Class 12 - Accountancy

Term-2 Sample Paper

Maximum Marks: 40
Time Allowed: 2 hours

General Instructions:

1. This question paper comprises two Parts – A and B. There are 12 questions in the question paper. All
questions are compulsory.
2. Part-A is compulsory for all candidates.
3. Part- B has two options i.e. ( i ) Analysis of Financial Statements and (ii) Computerized Accounting. Students
must attempt only one of the given options.
4. Question nos. 1 to 3 and 10 are short answer type–I questions carrying 2 marks each.
5. Question nos. 4 to 6 and 11 are short answer type–II questions carrying 3 marks each.
6. Question nos. 7 to 9 and 12 are long answer-type questions carrying 5 marks each.
7. There is no overall choice. However, an internal choice has been provided in 3 questions of three marks
and 1 question of five marks.

Part A
1. Present the following information for the year ended 31st March 2018 in the financial statement of a
not-for-profit organisation.
Particulars (Rs.)

Opening balance of Match Fund 5,00,000

Sale of Match tickets 3,75,000

Donations for Match Fund received during the year 1,24,000

Match expenses 10,00,000

2. Shanti and Satya were partners in firm sharing profits in the ratio of 4 : 1. On 31st March, 2013, their
Balance Sheet was as follows:
BALANCE SHEET OF SHANTI AND SATYA
as at 31 st March, 2013

Liabilities ₹ Assets ₹

Creditors 45,000 Bank 55,000

Workmen Compensation Fund 40,000 Debtors 60,000

Satya's Current Account 65,000 Stock 85,000

Capital A/cs: Furniture 1,00,000

 Shanti 2,00,000 Machinery 1,30,000

Satya 1,00,000 Shanti's Current Account 20,000

4,50,000 4,50,000
On the above date:
i. Shanti took over 40% of the stock at 10% less than its book value and the remaining stock was sold
for ₹ 40,000. Furniture realised ₹ 80,000.
ii. An unrecorded investment was sold for ₹ 20,000. Machinery was sold at a loss of ₹ 60,000. Debtors
realised ₹ 55,000
iii. There was an outstanding bill for repairs for which ₹ 19,000 was paid.
iv. the firm was dissolved:
Prepare Realisation Account.
3. Ram, Laxman and Bharat are partners sharing profits in the ratio of 3 :2 :1. Goodwill is appearing in
the books at a value of ₹ 1,80,000. Laxman retires and at the time of his retirement, goodwill is valued
at ₹ 2,52,000. Ram and Bharat decided to share future profits in the ratio of 2 :1.The Profit for the first
year after Laxman's retirement amount to ₹ 1,20,000. Give the necessary Journal entries to record
goodwill and to distribute the profit. Show your calculations clearly.
4. Subscriptions received during the year ended 31 st December, 2013 by Royal Club were as under
Amt (Rs.)

2012 3,000

2013 93,000

2014 2,000

98,000

The club has 500 members each paying @ Rs. 200 as annual subscription. Subscriptions outstanding as
on 31st December, 2012 are Rs. 6,000. Calculate the amount of subscriptions to be shown as income in
the income and expenditure account for the year ended 31st December, 2013 and show the relevant
data in the balance sheet as on that date.

OR

From the following receipts and payments account of Sonic Club and from the given additional
information, prepare the expenditure account of salaries for the year ending 31st December, 2013 and
show the salaries item in the income and expenditure account and the balance sheet as at 31st
December, 2012 and 31st December, 2013.

An Extract of Receipts and Payments Account

for the year ending 31st December 2013

Dr Cr

Receipts Amt (Rs.) Payments Amt (Rs.)

By Salaries

2012 20,000
 2013 2,80,000

2014 18,000
Additional Information
Amt (Rs.)

(i) Salaries outstanding on 31st December, 2012 25,000

(ii) Salaries outstanding on 31st December, 2013 45,000

(iii) Salaries paid in advance on 31st December, 2012 10,000

5. Monika, Sonika and Manisha were partners in a firm sharing profits in the ratio of 2 : 2 : 1 respectively.
On 31st March, 2013 their balance sheet was as under

Balance Sheet
as at 31st March, 2013

Liabilities Amt(Rs) Assets Amt(Rs)

Reserve Fund 1,50,000 Fixed Assets 3,60,000

Creditors 2,40,000 Stock 60,000

Capital A/cs Debtors 1,20,000

Monika 1,80,000 Cash 2,70,000

Sonika 1,50,000

Manisha 90,000 4,20,000

8,10,000 8,10,000
Sonika died on 30th June, 2013. It was agreed between her executors and the remaining partners that
i. Goodwill of the firm be valued at 3 years’ purchase of average profits for the last four years. The
average profits were Rs 2,00,000.
ii. Interest on capital be provided at 12% per annum.
iii. Her share in the profits upto the date of death will be calculated on the basis of average profits for
the last 4 years.
Prepare Sonika’s capital as on 30th June, 2013.
6. Reliance Ltd. purchased machinery costing ₹1,35,000. It was agreed that the purchase consideration be
paid by issuing 9% Debentures of ₹100 each. Assume debentures have been issued
i. at par and
ii. at a discount of 10%.
Give necessary Journal entries.

OR

R Ltd. purchased the assets of S Ltd. for ₹5,00,000. It also agreed to take over the liabilities of S Ltd.
amounted to ₹2,00,000 for a purchase consideration of ₹2,80,000. The payment of S Ltd. was made by
issue of 9% Debentures of ₹100 each at par. Pass necessary Journal entries in the books of R Ltd.
7. X and Y were partners in a firm sharing profits and losses in the ratio of 5: 3. They agreed to dissolve
the firm on June 30, 2018. On that date, the Capitals of X and Y were ₹ 80,000 and ₹ 40,000 respectively;
 the amount owed by X to the firm was ₹ 32,000 and the amount owed by the firm to Y was ₹ 25,000; the
creditors amounted to ₹ 3 7,000 and balance at bank ₹ 10,000. The assets other than the amount owing
by X to the firm realised ₹ 46,000. Realisation expenses amounted to ₹ 2,000. Prepare the Balance Sheet
of the firm as on June 30, 2018 and necessary ledger accounts to close the books of the firm.

OR

Following is the Balance Sheet of Prateek, Rockey and Kushal as on March 31, 2017.
Books of Prateek, Rockey, and Kushal

Balance Sheet as on March 31, 2017

Liabilities Amount Rs Assets Amount Rs

Sundry Creditors 16,000 Bills Receivable 16,000

General Reserve 16,000 Furniture 22,600

Capital Accounts: Stock 20,400

Prateek 30,000 Sundry Debtors 22,000

Rockey 20,000 Cash at Bank 18,000

Kushal 20,000 70,000 Cash in Hand 3,000

1,02,000 1,02,000
Rockey died on June 30, 2017. Under the terms of the partnership deed, the executors of a deceased
partner were entitled to:
a. Amount standing to the credit of the Partner’s Capital account.
b. Interest on capital at 5% per annum.
c. Share of goodwill on the basis of twice the average of the past three years’ profit and
d. Share of profit from the closing date of the last financial year to the date of death on the basis of
last year’s profit.
Profits for the year ending on March 31, 2015, March 31, 2016 and March 31, 2017 were Rs 12,000, Rs
16,000 and Rs 14,000 respectively. Profits were shared in the ratio of capitals.
Pass the necessary journal entries and draw up Rockey’s capital account to be rendered to his executor.
8. Govind Ltd. issued 5,000, 12% Debentures of ₹100 each, at par, payable as follows:
On Application ₹20; On Allotment ₹20; On First Call ₹30; and On Final Call ₹30.
The public applied for 6,000 debentures. Applications for 4,500 debentures were accepted in full.
Applications for 800 debentures were allotted 500 debentures and applications for 700 debentures
were rejected. Money overpaid on applications was utilized towards allotment.
Pass journal entries assuming that all money due was duly received, except the final call on 200
debentures.
9. From the following receipts and payment account of a Club and from the given additional information
supplied, prepare income expenditure account for the year ending 31st March 2016 and the balance
sheet as at that date:

RECEIPTS AND PAYMENT ACCOUNT

for the year ending 31st March 2016
 Receipts Amount Payments Amount

To Balance b/d 35,000 By Salaries 1,40,000

To Subscriptions By General Expenses 30,000

2014-15 25,000 By Electricity Charges 20,000

2015-16 1,00,000 By Books 50,000

2016-17 20,000 1,45,000 By Newspapers 40,000

To Rent (from the use of hall) 70,000 By Balance c/d 20,000

To Surplus from Entertainment 40,000

To Sale of Old Newspapers 10,000

3,00,000 3,00,000

Additional information:
i. The club has 50 members each paying an annual subscription of ₹ 2,500. Subscriptions outstanding
on 31st March 2015 were to the extent of ₹ 30,000.
ii. On 31st March 2016 salaries outstanding amounted to ₹ 10,000. Salaries paid in 2015-16 included ₹
30,000 for the year 2014-15.
iii. On 1st April 2015, the club owned Building valued at ₹ 10,00,000, Furniture worth ₹ 1,00,000 and
books ₹ 1,00,000.
Part-B
10. The following is the position of Current Assets and Current Liabilities of Z Ltd:
31-3-2016 31-3-2017
₹ ₹

Provision for doubtful debts 1,000 -

Short-term Loans 10,000 19,000

Creditors 15,000 10,000

Bills Payable 20,000 40,000

The company incurred a loss of ₹ 45,000 during the year. Calculate Cash from operating activities.
11. From the following Balance Sheets of Vinayak Ltd. as at 31st March, 2019, prepare a comparative
Balance Sheet.

Vinayak Ltd.
Balance Sheet as at 31st March, 2019

31-3-19 31-3-18
Particulars Note No.
(₹) (₹)

Equity and Liabilities

(1) Shareholders Funds

(a) Share capital 21,00,000 20,00,000

(b) Reserves and Surplus 2,30,000 2,00,000

 (2) Non-current liabilities 5,60,000 2,00,000

Long term borrowing

(3) Current liabilities 2,80,000 1,00,000

Trade payables

Total 31,70,000 25,00,000

Assets

(1) Non-current Assets

Fixed Assets

(i) Tangible assets 21,00,000 20,00,000

(ii) Intangible assets 3,00,000 2,00,000

(2) Current Assets

(a) Inventories 5,60,000 2,00,000

(b) cash and cash equivalents 2,10,000 1,00,000

Total 31,70,000 25,00,000

OR

The following balance sheets relate to Modem Computers Ltd. convert these into common size balance
sheet and interpret the same:

BALANCE SHEETS as at 31st March

Particulars Note No. 2017 2016

I. EQUITY AND LIABILITIES :

(1) Shareholder’s Funds:

(a) Share Capital 3,00,000 3,00,000

(b) Reserves and Surplus 6,50,000 4,36,000

(2) Non-Currrent Liabilities:

Long-term Borrowings 2,50,000 2,00,000

(3) Current Liabilities :

(a) Trade Payables 2,85,000 2,40,000

(b) Short term Provisions 15,000 24,000

15,00,000 12,00,000
 I. ASSETS:

(1) Non-Current Assets:

(a) Fixed Assets 5,00,000 5,00,000

(b) Non-Current Investments 3,10,000 1,96,000

(2) Current Assets:

(a) Inventory 3,69,000 2,58,000

(b) Trade Receivables 2,25,000 1,98,000

(c) Cash & Cash Equivalents 96,000 48,000

15,00,000 12,00,000
12. Calculate Cash Flow from Operating Activities from the following information:
Opening Balances Closing Balances
Particulars
(₹) (₹)

Surplus, i.e., Balance n Statement of Profit and

30,000 35,000
Loss

General Reserve 10,000 15,000

Provision for Depreciation on Plant 30,000 35,000

Outstanding Expenses 5,000 3,000

Goodwill 20,000 10,000

Trade Receivables (Sundry Debtors) 40,000 35,000

An item of plant costing ₹ 20,000 having book value of ₹ 14,000 was sold for ₹ 18,000 during the year.