Class 12 Accountancy Exam Paper 2023

• This is a Class 12 Accountancy exam paper for the Senior Secondary level.
• It's an annual exam paper from the year 2023.
• The code number for this paper is 208, set A.
• The maximum marks for this exam is 60 and the time allocated is 3 hours.
• The question paper has 16 printed pages and contains a total of 35 questions (11+12+12).
• The code number and set must be written on the front page of the answer book.
• Before answering a question, the serial number of the question must be written.
• No blank pages should be left in the answer book.
• No extra sheet is allowed other than the answer book.
• Candidates must write their roll number on the question paper and must not make any marks on answers of objective questions.
• Before answering the questions, candidates should ensure that the question paper is complete and correct as no claim will be entertained later.
• The question paper is divided into 3 parts: Part A, Part B, and Part C.
• Part A is compulsory, but candidates can attempt either Part B or Part C.
• All questions are to be solved, and marks are indicated against them.
• For MCQs from questions 1 to 6, select the correct option.
• For questions 12 to 17, answers may be one or two words, in sentences, or by filling in blanks.
• Internal choice is available in question numbers 11 and 23.

Part A: Not-for-Profit Organizations & Partnership Accounts

• The total marks for part A is 30.
• When a firm dissolves, proceeds from asset sales first pay off outside creditors.
• On firms dissolution the last account prepared is usually the cash account.
• On a partner's retirement, goodwill gets credited to the retiring partner's capital account.
• If partners A, B, and C share profits in a 4:2:1 ratio and A retires the new ratio of B and C is 3:1 then the gaining ratio is 13:3.
• To bring in a new partner all old partners must agree.
• If a new partner brings their share of goodwill in cash, then the cash account gets debited.

Partnership Act Provisions in Absence of Partnership Deed

• Interest on loans is given at 6% per annum.
• Profit-sharing ratios are equal.
• Salaries are not provided to partners.
• Interest on capital is not provided.

Calculation Based on Subscriptions

• Subscription received during the year: ₹80,000
• Subscription outstanding on 31-3-2017: ₹26,000
• Subscription outstanding on 31-3-2018: ₹6,000
• Subscription received in advance on 31-3-2017: ₹15,000
• Subscription received in advance on 31-3-2018: ₹10,000

Sample

Partners capital accounts:

• A= ₹40,000
• B = ₹30,000
• C = ₹25,000

liabilities:

• bank overdraft is ₹15,000
• reserve fund ₹12,000
• Creditors ₹20,000

Assets:

• Debtors ₹40,000

• less provision of ₹3,600

• stock = ₹20,000

• Building ₹25,000

• patents ₹2,000

• Machinery ₹33,600

• C admitted into a partnership on 1-4-2018.

• New profit sharing ratio is 3:2:1

• C brings in proportionate capital after adjustments.

• 'C' brings in ₹ 10,000 in cash as his share of Goodwill.

• Provision for doubtful debts is to be reduced by₹ 2,000.

• There is an old typewriter valued ₹ 2,600. It does not appear in the books of the firm, but is to be shown now.

• 2% discount is to be received from creditors.

Various adjustments

• Patents are valueless.

Part B: Company Accounts & Analysis of Financial Statements

• One point of distinction between Reserves Capital and Capital Reserve is to be mentioned.
• Meaning of Minimum Subscription is to be defined.
• Zero Coupon Bond is to be defined.
• On April 1, 2021, 'A Ltd.' issued 5,000; 8% debentures of ₹ 100 each at a discount of 5% and the total amount of interest for the year ending on March 31, 2022 must be defined. .

Part C: Computerized Accounting

• As an example DBMS needs to be fully expanded
• A database object to hold data should be named.