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12 Acc SP 03
12 Acc SP 03
Class 12 - Accountancy
Sample Paper - 03 (2023-24)
Maximum Marks: 80
Time Allowed: : 3 hours
General Instructions:
OR
OR
If Rs. 3,000 withdrawn by a partner on the first day of every quarter, interest on drawings will be calculated for:
a) 7.5 months
b) 4.5 months
c) 6 months
d) 5.5 months
5. X and Y are partners sharing profits in 3 : 2 ratio. Their capitals were ₹ 50,000 and ₹ 40,000. Interest on capital (charge)
@10% p.a. Loss during the year was ₹ 6,000. What profit or loss is to be shared by the partners?
a) Loss to X ₹ 2,000; Y ₹ 1,000
b) Loss to X ₹ 3,000; Y ₹ 3,000
c) Loss to X ₹ 3,600; Y ₹ 2,400
d) Loss to X ₹ 9,000; Y ₹ 6,000
6. The loss on issue of Debentures is written-off from:
a) Reserve Capital
b) Share Premium Reserve Accoun
c) Secret Reserve
d) Capital Reserve
OR
OR
Question No. 9 to 10 are based on the given text. Read the text carefully and answer the questions:
Amit and Sumit started a firm on 1st April, 2020 sharing profits equally. Amit withdrew regularly ₹ 2,000 in the
beginning of every month for the year ended 31St March, 2021 and Sumit withdrew the amount as follows.
On 1st July, 2020: ₹ 8,000
On 1st October, 2020: ₹ 10,000
On 1st February, 2021: ₹ 6,000
As per Partnership Deed, interest on drawings is to be charged @ 10% p.a.
OR
OR
OR
SSS Ltd., forfeited 1,000 equity shares of ₹ 100 each for the non-payment of first call ₹ 20 per share and second and
final call of ₹ 25 per share. State
i. Can these shares be reissued?
ii. If yes state the minimum amount at which these shares can be reissued?
iii. If these shares were reissued at ₹ 50 per share fully paid up, what will be the amount of capital reserve?
20. The goodwill of a firm is valued at ₹ 1,35,000 at 3 years' purchase of super profit.
Determine the missing values:
₹3,60,000
Average Profit = 3
= ₹ 1,20,000
Normal Profit = ₹ ________ × 15
100
= ₹ ________
Super Profit = Average Profit - Normal Profit
= ₹ 1,20,000 - ₹ ________ = ₹ ________
Goodwill = Super Profit × No. of Years' Purchase.
21. X Ltd. has offered 50,000 equity shares of ₹ 100 each at a premium of ₹ 20, payable as follows: Application ₹ 50
Allotment ₹ 40 (including premium)
and balance on first and final call.
The bank account of the company has received ₹ 35,00,000 on account of share application money. X Ltd. decided to
allot shares to all the applicants on Pro-rata basis. The balance in calls in arrears account at the time of allotment and first
and final call amounted to ₹ 1,00,000 and ₹ 1,50,000 respectively. These shares were forfeited and re-issued at ^90 per
share as fully paid up. Journalize.
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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 1st Jan.
2019. Complete the Realisation Account, Loan Account, Capital Accounts and Bank Account from the information
given below:
REALISATION ACCOUNT
Dr. Cr.
Particulars ₹ Particulars ₹
To Sundry Assets: By Sundry Liabilities:
Stock 45,000
Goodwill 12,000
Debtors 34,200
? ?
Dr. Cr.
Particulars ₹ Particulars ₹
To ? By Balance b/d ?
? ?
CAPITAL ACCOUNTS
Dr. Cr.
Particulars A B C Particulars A B C
₹ ₹ ₹ ₹ ₹ ₹
To ? ? ? By ? ? ?
BANK ACCOUNTS
Dr. Cr.
Particulars ₹ Particulars ₹
To Balance b/d ? By Realisation A/c (Liabilities Paid) ?
To Realisation A/c (Sale of unrecorded asset) 15,000 By Realisation A/c (Exp.) 2,400
To ? By Loan From A A/c 57,000
To ? By ?
By ?
? ?
OR
XYZ Ltd. issued a prospectus inviting applications for 2,000 shares of ₹ 10 each at a premium of ₹ 4 per share, payable
as:
On application - ₹ 6 (including ₹ 1 premium)
On allotment - ₹ 2 (including ₹ 1 premium)
On first call - ₹ 3 (including ₹ 1 premium)
3
rd share on the following terms:
i. C will bring in ₹5,00,000 as capital and ₹2,00,000 as his share of goodwill but he actually contributed only ₹1,20,000
towards goodwill.
ii. Building and Machinery to be depreciated by 5%.
iii. Stock to be revalued at ₹4,00,000.
Prepare Revaluation Account, Bank Account, Capital Accounts of Partners and the Balance Sheet after the admission of
C.
OR
Liabilities ₹ Assets ₹
78,075 78,075
B agrees to take over the business, A and C retiring on the following terms :
i. That the goodwill of the firm be valued at ₹15,000
ii. That plant and stock be reduced by 10%.
iii. That freehold property be appreciated by ₹ 1,000.
iv. That Provision for doubtful debts be brought up to ^250.
v. B has to bring in sufficient cash to pay offA and C The partners used to share profits in the proportion of 2/5, 2/5 and
1/5.
Show the necessary Journal entries, Partner’s Capital Accounts and Balance Sheet of B after the retirement of A and C.
25. Following is the Balance Sheet of A, B and C as at 31st March, 2014:
Liabilities ₹ Assets ₹
Sundry Creditors 18,000 Tools 6,000
B died on 30th June 2014. Under the partnership agreement, the executor of B was entitled to:
i. Amount standing to the credit of his Capital Account.
ii. Interest on Capital which amounted to ₹ 375
iii. His share of goodwill ₹ 21,000.
iv. His share of profit from the closing of the last financial year to the date of death which amounted to ₹ 2,625.
B’s executor was paid ₹ 20,400 on 1st July 2014 and the balance in four equal yearly instalments starting from 30th June,
2015 with interest @ 6% p.a.
Pass the necessary Journal entries and draw up B’s Account to be rendered to his executor and B's Executor’s Account
till it is finally paid.
26. i. On 1st April, 2019 , Bright Ltd. issued ₹ 4,00,000,6 % Debentures of ₹ 100 each at a discount of 5 %, redeemable
after three years.
The amount per debenture was payable as follows:
On Application - ₹ 80 per debenture
On Allotment - Balance
The debentures were fully subscribed and all money was duly received.
ii. Pass necessary journal entries for issue of debentures.
Disha Ltd. took over assets of ₹ 8,00,000 and liabilities of ₹ 3,00,000 from Kriti Ltd. for a purchase consideration of
₹ 6,00,000. The payment was made by issue of 9 % Debentures of ₹ 100 each at 20 % premium.
Pass the necessary journal entries for the above transactions in the books of Disha Ltd.
Part B :- Analysis of Financial Statements
27. Horizontal Analysis is:
a) Cross Section Analysis
b) Profitability Analysis
c) Time Series Analysis
d) None of these
OR
OR
Cash Receipts from the sale of goods by a trading company come under which activity while preparing a cash flow
statement?
a) Operating Activity
b) Financing Activity
c) Investing Activity
d) Operating and Financing Activities
30. In cash flow statement, the item of interest is shown in
A. Operating Activities
B. Financing Activities
C. Investing Activities
a) Both A and C
b) Both B and C
c) A, B, C
d) Both A and B
31. How will you show the following items in the Balance Sheet of a Company:
i. Calls in Arrears
ii. Calls in Advance
iii. Forfeited Shares
iv. Debenture Sinking Fund
v. Contingent Liability
32. Working Capital Rs. 36,000; Current Ratio 2.8:1; Inventory Rs. 16,000. Calculate Current Assets, Current Liabilities and
Quick Ratio.
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33. From the following Statement of Profit and Loss, prepare Common-size Statement of Profit and Loss and give
comments:
Particulars Note No. 31st March, 2019 (₹) 31st March, 2018 (₹)
I. Income
(b) Reserves and Surplus: Surplus i.e, Balance in Statement of Profit and
2,50,000 1,50,000
Loss
2. Current Liabilities
Short - term Provisions: Proposed Dividend 50,000 40,000
13,00,000 8,90,000
II. ASSETS
1. Non - Current Assets
Fixed Assets(Tangible) : Plant and Machinery 8,00,000 5,00,000
2. Current Assets
(a) Inventories(Stock) 1,00,000 75,000
(b) Cash and Cash Equivalents 4,00,000 3,15,000
13,00,000 8,90,000
Additional Information :
1. Rs 50,000 depreciation has been charged to Plant and Machinery during the year 2007.
2. A piece of machinery costing Rs. 12,000 (book value Rs. 5,000) was sold at 60% profit on book value.
Prepare a Cash Flow Statement.
Class 12 - Accountancy
Sample Paper - 03 (2023-24)
3,85,000 3,20,000
2,40,000
Shares Allotted to Seema = 5,000 × 3,00,000
= 4,000
Entry on Forfeiture of Shares:
Date Particulars L.F. Dr. (₹) Cr. (₹)
Share Capital A/c (4,000 × ₹ 20) 80,000
OR
(d) Profit
4. (d) Revaluation of assets and re-assessment of liabilities
Explanation: Profit and loss adjustment account are also known as the Revaluation Account. This account is different
from profit and loss appropriation account. Revaluation account is prepared when reconstitution of partnership takes
place i.e. change in existing profit sharing ratio, admission of a new partner, retirement/death of a partner etc.
Revaluation A/c is prepared to record the revaluation of assets or reassessment of Liability.
OR
OR
OR
OR
10
10
= ₹ 56,000
C's Share: ₹ 1,40,000× = ₹ 14,000
1
10
C's share in profits amounts to ₹ 14,000 whereas the minimum guaranteed amount is ₹ 20,000. Hence, the deficiency of
₹ 6,000 will be borne by A and B in the ratio of 3 : 2. The adjustment entry will be as follows:
ADJUSTMENT ENTRY
19. JOURNAL
OR
i. Yes, these shares can be reissued as forfeited shares can be reissued by the company.
ii. Forfeited shares can be reissued at any rate of discount. The only condition is that the amount of discount allowed on
the reissue of the forfeited shares must not exceed the amount forfeited on such shares. In this case, shares must be
reissued at a minimum price of ₹ 45 per share (i.e, 100 - 55), otherwise the loss from discount on these shares will
exceed the amount forfeited on these shares.
(5,000 shares forfeited for non-payment of allotment money and first and final call
money)
8. Bank A/c Dr. 4,50,000
Dr. Cr.
Particulars ₹ Particulars ₹
Plant and Machinery A/c 1,31,000 2,47,500 Bills Payable A/c 10,800 60,000
To Bank A/c (Liabilities paid off) 63,000 By Bank A/c (Sale of unrecorded asset) 15,000
To Bank A/c (Expenses of realisation) 2,400 By Bank A/c (Assets realised):
Stock 45,000
Goodwill 12,000
Debtors 34,200
Dr. Cr.
CAPITAL ACCOUNTS
Dr. Cr.
Particulars A B C Particulars A B C
₹ ₹ ₹ ₹ ₹ ₹
To Realisation A/c (Loss) 28,350 18,900 9,450 By Balance b/d 60,000 12,000 60,000
To Bank A/c (Final
36,150 - 52,050 By Workmen Compensation Reserve 4,500 3,000 1,500
Payment)
BANK ACCOUNTS
Dr. Cr.
Particulars ₹ Particulars ₹
2,10,600 2,10,600
Working Notes:
(6) First of all, Cr. side of Realisation A/c will be completed and the total of Cr. side ₹ 3,12,900 will be put on Dr. side
and the missing figure on Dr. side will be 'Liabilities paid' off ₹ 63,000.
(12) Cr. side of Bank A/c will be completed and the total of Cr. side ₹ 2,10,600 will be put on Dr. side and the missing
figure will be the opening balance of ₹ 10,500.
23. JOURNAL
Amt Amt
Date Particulars L.F
(Dr.) (Cr.)
(Being application money transferred to share capital account and excess money is
.... ....
adjusted in final call account)
3. Equity Share First and Final Call A/c Dr. 8,00,000 ....
To Equity Share First and Final Call A/c (Being Kumar's share forfeited) .... 14,000
6. Bank A/c (1,600 × 9) Dr. 14,400 ....
1. Computation Table
OR
Cash Book
Dr. Cr.
31,688 31,688
Journal Entries
1. Shareholders’ Funds
2. Non-Current Liabilities
3. Current Liabilities
Total 28,088
II. Assets
1. Non-Current Assets
2. Current Assets
Total 28,088
NOTES TO ACCOUNTS
Note No. Particulars ₹
1 Share Capital
Authorised Share Capital
...shares of ₹ 10 each -
= 1,600
Less: Calls-in-Arrears on X‘s shares (securities premium) = 32
40
= ₹ 5 per share
Capital Reserve on re-issue of 20 shares = ₹ 5 × 20 shares = ₹ 100
Y’s Shares
Share Forfeiture on 60 Shares of Y
Share Forfeiture Credit ₹ 6 per share
Dr. Cr.
Particulars ₹ Particulars ₹
2,20,000 2,20,000
BANK ACCOUNT
Dr. Cr.
Particulars ₹ Particulars ₹
11,95,000 11,95,000
Dr. Cr.
A B C A B C
Particulars Particulars
₹ ₹ ₹ ₹ ₹ ₹
Liabilities Assets ₹ ₹
24,55,000 24,55,000
Working Notes:
OR
(Transfer of loss on revaluation to old partners capital account in old profit sharing
ratio)
(Amount brought in by B)
Dr. Cr.
BALANCE SHEET OF B
as at ...
Liabilities ₹ Assets ₹
B's Capital 67,450 Less: Provision for doubtful debts 250 6,000
Stock 4,950
Plant 13,500
49,355
2014
June
Workmen Compensation Reserve A/c Dr. 6,400
30
June
Interest on Capital A/c Dr. 375
30
(Adjustment of B's share of goodwill into the Capital A/cs of A and C in their
gaining ratio i.e., equally)
June
Profit & Loss Suspense A/c Dr. 2,625
30
June
B's Capital A/c Dr. 60,400
30
Dr. Cr.
Date Particulars ₹ Date Particulars ₹
2014 2014
60,400 60,400
Dr. Cr.
2014 July 1 To Bank A/c 20,400 2014 June 30 By B's Capital A/c 60,400
100
×
9
12
62,200 62,200
100
×
3
12
100
×
9
12
43,750 43,750
To Bank A/c
2016 June 30 11,8000 2016 April 1 By Balance b/d 31,350
(10,00 + 1,350 + 450)
2017 March By Interest A/c
To Balance c/d 20,900 2016 June 30 450
31 30, 000 ×
6
100
×
3
12
100
×
9
12
32,700 32,700
100
×
3
12
100
×
9
12
21,650 21,650
To Bank A/c (10,000 + 450 +
2018 June 30 10,600 2018 April 1 By Balance b/d 10,450
150)
By Interest A/c
2018 June 30 6 3
150
10, 000 × ×
100 12
10,600 10,600
Notes:
i. Total amount due to B9s Executor’s is ₹ 40,000 payable in 4 instalments. Hence, yearly instalment = 40,000 ÷ 4 =
₹ 10,000 plus interest.
26. i. Journal of Bright Ltd.
Date Particulars L.F. Dr. (₹) Cr. (₹)
2019 Apr.
Bank A/c Dr. 3,20,00,000
1
OR
OR
Current Liabilities
=
2.8
33. COMMON-SIZE STATEMENT OF PROFIT AND LOSS for the year ended 31st March, 2018 and 2019
Note
Particulars
No.
II. Expenses
1 2 3 4 5
100 = D
C
A B (B - A = C) A
×
₹ ₹ ₹ %
Revenue from
I. 30,00,000 50,00,000 20,00,000 66.67
Operations
Employee Benefit
3,00,000 4,00,000 1,00,000 33.33
Expenses
Profit/Loss before
III. (50,000) 15,60,000 16,10,000 3,220.00
Tax (I - II)
IV. Less: Tax ____ 6,24,000 6,24,000 ____
Closing Balance as per Surplus, i.e., Balance in Statement of Profit and Loss 2,50,000
Less: Opening Balance as per Surplus, i.e., Balance in Statement of Profit and Loss 1,50,000
1,00,000
Statement of Profit and Loss(Profit) 3,000 By Bank A/c(Sale) (Rs 5,000 + 60% of 5,000) 8,000
8,58,000 8,58,000
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