactions in
the books of the company.
(8)
18. L and M share profits of a business in the ratio of 5:3. They admit N into the firm on 1st
April, 2013 for a fourth share in the profits to be contributed equally by L and M. On
the date of admission the Balance Sheet of L and M was as follows:
Balance Sheet as at March 31st, 2013
Liabilities ` Assets `
L’ Capital 30,000 Machinery 26,000
M’s Capital 20,000 Furniture 18,000
Reserve Fund 4,000 Stock 10,000
Bank Loan 12,000 Debtors 8,000
Creditors 2,000 Cash 6,000
68,000 68,000
Terms of N’s admission were as follows:

(i) N will bring `25,000 as his capital.
(ii) Goodwill of the firm is to be valued at 4 years’ purchase of the super profits of
the last three years. Average profits of the last three years are `20,000; while the
normal profits that can be earned on the capital employed are `12,000.
(iii) Furniture is to be revalued at `24,000 and the value of stock to be reduced by 20%
. Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet
of the firm after admission of N. (8)
OR
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Following is the Balance Sheet of X and Y, who share profits and losses in the ratio of
4:1, as at 31st March, 2013:
Liabilities Amount Assets Amount
` `
Sundry Creditors 8,000 Bank 20,000
Bank overdraft 6,000 Debtors 17,000
X’s Brother’s Loan 8,000 Less Provision 2,000
Y’s loan 3,000 15,000
Investment Fluctuation Fund 5,000 Stock 15,000
Capital: X 50,000 Investments 25,000
Y 40,000 Buildings 25,000
90,000 Goodwill 10,000
Profit and Loss A/c 10,000
1,20,000 1,20,000
The firm was dissolved on the above date and the following arrangements were decided
upon:
(i) X agreed to pay off his brother’s loan
(ii) Debtors of `5,000 proved bad
(iii) Other assets realized – Investments 20% less; and goodwill at 60%.
(iv) One of the creditors for `5,000 was paid only `3,000.
(v) Buildings were auctioned for `30,000 and the auctioneer’s commission amounted
to `1,000.
(vi) Y took over part of stock at `4,000 (being 20% less than the book value). Balance
stock realized 50%.
(vii) Realisation expenses amounted to `2,000.
Prepare:
i) Realisation A/c
ii) Partners’ Capital accounts
iii) Bank A/c (8)
Part-B
Financial Statement Analysis
19. X Ltd. has a Debt-Equity Ratio at 3:1. According to the management it should be
maintained at 1:1. What are the two choices to do so? (1)
20. State whether cash deposited in bank will result in inflow, outflow or no flow of cash.
(1)
21. Interest received by a finance company is classified under which kind of activity while
preparing a cash flow statement? (1)
22. List the items which are shown under the heading, ‘Current Assets’ in the Balance sheet
of a company as per provisions of Schedule VI of the Companies Act, 1956. (3)
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23. Prepare a ‘Comparative Statement of Profit & Loss’ with the help of the following
information
Particulars 2012-2013 2011- 2012
Revenue from operations 30,00,000 20,00,000
Expenses 21,00,000 12,00,000
Other Incomes 3,60,000 4,00,000
Income Tax 50% 50% (4)
24. Find the value of current liabilities and current assets, if current Ratio is 2.5:1, liquid
ratio is 1.2:1 and the value of inventory of the firm is `78,000. (4)
25. Following are the Balance Sheets of Delta Ltd., as on 31st March 2012 and 2013:
(6)
Particulars Note 2011-12 2012-13
No. (`) (`)
EQUITY AND LIABILITIES
(1) Shareholders Funds
(a) Share capital 6,00,000 7,00,000
(b) Reserves and Surplus 1 1,10,000 2,00,000
(2) Non Current Liabilities
(a) Long term borrowings 2,25,000 3,30,000
Total 9,35,000 12,30,000
ASSETS
(1) Non Current Assets
(a) Fixed assets
(i) Tangible assets 2 8,00,000 11,00,000
(2) Current Assets
(a) Inventories 60,000 70,000
(b) Trade Receivables 40,000 32,000
(c) Cash and Cash equivalents 35,000 28,000
Total 9,35,000 12,30,000
Notes to Accounts:
Note Particulars As on As on
No. 31st March, 2012 31st March, 2013
(`) (`)
1. Reserves and Surplus
Surplus (balance in
Statement of profit and 1,10,000 2,00,000
2. Loss)
Tangible assets 8,00,000 11,00,000
Plant and Machinery
Adjustment:
A piece of machinery of the book value of `80,000 was sold for `65,000 at the beginning
of the year. Depreciation provided on Plant and Machinery during the year amounted to
`2,00,000.
Prepare a Cash Flow Statement.
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OR
PART ‘C’
Computerized Accounting System
19. State the five components of Computerised Accountancy System. (1)

20. What is grouping of accounts?
21. What is meant by the terms ‘Back-end’ and Front–end’ as used in data applications?
(1)
22. State the features of Computerized Accounting system. (3)
23. Explain the security features associated with CAS software. (4)
24. What is DBMS? Explain its two advantages. (4)
25. Anjana Ltd. calculates conveyance allowance on the basis of the sales made by its
employees.
W rite the formula in MS Excel for calculating:
(i) The difference between the expected sale and actual sale.
(ii) The conveyance allowance will be `5,000 if the employee meets the expected
sales target and for every extra unit sold he would get `50.
(iii) `1,000 even if expected units are not sold. (6)
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MARKING SCHEME
ACCOUNTANCY
CLASS-XII
Part A
Accounting for Partnership Firms and Companies
1. Charu is correct.
Reason: In the absence of partnership deed profits are shared equally.
(½ + ½ = 1 Mark)
2. Old Ratio i.e. 1:1

3. A partnership firm may be reconstituted in the following circumstances: (Any two)
1 Mark
(i) Change in the profit sharing ratio among the existing partners.
(ii) Admission of a new partner;
(iii) Retirement of an existing partner and
(iv) Death of a partner (½ x2=1 Mark)
4. Partner’s executors account is prepared at the time of death of a partner. (1 Mark)
5. Maximum amount of discount at which the forfeited shares can be re-issued is the
amount forfeited on such shares. (1 Mark)
6. When the entire face value of a share is called by the company and is also paid by
the shareholder, it is said to be subscribed and fully paid-up capital. (1 Mark)
7. Any one of the following: 1 Mark
(i) Creation of Debenture Redemption Reserve is not required for issue of
debentures with a maturity period of 18 months or less.
(ii) Infrastructure companies (i.e. companies wholly engaged in developing,
maintaining and operating infrastructure facilities).
8 Journal
Date Particulars L. Dr. Amount Cr.

F. ` Amount
`
2013, B’s Current A/c 1,000/-
31st March Dr. 4,000/-
C’s Current A/c 5,000
Dr.
To A’c Current A/c
(Being omission of interest
on capital for three years
rectified)
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Working Note: Statement showing adjustments to be made:
Particulars A B C Total
` ` ` `
1.Total Amount of interest 30,000 24,000 21,000 75,000
on capital omitted, to be
credited now
2.Total amount of profit 25,000 25,000 25,000 75,000
already credited, now to
be debited
3.Balance 5,000 1,000 4,000
Cr. Dr. Dr.
9. Journal
Date Particulars L.F Dr. Cr.

. Amoun Amount
t` `
2011 Bank A/c Dr. 5,00,00
To10% Debenture Application 0
1st and Allotment A/c 5,00,000 (½ Mark)
April (Being application money received
on 1000 debentures @ `500)
2011 10% Debenture Application and 5,00,00
Allotment A/c 0
1st Dr. 5,00,000 (1 Mark)
April To 10% Debentures A/c
(Being application money
transferred to 10% Debentures
account consequent upon allotment)
2013 10% Debentures A/c Dr. 1,00,00
1st To Debenture holders A/c 0 1,00,000
April (½ Mark)
(Being amount due to Debenture
holder on conversion)
2013 Debenture holders A/c 1,00,00
Dr. 0 80,000
1st To Equity Share Capital A/c 20,000 (1 Mark)
April To Securities Premium Reserve
A/c
(Being the issue of 800 equity
shares of ` 100 each at a premium
of ` 25 per share)
(3 Marks)
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10. Journal
Date Particulars L.F. Dr. Amount Cr. Amount `
`
(i) Bank A/c Dr. 67,50
To 12% Debenture Application 0
and 67,500
Allotment A/c (½ Mark)
(Being Debenture application and
allotment money received on 750
debentures @ 90 each)
12% Debenture Application and . 67,50
Allotment A/c 0
Dr.
Discount on Issue of Debentures A/c Dr. 7,500 (1 Mark)
Loss on Issue of Debentures A/c 3,750 75,000
Dr. 3,750
To 12% Debentures A/c
To Premium on redemption of
Debenture
(Being issue of 750 debentures of ` 100
each a discount of 10% redeemable at a
premium of 5%)
(ii) Bank A/c Dr. 96,00
To 9% Debenture Application & 0 96,000
Allotment A/c (½ Mark)
(Being application and allotment money
received on 800 debentures @ ` 120
each.)
9% Debenture Application &
Allotment A/C 96,00
Dr. 0
Loss on Issue of Debenture A/c 8,000 80,000
Dr. 16,000 (1 Mark)
To 9% Debentures A/c
To Securities Premium Reserve A/c 8,000
To Premium on Redemption of
Debentures A/c
(Being issue of debentures at premium
Redeemable at premium).
(3 Marks)
11. (a) Values: (Any four)
(i) Secularism
(ii) Supporting the implementation of “Right to Education Act, 2009”.
(iii) Sensitivity towards differently abled individuals.
(iv) Empowering women entrepreneurship
(v) Providing entrepreneurial opportunities to people from different areas of
the country. (2 Marks)
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(b) Journal entry

Dr. Cr.
Amount ` Amount `
Cash A/c Dr. 7,00,000
Delivery Van A/c Dr. 2,75,000
Furniture A/c Dr. 25,000
To Rafiq’s Capital A/c 1,00,000
(Capital worth `10,00,000 brought in by Rafiq) ½ Mark for each
entry (2 Marks)
12. JOURNAL
Date Particulars Dr. Amount Cr. Amount

` `
2013 Revaluation A/c Dr. 4,800
March, 31st To Provision for Doubtful Debts A/c (1 Mark)
To Sundry Creditors A/c 800
(Being decrease in the value of debtors and 4,000
increase in the value of creditors transferred
to Revaluation A/c)
A’s Capital A/c Dr. 2,400
B’s Capital A/c Dr. 1,440
C’s Capital A/c Dr. 960
To Revaluation A/c 4,800 (1 Mark)
(Being loss on revaluation transferred
to Capital A/cs)
A’s Capital A/c Dr. 5,000
B’s Capital A/c Dr. 3,000
To C’s Capital A/c 8,000 (1 Mark)
(Being C’s share of goodwill adjusted to the
accounts of the continuing partners in their
gaining ratio 5:3)
57,040
C’s Capital A/c Dr. 57,040 (1 Mark)
To C’s loan A/c
(Being Balance of C’s capital A/c
transferred to C’s loan A/c)
Working Note:
C’s Capital A/c = Opening balance in Capital A/c ` 50,000
+ Share of Goodwill ` 8,000
- Loss on Revaluation ` 960
57,040
(1+1+1+1= 4 Marks)
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13. Journal
Date Particulars L.F. Dr. Cr.

Amount Amount
` `
Plant and Machinery A/c Dr. Dr. 4,00,000
Building A/c Dr. Dr. 6,00,000
Stock A/c Dr. Dr. 5,00,000
Sundry Debtors A/c Dr. Dr. 3,00,000
To Sundry Creditors A/c 2,00,000 (2 Mark)
To Krishna Traders A/c 15,00,000
To Capital Reserve A/c 1,00,000
(Being the purchase of assets and liabilities of
Krishna Traders)
Krishna Traders A/c Dr. 3,00,000
To Bank A/c 3,00,000
(Being `3,00,000 paid to
Krishna Traders by cheque)
Krishna Traders A/c Dr. 12,00,000
To Share Capital A/c 10,00,000
To Securities Premium Reserve A/c 2,00,000 (1 Mark)
(Being the balance of `12,00,000 discharged
by issue of equity shares at 20% premium)
14 . Balance Sheet of Janta Ltd. As at……….
Particulars Note No. Amount Amount

Current Previous year
year
` `
I Equity and
Liabilities
Shareholders funds 1 59,400
(a) Share capital
Notes to Accounts
Note No. 1
Share Capital Amount

Authorised Capital `
20,000 equity shares of `10 each 2,00,000
Issued Capital
10,000 equity shares of ` 10 each 1,00,000
Subscribed Capital
Subscribed, but not fully paid
9,900 shares of `10 each `6 called up = `59400
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Add forfeited shares +200 59,600

(1+3 =4 marks)
15. Books of X,Y and Z
. Profit and Loss Appropriation Account
For the year ended 31.3.13
Dr Cr.
Particulars Amount Particulars Amount
(`) (`)
To interest on Capital: By Profit & Loss A/c 5,00,000
X- 24,000
Y- 30,000
Z- 36,000 90,000
To Salary of X 12,000
To Profit transferred to
Capital A/c :
X-` 99,500
Y-`1,49,250
Z-`1,49,250 3,98,000
5,00,000 5,00,000
(1 mark for each item on debit side) 1x3=3 marks
Dr. Partner’s Capital Accounts Cr.

Particulars X Y Z Particulars X Y Z
` ` ` ` ` `
To Drawing 28,000 30,000 By Balance b/d 2,00,00 2,50,000 3,00,000
18,000 0
By Interest on 30,000 36,000

Capital 24,000
To balance
c/d 3,07,500 3,99,250 4,67,250 - -
By Salary-X
12,000
By P&L 1,49,250 1,49,250

Appropriation 99,500
Account
3,35,500 4,29,25 4,85,25 3,35,50 4,29,250 4,85,250

0 0 0
(1 mark for each capital A/c 1x3 = 3 marks 3+3=6 marks
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16
Dr. Revaluation Account Cr.
Particulars ` Particulars `
To Machinery 10,000 By Land 25,000
To Profit Transferred to By Patents 10,000
Capital A/c’s : `
Ram :
12,500
Mohan : 7,500 25,000
Sohan : 5,000 35,000 35,000
(1)
Sohan’s Capital Account
Dr. Cr.
To Sohan’s Executor’s 1,26,000 By Balance b/d 75,000
A/c By Revaluation A/c 5,000
By Ram’s Capital A/c
5 21,875 (½)
( 35,000 )
By Mohan’s Capital A/c 13,125 (½)
3
( 35,000 )
5,00 (1)
By P&L Suspense A/c 0
By Workmen’s Compensation ( ½)
Reserve A/c
6,00
0
1,26,000
1,26,000
(3)
The amount may be utilized for any of the following purposes:

(a) Opening a charitable Dispensary/Hospital
(b) Donation to an orphanage
(c) Development of parks
(d) Opening a play school without fee (or any other)
(2)
Working Notes:
(i) Sohan’s share of Goodwill: 1/5 of `1,75,000= `35,000

The amount for Goodwill to be contributed by Ram and Mohan in the ratio of 5:3.
(ii) Profit of Sohan till the time of death that is upto 31.07.2006 (for 4 months)
` 75,000 x 4/12 x 2/10 =` 5,000
(1+3+2=6 marks)
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17. Journal of Srijan Ltd.
Date Particulars LF. Dr. Cr.

Amount Amount `
`
(i) Bank A/c Dr. 2,30,000
To Share Application A/c 2,30,000

(Being Application money received on
23000 shares @ `10 per share)
(ii) Share Application A/c Dr. 2,30,000
To Share Allotment A/c 80,000
To calls-in-advance A/c 20,000
To Bank A/c 30,000
(Being application money adjusted and
balance refunded)
(iii) Share Allotment A/c Dr. 4,00,000
To Securities Premium Reserve A/c 1,00,000
(Being allotment money Reserve due)
Bank A/c Dr. 3,20,000
(iv) To Share Allotment A/c 3,20,000
(Being allotment money due)
Share First & Final Call A/c Dr. 7,00,000
(v) To Share Capital A/c 6,00,000
To Securities Premium Reserve A/c 1,00,000
(Being Call money due)
Bank A/c Dr. 6,80,000
(vi) Call in advance A/c Dr. 20,000
To Share First & Final Call A/c 7,00,000
(Being call money received)
(i), (iii), (iv) & (vi) = 1x4 = 4 marks 4+4 = 8 marks

(ii) & (v) = 2x2 = 4 marks
Working Notes:
(i) Total amount received on application = `10x23,000 =` 2,30,0000

(ii) Pro rata category applied 12,000 : Allotted 2,000 (i.e. 6:1)
Money received on application 12,000 x `10 = `1,20,000
Money required on application 2,000 x `10 = `20,000
Excess money received on application =`1,00,000
Money required on allotment 2,000 x `40 =`80,000
So entire amount due on allotment is already received. Excess `20,000 is transferred to calls in
advance. This amount will be credited to Calls in Advance A/c. In that case, Calls in Advance
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A/c will be debited in entry No. 6 along with Bank A/c and Share First and Final Call A/c will be
credited with full amount of `7,00,000.
OR
Journal of Sangita Ltd.
Date Particulars LF. Dr. Amount Cr. Amount
` `
(i) Bank A/c 1,84,000

Dr. 1,84,000
To Share Application A/c
(Being application money received on
92,000 shares @`2 per share) 1,84,000
(ii) Share Application A/c. Dr 1,20,000
To Share Capital A/c 4,000
To Bank A/c 60,000
To Share Allotment A/c
(Being the application money adjusted
towards share capital, share allotment
and surplus refunded)
1,80,000
(iii) Share Allotment A/c Dr. 1,80,000
To Share Capital A/c
(Being allotment money due on 60,000
shares @` 3 per Share)
(iv) Bank A/c Dr. 1,08,000
To Share Allotment A/c 1,08,000
(Being allotment money received)
(v) Share First & Final Call A/c Dr.
(Being first and final call money due on 3,00,000
60,000 Shares @` 5 per Share)
(vi) Bank A/c Dr. 2,50,000
To Share First and Final Call A/c 2,50,000
(Being first and final call money
received) 40,000
(vii) Share Capital A/c Dr.
To Share Allotment A/c 12,000
To Share first and final call A/c 20,000
To Share forfeited A/c 8,000
(Being 4,000 shares forfeited due to
non-payment of allotment and first and
final call)
(i), (ii), (iv), (v) & (vi) – 1 mark each (5)

(iii) and (vii) 1 ½ mark each (3)
(5+3 = 8 marks)
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18.
Dr. Revaluation A/c Cr.

To Stock A/c 2,000 By Furniture A/c 6,000
To Profit transferred to Partners’
Capital A/c
L 2,500 4,000
M 1,500 6,000 6,000
(1½)
Partners’ Capital A/c

Dr Cr.
Particulars L M N Particulars L M N
` ` ` ` ` `
To L’s Capital 4,000 By Balance b/d 30,000 20,000 -
A/c By Reserve Fund 2,500 1,500 -
To M’s Capital 4,000 By Revaluation 2,500 1,500 -
A/c A/c - -
To Balance c/d 39,000 27,000 17,000 By Cash A/c 4,000 4,000
By N’s Capital
A/C 25,000
39,000 27,000 25,000 39,000 27,000 25,000
(4½)
Balance Sheet as at 1st April, 2013

Liabilities ` Liabilities `
Capital Machinery 26,000
L 39,000 Furniture 24,000
M 27,000 Stock 8,000
N 17,000 83,000 Debtors 8,000
Bank Loa n 12,000 Cash 31,000
Creditors 2,000
97,000 97,000
(2)
*Working Notes
N’s Capital A/c Dr. 8,000
To L’s Capital A/c 4,000
To M’s Capital A/c 4,000
(1 ½+4 ½ +2 =8 marks)
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OR
Dr. Realisation Account Cr.
To Goodwill A/c 10,000 By Investment Fluctuation Fund A/c 5,000

To Buildings A/c 25,000 By Provision for doubtful debts A/c 2,000
To Investments A/c 25,000 By Creditors A/c 8,000
To Stock A/c 15,000 By Bank overdraft A/c 6,000
To Debtors A/c 17,000 By X’s Brother’s loan A/c 8,000
To X’s Capital A/c By Bank A/c
(X’s brother’s Loan) 8,000 Assets realized
To Bank: A/c Debtors 12,000
Creditors 6,000 Investments 20,000
Bank overdraft 6,000 12,000 Goodwill 6,000
Buildings 29,000
To Bank A/c 2,000 Stock 5,000 72,000
(Realisation exp.)
By Y’s Capital (Stock) 4,000
By Loss transferred to:
X’s capital A/c 7200
Y’s capital A/c 1800
9000
1,14,000 1,14,000
(4)
Dr. Partners’ Capital A/c Cr.

Particulars X(`) Y (`) Particulars Y (`)
X(`)
To Profit & Loss A/c 8,000 2,000 By Balance b/d 50,00 40,000
To Realisation A/c - 4,000 By Realisation A/c 0 -
To Realisation A/c 7,200 1,800 8,000
(Loss)
To Bank A/c 42,800 32,200
58,000 40,000 40,000
58,00
0
(2)
Dr. Bank Account Cr.

Particulars Amount Particulars Amount
(`) (`)
To Balance b/d 20,000 By Y’s loan A/c 3,000

To Realisation A/c 72,000 By Realisation A/c
(Liabilities paid off) 12,000
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By Realisation A/c (For expenses) 2,000

By X’s Capital A/c 42,800
By Y’s Capital A/c 32,200
92,000 92,000
(4+2+2=8 marks)
PART-B
Financial Statement Analysis
19. The two choices to maintain Debt equity at 1:1 from 3:1 are: (Any Two) (1 mark)
(i) To increase equity Or
(ii) To reduce Debt
(iii)Both i.e. increase equity and reduce Debt.
20. No flow (1 mark)
21. Operating Activity (1 mark)
22. Balance Sheet of…………… as at 31st March……….
Particulars Note No. `
11. Assets
(2) Current Assets
(a) Current Investments
(b) Inventories
(c) Trade Receivables
(d) Cash and Cash Equivalents
(e) Short Term loans and Advances
(f) Other Current Assets
(½ x 6=3 Marks)
23. Comparative Statement of Profit and Loss
For the year ended 31st March, 2013
Particulars Absolute Figures
2011-12 2012-13 Absolute Percentage
(`) (`) Change Change
(`) (%)
I. Revenue from operations 20,00,000 30,00,000 10,00,000 50%
II. Add: other Incomes 4,00,000 3,60,000 (40,000) 10%
III. Total Revenue (I+II) 24,00,000 33,60,000 9,60,000 40%
Less Expenses 12,00,000 21,00,000 9,00,000 75%
Profit before Tax 12,00,000 12,60,000 60,000 5%
IV. Less Tax (50%) 6,00,000 6,30,000 30,000 5%
PROFIT AFTER TAX 6,00,000 6,30,000 30,000 5%
(One mark for each correct row-1x4=4 Marks
24. Current Ratio =
Or
Or 2.5 Current Liabilities = Current Assets
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Liquid Ratio =
Or =
Or Current Liabilities =
Or
Or C.L =
Or 1.2 C.L = 2.5 Current Liabilities -78,000

Or 78,000 = 1.3 C.L
Or = Current Liabilities
Or `60,000 = Current Liabilities

Or Current Assets = 2.5 X `60,000
= `1,50,000
(½ + ½ + ½ + ½ +1+1 =4 Marks)
25.
Cash Flow Statement
for the year ending 31st March 2013
Particulars Details (`) Amount
(`)
A. CASH FLOWS FROM OPERATING
ACTIVITIES
Profit before tax 90,000
Add: Depreciation on machinery 2,00,000
Loss on sale of machinery 15,000
Operating Profit before working capital changes 3,05,000
Add: Decrease in Trade Receivables 8,000
Less: Increase in inventory (10,000) (2000)
Net Cash generated from operating activities 3,03,000
B. CASH FLOWS FROM INVESTING

ACTIVITIES
Machinery purchased (5,80,000)
Machinery sold 65,000
Net Cash used in investing activities
C. CASH FLOWS FROM FINANCING (5,15,000)
ACTIVITIES
Issue of Shares 1,00,000
Long term borrowings 1,05,000
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Net Cash generated from financing activities 2,05,000

NET DECREASE IN CASH AND CASH (7,000)
EQUIVALENTS (A+B+C)
Add opening balance of cash and cash 35,000
equivalents
Closing balance of cash and cash equivalents 28,000
(3 marks)
Dr. Plant and Machinery A/c Cr.

` `
To balance b/d 8,00,000 By Cash A/c 65,000
To Cash A/c 5,80,000 By loss on sale of 15,000
machinery A/c
By depreciation A/c 2,00,000
By balance c/d 11,00,000
13,80,000 13,80,000
(3 marks)
PART –C
Computerized Accounting System
19. The five components of Computerised Accounting System are: Hardware, Software,
Data, People and Procedure . (1 mark)
20. Grouping of accounts refers to the categorization of accounts sharing the Common
characteristics in a ledger. For example, the ledger of debtors and ledger of creditors
contains all accounts of customers and suppliers respectively. Hence, debtors and
creditors are two account groups. (1 mark)
21. It is done to remove data redundancy. (1 mark)

22. Features of CAS (any two):
1. Simple and integrated. (1/2 mark for naming +1 mark for explanation)
2. Transparency and control.
3. Accuracy and speed
4. Scalability.
5. Reliability (1 ½ x2 = 3 marks)
23. Every accounting software ensures data security, safety and confidentially through:
(i) Password Security: Password is a mechanism, which enables a user to access a

system including data. The system facilitates by defining the user rights
according to the organizational policy. As a result, a person in an organization is
authorized to access a particular set of a data while he/she may be denied access
to another set of data.
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(ii) Data Audit: This feature enables the user to know as to who and what changes
have been made in the original data thereby helping and fixing the responsibility
of the person who has manipulated the data and also ensures data integrity.
Basically, this features is similar to Audit Trail.
(iii) Data Vault: This software provides additional security through data encryption.
Encryption essentially scrambles the information so as to make its interpretation
extremely difficult (almost impossible). Thus, Encryption ensures security of
data even if it lands in wrong hands, because the receiver of data will not be able
to decode and interpret it.
(1 ½ +1 ½ +1=4 marks)
24. It is a set of programs that control and manage creation, utilization and
maintenance of database of a business organization.
Advantages (Any Two)

1. Reduce Data redundancy
2. Information protection
3. Data dictionary management
4. Greater consistency
5. Reduced cost
6. Backup and recovery facility. (1=1 ½ +1 ½ =4 marks)
25. (i) Sum (C2-B2)
When actual sale is projected in C2 and expected in B2

(i) = If (D2=0,5000, IF (D2>0,5000=D2X50,1000)
(ii) Answer for the third point is included in this point. (2+4=6 marks)
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ACCOUNTANCY (055)
CLASS-XII (2013-14)
Max.Marks 80 Time: 3 hrs.
QUESTION-WISE ANALYSIS
S.No. of Unit/Ch. Marks Estimated time Estimated
question Number allotted (Minutes Difficulty level
1 1 1 2 minutes A
2 2 1 2 minutes A
3 2 1 2 minutes A
4 2 1 2 minutes A
5 3 1 2 minutes A
6 3 1 2 minutes A
7 4 1 2 minutes A
8 1 3 6 minutes B
9 4 3 6 minutes B
10 4 3 6 minutes C
11 2 4 8 minutes C
12 2 4 8 minutes B
13 3 4 8 minutes B
14 3 4 8 minutes B
15 1 6 12 minutes B
16 2 6 12 minutes B
17 3 8 16 minutes B
18 2 8 16 minutes A
19 5/5 1 2 minutes B
20 6/7 1 2 minutes A
22 5/5 3 6 minutes C
25 6/6 6 8 minutes C

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SAMPLE QUESTION PAPER

Time Allowed – 3Hrs. Max. Marks – 80

C retired on the above date and it was agreed that:

The assets and liabilities consisted of the following:

Workmen’s Compensation 30,000

Sohan died on 1st August, 2012. It was agreed that:

Over-payments on application were to be applied towards sums due on allotment and

Terms of N’s admission were as follows:

Financial Statement Analysis

19. State the five components of Computerised Accountancy System. (1)

2. Old Ratio i.e. 1:1

Date Particulars L. Dr. Amount Cr.

Working Note: Statement showing adjustments to be made:

Date Particulars L.F Dr. Cr.

(b) Journal entry

Date Particulars Dr. Amount Cr. Amount

Date Particulars L.F. Dr. Cr.

14 . Balance Sheet of Janta Ltd. As at……….

Particulars Note No. Amount Amount

Share Capital Amount

Add forfeited shares +200 59,600

(1 mark for each item on debit side) 1x3=3 marks

Dr. Partner’s Capital Accounts Cr.

By Interest on 30,000 36,000

By P&L 1,49,250 1,49,250

3,35,500 4,29,25 4,85,25 3,35,50 4,29,250 4,85,250

(1 mark for each capital A/c 1x3 = 3 marks 3+3=6 marks

The amount may be utilized for any of the following purposes:

(i) Sohan’s share of Goodwill: 1/5 of `1,75,000= `35,000

17. Journal of Srijan Ltd.

Date Particulars LF. Dr. Cr.

To Share Application A/c 2,30,000

(i), (iii), (iv) & (vi) = 1x4 = 4 marks 4+4 = 8 marks

(i) Total amount received on application = `10x23,000 =` 2,30,0000

(i) Bank A/c 1,84,000

(i), (ii), (iv), (v) & (vi) – 1 mark each (5)

Dr. Revaluation A/c Cr.

Partners’ Capital A/c

Balance Sheet as at 1st April, 2013

To Goodwill A/c 10,000 By Investment Fluctuation Fund A/c 5,000

Dr. Partners’ Capital A/c Cr.

Dr. Bank Account Cr.

To Balance b/d 20,000 By Y’s loan A/c 3,000

By Realisation A/c (For expenses) 2,000

24. Current Ratio =

Or 2.5 Current Liabilities = Current Assets

Or 1.2 C.L = 2.5 Current Liabilities -78,000

Or `60,000 = Current Liabilities

B. CASH FLOWS FROM INVESTING

Net Cash generated from financing activities 2,05,000

Dr. Plant and Machinery A/c Cr.

21. It is done to remove data redundancy. (1 mark)

(i) Password Security: Password is a mechanism, which enables a user to access a

Advantages (Any Two)

25. (i) Sum (C2-B2)

When actual sale is projected in C2 and expected in B2

SAMPLE QUESTION PAPER

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