CBSE Accountancy Class 12 Sample Paper PDF

Marking Scheme links are on each paper 20 Sets Class : 12th Sub : Accountancy Disclaimer : 1. These papers are based on the SQP released by CBSE and published by a private organization just for the practice of the students....

Marking Scheme links are on each paper 20 Sets Class : 12th Sub : Accountancy Disclaimer : 1. These papers are based on the SQP released by CBSE and published by a private organization just for the practice of the students. 2. CBSE has not released these papers and CBSE is not related to these papers in any manner. 3. Publisher of these papers clearly state that these papers are only for practice of students and questions may not be come in main exam. 4. Please do not spread any rumors that any one paper will be coming in main exam. CBSE Accountancy Class 12 NODIA Sample Paper 1 Page 1
Sample Paper 1 Accountancy Class XII Session 2023-24 Time: 3 Hours Max. Marks: 80 General Instructions: 1.This question paper contains 34 questions. All questions are compulsory. 2.This question paper is divided into two parts, Part A and B. 3. Part - A is compulsory for all candidates. 4. Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised Accounting. Students must attempt only one of the given options. 5.Question 1 to 16 and 27 to 30 carries 1 mark each. 6.Questions 17 to 20, 31 and 32 carries 3 marks each. 7. Questions from 21, 22 and 33 carries 4 marks each 8.Questions from 23 to 26 and 34 carries 6 marks each 9.There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2 questions of three marks, 1 question of four marks and 2 questions of six marks. PART—A Accounting for Partnership Firms and Companies 1. The ‘share of premium for goodwill’ brought in by the new partner is divided in which ratio? (a) In old ratio (b) In sacrificing ratio (c) In new ratio (d) None of these o Interest on capital will be paid to the partner only out of______if provided for in the partnership deed. (a) accumulated profits (b) profits (c) goodwill (d) reserves 2. Ravi, Dhoni and Tony are partners sharing profits in the ratio of 3 : 3 : 2. As per the partnership agreement, Tony is to get a minimum amount of ` 8,000 as his share of profits every year and any deficiency on this account is to be personally borne by Ravi. The net profit for the year ended 31st March, 2021 amounted to ` 31,200. Calculate the amount of deficiency to be borne by Ravi. (a) ` 800 (b) ` 200 (c) ` 100 (d) ` 400 3. Which of the following is/are method(s) of valuation of goodwill? (i) Average profit method (ii) Super profit method (iii) Capitalisation method (a) (ii) and (iii) (b) (i), (ii) and (iii) (c) Only (i) (d) (i) and (ii) 4. Calculate the interest for the year 2021, when 6% debentures are issued for ` 20,00,000 of ` 100 each. (a) ` 12,000 Click the Following Button to See the Free MS/Solutions Page 2 NODIA Sample Paper 1 CBSE Accountancy Class 12 (b) ` 12,00,000 (c) ` 1,60,000 (d) ` 1,20,000 5. A shareholder to whom 9,000 shares of ` 10 per share allotted, failed to pay first and final call of ` 2 per share. How will it be recorded in the books of company? (a) ` 18,000 will be credited to Calls-in-arrear A/c (b) ` 18,000 will be credited to Share Forfeiture A/c (c) ` 18,000 will be debited to Calls-in-arrear A/c (d) ` 18,000 will be debited to Share Forfeiture A/c o If vendors are issued fully paid shares of ` 1,00,000 in consideration of net assets of ` 1,20,000 the balance of ` 20,000 will be_______. (a) credited to Vendor’s Account (b) credited to Goodwill Account (c) credited to Profit and Loss Account (d) credited to Capital Reserve Account 6. Jhunjhun, a partner paid loan of the firm of ` 1,00,000 at the time of dissolution. Pass the journal entry for this transaction. (a) Realisation A/c Dr 1,00,000 To Jhunjhun’s Capital A/c 1,00,000 (b) Jhunjhun’s Capital A/c Dr 1,00,000 To Realisation A/c 1,00,000 (c) Realisation A/c Dr 1,00,000 To Loan A/c 1,00,000 (d) None of the above 7. If equal amount is withdrawn by a partner at the end of each month during a period of 6 months, interest on the total amount will be charged for______months. (a) 3.5 (b) 6 (c) 2.5 (d) 3 o A partner withdraws ` 1,600 each on 1st April and 1st October. Interest on his drawings @ 6% p.a. on 31st March will be (a) ` 48 (b) ` 192 (c) ` 96 (d) ` 144 8. A firm having the assets of ` 2,00,000 and liabilities of ` 84,000 earns the annual profit of ` 18,000. The rate of normal profit being 12%, the amount of goodwill by capitalisation of super profit method, will be________. (a) ` 34,000 (b) ` 4,080 (c) ` 13,290 (d) ` 36,000 Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 1 Page 3 9. Assertion (A): At the time of change in profit sharing ratio, it is important to determine the sacrificing ratio and gaining ratio. Reason (R): At the time of change in profit sharing ratio, gaining partner compensates the sacrificing partner by paying him proportionate amount of goodwill. Alternatives (a) Assertion (A) is true, but Reason (R) is false (b) Assertion (A) is false, but Reason (R) is true (c) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A) (d) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A) 10. If a partner withdraws equal amount at end of each quarter, then______are to be considered for interest on total drawings. (a) 4.5 months (b) 7.5 months (c) 5.5 months (d) 6 months 11. TDS refers to______relating to debenture interest. (a) tax deducted at source (b) these debentures secured (c) the debenture security (d) None of these o When debenture amount is received in lumpsum,______is credited with bank account. (a) Debenture account (b) Debenture allotment account (c) Debenture application and allotment account (d) None of the above 12. Pappu and Gullu are partners in the ratio of 3 : 2. Their capitals are ` 10,000 and ` 5,000 respectively. Interest on capitals is allowed @ 8% p.a. Firm incurred a loss of ` 3,000 for the year ended 31st March, 2021. Interest on capital will be (a) Pappu ` 400; Gullu ` 200 (b) Pappu ` 720; Gullu ` 480 (c) Pappu ` 800; Gullu ` 400 (d) No interest will be allowed 13. Raman, Tapan and Naman are partners in a firm with profit sharing ratio 3 : 2 : 1 respectively. The extract of their Balance Sheet is as follows Liabilities Amount (`) Assets Amount (`) Workmen Compensation Reserve 48,000 At the time of retirement of Naman, if liability for workmen compensation to the extent of ` 24,000 is to be created, then at what amount will workmen compensation reserve be shown in new balance sheet? (a) ` 56,000 (b) ` 24,000 (c) ` 52,000 (d) Not to be shown in new balance sheet Click the Following Button to See the Free MS/Solutions Page 4 NODIA Sample Paper 1 CBSE Accountancy Class 12 o Mukesh and Rakesh are partners in a firm sharing profits and losses in the ratio of 5 : 1. An Extract of Balance Sheet Liabilities Amount (`) Assets Amount (`) Machinery 4,000 If value of machinery in the balance sheet is undervalued by 20%, then at what value will machinery be shown in new balance sheet? (a) ` 3,200 (b) ` 5,000 (c) ` 4,400 (d) ` 4,800 14. David and Jacob are two partners sharing profits in the ratio of 2 : 1. Ronaldo, a new partner admitted for 1/4th share. At the time of admission, loss from revaluation is ` 9,000. Pass a necessary journal entry for distribution of loss between the partners. (a) David’s Capital A/c Dr. 9,000 To Jacob’s Capital A/c 9,000 (b) Revaluation A/c Dr. 9,000 To David’s Capital A/c 6,000 To Jacob’s Capital A/c 3,000 (c) Jacob’s Capital A/c Dr. 9,000 To David’s Capital A/c 9,000 (d) David’s Capital A/c Dr. 6,000 Jacob’s Captial A/c Dr. 3,000 To Revaluation A/c 9,000

DIRECTION : Read the following hypothetical situation and answer Q. No. 15 and 16 Goldee Export Limited was incorporated on 1st April, 2020 with registered office in Ahmedabad. The capital clause of memorandum of association reflected a registered capital of ` 2,00,000 equity shares of ` 10 each and 25,000 preference shares of ` 50 each. Since some large investments were required for building and machinery, the company in consultation with vendors, M/s Sultan International Limited issued 25,000 equity shares and 5,000 preference shares at par to them in full consideration of assets acquired. Besides this the company issued 50,000 equity shares for cash at par payable as 3 on application, ` 2 on allotment, ` 3 on first call and ` 2 on second call. Till date, second call has not yet been made and all the shareholders have paid except Rishant who did not pay allotment and calls on his 75 shares and Sonu who did not pay first call on his 50 shares. Shares of Rishant were then forfeited and out of them 25 shares were reissued at ` 12 per share. 15. How many equity shares of the company have been subscribed? (a) ` 71,475 (b) ` 74,950 (c) ` 78,340 (d) None of these 16. The amount of security premium reflected in the balance sheet at the end of the year will be_______. (a) ` 100 (b) ` 250 (c) ` 50 (d) ` 150 Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 1 Page 5 17. Samay and Dev are partners in a firm sharing profit and loss equally. On 1st April, 2021, the capital of the partners were ` 4,00,000 and ` 3,00,000 respectively. The profit and loss appropriation account of the firm showed a net profit of ` 7,74,000 for the year ended 31st March, 2022. The terms of partnership deed provided the following (i) Transfer 10% of distributable profits to reserve fund. (ii) Interest on capitals @ 6% per annum. (iii) Interest on drawings @ 6% per annum. Drawings being Samay ` 80,000 and Dev ` 60,000. (iv) Samay is entitled to a rent of ` 2,000 per month for the use of premises by the firm. It is paid to him by cheque at the end of every month. Prepare profit and loss appropriation, account for the year ended 31st March, 2022. 18. Arun, Tarun and Pawan are in partnership sharing profits in the ratio of 4 : 3 : 1. Tarun takes retirement on 30th June, 2019. The firm’s profits for various years were : 2014 (profits ` 3,24,444), 2015 (profits ` 80,000), 2016 (profits ` 10,000), 2017 (losses ` 10,000), 2018 (profits ` 40,000) and 2019 (profits ` 50,000). Arun and Pawan decided to share future profits in the ratio of 3 : 2. Goodwill is to be valued on the basis of 2 years’ purchase of average profit of 4 completed years immediately preceding the year of retirement of a partner. Pass the journal entry to record Tarun’s share of goodwill. 19. Ajanta Engineering Limited invited applications for 4,000 equity shares of ` 10 each at the issue price of ` 10. The amount payable along with application is ` 10. This issue was fully subscribed. Give the journal entries for the above transactions. o A company issued 8,000, 10% debentures of ` 100 each, payable ` 20 on application and the remaining amount on allotment. The debentures are redeemable after 5 years. All the debentures were applied for and allotted. All money was received. Give the journal entries. 20. Calculate the value of goodwill by super profit method, when goodwill is to be valued at 2.5 years’ purchase of the average profits of the last 3 years. Profits of the previous 5 years are given below 2019 – ` 60,000, 2018 – ` 40,000, 2017 – ` 1,10,000 2016 – ` 40,000, 2015 – ` 30,000 Capital investment of the firm is ` 1,00,000 and having rate of return is 20%. o Parth and Rajiv are partners sharing profits and losses in the ratio of 3 : 1. Their capitals at the end of the financial year 2017-2018 were ` 1,50,000 and ` 75,000. During the year 2017-2018, Parth’s drawings were ` 20,000 and the drawings of Rajiv were ` 5,000. Profit before charging interest on capital for the year was ` 16,000 which was duly credited to their accounts. Rajiv had brought additional capital of ` 16,000 on 1st October, 2017. Calculate interest on capital @ 12% per annum for the year 2017-2018. 21. United India Limited purchased machinery from Berger Technologies Limited for ` 10,00,000 to start a business of manufacturing low cost school dresses for children belonging to low income group. It made the payment as follows ` 2,00,000 by cheque, 5,000, 10% preference shares of ` 100 each at par, and 3,000, 10% debentures of ` 100 each at par. You are required to pass the journal entries for the transactions. 22. Daksh and Kavya are partners in a firm sharing profits in the ratio of 2 : 3. The balance sheet of the firm as on 31st March, 2021 is given below Balance Sheet as at 31st March, 2021 Liabilities Amount Assets Amount (`) (`) Creditors 6,20,000 Bills Receivable 3,60,000 Bills Payable 1,80,000 Stock 16,00,000 Click the Following Button to See the Free MS/Solutions Page 6 NODIA Sample Paper 1 CBSE Accountancy Class 12 Capital A/cs Machinery 18,40,000 Daksh 16,00,000 Land and Building 10,00,000 Kavya 24,00,000 40,00,000 48,00,000 48,00,000 The partners decided to share profits in equal ratio with effect from 1st April, 2021. The following adjustments were agreed upon (i) Land and building was valued at ` 16,00,000 and machinery at ` 16,40,000 and were to appear at revalued amounts in the balance sheet. (ii) The goodwill of the firm was valued at ` 80,000 but it was not to appear in books. Prepare revaluation account, partners’ capital account and balance sheet. 23. Nikita Services Private Limited issued 50,000, 10% debentures of ` 100 each at 10% premium to the public on 1st April, 2019, which are redeemable after 5 years of issue at a premium of 20%. Pass journal entry for the issue of debentures, for writing-off ‘loss on issue of debentures’ in the same year of issue and prepare ‘loss on issue of debenture account’ also. 24. Riyaz and Imran, who were sharing profits and losses in the ratio of 3 : 1 respectively, decided to dissolve the firm on 31st March, 2020. Their balance sheet is as follows Balance Sheet as at 31st March, 2020 Liabilities Amount (`) Assets Amount (`) Trade Creditors 15,000 Cash at Bank 1,000 Loan from Mrs. Riyaz 5,000 Imran’s Capital 5,000 Riyaz’s Capital 50,000 Profit and Loss A/c 4,000 Other Sundry Assets 60,000 70,000 70,000 The assets (other than cash at bank) realised ` 55,000 and all creditors including loan from Mrs. Riyaz were paid-off less 5% discount. Realisation expenses amounted to ` 500. Prepare the realisation account, bank account and the capital account of the partners assuming that both the partners are solvent. 25. Johnson Textiles and Industries Limited invited applications for issuing 75,000 equity shares of ` 100 each at a premium of ` 30 per share. The amount was payable as follows On application and allotment – ` 85 per share (including premium) On first and final call – the balance account Applications for 1,27,500 shares were received. Applications for 27,500 shares were rejected and shares were allotted on pro-rata basis to the remaining applicants. Excess money received on application and allotment was adjusted towards sum due on first and final call. The calls were made. A shareholder, who applied for 1,000 shares, failed to pay the first and final call money. His shares were forfeited. All the forfeited shares were re-issued at ` 150 per share fully paid-up. Pass necessary journal entries for the above transactions in the books of Johnson Textiles and Industries Limited o Zigzak Technologies Limited has been 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 under On application ` 10; on allotment ` 25 (including premium); on first call ` 40 and on final call ` 30. Applications were received for 1,800 shares of which applications for 300 shares were rejected outright, the rest of the applications were allotted 1,000 shares on pro-rata basis. Excess application money was transferred to allotment. All the money were duly received except from Naveen, a holder of 200 shares, who failed to pay allotment Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 1 Page 7 and first call money. His shares were later on forfeited and re-issued to Sohan at ` 60 per share, as ` 70 paid-up. Final call has not been made. Record necessary journal entries. 26. Geeta, Sita and Reeta are partners with profit sharing ratio of 2 : 2 : 1. Their balance sheet is given below Balance Sheet as at 31st December, 2021 Liabilities Amount Assets Amount (`) (`) Creditors 1,00,000 Bank 60,000 Bills Payable 70,000 Debtors 52,000 Reserve Fund 40,000 (–) Provision for (2,000) 50,000 Doubtful Debts Workmen Compensation Fund 30,000 Building 2,00,000 Profit and Loss 20,000 Furniture 1,30,000 Provident Fund 20,000 Investment 30,000 Capital A/cs Prepaid Insurance 10,000 Geeta 80,000 Goodwill 20,000 Sita 80,000 Reeta 60,000 2,20,000 5,00,000 5,00,000 Additional Information (i) Sangeeta comes as a new partner and brings ` 66,750 as capital and his share of goodwill in cash. (ii) New ratio is 3 : 3 : 2 : 2. (iii) Goodwill of the firm is ` 50,000. (iv) Prepaid insurance is no more required. (v) Provision for doubtful debts is to be increased to ` 5,000. (vi) Investment is valued at ` 20,000 and is taken over by Geeta. (vii) Furniture valued at ` 1,00,000. (viii) Building valued at 120%. Prepare necessary accounts and balance sheet. o Aryan, Shyam and Dalbir are partners with ratio of 5 : 3 : 2. Balance Sheet as at... Liabilities Amount Assets Amount (`) (`) Creditors 1,00,000 Cash in Hand 40,000 Expenses Owing 20,000 Debtors 60,000 Reserve Fund 30,000 Building 1,00,000 Workmen Compensation Fund 10,000 Bills Receivable 40,000 Capital A/cs Goodwill 20,000 Aryan 60,000 Profit and Loss 30,000 Shyam 60,000 Patents 30,000 Dalbir 40,000 1,60,000 3,20,000 3,20,000 Click the Following Button to See the Free MS/Solutions Page 8 NODIA Sample Paper 1 CBSE Accountancy Class 12 Additional Information (i) Aryan takes retirement. (ii) New ratio of Shyam and Dalbir is 1 : 1 and goodwill of the firm is valued at ` 60,000. (iii) Expenses owing increased by ` 10,000. (iv) Creditors increased to ` 1,05,000. (v) ` 10,000 bills receivable dishonoured and are not recoverable. (vi) Patents are now value less. (vii) ` 20,000 unrecorded investment brought into books. (viii) ` 10,000 paid to Aryan in cash and balance is transferred to his loan account. Prepare necessary accounts and balance sheet. Part B (Financial Statement Analysis) 27. If current assets are ` 1,00,000, current liabilities are ` 50,000, inventories ` 6,000 and prepaid expenses ` 10,000, what is the value of quick assets? (a) ` 70,000 (b) ` 84,000 (c) ` 58,000 (d) ` 64,000 28. For a company manufacturing garments, procurement of raw material , incurrence of manufacturing expenses, sale of garments are classified as______ activity. (a) investing (b) operating (c) financing (d) None of these o Which of the following statement(s) is/are true? (i) Cash flow statement is not a replacement of fund flow statement (ii) Cash flow statement is a substitute of income statement (iii) Cash flow statement records only cash items (iv) Cash flow statement records only cash equivalents items Select the correct option from the below options (a) Both (i) and (ii) are correct (b) Only (ii) is correct (c) Only (i) is correct (d) All of these 29. Balance Sheet (Extract) Particulars Note No. 31 March 2020 (`) 31 March 2019 (`) Share Capital 4,50,000 3,50,000 Reserves and Surplus 1 1,25,000 50,000 Notes to Accounts Particulars Note No. 31 March 2020 (`) 31 March 2019 (`) 1. Reserve and Surplus Surplus 1,25,000 50,000 Additional Information Proposed Dividend – 2020 ` 1,00,000; 2019 ` 62,500 Based on above information given, you are required to find out the value of ‘net profit before tax and extraordinary items’ to be used while preparing cash flow statement. (a) ` 2,25,000 (b) ` 1,37,500 (c) ` 1,25,000 (d) ` 50,000 Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 1 Page 9 30. Under which head and sub-head will the following items appear in the balance sheet of a company? (i) Share option outstanding account (ii) Interest accrued and due on secured loans (iii) Advances recoverable in cash 31. Livestock is a item of______assets under sub-head fixed assets and the major head non-current assets. (a) trade receivables (b) tangible (c) intangible (d) inventories o Ratio analysis under financial statement analysis is significant as it (a) ignores qualitative factors (b) helps in locating weak points of the firm (c) helps in window-dressing (d) does not requires any standards 32. Hanuman Group Limited has a current ratio at 3 : 1. Its management is interested in maintaining this ratio at 4 : 1. What are the two choices to do so? 33. From the following balance sheet of Pratap Foods Limited as at 31st March, 2020 and additional information, calculate the debtors’ turnover ratio and debt collection period. Balance Sheet as at 31st March, 2020 Particulars 31st March 2020 (`) I. EQUITY AND LIABILITIES 1. Shareholder’s Funds (i) Share Capital 5,00,000 (ii) Reserves and Surplus 2,00,000 2. Non-Current Liabilities (i) Long Term Borrowing 2,00,000 (ii) Deferred Tax Liabilites (Net) 50,000 3. Current Liabilities (i) Trade Payables 2,00,000 (ii) Short-term Provisions 10,000 Total 11,60,000 II. ASSETS 1. Non-Current Assets : Fixed Assets (Tangible assets) 7,00,000 2. Current Assets (i) Trade Receivables 3,50,000 (ii) Inventories 1,10,000 Total 11,60,000 Additional Information (i) Credit sales of ` 15,00,000 and cash sales of ` 2,50,000. (ii) Trade receivables in the beginning of the year were ` 4,50,000. Click the Following Button to See the Free MS/Solutions Page 10 NODIA Sample Paper 1 CBSE Accountancy Class 12 o Calculate trade receivables turnover ratio from the following information Cost of revenue from operations ` 4,50,000, Gross profit on sales 20%, Cash sales 25% of net credit sales, Opening trade receivables ` 60,000, Closing trade receivables ` 90,000. 34. Jaya an alumni of Apex School initiated her startup Super Moon Private Limited in 2020. The net profit after tax of Super Moon Private Limited for the year ended 31st March, 2020 was ` 3,40,000. Following is the extract of Balance Sheet of Super Moon Private Limited as at 31st March, 2020 Particulars 31 March 2020 (`) 31 March 2019 (`) Inventories 69,000 72,000 Trade Receivables 94,000 61,000 Prepaid Expenses 14,000 3,000 Trade payables 82,000 78,000 Provision for Tax 13,000 19,000 Depreciation charged on plant and machinery ` 49,000, insurance claim received ` 20,000 and gain on sale of investments of ` 8,000 appeared in the statement of profit and loss for the year ended 31st March, 2020. You are required to (i) Calculate net profit before tax and extraordinary items. (ii) Calculate operating profit before working capital changes. (iii) Calculate cash flow from operating activities.

****** Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 2 Page 1
Sample Paper 2 Accountancy Class XII Session 2023-24 Time: 3 Hours Max. Marks: 80 General Instructions: 1.This question paper contains 34 questions. All questions are compulsory. 2.This question paper is divided into two parts, Part A and B. 3. Part - A is compulsory for all candidates. 4. Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised Accounting. Students must attempt only one of the given options. 5. Question 1 to 16 and 27 to 30 carries 1 mark each. 6. Questions 17 to 20, 31and 32 carries 3 marks each. 7. Questions from 21 ,22 and 33 carries 4 marks each 8.Questions from 23 to 26 and 34 carries 6 marks each 9.There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2 questions of three marks, 1 question of four marks and 2 questions of six marks. PART—A Accounting for Partnership Firms and Companies 1. Ganesh and Rakesh are partners sharing profits in the ratio of 2 : 3. Their balance sheet shows machinery at ` 1,00,000; stock at ` 40,000 and debtors at ` 80,000. Mukesh is admitted and new profit sharing ratio is agreed at 6 : 9 : 5. Machinery is revalued at ` 70,000 and a provision is made for doubtful debts @ 5%. Ganesh’s share in loss on revaluation amount to ` 10,000. Revalued value of stock will be (a) ` 30,000 (b) ` 49,000 (c) ` 31,000 (d) ` 50,000 2. When shares offered to public are subscribed completely, then it is referred to as (a) undersubscription of shares (b) no subscription of shares (c) full subscription of shares (d) None of these o Which one of the following items is not a part of subscribed capital? (a) Forfeited shares (b) Bonus shares (c) Equity shares (d) Preference shares 3. Find the closing balance of capital account from the given information. Opening balance of capital account as at 1st April, 2019 of Daniel and Nathen are ` 5,00,000 and ` 5,40,000 respectively. Daniel is entitled to take salary for ` 1,000 per month and Nathen is to take commission for ` 20,000. (a) Daniel = ` 5,12,000, Nathen = ` 5,60,000 (b) Daniel = ` 5,60,000, Nathen = ` 5,12,000 (c) Daniel = ` 5,40,000, Nathen = ` 5,80,000 (d) Daniel = ` 5,00,000, Nathen = ` 5,40,000 4. Claim of the retiring partner is payable in which of the following form? (a) Fully transferred to loan account to be paid later with some interest on it (b) Partly in cash and partly as loan repayable later with agreed interest (c) Fully in cash (d) Any of the above method o At the time of admission, incoming partner become liable for the______of the firm and also acquires right on the_______ (a) goodwill, capital (b) liabilities, assets (c) assets, liabilities (d) None of these Click the Following Button to See the Free MS/Solutions Page 2 NODIA Sample Paper 2 CBSE Accountancy Class 12 5. A company issued 2,000 equity shares of ` 50 each at par payable as under. On application 20%, on allotment 40%, on first call 10%, on final call-balance. Applications were received for 5,000 shares. Allotment was made on pro-rata basis. How much amount will be received in cash on allotment? (a) ` 8,000 (b) ` 10,000 (c) ` 3,000 (d) Nil 6. Tanwar Medicare Private Limited issued 20,000 equity shares of ` 10 each at a premium of ` 2 payable alongwith application. All the shares were applied and duly allotted. What will be the total amount at the time of application? (a) ` 2,00,000 (b) ` 2,40,000 (c) ` 2,20,000 (d) ` 2,60,00 o Following amounts were payable on issue of shares by a company ` 3 on application, ` 3 on allotment, ` 2 on first call and ` 2 on final call. Jairaj holding 250 shares paid only application and allotment money whereas Viraj holding 200 shares did not pay final call. Amount of calls-in-arrear will be (a) ` 900 (b) ` 3,100 (c) ` 1,900 (d) ` 1,400 7. Assertion (A): A new partner should contribute towards goodwill on his admission. Reason (R): A new partner gets his share of profits from old partners thus he must compensate the old partners for the share sacrificed by them. Alternatives (a) Assertion (A) is true, but Reason (R) is false (b) Assertion (A) is false, but Reason (R) is true (c) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A) (d) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A) 8. Ashok, Trilok and Aalok are partners in profit sharing ratio of 2 : 3 : 4 with effect from 1st April, 2021, they decided to share profits in 4 : 3 : 3. What is Trilok’s gain/sacrifice? 3 1 (a) Gain 100 (b) Gain 30 1 (c) No gain/sacrifice (d) Sacrifice 30 o Arjun, Harish and Keshav are partners sharing profits in ratio of 3 : 3 : 2. They agree to admit Raghav into 4 2 1 1 the firm for 7 profit. Raghav acquired his share 7 from Arjun, 7 from Harish and 7 from Keshav. The share of profit of Harish will be 6 32 (a) 56 (b) 56 5 13 (c) 56 (d) 56 9. Partners’ current account is maintained under (a) fluctuating capital method (b) fixed capital method (c) Both (a) and (b) (d) cumulative capital method o Neeraj and Pankaj are partners in a firm which develops software for industries. Neeraj’s minor son Rajendra is a computer wizard. Can he be admitted in the partnership firm? (a) Yes, if Pankaj agrees (b) Yes, if Neeraj agrees (c) Yes, if Neeraj and Pankaj both agree (d) No, he cannot be admitted Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 2 Page 3 10. Dhara, Zara, Nora were partners sharing profits in the ratio of 2 : 2 : 1. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2020. Their balance sheet as on that date showed a balance of ` 4,500 in advertisement suspense account for the amount to be debited respectively to the capital accounts of Dhara, Zara and Nora for writing-off the amount in advertisement suspense account, following journal entry is passed. Dhara’s Capital A/c Dr X Zara’s Capital A/c Dr Y Nora’s Capital A/c Dr Z To Advertisement Suspense A/c 45,000 Here X, Y, Z are (a) ` 1,500, ` 1,500 and ` 1,500 (b) ` 1,800, ` 1,800 and ` 900 (c) ` 2,250, ` 2,250 and Nil (d) ` 2,100, ` 1,500 and ` 900 11. On 28th February, 2020, the first call of ` 2 per share became due on 25,000 equity shares allotted by Mrinal Trading Private Limited Nakul, a holder of 500 shares did not pay the first call money. Mradul, a holder of 375 shares paid the second and final call of ` 4 per share along with the first call. Pass the necessary entry only for the amount received by opening calls-in-arrears and calls-in-advance account in the books of the company. (a) Equity Share First Call A/c Dr 50,000 Call-in-arrears A/c Dr 1,000 To Bank A/c 49,500 To Calls-in-advance A/c 1,500 (b) Bank A/c Dr 50,500 Calls-in-arrears A/c Dr 1,000 To Equity Share First Call A/c 50,000 To Calls-in-advance A/c 1,500 (c) Bank A/c Dr 50,500 Calls-in-advance A/c Dr 1,000 To Equity Share First Call A/c 50,000 To Call-in-arrears A/c 1,500 (d) None of the above 12. Jaswant Private Limited invited applications for issuing 1,000, 12% debentures of ` 100 each at a discount of 5%. These debentures were redeemable after three years at par. Applications for 1,200 debentures were received. Pro-rata allotment was made to all the applicants. Journalise. (a) Bank A/c Dr 1,00,000 12% Debentures A/c Dr 19,000 To Debenture Application and Allotment A/c 1,14,000 To Discount on Issue of Debentures A/c 5,000 (b) Bank A/c Dr 1,14,000 To Debenture Application and Allotment A/c 1,14,000 (c) Debenture Application and Allotment A/c Dr 1,14,000 Discount on Issue of Debentures A/c Dr 5,000 To 12% Debentures A/c 1,00,000 To Bank A/c 19,000 (d) Both (b) and (c) Click the Following Button to See the Free MS/Solutions Page 4 NODIA Sample Paper 2 CBSE Accountancy Class 12 13. A firm having the assets of ` 4,00,000 and liabilities of ` 1,68,000 earns the annual profit of ` 36,000. The rate of normal profit being 12%, the amount of goodwill by capitalisation of super profit method, will be________ (a) ` 27,840 (b) ` 8,160 (c) ` 97,920 (d) ` 68,000 14. A manager gets 5% commission on net profit after charging such commission, gross profit ` 29,000 and expenses of indirect nature other than manager’s commission are ` 8,000. Amount of commission will be (a) ` 750 (b) ` 1,100 (c) ` 1,050 (d) ` 1,000

DIRECTION : Read the following hypothetical situation and answer Q. No. 15 and 16 Magan and Jagan entered into partnership on 1st April, 2019. They do not have partnership deed. They contributed capitals of ` 10,00,000 and ` 6,00,000 respectively. On 31st October, 2019, Magan advanced a loan of ` 4,00,000 to the firm without any agreement as to interest. Books are closed on 31st March every year. Profit and Loss A/c Dr. for the year ended 31st March, 2020 Cr. Particulars Amount (`) Particulars Amount (`) To.......... By Net Profit....... To Net Profit Transferred to Profit and Loss 8,50,000 Appropriation A/c.............. 15. What will be interest on loan ? (a) ` 5,000 (b) ` 2,400 (c) ` 24,000 (d) ` 10,000 16. What will be net profit from profit and loss account ? (a) ` 8,40,000 (b) ` 8,60,000 (c) ` 8,70,000 (d) ` 8,50,000 17. Sachin, Rajveer and Mohsin were the partners sharing of 5:3:2. on 31st March, 2022 their Balance Sheet was as under: Liabilities Amount (`) Assets Amount (`) Capitals : Leasehold Premises 1,25,000 Sachin 1,50,000 Patents 30,000 Rajveer 1,25,000 Machinery 1,50,000 Mohsin 75,000 3,50,000 Stock 1,90,000 Creditors 1,55,000 Cash at Bank 40,000 Workmen’s Compensation Reserve 30,000 5,35,000 5,35,000 Rajveer died on 1 August, 2022. It was agreed that: st (i) Goodwill of the firm is to be valued at ` 1,75,000. (ii) For the purpose of calculating Rajveer’s share in the profits of 2022-23, the profits should be taken to have accrued on the same scale as in 2021-22, which were ` 75,000. (iii) Interest on capital @ 9% p.a. Prepare Rajveer’s Capital Account to show the amount due to his executors. Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 2 Page 5 18. Reena, Leena, and Neera are partners sharing profits equally. Reena died on 30th April 2022. The firm had workmen’s compensation reserve of ` 20,000, against which there is claim of ` 2,000 on this date. The firm has investment of market value of ` 1,90,000 appearing in the books of ` 2,00,000. Investment fluctuation fund appear at ` 40,000. Pass journal entries for treatment of reserves. 19. Rashmi, Lavanya and Tania were partners in the firm sharing profits and losses equally. On 1st April, 2022, they mutually decided to give more profit to Rashmi as she was comparatively contributing more time to the business than other two partners, so they decided to give half the share to Rashmi and decided to share the remaining profit equally. Following balances appear on this date: General reserve ` 1,00,000, Profit & Loss A/c (Dr. balance) ` 60,000, Revaluation loss ` 30,000 and Goodwill is to be valued at 10% more than twice the profit of last year which was ` 50,000. The partners do not want to show the effect of above changes in the books. Pass the single adjusting entry for the same. o Jaspreet and Balbir started their partnership firm sharing profits in the ratio of 3 : 2 on 1st April, 2022. Their cousin, Simran completed her course in legal studies. So, they requested her to join their firm to provide all legal advices to which Simran agreed with 1/5th share in profits of the firm. Simran contributed ` 2,00,000 for capital and premium for goodwill. Goodwill of the firm was valued at ` 3,50,000. Jaspreet and Balbir decided to share the remaining profit in the ratio of 4 : 3. Pass the necessary journal entries if half of the premium for goodwill credited to the partners is withdrawn by them. 20. Newbi Cloths Limited is registered with an authorised capital of ` 50,00,000 divided into 50,000 equity shares of ` 100 each. Out of these, the company issued 40,000 shares at a premium of 10%. The amount per share was payable as follows: ` 30 on application ` 30 (including premium) on allotment. Balance on first and final call Public applied for 39,000 shares. Only application and allotment money was called till 31st March, 2022. A shareholder holding 500 shares did not pay the allotment money. Show the share capital in the Balance Sheet of Newbi Cloths Limited as at 31st March, 2022 as per Schedule III of Companies Act. o Briefly explain the following terms: (i) ESOP (ii) Private placement of shares (iii) Oversubscription of shares 21. Ferox Limited issued 20,000 10% Debentures of ` 100 each at a premium of ` 60 per debenture. The company received application for 35,000 debentures. 15,000 debentures were rejected and rest were allotted debentures. The whole money was payable on application. Pass necessary journal entries for the issue of debentures. Also present it in the balance sheet. 22. Teena and Veena were partners in a firm sharing profits equally. In spite of repeated reminders by the authorities, they kept evading the taxes. The court ordered for the dissolution of their partnership firm on 31st March, 2022. Teena was deputed to realise the assets and to pay the liabilities. She was paid ` 1,000 as commission for her services. They were having ` 8,000 (credit balance) in Profit and Loss A/c on the date of dissolution. From the information given below, complete Realisation A/c, Partners’ Capital A/cs and Cash A/c. Dr. Realisation A/c Cr. Particulars Amount Particulars Amount (`) (`) To Building 1,52,000 By Prov. for Doubtful Debts 4,000 Investments 28,600 By Creditors 80,000 Debtors 24,000 By Teena’s Spouse Loan 40,000 Bills Receivable 17,400 By Investments Fluctuation 8,000 Fund Click the Following Button to See the Free MS/Solutions Page 6 NODIA Sample Paper 2 CBSE Accountancy Class 12 To Goodwill 20,000 By Cash A/c: (Assets realised) Teena’s Capital A/c (Spouse...... Debtors 24,000 Loan) Cash A/c: Building..... To Creditors..... Bills Receivable 36,000 2,12,000 Realisation Expenses 2,500..... By Veena’s Capital A/c ( 27,000 Investments) To Teena’s Capital A/c..... (Commission) To Profit transferred to: Teena’s Capital A/c..... Veena’s Capital A/c.......... 3,71,000 3,71,000 Dr. Partner’s Capital A/cs Cr. Particulars Teena Veena Particulars Teena Veena (`) (`) (`) (`) To Realisation A/c........ By Balance b/d 42,000 42,000 To Cash A/c................ By Realisation A/c (Profit)................ By Realisation A/c........ By Realisation A/c........ By Profit and Loss A/c................................................ Dr. Cash A/c Cr. Particulars Amount (`) Particulars Amount (`) To Balance b/d 6,000 By Veena’s Loan A/c 24,000 To Realisation A/c........ By Realisation A/c (Creditors &........ Expenses) By Teena’s Capital A/c........ By Veena’s Capital A/c........................ 23. Soltex Chemicals Limited invited applications for 70,000 shares of ` 10 each payable as ` 3 on application, ` 3 on allotment, ` 2 on first call and ` 2 on final call. Public has applied for 1,05,000 shares. Pro-rata allotment was made to 90,000 shares and rest was rejected. Rohan the holder of 700 shares failed to pay allotment money and his share were forfeited on further nonpayment of first call. After forfeiting the shares final call was made. Sohan the holder of 800 shares failed to pay the final call and his shares were also forfeited. Out of forfeited shares 900 shares were re-issued for ` 8,000 as fully paid up (including 350 shares of Rohan and Balance of Sohan). Prepare Cash Book and pass the journal entries to record the above transactions. o Writex Pen Limited invited applications for issuing 50,000 equity shares of ` 10 each. The amount was payable as follows: On Application: ` 3 per share On Allotment: ` 4 per share On First and Final Call: ` 3 per share Applications were received for 75,000 shares and pro-rata allotment was made as follows: Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 2 Page 7 Applicants for 40,000 shares were allotted 30,000 shares on pro-rata basis. Applicants for 35,000 shares were allotted 20,000 shares on pro-rata basis. It was decided to utilise excess application money towards the sums due on allotment. Rohit, to whom 1,200 shares were allotted out of the group applying for 40,000 shares failed to pay allotment money. His shares were forfeited immediately after allotment. Puneet, who had applied for 700 shares out of the group applying for 35,000 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 1,000 shares were re-issued @ ` 8 per share fully paid up. The re-issued shares included all the forfeited shares of Puneet. Prepare Cash Book and pass the journal entries to record the above transactions. 24. The Balance Sheet of P, Q and R sharing profits and losses in the ratio of 5:3:2, as on 31st March, 2022 was as under: Liabilities Amount Assets Amount (`) (`) Capitals : Land and Building 30,000 P 46,000 Plant and Machinery 35,000 Q 34,000 Stock 12,800 R 25,000 1,05,000 Debtors 16,000 Creditors 15,600 Less : Provision for doubtful debts (800) 15,200 Cash at Bank 27,600 1,20,600 1,20,600 On the same date, Q retires from the firm. The following adjustments were agreed upon: (a) That an amount of ` 1,100 included in Sundry Debtors be written off as no longer receivable. (b) That a Provision for Doubtful debts be maintained at an existing rate. (c) There is an unrecorded liability for outstanding expenses of ` 955. (d) Plant and Machinery includes a machinery amounted to ` 5,000 which was completely damaged was sold for ` 1,000. Depreciation to be charged on remaining machinery @ 10%. (e) Unrecorded furniture amounted to ` 1,000 was accepted by Q towards payment due to him and balance was transferred to his loan A/c. (f) Goodwill of the firm was valued at ` 70,000. You are required to prepare Revaluation A/c, Partners’ Capital A/cs and Balance sheet of the new firm. o Romesh and Kiran were partners sharing profits and losses in the ratio of 3 : 2. On 1st April, 2022, Koyal was admitted for 1/5th share. Balance Sheet of Romesh and Kiran on 31st March, 2022 was as under: Liabilities Amount Assets Amount (`) (`) Capitals : Pland and Machinery 18,000 Romesh 40,000 Furniture 40,000 Kiran 20,000 Profit & Loss A/c 25,000 Employees Provident Fund 10,000 Sundry Debtors 9,000 Workmen Compensation Fund 16,000 Cash in Hand 1,500 Sundry Creditors 7,500 93,500 93,500 On the above date Koyal was admitted with the following terms: (a) Koyal will bring ` 20,000 for her capital and ` 5,000 for her share of goodwill premium. (b) Provision for doubtful debts is to be created @ 5%. (c) There was a liability of ` 6,000 for workmen compensation. (d) There was a unrecorded furniture for ` 5,000. Prepare Revaluation A/c, Partners’ Capital A/cs and Balance Sheet of the new firm. Click the Following Button to See the Free MS/Solutions Page 8 NODIA Sample Paper 2 CBSE Accountancy Class 12 25. Jeet, Pant and Kumar were partners of an architect firm sharing profits in the ratio of 2 : 2 : 1. Their partnership deed provided the following: (i) A monthly salary of ` 15,000 each to Jeet and Pant. (ii) Kumar was guaranteed a profit of ` 5,00,000 and Jeet guaranteed that he will earn an annual fee of ` 2,00,000. Any deficiency arising because of guarantee to Kumar will be borne by Jeet and Pant in the ratio of 3 : 2. During the year ended 31st March, 2018 Jeet earned fee of ` 1,75,000 and the profits of the firm amounted to ` 15,00,000. Showing your workings clearly prepare Profit and Loss Appropriation Account and the Capital Account of Jeet, Pant and Kumar for the year ended 31st March, 2018. 26. Pentex Services Private Limited provides its services in South India. Seeing its growth and success, it decided to expand in other parts of India too, especially North India. This would involve huge expenditure for which the directors decided to issue ` 40,00,000, 12% Debentures of ` 100 each at par to be redeemed at 5% premium after 6 years. It has a balance of ` 60,000 in securities premium reserve. Answer the following questions on the basis of the above information. (i) State the amount of application money received. (ii) What amount will be debited to “Loss on Issue of Debentures Account”? (iii) Pass necessary Journal entry for writing off “Loss on Issue of Debentures Account”. PART—B Analysis of Financial Statements 27. Empire Innovations Private Limited paid ` 30,000 as installment for machinery purchased on credit which included interest of ` 5,000. How will this payment be presented while preparing cash flow statement? (a) It will be shown as investing activity (b) It will be shown as financing activity (c) It will be shown as operating activity (d) Not to be present while preparing cash flow statement 28. What will be the value of shareholder’s fund, if 12% debentures are ` 5,00,000 and debt-equity ratio is 2.5 : 1? (a) ` 2,00,000 (b) ` 4,00,000 (c) ` 3,00,000 (d) ` 5,00,000 29. A company issued capital. A shareholder paid all money on allotment while first call is not called by company. Where will you show this advance in balance sheet of the company? (a) Long-term liability (b) Current liability (c) Current assets (d) None of these o Which of the following is not correct? (i) Sale of fixed asset (book value ` 40,000) at a loss of ` 5,000 will increase debt-equity ratio. (ii) Issue of new shares for cash will decrease debt-equity ratio. (iii) Redemption of debentures for cash will decrease debt-equity ratio. (iv) Declaration of final dividend will decrease debt-equity ratio. (a) (i) and (ii) (b) Only (i) (c) (i) and (iv) (d) Only (iv) 30. If the net profits earned during the year are ` 50,000 and amount of debtors in the beginning and the end of the year are ` 10,000 and ` 20,000 respectively, then the cash from operating activities will be equal to_______ (a) ` 60,000 (b) ` 50,000 (c) ` 10,000 (d) ` 40,000 o Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 2 Page 9 In the net profit is ` 35,000 after writing-off goodwill ` 6,000 and loss on sale of furniture ` 1,000, cash flow from operating activities will be (a) ` 42,000 (b) ` 35,000 (c) ` 28,000 (d) ` 29,000 31. The firm can make some year end changes to their financial statements, to improve their ratios. Then the ratios end up being nothing but window dressing. Briefly explain the limitation of Ratio Analysis highlighted in the above situation. Also explain any two other limitations of Ratio Analysis apart from the identified above. 32. State any one importance and one limitation of financial statement analysis. 33. List two items each which are recorded under the following head in the Balance Sheet as per Schedule III of the Companies Act, 2013. (a) Short-term Provisions (b) Other Current Liabilities (c) Other Long-term Liabilities (d) Long-term provisions o From the details given below, calculate Inventory Turnover Ratio and Operating Ratio: (`) Opening Inventory 28,000 Closing Inventory 22,000 Purchases 40,000 Revenue from Operations 80,000 Carriage Inwards 4,000 Employees’ Benefit Expenses 4,000 Depreciation 2,000 34. From the following information of Bikanerwala Sweets, prepare a Cash Flow Statement: Balance Sheet as at 31.03.2022 Particulars Note 31 March 2022 31 March 2021 No. (`) (`) I. EQUITY AND LIABILITIES 1. Shareholder’s Funds : (a) Share Capital 1 1,35,000 1,30,000 (b) Reserves and Surplus 2 22,000 4,000 2. Non-Current Liabilities (10% Debentures) 25,000 21,000 3. Current Liabilities (Trade Payables) 12,500 8,500 Total 1,94,500 1,63,500 II. ASSETS 1. Non-Current Assets : Property, Plant and Equipments and Intangible Assets: Property, Plant and Equipment : Tangible Fixed Assets (Net) 41,000 32,000 Intangible Assets (Goodwill) 8,000 10,500 Non-Current Investments 68,000 63,000 2. Current Assets : Current Investments 49,000 50,000 Click the Following Button to See the Free MS/Solutions Page 10 NODIA Sample Paper 2 CBSE Accountancy Class 12 Cash & Cash Equivalents 4,000 2,000 Other Current Assets 24,500 6,000 Total 1,94,500 1,63,500 Notes to Accounts: Particulars 31 March 2022 (`) 31 March 2021 (`) 1. Share Capital Equity shares of ` 10 each 1,35,000 1,30,000 2. Reserves and Surplus General Reserve 11,000 10,000 Surplus i.e. balance in Statement of Profit and Loss 11,000 (6,000) 22,000 4,000 Additional information: (i) A machine costing ` 3,000 (depreciation provided thereon ` 400) was sold for ` 2,800. Depreciation charged, during the year was ` 4,400. (ii) Debentures were issued on 1st April, 2021. (iii) Interim dividend of ` 30,000 has been paid during the year.

****** Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 3 Page 1
Sample Paper 3 Accountancy Class XII Session 2023-24 Time: 3 Hours Max. Marks: 80 General Instructions: 1.This question paper contains 34 questions. All questions are compulsory. 2.This question paper is divided into two parts, Part A and B. 3. Part - A is compulsory for all candidates. 4. Part - B has two options i.e. (i)Analysis of Financial Statements and (ii) Computerised Accounting. Students must attempt only one of the given options. 5. Question 1 to 16 and 27 to 30 carries 1 mark each. 6. Questions 17 to 20, 31and 32 carries 3 marks each. 7. Questions from 21 ,22 and 33 carries 4 marks each 8.Questions from 23 to 26 and 34 carries 6 marks each 9.There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2 questions of three marks, 1 question of four marks and 2 questions of six marks. PART—A Accounting for Partnership Firms and Companies 1. Victoria Sales Limited purchased an asset from Shivalik Marketing Limited for ` 5,40,000. Victoria Sales Limited issued 8% debentures of ` 100 each at 10% discount against the payment. Calculate the number of debentures issued by Victoria Sales Limited. (a) 60,000 (b) 54,000 (c) 5,400 (d) 6,000 2. Grand Engineers Private Limited invited application for 4,000 equity shares of ` 10 each at the issue price of ` 10. Complete amount was received on application itself. How the amount received will be shown in balance sheet? (a) Cash and cash equivalent = ` 40,000 (b) Shares = ` 40,000 (c) Cash not received = ` 40,000 (d) Amount utilised = ` 40,000 o Power Marketing Limited bought business of Vaishnavi Marketing Limited and purchase consideration is to be decided by net asset value method. Total assets and liabilities which were taken over were ` 22,40,000 and ` 4,00,000 respectively. ` 4,00,000 was paid in cash and for the balance amount, 6% debentures of ` 100 each were issued at a premium of 20%. Identify the number of debentures issued (a) 4,000 debentures (b) 22,400 debentures (c) 12,000 debentures (d) 20,000 debentures 3. If a partner withdraws consistently at the end of each quarter for a year, average period will be_____ (a) 6.5 (b) 7.5 (c) 4.5 (d) 5.5 o On 1st April, 2020 P’s capital was ` 10,000. On 1st October, 2020, he introduces additional capital of ` 5,000. Interest on capital @ 6% p.a. on 31st March, 2021 will be (a) ` 900 (b) ` 525 (c) ` 750 (d) ` 450 4. A company is having authorised capital of ` 50,00,000 which is divided into shares of ` 100 each. Company issued its 30,000 shares to the public @ 10% premium. All the shares are applied by the public and allotted by the company. The amount of paid-up share capital will be_______ (a) ` 33,00,000 (b) ` 55,00,000 Click the Following Button to See the Free MS/Solutions Page 2 NODIA Sample Paper 3 CBSE Accountancy Class 12 (c) ` 50,00,000 (d) ` 30,00,000 5. Rupa Publishing Co. purchased a running business from Unnati Publishing Co. for a sum of ` 60,00,000. Company received from vendor these assets and liabilities in this running business Plant and machinery ` 40,00,000; furniture ` 5,00,000; debtors ` 8,00,000; land and building ` 20,00,000 and creditors ` 3,00,000. What will be the amount of goodwill or capital reserve, as per the given information? (a) Goodwill ` 3,00,000 (b) Capital Reserve ` 3,00,000 (c) Goodwill ` 10,00,000 (d) Capital Reserve ` 10,00,000 6. On the admission of a new partner, increase in the value of assets is debited to (a) assets account (b) old partners’ capital account (c) revaluation account (d) None of these o At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of (a) all the partner in the new profit sharing ratio (b) old partners in old profit sharing ratio (c) old partners in new profit sharing ratio (d) None of the above 7. Assertion (A): Gaining ratio is the ratio in which one or more partners gain some portion of other partners share of profit. Reason (R): New ratio plus sacrificing ratio is gaining ratio. Alternatives (a) Assertion (A) is false, but Reason (R) is true (b) Assertion (A) is true, but Reason (R) is false (c) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A) (d) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A) 8. Issue and allotment of shares to a selected group of persons privately and not to public in general through public issue is known as______of shares. (a) private placement (b) right issue (c) employees stock option plan (d) All of these o Which category of shares are redeemed after a specific given period according to the terms of issue? (a) Redeemable preference shares (b) Cumulative preference shares (c) Irredeemable preference shares (d) Non-cumulative preference shares 9. Please see following : Liabilities Amount (`) Assets Amount (`) Debtors 8,00,000 (–) Provision for Doubtful Debts (40,000) 7,60,000 Provision to be maintained @ 10% at the time of change in profit sharing ratio. What is the amount credited/debited in revaluation account? (a) Credit ` 80,000 (b) Credit ` 40,000 (c) Debit ` 40,000 (d) Debit ` 80,000 10. Aadil and Tahir are partners in a firm. They admit Zahir for 1/3 share. Zahir brought ` 2,00,000 as his Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 3 Page 3 capital and ` 60,000 for premium. Journalise the transaction. (a) Zahir’s Capital A/c Dr. 2,00,000 To Bank A/c 2,00,000 (b) Bank A/c Dr. 2,00,000 To Zahir’s Capital A/c 2,00,000 (c) Bank A/c Dr. 2,60,000 To Zahir’s Capital A/c 2,00,000 To Premium for Goodwill A/c 60,000 (d) Zahir’s Capital A/c Dr. 2,00,000 Premium for Goodwill A/c Dr. 60,000 To Bank A/c 2,60,000 11. Mayur and Ankur are partners sharing profits in the ratio of 3 : 2. They admit Kuber as a new partner. After his admission, the profit sharing ratio becomes 5 : 5 : 3. On the date of Kuber’s admission, goodwill of the firm is valued at ` 1,30,000. The amount of goodwill brought in by Kuber will be (a) ` 1,00,000 (b) ` 30,000 (c) ` 1 ,30,000 (d) ` 50,000 12. In a firm, 10% of net profit after deducting all adjustments, including reserve is transferred to general reserve. The net profit after all adjustments but before transfer to general reserve is ` 22,000. Calculate the amount which is to be transferred to reserve. (a) ` 2,000 (b) ` 1,250 (c) ` 1,100 (d) ` 2,200 13. Elena is a partner in a firm with a fixed capital of ` 80,000. She withdrew ` 5,000 during the financial year. Journal entry will be (a) Elena’s Current A/c Dr 5,000 To Drawings A/c 5,000 (b) Elena’s Capital A/c Dr 5,000 To Drawings A/c 5,000 (c) Drawings A/c Dr 5,000 To Elena’s Current A/c 5,000 (d) Drawings A/c Dr 5,000 To Elena’s Capital A/c 5,000 14. Goodwill can be_______ (a) self-generated (b) purchased (c) Both (a) and (b) (d) None of these o ________is also known as articles of partnership. (a) Partnership deed (b) Principles of partnership (c) Partnership prospectus (d) None of these

DIRECTION : Read the following hypothetical situation and answer Q. No. 15 and 16 Aditi and Deepesh are partners in a firm. On 1st April, 2020, their capitals were ` 4,00,000 and ` 6,00,000. The profit for 2020-21 was ` 5,24,000. Partnership deed provided that interest on drawings/capital to be Click the Following Button to See the Free MS/Solutions Page 4 NODIA Sample Paper 3 CBSE Accountancy Class 12 calculated @ 10%, Deepesh had drawings of ` 1,00,000. He had withdrew this amount 31st December, 2020. In addition to this, rent (in case of any partner providing his premises for business) for premises decided to be ` 8,000 per month. Due to lockdown during pandemic, the partners decided to shut down factory and shifted to Aditi’s farmhouse on 1st August, 2020. 15. What is amount transferred to profit loss appropriation account? (a) ` 5,00,000 (b) ` 4,88,000 (c) ` 5,24,000 (d) Can’t say 16. What is interest on drawings of Deepesh? (a) ` 7,500 (b) ` 2,500 (c) ` 10,000 (d) Can’t say 17. Harish and Pratham were partners sharing profits and losses in the ratio of 3 : 1. Mukesh was admitted into partnership on 1st April, 2022 for 1/3rd share in profits. Mukesh brought in ` 45,000 as goodwill for her 1/3rd share in profits which was entirely credited to Harish’s capital account. On the day of admission ,Pratham also compensated ` 15,000 to Harish for a share of profit sacrificed by Harish in favour of Pratham. Following journal entries were passed: Date Particulars L.F. Dr. (`) Cr. (`) 2022 Cash/Bank A/c Dr. 45,000 April 1 To Premium for Goodwill A/c 45,000 (Being Premium for Goodwill Brought in by Mukesh) 2022 Premium for Goodwill A/c Dr. 45,000 April 1 Pratham’s Capital A/c Dr. 15,000 To Harish’s Capital A/c 60,000 (Being entry for goodwill treatment passed) Find the new ratio of Harish, Pratham and Mukesh. 18. Amar, Bharat and Satish are partners of the firm Agrawal Sweets. Their capitals as on 1st April, 2021 were ` 90,000; ` 70,000 and ` 50,000 respectively. Partnership deed states that partners are entitled to: (a) Interest on Capital @ 10% p.a. (b) Each partner has a right to withdraw up to ` 6,000 p.a. for personal use. Drawings in excess of this limit will be charged interest @ 12% p.a. (c) Satish will get a commission of 5% of the net profit. During the year 2021-2022, firm earned a profit of ` 51,300. Amar, Bharat and Satish’s total annual drawings were ` 12,000; ` 8,000 and ` 5,000 respectively. Prepare Profit and Loss Appropriation Account. 19. Calculate the value of goodwill valued at two years purchase of the average profit of the past four years. The profits for the past four years of the firm run by Rajkumar and Ashish are: Year Profit (`) Adjustment to be made 1. 57,000 Two items ignored to be accounted for: Outstanding expenses ` 3,000 Accrued Interest earned ` 2,000 2. 74,000 –– 3. 92,000 After including an abnormal gain of ` 3,000 4. 1,16,000 Personal insurance premium ` 18,000 paid for partner wrongly debited to firm’s account. Pass journal entry for treatment of goodwill on Neel’s admission into the firm for 1/4th share of profit, assuming he did not bring any premium for goodwill. Rajkumar and Ashish shared profits in ratio 3 : 2. Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 3 Page 5 o Neel and Bhuvnesh are partners sharing profits in the ratio 2:1. They admit Pratham for 1/4th share of profit with a minimum guaranteed amount of ` 20,000. Any deficit will be borne equally. The profits earned by the firm at the end of the financial year amounted to ` 64,000. Pass necessary journal entries for the above. 20. RK Machines Limited took over Plant and Machinery of Altech Machine Limited at an agreed price of ` 1,90,000 and payment was made by the issue of 9% Debentures of ` 100 each issued at a premium of 10%, fraction, if any, is paid in cash. Pass necessary journal entries for the above in the books of RK Machines Limited. o Pass journal entries at the time of issued of debentures. (i) 1,300, 6% debentures of ` 100 each issued at a premium of ` 20 per debenture redeemable at a premium of ` 35 per debenture. (ii) 900, 6% debentures of ` 100 each issued at a discount of ` 10 per debenture redeemable at 120%. 21. Neel and Vimal are partners sharing profits and losses in the ratio of 3:2. Their Balance Sheet as at 31st March, 2022 was as follows: Liabilities Amount (`) Assets Amount (`) Outstanding Expenses 12,000 Cash in hand 71,000 Bills Payable 60,000 Debtors 1,50,000 Creditors 96,000 Less : Provision for Employee Provident Fund 18,000 doubtful debts (25,000) 1,25,000 Investment Fluctuation Fund 20,000 Stock 50,000 Reserve 40,000 Investments (Market value of 1,20,000 investments ` 90,000) Capital Accounts: Machinery Neel 2,50,000 Building 60,000 Vimal 1,50,000 Profit & Loss A/c 2,00,000 20,000 6,46,000 6,46,000 On 1st April, 2022 they admitted Rajesh as a partner for 1/5th share in profits on the following terms: (i) Rajesh will contribute proportionate capital and his share of goodwill in cash. (ii) The Goodwill of the firm is valued at ` 50,000. (iii) Provision on debtors was found to be in excess by ` 5,000. (iv) Outstanding expenses will be increased by ` 1,000. (v) A liability of ` 6,000 included in Sundry Creditors is not likely to arise. Prepare Revaluation A/c, Partners’ Capital Accounts and the Balance Sheet of the newly constituted firm. 22. Toolnex Tool Limited issued 50,000; 11% debentures of ` 100 each payable ` 40 on Application and Allotment, ` 30 on First call and ` 30 on Second and Final call. All debentures were subscribed for by the public and duly allotted. When the first call was made one debentures holder holding 250 debentures failed to pay the call money whereas another debentures holder holding 1,200 debentures paid the entire balance along with the first call. The company maintains Calls-in-Arrears and Calls-in-Advance A/c. Pass necessary journal entries for both the calls. 23. Pass necessary Journal Entries on the dissolution of a partnership firm in the following cases: (i) Dissolution expenses ` 800. (ii) Dissolution expenses ` 800 were paid by Prakash, a partner. (iii) Harish, a partner was appointed to look after the dissolution work, for which he was allowed a Click the Following Button to See the Free MS/Solutions Page 6 NODIA Sample Paper 3 CBSE Accountancy Class 12 remuneration of ` 10,000. Harish agreed to bear the dissolution expenses. Actual dissolution expenses ` 9,500 were paid by Harish. (iv) Rajni, a partner, agreed to look after the dissolution work for a commission of ` 5,000. Rajni agreed to bear the dissolution expenses. Actual dissolution expenses ` 5,500 were paid by Mohan, another partner, on behalf of Rajni. (v) A partner, Kavita, agreed to look after the dissolution process for a commission of ` 9,000. She also agreed to bear the dissolution expenses. Kavita took over furniture of ` 9,000 for her commission. Furniture had already been transferred to Realisation Account. (vi) A debtor, Ramesh, for ` 19,000 agreed to pay the dissolution expenses which were ` 18,000 in full settlement of his debt. 24. Jagdamba Fabric Limited invited applications for 1,00,000 equity shares of ` 10 each issued at 20% premium per share. The amount were payable as follows: On Application ` 4. On Allotment ` 5 per share. (including premium) On First & Final call ` 3 per share. Applications for 2,30,000 shares were received. Allotment was made as under: Application Allotment 20,000 Nil 1,50,000 50,000 60,000 50,000 Excess application money to be adjusted against allotment and remaining excess money if any to be refunded. All money were duly received except: (a) Mahesh to whom 500 shares were allotted in the group applying for 1,50,000 shares did not pay any amount after application. (b) Kishore, who applied for 1,200 shares from the group applying for 60,000 shares failed to pay the first and final call. All shares on which payments were overdue were forfeited after the final call was made. 50% of the forfeited shares were re-issued @ ` 9 per share fully paid. Pass necessary Journal entries for the above transaction in the books of Rajesh Limited. o Rani Sati Cloths Limited issued a prospectus inviting applications for 50,000 equity shares of ` 10 each at a premium of ` 4 per share payable as follows: On Application ` 5 (including premium ` 2) On Allotment ` 5 (including premium ` 2) On First and Final Call ` 4 Applications were received for 90,000 shares and prorata allotment was made to applicants of 75,000 shares, the remaining applications being rejected. It was decided to utilise the excess application money towards sums due on allotment. Varsha who applied for 1,800 shares, failed to pay the allotment money due and her shares were forfeited immediately after allotment. Neha who was allotted 1,200 shares failed to pay the call money and subsequently her shares were forfeited. The Directors decided to reissue 50% of forfeited shares held by Varsha for ` 12 per share and 50% of forfeited shares held by Neha for ` 9 per share. Pass necessary journal entries in the books of the Company for the above transactions. 25. Following is the Balance Sheet of Alakh, Tanuj and Saroj as on 31st March, 2022 who shared profits in the ratio 5:4:1. Liabilities Amount (`) Assets Amount (`) Capital Accounts: Machinery 2,50,000 Alakh 2,80,000 Investment 84,000 Tanuj 1,70,000 Stock 58,000 Saroj 90,000 Debtors 75,000 Click the Following Button to See the Free MS/Solutions CBSE Accountancy Class 12 NODIA Sample Paper 3 Page 7 Bills Payable 22,000 Bills Receivable 38,000 Sundry Creditors 25,000 Bank 48,000 Workmen’s Compensation Fund 26,000 Goodwill 60,000 6,13,000 6,13,000 Tanuj died on 31st August 2022. Under the terms of the deed the executor of the deceased partner was entitled to the following: (i) Amount standing to the credit of the Partner’s Capital Account. (ii) Interest on Capital at 12% p.a. (iii) Tanuj had withdrawn ` 23,000 during the current year. (iv) The deceased partner will be entitled to his share of profit up to the date of death based on the sales during that period which amounted to ` 2,40,000. The rate of profit during the last three years has been 10% on Sales. (v) There was a claim on Workmen’s Compensation of ` 9,000. (vi) Share of Goodwill was to be calculated by taking twice the amount of profit credited to his account in the last year less 20%. Profits for the year 2021-2022 ` 72,000. (vii) Tanuj’s Executors agreed to take over Investment at its book value, 30% of the balance amount due to be paid immediately and the remaining amount to be transferred to Loan Account to be paid in two annual instalments with interest @ 10% p.a. Prepare Tanuj’s Capital A/c to be rendered to his Executor and Executor’s Account as on August 31, 2022. o Neel, Rohan and Naman were in partnership sharing profits in the ratio 2:1:1. On 31st March, 2019 their Balance Sheet was as follows: Liabilities Amount Assets Amount (`) (`) Creditors 15,000 Cash at bank 17,000 Employee Provident Fund 5,000 Book Debts 24,500 Profit & Loss A/c 15,000 Less: Provision for doubtful debts (1,200) 23,300 Capital Accounts: Stock 14,700 Neel 40,000 Machinery 35,000 Rohan 30,000 Land & Building 40,000 Naman 25,000 95,000 1,30,000 1,30,000 On the above date Rohan retired and the following was agreed: (i) Goodwill of the firm was valued at 2 years’ purchase of super profits. Average profits amounted to ` 21,500 and normal rate of return in the industry was 10%. (ii) Land and Building was to be appreciated by 20% and Machinery was to be reduced to 70%. (iii) Bad debts amounted to ` 600. (iv) Rohan was to be paid ` 9,250 on the date of retirement and balance amount to be paid in two equal instalments together with interest @ 10% p.a. (v) Capital of the new firm is fixed at ` 90,000. Surplus/Deficit will be adjusted through Bank Accounts. (vi) There was an unrecorded liability for outstanding legal charges ` 500. (vii) Creditors worth ` 10,000 allowed a discount of 10% on immediate payment and partners decided to pay immediately. Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the new firm after Rohan’s retirement. 26. Blume Foods Limited registered with capital of ` 90,00,000 divided into 90,000 equity shares of ` 100 each. The company issued prospectus inviting applications for 50,000 equity shares of ` 100 each payable as ` 20 on application, ` 30 on allotment, ` 20 on first call and balance on second call. Applications were received for 40,000 shares. Rohit to whom 1600 shares were allotted failed to pay final call money and these shares were forfeited. Of the forfeited shares, 600 shares were reissued to Daksh, credited as fully paid for ` 90 per share. (i) Pass journal entries for forfeiture and reissue of shares. Click the Following Button to See the Free MS/Solutions Page 8 NODIA Sample Paper 3 CBSE Accountancy Class 12 (ii) What amount of shares forfeiture Account will be shown in the Balance Sheet? (iii) What amount will be shown under the head Shareholders’ Funds in the Balance Sheet? PART—B Analysis of Financial Statements 27. Shiv Shakti Industries Limited redeemed ` 1,00,000, 9% debentures at 10% premium. What will be the amount of ‘Cash flows from financing activities’ ? (a) ` 1,00,000 (b) ` 10,000 (c) ` 1,10,000 (d) None of these 28. In balance sheet, ‘Trade receivables’ is the sub-head under______ (a) non-current liabilities (b) current liabiliti