CBSE Board Class 12 Accountancy Sample Papers 2009

Sample Paper – 2009
Class – XII
Subject – ACCOUNTANCY 
         MAX. MARKS :80

1.How would a non-trading organisation deal with the following terms: 1
a.Donations
b.Subscription
c.Sale of old assets
d.Entrance fees

2.State any two provisions of the Partnership Act which would be applicable in the absences of a partnership deed.  -1

3.Anita and Tina are partners sharing as 9:5. They agree to admit Chetana their manager into partnership, who is to get 1/8 share in the profits. He acquires this share as 1/12 from Anita and 1/24 from Tina. Calculate new profit sharing ratio.      -1

4.What is gaining ratio.        -1
5.Give the meaning of ‘issue of shares at premium’. For what purposes, the amount of share premium can be utilised?   -1

6.P and S are partners sharing profits and losses in the ratio 3:2. Their books showed goodwill at Rs.20000. R  is admitted with 1/5th share which he acquires equally from P and S. R brings Rs.20000 as his capital and Rs.10000 as his share of goodwill. Profits at the end of the year were of the amount of Rs.100000. you are required to give journal entries to carry out the above arrangements.  -3



7.Ram, Mohan and Sohan were partners sharing profits and losses in the ratio of 3:2. On 31st March,2006 their balance sheet was under :     -(3+4)
                  
                                 
Sohan died on 1st August, 2006. It was agreed that:
1.Goodwill of the firm is to be valued at Rs.175000
2.Machinery be valued at Rs.140000,patents at Rs.40000, leasehold at Rs.150000 on this date
3.For the purpose of calculating Sohan’s share in the profits of 2006-07, the profits should be taken to have accrued on the same scale as in 2005-06, which were Rs.75000.
Prepare Sohan’s capital a/c and Revaluation account.

8.In 1998 a company issues 12000 shares of Rs.10 each. Applications are received full 12000 shares. Money is payable as follows:
On application Rs.3 per share
On allotment Rs.2 per share
On 1st call Rs.3 per share
On final call Rs.2 per share
The shares were duly allotted, calls made and money received. Expenses on issue of shares amounted to Rs.5000.
Prepare balance sheet.      -3

9.Show how you would deal with the following while preparing the income and expenditure a/c and balance sheet of Friends Club for the year ending on 31st March,2007 in each of the following alternative cases:       -4

Case 1:   prizes awarded Rs.12000
Case 2:   prizes awarded Rs.12000, Prize Fund as on 31st March,2006 was Rs. 75000,Donation for prizes received during the year 2006-07 was Rs.25000
Case 3:  prizes awarded Rs.12000, Prize Fund as on 31st March,2006 was Rs. 75000,Donation for prizes received during the year 2006-07 was Rs.25000,
Case 4:  10% Prize Fund Investment as on 31st March,2006 was Rs.75000, interest received on Prize Fund Investments Rs.6000.

10.X and Y are partners sharing profits and losses in the ratio of 3:1.following are the balances: x’s capital Rs.90000, y’s capital Rs.30000, x’s drawings Rs.12000, y’s drawings Rs.6000, sundry assets Rs.102000. profit for the year 2006 Rs.24000 was divided between the partners in their profit sharing ratio, but interest on capital at 5% p.a and on drawings at 6% p.a. was omitted. Give necessary adjustment entry for the adjustment of interest. Interest on drawings may be calculated on an average basis for 6 months.            -4

11.The following was the balance sheet of A, B and C sharing profits and losses in the ratio of 5:3:2:     -6

TIt  was ait was agreed to take D into partnership and give him a share of 1/6th in the rupee on the following terms:
1.That D should bring in Rs.8400 as goodwill and Rs.12000 as his capital
2.That furniture be depreciated by 10%
3.That stock be depreciated by 5%
4.That a reserve of 5% be created for doubtful debts
5.That the value of land and buildings having appreciated be brought up to Rs.30000
6.That after making the above adjustments the capital accounts of the old partners (who continue to share in the same proportion as before) be adjusted on the basis of the proportion of D’s capital to his share in the business i.e. actual cash to be paid off or brought in by the old partners, as the case may be.


12.X, Y and Z were partners sharing profits and losses in the proportion of 5/10, 3/10 and 2/10. Their balance sheet as on 31st Dec,1995 stood as follows:       -6



Y  retires Y retires, from 1st January, 1996 and X and Z decided to share future profits in the ratio of 3:2. Partners agreed that:
1.The goodwill of the entire firm be fixed for Rs.32000 and Y’s a/c be credited with his share of goodwill
2.Assets were to be revalued as follows : stock Rs.36000, investments Rs.6000, fixed assets 20% less than book value , Rs.1000f should be written off as bad debts and a provision of 5% be created for doubtful debts. The partners after the retirement of Y agreed to eliminate goodwill from he books.
Y was paid Rs.2285 on the date of retirement and the balance in three equal annual instalments of Rs.13000 each together with interest @12% p.a. on outstanding  balances.
Show necessary accounts and prepare the new balance sheet as on January 1,1996 Also show Y’s loan account for three years .

13.Sanjay Ltd. Invites applications for 20000 shares of Rs.10 each, at a premium of Rs.2 per share, payable as Rs.3 on application, Rs.4 on allotment(including premium) and balance one month later. All the shares are subscribed, allotted and paid for at due dates. Expenses of issue amounted to Rs.30000. show journal entries.   -6

14.X ltd purchased a machine from Y ltd for Rs.180000 and issued Rs.10 fully paid shares in payment. Pass journal entries in the books of X ltd if: 1. The shares are issued at 20% premium and 2. The shares are issued at 10% discount. 11000 shares of Rs.10 each fully paid up issued to promoters at a premium of 10% for the services rendered by them to the company. Pass journal entries for the above adjustments.        -8

15.From the following information, prepare income and expenditure a/c and balance sheet for the year ending on 31st Dec,2002 of an entertainment club:       -8
Receipts
Amount
Expenditure
Amount
To cash balance(1-1-2002)
To life membership fees
To donation
To entry fees
To subscription :
2001
2002
2003
To tournament fund
To restaurant receipts
To miscellaneous income
To interest

7200

10000
52000
5700

4200
46000
1600
12200
8000

700

800
By tournament expenses
By furniture purchased
By building
By sports material purchased
By restaurant expenses
By salary
By printing
By investments
By cash balance(31-12-2002)
8500
6000
43200

20000
12600
18200
4100
20000

15800

148400

148400
The club had 500 members, each paying an annual subscription of Rs.100.
Rs.4500 was outstanding subscriptions at the end of previous year itself.
At the end of 2002 outstanding salaries were Rs.1500 and prepaid salaries were Rs.2000. 50% of the entrance fees is revenue income and donations and life membership fees are to be capitalized. Accrued interest at the end of the year was Rs.1200. at the end of the year stock of sports material was Rs.5000 and stock at the refreshment room was Rs.1600.