12 Acc SP 01a
12 Acc SP 01a
12 Acc SP 01a
Class 12 - Accountancy
sample paper 01 (2023-24)
Maximum Marks: 80
Time Allowed: : 3 hours
General Instructions:
OR
Issued 5,000, 12% debentures of ₹ 100 each at a discount of 2%, redeemable at a premium of 5%. In such case.
a) Loss on Issue will be debited by ₹ 35,000
OR
OR
Harry Pens Ltd. issued 10,000, 7% Debentures of ₹ 100 each at a discount of ₹ 4 redeemable at a premium of ₹ 6. It will
write off Loss on Issue of Debentures
a) from General Reserve.
b) from Statement of Profit & Loss.
c) from Securities Premium
d) None of these
OR
Ankit, Mohit and Vinod were partners in a firm sharing profits equally. On 1st April, 2020, their capitals stood at ₹
2,00,000, ₹ 1,50,000 and ₹ 1,00,000 respectively. As per the provisions of Partnership Deed:
The net profit for the year ended 31st March, 2021, ₹ 1,50,000 was distributed among the partners without providing for
the above items.
OR
1
R and S are partners in a firm sharing profits in the ratio of 3 : 2. They admit T as a new partner. R surrenders 5 th share
2
of his profits and S surrenders 5 th of his share in favour of T. New profit sharing ratio will be:
a) 5 : 3 : 2
b) 12 : 6 : 7
c) 12 : 8 : 5
d) 3 : 2 : 1
16. When a partner capital account shows a debit balance, his loan account should be transferred to his Capital account by
what amount
a) 20% amount
b) 50% amount
c) To the extent of Debit Balance
01-10-2022 10,000
01-03-2023 16,000
B drew ₹ 6,000 at the end of each month. The deed provides interest on capitals and drawings at 10% p.a. Calculate
interest on capitals and drawings.
OR
Roshan, Mahesh, Gopi and Jai are partners sharing profits and losses in the ratio of 3 : 3 : 2 : 2. The balances of capital
accounts on 1st April, 2015 were: Roshan ₹8,00,000, Mahesh ₹5,00,000, Gopi ₹6,00,000 and Jai ₹6,00,000.
After the accounts for the year ended 31st March, 2016 were prepared, it was discovered that interest on capital @ 10%
per annum as provided in the partnership deed had not been credited to the partners’ capital accounts before the
distribution of profits.
You are required to rectify the error by passing a single adjusting journal entry.
19. Kuber Ltd. purchased assets worth ₹ 10,00,000 and took over liabilities of ₹ 1,00,000 of Amrit Ltd. for a purchase
consideration of ₹ 8,00,000. Kuber Ltd. paid ₹ 2,60,000 through a cheque and the balance was settled by issuing 12%
debentures of ₹ 100 each at a discount of 10%. Pass necessary journal entries in the books of Kuber Ltd. for the above
transactions.
OR
Mega Movers Ltd. has a paid up share capital of ₹ 60,00,000 and a balance of ₹ 15,00,000 in the Securities Premium
Account. The company management do not want to carry over the balance. State the purposes for which the balance can
be utilised.
20. Malhotra and Rana had a firm in which they had invested ₹ 50,000. On an average, the profits were ₹ 16,000. The
normal rate of return in the industry is 15%. Goodwill is to be valued at four years' purchase of profits in excess of
profits @ 15% on the money invested. Calculate the value goodwill.
21. On 1st April, 2012, Janta Ltd. was formed with an authorized capital of 50,00,000 divided into 1,00,000 equity shares of
50 each. The company issued prospectus inviting application for 90,000 Shares. The issue price was payable as under:
On Applicant : Rs. 15
On Allotment : Rs. 20
On call: Balance amount
The issue was fully subscribed and the company allotted shares to all he applicants. The company did not make the call
during the year.
Show the following:
OR
A company issued for public subscription 40,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share payable as
under:
On Application ₹ 3 per share
On Allotment ₹ 4 per share (including premium)
Applications were received for 70,000 shares. Allotment was made pro-rata to the applicants for 50,000 shares,
the remaining applications being refused. Money overpaid on application was applied towards sum due on allotment. A,
to whom 1,600 shares were allotted failed to pay the allotment and calls money. B, to whom 2,000 shares were allotted
failed to pay the two calls. The shares of A and B were subsequently forfeited after the second call was made. 3,000 of
the forfeited shares were re-issued at ₹ 8 per share fully paid. The re-issued shares included all of A’s shares.
Pass journal entries in the books of the company to record the above transactions.
24. Geeta and Jyoti are partners in a firm, sharing profits and losses in the ratio of 3 : 1. On 31st March, 2022, their Balance
Sheet was as under :
3,40,000 3,40,000
1
Kiran was taken as a partner for 4 th share, with effect from 1st April, 2022, subject to the following adjustments:
a. Plant and Machinery was found to be overvalued by ₹ 16,000. It was to be shown in the books at the correct value.
b. Provision for Doubtful Debts was to be reduced by ₹ 2,000.
c. Creditors included an amount of ₹ 2,000 received as commission from Malini. The necessary adjustment was
required to be made.
d. Goodwill of the firm was valued at ₹ 60,000. Kiran was to bring in cash, his share of goodwill along with his capital
of ₹ 1,00,000.
e. Capital Accounts of Geeta and Jyoti were to be readjusted in the new profit-sharing arrangement on the basis of
Kiran’s capital, any surplus to be adjusted through current account and any deficiency through cash.
OR
1 1 1
Ankush, Bhuvesh and Mukul were partners in a firm sharing profits in the proportion of , and respectively. Mukul
2 3 6
retired on 1st April, 2023. The balance sheet of the firm on the date of Mukul’s retirement was as follows:
BALANCE SHEET
as on 1st April, 2023
Liabilities Assets
(₹) (₹)
OR
Interest accrued on investments appear in a company’s balance sheet under the sub-head:
a) Non-current Investments
b) Current Investments
c) Other Non-current Assets
d) Other Current Assets
OR
From the following Balance Sheet of Avinash Ltd. as on 31st March, 2021, prepare a Comparative Balance Sheet:
3. Current Liabilities
Trade Payables 6,00,000 5,00,000
Total 36,00,000 25,00,000
II Assets:
1. Non-Current Assets
Fixed Assets 24,00,000 15,00,000
2. Current Assets
Inventories 12,00,000 10,00,000
Total 36,00,000 25,00,000
34. Following are the Balance Sheets of Harsh Ltd.:-
Particulars Note No. 31.3.2023 31.3.2022
II. ASSETS:
(1) Non-Current Assets:
(a) Property, Plant and Equipment and Intangible Assets:
Notes:-
31.3.2023 31.3.2022
₹ ₹
2,70,000 2,70,000
Additional Information:
I. Machinery of the book value of ₹ 60,000 was sold for ₹ 18,000 during the year.
II. Interim Dividend paid during the year ₹ 25,000.
III. During the year Company sold 40% of its original non-current investments at a loss of 20%.
You are required to prepare Cash-Flow Statement.
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Class 12 - Accountancy
sample paper 01 (2023-24)
Solution
OR
OR
OR
OR
OR
(b) 12 : 6 : 7
Explanation: R's sacrifice = 3/5 x 1/5 = 3/ 25
S's sacrifice = 2/5 x 2/5 = 4/25
new share of R = 3/5 - 3/25 = 12/25
Debit Credit
Date Particulars L.F. Amount Amount
(₹) (₹)
2022
Geeta’s Capital A/c Dr. 14,000
April 1
OR
Division of ₹2,50,000 in profit sharing ratio of 3 : 3 : 2 : 2 75,000 75,000 50,000 50,000 2,50,000
OR
According to Section 52 (2) of the Companies Act, 2013, the amount of Securities Premium may be utilised for:
i. Buy-back of its own shares or other specified securities (under Section 68),
ii. Issue of fully paid bonus shares,
iii. Write off preliminary expenses of the company,
iv. Write off the expenses or the commission paid on issue of shares/debentures or discount allowed on the issue of
debentures of the company, and
v. Provide for any premium payable on redemption of preference shares or debentures of the company.
20. Goodwill = Super Profit × Number of Years' of Purchase
Normal Rate of Return
Normal Profit = Capital Employed × 100
15
= 50,000 × 100
= ₹ 7,500
Average Profit = ₹ 16,000
Super Profit = Average Profit - Normal Profit
= 16,000 - 7,500 = ₹ 8,500
Number of years' purchase = 4
∴ Goodwill of firm = 8,500 × 4 = ₹ 34,000
Shareholders Funds :
(a) Share Capital 1 31,50,000
Notes to Accounts
Particulars (Rs.)
22. Journal
23. JOURNAL
(Second and Final Call received except on 29,700 shares @ ₹ 2 per share)
(300 shares forfeited for non-payment of First Call and Second and Final Call)
II. ASSETS
Current Assets:
Cash and Cash Equivalents 3 3,61,500
Notes to Accounts:
₹
OR
JOURNAL
₹ ₹
i. ₹
50 , 000
(A) A must-have applied for × 1, 600 = 2,000 shares
40 , 000
ii. 3,000 Re-issued shares include 1,600 shares of A and the balance 1,400 shares of B ₹
Profit on forfeiture of 1,600 shares of A 6,000
(Since he has applied for 2,000 shares and has paid application money of ₹ 3 per share, profit on forfeiture
will be 2,000 × ₹ 3 = ₹ 6,000)
Profit on forfeiture of 1,400 shares of B
Dr. Cr.
Particulars ₹ Particulars ₹
To Plant & Machinery A/c 16,000 By Provision for Doubtful Debts A/c 2,000
Dr. Cr.
To Balance c/d 1,22,750 94,250 1,00,000 By Premium for Goodwill A/c 11,250 3,750
2,85,250 2,85,250
OR
REVALUATION ACCOUNT
Particulars ₹ Particulars
₹
Ankush 300
Bhuvesh 200
6,400 6,400
To Mukul's Capital A/c 2,700 1,800 By Revaluation A/c (Profit) 300 200 100
Working Notes:
One major change in the constitution of a partnership firm may occur if a partner undergoes retirement from the firm or
in the event of his death. In both cases, the partner’s account will have to be settled, and new ratios will have to be
calculated. There is also the issue of treatment of goodwill.
Adjustment for Goodwill
(Being decrease in value of Assets and provision for doubtful debts transferred to profit
and Loss adjustment Account)
(Being profit distributed among old partners A, B and C in their old profit sharing ratio)
A's Capital A/c Dr. 6,400
(Being Reserve Fund distributed among old partners in their old profit sharing ratio)
Dr. Cr.
Particulars ₹ Particulars ₹
To Plant and machinery A/c (40,000 × 10%) 4,000 By Stock A/c (25,000 × 15%) 3,750
To Furniture A/c (10,000 × 5%) 500 By Factory building A/c (50,000 × 10%) 5,000
8,750 8,750
Dr. Cr.
Particulars A B C Particulars A B C
To B's Capital A/c 2,400 By Balance b/d 30,000 40,000 25,000
To C's Capital A/c 4,000 By Reserve fund A/c 5.333 8,000 2,667
Balance Sheet
as on 1st April 2019 (after C's Retirement)
Liabilities ₹ Assets ₹
1,53,750 1,53,750
W.N.:
A B C
i. Old Ratio 1 1 1 = 2:3:1
3
:2: 6
C's retired on the firm
A:B = 3:2 (New Ratio)
Gaining Ratio = New Ratio - Old Ratio
3 2 18 10 8
A ′s = − = − = (Gain)
5 6 30 30 30
2 3 12 15 −3
B ′s = − = − = (Sacrifice)
5 6 30 30 30
ii. Goodwill on the firm = ₹24,000
1
C's Share of Goodwill = 24, 000 × 6
= ₹ 4,000
8
A's Share = 24, 000 × 30
( Gain ) = ₹ 4,000
3
B's Share = 24, 000 × 30
(Sacrifice) ₹ 2,400
iii.
1 1 1
A:B:C = : : = 2:3:1 (Old Ratio)
3 2 6
C retired from the firm.
A:B = 2:3 (New Ratio)
Gaining Ratio = New Ratio - Old Ratio
2 2 12 10 2
A ′s = − = − =
5 6 30 30 30
3 3 18 15 3
B ′s = 5
− 6
= 30
− 30
= 30
Gaining Ratio = 2:3
iv.
Adjustment of Goodwill
Goodwill of the firm = ₹ 24,000
1
C's of Goodwill = 24, 000 × = ₹ 4,000
6
C's Share of goodwill is to be distributed between A and B in 2;3
2
A's Goodwill = 4, 000 × 5
= ₹ 1,600 (Sacrifice)
3
B's Goodwill = 4, 000 × 5
= ₹ 2,400 (Sacrifice)
26. case (a)
Particular L.F Dr(₹) Cr(₹)
case (b)
Particular L.F Dr(₹) Cr(₹)
case (c)
Particular L.F Dr(₹) Cr(₹)
OR
OR
Less:Expenditure
4,10,000 8,20,000 41 41
1. Shareholders' Funds
2. Non-Current
Liabilities
Long-term Borrowings - -
3. Current Liabilities
II Assets:
1. Non-Current Assets
2. Current Assets
1,10,000
Net Increase in cash and cash equivalents 45,000 + (81,000) + 40,000 4,000
Add: Cash and Cash Equivalents in the beginning of the period 6,000
22,000
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