CBSE Board Accountancy Sample Papers for Class 12

Sample Paper - 2011
Class - XII
Subject – Accountancy

TIME- 3.00 HRS         FULL MARKS-80

      Part – A
    (Partnership and Company accounts)

Q1 What is the meaning of sacrificing ratio?
      Give two items appearing on the credit side of capital a/c when they are fluctuating?   2

Q2 A, B, C are partners sharing profits in the ratio 5:4:1. C is given a guarantee that his share in any year will not be less than Rs 5000 .The profits for the year ending 31/03/99 amounted to Rs 35,000.Amount of shortfall in profits given to C will be borne by A and B in ratio 3:2 Pass necessary regarding deficiency borne by            A and B             2

Q3 What do you mean by revaluation of assets?        2

Q4 X and Y share profits in ratio 1:2.Z is admitted with 1/6th share .Z brings Rs 30000 as premium. Goodwill appears in the books at Rs 54,000.Record entries.       2

Q5 What journal entries are made in the books of a firm at the time of dissolution in the following situations:
{a}When payment is made for an unrecorded liability
{b} When a partner takes over the responsibility to pay off an unrecorded liability
{c} When an unrecorded asset is taken over by a partner.       3

Q6. Give the difference between equity shares and preference shares?     3

Q7 Ashok ltd purchased machinery for Rs 99,000 from Sona ltd .The payment was made by issue of 12%debentures of Rs 100 each .Pass necessary journal entries for the purchase and issue when:
{a}Debentures are issued at par
{b} Debentures are issued at 10%discount
{c} Debentures issued at 10% premium.         4

Q8.A firm got a joint life policy on the lives of its partners.A,B, C who shared profits 2:2:1.The joint life policy was for Rs 2,40,000 and the annual premium was Rs 20,000 to be paid on 1st of Feb every year.The first premium was made on feb 1999.The surrender value of the policy were 1999-zero,2000-Rs 1000,2001- Rs 3000, 2002 – Rs 5000.B died on June 15,2002.The insurance company admitted the claim and paid the amount .Give entries from 1999 to 2002.          4

Q9.a)According to section 79 of companies act 1956,what are the two provision when companies cannot issue shares at discount?           2
      b)What do you mean by convertible debentures?       2

Q10. On 1st Jan ,2000 the following balances appear in the books of G ltd.
15%Debentures     Rs 4,00,000
Debentures Redemption Fund   Rs 3,20,000
Debentures Redemption Fund investment  Rs 3,20,000
Investment consisted of 4% Government securities of face value of Rs 3,60,000. The annual installment added to the fund is Rs 65,600.On 31st Dec 2000,bank balance is Rs 1,04,000(after receipt of interest).Investment realised 92%and debentures were redeemed. Prepare 15%debentures a/c, debentures redemption fund a/c and Debentures redemption fund investment a/c along with bank a/c for that year.    4

Q11.Jindal ltd forfeited 400 shares of Rs 10 each for non payment of allotment of Rs 4/share and final call of Rs 3/share .Out of these 150 shares were reissued for a total consideration of Rs 1200.Give journal entries. 3

Q11b X ltd invited application for 10,000 shares and received for 15000 shares. Name the kind of subscription ,and give two alternatives for allotting shares.        1

Q12 Furniture and Machinery to be depreciated by 5% {b} A provision for doubtful debts to be created on debtors at 5% {c} Stock valued at Rs 50,000.Prepare necessary a/c’s and balance sheet of new firm. 6

Q13Pass necessary journal entries at the time of dissolution:
{a} Paid dissolution expense Rs 1350 {b}Sale of an unrecorded asset for Rs 5200
{c}Stock of Rs 12,000 taken away by a partner. {d} Loss of Rs 15,000 on realization
{e} Payment of Rs 4500 to the creditors. {f} Loan of Rs 15,000 advanced by a partner was refunded 1x6

Q14. Geeta Ltd issued 10,000 shares of Rs 50 each payable Rs 10 on application ,Rs 15 on allotment Rs 15 on first call and Rs 10 on the final call. In all 16,000 application were received, out of these application for ,4000 shares were rejected and allotment was made to the rest on pro rata basis. Every share holder paid the money as and when due , except Sohan who was allotted 4000 shares and who did not paid allotment money. His shares were forfeited after allotment . These shares were reissued for Rs.35 per share as Rs.40 paid up .Give Journal Entries .            6

Q15. They shared profits in ratio 5:3:2Pasta unluckily died on June 12, 2004 in an accident. On death every partner is entitled to:
(a)his capital as per last balance sheet
(b)his share in any reserve
(c)his share in profits till the date of death on average profits on last three years + 20%
(d)his share of goodwill based on four years purchase of average profits of previous three years which were as follows: Rs 80,000 Rs 90,000 and Rs 40,000
(e)his drawings upto his date of death were Rs 10,200.The investments were sold for Rs 40,000 and the executor’s of Pasta were paid .Show the executor’s account and give journal entries  8
  
    PART  - B

     (Analysis of financial statements)

Q1 Give two inflow and two outflow of cash from financing activities?    2

Q2. What will be the impact of the following on the amount of net working capital?
(a)An increase in stock in trade
(b)Purchased Machinery for credit
(c)Cash received from debtors
(d)Sold goods for cash          2

Q3. Average stock Rs 80,000 Stock turnover ratio 6 times, Selling price 25% above cost. Calculate gross profit?           2

Q4. Prepare a balance sheet of VT Ltd as on 31/3/04 as per provision of Part 1,Schedule VI ,under section 211 of the companies act,1956 from the following:
General reserve -Rs 3000 Debentures-Rs 3000 Profit/loss a/c(cr)-Rs 1200
Depreciation on assets -Rs 700    Gross fixed asset -Rs 9000 Current liabilities -Rs 2500 Preliminary Expense- Rs 300 Preference Share capital -Rs 5000  Current Assets- Rs 6100  4

Q5. (a) Cost of sales Rs 3,00,000.Inventory Turnover ratio 6 times . Find out value of opening stock if the opening stock is Rs 10000 less than closing stock?
       (b) Give the meaning and objective of Debt-Equity ratio?                  3