CONTENTS

Syllabus 5 - 8
Examination Paper, 2015 (Delhi & Outside Delhi) 9 - 28

 Sample Question Papers (Solved)

Sample Question Paper - 1 29 - 44

with Topper Answers - 2014 (issued by CBSE)

Sample Question Paper - 2 (Issued by CBSE) 45 - 51
Sample Question Paper - 3 52 - 56
Sample Question Paper - 4 57 - 62
Sample Question Paper - 5 63 - 67

 Sample Question Papers (Self Assessment)

Sample Question Paper - 6 68 - 73
Sample Question Paper - 7 74 - 79
Sample Question Paper - 8 80 - 84
Sample Question Paper - 9 85 - 89
Sample Question Paper - 10 90 - 95

 Solutions
Sample Question Paper - 2 (Issued by CBSE) 96 - 106
Sample Question Paper - 3 107 - 116
Sample Question Paper - 4 117 - 126
Sample Question Paper - 5 127 - 136

* SOLUTIONS for Sample Question Paper 6 to 10 can be downloaded from

www.OswaalBooks.com



( iii )
 Highlights of Curriculum Document 2015-16 for March 2016 Exam
Circular No. Acad.-18/2015

Curriculum 2014-15 Curriculum 2015-16 final for the examination to be

(Printed in 2014) held in March 2016
Class XII Change in the Profit Sharing Ratio among the existing
Unit 1 : Accounting for Partnership Firms. partners – sacrificing ratio, gaining ratio. Accounting
Change in the Profit Sharing Ratio among the existing for revaluation of assets and re-assessment of liabilities
and treatment of reserves and accumulated profits.
partners - sacrificing ratio, gaining ratio. Accounting for
Preparation of revaluation account and balance sheet.
revaluation of assets and re-assessment of liabilities and
treatment of reserves and accumulated profits. Accounting for Share capital:
………issue at par and at premium.
Note added : Related sections of the Indian Companies
Unit 2 : Accounting for Companies Accounting for Act, 2013 will apply.
Share Capital : Unit 3 : Analysis of Financial Statements.
……issue at par and at premium and at discount. Financial Statements of a Company : As per Schedule III
of the Companies Act, 2013.
Unit 3: Analysis of Financial Statements  Slight changes in % weightings to different learning
Financial Statements of a Company: As per Schedule VI levels.
of the Companies Act 1956.  1 mark questions will have very short answer questions
Suggested Questions Paper Design only.
 All 8 marks questions will have internal choice.
 Category 5 will include evaluation skills only.

SYLLABUS
ACCOUNTANCY Class–XII (Code No. 055) (2015-16)
One Paper 3 Hours 80 Marks
Units Periods Marks
Part A Accounting for Partnership Firms and Companies
Unit 1. Accounting for Partnership Firms 90 35
Unit 2. Accounting for Companies 60 25
150 60
Part B Financial Statement Analysis
Unit 3. Analysis of Financial Statements 30 12
Unit 4. Cash Flow Statement 20 8
50 20
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 60 20
Part C Practical Work 26 20
Practical work will include:
Practical File 4 Marks

Practical Examination 12 Marks (One Hour)

Viva Voce' 4 Marks

6 | OSWAAL CBSE Sample Question Paper, Accountancy, Class – 12
PART A : ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES
UNIT 1 : ACCOUNTING FOR PARTNERSHIP FIRMS
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.
60 MARKS 150 PERIODS
90 PERIODS
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.
60 PERIODS
Learning Outcomes
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.

 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 Securities-
concept, interest on debentures.
 Redemption of debentures: Lump sum, draw of lots and
purchase in the open market (excluding ex-interest and cum-
interest). Creation of Debenture Redemption Reserve.
Note : Related sections of the Indian Companies Act, 2013 will apply.
PART B : FINANCIAL STATEMENT ANALYSIS
UNIT 3 : ANALYSIS OF FINANCIAL STATEMENTS
 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 After going through this Unit, the students
Method only)
Scope :
(i) Adjustments relating to depreciation and amortization, profit or loss on
sale of assets including investments, dividend (both final and interim)  develop the understanding of preparation
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.
PROJECT WORK
Note : Kindly refer to the Guidelines published by the CBSE.
OR
PART B : COMPUTERISED ACCOUNTING
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.
Syllabus | 7
 describe the presentation of share capital in the balance sheet
of the company as per schedule III part I of the Companies
Act 2013.
 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.
(20 MARKS)
30 PERIODS
After going through this Unit, the students will be able to :
 develop the understanding of major headings and sub-
headings (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
will be able to:
 state the meaning and objectives of cash
flow statement.
of Cash Flow Statement using indirect
method as per AS 3 with given adjustments.
20 MARKS 40 PERIODS
(20 MARKS 60 PERIODS)
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 (20 MARKS 26 PERIODS)

Please refer to the guidelines published by CBSE.
Prescribed Books :
Accountancy -1 Class XII NCERT Publication
Accountancy -II Class XII NCERT Publication

SUGGESTED QUESTION PAPER DESIGN FOR ACCOUNTANCY

(CODE NO. 055)
Class-XII (2015-16) March 2016 Examination
One Paper Duration : 3 Hours
Theory : 80 Marks
Very Short Short Long Long
S. Marks %
Typology of Questions Short Ans Ans-I Ans-II Ans-I Ans-II
No.
1 Mark 3 Marks 4 Marks 6 Marks 8 Marks
Remembering-(Knowldge based Simple
recall questions, to know specific facts,
1. 3 1 1 1 — 16 20%
terms, concepts, principles, or theories,
Identify, define-or recite, information)
Understanding (Comprehension - to be
familiar with meaning and to understand
2. conceptually, interpret, compare, 2 — 2 1 1 24 30%
contrast, explain, paraphrase, or interpret
information)
Application (Use abstract information in
concrete situation, to apply knowledge
3. to new situations; Use given content to — 2 2 1 — 20 25%
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
4. 2 — — 1 1 16 20%
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
5. 1 1 — — — 04 05%
outcome, or to predict outcomes based on
values)
Total 8×1=8 4×3=12 5×4=20 4×6=24 2×8=16 80(23)+20 100
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.
 C.B.S.E.
EXAMINATION
PAPER
2015 Accountancy
Class–XII
Delhi & Outside Delhi
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 1-1-2015 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. 1
3. 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
rd
4. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3 : 2 : 2. On 23 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. 1
5. Give the meaning of forfeiture of shares. 1
6. 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 1st 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
10 | OSWAAL CBSE Sample Question Paper, Accountancy, Class – 12

(a) ` 3,80,000
(b) ` 3,78,000
(c) ` 3,80,250
(d) ` 4,00,250 1
7. State any three purposes other than 'issue of bonus shares' for which securities premium can be utilized. 3
8. On 1-4-2013 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 31-3-2014. 3
9. '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, 1956. Also prepare Notes to Accounts for the same. 3
10. '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. 3
11. Dev, Swati and Sanskar were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On 31-3-2014 their Balance
Sheet was as follows :

Liabilities Amount (`) Assets Amount (`)

Trade Payables 17,000 Building 1,04,000
Bank Loan 13,000 Inventory 16,000
Capitals : Trade Receivables 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 30th 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
`
2010-2011 2,04,000
2011-2012 1,80,000
2012-2013 90,000
2013-2014 (Loss) 57,000
On 1-4-2014, Dev withdrew ` 15,000 to pay for his medical bills.
Prepare Dev's account to be presented to his executors. 3
12. 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
 Examination Paper - 2015 | 11

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. 4
13. On 1-4-2010 Sahil and Charu entered into partnership for sharing profits in the ratio of 4 : 3. They admitted Tanu
1
as a new partner of 1-4-2012 for 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 31-3-2013. Therefore, they
decided to expand their business. To meet the requirements of additional capital they admitted Puneet as a new
1
partner on 1-4-2013 for th share in profits which he acquired from Sahil and Charu in 7 : 3 ratio.
7

Calculate :
(i) New profit sharing ratio of Sahil, Charu and Tanu for the year 2012-13.
(ii) New profit sharing ratio of Sahil, Charu, Tanu and Puneet on Puneet's admission. 6
14. 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 31-3-2008. 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 1-4-2008 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 2008-09 to 2013-14. 6
15. Bora, Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5 : 3 : 1. On 2-3-2015 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.
12 | OSWAAL CBSE Sample Question Paper, Accountancy, Class – 12

Dr. Realisation Account Cr.

Particulars Amount (`) Particulars Amount (`)
To Stock 10,000 By Provision for bad debts 5,000
To Debtors 25,000 By Sundry Creditors 16,600
To Plant and Machinery 40,000 By Bills Payable 3,400
To Bank : By Mortgage Loan 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 By Bank-unrecorded assets realized 6,220
By ......................... ........
1,10,420 1,10,420

Dr. Capital Accounts Cr.

Particulars Bora (`) Singh (`) Ibrahim (`) Particulars Bora (`) Singh (`) Ibrahim (`)
.................. .......... ........... .......... By Bal. b/d 22,000 18,000 10,000
.................. .......... ........... .......... By General 2,500 1,500 500
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 19,500 By Realisation (liabilities) 34,400
To Realisation (assets realized) 55,200 By Realisation (unrecorded liabilities) 400
............................ .............. By ......................... ..............
By ......................... ............
80,920 80,920

8
16. 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
 Examination Paper - 2015 | 13

17. Charu and Harsha were partners in a firm sharing profits in the ratio of 3 : 2. On 1-4-2014 their Balance Sheet was
as follows :
Liabilities Amount (`) Assets Amount (`)
Creditors 17,000 Cash 6,000
General Reserve 4,000 Debtors 15,000
Workmen Compensation Fund 9,000 Investments 20,000
Investment Fluctuation Fund 11,000 Plant 14,000
Provision for bad debts 2,000 Land and Building 38,000
Capitals
Charu 30,000
Harsha 20,000 50,000
93,000 93,000
On the above date Vaishali was admitted for 1/4th 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
1 1 1
Amit, Balan and Chander were partners in a firm sharing profits in the proportion of , and respectively.
2 3 6
Chander retired on 1-4-2014. 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 1-4-2014
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.
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. 1
19. 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. 1
20. 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 4
21. 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 ` 14,50,000. 4
22. 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 31-3-
2014. 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 31st March 2013
and 2014.
Yash Ltd.
Comparative Statements of Profit and Loss.

Particulars Note No. 2012 – 13 (`) 2013 – 14 (`) Absolute Change (`) % Change
Revenue form operations 10,00,000 15,00,000 5,00,000 50
Less : Employees benefit expenses 6,00,000 7,00,000 1,00,000 16.67
Profit before tax 4,00,000 8,00,000 4,00,000 100
Tax Rate 25% 1,00,000 2,00,000 1,00,000 100
Profit after tax 3,00,000 6,00,000 3,00,000 100

(a) Calculate Net Profit Ratio for the years ending 31st March, 2013 and 2014.
(b) Identify any two values which Yash Ltd. is trying to propagate. 4
23. Following is the Balance Sheet of Thermal Power Ltd. as at 31-3-2014 :
Thermal Power Ltd.
Balance Sheet as at 31-3-2014

Particulars Note No. 2013-14 (`) 2012-13 (`)

I-EQUITY AND LIABILITIES :
1. Shareholder's Funds :
(a) Share Capital 12,00,000 11,00,000
(b) Reserves and Surplus 1 3,00,000 2,00,000
2. Non-Current Liabilities :
Long-Term Borrowings 2,40,000 1,70,000
3. Current Liabilities :
(a) Trade Payables 1,79,000 2,04,000
(b) Short-Term Provisions 50,000 77,000
Total 19,69,000 17,51,000
 Examination Paper - 2015 | 15

II-ASSETS :
1. Non-Current Assets :
(a) Tangible 2 10,70,000 8,50,000
(b) Intangible 3 40,000 1,12,000
2. Current Assets :
(a) Current Investments 2,40,000 1,50,000
(b) Inventories 1,29,000 1,21,000
(c) Trade Receivables 1,70,000 1,43,000
(d) Cash and Cash equivalents 3,20,000 3,75,000
Total 19,69,000 17,51,000

Notes to Accounts :
S. No. Particulars 2013-14 (`) 2012-13 (`)
1. Reserves and Surplus
Surplus (balance in Statement of Profit and Loss) 3,00,000 2,00,000
2. Tangible Assets
Machinery 12,70,000 10,00,000
Less : Accumulated Depreciation (2,00,000) (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. 1
19. 'DBMS' stands for :
(a) Dividend Based Management System.
(b) Data Based Management Software.
(c) Data Base Management System.
(d) Divide the Basic Master Software. 1
20. Explain the information provided by a salary bill. 4
21. Why is it necessary to have safety, Securities and confidentiality features in accounting software ? Explain any
two tools which provide data safety. 4
22. What is meant by 'Tailored Accounting Software' ? Explain. 4
23. Name and explain the financial function which calculates accrued interest for a Securities that pays periodic
interest. 6
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. 3
9. '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 1st call – ` 2 per share
On 2nd 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, 1956.
Also prepare Notes to accounts for the same. 3
11. Vikas, Gagan and Momita were partners in a firm sharing profits in the ratio of 2 : 2 : 1. The firm closes its books
on 31st March every year. On 30th 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 capital @ 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 (`)
2010 – 2011 30,000
2011 – 2012 50,000
2012 – 2013 40,000
2013 – 2014 60,000
The balance in Momita's capital account on 31-3-2014 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. 4
16. '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
 Examination Paper - 2015 | 17

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 ` 15,000. 1
19. 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. 1
20. 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. 3
9. 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,
1956. Also prepare notes to Accounts. 3
11. Sunny, Honey and Rupesh were partners in a firm. On 31.3.2014 their Balance Sheet was as follows :
Liabilities Amount (`) Assets Amount (`)
Creditors 10,000 Plant and machinery 40,000
General Reserve 30,000 Furniture 15,000
Capitals : Investments 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
18 | OSWAAL CBSE Sample Question Paper, Accountancy, Class – 12

Honey died on 31.12.2014. 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 capital @ 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 31.12.2014 was 6,00,000.
Prepare Honey's Capital Account to be presented to his executors. 4
16. '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,
1956.
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 1
19. 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. 1
20. 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
 Examination Paper - 2015 | 19

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. 1
2. Geeta Sunita and Anita were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 1.1.2015 they admitteed
Yogita as a new partner for 1/10th 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. 1
3. 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 1.4.2014, 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. 1
5. Give the meaning of forfeiture of shares. 1
6. 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) ` 2,19,500 1
7. 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. 3
8. On 1.4.2014, 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 31.3.2014, the firm earned a profit of ` 2,00,000.
Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 31.3.2014. 3
9. '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.
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