MITHI GOBINDRAM PUBLIC SCHOOL

PRE BOARD EXAMINATION (Term-1) 2021-22

STD. XII
SUBJECT: ACCOUNTANCY (055) MM: 40
TIME: 90 Min

General lnstructions:
Read the lollowing instructions very carefully and strictly follow
them:
1. This question paper comprisestwo PARTS -I and 1. There are 55 questions in the question paper
2. Part 1-is compulsory for all candidates.
3. Part- Analysis of Financial Statement Compulsory for all candidates
4. There iS an internal choice provided in each Sections.
irom
and Section B has questions
B and C. Section A has questions from 1 to 18
Contains three Sections -A,
an
you have to attempt any 15 questions each in both the sections.
2. Part , Section C has questions from 37 to 41. You have to attempt any four qucstions. and
to attempt any five questions
to 48, you have
two Sections A and B. Section A has questions from 42
, Contains
-

ra
Section B has questions from 49 to 55, you have to attempt any six questions.

4. All questions carry equal marks. There is no negative marking. Candidates

Part and subdivisions (Section) is
mentioned clearly before thequestions.
pecific Instructions related to each
should read them thoroughly and attempt accordingly.

Part-I(Section Al

nstructions: number 1 to 18, attempt any 15 questions.

rom question
Partnership is established by.
a. Law
b. Section 4
c. Agreement
d. Lawful Business
partners in their
by the
the partner is shared
goodwill brought in by
new
The amount of
ratio.
a. Gaining partner, gaining
in new ratio
b. All partners (including new)
c. Sacrificing partners,
sacrificing
ratio
d. All old partners in old
interest on his drawings
of each quarter, the
withdraws Rs.4,000 at the beginning
3. When a partner
@6% p.a. will be Rs:
a. 480
b. 240
c. 600
d. 960
commercial yield on
The normal
business o v e r the last
five years was Rs60,000. business is
invested in the
4. Average profit of a business is 10% p.a. The net capital
invested in such
capital will be
Rs5,00,000. purchase of last 5 year's super-profits
if it is based on 3 years
Amount of goodwill,
a. Rs1,50,000
b. Rs1,00,000
c. Rs1,80,000

d. Rs30,000

goodwill will be
recorded in the books of account
Standard 26
Accounting
As per
5. and self-generated
a. Both purchased
b. self-generated

C. purchased
d. premium
 6.
X, Y and Z are partners
gven in the balance sheet sharing profits cqually
lly. The credit balance of Profit and Loss account 1s
6:3:1. With Rs.6,000. Now thev have
decided to distribute profits in
entry based on what
amount gainer will be
gain and sacrifice? delbited for profit and loss account in an the rau t
a. Y's
Capital A/c Dr Rs. 1,600 adjustm
b. Z's Capital
A/c Dr Rs. 1,600
c. X and Y Debit
with Rs 800 each
d. X's
Capital A/e Dr Rs.1,600
7. Types of goodwill are
a.
Average Goodwill and Super Goodwill
b. Purchase
Goodwill and Self Generated
c. Purchase Goodwill and Goodwill.
d. Super Goodwill
Average Goodwill and Generated Goodwil1
8.
Aand Y are
partners sharing profits
in the ratio of 5:3. Z is
decided to share future admitted for share. All partners
balance of profit profits equally.
At the time of admission of nave
Z, the balance sheet sh a
and loss account
ratio. Rs16,000. This profit will be shared by partners in
a. Old partners in old ratio
b. All
partners in new ratio
C. Old
partners in sacrificing ratio
d. Old
partners in new ratio
9. An asset that is not fictitious but intangible in nature, having realizable value is:
a. Machinery
b. Goodwill
c. Furniture
d. Building

10. The partner whose share has increased as a result of the change is called
a. Gaining partner
b. Sacrificing partner
Sacrificing ratio
d. Gaining ratio

A ahd B are partners in a firm sharing profits and losses in the ratio 1:2. They admitted C into the
Partnership and decided to give him 1/3 share of the future profits. Find the new ratio of the
partners.
a. 4:2:3
b. 3:2:1
c. 2:4:3
d. 3:4:2

12. Sumo Ltd. was formed with an authorised Share Capital of Rs.40,00,000 divided into 4,00,000
shares of Rs10 each. The Company offers 130000 shares to the public payable Rs.3 per share on
Application, Rs.3 pershare on Allotment and the balance on First and Final Call. Applications were
received for 120000shares. All money payable on the allotment was duly received, except on 200
shares held by Y. Firstand Final Call was not made by the Company. Call in arrears will be of:
a. Rs.4000
b. Rs.500
C. Rs.600
d. Rs.800

in Cash, it is credited to:

13. When a partner brings goodwill
new

a. Sacrificing Partner's Capital A/cs

b. His Capital A/C
C. All Partner's Capital A/cs
d. Old Partner's Capital A/cs

acquire his share of profits:

cannot
14. The incoming partner from all partners)
one or m o r e partners (not
a. From
old partners in their old profit sharing ratio
b. From the sharing ratio
From the old partners in their new profit
C. ratio
old partners in some agreed
d. Fromn the
I5. P, and R are
partners
protits and losscs sharing profits and losses in the ratio
equally with effect from 1st of 5:3:2 decide to
at Rs
1,80,000, Which entry to be
April 2012. The goocdwill of the firm hasshare future
been valued
book. passed Among the following when no
goodwill appears in the
Q's Capital A/cDr. Dr.
R's 8,000
Capital A/cDr. Dr. 22,000
To P's
b.
Capital A/c 30,000
Q's Capital A/cDr. Dr.
R's Capital 24,000
To P's
A/cDr. Dr. 6,000
C.
Capital A/c 30,000
Q's Capital A/cDr. Dr. 6,000
P's Capital A/cDr. Dr. 24,000
To R's Capital A/c 30,000
d.
Q's Capital A/cDr. Dr. 6000
R's Capital A/cDr. Dr. 24000
To P's Capital A/c 30000

16. T Ltd. Purchased a machine from L Co. for Rs.60,000. It was decided to pay Rs.5,000 in cash and
balance will be paid by the issue of shares of Rs10 each. Pass journal entries if shares Issued at a
premium of 10%
a. T Ltd.. Dr. ... 55,000
To Share Capital A/c ... 45,000
To Securities Premium A/c.. 10,000
b. L Co. (Vendor)... Dr. .. 55,000
To Share Capital A/c .. 50,000
To Securities Premium A/c .. 5,000
c. L Co. (Vendor)... Dr. ... 54,000
To Securities Premium A/c ... 45,000
d. No Entry will be recorded for this transaction

17. Ashok and Ravi were partners in a firm sharing profits and losses in the ratio of 7:3. They admitted
Chander as a new partner. The new profit ratio between Ashok, Ravi and Chander will be 2:2:1.
Chander brought Rs.24,000 for his share of his goodwill. Calculate the amount Ravi compensate to
the Ashok share in the above transaction.
a. Rs.12,000
b. Rs.24,000
c. Rs.10,000
d. Rs.36,000

18. Other name for registered capital is:

a. nominal capital
b. Issued capital
c. None of the above.
d. reserve capital

Part- I (Section -B) d o

Instructions:
From question number 19 to 36, attempt any 15 questions

19. Which of the following is not true in relation to goodwill?

a. All of these
b. It is a fictitious asset
C. It is an intangible asset
d.Xhas a realisable value
A, Y and 2 are sharing profits in the ratio of 50%, 40% and 10% respectively. Now, they
20.
decided to share future profits equally. Identify the gainer partner
b. Both X and Y are gainer
a. Y is gainer
C. Z is gainer d. Xis gainer
21. ragya Lta. lorleited 8,000 equity shares of Rs. 100 each issued at a premium of 10% 1or no
at wini"

payment ot first and final call of Rs.30 per share, The maximum amount of discount
Shares can bereissued will be:
a. Rs.2,40,000
b. Rs.3,20,000
c. Rs.5,60,000
d. Rs.80,000

22. A[sertion (A): Interest on capital to a partner is payable only out of profits.
Reason (R):: Interest on capital is an appropriation of profits that is rcquired to De provu

irrespective of profits or loss.

a. Both A and R are true and R is the correct explanation of A.
b. Both A and R are true but R is not the correct explanation of A.
C. A is true but R is false.
d. A is false but R is true.

of 10O%. The
Far Ltd. invited for 1000 shares of the vallue of Rs10 cach at a premium
applicationon
23 amount is payable as
application (including premium) and Rs2 on allotment and balance
received. Uournai
on First and Final call. The whole of the above issue was applied and cash duly
received:
entry for the application money
a. Bank A/c ... Dr. 30,000
To Share Application A/c.. 30,000
bBank A/c .. Dr. 30,000
To Share Application A/c... 20,000
To Security Premium Reserve A/c ... 10,000
c. Bank A/c ... Dr. 3,000
To Share Application A/c .. 3,000
d. Bank A/c ... Dr. 3,000
To Share Application A/c.. 2,000
To Security Premium Reserve A/c.. 1,000
to the sacrificing partner outside
24. Wher the incoming partner pays his share of goodwill privately
in the books of account?
the business. Which account should be debited
a. Premium for goodwill A/c
b. Partner's capital A/c
c. No entry should be recorded
d. Cash A/c
Rs100
the nominal value of the share is
The subscribed capital ofa company is Rs80,00,000 and was paid on
25. made. The final call made
each.There were no calls in arrear till the final call was final
amounted to Rs62,500. Calculate the
77,500 shares only. The balance in the calls in arrear
call on share.
a. Rs20
b. Rs22
c. Rs25
d. Rs7
amounts to dissolution of partnership firm.
Assertion (A): A change in profit sharing ratio
26. comes to an end
and a new agreement comes into existence.
Reason RJ:Existing agreement the correct explanation of A.
a. Both A
and R are true and R is
the correct explanation of A.
bBoth A and R are true but R is not
false.
c . A is true but R is

d. A is false but R is true.

Preference shares is not permitted as per the Companies Act, 2013?

27. Which ofthe following Shares
Preference
a. Cenvertible
bRedeemable Preference shares
shares
c . Participating Preference Shares
d . Irredeemable Preference
is Rs8,00,00, Normal
kate of Return is 15% and Profit for the
28. Totalcapital employed in the firm would be
yeapis Rs 12,00,000. The value of goodwill oi the
nirn as per the capitalisation method
b. Rs82,00,000
R s 12,00,000 d. Rs72,00 000
c. Rs42,00,000
 Z0,000 shares issued for
ul
amount was public subscription having face
payable on application.
allotment was made. value Rs.10 at a
a. Rs.3,30,000 Find the amount to Applications were reccived
be recordcd in for 30,000premium of 10%. The
Share shares and
b. Rs.2,00,000 Capital Account? pro-rata
c. Rs.1,10,000
d. Rs.3,00,000

Which of the
a. Sweat following statement is incorrect?
b. SharesEquity shares can be issued at a
can be
issued at discount discount
C. The
company
d. There
can issue shares other
is no limit for than cash
securities premium
Assertion (A): Equity shares
Reason (R): Equity shares are those shares that do not
rewards of the business. are thc least
issucd class of
preference shares.
shares and carry the minimum
a. Both A and R are true risks and
b. Both A and R and R is the correct
C. A is true but
are true but R is cxplanation of A.
not the correct
R is false.
d. A is false but R is
explanation of A.
true.
2. When shares are
forfeited, Share Capital Account is debited
a.
called-up value of shares with:
b. nominal value of shares
c.
paid-up valueof shares
d. market value of shares
33. DK and SK are
partners sharing profits in the ratio of 4:1.
1/4th share in future profits, which he wholly They admit PK as a new
a. 11:5:2 acquired from DK. Find out the new ratio.partner for
b. 11:3:5
C. 11:4:5
d. 11:4:7

34. Under which capital the entire face

value of a share is called by the
the shareholder: company and is also paid by
a. Subscribed and
fully paid-up capital
b. Subscribed but not
fully paid-up capital
c. Subscribed Capital
d. Authorised Capital

35. AK, BK and CK are sharing profits in the ratio of

2:1:1. They have decided to share future
the ratio of 3:2:1. Find out the
gainer partner.
profits in
a. Both AK is the
gainer partner and CK is the gainer partner
b. CK is the gainer partner
c. BK is the gainer
partner
d. AK is the gainer partner

A share which is forfeited can: 3-4

a. be reissued at a maximum discount of 10%

only
b. be issued at premium only
C. not be reissued at a discount
d. be re-issued at a maximum discount of amount forfeited on shares

Part I(Section C
structions:
om question number 37 to 41, attempt any 04 questions

estion No. 37 to 38 are based on the given text. Read the text carefully and answer the
estions
tra Ltd. issued 20,000 shares of Rs100 each at a premium of Rs25 per share, payable as follow
20 per share on application
call
45 per share on the allotment (including premium of Rs15) Rs60 per share on
ot
first and final
8,000 shares
acluding premium of Rs10) The issue was over subscribed by 10,000 shares. Applicants
were allotted only 1,000 shares and applicants of 1,000 shares werc sent letters of regret. The excess

o u n t received at the time of application was to be adjusted only against allotment and overpayments
exceeding the amount due on allotment were to be refunded. All the money at the time of allotment and
call was duly received.

37. What pro-rata allotment is made in the question?

a. 22,000: 20,000o
b. 21,000: 19,000
C. 21,0000 18,000
d. 30,000 20,000

38. Amount refunded to shareholders

a. Rs1,25,000
b. Rs1,00,000
c. Rs1,30,000
d. Rs1,15,000
answer t h e
text carefully and
No. 39 to 41 are based o n the given text. Read the
Question
questions: vegan snacks. Since
to sel1 low-sodium, plant-based
Balwant and Mohit decided to set up a partnership ofRs. 12,000 per quarter. Balwant also
decided to withdraw a salary deed
Dotn or them had a family, they wife treated for Covid-19.
The partnership
2020 to get her
withdrew Rs. 1,00,000 o n 31st
December
as additional capital on o1st
Mohit introduced Rs.50,000 which w a s divided
provided for 10 % p.a. interest o n drawings. Rs.2,00,000
net distributable profit
was
increase the inventory. The
anuary 2021 to 25 % to general reserve.
between Balwant and Mohit after providing

account is
Total amount of salary credited to the partner's
39.
a. Rs.12,000
b. Rs. 2,88,000
c. Rs. 48,000
d. Rs. 96,000

Interest on Balwant's drawings will be

40.
a. 10,000
b. 2,5000
c. 5,000
d. 7,500

capital will be
Interest o n Mohit's
41.
a. Rs. 10,000
b. Rs. 20,000
c. Rs. 5.000

d. None of these
Part-ILSection-A)

questions
attempt any 05
Instructions:
number 42 to 48,
From question company.
receivables in the
balance sheet of the
a s trade
receivable a r e shown
Assertion (A): Bills the part of trade
receivables.
42. and bills receivable form
Debtors
Reason (R}: explanation of A.
and R are true and R
is the correct
Both A of A.
is not the correct explanation
a.
Both A and R are true but R
b.
C. A is true
but R is false.
d. A is false but R is true.
under:
shown in the Statement of Profit and Loss
43. Wages paid to workers is
of Materials Consume
a. Cost
b. Finance cost
c. Other Expenses
Benefit Expenses
d. Employees
example of:
financial statement by suppliers of goods is an

44. The analysis of a b. Vertical Analysis

a. Internal Analysis
d. Horizontal Analysis
c. External Analysis
 45. Ratio estabhishes the relationship between net profit and reverue from operations
a. Gross Profit Ratio
b.
Working Capital Turnover Ratio
c. Net profit ratio
d. Current Ratio

it will be shown under

40 loss showsa negative balance,
Statement of profit and
a. Reserves and Surplus
b. Short term borrowings
c. Current Assets
d. Other Current Liabilities

47. What is shown by the Income Statenent?

a. Balance of Cash Book
b. Profit or loss of a certain period
C. of books of accounts
Accuracy
d. None of these

in the business are also known as

43. Long term funds employed
a. Investments
b. Capital Employed
c. Share Capital
d. Public Deposits

Part-1I(Section B)
Instructions:

From question number 49 to 55, attempt any 06 questions

Which of these are not the method of financial statement analysis?
49.
a. Capitalisation Method
b. Trend Analysis
c. Ratio Analysis
d. Comparative Analysis
the
50. Average Inventory is used to calculate
a. Debt Equity Ratio
b. Inventory Turnover Ratio
c. Interest Coverage Ratio
d. Current Ratio

Common-size Statements are also known as:

51
a. Vertical Analysis
b. Dynamic Analysis
C. External Analysis
d. Horizontal Analysis
current maturity of long-term debt i.e., Redemption
Current Ratio is 2: 1. The
Assertion (A): If the
52. will increase the Current Ratio.
current year,
of debentures in the current liabilities.
and there is no impact on
Current assets will decrease
Reason (R}: of A.
the correct explanation
a. Both A and
R are true and R is explanation of A.
Rare true but R
is not the correct
b. Both A and
C. A is true
but R is false.
d. A is falsebut R is true.
chosen base
several years are compared against a
statements of
(A): When financial for
53. Assertion
Analysis. financial statements a
called Dynamic and analyze the
year, it is is made to review
Horizontal analysis Series Analysis.
Reason (R): known as Time
and it is also of A.
number of years correct explanation
true and R is the of A.
and R a r e correct explanation
a. Both A R is not the
true but
R are
b. Both A and
true but R is false.
C. A is
true.
but R is
d. A is false
54. Return on investment
ratio is calculated
a. Profit before Interest, by
b. Profit before Tax/ Capital Employed *100
Interest, Tax and Dividend/
c. Profit
Capital
before Interest /
d. Gros Profit Capital Employed *100 employed *100
/ Capital Employed *100
55. Shareholders' Funds +
a. Share Capital Non-current Liabilities=?
b. Current Liabilities
c. Capital Employed
d. Total Debt