Class 12 Accountancy Sample Paper Set 10
Class 12 Accountancy Sample Paper Set 10
Class 12 Accountancy Sample Paper Set 10
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ACCOUNTANCY
4. Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised Accounting. Students
9. There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2 questions
a) Both A and R are true and R is the correct b) Both A and R are true but R is not the
explanation of A. correct explanation of A.
a) To Pay the dividend to equity share holders b) To write off the preliminary expense
a) 9,000 b) 8,100
c) 90,000 d) 81,000
4. X, Y and Z are partners sharing profits in the ratio of 4:3:2. The partners have decided to share future profits in [1]
the ratio of 3:1:1. Find out the gainer partner.
a) Y is gainer b) X is gainer
(a) Loan given by Mrs. A to the firm is ₹ 2,00,000 and there is no agreement on interest on loan (i) 12,000
(ii) No
(b) Loan given by Mrs. B to the firm is ₹ 2,00,000 and interest on loan is 10% p.a.
Interest
(c) Loan given by B to the firm is ₹ 2,00,000 and interest on loan is 12% p.a. (iii) 20,000
(d) Loan given by the partner A to the firm is ₹ 2,00,000 and Partnership deed is silent on Interest
(iv) 24,000
on loan
a) (a) - (ii), (b) - (i), (c) - (iv), (d) - (iii) b) (a) - (ii), (b) - (iii), (c) - (iv), (d) - (i)
c) (a) - (ii), (b) - (iv), (c) - (iii), (d) - (i) d) (a) - (ii), (b) - (iii), (c) - (i), (d) - (iv)
5. Loan obtained from the bank @ 9% p.a. but there is no partnership deed. How much interest will be paid to the [1]
bank?
c) No interest d) 6% fixed
6. MP Ltd. issued 5,000, 8% Debentures of ₹ 100 each at ₹ 95. It will credit 8% Debentures Account by [1]
c) ₹ 5,00,000 d) ₹ 5,25,000
OR
What is the Maximum discount limit on issue of debentures as per law?
a) 6% b) 10%
a) Both A and R are true and R is the correct b) Both A and R are true but R is not the
explanation of A. correct explanation of A.
a) ₹ 2,60,000 b) ₹ 2,40,000
c) ₹ 1,80,000 d) ₹ 2,00,000
OR
When guarantee is given to partner by some partners, deficiency on such guarantee is borne by
Question No. 9 to 10 are based on the given text. Read the text carefully and answer the questions: [2]
Sumit and Mohit are partners sharing profits and losses in the ratio of 2:1. Their capital Accounts as at 1st April, 2015
were ₹ 10,00,000 and ₹ 8,00,000 respectively. The partners are allowed interest on capital @ 5% p.a. Drawings of the
partners during the year ended 31st March, 2016 were ₹ 1,44,000 and ₹ 1,00,000 respectively. Mohit is entitled to get a
salary of ₹ 10,000 p.m.
Profit for the year before allowing interest on capital and salary was ₹ 16,00,000. 10% of the net profit is to be
transferred to General Reserve.
9. Find the amount which is to be transferred to General Reserve Account?
a) ₹ 2,00,000 b) ₹ 1,60,000
c) ₹ 1,20,000 d) ₹ 80,000
10. What is the distributable amount of profit which is to be credited to Partners’ Capital Accounts?
a) ₹ 12,30,000 b) ₹ 16,00,000
c) ₹ 14,40,000 d) ₹ 10,00,000
11. If partners' capitals are fixed where will you record additional capital contributed by a partner? [1]
a) Dr. Side of Partner's Capital A/c b) Cr. Side of Partner's Current A/c
c) Cr. Side of Partner's Capital A/c d) Dr. Side of Partner's Current A/c
12. MTC Ltd. forfeited 40 shares of ₹ 10 each issued at a premium of 40% to Ram who had applied for 48 shares. [1]
After having paid ₹ 6 (including ₹ 2 premium), he did not pay allotment money of ₹ 2 (including ₹ 1 premium)
and on his subsequent failure to pay the first call of ₹ 3 (including ₹ 1 premium) his shares were forfeited. The
amount to be credited to Forfeited Shares Account is
a) ₹ 200. b) ₹ 160.
c) ₹ 192. d) ₹ 288.
13. Singh limited forfeited 500 shares of ₹ 10 each (₹ 8 called up) held by Saurabh for non-payment of the First call [1]
of ₹ 3 per share. 300 of these shares are reissued immediately in such a manner that ₹ 600 is transferred to
Capital Reserve A/c. What is the price at which the shares are reissued?
a) An agreement oral or written, should exist b) There should be at least two partners.
among the partners.
c) All the partners should contribute capital in d) Agreement should be to carry on business.
the firm.
15. X and Y are partners sharing profits equally. They admit Z for 1
3
rd share in profits. Following information is [1]
available at the time of admission of Z.
Additional information: There were Bad Debts of ₹ 10,000 written off this year. Provision for doubtful debts is
to be maintained @5% on Debtors. Creditors of ₹ 30,000 were settled in 21,250. Revaluation Gain/Loss will be:
respectively on 1st April, 2022.They shared Profits and Losses in the proportion of 4 : 2 : 3. Partners are entitled to
interest on capital @ 8% per annum and salary to Ravi and Yogesh @ ₹ 7,000 per month and ₹ 10,000 per quarter
respectively as per the provision of the Partnership Deed. Yogesh's share of profit (excluding interest on capital but
including salary) is guaranteed at a minimum of ₹ 1,10,000 p.a. Any deficiency arising on that account shall be met
by Ram. The profit for the year ended 31st March, 2023 amounted to ₹ 4,24,000. Prepare Profit and Loss
On Application ₹3
On Allotment ₹ 4, and
The issue was fully subscribed and allotment was made to all the applicants. Call was made during the year and
was duly received. Show Share Capital in the Balance Sheet of the Company.
22. A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. They decided to dissolve their firm on [4]
1st Jan. 2023. Complete the Realisation Account, Loan Account, Capital Accounts and Bank Account from the
information given below:
REALISATION ACCOUNT
Dr. Cr.
Particulars ₹ Particulars ₹
Plant and Machinery A/c 1,31,100 2,47,500 Bills Payable A/c 10,800 60,000
Stock 45,000
Goodwill 12,000
Debtors 34,200
Plant and Machinery 90,000 ____
____ ____
Dr. Cr.
Particulars ₹ Particulars ₹
____ ____
CAPITAL ACCOUNTS
Dr. Cr.
Particulars A B C Particulars A B C
₹ ₹ ₹ ₹ ₹ ₹
BANK ACCOUNTS
Dr. Cr.
Particulars ₹ Particulars ₹
To Realisation A/c (Sale of unrecorded asset) 15,000 By Realisation A/c (Exp.) 2,400
To ____ By ____
By ____
____ ____
23. XYZ Ltd. issued a prospectus inviting applications for 2,000 shares of ₹ 10 each at a premium of ₹ 4 per share, [6]
payable as:
Applications were received for 3,000 shares and pro-rata allotment was made on the applications for 2,400
shares. It was decided to utilise excess application money towards the amount due on allotment.
X, to whom 40 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the
first call, his shares were forfeited.
Y, who applied for 72 shares failed to pay the two calls and on his such failure, his shares were forfeited.
Of the shares forfeited, 80 shares were sold to Z credited as fully paid-up for ₹ 9 per share, the whole of Y's
shares being included. Prepare Journal, Cash Book and the Balance Sheet.
OR
XYZ Ltd. is registered with an authorised capital of ₹ 2,00,000 divided into 2,000 shares of ₹ 100 each of which,
1,000 shares were offered for public subscription at a premium of ₹ 5 per share, payable as:
Applications were received for 1,800 shares, of which applications for 300 shares were rejected outright; the rest of
the application were allotted 1,000 shares on pro rata basis. Excess application money was transferred to allotment.
All the money was duly received except from Sanjay, holder of 100 shares, who failed to pay allotment and first call
money. His shares were later forfeited and reissued to Sunil at ₹ 60 per share ₹ 70 paid-up. Final call has not been
made. Pass necessary Journal entries and prepare Cash Book in the books of XYZ Limited.
24. A and B are in partnership sharing profit and losses equally on 31st March 2007, their Balance Sheet stood as [6]
follows:
Land 1,00,000
4,00,000 4,00,000
On the same date, C was admitted into the firm subject to the following terms:
a. C will be entitled to a 1
3
rd share of the profits;
b. C will bring in ₹1,70,000 of which ₹50,000 will be treated as his share of goodwill;
c. ₹10,000 is to be provided for Doubtful Debts;
d. Fixtures are to be decreased by ₹6,000;
e. The stock is to be revalued at ₹12,000;
f. Capitals of old partners are to be re-adjusted on the basis of C’s capital. Adjustment of capital will be made
through cash.
You are required to prepare the Revaluation Account, Partners’ Capital Accounts, Cash Account and the Balance
Sheet of the firm after the admission of C.
OR
The Balance Sheet of Ram, Shyam, and Hari as at 31.3.2003 stood as follows:
Balance Sheet
as at 31.3.2003
2,74,400 2,74,400
Hari retired on 1.4.2003 and the following adjustments were agreed upon:
a. The building is appreciated by Rs 10,000.
b. Investments are valued 10% less than the book value.
c. All Debtors were good.
d. Stock be reduced to 93%.
e. Goodwill is valued at one year’s purchase of the average profit of the past three years. It was decided not to show
goodwill in the balance sheet of the reconstituted firm.
f. Hari shall be paid Rs 13,440 immediately and the balance in four equal yearly installments together with interest
@ 10% p.a.
g. New ratio of Ram and Shyam would be 2:1.
The profit for the year 2000-01 and 2001-02 were Rs 9,000 and Rs 6,000 respectively. Prepare Revaluation Account,
Partners’ Capital Accounts, Hari’s Loan Account (till it is paid off) and Balance Sheet as at 1.4.2003 (figure may be
rounded off to nearest one rupee.)
25. L, M and N were partners in a firm sharing profits in the ratio of 2 : 1 : 1. On 1st April, 2013 their balance sheet [6]
was as follows:
Balance Sheet
as at 1st April, 2013
Amount Amount
Liabilities Assets
(Rs) (Rs)
26,00,000 26,00,000
======== =======
a) Creditors b) Goodwill
33. Prepare a Common size statement of Profit and Loss for the year ended 31st March, 2021 from the following [4]
informations:
2020 - 21 2019 - 20
Particulars
(₹) (₹)
OR
Following particulars are related to the Statement of Profit & Loss of Assam Tea Ltd. for two consecutive years:
₹ ₹
II. ASSETS:
Additional Information:
ii. During the year ₹ 80,000 depreciation was charged on fixed tangible assets.
iii. A piece of machinery included in fixed tangible assets costing ₹ 20,000 on which depreciation charged was ₹
8,000, was sold for ₹ 10,000.
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