Top 10 Sample Papers Class 12 Accountancy With Solution

Class 12
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Accountancy
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SAMPLEQUESTIONPAPER 2023-24 SUBJECT
ACCOUNTANCY 055
SET01
CLASS XII MAX.MARKS80

TIME3 HOURS
GENERAL INSTRUCTIONS:
1. Thisquestionpapercontains34questions.Allquestionsare compulsory.
2. Thisquestionpaperisdividedintotwoparts,PartAandB.
3. Part-Aiscompulsoryforall candidates.
4. Part-Bhastwooptionsi.e.(i)AnalysisofFinancialStatementsand(ii)ComputerisedAccounting.
Students must attempt only one of the given options.
5. Question1to16and27to30carries1mark each.
6. Questions17to20,31and32carries3markseach.
7. Questionsfrom21,22and33carries4markseach
8. Questionsfrom23to 26and34carries6markseach
9. Thereisnooverallchoice.However,aninternalchoicehasbeenprovidedin7questionsofone mark, 2
questions of three marks, 1 question of four marks and 2 questions of six marks.
PARTA:-AccountingforPartnershipFirmsandCompanies one
mark questions(MCQ & AR)
1. Whichofthefollowingtransactionswillnotresultintoflowof cash:
AIssueofequitysharesof?1,00,000.
BPurchaseofmachineryof?1,75,000.
CRedemptionof9%debentures?3,50,000.
DCashdepositedintobank? 15,000.
2. .Nidhi,KunalandKabirarepartnersinafirmsharingprofitsintheratioof2:1:2.Kunalretiredand the balance

in his capital account after making necessary adjustments on account of reserves, revaluation of
assets and reassessment of liabilities was ₹ 80,000. Nidhi and Kabir agreed to pay him ₹ 1,00,000 in
full settlement of his claim. Kunal’s share of goodwill of the firm, on his retirement was:
A ₹4,000
B ₹20,000
C ₹16,000
D₹1,80,000
3. Whichofthefollowingisnotincludedincashandcash equivalents?
ABalanceswithbanks.
BBankdepositswith100daysofmaturity.
CChequesanddraftsonhandand.
DCashonhand.
4. ‘Interestreceivedoninvestments’willcomeunderwhichtypeofactivityfromthefollowing,while
preparing cash flow statement of a non-financial enterprise:
AInvesting Activity
BFinancing Activity
COperating Activity
DBoth(b)and(c)
5. Aninvestmentnormallyqualifiesascash-equivalentonlywhenfromthedateofacquisitionithasa short
maturity period of:
AOnemonthorless.
BThreemonthsorless.
CThreemonthsormore.
DOneyearor less.
6. .Akshita and Anurag are partners in a firm sharing profits in the ratio of 2 : 1. Akshat is admitted in
thefirmwithshareinprofits.AkshatacquiresofhissharefromAkshitaandofhissharefromAnurag. The new
profit sharing ratio of Akshita, Anurag and Akshat will be:
A 3: 2: 4
B 4: 3: 2
C 2: 1: 1
D4: 2: 3
7. .Aninvestmentnormallyqualifiesascash-equivalentonlywhenfromthedateofacquisitionithasa short
maturity period of:
AOnemonthorless.
BThreemonthsorless.
CThreemonthsormore.
DOneyearor less.
8. IntheabsenceofPartnershipDeed,interestonloanofa partnerisallowed:
AAt8%per annum.
BAt6%per annum.
CNointerestisallowed.
DAt12%per annum.
9. .WhichofthefollowingisnotanobjectiveofAnalysisofFinancial Statements:
ATojudgethefinancialhealthofthe firm.
BTojudgetheshort-termandlong-termliquiditypositionofthefirm.
CTojudgethereasonsforchangeintheprofitabilityofthe firm.
DTojudgethevariationsintheaccountingpracticesofthebusinessfollowedbydifferent enterprises.
10. A,BandCwerepartnersinafirmsharingprofitsandlossesintheratioof5:3: 2.Cretiredandhis capital

balance after adjustments regarding reserves, accumulated profits/ losses and his share of gain on
revaluation was ₹ 2,50,000. C was paid ₹ 3,22,000 including his share of goodwill. The amount credited
to C’s capital account, on his retirement, for goodwill will be:
A ₹72,000
B ₹7,200
C ₹24,000
D₹36,000
11. Thatportionofthecalled-upcapitalwhichhasbeenactuallyreceivedfromtheshareholdersis called:
APaid-up capital
BCalled-upcapital
CReservecapital
DSubscribedcapital
12. RohitLimitedissued2,000,9%Debenturesof₹100eachat₹95perdebenture.9%Debentures account

will be credited by:
A₹1,90,000
B ₹1,10,000
C ₹2,00,000
D₹10,000
13. Gurpreet, Vishal and Ananya are partners in a firm sharing profits in the ratio of 2 : 3 : 1. Vishal
retires and the balance in his capital account after making necessary adjustments on account of
reserves, revaluation of assets and re-assessment of liabilities is ₹ 1,20,000. Gurpreet and Ananya
agreedtopayhim₹1,80,000infullsettlementofhisclaim.Vishalshareofgoodwillofthefirm,onhis
retirement is:
A₹1,20,000
B₹60,000
C ₹30,000
D₹15,000
14. Assertion: In partnership firms, partners' capital accounts are maintained separately.
Reason:Eachpartner'scapitalaccountreflectstheirinvestmentandshareofprofitsorlosses.
a. BothAssertionandReasonarecorrectandtheReasonisacorrectexplanationofthe
Assertion.
b. BothAssertionandReasonarecorrectbutReasonisnotacorrectexplanationofthe
Assertion
c. Assertioniscorrect,Reasonis incorrect
d. BothAssertionandReasonarecorrect
15. Assertion:Partnershipfirmshaveunlimitedliability.
Reason:Unlimitedliabilitymeansthatpartnersarepersonallyliableforthedebtsofthefirm.
Assertion.
Assertion
16. Assertion:Companieshaveaseparatelegalidentityfromtheir owners.
Reason:Thisseparatesthepersonalassetsoftheownersfromthecompany's liabilities.
Assertion.
Assertion
3marksquestions(LQ)
17. Stateanythreepurposesotherthan‘issueofbonusshares’forwhichsecuritiespremiumcanbe utilized.
OR
Openinginventoryis₹60,000,closinginventoryis1·5timesofopeninginventory.InventoryTurnover Ratio is 6
times. Selling price is above cost. Calculate the Gross Profit Ratio.
18. .Riya, Siya and Diya were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Riya
diedon1stJuly,2021.Riya’sshareofprofittillthetimeofherdeathwastobecalculatedonthebasis of average
profits of past 5 years. The Profits of the firm for the last five years were:
CalculateRiya’sshareofprofittillthetimeofherdeathandpassnecessaryjournalentryforthesame.
OR
Guru Ltd. invited applications for issuing 5,00,000 equity shares of ₹ 10 each at a premium of ₹ 5 per
share. Because of favourable market conditions, the issue was over-subscribed, and applications for
15,00,000shareswerereceived.3MarksSAMPLEQUESTIONPAPERSubject:Accountancy(O55)Test/ Exam
Name: Sample Paper Standard: 12th Commerce Subject: Accountancy Student Name: Section:
RollNo.:Questions:8Time:03:00hh:mmMarks:24Instructions1.ATTEMPTALLQUESTIONS33%13
=₹4,50,000+33%13 = (₹60,000+ ₹50,000+ ₹90,000+ ₹80,000−₹1,20,000) 5 == ₹80,000₹
4,00,0005=−₹80, 000 ×=₹20,000312=₹20,000× =₹10,000362/12/24, 1:42PMExam
Automationngs.smartstudies.co.in/#/exam/pdf-preview/9f9a0db0-b19a-4b91-a3b5-ffaf9ad3c807/1
2/3 Suggest the alternatives available to the Board of Directors for the allotment of shares.
19. ListtheitemswhichareshownundertheheadingcurrentliabilitiesandprovisionsasperSchedule VI PartI

of the Companies' Act, 1956.
OR
Securitiespremiumcanalsobeutilizedforthreeotherpurposesbesides(i)‘Issuingfullypaidbonus shares’ and

(ii) ‘Buy back of shares’. State those purposes.
20. .Puneet,PuravandParthwerepartnersinafirmsharingprofitsandlossesinthe 3ratioof4:3:1. The firm

closes its books on 31 March every year. As per the terms of partnership deed, on the death
ofanypartner,theGoodwillofthefirmwillbecalculatedonthebasisof3timestheaverageprofitsof last 4
years. Puneet died on 1 July, 2021. The profits for last four years were:
Puneet's share of profit upto the date of death was to be calculated on the basis of previous year's
profit.1.CalculategoodwillofthefirmandPuneet'sshareofgoodwill.2.CalculatePuneet'ssharein
theprofitsofthefirmtillthedateofhisdeath.3.Passnecessaryjournalentriesforthetreatmentof goodwill
without opening goodwill account and for Puneet's share of profit at the time of his death.
OR
SuryaLtd.purchasedmachineryfromMohanEquipmentLtd.Thecompanypaidthevendorsby issue
of9%debenturesandthebalancethroughanacceptanceintheirfavourpayableafterthreemonths.
TheaccountantofthecompanywhileJournalisingtheabovementionedtransactionsleftsomeitems blank.
Fill in the blanks in the given below Journal of Surya Ltd.
4marks questions
21. .On 1 April, 2012, Vishwas Ltd. was formed with an authorised capital of ₹ 10,00,000 divided into
1,00,000 equity shares of ₹ 10 each. The company issued prospectus inviting applications for 90,000
equity shares. The company received applications for 85,000 equity shares. During the first year, ₹ 8
per share were called. Ram holding 1,000 shares and Shyam holding 2,000 shares did not pay the first
call of ₹ 2 per share. Shyam’s shares were forfeited after the first call and later on 1,500 of the
forfeited shares were re-issued at ₹ 6 per share, ₹ 8 called up. Show the following: 1. Share Capital in
theBalanceSheetofthecompanyasperrevisedScheduleVIPartIoftheCompaniesAct,1956.2.Also prepare
‘Notes to Accounts’ for the same.
OR
.PrepareacommonsizeBalanceSheetofL.X.Ltd.fromthefollowing information:
22. Ashok, Babu and Chetan were partners in a firm sharing profits in the ratio of 4 : 3 : 3. The firm
closes its books on 31 March every year. On 31 December, 2016 Ashok died. The partnership deed
providedthatonthedeathofapartnerhisexecutorswillbeentitledforthefollowing:1.Balanceinhis
capitalaccount.On1.4.2016,therewasabalanceof₹90,000inAshok’sCapitalAccount.2.Intereston capital
@ 12% per annum. 3. His share in the profits of the firm in the year of his death will be calculated on
the basis of rate of net profit on sales of the previous year, which was 25%. The sales of the firm till 31
December, 2016 were ₹ 4,00,000. 4. His share in the goodwill of the firm. The goodwill of the firm on
Ashok’s death was valued at ₹ 4,50,000. The partnership deed also provided for the following
deductions from the amount payable to the executor of the deceased partner: 1. His drawings in the
year of his death. Ashok’s drawings till 31.12.2016 were ₹ 15,000. 2. Interest on drawings @ 12% per
annum which was calculated as ₹ 1,500. The accountant of the firm prepared Ashok’s Capital Account
to bepresented to the executor of Ashok but in a hurry he left it incomplete. Ashok’s Capital Account
as prepared by the firm’s accountant is given below:
YouarerequiredtocompleteAshok’sCapital Account.
OR
.From the following Receipts and Payments Account of Dee Club for the year ending 31 March, 2019
andadditionalinformation,prepareanIncomeandExpenditureAccountfortheyearending31March, 2019:
6marks questions
23. TheBalanceSheetofSindhu,RahulandKamlesh,whoweresharingprofitsintheratioof3:3:4
respectively, as on 31 March 2012 was as follows:
Sindhudiedon31July2012.Thepartnershipdeedprovidedforthefollowingonthedeathofa partner:
1. Goodwillofthefirmbevaluedattwoyears'purchaseofaverageprofitsforthelastthreeyears which
were ₹ 80,000.
2. Sindhu'sshareofprofittillthedateofhisdeathwastobe calculatedonthebasisofsales.Salesfor the year

ended 31 March 2012 amounted to ₹ 8,00,000 and that from 1 April to 31 July 2012 ₹ 3,00,000. The
profit for the year ended 31 March 2012 was ₹ 2,00,000.
3. Interestoncapitalwastobeprovided@6%p.a.
4. AccordingtoSindhu'swill,theexecutorsshoulddonatehisshareto'MatriChaya-anorphanagefor girls'.
Prepare Sindhu' s Capital Account to be rendered to his executor. Also identify the value being
highlighted in the question.
OR
FromthefollowingBalanceSheetofKieroLtd.andtheadditionalinformationason31-3-2018,prepare a Cash
Flow Statement:
NotestoAccounts:
AdditionalInformation:12%debentureswereissuedon1September, 2017.
24Jay, Vijay and Karan were partners of an architect firm sharing profits in the ratio of 2 : 2 : 1. Their
partnershipdeedprovidedthefollowing:1.Amonthlysalaryof₹15,000eachtoJayandVijay.2.Karan was
guaranteed a profit of ₹ 5,00,000 and Jay guaranteed that he will earn an annual fee of ₹ 2,00,000. Any
deficiency arising because of guarantee to Karan will be borne by Jay and Vijay in the ratio of 3 : 2.
During the year ended 31 March, 2018 Jay earned fee of ₹ 1,75,000 and the profits of the firm
amounted to ₹ 15,00,000.
ShowingyourworkingsclearlyprepareProfitandLossAppropriationAccountandtheCapitalAccount of Jay,
Vijay and Karan for the year ended 31 March, 2018.
OR
1. FromthefollowinginformationofNovaLtd.,calculatethecashflowfrominvesting activities
AdditionalInformation:Duringtheyear,amachinecosting₹50,000onwhichtheaccumulated depreciation
was ₹ 35,000, was sold for ₹ 12,000.
2. TheprofitofJovaLtd.fortheyearended31March,2019afterappropriationwas₹2,50,000.
Additional Information:
25. Sonu and Rajat started a partnership firm on April 1, 2017. They contributed ₹ 8,00,000 and ₹
6,00,000 respectively as their capitals and decided to share profits and losses in the ratio of 3 : 2. The
partnership deed provided that Sonu was to be paid a salary of ₹ 20,000 per month and Rajat a
commission of 5% on turnover. It also provided that interest on capital be allowed @ 8% p.a. Sonu
withdrew ₹ 20,000 on 1 December, 2017 and Rajat withdrew ₹ 5,000 at the end of each month.
Interestondrawingswascharged@6%p.a.ThenetprofitasperProfitandLossAccountfortheyear ended 31
March, 2018 was ₹ 4,89,950. The turnover of the firm for the year ended 31 March, 2018 amounted
to ₹ 20,00,000. Pass necessary journal entries for the above transactions in the books of Sonu and
Rajat.
OR
.FromthefollowingReceiptsandPaymentsAccountandadditionalinformation,prepareIncomeand
Expenditure Account and Balance Sheet of Sears Club, Noida as on March 31, 2018. Receipts and
Payments & Account of Sears Club for the year ended 31-3-2018.
AdditionalInformation:1.Theclubhas200memberseachpayinganannualsubscriptionof₹1,000.₹ 60,000
were in arrears for last year and 25 members paid in advance in the last year for the current year. 2.
Stock of stationery on 1-4-2017 was ₹ 3,000 and on 31-3-2018 was ₹ 4,000.
26. .Mahesh Ltd. had issued 20,000, 10% debentures of ₹ 100 each. 8,000, 10% debentures were due
for redemption on 31 March, 2019. The company had a balance of ₹ 4,40,000 in the Debenture
Redemption Reserve Account on 31 March, 2018. The company invested the required amount in the
DebentureRedemptionInvestmenton1April,2018.Passthenecessaryjournalentriesforredemption of
debentures. Ignore the entries for interest on debentures.
OR
Giriija,YatinandZubinwerepartnerssharingprofitsintheratio5:3:2.Zubindiedon1August,2015.
AmountduetoZubin’sexecutorafteralladjustmentswas₹90,300.Theexecutorwaspaid₹10,300in cash
immediately and the balance in two equal annual instalments with interest @ 6% p.a. starting from 31
March, 2017. Accounts are closed on 31 March each year. Prepare Zubin’s Executors Account till he is
finally paid.
PARTB:-AnalysisofFinancial Statements
(Option–I)
onemarkquestions (VSQ)
27.Whatdoesfinancialstatementanalysisprimarilyinvolve?
a) Recordingfinancialtransactions
b) Interpretingfinancialdata
c) Preparingfinancialreports
d) Auditingfinancialrecords.
28. Whichfinancialstatementprovidesinformationaboutacompany'sprofitabilityoveraspecific
period?
a) Balance sheet
b) Income statement
c) Cashflow statement
d) Statementofchangesin equity
29. Assertion:Thecurrentratioisaliquidityratiousedtomeasureacompany'sabilitytopayshort- term

obligations.
Reason:Thecurrentratioiscalculatedbydividingcurrentassetsbycurrentliabilities.
Assertion.
Assertion
30. Assertion:Anincreaseinthedebt-to-equityratioindicateshigherfinancialriskforacompany.
Reason:Thedebt-to-equityratiomeasurestheproportionofdebtusedtofinanceacompany's operations
relative to equity.
Assertion.
Assertion
3marks questions(LQ)
31. ABCLtd.providesyouwiththefollowinginformationfromitsfinancialstatementsfortheyear ending

on December 31, 2023:
Sales Revenue: $500,000
CostofGoodsSold:$250,000
Gross Profit: $250,000
OperatingExpenses:$100,000
Interest Expense: $10,000
Income Tax Expense: $30,000
Net Income: $110,000
Total Assets: $600,000
TotalLiabilities:$200,000
Shareholder'sEquity:$400,000
Calculate the following ratios:
Gross Profit Margin
Net Profit Margin
ReturnonAssets(ROA)
ReturnonEquity(ROE)
OR
Definefinancialstatementanalysis.Explainitsimportanceindecisionmakingforinvestorsand creditors.
32. XYZCorporationprovidesthefollowingbalancesheetandincomestatementinformation:
Balance Sheet (End of Year 2023):
Total Assets: $1,500,000
TotalLiabilities:$600,000
Shareholder's Equity:
$900,000IncomeStatement(Fortheyea
r2023): Sales Revenue: $2,000,000
Cost of Goods Sold: $900,000
OperatingExpenses:$400,000
Interest Expense: $20,000
Income Tax Expense: $50,000
Calculate the following ratios:

Debt-to-EquityRatio
Current Ratio
Quick Ratio
OR
Whatarethedifferentmethodsoffinancialstatementanalysis?Discusseachmethodbriefly.
4marks questions
33. ThebalancesheetofXYZLtd.as on31stMarch2023isasfollows:
Assetsason31stMarch2023:
Calculate:
a) DebttoEquityRatio
b) Current Ratio
c) ReturnonEquity(ROE)
OR
ABCLtd.providesyouwiththefollowing information:
Calculate:
a) GrossProfitMarginfor2022and2023
b) NetProfitMarginfor2022and2023
6marks questions
34. ThefinancialstatementsofXYZ Ltd.forthe yearended31stDecember2023aregivenbelow:
Calculate:a)Grossprofit.b)Netprofitaftertax.c)Shareholders'equity.
OR
GiventhefollowinginformationforABC Corporation:
Calculate:
a) Netprofitaftertax.
b) Retainedearningsattheendofthe year.
c) Shareholders'equity.
PARTB:Computerised accounting
(Option–II)
onemarkquestions (VSQ)
27. Whichofthefollowingsoftwareisspecificallydesignedforcomputerized accounting?
a) MicrosoftExcel
b) TallyERP9
c) AdobePhotoshop
d) MicrosoftWord
28. Whatistheprimaryadvantageofcomputerizedaccountingovermanual accounting?
a) Greatersecurityoffinancialdata
b) Lowercostof implementation
c) Morepersonalizedreports
d) Slowerprocessingspeed
29. Assertion:Computerisedaccountingeliminatestheneedformanualcalculations.
Reason:Incomputerisedaccounting,softwareperformscalculationsautomaticallybasedonentered data.
Assertion.
Assertion
30. Assertion:Computerisedaccountingsystemsrequireregular updates.
Reason:Updatesensurethatthesoftwareremainscompatiblewithchangingregulationsand technology
advancements.
a. BothAssertionandReasonarecorrectandtheReasonisacorrectexplanationoftheAssertion.
b. BothAssertionandReasonarecorrectbutReasonisnotacorrectexplanationoftheAssertion
3marks questions(LQ)
31. Acompanyusesacomputerizedaccountingsystem.DuringthemonthofJanuary,thecompany made

the following transactions:
Sold goods worth $10,000 on credit.
Purchasedinventoryworth$6,000oncredit.
Paid $2,500 in rent for the month.
Received$7,000fromcustomersforgoodssoldoncredit.
Calculatetheclosingbalanceofaccountsreceivableattheendof January.
OR
DefineComputerizedAccountinganditsComponents:
32. XYZCompanyusesacomputerizedaccountingsystem.Thefollowinginformationisavailablefrom its

trial balance:
AccountsReceivable:$15,000
Accounts Payable: $10,000
Cash in Bank: $20,000
Inventory: $25,000
Capital:$50,000
SalesRevenue:$100,000
Rent Expense: $5,000
CalculatethetotalassetsandtotalliabilitiesofXYZCompany.
OR
DiscusstheAdvantagesofComputerized Accounting:
4marks questions
33. Acompanyoperatesonaperpetualinventorysystemandusescomputerizedaccountingsoftware.
OnJanuary1,2023,ithad500unitsofproductAinstock,purchased1,000unitsat$5eachonJanuary
10,2023,andanother 800unitsat $6eachonJanuary 20,2023. Itsold1,200unitsof productA during
January. Calculate the closing inventory using the weighted average method.
OR
XYZCompanyusescomputerizedaccountingsoftware.DuringthemonthofApril2023,thefollowing
transactions occurred:
April1:Beginninginventory300unitsat$8each April
10: Purchased 600 units at $9 each
April20:Sold700units
April25:Purchased400unitsat$10eachCalculatethevalueofendinginventoryusingtheFIFO method.
6marks questions
34. Company XYZ uses a computerized accounting system. The balance in their accounts receivable
control account as per the general ledger is $500,000. However, the aged accounts receivable report
generated from the system shows total outstanding customer balances of $520,000. Determine the
allowancefordoubtfulaccountsrequiredassumingthecompanyusesthepercentageofsalesmethod for
estimating bad debts, and the historical average of bad debts to credit sales is 3%.
OR
A manufacturing company uses a computerized accounting system to track its inventory. At the
beginning of the year, the inventory balance in the system was $300,000. During the year, the
companymadepurchasestotaling$700,000andrecordedsalesof$900,000.Theendinginventory
balanceinthesystemis$200,000.Calculatethecostofgoodssoldfortheyearusingtheperpetual inventory
system.
Class 12
Sample Paper
Solutions
Accountancy
SAMPLE QUESTION PAPER-01
ANSWER SHEET 2022-23
SUBJECT ACCOUNTANCY 055
CLASS XII
PART A: - Accounting for Partnership Firms and Companies
one mark questions(MCQ & AR)
ANS.1 Cash deposited into bank ? 15,000.
ANS.2 ₹ 20,000
ANS 3. Bank deposits with 100 days of maturity.
ANS 4. Investing Activity
ANS 5. Three months or less.
ANS 6. 4 : 2 : 3
ANS 7. Three months or less.
ANS 8. At 6% per annum.
ANS 9. To judge the variations in the accounting practices of the business followed by
different enterprises.
ANS 10. ₹ 72,000
ANS 11 . Paid-up capital
ANS 12 . ₹ 2,00,000
ANS 13. ₹ 60,000
ANS 14. Both Assertion and Reason are correct
ANS 15. Both Assertion and Reason are correct but Reason is not a correct explanation of the
Assertion
Assertion
3 marks questions (LQ)
ANS 17. The amount received as securities premium can be used other than ‘issue of bonus
shares’ for the following purposes: In writing off the preliminary expenses of the company. For
writing off the expenses, commission or discount allowed on issue of shares or debentures of
the company. For providing the premium payable on redemption of redeemable preference
shares or debentures of the company. For buy back of its own shares.
OR
ANS . Gross profit ratio = Gross profit/ Revenue from operations × 100 Average Inventory=
(Opening Inventory + Closing Inventory)/ 2 = (₹ 60,000 + ₹ 90,000)/ 2 = ₹ 75,000 Inventory
turnover ratio = Cost of revenue from operations/ Average Inventory 6 = Cost of revenue from
operations/ ₹ 75,000 Cost of revenue from operations = ₹ 4,50,000 Revenue from operations =
1
Cost of Revenue from Operations + Gross profit = 4, 50, 000+ 33 3 %of = = ₹ 4,50,000 + ₹
1,50,000 = ₹ 6,00,000
ANS 18. Calculation of Riya’s share of Profit,

(₹60,000+₹50,000+₹90,000+₹80,000+₹1,20,000)
Average profits = 5
₹4,00,000
= 5
= ₹ 80,000
3
Profit for 3 months = −₹ 80, 000 x 12 = ₹ 20, 000
3
Riya’s share= ₹ 20,000 x 6=₹ 10,000
OR
ANS. Alternatives available to the Board of directors are: Excess applications may be rejected
and shares may be allotted to the remaining applicants as full. Shares may be allotted to all the
applicants on pro rata basis. Some of the applications may be rejected & shares may be allotted
to the remaining applicants on pro rata basis.
ANS 19. The Following items are included in under the heading current liabilities and provisions:
Current Liabilities: 1. Acceptances. 2. Sundry Creditors. 3. Outstanding Expenses. Provision: For
Taxation. For Dividends. For Contingencies. For Provident Fund Scheme. For Insurance. Pension
& Other similar benefits.
OR
ANS .The amount received as securities premium can be used other than ‘issue of bonus shares’
and ‘buy back of shares’ for the following purposes: In writing off the preliminary expenses of
the company. For writing off the expenses, commission or discount allowed on issue of shares
or debentures of the company. For providing the premium payable on redemption of
redeemable preference shares or debentures of the company.
ANS 20. Calculation of goodwill of the firm and Puneet’s share of goodwill
(₹90,000+₹1,00,000+₹1,30,000+₹80,000)
Average of last 4 years profits = 4
=1,00,000 Goodwill = 3 × ₹
4
1,00,000 = ₹ 3,00,000 Puneet’s share of Goodwill =8x₹ 3,00,000=₹ 1,50,000
2. Calculation of Puneet’s share in the

4 3
Puneet’s share of profit= ₹ 80,000x 8x12
=₹ 10,000
3.
OR .
4 marks questions
ANS 21.
OR
ANS 22.
OR
ANS
6 marks questions
ANS 23.
Value being highlighted- Support/Sympathy towards orphan girls.
Working Notes:
1. Calculation of Goodwill: Goodwill = 2 years purchase of average profit of the last three years
= 2 x ₹ 80,000 = ₹ 1,60,000 Sindhu's Share of Goodwill = ₹ 160000 x 3/10 = ₹ 48000 Sindhu' s
Share of goodwill is contribution by Rahul & Kamlesh in their gaining ratio i.e. 3 : 4 Rahul's
contribution = 48000 x 3/7 = 20571 Kamlesh' s contribution = 48000 x 4/7 = 27429
𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝
2. Sindhu's Share of Profit= %Profit sales= 𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠 x100
= ₹ 200000/ ₹ 800000 x 100 = 25% Sindhu's Share of profit to the date of eath = ₹ 300000 x
25/100 x 3/10 = ₹ 22500
OR
ANS Cash Flow Statement of Kiero Ltd. for the year ended 31 March 2018:
WORKING NOTES:
ANS 24.
Working notes:
Computation of divisible profit and its distribution between partners:
Divisible profit = 11,65,000

2
Jay's share in divisible profit= 11,65,000 x 5=4,66,000
2
Vijay's share in divisible profit=11,65,000x5=4,66,000
1
Karan's share in divisible profit=11,65,000x 52,33,000
Profit share guaranteed to Karan = 5,00,000
Deficiency to Karan's share in profit = 5,00,000 - 2,33,000 = 2,67,000

3
Deficiency to be borne by Jay=2,67,000x5=1,60,200
2
Deficiency to be borne by Vijay= 2,67,000x 5=1,06,000
Final Share in Divisible Profit for: Jay = 4,66,000 - 1,60,200 = 3,05,800 Vijay = 4,66,000 - 1,06,800
= 3,59,200 Karan = 2,33,000 + 1,60,200 + 1,06,800 = 5,00,000
OR
ANS. 1
Working notes:
2.
Working Note:
ANS 25.
Working Notes:
1. Computation of interest on drawings of partners: Drawings of sonu = 20,000 Drawings of Rajat = 12 ×

6 4
5,000 = 60,000 Interest on Sonu's drawings = 20,000 x 𝑥𝑥 =400 Interest on Rajat's drawings= 60,000
100 12
6 5.5
x x =1,650
100 12
2. Computation of divisible profit and its distribution between partners: Profit as per the profit and Loss
Account = 4,89,950 Divisible profit = Net profit + Interest on Drawings - Interest on Capital - Salary to
Sonu - Commission to Rajat Divisible Profit = 4,89,950 + 2,050 - 1,12,000 - 2,40,000 - 1,00,000 = 40,000
3
Sonu's share in divisible profit= 40,000 x =24,000
5
2
Rajat's share in divisible profit= 40,000 x = 16,000
5
OR
ANS
Working notes :
ANS 26.
OR
ANS
PART B: - Analysis of Financial Statements
(Option – I)
one mark questions (VSQ)
ANS 27. Interpreting financial data
ANS 28. Income statement
Assertion
ANS 30. Both Assertion and Reason are correct
3 marks questions(LQ)
ANS 31.
1. Gross profit Margin:

𝑔𝑔𝑔𝑔𝑔𝑔𝑔𝑔𝑔𝑔 𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝
Gross profit margin=
𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠 𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟
x 100%
250,000
Gross profit margin= x100%= 50%
500,000
2. Net profit Margin:

𝑛𝑛𝑛𝑛𝑛𝑛 𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖
Net Profit Margin = 𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠𝑠 x 100%
𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟𝑟
110,000
Net Profit Margin= 500,000 x100%= 22%
3. Return on Assets (ROA):

ROA=𝑡𝑡𝑡𝑡𝑡𝑡𝑡𝑡𝑡𝑡 𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎
x 100%
110,000
ROA=600,000 x 100%= 18.33%
4. Return on Equity (ROE):

ROE=𝑠𝑠ℎ𝑎𝑎𝑎𝑎𝑎𝑎 ℎ𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜𝑜 𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒
x 100%
110,000
ROE = 400,000 X 100% = 27.5 %
So, the calculated ratios are:

Gross Profit Margin: 50%
Net Profit Margin: 22%
Return on Assets (ROA): approximately 18.33%
Return on Equity (ROE): 27.5%
OR
ANS . Financial statement analysis is the process of examining and evaluating a company's
financial statements to gain insights into its financial performance, position, and overall health.
It involves interpreting the data presented in financial statements such as the balance sheet,
income statement, and cash flow statement to assess the company's profitability, liquidity,
solvency, and efficiency.
The importance of financial statement analysis in decision-making for investors and creditors
cannot be overstated. Here's why:
Assessing Profitability: Investors and creditors analyze financial statements to gauge a

company's profitability over time. By examining trends in revenue, gross margin, and net
income, stakeholders can assess the company's ability to generate profits and its potential for
future growth.
Evaluating Liquidity: Financial statement analysis helps investors and creditors evaluate a
company's liquidity position by examining its ability to meet short-term obligations. They assess
metrics such as current ratio and quick ratio to determine if the company has sufficient liquid
assets to cover its short-term liabilities.
Understanding Solvency: Solvency analysis is crucial for creditors who want to assess a
company's ability to repay its long-term debts. By examining ratios such as debt-to-equity and
interest coverage, creditors can determine if the company has the financial capacity to honor its
debt obligations.
Assessing Efficiency: Financial statement analysis also enables stakeholders to evaluate a

company's efficiency in utilizing its assets to generate revenue. Metrics like asset turnover ratio
and inventory turnover ratio provide insights into how effectively the company is managing its
resources.
Identifying Risks and Opportunities: Through financial statement analysis, investors and
creditors can identify potential risks and opportunities associated with investing or lending to a
particular company. Factors such as market trends, industry comparisons, and competitive
positioning can be gleaned from the analysis to make informed decisions.
Comparing Performance: Financial statement analysis allows for comparisons of a company's
performance over time and against its competitors. This comparative analysis helps
stakeholders benchmark the company's performance and identify areas where improvements
may be needed.
In summary, financial statement analysis serves as a vital tool for investors and creditors in
making informed decisions regarding investment, lending, and risk management. By examining
key financial metrics and trends, stakeholders can assess the financial health and performance
of a company, thereby mitigating risks and maximizing opportunities for financial gain.
ANS 32. 1. Debt-to-Equity Ratio:

Total liabilities
Debt-to-Equity Ratio= shareholder equity
$ 600,000
Debt-to-Equity Ratio= $900,000
Debt-to-Equity Ratio=0.67
2. Current Ratio:
𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇 𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴
Current Ratio= 𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇 𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙
$1,50,000
Current Ratio= 600,000
Current Ratio=2.5
3. Quick Ratio:
𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇 𝑐𝑐𝑐𝑐𝑐𝑐𝑐𝑐𝑐𝑐𝑐𝑐𝑐𝑐 𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎 −𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼
Quick Ratio= 𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇𝑇 𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙𝑙
Total Current Assets=Total Assets−Non-current Assets Non-

current Assets=Total Assets−Total Current AssetsNon-
current Assets=Total Assets−Total Current Assets
Given that there's no information about inventory, we can't directly calculate the quick ratio.
However, we can infer that the quick ratio would be equal to or less than the current ratio, as
inventory is part of current assets. So, the quick ratio would be 2.5 or less.
These ratios provide insights into XYZ Corporation's financial health and leverage position.
OR
ANS 1. Horizontal Analysis: Also known as trend analysis, this method involves comparing
financial data over different periods to identify trends and patterns. It helps in assessing the
company's performance and identifying potential areas of improvement or concern.
2. Vertical Analysis: Vertical analysis involves analyzing each line item on a financial
statement as a percentage of a base figure, typically total revenue or total assets. This method
helps in understanding the relative importance of each component within the financial
statement and identifying any significant deviations from the norm.
3. Ratio Analysis: Ratio analysis involves calculating various financial ratios using data from the
company's financial statements. These ratios help in assessing the company's financial health,
profitability, liquidity, efficiency, and leverage. Examples include the debt-to-equity ratio,
current ratio, and gross profit margin.
4 marks questions
ANS 33. Debt to Equity Ratio (D/E Ratio)
The debt to equity ratio measures the amount of debt a company has relative to its shareholder
equity. It is calculated as follows:
D/E Ratio = Total Debt / Total Equity
we can see that the total debt of XYZ Ltd. is ₹150,000 (current liabilities) and the total equity is
not directly given, but we can calculate it as:
Total Equity = Total Assets - Total Liabilities = ₹1,150,000 - ₹150,000 = ₹1,000,000
Therefore, the D/E Ratio is:
D/E Ratio = ₹150,000 / ₹1,000,000 = 0.15
Current Ratio
The current ratio measures a company's ability to pay its short-term debts with its short-term
assets. It is calculated as follows:
Current Ratio = Current Assets / Current Liabilities
we can see that the current assets of XYZ Ltd. are not directly given, but we can see that the
total assets are ₹1,150,000. We can assume that all of the assets are current assets, as there
are no non-current assets listed. Therefore, the current ratio is:
Current Ratio = ₹1,150,000 / ₹150,000 = 7.67

Return on Equity (ROE)
The return on equity (ROE) measures the profitability of a company relative to its shareholder
equity. It is calculated as follows:
ROE = Net Profit / Total Equity
OR
ANS . Gross Profit Margin
The gross profit margin is a measure of a company's profitability after accounting for the cost of
goods sold (COGS). It is calculated as follows:
Gross Profit Margin = (Sales - COGS) / Sales * 100%
Sales in 2022 = ₹750,000
Sales in 2023 = ₹750,000
we cannot calculate the gross profit margin for 2022 and 2023 without the COGS information.
Net Profit Margin
The net profit margin is a measure of a company's profitability after accounting for all expenses,
including COGS, operating expenses, interest expense, and income tax expense. It is calculated
as follows:
Net Profit Margin = Net Profit / Sales * 100%
6 marks questions
ANS 34.
a) Gross profit: The gross profit is ₹200,000. This is directly given in the income statement
under the line item "Gross Profit".
b) Net profit after tax:
The net profit after tax is ₹40,000. This is also directly given in the income statement under
the line item "Net Profit after tax".
c) Shareholders' equity:
However, we can calculate it using the following formula:
Shareholders' equity = Total assets - Total liabilities
From the image, we can see that:
Total assets = ₹1,150,000
Total liabilities = ₹150,000
Therefore, the shareholders' equity is:
Shareholders' equity = ₹1,150,000 - ₹150,000 = ₹1,000,000
There fore,
The gross profit of XYZ Ltd. is ₹200,000.
The net profit after tax of XYZ Ltd. is ₹40,000.
The shareholders' equity of XYZ Ltd. is ₹1,000,000.
OR
ANS .
a) Net profit after tax:
The net profit after tax is $50,000. This can be found by looking at the line item "Tax Expenses"
and subtracting it from the line item "Operating Expenses".
b) Retained earnings at the end of the year:
We cannot calculate the retained earnings at the end of the year with the information provided
. To do this, we would need the following information:
Beginning balance of retained earnings
Dividends paid out during the year
The only provides the net income for the year and does not specify the beginning balance of
retained earnings or dividends paid out.
c) Shareholders' equity:
The shareholders' equity is $1,000,000. This can be calculated using the following formula:
Shareholders' equity = Total assets - Total liabilities
From the image, we can see that:
Total assets = $1,500,000
Total liabilities = $500,000
Therefore, the shareholders' equity is:
Shareholders' equity = $1,500,000 - $500,000 = $1,000,000
Computerised accounting
(Option – II)
one mark questions (VSQ)
ANS 27. Tally ERP 9
ANS 28. Greater security of financial data
ANS 29. Both Assertion and Reason are correct and the Reason is a correct explanation of the
Assertion.
ANS 30. Both Assertion and Reason are correct and the Reason is a correct explanation of the
Assertion.
3 marks questions(LQ)
ANS 31.
Sold goods worth $10,000 on credit.
Received $7,000 from customers for goods sold on credit.
To find the closing balance of accounts receivable, we'll start with the beginning balance and
then adjust it for the trANSactions during the month.
Beginning Balance of Accounts Receivable = $0 (assuming there were no outstanding

receivables from previous periods)
Sold goods worth $10,000 on credit. This increases accounts receivable by $10,000.
Received $7,000 from customers for goods sold on credit. This decreases accounts receivable
by $7,000.
Closing Balance of Accounts Receivable = Beginning Balance + Increase - Decrease = $0 +
$10,000 - $7,000 = $3,000
Therefore, the closing balance of accounts receivable at the end of January is $3,000.
OR
ANS . Software: The core component of computerized accounting, software programs like
QuickBooks, Xero, or SAP are used to input, store, process, and retrieve financial data. These
programs often offer features such as general ledger management, accounts
payable/receivable tracking, payroll processing, and financial reporting.
Hardware: This includes the physical components of the computer system necessary to run the
accounting software, such as desktop computers, servers, laptops, printers, and networking
devices.
Database: A structured collection of data that serves as the foundation for storing financial
information. Databases organize data into tables, fields, and records, allowing for efficient
storage and retrieval of accounting data.
ANS 32. Assets:
Accounts Receivable: $15,000
Cash in Bank: $20,000
Inventory: $25,000
Total Assets = Accounts Receivable + Cash in Bank + Inventory Total Assets = $15,000 + $20,000
+ $25,000 Total Assets = $60,000
Liabilities:
Accounts Payable: $10,000
Total Liabilities = Accounts Payable Total Liabilities = $10,000
Now, let's calculate the total assets and total liabilities.
Total Assets = $60,000 Total Liabilities = $10,000
So, the total assets of XYZ Company are $60,000, and the total liabilities are $10,000.
OR
ANS .Accuracy: Computerized accounting significantly reduces the chances of human error in
calculations and data entry. With automated processes, the risk of mistakes such as
trANSposition errors or calculation errors is minimized, leading to more accurate financial
records.
Efficiency: Tasks that would take hours or even days to complete manually can be
accomplished in minutes with computerized accounting software. This frees up time for
accounting professionals to focus on more strategic tasks like financial analysis and decision-
making.
Automation: Routine accounting processes such as data entry, posting trANSactions, and
generating reports can be automated, saving time and effort. This automation reduces the
need for manual intervention and increases the speed of processing.
4 marks questions
ANS 33.
1. Calculate Total Cost:
500 units * $5 = $2,500 (for the initial inventory)
1,000 units * $5 = $5,000 (for the purchase on January 10)
800 units * $6 = $4,800 (for the purchase on January 20)
Total Cost = $2,500 + $5,000 + $4,800 = $12,300
2.Calculate Total Units:
Total Units = 500 units (initial) + 1,000 units (January 10) + 800 units (January 20) = 2,300 units
3.Calculate Weighted Average Cost per Unit:
Weighted Average Cost per Unit = Total Cost / Total Units
Weighted Average Cost per Unit = $12,300 / 2,300 units = $5.3478 (rounded to four decimal
places)
4.Calculate Closing Inventory:
Closing Inventory = (Remaining Units * Weighted Average Cost per Unit)

Remaining Units = Initial Inventory + Purchases - Sales
Remaining Units = 500 units + 1,000 units + 800 units - 1,200 units = 1,100 units
Closing Inventory = 1,100 units * $5.3478 = $5,882.58
Therefore, the closing inventory using the weighted average method is approximately
$5,882.58.
OR
Beginning Inventory: 300 units at $8 each Total cost = 300 * $8 = $2400
Purchased on April 10: 600 units at $9 each Total cost = 600 * $9 = $5400
Purchased on April 25: 400 units at $10 each Total cost = 400 * $10 = $4000
Now, let's calculate the cost of goods available for sale:
Cost of goods available for sale = Beginning Inventory + Purchases = $2400 + $5400 + $4000 =
$11800
Next, let's calculate the cost of goods sold (COGS) using the FIFO method. We will first allocate
the costs of the beginning inventory and then the purchases made on April 10 and April 25.
Sold 700 units: First, we will allocate the units from the beginning inventory and then from the
April 10 purchase.
From beginning inventory: 300 units (entire inventory) Cost = 300 * $8 = $2400
From April 10 purchase: 400 units (remaining 300 units from April 10 purchase and 100 units
from April 25 purchase) Cost = 400 * $9 = $3600
Total COGS = $2400 + $3600 = $6000
Now, let's calculate the value of ending inventory:
Ending inventory = Cost of goods available for sale - Cost of goods sold = $11800 - $6000 =
$5800
Therefore, the value of ending inventory using the FIFO method is $5800.
6 marks questions
ANS 34. Calculate the total credit sales:

Let's assume the total credit sales for the period are represented by "T".
Calculate the estimated bad debts using the percentage of sales method:
Multiply the total credit sales (T) by the historical average of bad debts to credit sales (3% or
0.03) to find the estimated bad debts.
Estimated Bad Debts = T * 0.03
Calculate the desired ending balance in the allowance for doubtful accounts:
The desired ending balance is the difference between the total outstanding customer balances
and the balance in the accounts receivable control account.
Desired Ending Allowance = Total Outstanding Customer Balances - Balance in Accounts

Receivable Control Account
Desired Ending Allowance = $520,000 - $500,000 = $20,000
Equate the estimated bad debts to the desired ending balance in the allowance for doubtful
accounts:
Estimated Bad Debts = Desired Ending Allowance
T * 0.03 = $20,000
Solve for total credit sales (T):
T = $20,000 / 0.03
T = $666,666.67 (approx.)
Therefore, the company's total credit sales for the period should be approximately
$666,666.67.
Now, to find the allowance for doubtful accounts required, we use the estimated bad debts
calculated earlier:
Allowance for Doubtful Accounts Required = Estimated Bad Debts
Allowance for Doubtful Accounts Required = $666,666.67 * 0.03
Allowance for Doubtful Accounts Required ≈ $20,000
So, the allowance for doubtful accounts required for Company XYZ would be approximately
$20,000.
OR
calculate the cost of goods sold (COGS) using the perpetual inventory system, we need to use
the formula:
COGS=Beginning Inventory+Purchases−Ending InventoryCOGS=Beginning Inventory+Purchases−

Ending Inventory
Given:
Beginning Inventory = $300,000
Purchases = $700,000
Ending Inventory = $200,000
Substituting the values into the formula:
COGS=$300,000+$700,000−$200,000COGS=$300,000+$700,000−$200,000
COGS=$1,000,000−$200,000COGS=$1,000,000−$200,000
COGS=$800,000COGS=$800,000
So, the cost of goods sold for the year using the perpetual inventory system is $800,000.
Class 12
Sample Papers
Accountancy
SAMPLEQUESTIONPAPER[2023-24]
SUBJECTACCOUNTANCY055
SET2
CLASSXII
Time:3Hours Max.Marks:80
GeneralInstructions:
1. Thisquestionpapercontains34questions.Allquestionsarecompulsory.
2. Thisquestionpaperisdividedintotwoparts,PartAand B.
3. Part-AhasAccountingforPartnershipFirmsandCompanies.
4. Part-BhasAnalysisofFinancialStatements.
5. Question1to16and27to30carries1markeach.
6. Questions17to20,31and32carries3marks each.
7. Questionsfrom21,22and33carries4 markseach.
8. Questionsfrom23to26 and34carries6markseach.
9. There is no overall choice. However, an internal choice has been provided in 7
questionsofonemark,2questionsofthreemarks,1questionoffourmarksand2
questions of six marks.
Q PART:A(AccountingforPartnershipFirmsandCompanies) Marks
1 Jannat and John were partners in a firm. During the year 2022-23 Jyoti was admitted as a new partner on (1)
Jan.1,23.Thepartnershipdeedprovidedthatinterestondrawingswillbecharged@12%p.a..Jyoti withdrew
₹ 5,000 at the beginning of every month. Time was used for the calculation of IOD at the end of financial
year was:
(a)2 months (b)6½months
(c)1½ months (d)3months
2 AandBwerepartnersinafirmsharingprofitsandlossesintheratioof3:2.On1stApril,2022the (1)
balancesoftheircapitalaccountswere₹30,000and₹50,000respectively.Thepartnershipdeedprovided that
interest on partners’ capital will be allowed @ 10% per annum. During the year ended 31st March, 2023,
the firm earned a profit of ₹ 5,000, what was the amount ofA’s share of profit:
(a)₹ 3,000 (b)₹9,000
(c)₹6,000 (d)Noneoftheabove
3 Assertion (A): Adith, a partnerin the firm gave a loan of₹.50,000tothefirmwithoutanagreementtorate of (1)
interest. Interest on Loan by Adith is to be allowed at@6% p.a.
Reason (R): In the absence of the Partnership Deed, Provisions of the Partnership act 1932, apply. Thus,
interest on a loan to a Partner should be charged @6% p.a
(a) BothAandRarecorrect,andRisthecorrectexplanationofA.
(b) BothAandRarecorrect,butRisnotthecorrectexplanationofA.
(c) AiscorrectbutRisincorrect.
(d) AisincorrectbutRiscorrect
OR
Picktheoddone out:
(a) Interestonpartner’scapital. (b)Shareofprofitofthepartner.
(c)Drawingsmadebypartner. (d)Salaryofthepartner.
4 A,B,CandDwerepartners.ProfitorlossweresharedbythepartnersintheratioofAandBin3:2,B and C in 3:2 and (1)
C and D in 4:3. The profit sharing ratio among A:B:C:D was:
(a)3:2:3:3 (b)9:6:4:3
(c)6:9:3:3 (d)9:4:4:3
OR
CLICK HERE FOR

SOLUTIONS
A,BandCwerepartnersinafirmsharingprofitsandlossesintheratioof5:3:2.Witheffectfrom 01.04.2023,
they agreed to share profits and losses equally. Due to change in the profit-sharing ratio, B’s gain or
sacrifice will be:
(a)Gain1/30 (b)Sacrifice1/30
(c)Gain5/30 (d)Sacrifice4/30
5 CapitalemployedofapartnershipfirmwasRs10,00,000.ItsaverageprofitwasRs1,20,000.Thenormal rate of (1)

return in similar type of business was 10%. What is the amount of super profit
(a)Rs12,000 (b)Rs20,000
(c)Rs1,00,000 (d)Rs1,12,000
6 XandTwerepartnerssharingprofitsintheratioof4:3.Zwasadmittedfor1/5thshareandhebroughtin (1)
₹1,40,000ashisshareofgoodwillincashofwhich₹1,20,000wascreditedtoXandremainingamountto
Y.Newprofitsharingratiowillbe:
(a)4:3:5 (b)2:2:1
(c)1:2:2 (d)2:1:2
OR
AandB were partners sharing profits and losses in the ratio of 5 : 3. On admission, C brought ₹70,000 as
capitaland₹43,000againstGoodwill.NewprofitratioofA,BandCwas7:5:4.Thesacrificingratioof A and B
was:
(a)3 :1 (b)1:3
(c)4 :5 (d)5:9
7 A,B,Cwerepartnerssharingprofitandlossesintheratioof4:3:1:Bretiredandgavehisshareofprofit to A Rs. (1)

3,600 and C Rs. 4,500. What was the new profit-sharing ratio of A and C?
(a)4:5 (b)2:1
(c)68:48 (d)4:1
8 Ganesh,VenitandAmitwerepartners inafirmsharingprofitsin theratioof 2:3 :1. Venit retiredand the balance (1)
in his capital account after making necessary adjustments on account of reserves, revaluation of
assetsandre-assessmentofliabilitieswas₹1,20,000.TheGoodwillwasvaluedbyRs.3,60,000.Ganeshand Venit
agreed to pay him in fullsettlementofhisclaim.
(a)₹ 1,20,000 (c)₹2,40,000
(b)₹ 3,00,000 (d)₹4,80,000
9 A, S and R are partners sharing profit in the ration 7:5:4. R died on 30th June 2019 , and profits for the (1)
year2018-19wereRs.12,000.Howmanysharesinprofitsfortheperiod1stApril2019to30thJune2019 will be
credited to R’s Ac.
(a)₹750 (b)₹5000
(c)₹7000 (d)Nill
10 Esha,Yash,andZackarepartnerssharingprofitsintherationof7:5:4.On30thJune2019,zackdied,and profits for (1)

the year ending 31stMarch 2020ware ₹24,00.000Howmanysharesinprofitsfortheperiod1stApril to 30th
June2019 willbe credited to Zack’s Ac,assuming the profit incurred evenly throughout the year?
(a)₹ 6,00,000 (b)₹1,50,000
(c)₹ 2,00,000 (d)Nill
11 Assertion(A): Calls in advance isshownunderthehead‘CurrentLiabilities’,assub-head‘othercurrent (1)

liabilities’
Reason(R):Calls in advance onsharesisaddedtotheamountofpaidupshare capitalinthecompany’s
BalanceSheet.
(a) BothAssertionandreasonaretrueandreasoniscorrectexplanationofassertion.
(b) Assertionandreasonbotharetruebutreasonisnotthecorrectexplanationofassertion.
(c) Assertionistrue,reasonisfalse.
(d) Assertionisfalse,reasonistrue.
OR
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SOLUTIONS
WhichofthefollowingisproperheadofBalanceof“ShareCapital”
(a)Paidupcapital (b)Issuedcapital
(c)Subscribedcapital (d)Calledupcapital
12 DaisyLimitedforfeited200 sharesRs.10each whohad applied for 500 shares, issued at a premium of 10% for (1)
nonpayment of final call ofRs.3 per share. Outofthese 100shares wereissuedas fullypaidupforRs.15. The profit
on reissue is :
(a)Rs.700 (b)Rs.6400
(c)Rs.300 (d)Rs.400
13 ELtd.hadallotted10,000sharestotheapplicantsof14,000sharesonpro-ratabasis,applicationmoneyon (1)
another6000shareswasrefunded.TheamountwaspayableontheapplicationwasRs.2.Sitaramanapplied for 420
shares. The number of shares allotted to him were:
(a)600shares (b)340shares
(c)320shares (d)300shares
14 Rose water Ltd. forfeited 4,000 shares of ₹ 20 each. They were forfeited for the non-payment of first call (1)
of ₹ 10 per share with the forfeited amount of ₹ 20,000. The minimum amount per share at which these
shares can be re-issued will be :
(a)₹ 12 (b)₹14
(c)₹ 10 (d)₹8
15 PremiumonRedemptionofdebentureaccountisa ofaCompanypayableafter3 (1)

years at the timeof redemption. This account is shown under the subhead of balance sheet by the name
of :
(a) LiabilityandOtherlongtermliabilities
(b) LiabilityandNon-currentliabilities.
(c) WrittenoffandLongtermProvision.
(d) WrittenoffandOtherLongtermborrowing.
OR
WhentheDebentureareissuedatpremiumdebentureaccountisshownbytheamountof .
(a) NominalValue (b)Netamountreceived.
(c)FaceValue+Premium (d)Noneofthe above
16 Whenthedebentureareissuedatdiscount.AmountofDiscountisrecordedas: (1)
(a)Revenueloss (b)CapitalLoss.
(c)AsaWrittenoff. (d)Either(a)or(b)
17 Anish and Antesh were partner in the ratio of 2:3 with capital of Rs.1,00,000 and Rs.80,000 respectively. (3)
Business required fund to their working capital of Rs.2,00,000. On Sept.30, 2022 for that amount Anish
providedadvanceofRs.1,20,000andfortheremainingamounttheyintroducedDeepakasanewpartnerfor
⅓ share and he was guaranteed by both the partner for the minimum profit of Rs.30,000 p.a. for first five
years. As per the partnership deed interest on capital will beallowed @ 8% p.a..
At the end of first year partnership business incurred profit of Rs.9,990 before the any of the above
adjustmentmade.
PrepareProfitandLossAppropriationA/candshowyourworkingsclearly.
OR
On April 1, 2023 the balance of the capital account of Reena and Rishi were stood with Rs.2,00,000 and
Rs.3,00,000 each. The partner of a firm distributed the profits of March 31, 2023 of Rs.1,00,000 in their
capital ratio without applying following adjustments:
a) ReenaandRishiwereentitledtoInterestoncapital@10%p.a.
b) RajawasaManager,Hiscommissionat10%.
c) Profitsweretobesharedbypartnerintheratioof3:2.
Passnecessaryjournalentryfortheaboveadjustmentsinthebooksofthefirm.
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SOLUTIONS
18 A, B and C were partners sharing profits and losses in the ratio of 3:2:1. With effect from 1st April, 2022 (3)
they agree to share profits equally. For this purpose, goodwill was valued at two year’s purchase of the
average profit of last three years which were as follows:
Year ending on 31st March, 2019 Rs. 50,000 (Profit)
Year ending on31stMarch,2020Rs.1,24,000(Profit) Year
ending on31stMarch,2021Rs.1,80,000(Profit) Year ending
on 31st March, 2022 Rs. 70,000 (Loss)
On Oct.1, 2020 a Delivery Van costing Rs. 50,000 was purchased and debited as Revenue expenses,
on which depreciation was charged @ 20% p.a by reducing balance method. The firm was also paid an
annualinsurancepremiumofRs.25,000whichhadalreadybeenchargedtoProfitandLossAccountforall
theyears.
YouarerequiredtocalculatetheamountofGoodwillofthefirmalongwiththeworkingnotes.
19 ShreyaInfrastructureLtd.acquiredabusinessofSumitChemicalsLtd.byissuingRs.35lakhequityshares (3)
ofRs.20eachatapremiumof25%andacceptingabillequaltotheamountonebyfifthofnominalvalue of equity
shares. Sumit Chemical had following assets and liabilities:
BuildingRs.24,00,000;MachineryRs.22,50,000.BillsReceivablesRs.9,50,000;Sundry
Creditors Rs. 2,25,000 and Bank Loan Rs.9,00,000.
PassnecessaryJournalEntriesintheBooksofShreyaInfrastructureLtd.
OR
Prime Solution Limitedwasregistered witha capital ofRs.1,00,00,000 represented byequity sharesof Rs.50
each.ItissuedaprospectusonJanuary30,2023forinvitingapplicationfor75,000equitysharesatpremium of 20%
payable as follows:
Onapplication: Rs.35(includingRs.6premium)
On allotment: Balanceofamount
Publicsubscribedfor80,000equityshares.Allinstallmentwerereceived.
Show the information under the heading of “Share holder Funds” in the Balance Sheet of Prime solution
Ltd. as per Schedule III of Companies Act 2013 & Prepare necessary Notes toaccount for the same.
20 Mittal Machines Ltd. issued 50 crore 6% Debenture of Rs.5000 each at a premium of 5% redeemable at
(3)
premium of 10% on April 1, 2023. Public subscribed for 65 crore debentures. Pass necessary Journal entry
at the time of issue.
21 RajanandSuman were partnersina firmsharingprofitsintheratioof3:2.TheirBalanceSheet asat March (4)

31, 2023 was as follows:
Liabilities Amount Assets Amount

Creditors 25,000 Goodwill 15,000
GeneralReserve 5,000 Building 45,000
Capitals: Plant 30,000
Rajan 25,000 Cash 15,000
Suman50,000 75,000
105,000 105,000
FromApril1,2023partnerdecidedtosharefutureprofitintheratioof4:1.Theydecidedonthe
followingterms:
i) TheGoodwillofthefirmhasbeenvaluedatRs.30,000.
ii) GeneralReservewillremainshowinthenewBalancesheet.
iii) Capital ofthe partners will remainsameintheirproportiontonewprofit-sharingratio,current account will
be opened for this purpose.
GivenecessaryJournalentriesofthenewfirm.
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SOLUTIONS
22 Amit, Bimal and Chandan were partners in a trading firm. The firm had a fixed total capital ofRs.1,20,000 (4)
held by all the partners ina ratio of 1:2:3. Under the partnership deed the partners were entitled to:
(i) AmitandBimaltoasalaryofRs.3,600andRs.3,200permonthrespectively.
(ii) In the event of death of a partner, Goodwill was to be valued at 2 years purchase of the average
profits of the last 3 years.
(iii) Profit upto the date of the death based on the profits of the previous year. Partners were to
becharged interest on drawings at 5% p.a. and allowed interest on capitals at 6% p.a.
BimaldiedonJanuary1,2023.HisdrawingsuptothedateofdeathwereRs.4,000andtheinterest thereon
was Rs.120. The profitsfor the three yearsendingMarch31st 2020,2021and 2022 were Rs.42,400; Rs.6,400
(Dr.) and Rs.18,000 respectively.
PrepareBimal’sCapitalAccounttocalculatetheamounttobepaidtohisexecutors
OR
DavidandJohnwerepartnersinafirmsharingprofitsin4:1ratio.Daviddiedthreemonthsafterthedateof the last
balance sheet. According to the partnership deed, legal representative of deceased partner were entitled to
the following payment:
(i) HiscapitalRs.3,00,000asperthelastbalancesheet.
(ii) Interestoncapital@12%perannumuptothedateofdeath.
(iii) His share of profits to the date of death calculated on the basis of the average profits of last three years.
The net profits of the last three years were Rs.2,00,000; Rs.3,00,000 and Rs.4,00,000.
On July 1, 2022 David executor was paid Rs.24,000 in cash and balance will be transferred to his
Loan account which will be paid in 2 equal Half yearly installments with interest @10% p.a.
PrepareDavid’sExecutorandHisExecutor’sLoanAccounttillthefinalpaymentmade.
23 Aman, Anupamand Devendra were partners sharing profits and losses in the ratio of 2:3:5.On March 31, (6)
2023 their Balance sheet was:
Capitals: Cash 18,000
Aman 36,000 BillsReceivable 14,000
Anupam 44,000 Stock 44,000
Davendra 52,000 Debtors 42,000
Creditors 64,000 Machinery 94,000
BillsPayable 22,000 Goodwill 20,000
GeneralReserve 14,000
2,32,000 2,32,000
TheydecidedtoadmitBaveshintothepartnershipfor2/5shareonthefollowingterms:
a) MachineryistobeovervaluedtoRs.14,100.
b) StockistoberevaluedatRs.48,000.
c) ItisfoundthattheCreditorsincludedasumofRs.12,000whichwasnottobepaid.
d) OutstandingRentisRs.1,900.
e) Bavesh is to bring in Rs.6,000 asgoodwilland sufficient capitalin cash for a 2/5th sharein the total
capital of the firm.
PreparenecessaryaccountsandthenewBalanceSheetontheadmissionofanewpartner.
OR
FollowingistheBalancesheetofAnnu,Binnu&Chinnuasat31stMarch2023,whoshareprofits&losses in the
ratio of 2:1:1.
BALANCESHEET
Capitals Land&Building 2,00,000
Annu2,00,000 Machinery 3,00,000
Binnu3,00,000 Stock 1,00,000
Chinnu2,00,000 7,00,000 Debtors 1,10,000
Generalreserve 35,000 Less:Prov.Ford/d 10,000 1,00,000
Workmen’scomp.Reserve 15,000 CashatBank 1,00,000
Sundrycreditors 50,000
8,00,000 8,00,000
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SOLUTIONS
On the same dateChinnugavea notice forherretirementwhichwasagreedupon.The otherterms which were
agreed on retirement were:
(a) Land&Buildingistobeappreciatedby30%.
(b) Machinerytobedepreciatedby20%.
(c) Therearebaddebtsof17,000.
(d) Goodwill of the firmwas valued at2,80,000&Chinnu’sshareofgoodwilltobe adjustedagainst the
capital account of continuing partners capital accounts.
(e) Thetotalcapitalofthenewfirmwillbesameasbefore&willbenewprofitsharingratioof4:3
adjustmentwillbemadeincash.
Prepare Revaluation account,Partners’ capital Accounts& BalanceSheet of the firm after
Chinnu’sretirement.
24 Ram,ShyamandMohanwerepartnerssharingprofitsintheratioof2:2:1.TheBalanceSheetonMarch 31, 2023was as follows:
(6)
Bank Loan 23,000 OtherSundryAssets 2,34,000
Creditors 32,000 Furniture 22,000
Capitals: Customers 2,48,400
Ram 2,55,000 Less:Provision 2,400 2,46,000
Shyam2,20,000 Stock 35,600
Mohan 34,000 Cash 26,400
5,64,000 5,64,000
Whentheydissolvedthefirm.Itwasagreedthat:
a) Ram to takeover furniture atRs.16,000 and debtors amounting to Rs.2,40,000 at Rs.2,34,400 and the
creditors of Rs.32,000 were to be paid by him at this figure.
b) Shyam is totake over all stockforRs.34,000andsome sundryassetsatRs.1,44,000(being10% less than the book value)
c) Mohantotakeoverremainingsundryassetsat80%of thebookvalueandassumetheresponsibility of
discharge of loan together with accrued interest of Rs.4,600.
d) The expenses of realization were Rs.5,400. The remaining debtors were sold to a debt collecting
agency at 50% of the value.
Preparenecessaryaccountstoclosethebooksofthefirm.
25 Vinod Steels Limited issued 80,000EquitySharesof Rs.10eachata premiumofRs.5 pershare,payable as (6)
follows:
OnApplication .................... Rs.8pershare(includingPremiumofRs.4)
OnAllotment ...................... Balanceofinstallments
Issuewasoversubscribedby80,000equitysharesandapro-rataallotmentwasmadeasfollows:
Allotted Full
(a) Applicantsof20%shares
(b) Applicantsof30%shares Allotted40%ofapplicants
(c) Applicantsof30%shares Allotted60%ofapplicants
(d) Remainingapplicants Refuse
Excess applications money is adjusted in further installments. All amounts due were received except the
allotmentfrom:
Mr. Sohan who allotted 500 shares (belong to group-A) & Mr. Ram who had applied for 2,400 shares (out
the group-C). All of their shares were forfeited. Half of the All forfeited shares were reissued for Rs.7 per
share fully paid up. Give journal entries.
OR
PassnecessaryJournalentriesinthefollowingCases:
(A) Vinod Limited forfeited 1,000 shares of Rs.20each(Rs.18called).Ontheseshares,thefirstcallofRs.6
persharewasnotreceivedandthefinalcallofRs.2persharewasyettobecalled.Theseshareswere
subsequentlyre-issuedatRs.10pershare.
(B) Vinod Limited forfeited 300 shares of Rs.10 each issued at a premium of Rs.3 per share, for the non-
payment of the first call money of Rs.3 per share (including a premium of Rs.2). The final call of Rs.2 per
share has not been made. 200 forfeited shares were reissuedat Rs.1,500 fullypaid. Give journal entries.
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SOLUTIONS
26 (A) Mohan Chemicals Ltdhad outstandingRs.500,000 9% DebenturesofRs.100eachonApril1,2022. (6)
Companyissuedadditional60009%debenturesofRs.100eachatdiscountof5%redeemableafter5years
atapremiumof15%onJuly1,2022.InterestwerepaidonMarch31everyyear.Youarerequiredtopass necessary
journal entries for the year 2022-23.
(B) It raised a bank loan of Rs.5,00,000 from State Bank of India on primary security of Building of
Rs.8,00,000. It issued 2,000 9%Debentures of Rs.100 as Collateral Security along with primary security.
PrepareCompany’sbalancesheetifcompanydecidestorecordthecollateralsecurity.
Part:B(AnalysisofFinancialStatements)
27 Givenbelowaretwostatements,onelabelledasAssertion(A)andotherlabelledasReason(R): (1)
Assertion(A):-whenoperatingratioisgivenoperatingprofitwillbeascertain.
Reason(R):-OperatingRatio=RevenuefromOperations-OperatingProfit
a) Assertion (A) and Reason(R) are correct but the Reason(R) is not the correct explanation of
Assertion(A)
b) Both Assertion(A) and Reason (R) are correct and Reason(R) is the correct explanation of the
Assertion(A).
c) OnlyAssertion(A)iscorrect.
d) Assertion(A)isnotcorrectbuttheReason(R)iscorrect.
OR
AtransactioninvolvingincreaseinbothCurrentRatioandQuickratiois:
(a) SaleofEquipmentonLongtermdeferredpaymentsystem.
(b) CashReceivedfromDebtors.
(c) CashpaymentofaCurrentLiability.
(d) Goodspurchasedoncreditbasis.
28 Anoperatingcycleisthetimebetweenthe . (1)
(a) ProductionandSales
(b) Procuringofrawmaterialandproductionofgoods.
(c) financingandsellingofproducts.
(d) Procuringofrawmaterialandrealizationintocashandcashequivalent.
29 StateBankofIndiaissuedRs.10,00,0006%DebenturesofRs.100each.Theamountofreceivedwill be shown (1)

as:
(a) OperatingActivities (b)InvestingActivities
(c)financingActivities (d)CashandCashEquivalents
30 Givenbelowaretwostatements,onelabelledasAssertion(A)andotherlabelledasReason(R): (1)
Assertion(A):-DeclarationofProposedDividend(final)doesnotresultinflowofCash.
Reason(R):-Itdoesnotaffectcashofthecompanysincethereisnopaymentorreceiptincash.
(a) Assertion(A)andReason(R)arecorrectbuttheReason(R)isnotthecorrectexplanationof
Assertion(A)
(b) Both Assertion(A) and Reason (R)arecorrectandReason(R)isthecorrectexplanationofthe
Assertion(A).
(c) OnlyAssertion(A)iscorrect.
(d) Assertion(A)isnotcorrectbuttheReason(R)iscorrect.
OR
A company issued Rs.35,000 9% Debentures of Rs.100 each at 10% Discount. These debentures will be
redeemed at 5% Premiumattheend of4years.The balanceinSecuritiesPremium Account asonthe date of Issue
was Rs.6,000. How this transaction will be reflected in the financing activities of Cash Flow Statement?
(a) CashusedinfinancingactivitiesRs.35,000
(b) CashgeneratedfromfinancingActivitiesRs.35,000
(c) CashusedinfinancingactivitiesRs.31,500
(d) CashgeneratedfromfinancingActivitiesRs.31,500
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SOLUTIONS
31 Classifythefollowingitemsundermajorheadsandsub-heads(ifany)intheBalanceSheetofa company (3)
as per Schedule III, Part I of the Companies Act, 2013 :
(a) PublicDeposits (b)UnclaimedDividend
(c)CallsinArrear (d)Livestock
(e)ComputerSoftware (f)LooseTools
32 Prepare a Comparative Statement of Profit andLossof‘StarFinanceLimited.’fortheyearMarch31, 2023 (3)

from the following information:
Particulars NoteNo. 2022-23 2021-22
RevenuefromOperations 5,00,000 4,50,000
PurchaseofStock-in-trade 2,20,000 3,00,000
ChangesinInventories (80,000) 1,20,000
OtherExpenses 30,000 56,000
OtherIncomes 50,000 60,000
TaxRate 50% 40%
33 (a)Acompanyhadacurrentrationof2.5:1andliquidratioof1.5:1.Workingcapitalof (4)
Rs.3,00,000. Its Inventory Turnover ratio was 6 times.
(b)You are required to calculateRevenue fromoperationwhengoodsaresoldataprofitof 25%.
34 ClassifythefollowingitemsunderMajorheadsandSub-head(ifany) in the (6)

Balance Sheet of a Company as per schedule III of the Companies
Act 2013. (i) Current maturities of long term debts (ii) Furniture and
Fixtures (iii)Provision for Warranties (iv)Income received in advance
(v) Capital Advances (vi)Advances recoverable in cash within the
operation cycle
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SOLUTIONS
Class 12
Sample Papers
Accountancy
SAMPLEQUESTION
03 PAPER
Class-12
ACCOUNTANCY-055
RollNo.: MaximumMarks:80
Date: Timeallowed:3hours
GeneralInstructions:
3. Part-Aiscompulsoryforallthecandidates.
4. Part-Bhastwooptionsi.e.(i) AnalysisofFinancialStatementsand(ii)
ComputerizedAccounting. Students must attempt only one of the given
options as per the subject opted.
5. QuestionNos.1to 16and27to30carries1markeach.
6. QuestionsNos.17to20,31and32carries3markseach.
7. QuestionsNos.from21,22and33carries4markseach
8. QuestionsNos.from23to 26and34carries6markseach
9. Thereisnooverallchoice.However,aninternalchoicehasbeenprovidedin 7
questions ofone mark, 2 questions of three marks, 1 question of four marks
and 2 questions of six marks.
PARTA
(AccountingforPartnershipFirmsandCompanies)
1. X&Yarepartnersinafirmsharingprofit intheratioof5:4.TheyadmittedZasnew partner
and decided
2. thattheprofitsharingratiobetweeny&ZshallbesameasexistingbetweenX&Y. New
profit sharing ratio of the partners:
a). 5:4:3, b)5:4:2, c).25:20:15, d).25:20:16 (1)
2. Readthefollowingstatements:Assertion(A)andReason(R).Choosethecorrect
alternativefromthose given below.
Assertion: Michael, Mike and Stephen were partners sharing profits and losses in the ratio
3:2:1.Stephenbeingapartnerwantsthatheshouldbeexemptedfromsharingthelossesinthe firm.
Reasoning:AccordingtoPartnershipAct1932,”Itmaybeagreedbetweenthepartnersthat oneor
more ofthemshall not be liable for losses.”
Alternatives:
a) BothAandRarecorrect,andRisthecorrect explanationofA.
(b) BothAandRarecorrect,butRisnotthecorrectexplanationofA. (1)
(c) AiscorrectbutRisincorrect.
(d) AisincorrectbutRiscorrect
3. On1stApril2022,Galaxyltd. hadabalanceof₹8,00,000inSecuritiesPremiumaccount.Duringthe
yearcompanyissued20,000Equitysharesof₹10eachasbonussharesandusedthebalanceamountto write
offLoss on issue ofDebentureon account ofissue of2,00,000, 9% Debenturesof₹100 each at a discount
of 10% redeemable @ 5% Premium. The amount to be charged to Statement of P&L for the year for
Loss on issue of Debentures would be:
a) ₹30,00,000.b)₹22,00,000.c)₹24,00,000. d) ₹20,00,000. (1)
OR
end
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SOLUTIONS
If10,000 shares of₹10 each were forfeited for non-payment offinal callmoney of₹3 per share and
only7,000oftheseshareswerere-issued@₹11pershareasfullypaid up,thenwhat istheminimum amount
that company must collect at the time ofre-issue ofthe remaining 3,000 shares?
a) ₹21,000b)₹9,000c)₹16,000d)₹30,000 (1)
4. A,B,Cwerepartnerssharingprofit intheratioof5:3:2.Witheffect from1stApri2022.Theyagreed to share

future profit in the ratio of 2:5:3.
Furniture book value ₹2,00,000and Revised value found₹ 1,70,000. But they decided to record the
effectofRevaluationwithoutaffectingthebookvalueoffurniture.Whichofthefollowingiscorrectin above
case?
a).A’scapitala/c..Dr₹30,000,B’scapitala/cCr₹20,000,C’scapitala/cCr₹10,000
b) B’scapitala/cDr₹6,000,C’scapitala/cDr₹3000,A’scapitala/c..cr₹9000,
c) A’scapitala/cDR₹9,000,B’scapitala/cCr₹6,000, C’scapitalCr₹3,000
d) A’scapitala/cDr₹15,000,B’scapitala/cDr₹9,000,C’scapitala/cDr₹6,000, To
Revaluation a/c Cr. ₹30,000
(OR)
X,Y,Zarepartnerssharingprofit intheratiooftheircapitals,Their fixedcapitalsason31stMarch 2022.
₹12,00,000, ₹ 8,00,000, ₹2,00,000 respectively Zis guaranteed witha minimum profit of
₹1,00,000.ThedeficiencyifanyistobebornebyXandY.Thefirmincurreda lossof
₹11,00,000.DeficiencybornebyY is
a). 4₹,80,000, b). ₹80,000, c). ₹40,000, d)..₹1,20,000
5. X,Y,Z were partners sharing profit in the ratio of 3:3:4.Their capitals at the end of the yesr 31st
March2022.Were₹4,00,000₹,5,50,000,₹6,00,000respectively.Y’sDrawingsduringtheyearwere₹
9,550.Asperthedeedinterestoncapital@9%onopeningcapitalhasbeenallowedtothem. Divisable profit
after providing interest on capital was ₹48,500. Y’s opening capital Rs.
A).₹ 5,09,000,b)₹5,50,000,c).₹5,45,000,d).₹5,00,000 (1)
6. A company issued 8%Debenturesof100each.Atapremiumof6%.Redeemableata

premium of 10%. At the time of writing off Loss on issue of Debentures. Statement of p& L account
debited with 72,000.
NumberofDebenturesissuedbycompany.
a).18,000,b).20,000,c).25000,d).15000. (1)
OR
Acompanyissued48,000,9%Debenturesof100eachat adiscountof5%.Redeemableat apermium of
%. Existing balance ofsecurity premiumaccount before issue ofthese debentureswas
₹8,00,000,andafterwritingoffLossonissueofdebentures,thebalanceofsecuritypremiumaccount was
₹32,000. At what rate ofpremiumthese debentures to be redeemed. ?
a).10%,b).11%,c).12%.d).15%. (1)
7. Readthefollowingstatements:Assertion(A)andReason(R).Choosethecorrectalternativefrom those
given below.
Assertion (A):- Under Section 62(1)(b) of the Companies Act, 2013, a Company may offer shares to
itsemployeesunderaschemeof‘EmployeesStockOption’whichmeanstheoption(right)giventothe whole-
time directors, officers or permanent employees of a company to purchase or subscribe the securities
offered by the company at a future date, at a pre-determined price, which is lower than the market
price. Alternatives:
Reason(R):-Thecompanyneednottopassaspecialresolutiontothiseffect.
(a) BothAssertion(A)andReason(R)areCorrectandReason(R)isthecorrectexplanationof
Assertion(A)
(b) BothAssertion(A)andReason(R)areCorrect,butReason(R)isnotthecorrectexplanationof
Assertion(A)
(c) Assertion(A)isincorrect,butReason(R)isCorrect. (1)
(d) Assertion(A)iscorrect,butReason(R)isincorrect
8. Neil, Nitin and Nitesh were partners in the firmsharing profits and losses equally. Neil retires from
thefirmandonhisretirement,heisentitledforthepayment duetohimafteralltheadjustments.Atthe time of
retirement, if nothing is mentioned about the payment made due to him, in which account, the amount
will be transferred: (a) Retiring Partner’s Current A/c (b) Retiring Partner’s Capital A/c (c) Retiring
Partner’s Loan A/c (d) Retiring Partner’s Bank A/c
end
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SOLUTIONS
OR
Stella, Grace and Carolwere partners in the firmsharing profits and losses in theratio 3:2:1. Carol was
guaranteedaprofit of15,000aftermakingalladjustments.AnydeficiencyistobebornebyGrace.The net profit
for the year 31st March 2023 was Rs. ₹60,000. Grace will be by Rs. .
(a)Credited,Rs.6,500.(b)Debited,Rs.5,000.(c)Credited,Rs.7,500.(d)Debited,Rs.2,500. (1)
Readthefollowinghypotheticalsituation,AnswertheQuestion9&10.
X&Y are partners their opening capitals are X ₹2,40,000, Y .On1stOctober2021,it
was decidedthat the total capital of the firm will be ₹5,00,000 to be contributed equally by both of
them. As per the partnership deed interest on capital is allowed @6%p.a. interest on capital was
provided to X & Y ₹15,600.
9. HowmuchinterestoncapitalistobeprovidedtoX?
A).₹14700,B).₹15000,C).₹22,200,D). ₹12,500. (1)
10. OpeningcapitalofY
a).₹2,50,000b).₹2,60,000,c).₹2,70,000,d). ₹2,80,000 (1)
11. Atthetimeofdissolutionoffirm, “Loanofpartners”(Loansgivenbypartnerstothefirm) ispaid out of

the amount realized on sale of assets :
(a) Aftermakingthepaymentofloansgivenbythirdparty
(b) AftermakingthepaymentofbalanceofCapitalAccountsofpartners
(c) Aftermakingthepaymentofabove(A)and(B)
(d) Beforethepaymentofloansgivenbythirdparty (1)
12. Ondissolutionofafirm,anunrecordedfurnitureofthevalueof₹5,000 wastakenupbya partner

for₹4,300.Which Accountwillbecreditedandbyhowmuchamount?:
(a) CashAccountby₹4,300
(b) RealizationAccountby₹700
(c) Partner’sCapitalAccount by₹5,000
(d) RealizationAccountby₹4,300 (1)
13. AmountofCallsinArrearsisshownintheBalanceSheet
(A) asdeductionfromissuedcapital
(B) asdeductionfromsubscribedcapital
(C) asadditiontosubscribedcapital
(D) onthe assetsside (1)
14. Anapplicant kartikwhowasalloted500sharespaidtheentireamount ofshareRs.5000alongwith

applicationwhereasthecalledupvalueofshare isonlyRs.5per share Whenthecompanyisreceiving
finalcall ofthe share ofRs.2 per share calls in advance account will be
A) DebitedwithRs.1000
B) CreditedwithRs.1000
C) DebitedwithRs.5000
D) creditedwithRs.3000.
15. AmountofCallsinAdvanceis
(A) AddedtoShareCapital
(B) DeductedfromShareCapital
(C) ShownontheAssetssideothercurrentassets
(D) Shownonliabilitysidecurrentliabilities-Othercurrent liabilities (1)
16. Following amounts were payable on issue of shares by a Company : ₹3 on application, ₹3 on

allotment.₹2onfirstcalland₹2onfinalcall.Xholding500sharespaidonlyapplicationandallotment
moneywhereas Y holding 400 sharesdid not payfinal call. Amount ofcalls in arrear will be :
(A)₹3,800(B)₹2,800(C)₹1,800(D)₹6,200 (1)
17. X,Y,Zwerepartnerssharingprofitintheratioof5:3:2.Ydiedafter3monthsfromthelast Balance sheet

(31-3-2022). As per agreement deceased partner’s share is to be calculated on the basis of average
profit for the last 5 years plus 25%. The profits were
end
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SOLUTIONS
31-3-2018 ₹9,000,31-3-2019 11,000,
31-3-2020 ₹10000(Loss),
31-3-2021 ₹12000
31-3-2022 ₹18000.
CalculateY’sshareandgivejournalentryforthesame.(3)
18. V&Gwerepartnerssharingprofitintheratioof5:3.Theirfixedcapitalsason31stMarch2021
were₹3,00,000and ₹4,00,000 respectively. As per partnership deed interest on capitals allowed
@12%p.a. profits at the end of 31-3-2022 before providinginterest on capital was ₹63000Give the
journal entry for the above show your working clearly. (3)
OR
X,Y,Zwerepartnerssharingprofitintheratioof2:2:1.Theirpartnershipdeedprovidedthefollowing.
i. Xguaranteedthathewillearnanannualfeeof₹1,60,000tothefirm
ii. Ywasguaranteedaprofitof₹70,000.AndanydeficiencyarisingwillbebornebyXandZinthe ratio
of3:2.
DuringtheyearXwasabletoearnfee₹1,40,000,andprofitofthefirm₹80,000beforeprovidingthe above. Prepare
P&L Appropriation account.(3)
19. ZoomLtd.,purchasedthefollowingAssetfromzolaLtd.
Assets Bookvalue₹ Agreedvalue₹

Land 30,00,000 38,00,000
Machinery 19,00,000 15,00,000
Thepurchaseconsiderationwas₹50,00,000payablebyacceptingaBillsofexchangefor₹2,00,000andbalance by
issuing10% Debentures of 100 each. At a premiumof 20%. Give journal entries for theabove. (3)
20. X,Y,Zwerepartnerssharingprofitintheratioof5:3:2.Theydecidedtosharefutureprofitinthe ratio of

2:3:5 with effect from 1st April 2022. The als decided to record the effect of the following without
affecting their books of values.
i. Profit&Lossaccountcreditbalance₹24000
ii. Advertisementsuspenseaccount₹12000.
Passtheadjustingentry. (3)
21. OmegaLtd.,registeredwithanauthorizedcapitalof₹10,00,000dividedinto1,00,000Equityshares of
10/- each. The company issued50,000 Equity shares. at a premium of ₹5/- per share payable On
application ₹2/- per share, Rs. 8 per share on allotment including premium. And balance on first &
final call. The issue was fully subscribed all the amount due were received except first and and final
call of 500 shares allotted to Satish.
ShowhowthesharecapitalappearintheBalancesheetofOmegaLtd.asperscheduleIIIofthe
companies act 2013. Also prepare Notes to accounts. (4)
22. GeorgeSuraj&Gurmeetarepartnerstheydecidedtodissolvetheir firm.passthejournalentries for the

following after various asst except cash & bank and Liabilities have been transferred to realization
account.
a). TherewereBookDebts₹38,000,provisionforbadanddoubtfuldebts₹3000.–Book debtsof
₹6000provedtobebad.Balancerecovered full.
b). Georgeagreedtopayhiswife’sLoan₹3500 atadiscountof5%.
c)ALaptopnotrecordedin thebookswas takenoverby surajat₹1500(itsmarket valueis ₹2500/-).
d).Acontingentliability(notprovidedfor)of₹2500wasalsodischarged. (4)
23. Acompanyissued2000sharesofRs.10/-each,Atapremiumofrs.2persharepayable On
application Rs.3, including premiumRe.1)
OnAllotmentRs.4/-,includingpremiumRe.1)
Balance On 1st. call (Rs5 )and
The company received 3000 application. Pro-rata allotment was made for 2400 application.all the
money received Ganesh holding 200 shares failed to pay allotment his shares were forfeited
immediatelyafterallotment.kumarappliedfor360sharesfailedtopaycallshissharewereforfeited.out ofit
300shares werere-ssued ₹8/=(which includes allthe shares ofGanesh)pass the journalentries(6)
OR
i. LLtdforfeited470sharesof20eachissuedatapremiumof₹3/-persharefornonpayment
ofallotmentof₹8/- (includingpremium3/-)and first callof5pershare,finalcallof₹5/-
end
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SOLUTIONS
persharenotyetmade.outofthese235shareswerereissued@₹19/-eachfully paid.
Pass the necessary journal entries for the above transaction.
ii. VikramLtd forfeited 5000 shares ofRahul who applied for 6000 shares for non payment of
allotment₹5/-pershare,first&finalcallof₹2/-pershare.Onlyapplicationmoney₹3/- was paid
by him. Out of these 3000 shares were
Re-issued@₹12/-pershareasfullypaidPassthenecessaryjournalentriesforthe Above
transaction
iii. Rathan Ltd., forfeited 3000 shares of ₹10/- each (issued a₹t 2/- premium )for non payment of
firstcall₹2/-andfinalcallof₹3persharewasnotyetmade.Outofthese2000shareswere
reissuedat₹10/-asfullypaid. Passthenecessaryjournalentriesfortheabovetransaction(6)
24. Ak&BkwerepartnerstheirBalancesheetonthatdatewas
Balancesheetasat31stMarch2023
Liability ₹ Assets ₹
creditors 13,000 Bank 15,000
Employeeprovidentfund 8,000 Debtors 22,000
workmencompensreserve 15,000 Lessprovision 1,000 21,000
contingencyreserve 20,000 stock 10,000
Ak'scapital 55,000 plant&machinery 60,000
Bk'scapital 30,000 85,000 Goodwill 10,000
1,41,000 p&L a/c 5,000
preliminary
expenses 12,000
Advertisement
suspense 8,000
1,41,000 1,41,000
CKwasadmittedfor1/4thshareonthefollowingterms:
a). Bad debts₹1500isto bewrittenoff.
b). Stockworth₹8000wastakenoverbyAk&BKintheirprofitsharingratio.Remaining stock
was valued as ₹2500.
c). Plant&machinery&Goodwillwerevaluedat₹32,000and₹20,000respectively.
d). CKbroughther share ofGoodwillincash.
e). CKwillbringinproportionatecapital,andthecapitalsofAK&BKwillbeadjustedintheir profit
sharing ratio.by bringing in or paying offcash as the case may be.
PrepareRevaluationaccountandPartner’scapitalaccount.
OR (6)
Om,JaiandJagdisharepartnerssharingprofitintheratioof3:2:l.Theirbalance sheet as
at31stMarch 2023 as under
BalancesheetasatMarch31st2023
(₹`) (₹`)
Creditors 80,000 Building 1,80,000

BillsPayable 26,000 Plant 1,40,000
Generalreserve 24,000 MotorCar 40,000
Capital: Stock 1,00,000
Om 1,60,000 Debtors 63,000
Jai 1,20,000 Less:Provision
Jagdish 1,20,000 4,00,000 for Baddebts 3,000 60,000
CashatBank 10,000
5,30,000 5,30,000
Jairetiresonthatdateonthefollowingterms:
(a) TheGoodwillofthefirmisvaluedat`₹60,000.
end
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SOLUTIONS
(b) StockandBuildingto beappreciatedby10%.
(c) Plantisdepreciatedby10%
(d) ProvisionforBaddebtsisincreasedupto `₹ 5,000.
(e) Jai’sshareofgoodwillwasadjustedthroughremainingpartnerscapitalaccount,
TheamountduetoJaiispaidoutofthefundbroughtinbyOmandJagdishintheirnewprofitsharingratio. Jaiis
paid fullamount. Prepare RevaluationAccount and Partner’s Capital account (6)
25. A)A.B.Cwerepartnerssharingprofit intheratioof4:3:2.cDiedon1st. july2019.onthat daytheir

capitals were ₹75,000,₹.65,000,₹45,000 respectively. A& B continuedtocarry onthe business for 6
months without settling C’s account. During that 6 months they earned profit ₹50,000State the two
options available to A &B. under section 37 ofIndian partnership Act. 1932.
B)P,Q,and R were partners sharing profits and losses equally. R died on 28th feb 2021.His share of
profittillthedateofdeathistobecalculatedonturnoverbasis.PreviousyearsalesbeingRs.12,00,000 and
profit of previous year Rs.2,40,000. During the year 2021 the sales decreases by 10% and the profit
also decreases by 2%. find the share of profit of the deceased partner Rand also pass necessary
journal entry 3+3= 6
26. SonyaandMayankarepartners,whosharedprofitas3:2.Followingisthebalancesheetason
March2023
BalanceSheetasatmarch31,2023

(₹`) (₹`)
Creditors 28,000 Cashinhand 10,500

Billspayable 20,000 CashatBank 30,000
Profit&LossA/c 13,500 Stock 7,500
Sonya’sCapital 32,500 Sundrydebtors 21,500
Mayank’sCapital 11,500 Less:Provision
forbaddebt 500 21,000
Land&Building 36,500
1,05,500 1,05,500
Thefirmwasdissolvedonmarch31, 2023Closethebooksofthefirmwiththefollowing information:
(i) Debtorsrealisedat adiscountof5%.
(ii) Stockrealisedat`₹7,000.
(iii) Buildingrealisedat`₹42,000.
(iv) Realisationexpensesamountedto`₹1,500.
(v) Creditorsandbillspayablearepaidinfull.Preparenecessaryledgeraccounts (6)
end
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SOLUTIONS
PARTB
Option–I
(AnalysisofFinancialStatements)
27. TheBalancesheetshowsthefinancialpositionofanenterprise:
a).overaperiodoftime b).Ata point oftime
c).Duringaperiodoftime c).Foraperiodoftime (1)
OR
Whichofthefollowingisnot anactivityRatio?
a).inventoryturnoverratio b).interestcoverageratio
c).workingcapitalturnoverratio d).Tradereceivableturnoverratio(1)
28. FollowinginformationisprovidedbyRehmanLtd.,
8%Debentures₹40,00,000
Capitalemployed₹80,00,000
Netprofitsafterinterest&tax₹10,00,000
DebtEquityratioofthefirmwillbe
a).1:1 b). 2:1
c).0.44:1 d).1.5:1 (1)
29Whichofthefollowing isnotincludedincash&cashequivalent?
a).cashin hand b).Bankbalance
c).cheques&Draftsd).purchaseof8%Debenturesmaturingafter120days. (1)
30. whilepreparingcashflowstatement,interestreceivedondebentureswillbeconsideredas
a).operatingActivityb).investingactivity
c).Financingactivity d). cash&cashEquivalent (1)
31. ClassifythefollowingunderMajorandsubheadingsntheBalancesheet ofacompanyasper
schedule III of the company Act2013.
i).prepaidinsuranceii).Loosetools, iii).Trademarks, iv).Capitalreserve
v).callsinarrears vi).Unpaiddividend (3)
32. GivethereasonwhythefollowingpartieswereinterestedinFinancialstatementAnalysis.?.
a).investors b).suppliers,c). Bankers. (3)
33. Fromthefollowingstatementsofprofitandlossofvedaltdpreparecomparativeincomestatement
particulars 2022-23Rs. 2021-22Rs.
Revenuefromoperations 20,00000 10,00,000
Otherincome 2,00,000 50,000
Costofmaterialsconsumed 60%onrevenuefromoperation 50%onrevenuefromoperation
Employeebenefitexpenses 1,40,000 80,000
Taxrate 30% 30%
(4)
.or
Fromthefollowinginformationpreparecommon sizebalancesheet
Particulars Noteno 2022-23Rs. 2021-22Rs.
Equityandliabilities
Shareholdersfund 8,00,000 4,00,000
Noncurrentliabilities 5,00,000 2,00,000
end
Currentliabilities 3,00,l000 2,00,000
Total 16,00,000 8,00,000

ASSETS
Noncurrentassets 10,00,0000 5,00,000
Currentassets 6,00,000 3,00,000
Total 16,00,000 8,00,000
(4)
34. Explaintheimportanceofratioanalysisintheanalysisoffinancialstatements.Providet woexamplesofratios

commonly used in financial analysis and describe how each ratio helps in evaluating a company's financial
performance.
end
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SOLUTIONS
Class 12
Sample Papers
Accountancy
SAMPLE QUESTION PAPER [2023-24]
SET-04
SUBJECT ACCOUNTANCY 055
CLASS XII
Time: 3 Hours Max. Marks: 80
General Instructions:
Read the following instructions carefully and strictly follow them:
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 and B is compulsory for all candidates.
4. Question 1 to 16 and 27 to 30 carries 1 mark each.
5. Questions 17 to 20, 31and 32 carries 3 marks each.
6. Questions from 21 ,22 and 33 carries 4 marks each
7. Questions from 23 to 26 and 34 carries 6 marks each
8. 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
1. Jadu and Madhu are partners sharing profits in the ratio of 3:2. Their capitals were ₹
15,00,000 and ₹ 18,00,000 respectively. They admitted Sidhu on 1st April 2021 for 1/5th
share in future profits and he brings certain amount of capital. If value of goodwill (Hidden
goodwill) came to be ₹ 7,00,000, find Sidhu‘s capital.
a) ₹ 5,00,000
b) ₹ 10,00,000
c) ₹ 15,00,000
d) ₹ 18,00,000
2.Assertion (A): it is necessary condition that all the partners should contribute capital in the
firm.
Reason(R): The essential condition is that a written agreement exists to share profits of the
business and the business may be carried on by all or any of them acting for all.
a) Both (A) and (R) true and (R) is the correct explanation of (A).
b) Both (A) and (R) true and (R) is not the correct explanation of (A).
c) (A) is true and (R) is false.
d) (A) is false and (R) is true.
3. Reserve share capital means :

a) Part of authorised capital to be called at the beginning
b) Portion of uncalled capital to be called only at liquidation
c) Over subscribed capital
d) Under subscribed capital
Or
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As a purchase consideration of a machinery of ₹7,20,000, debentures of ₹100 each were
issued at a premium of ₹25 by the company. The number of debentures issued by the
company is:
a) 7,200
b) 5,700
c) 7,000
d) 5,760
4. X and Y share profit and loss in 3:2. From 1st January, 2017 they agreed to share profit
equally. Their sacrifice or gain will be :
a) Sacrifice by X: 1/10
b) Sacrifices by Y : 1/10
c) Both (a) and (b)
d) None of these
Or
The entry to be passed for adjustment of goodwill when there is a change in profit
(loss) sharing ratio of partners, without opening goodwill account is
a) Sacrificing Partners‘ Capital A/c Dr
To Gaining Partners‘ Capital A/c
b) Gaining Partners‘ Capital A/c Dr
To Sacrificing Partners‘ Capital A/c
c) Gaining Partners‘ Current A/c Dr
To Sacrificing Partners‘ Current A/c
d) Either (b) or (c)
5. If there is a change in profit sharing ratio of existing partners and the question is silent
about investment fluctuation reserve, then it is distributed among partners in
a) Old ratio
b) New ratio
c) Sacrificing ratio
d) Gaining ratio
6. Which of the following is incorrect about debentures?

i. Discount or Loss on Issue of Debentures, both are capital loss for the company
ii. Loss on Issue of Debentures can be written off from:
• Securities Premium Reserve [Sec 52(2)]
• Statement of Profit and Loss
iii. In case balance in Statement of Profit and Loss is not sufficient to write off
the total amount of discount or loss, on issue of debentures, it is written off
from Statement of Profit and Loss, to the extent of balance available in
Securities Premium Reserve and then the remaining balance is written off
from Securities Premium Reserve.
a) Only (ii)
b) Only (iii)
c) Both (i) and (ii)
d) All (i),(ii) and (iii)
Or
Rama Ltd. took over the following assets and liabilities of Krishna Ltd. on 1st April,
2021.
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SOLUTIONS
Particulars ₹
Land and Building 50,00,000

Furniture 10,00,000
Stock 5,00,000
Creditors 7,00,000
The purchase consideration of ₹60,00,000 was paid by issuing 12% debenture of

₹ 100 each at a premium of 20%
In the books of Rama Ltd., 12% Debentures A/c will be:

a) Debited by ₹ 60,00,000
b) Credited by ₹ 50,00,000
c) Credited by ₹ 60,00,000
d) Debited by ₹ 50,00,000
7. Assertion (A): If the shareholder fails to pay the amount of one or more calls on his
shares, the company may forfeit his shares after giving him due notice.
Reason (R): Even after the forfeiture of shares, the shareholder whose shares have
been forfeited is responsible to pay the amount due from him until the company
receives full amount on those shares. Now, select your answer according to the Coding
Scheme given below:
a) Both assertion and reason are correct
b) Assertion is correct but reason is wrong
c) Both assertion and reason are wrong
d) Assertion is wrong but reason is correct
8. A, B and C are partners in a firm sharing profits and losses in the ratio of 2:2:1.
On March 31, 2019, C retired. Accounts are closed on Dec, 31 every year. The
sales for the year 2018 was ` 6,00,000 and the profits were ` 60,000. The sales for
the period from Jan 1, 2019 to March 31, 2019 were ` 2,00,000. The share of
retiring partner in the current year‘s profits on sales is:
a) ₹ 20,000
b) ₹ 8,000
c) ₹ 3,000
d) ₹ 4,000
OR
X, Y and Z are partners in a firm sharing profits and losses in the ratio of 6:4:1. X
guaranteed a profit of Rs 15,000 to Z. the net profit for the year ending 31st march
2019 was Rs 99,000. X‘s share in the profit of the firm will be
a) ₹ 30,000
b) ₹ 15,000
c) ₹ 48,000
d) ₹ 45,000
Read the following hypothetical situation, answer question no. 9 and 10

A and B are partners sharing in the ratio of 3:2 with capitals of ₹.500000 and ₹ 300000
respectively. Interest on capital is agreed @6% p.a. B is allowed an annual salary of ₹ 36000.
During the year, 2022-23, the profits prior to the calculation of interest on capital but
3
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SOLUTIONS
after charging B’s salary amounted to ₹ 180000. A provision of 5% of the profit is to be
made in respect of commission to the manager.
9. How much amount of profit will be transferred to profit and loss

appropriation account?
a) ₹ 216000
b) ₹ 254000
c) ₹ 205200
d) None of these
10. What is the total interest on capital to be charged to both the partners?
a) ₹ 30000
b) ₹ 18000
c) ₹ 48000
d) None of these
11. A, B and C were partner in a firm sharing Profit in the ratio of 3:2:1 during the year the
firm earned profit of ₹ 84,000. Calculate the amount of Profit or Loss transferred to the
capital A/c of B.
a) Loss ₹ 87,000
b) Profit ₹ 87,000
c) Profit Rs.28,000
d) Profit Rs.14,000
12. Which statement is issued before the issue of shares?

a) Prospectus
b) Articles of Association
c) Memorandum of Association
d) All of these
13. Company can utilise securities premium for:

a) Writing off loss incurred on revaluation of asset
b) Issuing fully paid bonus shares
c) Paying divided
d) Writing off trading loss
14. Revaluation account is a

a) Real account
b) Personal Account
c) Nominal Account
d) Either a or b
15. Vidit and seema were partners in a firm sharing profits and losses in the ratio of 3:2.
Their capitals were Rs 1,20,000 and Rs 2,40,000 respectively. They were entitled to interest
on capitals @ 10% . The firm earned profit of Rs 18,000 during the year. The interest on
vidit‘s capital will be
a) ₹ 12,000
b) ₹ 10,800
c) ₹ 7,200
4
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SOLUTIONS
d) ₹ 6,000
Or
In the absence of partnership, interest on loan of a partner is allowed
a) @8 % per annum
b) @ 6% per annum
c) No interest is allowed
d) @ 12 % per annum
16. On the basis of the following data, how much final payment will be made to a
partner on firm‘s dissolution? Credit balance of the partner was ₹ 50,000.Share of loss
on realization amounted to ₹ 10,000.Firm‘s liability taken over by him was ₹ .8,000.
a) ₹32,000
b) ₹48,000
c) ₹40,000
d) ₹52,000
17. Amita, Babli and Charmi are partners sharing profits in the ratio of 5:3:2. Babli retires
and new profit-sharing ratio between Amita and Charmi is agreed at 2:3. They also decided
to record the effect of the following without affecting their book values:
General reserve ₹ 1,20,000
Contingency reserve ₹ 70,000
Profit & Loss A/c (Dr.) ₹ 30,000
Advertisement suspense Account ₹ 10,000
You are required to give single necessary adjusting entry.
18. Reya, mona and nisha shared profits in the ratio of 3:2:1. Profits for the last three years
were ₹ 1,40,000, ₹ 84,000 and ₹ 1,06,000 respectively. These profits were by mistake
distributed equally. The error is now to be corrected. Give necessary rectification
journal entry.
Or
Bhanu and pratap are partners sharing profits in the equally. Their fixed capital as on 1st
April, 2023 were Rs 8,00,000 and Rs 10,00,000 respectively. Their drawings during the year
were Rs 50,000 and Rs 1,00,000 respectively. Interest on capital is a charge and is to be
allowed @ 10 % p.a. and interest on drawings is to be charged @ 15% p.a. profit for the
year ended 31st march, 2022 before giving effect to the above was Rs 1,20,000.
Prepare profit and loss appropriation account.
19. Random Ltd. took over running business of Mature Ltd. comprising of Assets of
45,00,000 and Liabilities of 6,40,000 for a purchase consideration of 36,00,000. The
amount was settled by bank draft of 1,50,000 and balance by issuing 12% preference
shares of 100 each at 15% premium. Pass entries in the books of Random Ltd.
Or
SSS Ltd. issued 25,000; 10% Debentures of ₹100 each. Give Journal entries and the
Balance Sheet in each of the following cases when:
a) The debentures were issued at a premium of 20%
b) The debentures were issued as a collateral security to Bank against a loan of ₹
20,00,000
5
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SOLUTIONS
20. Average profit earned by a firm is Rs75,000 which includes undervaluation of stock of
Rs5000 on average basis. The capital invested in the business isRs 8,00,000& the normal
rate of return is 8 %.
Calculate goodwill of the firm on the basis of 5 times the Super Profit
21. Janta LTD had registered with ₹ 2,00,000 capital, divided into equity shares of ₹ 10
each. Company offered for subscription ₹ 1,00,000 shares. The issue was fully subscribed.
The amount payable on application ₹ 2, on allotment and 1st and final call ₹ 4 each. A
shareholder holding 100 shares failed to pay the allotment money. His Shares were
forfeited. The company did not make the final call.
Show how the "share capital" will be shown in the Balance sheet of the company also
prepare Note to accounts for the same.
22.Pass journal entries of the following transactions on the dissolution of firm of X,Y and Z after
transferring all Assets and external Liabilities to Realisation account.
a) Sundry Assets were of Rs.1,17,000.Y is to take some assets at Rs.72,000(being 10% less
than the book value) .Z is to take over remaining sundry assets at 80% of the book value.
b) Workmen compensation reserve was Rs.60,000 and workers claim Rs.75,000
c) Loan given by Partner,X of Rs.20,000 was settled at 20% discount.
d) Building (Book Value Rs.5,00,000) sold for Rs.8,00,000 through a broker,who charged
2%commission.
23. Manvet Ltd. Invited applications for issuing 10,00,000 equity shares of Rs.10 each at a
premium of Rs.1 per share. The amount was payable as follows :
On application and allotment – Rs.4 per share ( including Rupee 1 premium)
On first call – Rs.4 per share
On second and final call – Rs.3 per share.
Applications for 15,00,000 shares were received and pro rata allotment was made to
all the applicants. Excess application money was utilized on the subsequent calls. A
shareholder who had applied for 6,000 shares did not pay the first, second and final call
money. His shares were forfeited after second and final call. 90% of the forfeited shares
were re-issued at Rs.8 per share fully paid-up.
Pass necessary Journal entries for the above transactions in the books of the Company.
Or
X Ltd. Invited applications for issuing 5,00,000 equity shares of Rs.10 each at par. The
amount per share was payable as follows :
On Application - Rs.1 per share
On Allotment - Rs.2 per share
On First Call - Rs.3 per share
On Second and Final Call -Balance
Applications for 8,00,000 shares were received. Applications for 1,00,000 shares
were rejected and pro-rata allotment was made to the remaining applicants. Excess
money received with applications was adjusted towards sums due on allotment. All calls
were made. Ashok, a shareholder holding 5,000 shares, failed to pay the allotment
and the call money. Mohan, a shareholder who had applied for 7,000 shares, failed to pay
the first and second and final call. Shares of Ashok and Mohan were forfeited after the
second and final call. Of the forfeited shares 8,000 shares were re-issued at Rs.12 per
share fully paid-up. The reissued shares included all the forfeited shares of Ashok.
Pass necessary Journal entries for the above transactions in the books of X Ltd.
24. A, B and C are partners sharing profits and the ratio of 2:3:5. On 31st March 2019, their
Balance Sheet was as follows.
6
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Balance Sheet
st
as at 31 March,2019
Liabilities (₹) Assets (₹)
Capital A/cs: Cash 18,000
A 36,000 Bills Receivable 24,000
B 44,000 Furniture 28,000
C 52,000 1,32,000 Stock 44,000
Creditors 64,000 Debtors 42,000
Bills Payable 32,000 Investment 32,000
P & L Account 14,000 Machinery 34,000
Goodwill 20,000
242000 2,42,000
They admit D into partnership on the following terms:
a) D to bring (₹). 32,000 towards his capital for 1/6th share.
b) Goodwill is to be valued at ₹. 24,000 and D brought his share of goodwill in cash.
Half of the goodwill was withdrawn.
c) Bad debts was ₹ 2,000 and a provision for doubtful debts be created at 5%.
d) An unrecorded liability of (₹) 3,000 was paid by A.
e) Appreciate investment by 15%.
Pass journal entry and prepare partners‘ capital accounts
Or
Digvijay, Brijesh and Parakaram were partners in a firm sharing profits in the ratio of 2:2:1.
Their Balance Sheet as on 31st March, 2022 were as follows:
Liabilities (₹) Assets (₹)

Sundry Creditors 49000 Cash in hand 8000
Reserves 18500 Debtors 19000
Digvijay’s Capital 82500 Stock 42000
Brijesh’s capital 60000 Building 207000
Prakarma’s capital 75000 Patents 9000
285000 285000
a) Brijesh retired on 31st March, 2022 giving his share to the remaining partners equally.
b) Loss on Revaluation upon Brijesh‘s retirement was ₹ 11000.
c) Goodwill of the firm was valued at ₹70,000
Pass necessary Journal entries.
25. Arun , Varun and Karan were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On
31st March,2022, their balance sheet was as follows :
Balance Sheet
As at 31st March,2022
Liabilities Rs. Assets Rs.
Creditors 17000 Cash 8000
Bills Payable 12000 Debtors 13000
Karan‘s Loan 28000 Bills Receivables 9000
Capital A/c 70000 Furniture 27000
Arun 68000 Machinery 125000
Varun Karan’s capital 13000
195000 195000
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On 30th September,2022 Karan died. The partnership deed provided for the following to the
executors of the deceased partner. His share in the goodwill of the firm calculated on the
basis of three years‘ purchase of the average profits of the last four year. The profits of the
last four years were Rs.1,90,000, Rs.1,70,000. Rs.1,80,000 and Rs.1,60,000 respectively.
His share in the profits of the firm till the date of his death calculated on the basis of the
average profits of the last four years Interest @8% per annum on the credit balance if any in
his capital account. Interest on his loan @12% per annum.
Prepare Karan‘s Capital account to be presented to his executors, assuming that his loan
and interest on loan were transferred to his capital account.
26. Fashionable Fabrics Ltd. has decided to start a new showroom. The Finance Manager of
the company has estimated the capital requirements at ₹12,50,000. The company has
arranged ₹5,00,000 from the internal sources to start the showroom. It has also decided
to call the unpaid amount of ₹3 per share on its 10,000 equity shares. The requirements of
the remaining capital was fulfilled by raising a loan from Bank of India payable after five
years. 8% Debentures of ₹100 each were issued for 1.5 times more amount than that of
loan as collateral security.
The management raised the following questions:
a) What will be the total requirements of the loan raised by the company?
b) What will be total number of debentures issued by the company?
c) Is the company liable to pay the interest on these debentures?
d) How debentures will be shown in the financial statements of the company when
company has recorded the issue of debentures by passing a journal entry in the
books of company?
e) How will you classify the loan raised as per the Schedule III of the Companies
Act,2013?
Part-B
27. Match the following:
1. Short term loan (i) Other current liabilities
2. Short term loans and advances (ii) Short term borrowing
3. Debentures (iii) Long term borrowings
4. Debentures redeemable during current year(iv) Current investments
Select the correct code:
(a) 1 – iii, 2 – ii, 3 – iv, 4 – i (b) 1 – iii, 2 – iv, 3 – ii, 4 - i
(c) 1 – ii, 2 – iv, 3 – iii, 4 – i (d) 1 – i, 2 – ii, 3 – iii, 4 – iv
Or
Which of the following is not the limitation of financial statement analysis?
(a) Ignores price level changes (b) window dressing
(c) Qualitative aspect ignored (d) Inter firm comparisons
28.Working Capital Ratio is 1.5:1. Working Capital is ₹ 30,000. What will be the
amount of current liabilities?
a) ₹ 20,000 b) ₹ 60,000
b) ₹ 1,65,000 d) ₹ 1,20,000
29. If a machine whose original cost is ₹40,000 having accumulated depreciation ₹

12,000, were sold for ₹34,000 then while preparing Cash Flow Statement its effect
on cash flow will be :
8
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i. Cash flow from financing activities ₹34,000
ii. Cash flow from financing activities ₹6,000
iii. Cash flow from investing activities ₹34,000
iv. Cash flow from investing activities ₹6,000
Or
A Ltd., engaged in the business of retailing of two wheelers, invested ₹ .50,00,000 in the shares
of a manufacturing company. Dividend received on this investment will be :
a) Cash Flow from Operating Activities
b) Cash Flow from Investing Activities
c) Cash Flow from Financing Activities
d) Cash Equivalent
30. If 6% Pref. share capital ₹ .2,00,000 were redeemed at a premium of 5%, while
preparing Cash Flow Statement its effect on cash flow will be :
a) Cash used from financing activities ₹2,12,000
b) Cash received from financing activities ₹2,12,000
c) Cash used (Payment) from financial activities ₹2,10,000
d) Cash used (Payment) from financial activities ₹2,00,000
31. Under which sub-heads will the following items be placed in the Balance
Sheet of a company as per Schedule III, Part I of the Companies Act,2013?
a) Capital Reserve
b) Bonds
c) Loans repayable on Demand
d) Vehicles
e) Goodwill
f) Loose Tools
32. From the following information, calculate Inventory turnover ratio:

Inventory in the beginning ₹18,000
Inventory at the end ₹22,000
Net purchases ₹46,000
Wages ₹14,000
Revenue from operations ₹80,000
Carriage inwards ₹4,000
33. Prepare a Comparative Income Statement of Ahmed Ltd., with the help of the
following information:
31.3.2000 31.3.2001
₹ ₹
Revenue from Operations 5,00,000 8,00,000
Cost of Goods Sold 3,00,000 5,00,000
Direct Expenses 40,000 20,000
Indirect Expenses 30,000 40,000
Income Tax 40% 50%
Or
Prepare common size income statement with the help of the following information:
Particulars 2012(₹ ) 2011(₹)
Revenue from operations 3,00,000 2,00,000
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Cost of material (of revenue) 70% 60%
Employee benefit expense (of revenue) 20% 30%
Income Tax Rate (of profit before tax) 50% 50%
34. Classify the following items under Major heads and Sub-head (if any) in the Balance Sheet of a
Company as per schedule III of the Companies Act 2013.
(i) Current maturities of long term debts
(ii) Furniture and Fixtures
(iii)Provision for Warranties
(iv)Income received in advance
(v) Capital Advances
(vi)Advances recoverable in cash within the operation cycle
10
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Class 12
Sample Papers
Accountancy
SAMPLE PAPER QUESTION PAPER 05
2023-24
Accountancy(055
Class XII
TimeAllowed:3hours Maximum 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 (Accounting for Partnership Firms and Companies)
4. Part - B Analysis of Financial Statements
5. Question Nos.1 to 16 and 27 to 30 carries 1 mark each.
6. Questions Nos. 17 to 20, 31and 32 carries 3 marks each.
7. Questions Nos. from 21 ,22 and 33 carries 4 marks each
8. Questions Nos. from 23 to 26 and 34 carries 6 marks each
9. Thereisnooverall 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
1 Vasudha andVeenawereinpartnershipsharingprofitsandlossesintheratioof3:1Theyadmitted Tilak as 1

a new partner. Tilak brought ₹ 1,20,000 as his share of goodwill premium, which was credited to
Vasudha and Veena's capital accounts in the ratio of 2:1. On the date of admission, goodwill of the
firm was valued at ₹ 4,80,000 New profit-sharing ratio will be:
(A) 7:2:3
(B) 8:1l:3
(C) 9:3:4
(D) 5: 1:2
OR
Divya and Isha are partners in a firm sharing profits and losses in the ratio of 2:3. Leela was
admitted as a new partner for 1/5th share in the profits of the firm. Leela acquires her share from
Divya and Isha in the ratio of 1:2. The new profit-sharing ratio will be:
(A) 4:8:3
(B) 7:5:3
(C) 8:4:3
(D) 5:7:3
2 On C's retirement, Machinery appeared in the books of the firm at ₹ 1,80,000 and Furniture at ₹ 1
1,00,000. On revaluation, it was found that Machinery is overvalued by 20%. Net Loss on
Revaluation is calculated at ₹ 40,000. What will be the revalued value of Furniture?
(A) ₹ 24,000
(B) ₹ 90,000
(C) ₹ 96,000
(D) ₹ 50,000
3 Ram and Mohan are partners sharing profits and losses in the ratio of 3: 2. The firm maintains 1
fluctuatingcapitalaccountsandthebalanceofthesameason3 1st March 2023 is ₹ 6,00,000 and
₹ 6,65,000 for Ram andMohanrespectively.Drawingsduringtheyearwere₹85,000each.Asper the
partnership deed, Interest oncapital@10%p.a.onOpeningCapitalhasbeenallowedtothem. Calculate
the opening capital of Ram given that the divisible profits during the year 2022-2023was ₹
2,25,000.
(A) ₹ 5,00,000
(B) ₹ 6,50,000
(C) ₹ 5.50,000
(D) ₹ 6,00,000
OR
1
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A, B and C who were sharing profits and losses in the ratio of 4:3:2 decided to share the future
profits and losses in the ratio to 2:3:4 with effect from 1st April2023.AnextractoftheirBalance
Sheet as at 31st March 2023 is:
Liabilities ₹ Assets ₹
WorkmenCompensationReserve 65,000
At the time of reconstitution, a certain amount of Claim on workmen compensation wasdetermined
for which B’s share of loss amounted to ₹ 5,000. The Claim for workmen compensation would be:
a) ₹ 15,000
b) ₹ 70,000
c) ₹ 50,000
d) ₹ 80,000
4 Sandhyawithdrew₹20,000permonthinthe beginning of each month and interest on drawings was 1

calculated at ₹ 7,800 at the end of the year. Rate of interest on drawings was:
(A) 9% p.a.
(B) 8% p.a.
(C) 7% p.a.
(D) 6% p.a.
OR
Ifafixedamountiswithdrawn by a partner on the first day of every month, interest on the total
amount is charged for --------------------- months.
(A) 6 months
(B) 5.5 months
(C) 6.5 months
(D) 12 months
5 A and B are partners withcapitalsof₹3,00,000and₹2,00,000respectively.Normalrateofreturn is 15% 1
and goodwill calculated at 2 years purchase of super profits is valued at ₹1,00,000.What were the
average profits of the firm?
(A) ₹1,25,000
(B) ₹1,75,000
(C) ₹25,000
(D) ₹60,000
6 X, Y and Z were partners in a firm sharing profits and losses in the ratio of 2:2:1. The capital 1
balance were ₹ 2,00,000 for X, ₹ 1,40,000 for Y, ₹ 1,10,000 for Z. Y decided to retire from thefirm
and balance in reserve on the date was ₹ 50,000. If goodwill of the firm was valued at ₹ 60,000 and
loss on revaluation was ₹ 15,000 then, what amount will be payable to Y?
(A) ₹ 38,000
(B) ₹ 50,000
(C) ₹ 1,78,000
(D) ₹ 1,90,000
7 A,BandCwerepartnerssharing profits in the ratio of 3 :4:5 B retires from the firm and his capital 1
balance after all adjustments regarding Reserves and Revaluation was ₹ 1,20,000. It was agreed
between A and C to pay ₹ 1,50,000 to B in final settlement. On the same date D was admitted for
1/5th share. Ascertain the amount of goodwill premium brought in by D will be:
(A) ₹ 30,000
(B) ₹ 6,000
(C) ₹ 90,000
(D) ₹ 18,000
OR
Assertion (A) Gaining ratio is the ratio in which one or more partners gain some portion of
otherpartners share of profit.
Reason(R)Newratioplussacrificingratioisgainingratio. Alternatives
2
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(a) BothAssertion(A)andReason(R)aretrueandReason(R)isthecorrectexplanationof Assertion (A)
(b) BothAssertion(A)andReason (R) are true, but Reason (R) is not the correct explanation of
Assertion (A)
(c) Assertion (A) is true, but Reason (R) is false
(d) Assertion (A) is false, but Reason (R) is true
Direction Read the following hypothetical situation and answer Q. No. 8 and 9
Pia, Tia andSiawerepartnersinafirmtradinginelectricalappliances.Theyweresharingprofitsinthe ratio of
5: 3 :2. Their fixed capitals on 1st April, 2022 were ₹ 6,00,000 ₹ 8,00,000 and ₹16,00,000 respectively.
After the flood in Uttarakhand, all partners decided to help the flood victims personally. For this, Pia
withdrew ₹ 40,000 from the firm on 15th September, 2022.Onthesamedate,Tiainstead of withdrawing
cash from the firm, took some appliances amounting to ₹ 48,000 from the firm and distributed those to
the flood victims. On the other hand, Sia withdrew ₹ 4,00,000 from her capitalon 1st January, 2023 and
provided a mobile medical van in the flood affected area. The partnership deed provides for charging
interest on drawings @ 6% per annum. Interest on capital was a allowed @ 10%
8 Interest on Pia's capital will be: 1
(A) ₹ 60,000 (B) ₹80,000
(C)₹ 1,00,000 (D) ₹1,60,000
9 InterestonTia'sdrawingswillbe: 1
(A)₹ 1300 (B)₹ 1560
(C)₹ 2880 (D)₹ 1440
10 Anish Ltd. issued a prospectus inviting applications for 2,000 shares. Applications were received 1
for 3,000 shares and pro-rata allotment was made to the applicants of 2,400 shares. If Dhruv has
been allotted 40 shares, how many shares he must have applied for?
(A) ₹ 40
(B) ₹ 48
(C) ₹ 44
(D) ₹ 52
11 Z Ltd. forfeited 300 shares of ₹ 10 each issued at 20% premium (₹ 9 called up) on which ₹ 4 of 1
allotment (including premium) and first call of ₹ 2 hasnotbeenreceived.Outofthese,100shares were
re-issued as fully paid up for ₹ 9 per share. What is to amount to be transferred to capital Reserve?
(A) ₹ 400
(B) ₹ 500
(C) ₹ 300
(D) ₹ 600
12 XLtd. forfeited 500 shares of ₹10 each, ₹ 7 called up, issued at a premium of ₹2 per share to be 1
paid at the time of allotment for non-payment of firstcallof₹2pershare.Entryonforfeiturewill be :
(A) Share Capital A/c Dr. 3,500
Securities Premium A/cDr. 1,000
ToShareFirstCallA/c 1,000
ToShareForfeiture A/c 3,500
(B) Share Capital A/cDr. 4,500
Securities Premium A/c Dr. 1,000
(C) Share Capital A/cDr. 4,500
(D) Share Capital A/cDr. 3,500
3
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OR
Assertion (A):
SecuritiesPremiumcanbeusedforissueoffullypaidbonussharesandfordistributionofdividend in cash.
Reason (R):
BalanceofSecuritiesPremiummaybetransferredtoGeneralReserveAccount. In the
context of the above two statements, which of the following is correct? Codes:
(A) Both (A) and (R) are correct and (R) is the correct explanation of (A).
(B) Both (A) and (R) are correct but (R) is not the correct explanation of (A).
(C) Only (R) is correct.
(D) Both (A) and (R) are wrong.
13 Assertion (A): 1
Debentureisapartofownershipcapital.Assuch,acompanycanissuedebentureswithvoting rights.
Reason (R):
Debenture holders are not members of the company.
Inthecontextoftheabovetwostatements,whichofthefollowingiscorrect? Codes:
(A) Both (A) and (R) are correct and (R) is the correct reason of (A).
(B) Both (A) and (R) are correct but (R) is not the correct reason of (A).
(C) Only (R) is Correct.
OR
Globe Ltd. issues 20,000, 9% debentures of ₹100 each at a discount of 5% redeemable attheendof
5 years at a premium of 6%. For what amount Loss on Issue of Debentures Account' will be
debited?
(A)₹ 1,00,000
(C) ₹ 2,80,000
(B) ₹ 1,20,000
(D) ₹ 2,20,000
14 P has given guarantee to Qforminimum₹5,000profit.Atyearend,thefirmsufferedlossandO's share in 1

the loss was ₹ 1,000. Calculate amount of deficiency to be borne by P.
(a) ₹ 1,000
(b) ₹ 5,000
(c) ₹ 6,000
(d) None of these
15 A, B and C are partners in a firm sharing profit/loss in the ratio of 3:2:1. On March 31, 2019, C 1
died. Accounts are closed on December, 31st every year. The sales for the year 2018 was ₹
10,00,000 and the profits were ₹ 2,00,000. The sales for the period from January 1st, 2019 toMarch
31, 2019 were ₹ 3,00,000. The share ofdeceasedpartnerinthecurrentyear'sprofitsonthe basis of sales
is:
(A) ₹ 2,500
(B) ₹ 15,000
(C) ₹ 10,000
(D) ₹ 60,000
16 Vandana Ltd. issued 6,000 equity shares of ₹ 10 each at 10% premium. The Issue was fully 1
subscribed. Amount per share was payable as follows: On application ₹ 3, on allotment ₹ 3
(including premium), On first call ₹ 3 and on final call ₹ 2. A, a holder of 200 shares paid theentire
money along with allotment. The amount received on allotment will be
(A) ₹ 18,000 (B) ₹ 19,000
(C) ₹ 25,000 (D)₹ 21,000
4
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17 A, B and C are partners in a firm sharing profits and losses in the ratio of 3: 2:1.C, retires fromthe 3
firm and A and B agree to share future profits equally. Give journal entries onC’sretirement, on
that date Investment Fluctuation Reserve appears in the books at ₹ 20000Investments(market value
₹1,20,000) appear at ₹2,00,000.
18 P, Q and R were partners in a firm sharing profits and losses in the ratioof5:3:2.Thepartnership 3
deedprovidesforcharginginterestondrawings@10%p.a.ThedrawingsofP,QandRduringthe year
ending 31st March 2022 amounted to ₹20,000,₹30,000 and ₹50,000 respectively. After the final
accounts have been prepared, it was discovered that interest on drawings had not been charged.
Pass the necessary adjustment entry to rectify the omission of interestondrawings.Also show your
working notes clearly.
OR
Ajay,ManishandSachinwerepartnerssharingprofitsintheratio5:3:2.TheirCapitalswere
₹6,00,000; ₹ 8,00,000 and ₹1,10,000 as on April 01, 2021. As per Partnership deed, Interest on
Capitals were to be provided @ 10% p.a.FortheyearendedMarch31,2022,Profitsof₹2,00,000 were
distributed without providing for Interest on Capitals.Passanadjustmententryandshowthe workings
clearly.
19 VenusLtd.tookoverassetsof₹10,00,000andliabilitiesof₹1,80,000ofCaynsLtd.for 3
₹7,60,000. Venus Ltd. issued 9% Debentures of ₹ 100 each atadiscountof5%infullsatisfaction
ofthepurchaseconsiderationinfavourofCaynsLtd.Passnecessaryjournalentriesinthebooksof Venus
Ltd. for the above transactions.
OR
Radhika Limited issued 50,000 sharesof₹10each.Thedueamountwasreceivedexcepton1,000 shares
onwhich₹6persharewasreceived.These1,000shareswereforfeitedand700shareswere reissued for ₹ 8
each fully paid-up. You are required to Pass journal entries and prepare Share Forfeited s Account.
20 On 1st April,2023anexistingfirmhadassetsof₹2,00,000includingcashof₹4,000.Itscreditors 3
amounted to ₹ 10,000 on that date. The partner's capital accounts Showedabalanceof₹1,60,000
while the general reserve amounted to ₹ 30,000. If the Normal rate of return is 15% and the
goodwillofthefirmisvaluedat₹36,000at3year'spurchaseofsuperprofit.findtheaverage
profits of the firm.
21 X,Ltd.wasregisteredwithanauthorizedcapitalof₹10,00,000dividedintoEquitySharesof₹ 4
10. Out of these 8,000 shares were issued to vendors as fully paid as purchaseconsiderationfora
business acquired. Thecompanyoffered20,000sharesforpublicsubscriptionandcalledup₹8per share
and received the entire amount. You are required to prepare the Balance Sheet of the company as
per Schedule III of Companies Act, 2013, showing Share Capital balance and also prepare Notes to
Accounts.
22 Give the journal entries for the following transactionsondissolutionofthefirmofAnitaandRavi on 4
31st March 2023, after the various assets (other than cash) and the third-party liabilities have been
transferred to Realisation Account. They shared profits and losses in the ratio 3:2.
(A) Amitesh,anoldcustomerwhoseaccountfor₹60,000waswrittenoffasbaddebtinthe previous year,
paid 90%.
(B) Creditors of ₹ 40,000, accepted furniture valued at ₹ 38,000 in full settlement of their claim.
(C) Landand Buildingwas sold for₹ 3,00,000 througha broker whocharged 2% commission.
(D) Profit on realization was ₹ 45,000.
23 Acompanyoffered 1,00,000shares of ₹10 each payable as₹3 on application,₹ 2.50 on allotment, 6
₹ 2.50 on 1st call and ₹ 2 on the final call.
The public applied for 1,52,000 shares. The shares were allotted on a pro-rata basis to the
applicants of 1,50,000 shares. All shareholders paid the allotment money excepting oneshareholder
who was allotted 200 shares. These shares were forfeited. The first call was made thereafter. The
forfeited shares were re-issued @ ₹ 9 per share ₹ 8 paid up. Thefinalcallwasnot yet made. You are
required to pass journal entries.
OR
5
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TheDCMLtd.invitedapplicationsfor10,000Sharesof₹100eachata premium of ₹ 10 each payable as
below:
₹ 50 on Application;
₹ 35 on Allotment (including premium), and
₹ 25 on Call.
Applicationsfor15,000shareswerereceived.Applicantsfor2,500sharesdidnotgetany allotment and
their money returned. Allotment was made pro-rata to the remaining applicants.
Mr. A was allotted 400 shares. He failed to pay the amount due onallotmentandcallmoney.The
company forfeited his shares and subsequently re-issued at ₹ 105 per share.
Youarerequiredtopassjournalentriesinthebooksofthe company.
24 XandYwerepartnerssharing profits in the ratio of 1: 2. Their Balance Sheet as at 31st March. 2023 6
was as follows:
Creditors 36,000 Cash 20,000
Outstanding Expenses 4,000
Capitals: Debtors 40,000
X 1,50,000 Less: Provision for bad debts 500 39,500
Y 3,00,000 --------
--------------------------- 4,50,000 Stock 1,20,000
Furniture 30,000
Plant 2,72,500
Patents 8,000
4,90,000 4,90,000
They agreed to admit Z forth share from 1st April, 2023 on the following terms:
(i) Goodwillofthefirmwasvaluedat₹60,000andZtobringinhisshareofpremiumfor goodwill in
cash.
(ii) Provision for bad debts be raised by ₹1,500.
(iii) Patents are valueless.
(iv) Stock be reduced by 10%.
(v) Outstanding expenses be increased by ₹ 6,000.
(vi) ₹ 2,500 be provided for an unforeseen liability
(vii) Z to bring in Capital equal to 1/5th of the combined capital of X and Y.
Prepare Revaluation Account, Partner's Capital Accounts and the Opening Balance Sheet.
OR
A, B and C were partners in a firm sharing profits in 2:2:1 ratio, On 31.3.2023 C retiresfromthefirm.
On the date of C’s retirement, the Balance Sheet of the firm was as follows:
Balance Sheet of A, B and C as at 31.3.2023
Creditors 54,000 Bank 55,000
Bill Payable 24,000 Debtor
Outstanding Rent 4,400 12,000 11,200
Provision for Legal Claim 12,000 Less: Provision for Doubtful 8,00 18,000
Capitals: Stock 8,200
A 92,000 Furniture 1,94,000
B 60,000 Premises
C 40,000 1,92,000
2,86,400 2,86,400
OnC’sretirementitwasagreed that:
(a) Premises will be appreciated by 5%.
(b) Furniture will be appreciated by ₹ 2,000.
(c) Stock will be depreciated by 10%.
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(d) Provision for bad debts was to be made at 5% on debtors.
(e) Provision legal damages to be made for ₹ 14,400.
(f) Goodwill of the firm is valued at ₹ 48,000.
(g) ₹ 50,000 from Cs Capital A/c will be transferred to his Loan A/c and balance will be paid
bycheque.
PrepareRevaluationA/c,PartnersCapitalA/c’sandBalanceSheetofAandBafterC’s Retirement.
25 M, N and O were partners in a firm sharingprofitsandlossesintheratioof5:4:1.TheirBalance Sheet as 6

at 31st March, 2023 was as follows:
BALANCE SHEET OF M, N AND, O
as at 31st March, 2023
Capitals: Plant and Machinery 5,50,000
M 3,00,000 Stock 1,20,000
N 2,00,000 Cash 40,000
O 1,00,000 6,00000 Debtors 1,30,000
------------------------- Advertisement Expenditure 20,000
Sundry Creditors 1,10,000
Profits for the year 2022-23 1,50,000
8,60,000 8,60,000
M diedon30thJune,2023.Accordingtothepartnershipdeed,inadditiontothedeceasedpartner's capital,
the executors are entitled to:
(i) Hisshareinprofitstillthedateofdeathonthebasisofaverageprofitsofthelasttwoyears.The profit for
the year 2021-22 was ₹ 50,000.
(ii) His share in the goodwill of the firm. Goodwill was tobecalculatedonthebasisoftwoyears'
purchase of the average profits of the last two years.
(iii) M, withdrew ₹ 60,000 on 1st June, 2023.
PrepareM's Capital Account which is to be rendered to his executor.
26 On July 01, 2022, X Ltd. issued 20,000, 9% Debentures of ₹ 100 each at 8% premium and 6
redeemable at a premium of 15% in four equal instalments starting from the endofthethirdyear.
The balance in Securities Premium on the date of issue of debentures was ₹ 80,000. Interest on
debentureswastobepaidonMarch31everyyear.Pass Journal entries for the financial year 2022-23.
Also prepare Loss on Issue of Debentures account.
PARTB(AnalysisofFinancialStatements)
27 Interest Accrued but not Due on Debentures will be shown under the heading: 1
(a) Current Assets
(b) Current Liabilities
(c) Contingent liability
(d) Non-current Assets
OR
. ............. isincludedincurrent assets while preparing balance sheet as per revised Schedule III but
excluded from current assets while calculating Current Ratio
a) Debtors.
b) Cash and Cash Equivalent.
c) Loose tools and Stores and spares.
d) Prepaid Expense
28 ACompany'sCurrentRatiois2.8:1;CurrentLiabilitiesare₹2,00,000;Inventoryis₹1,50,000and Prepaid 1
Expenses are ₹ 10,000. Its Liquid Ratio will be:
(A) 3.6:1
(B) 2:1
(C) 2.1: 1
7
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SOLUTIONS
(D) 2.05 :1
29 Assertion (A): 1
PurchaseofMarketableSecuritieswillbeclassifiedascashoutflowunderinvestingactivities. Reason (R):
MarketableSecuritiesareconsideredasCashandCashEquivalents.Hence,theydonotaffect Cash flows.
Inthecontextoftheabovetwostatements,whichofthefollowingiscorrect? Codes:
(A) Both (A) and (R) are correct and (R) is the correct reason of (A).
(B) Both (A) and (R) are correct but (R) is not the correct reason of (A).
(C) Only (R) is correct.
OR
Which of the following transactions will not result in flow of cash?
(A) Purchase of Building of ₹ 12,75,000 for cash
(B) Cash deposited into Bank ₹ 12,50,000
(C) Issue of Equity Shares of ₹ 20,00,000 for cash
(D) Redemption of 8% Debentures of, ₹ 750,000 for cash
30 From the following information find out the inflow of cash by sale of equipment:
31stmarch2023 31stmarch2022 1
Office equipment ₹ 200000 ₹300000
Additional information:
Depreciation for the year 2022-23 was ₹ 40000
Officeequipmentpurchasedduringtheyear₹30000 Part
of office Equipment sold at a gain of ₹ 12000
(a) ₹ 100000
(b) ₹102000
(c) ₹ 90000
(d) ₹ 112000
31 Classify the following items under Major head andSubheadintheBalanceSheetasperSchedule III of 3
the Companies Act, 2013:
(i) Loose Tools
(ii) Unpaid Dividend
(iii) Copyright and Patents
(iv) Land and Building
(v) Outstanding Salaries
(vi) Capital Advances
32 (a) The Revenue from operation of a firm is ₹ 600000. Its inventory turnover ratio is 3 times. If 3
gross profit ratio is 25% calculate its opening inventory and closing inventory. The opening
inventory is 25% of closing inventory.
(b) Net profit after interest and tax ₹ 100000, Current Assets ₹ 400000, Current liabilities ₹
200000, Tax rate 20%, Non-Current assets ₹ 600000, 10% Long term debt ₹ 400000. Calculate
Return on Investment.
33 PrepareacommonsizeBalance Sheet and comment on the financial position of X, Ltd. and Y,Ltd. 4
TheBalanceSheetofX,Ltd.andY,Ltd.asat31.3.2022are given
Particulars NoteNo. X, Ltd Y,Ltd
I. EQUITY AND LIABILITIES:
(1) Shareholder's Funds 300000 400000
(2) Non-Current Liabilities 200000 300000
(3) CurrentLiabilities 100000 50000
TOTAL 600000 750000
II. ASSETS:
(1) Non-Current Assets
8
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SOLUTIONS
Property, Plant and Equipment andIntangible
Assets
250000 300000
(i)Property,PlantandEquipment 150000 100000
(ii) Intangible Assets 200000 350000
(2) Current Assests 600000 750000
TOTAL
OR
FollowingisthestatementofProfitandLossofSunIndia Ltd. for the year ended 31st March, 2023:
Particulars Note No. 31.3.2023 31.3.2022

Revenue from 2500000 2000000
Operations
Other Incomes 100000 500000
Employee benefits 60%ofTotalRevenue 50%ofTotalRevenue
expenses
Other Expenses 10% of Employee 20%ofEmployeeBenefits
Benefits Expenses Expenses
YouarerequiredtoprepareaComparativeStatementofProfitandLossofSunIndiaLtd
TaxRate 50% 40%
34 6
from the following Balance Sheets of XYZ Ltd., prepare Cash Flow Statement:
Particulars NoteNo. 31-3-2023 31-3-2022
I. EQUITY AND LIABILITIES: ₹ ₹
(1) Shareholder's Funds
(a) Share Capital 1 290000 250000
(b) Reseve &Surplus 152000 50000
(2) Current Liabilities:
(a)TradePayables 5000 23000
(b) Short term Provision 2 35000 27000
TOTAL 482000 350000
II. ASSETS:
(1) Non-Current Assets:
(a)Property,PlantandEquipmentand Intangible
Assets:
(i)Property,PlantandEquipment 150000 140000
(ii) Intangible Assets 20000 30000
(2) Current Assets:
(a) Inventory 95000 45000
(b)TradeReceivables 200000 120000
(c) Cash& Cash Equivalents 17000 15000
TOTAL 482000 350000
NOTES: (1) Share Capital 31-3-2023 31-3-2022
₹ ₹
Equity Share Capital 250000 200000
Preference Share Capital 40000 50000
290000 250000
======= ====
(2) Short term Provision:
Provision for Tax 35000 27000
9
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SOLUTIONS
====== =====
(3) Property,PlantandEquipment
Building 80000 100000
Plant 70000 40000
150000 140000
========== ========
Additional Information:
(i) Depreciationcharged onPlant was₹ 30,000and onBuilding ₹ 50,000.
(ii) IncomeTaxpaidduringtheyearamountedto₹25,000
10
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SOLUTIONS
Class 12
Sample Papers
Accountancy
SAMPLEQUESTIONPAPER2023-24 SUBJECT
ACCOUNTANCY 055
SET 06
CLASSXII
TIME3HOURS MAX.MARKS80
GENERALINSTRUCTIONS:
3. Part-A(PartnershipandCompany)
4. Part-B(AnalysisofFinancialStatements.)
5. Question1to16and27to30carries1markeach.
6. Questions17to20,31and32carries3markseach.
7. Questionsfrom21,22and33carries4markseach
8. Questionsfrom23to26and34carries6markseach
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.
PARTA ACCOUNTINGFORPARTNERSHIPFIRMSA
ND COMPANIES
QN QUESTIONS
1 Closingentryforinterestonloanallowedto partners 1
(a) ProfitandLossA/c…Dr.
ToInterestonPartnersLoanA/c
(b) Interestonloan…Dr.
ToProfitandLossAppropriationA/c
(c) ProfitandLossAppropriationA/c…Dr.
ToInterestonPartnersloanA/c
(d) ProfitandLossAppropriationA/c…Dr.
To Interest on loan A/c
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SOLUTIONS
2 A, B, and C are partner’s sharing profits in the ratio of 5:3:2 According to the partnership 1
agreementCistogetaminimumamountof₹10,000ashisshareofprofitseveryyear.Thenet profit for
the year ended 31st March, 2021 amounted to ₹ 40,000. How much amount contributed by A?
(a)₹1,350 (b)₹1,250 (c)₹750 (d)₹ 1,225
3 WhatShareofProfitwoulda‘sleepingpartner’,whohascontributed70%ofthetotalcapital,getinthe absence of 1
a deed?
(a)70%(b)30%(C)EqualShare(d)Noneoftheabove
4 A, B and C were partner in a firm sharing Profit in the ratio of 3:2:1during the year the firm 1
earnedprofitof₹84,000.CalculatetheamountofProfitorLosstransferredtotheCapitalA/cof B.
(a)Loss₹87,000 (b)Profit₹87,000 (c)Profit₹28,000 (d)Profit₹14,000
5 Therelationofthepartnerwiththefirmisthatof 1
(a) Anowner (b)AnagentandaPrincipal (c)Anagent (d)Manager
OR
A andBarepartnersinafirmsharingprofitsintheratioof3:2. Theydecidedto share future
profits equally. Calculate A’s gain or sacrifice
(a)2/10(sacrifice)(b)5/10(gain)(c)1/10(Gain)(d)1/10(sacrifice)
6 Goodwillis 1
(a)Tangible asset (b)Intangibleasset (c)Fictitiousasset(d) Both(b)&(c)
OR
IntheabsenceofPartnershipAgreement,interestonDrawingsofapartneris charged
(a)@8%per annum (b)@6%per annum
(c)@12%per annum (d)Nointerestischarged
7 MohandrawsRs.10,000p.m.onlastdayeverymonthforhispersonaluse.ifinterestistobe charged @5% 1
p.a. interest chargeable from him in accounting year will be
(a)Rs.3,250 (b)Rs. 2,750 (c)Rs.3,000 (d)Rs.3,500
OR
Thenetassetsofthefirmincludingfictitiousassetsof5,000are85,000.Thenetliabilitiesof the firm
are 30,000.The normal rate of return is 10% and the average profits of the firm are
8,000.Calculate the goodwill as per capitalization of super profits.
(a)Rs.20,000 (b) Rs.30,000 (c)Rs.25,000 (d)None of the above
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SOLUTIONS
8 X,YandZare partnersinafirmsharingprofitsandlossesintheratioof6:4:1.Xguaranteed 1
of Rs. 15,000 to Z. Net profit for the year ending 31st March, 2019 was Rs. 99,000. X’s share in the
profit of the firm will be
(a)Rs.30,000 (b)Rs. 15,000 (c)Rs. 48,000 (d)Rs.45,000
OR
Biju and Seema were partner in a firm sharing profit and losses in the ratio of 3: 1 Their capital
wereRs.1,20,000and2,40,000respectively.theywereentitledtointerestoncapital@10%.The firm
earned profit of Rs. 18,000 during the year. The interest on Biju’s capital will be
(a)Rs.12,000 (b)Rs. 10,800 (c)Rs.7,200 (d)Rs.6,000
9 On admission of a partner, which of the following items in the Balance Sheet is transferred to the 1
credit of Capital Accounts of old partners in the old Profit-sharing Ratio, if Capital Accounts are
maintained following Fluctuating Capital Accounts Method
(a)DeferredRevenueExpenditure; (b)ProfitandLossAccount(Debit Balance);
(c)ProfitandLossAccount(CreditBalance); (d)BalanceinDrawingsAccountof partners.
10 AandBshareprofitsintheratioof3:4.Cisadmittedfor1/5thshare.NewProfit-sharingratio will be 1
(a) 3:4:1 (b) 12:16:7 (c) 16:12:7 (d)12:6:7
OR
WhichofthefollowingisnottruewithrespecttoAdmissionofapartner? (a)A
new partner can be admitted ifit isagreed in thepartnershipdeed.
(b)Ifallthepartnersagree,anewpartnercanbeadmitted.
(c)Anewpartnerhastobringrelativelyhighercapitalascomparedtotheexistingpartners ( d) A
new partner gets right in the assets of the firm
11 Dissolutionofafirmmaytakeplacedueto………. 1
(i)insolvencyofapartner(ii)deathofa partner
(iii)changeinprofitsharingratio(iv)admissionofnew partner
(v)onthecompletionofventure(vi)expiryofperiodof partnership
Alternatives
(a)(iii)(iv)(v)(vi)(b)(i)(ii)(iii)(v)(vi) (c)(i)(ii)(v)(vi) (d)(i)(iii)(v) (vi)
12 J.Ltd.re-issue2,000shares,whichwereforfeitedbycreditingshareforfeitureaccountby₹3,000. These 1
shares were re-issued at ₹9 per share. The amount transferred to capital reserve will be :
(a) ₹3,000
(b) ₹2,000
(c) ₹1000
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SOLUTIONS
(d)Nil
13 AccordingtoTableEoftheCompaniesAct,2013interestoncallsinarrearschargedshouldnot exceed : 1
(a) 5%p.a.
(b) 6%p.a.
(c) 8%p.a.
(d) 10%p.a.
14 AccordingtoSection52oftheCompaniesAct,theamountintheSecuritiesPremiumAccount cannot be 1
used for the purpose of:
(a) IssueoffullyPaidBonus Shares
(b) WritingOffLossesoftheCompany
(c) WritingoffPreliminary Expenses
(d) WritingOffCommissionorDiscountonIssueof Shares
OR
RajanLimitedissued50,000sharesatapricelowerthanthenominalvalueoftheshare.Theshares issued are

called:
A) Sweatequityshares
B) RedeemablePreferenceshares
C) Equityshares
D) Bonusshares
15 10,000equitysharesof10Rs.eachwereissuedtopublicatapremiumof₹2persharepayable on 1
allotment.
Applicationswerereceivedfor₹12,000shares.Amountofsecuritiespremiumaccountwillbe:
(a) ₹20,000
(b) ₹24,000
(c) ₹4,000
(d) ₹1,600
16 Whichofthefollowingstatementsis/are correct?
(i) Interestondebenturesiscalculatedatthefixedpercentageontheissueprice. 1
(ii) Debentureistheevidenceofcompany’s borrowings.
Alternatives
(a)Only(i)(b)Only(ii)(c)Both(a)and(b)(d)Noneof these
17 A, B and C are sharing profits in the ratio of 3:2:1. B dies on 1st Sept 2015 and on the day of B’s
death Goodwill is valued at Rs.60, 000. A and C decided to share future profits in the ratio of 3:2. 3
InordertoarrangefundstomakepaymenttoB’sexecutors,thefirmtookaloanfromPNB@
18%p.a.andfullsettlementwasmadetoB’s executors.
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SOLUTIONS
Youarerequiredto:-Passjournalentryfortreatmentofgoodwillwithshowproperworking note.
18 Abhijeet, Bandhu and Charan are in partnership for sharing profits in the ratio of 5:3:2. There 3
fixedcapitalsason31stMarch2020were₹2,00,000,₹2,00,000and₹1,00,000respectivelywhile their
drawings were ₹ 10,000 each. After distribution of annual profits of ₹ 90,000 it was discovered
that Interest on Capital was credited to all partners @ 12% p.a. in place of 10% p.a. and interest
on drawings @ 10% p.a. was omitted in respect of Bandhu. Pass single adjustment entry to rectify
the errors and show workings clearly.
OR
Veena, Meena and Sheena are partners sharing profits in the ratio of 3:2:1. Their capitals on 1st
April 2019 were ₹ 5,00,000; ₹ 3,00,000 and ₹ 2,00,000 respectively. As per the partnership deed
partners are entitled to 10% p.a. interest on capital. Sheena is guaranteed a minimum profit of ₹
45,000 p.a. Deficiency (if any) will be borne by Veena and Meena in the ratio of 3:2.
The firm incurred a loss of ₹ 90,000 for the year ended 31st March 2020. Give necessary entries
giving effect to the minimum guaranteed profit to Sheena.
19 Akshat Ltd. took over running business with assets of ₹ 6,00,000 and liabilities of ₹ 60,000
fromVijayLtdforthepurchaseconsiderationof₹5,50,000.Itpaidthepurchaseconsideration by 3
issuing 8% debentures of ₹ 100 each at Par, redeemable at 5% premium after 5 years.There
was a balance of ₹ 25,000 in Securities Premium Reserve Account in the books Akshat
Ltd.(free from any charge) and company used it to write off the loss on issue of Debentures in
the year of issue of Debentures. Pass journal entries.
OR
Digvijay Ltd. took a loan of ₹ 5,00,000 from ICICI Ltd. and issued 6000 ₹ 100, 12% Debentures as
collateral security. Pass journal entry to record the transaction and show its effect on company’s
Balance Sheet.
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SOLUTIONS
20 Complete the followingjournalentries: 3
Date Particulars L.F Dr.(₹) Cr.(₹)

1.4.22 Bank A/c Dr. 1,40,000
To……...?? ....................... A/c ??
ToPremiumforGoodwillA/c ??
(BeingCapitalandshareofgoodwillbrought in
by C)
1.4.22 PremiumforGoodwillA/cDr. ??
ToA’sCapitalA/c ??
ToB’sCapitalA/c 14,000
(BeingC’sshareofgoodwillcreditedtoold
partnersin3:2)
1.4.22 A’sCapitalA/c Dr. ??
B’s Capital A/c Dr. ??
To …...??............... ??
(Being50%ofthegoodwillwithdrawnbythe
old partners)
21 On1stApril2018,GinniFilamentsLtd.wasformedwithanauthorizedcapitalof₹10,00,0004
divided into 1,00,000 Equity Shares of ₹10 each. The company issued prospectus inviting
applications for 90,000 equity shares. The company received applications for 85,000 shares.
During the first year, ₹8 were called. Vasu holding 1,000 shares &Vidhi holding 2,000 shares did
not pay the first call of ₹2 per share. Vidhi’s shares were forfeited after the first call and later on
1,500 of the forfeited shares were reissued at ₹6 per share, ₹8 called up.
Show share capital in the Balance Sheet of the company as per Schedule – III, Part – I of the
Companies Act, 2013. Also prepare Notes to the Account for the same.
22 AmanandHarshwerepartnersinafirm.Theydecidedtodissolvetheirfirm.Pass necessary 4
Journalentriesforthefollowingaftervariousassets(otherthanCashandBank)andthirdparty liabilities
have been transferred to Realisation Account:
(a) Therewasfurnitureworth₹50,000.Amantookover50%ofthefurnitureat10%discountand the
remaining furniture was sold at 30% profit on book value.
(b) Thefirmpaidrealisationexpensesamountingto₹5,000onbehalfofHarshwhohadtobear these
expenses.
(c) Therewasanoutstandingbillfor repairforRs2,000whichwerepaidoff.
(d) Creditors,towhomthefirmowed₹6,000,acceptedstockof₹5,000atadiscountof5%and the
balance in cash.
23 AmritLtd.issued50,000sharesofRs10eachatapremiumof₹2persharepayableas₹3on 6
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SOLUTIONS
application, ₹ 4 on allotment (including premium), ₹ 2 on first call and the remaining on second
call. Applications were received for 75,000 shares and a pro-rata allotment was made to all the
applicants.All moneys due were received except allotment and first call from Suman who applied
for 1,200 shares. All his shares were forfeited. The forfeited shares were reissued for ₹ 9,600.Final
call was not made. Prepare Cashbook and pass necessary journal entries.
OR
Velco Ltd. issued 30,000 shares of ₹ 10 each payable as ₹ 3 on application, ₹ 3 on allotment, ₹ 2on
first Call and ₹ 2 on second call.
Applicationswerereceivedfor40,000sharesandapro-rata allotmentwasmadetotheapplicants of
35,000 shares. All money due were received except allotment and first call from Mohit whohad
applied for 2,100 shares. His shares were forfeited after first call. Subsequently, the second call
was duly made and duly received. Thereafter, the forfeited shares were reissued for ₹ 9 fully paid.
Pass the necessary journal entries.
24 AandBarepartnersinafirmsharingprofitsandlossesintheratio3:1.TheyadmitCfora¼share 6
(entirelytakenfromA)on31stMarch2019whentheirBalanceSheetwasas follows:

EmployeeProvidentfund 17,000 Goodwill 40,000
InvestmentFluctuationFund 4,100 Stock 15,000
Workmencompensationfund 6,000 Debtors 50,000
Capitals: Less:Provision
A 54,000 forBad Debts2,000 48,000
B 35,000 89,000 Cash 6,100
Investments 7,000
1,16,100 1,16,100
Thefollowingadjustmentswereagreedupon:
(a) Cbringsin₹16,000asgoodwilland₹30,000ascapital.
(b) Baddebtsamountedto₹3,000.
(c) Marketvalueofinvestmentis₹4,500.
(d) Liability on account of workmen Compensation Reserve amounted to ₹2,000.
Prepare Revaluation Account and Partners’ Capital Accounts of A, B and C.
AlsopassJournalEntriesfor:forbringingNewpartner’sCapital&Goodwill;Distributionofgoodwill,and for
distribution of Profit and Loss of Revaluation A/c.
OR
X,YandZarepartnersinafirmsharingprofitsinproportionof1/2,1/6and1/3respectively.The Balance
Sheet as on April 1, 2020 was as follows:

EmployeeProvidentfund 12,000 FreeholdPremises 40,000
Sundry Creditors 18,000 Machinery 30,000
GeneralReserve 12,000 Furniture 12,000
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SOLUTIONS
Capitals: Stock 22,000
X 30,000 Debtors 20,000
Y 30,000 Less:Provision
Z 28,000 88,000 forBad Debts1,000 19,000
Cash 7,000
1,30,000 1,30,000
Zretiresfromthebusinessandthepartnersagreethat:
(a) Machineryistobedepreciatedby10%.
(b) Provisionforbaddebtsistobeincreasedto₹1,500.
(c) FurniturewastakenoverbyYfor₹14,000againstcashpayment
(d) Goodwillisvaluedat₹21,000onZ’sretirement.
(e) Theretiringpartnerwaspaidhalfofhisamountdueincash.
PrepareRevaluationAccountandPartnersCapitalAccountsandBalanceSheetofthereconstitutedfirm.
25 A,BandCwerepartnersinafirmsharingprofitsintheratioof5:3:2respectively.Onmarch31st 6
2022theirbalancesheetwasasunder
BalanceSheetasonMarch 31,2022
Liabilities Rs. Assets Rs
Capitals Building 2,00,000

A 3,00,000 Machinery 3,00,000
B 2,50,000 Patents 1,10,000
C 1,50,000 7,00,000 Goodwill 1,00,000
Reserves fund 60,000 Debtors 80,000
Creditors 1,10,000 Cash 80,000
8,70,000 8,70,000
AdiedonOctober1,2022.Itwasagreedbetweenhisexecutersandtheremaining partners that:

(a) Goodwillofthefirmisvaluedat2½yearspurchaseofaverageprofitsfor the
last three years. The average profit were 1,50,000.
(b) Interestoncapitaltobeprovidedat10%p.a.
(c) Profitfortheyear2022-23betakenashavingaccruedatthesamerateas that of
the previous year which was 50,000.
(d) AsumofRs.4,00,000isgiventohisexecutorthroughbankdraftimmediatelyand
balance amount is transferred to his executor account.
PrepareAcapitalaccounttobepresentedtohisexecutorsason 1.10.2022.
26 i)RamLtdissued25,000,8%debenturesof`100each,payableonapplicationandredeemableat 6
paratanytimeafter6years.Recordnecessaryentriesforissueofdebenturesinthebooksof Ram Ltd.
(ii)BhimLtdissued20,000,9%debenturesof`50eachatadiscountof8%redeemableatparat anytime
after 9 years. Record necessary entries in the books of Bhim Ltd.
PartB:-AnalysisofFinancialStatements
CLICK HERE FOR

SOLUTIONS
27 Whichofthefollowingisnotatool offinancial analysis? 1
(a)Comparativeincome statement (b)Comparativepositionstatement
(c)Statementofprofitandloss (d)Cashflow statement
28 Whichofthefollowingisanoperating’income? 1
(a) Saleof Merchandise
(b) InterestIncome
(c) DividendIncome
(d) Profitonthesaleofoldcar
29 ABC Ltd is a financial company which provides loan and invest into shares. At the year end, 1
companyreceived`50,000interestonloan.Wherewillbetheamountofinterestpresented?
(a) Activityarisingfrominterestwillbeshownininvestingactivity
(b) Activityarisingfrominterestwillbeshowninfinancingactivity
(c) Activityarisingfrominterestwillbeshowninoperatingactivity
(d) Noneoftheabove
30 Thetwobasicmeasuresofliquidityare: 1
(a)Inventoryturnoverandcurrentratio (
b) current and liquid ratio
(c)grossprofitandoperatingratio (
d) current and debt equity ratio
OR
ACompany’sliquidassetsareRs.5,00,000anditscurrentliabilitiesareRs.3,00,000.Thereafter,itpaid Rs.1,00,000
to its trade payables. Quick ratio will be:
(A) 1.33:1
(B) 2.5:1
(C) 1.67:1
(D) 2:1
31 Underwhichsub-headingwillthefollowingitemsbeshowninthebalancesheetofacompanyas per 3
revised schedule A (VI) part I of the companies act 2013 :
(I) Capitalredemptionreserve
(II) Goodwill
(III) Loosetools
(IV) OutstandingExpenses
(V) Callsinadvance
(VI) Vehicle
32 LalaLtd.andBalaLtd.usedifferentaccountingpoliciesforinventoryvaluation.Thesevariations leave 3
abigquestionmarkonthe cross-sectionalanalysisandcomparisonofthese twofirmswas not
possible.
IdentifythelimitationofRatioAnalysishighlightedintheabovesituation.Alsoexplainanytwo
CLICK HERE FOR

SOLUTIONS
otherlimitationsofRatioAnalysisapartfromtheidentified above.
33 Fromthefollowingdetails,calculateinterestcoverage ratio: 4
NetProfitaftertaxRs.60,000;15%Long-termdebt10,00,000;andTaxrate40%.
OR
Fromthefollowinginformation,calculateinventoryturnoverratio:
Inventoryinthebeginning=18,000
Inventory at the end = 22,000
Netpurchases=46,000 Wages
= 14,000
Revenuefromoperations=80,000 Carriage
inwards = 4,000
34. What are the different methods of financial statement analysis?Discuss each method briefly.
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SOLUTIONS
As Per Revised
CBSE Curriculum
2023-24
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Class 12

CLASS XII MAX.MARKS80

mark questions(MCQ & AR)

2. .Nidhi,KunalandKabirarepartnersinafirmsharingprofitsintheratioof2:1:2.Kunalretiredand the balance

10. A,BandCwerepartnersinafirmsharingprofitsandlossesintheratioof5:3: 2.Cretiredandhis capital

11. Thatportionofthecalled-upcapitalwhichhasbeenactuallyreceivedfromtheshareholdersis called:

12. RohitLimitedissued2,000,9%Debenturesof₹100eachat₹95perdebenture.9%Debentures account

16. Assertion:Companieshaveaseparatelegalidentityfromtheir owners.

19. ListtheitemswhichareshownundertheheadingcurrentliabilitiesandprovisionsasperSchedule VI PartI

Securitiespremiumcanalsobeutilizedforthreeotherpurposesbesides(i)‘Issuingfullypaidbonus shares’ and

20. .Puneet,PuravandParthwerepartnersinafirmsharingprofitsandlossesinthe 3ratioof4:3:1. The firm

2. Sindhu'sshareofprofittillthedateofhisdeathwastobe calculatedonthebasisofsales.Salesfor the year

29. Assertion:Thecurrentratioisaliquidityratiousedtomeasureacompany'sabilitytopayshort- term

31. ABCLtd.providesyouwiththefollowinginformationfromitsfinancialstatementsfortheyear ending

Sales Revenue: $500,000

Interest Expense: $10,000

Income Tax Expense: $30,000

Net Income: $110,000

Total Assets: $600,000

Calculate the following ratios:

Gross Profit Margin

Net Profit Margin

Balance Sheet (End of Year 2023):

Total Assets: $1,500,000

r2023): Sales Revenue: $2,000,000

Cost of Goods Sold: $900,000

Interest Expense: $20,000

Income Tax Expense: $50,000

Calculate the following ratios:

33. ThebalancesheetofXYZLtd.as on31stMarch2023isasfollows:

34. ThefinancialstatementsofXYZ Ltd.forthe yearended31stDecember2023aregivenbelow:

27. Whichofthefollowingsoftwareisspecificallydesignedforcomputerized accounting?

28. Whatistheprimaryadvantageofcomputerizedaccountingovermanual accounting?

30. Assertion:Computerisedaccountingsystemsrequireregular updates.

31. Acompanyusesacomputerizedaccountingsystem.DuringthemonthofJanuary,thecompany made

Sold goods worth $10,000 on credit.

Paid $2,500 in rent for the month.

32. XYZCompanyusesacomputerizedaccountingsystem.Thefollowinginformationisavailablefrom its

Accounts Payable: $10,000

Cash in Bank: $20,000

Rent Expense: $5,000

10: Purchased 600 units at $9 each

ANSWER SHEET 2022-23

SUBJECT ACCOUNTANCY 055

PART A: - Accounting for Partnership Firms and Companies

one mark questions(MCQ & AR)

ANS.1 Cash deposited into bank ? 15,000.

ANS 3. Bank deposits with 100 days of maturity.

ANS 4. Investing Activity

ANS 5. Three months or less.

ANS 7. Three months or less.

ANS 8. At 6% per annum.

ANS 10. ₹ 72,000

ANS 11 . Paid-up capital

ANS 13. ₹ 60,000

ANS 14. Both Assertion and Reason are correct

ANS 18. Calculation of Riya’s share of Profit,

2. Calculation of Puneet’s share in the

Computation of divisible profit and its distribution between partners:

Divisible profit = 11,65,000

Profit share guaranteed to Karan = 5,00,000

Deficiency to Karan's share in profit = 5,00,000 - 2,33,000 = 2,67,000

1. Computation of interest on drawings of partners: Drawings of sonu = 20,000 Drawings of Rajat = 12 ×

one mark questions (VSQ)