CBSE Class 12 Accountancy Sample Paper With Marking Scheme 2013

MOCK TEST PAPER-2

CBSE-XII

ACCOUNTANCYMax. Marks : 80 Time Allowed : 3 hrs.

General Instruction: As per Model Test Paper-I.

Part–A

(Accounting for Not-for-Profit Organisations, Partnership Firm and Companies)1. What do you mean by a not for Profit Organisation ? (1)

2. How will you calculate interest on the drawings of equal amounts on the last day of

every month of the calendar year ? (1)

3. What is meant by Partnership ? (1)

4. A, B, C were partners in a firm in the ratio of 5 : 4 : 3. They admit D with 1/4 share. What

will be the sacrifice made by each partner ? (1)

5. State any two purpose for which the balance in share premium account can be utilised. (1)

6. Find the amount of 'Subscription Received' during 2001 : (3)

Subscriptions Income for 2001 (Creadited to Income and Expenditure A/c) Rs. 95,000

Subscriptions Receivable on : 31.12.2000 Rs. 20,000

31.12.2001 Rs. 15,000

7. A building has been purchased for Rs. 1,10,000 from X. X has been issued 12% debentures

of Rs. 100 each in purchase consideration at a premium of 10% Journalise. (3)

8. Alok forfeited 300 shares of Rs. 10 each, fully called up help by Ram for non-payment of

allotment money Rs. 3 per share and Final Call money of Rs. 4 per share. Out of these

shares 250 were reissued to Shyam for a total payment of 2,000. Give journal entries for

forfeiture and reissue. (3)

9. P, Q, R were partners in firm in the ratio of 1 : 2 : 2. After division of profits for the year

31.3.2001 their capitals were P—Rs. 1,50,000; Q–Rs. 1,80,000; R–Rs. 2,10,000. During

the year they withdraw Rs. 20,000 each. The profit of the year was Rs. 60,000. The

partnership deed provided that interest on capital @ 10% p.a. While preparing the Final

accounts. Interest on Capital was not allowed.

Calculate the capital of P, Q, R as 1.4.2000 and pass the required entry for interest on

capital.

10. A, B, C were partners in a firm in the ratio of 4 : 3 : 3. Their capitals were Rs. 1,00,000;

Rs. 2,00,000 and Rs. 3,00,000. For the year 2006, interest on capital was credited to

them @ 10% instead of 9% p.a. Pass the necessary adjusting entry : (4)

11. Give four points of distinction between a share and a debenture. (4)

12. X Ltd. issued 6,000, 12% Deb. of Rs. 100 each at a discount of 6% on 1.1.2001. The

debenture were payable in instalments of Rs. 2,00,000 starting from 31.12.2003.

Show the discount on issue of debentures for the year 2001 to 2003. Calculate debenture

discount to we written off. (6)

13. From the following prepare an Income Expenditure Account and Balance Sheet for the

Downloaded from WWW.STUDIESTODAY.COM Downloaded from WWW.STUDIESTODAY.COM


www.studiesto

day.com

2 | CBSE-XII Accountancy

year ending 31.12.2001 :

Receipts and Payments Account

Particulars Particulars Amounts

Amount (Rs.) (Rs.)

(Rs.)

To Cash in Hand 7,130 By Machines 30,590

To Subscriptions 47,996 By Doctor's Honorarium 900

To Donations 14,500 By Salaries 27,500

To Interest on Investment @ 12% 12,000 By Petty Expenses 461

To Proceeds from Show 10,450 By Equipment 15,000

By Exp. on Charity Show 750

By Cash in Hand 8,775

92,076 92,076

1.1. 2001 (Rs.) 31.12.2001 (Rs.)

Susbscription Outstanding 240 280

Prereceived Susbscriptions 64 100

Stock of Medicine 8,810 9,740

Equipments 21,200 31,600

Buildings (cost less dep.) 40,000 38,000

Creditors for medicines 10,000 8,000

14. Akhil, Nikhil and Sunil were partners sharing profits and losses equally. Following was

their Balance Sheet as on 31st Dec.2002.

BALANCE SHEET

Liabilities Amount Assets Amount

(Rs.) (Rs.)

Creditors 4,000 Buildings 20,000

General Reserve 4,500 Plant and Machinery 8,000

Capitals : Akhil 19,500 Stock 3,500

Nikhil 12,000 Debtors 8,000

Sunil 8,000 Cash at Bank 8,500

39,500

48,000 48,000

Sunil died on 1st May. 2003, the executor of the deceased partners was entitled to :

(i) Balance of partner's capital account and his share of reserves.

(ii) Share of goodwill calculated on the basis of three times the average profits of the last

4 years. Goodwill is not to be raised in the books.

(iii) Share of profit from the closure of the last accounting year till the date of death on

the basis of the profit of the preceding completed year before death.

(iv) Interest on deceased's capital @ 6% p.a. Rs.5,000 would be paid to deceased's executor



www.studiesto

day.com

Mock Test Paper-2 | 3

immediately and the balance was to be kept in his loan account.

Profit and Losses of the preceding years :

1999—Rs. 8,000 profit 2,000—Rs. 10,000 loss

2001—Rs. 12,000 profit 2002—Rs. 18,000 profit

Pass journal entries and prepare Sunil’a Account and Sunil’s Executor's Account.

15. A, B, Ltd. Invited applications for 1,00,000 equity shares of Rs. 10 each payable as Rs. 2

on application, Rs. 3on allotment and the balance on first and final call. Applications

were received for 3,00,000 shares and they were allotted on pro-rata basis. The excess

application money was to be adjoined against allotment. M who had applied 3,000 shares

failed to pay the call money and his shares were forfeited and received at Rs. 8 per share

fully paid up. Pass the journal entries. (8)

Or

Z Ltd. invited applications for insuring 40,000 eq. shares of Rs. 10 each at premium of

Rs. 2 per share the amount was payable on application = Rs. 6 (including premium) and

the balance on allotment.

Applications for 50,000 shares were received. Pro-rata was made on all applications. A

share holders to whom 8,000 shares were allotted failed to pay allotment money. So, his

shares were forfeited. Later on those shares were re-issued for Rs. 70,000 as fully paid

up. Pass journal entries.

16. M and K were partners in a firm. Their Balance Sheet as on 31.12.2002 was as follows :

(8)

BALANCE SHEET


(Rs.) (Rs.)

Outstanding Expenses 10,000 Cash in Hand 4,000

Creditors 30,000 Cash at Bank 56,000

Banks Overdraft 20,000 Debtors 30,000

Bills Payable 30,000 Furniture 12,000

Reserve 18,000 Machinery 24,000

Capitals : M 45,000 Buildings 57,000

K 30,000

1,83,000 1,83,000

They decided to admit Ram on following terms :

(i) Machinery, Buildings, Furniture be depreciated by 5%.

(ii) A provision of 5% be created for doubtful debts.

(iii) Goodwill to be valued at Rs.1,20,000.

(iv) Ram brings Rs. 75,000 as capital and he will receive1/4 share in future profits.

Prepare Revaluation Account, Capital Accounts and Balance Sheet of new firm.

Or

A, B, C were partners in the ratio 3 : 2 : 1. Their Balance Sheet as on 31.3.04 as under :



www.studiesto

day.com

4 | CBSE-XII Accountancy

BALANCE SHEET


(Rs.) (Rs.)

Capitals : 30,000 Cash-in-Hand 28,000

Bills Payable 16,000 Debtors 25,000

Reserve 12,000 Provision 3,000

Capitals : 22,000

A 40,000 Stock 18,000

B 40,000 Furniture 30,000

C 30,000 Machinery 70,000

1,68,000 1,68,000

B retires on 1.4.2004 on the following terms :

(i) Provision for doubtful debts will be raised by Rs. 1,000.

(ii) Stock will be depreciated by 10% and furniture by 5%.

(iii) There is an outstanding claim for damages of Rs. 1,100 and it is to be provided for.

(iv) Creditors will be written back by Rs. 6,000.

(v) Goodwil of the firm is valued at Rs. 24,000. Goodwill is not to be shown in the books.

(vi) B is paid in full with the cash brought in by A and C in such a manner that their

capitals are in proportion to their ratio 3 : 2 and cash in hand remains at Rs. 10,000.

Prepare the relevant accounts in the books of the firm.

Part–B(Analysis of Financial Statements)

17. Give any four objectives of analysis of financial statements ? (1)

18. State any five items which are shown under the heading Reserves and Surplus in the

Balance Sheet of a company as per Schedule-VI, Part-I of Company's Act 1956. (1)

19. How are the various activities classified according to AS-3 (Revised) while preparing

cash flow statement. (1)

20. Inventory Turnover Ratio is three times. Sales are Rs. 1,80,000, Op. Stock is Rs. 2,000

more than Closing Stock. Calculate the Opening and Closing Stock when goods are sold

at 20% profit on cost. (4)

21. Following are the summarised Balance Sheet of PP Ltd. Prepare comparative Balance

Sheet : (4)

Balance Sheet

Liabilities 2003 2004 Assets 2003 2004

(Rs.) (Rs.) (Rs.) (Rs.)

Share Capital 7,50,000 9,00,000 Fixed Assets 12,45,000 11,55,000

Reserve 1,50,000 2,25,000 Current Assets 6,60,000 8,25,000

Loans 4,20,000 3,00,000

Current Liabilities 5,85,000 5,55,000

19,05,000 19,80,000 19,05,000 19,80,000



www.studiesto

day.com

Mock Test Paper-2 | 5

22. The following information is given about a Company : (4)

Rs.

Sales 1,50,000

G.P. 30,000

Cost of Goods sold 1,20,000

Opening Stock 29,000

Closing 29,000

Debtors 16,000

Net Profit 14,000

Net Fixed Assets 1,10,000

Calculate :

(i) Gross Profit Ratio : (ii) Net Profit Ratio;

(iii)Fixed Assets Turnover Ratio

23. From the following prepare a Cash Flow Statement : (6)

(Rs.)

Op. Cash Balance 10,000

Cl. Cash Balance 12,000

Decrease in Debtors 5,000

Increase in Creditors 7,000

Sale of Fixed Assets 20,000

Redemption of Debentures 50,000

Net Profit for the year 20,000



www.studiesto

day.com

Documents

CBSE Class 12 Accountancy Sample Paper With Marking Scheme 2013