The sample paper is one of the best resources for the student to prepare for the
exam. These help the student to get a prior experience before they attempt for
the final exam also, they will know if they are prepared for the exam
completely or not. They can test their knowledge for all these subjects and get
confident about the answer. if any discrepancies occur in the written answer,
they can focus more on such a question, so that there are no mistakes happening
in the final paper. they can also mark themselves for correct and wrong answers.
Structure
of CBSE Class 12th Accounting Model Paper 2020
This
question paper contains two parts – Part A and Part B.
(i)
Part A is compulsory for all.
(ii)
Part B has two options – Analysis of Financial Statements and Computerised
Accounting.
(iii)
Attempt only one option of Part B.
(iv)
All parts of a question should be attempted in one place.
PART A
(Accounting for Not-for-Profit Organizations,
Partnership Firms and Companies)
Q. 1. How are the following items presented in
financial statements of
a Not-for-
Profit organization:-
(a) Tournament Fund- `80,000
(b) Tournament expenses- `14,000
Q.2. At what rate is interest payable on
the
amount remaining
unpaid to the executor of a deceased partner,
in
absence of any agreement among
partners, when (s)he opts for interest and
not
share of profit.
(a) 12% p.a.
(b) 8% p.a. (c) 6% p.a. (d) 7.5%p.a.
Q. 3. State the
order of payment of the following, in case of
dissolution of the partnership firm.
i. to each
partner
proportionately what is
due to him/her from
the firm for
advances as distinguished
from capital (i.e. partner’ loan);
ii. to each
partner
proportionately
what is due to
him
on account of capital; and
iii for the debts
of the firm to the third parties;
Q. 4. A and B are partners in a firm having a capital of `54,000 and `36,000 respectively. They admitted C for 1/3rd share in the profits C brought a proportionate amount of capital. The Capital brought
in by C would
be:
a) ` 90,000
b) `45,000
c) `5,400
d) ` 36,00
Q. 5. Amit, a partner
in
a partnership
firm
withdrew `7,000 in the beginning
of each
quarter. For
how many
months would interest on drawings be charged?
Q.6. Ankit, Unnati and
Aryan are partners
sharing profits in the ratio of 5:3:2. They decided to
share future profits in the ratio of 2:3:5
with effect from 1st April 2018.
They
had the following balance in
their balance sheet, passing
necessary
Journal Entry:
Particulars
|
Amount(`)
|
Profit and loss Account (Dr)
|
60,500
|
Q. 7. A and
B are partners
in a firm. They admit C as a partner with
1/5th share in
the
profits of the firm.
C brings ` 4,00,000 as his share of
capital.
Calculate the value of C’s
share of Goodwill on the basis of his capital,
given that the combined capital of A and B after
all adjustments is `10,00,000.
Q. 8. Riyansh, Garv and
Kavleen
were partners in a firm
sharing profit and loss in the ratio of 8:7:5. On
2nd November
2018, Kavleen
died.
Kalveen’s share of profits till the date of
her death was calculated
at `9,375. Pass the necessary journal entry.
Q.9. A and
B are partners in a
firm sharing profits and losses
in the ratio
of 3:2.On 1st April,
2019 they decided to admit C their new
the ratio is decided to be equal. Pass the necessary
journal entry
to distribute Investment Fluctuation Reserve of ` 60,000 at the time of C’s
admission, when Investment appear in the books at `2,10,000 and
its market value is `1,90,000.
Q. 10. ‘Complete the following
statement’
When liability is discharged by a
partner, at the
time of dissolution,
Capital Account is credited
because ______________ .
Q.11. A and B are in partnership sharing profits and losses in the ratio of 3:2. They admit C into
partnership with
1/5th share which he acquires equally
from A and B. Accountant has calculated
new profit sharing
ratio as
5:3:2. Is the accountant correct?
Q.12. Wellness Co. Ltd. has
issued 20,000, 9% Debentures of ₹
100 each at a premium of
10% on 1st April,
2018 redeemable as
follows:
31st March 2021 –
10,000 debentures
31st March 2022 –
4,000 debentures
31st March 2023 – balance debentures.
It transferred to
Debentures Redemption Reserve the required amount as applicable rules of the Companies
Act
and Rules, 2014 on the due date. How much amount will be transferred to General Reserve on 31st March 2021
a) `1,00,000 b) `2,50,000 c) `5,00,000 d) `20,00,000
Q.13. A portion
of share capital that is reserved
by the company
and
will be utilized
only on the happening of winding
up of the company is
called
________.
Q.14. a) Calculate the amount of
medicines consumed
during the year ended
31st March 2019
Particulars
|
Amount (`)
|
Opening Stock of
Medicines
|
50,000
|
Closing stock of
Medicines
|
45,000 more than
opening stock
|
Amount paid for
medicines during the year
|
2,00,00
|
Opening Creditors
|
20,000
|
Closing Creditors
|
50% of the opening
creditors.
|
Or
Distinguish between Income and Expenditure Account and
Receipt and Payment Account on
basis of:-
i. Nature
ii. Nature of items
iii. Period
Q. 15. Danish, Ana, and Pranjal are partners in
a firm sharing
profits and losses in the ratio of 5:3:2. Their books
are closed
on March 31st every
year.
Danish died on September 30th, 2019, The executors of Danish
are
entitled
to:-
i. His share of Capital
i.e.
` 5,00,000 along-with
his
share of goodwill. The total goodwill
of the firm was valued at ` 60,000.
ii. His share of
profit up to his date
of death on the basis of sales
till
date of death. Sales for
the
year ended
March 31, 2019, was `2,00,000 and profit
for the same year was 10% on sales.
Sales
shows a growth
trend
of 20% and the percentage
of profit earning
is reduced by 1%.
iii. Amount payable to
Danish was transferred to
his
executors. Pass necessary Journal Entries
and show the workings clearly.
Q.16. Manika,
Bhavi
and Komal are partners
sharing profits in the ratio of 6:4:1.
Komal
is guaranteed a minimum profit of ` 2,00,000. The firm incurred a loss of `22,00,000 for the year
ended
31st March 2018.
Pass necessary
journal entry regarding deficiency borne by Maanika and
Bhavi and prepare Profit and Loss Appropriation Account.
OR
The partners of a firm, Alia,
Bhanu and Chand distributed the profits for the year
ended
31st March 2017, `80,000 in the ratio
of 3:3:2 without providing
for the following
adjustments:
a) Alia and
Chand
were entitled
to a
salary of `1,500 each
p.m.
b) Bhanu was entitled
for a salary of
`4,000 p.a.
Pass the necessary journal entry for the above adjustments in the books of the firm. Show workings clearly.
Q.17. Bliss Products Ltd. registered
with a capital of `90,00,000 divided
into 90,000 equity shares of `100 each.
The company issued
prospectus inviting
applications for
50,000 equity shares of `100 each
payable as `20 on the application, `30 on the allotment, `20 on first call and
balance on
second
call.
Applications were received
for `40,000 shares. Raman
to whom 1600 shares
were allotted failed to pay
final call money and
these shares were forfeited.
Of the forfeited shares, 600
shares were reissued
to Sukhman, credited
as fully paid for `90 per
share. Present the Share Capital as per
Schedule III of Companies Act,
2013.
Q.18. The firm of R, K and S were dissolved on 31.3.2019. Pass necessary journal entries for the following after various assets (other than cash and Bank) and the third party liabilities
had been transferred
to realization account.
(i) K agreed
to pay
off his wife’s loan
of ` 6,000.
(ii) Total Creditors of the firm were `40,000. Creditors worth `10,000 were given a piece of furniture costing `8,000 in full and final settlement. Remaining creditors allowed
a discount of
10%.
(iii) A machine that was not recorded in the books was taken over by K at ` 3,000 whereas it's expected
value
was `5,000.
(iv) The firm had a debit balance of `15,000 in the profit and loss A/c on the date of dissolution.
Q.19. From the following Receipts and
Payments Accounts of
Rolaxe Club, for the year ended 31st March 2019. Prepare Income and
Expenditure Account for
the
year ended 31st March,
2019.
Receipts and Payments Account for the year ended 31st March,
2019
Receipts
|
Amount (`)
|
Payments
|
Amount (`)
|
To Balance b/d
|
By Advertisement
|
13,100
|
|
Cash in Hand
|
17,050
|
By Rent and Taxes
|
14,000
|
Current a/c in Bank
|
18,570
|
By Repairs
|
15,000
|
To Donations
|
20,000
|
By Printing and
Stationery
|
16,000
|
To Proceeds from
charity Show
|
16,200
|
By Government Bonds
|
5,000
|
To Subscription
|
52,000
|
By Telephone Expenses
|
1,000
|
To Life membership
Fees
|
5,250
|
By Furniture
(Purchased on 1st July 2018)
|
70,000
|
To Entrance Fees
|
6,000
|
By Balance c/d
|
|
To Interest on
investment @ 7% for the year
|
7,200
|
Cash in Hand
|
3,170
|
Cash at Bank
|
5,000
|
||
1,42,270
|
1,42,270
|
Additional Information
:-
i) Depreciate furniture by
15% p.a.
ii) There were 416 Life Members on 31.3.2018 the subscription payable by each member, to
be a lifetime member
is
`12
iii)
Subscription
outstanding on 31st March 2018
|
6,000
|
Subscription
outstanding on 31st March 2019
|
7,000
|
Subscription received
in advance on 31st March 2018
|
4,000
|
Subscription received
in advance on 31st March 2019
|
5,000
|
Q.20. Journalise the following
transactions
a) Mehar
Ltd. issued `1,00,000, 12% Debentures of `100 each at a premium of 5% redeemable at a premium of
2%
b) 12 % Debentures were issued at a discount of 10% to a vendor of machinery for payment of
` 9,00,000
c) Issue of 10,000 11% debentures of ` 100 each as collateral in favor of State Bank of India. The company opted to
pass necessary
entry for the issue of debentures.
Or
Faith and Belief Ltd
has
total redeemable debentures of ` 5,00,000. It decides to
redeem these debentures in two installments of `3,00,000 and `2,00,000 on December
31st 2018 and March 31st, 2020 respectively. Assuming
that the Company has
sufficient funds in Debenture Redemption Reserve Account, pass necessary
journal entries for the
year
ending
March
31st 2020.
Q.21. Gautam and Yashica are partners in a firm, sharing profits and losses in
3:1 respectively. The balance sheet of the firm as on 31st March
2018 was as follows:
Balance Sheet As at 31.3.2018
Liabilities
|
Amount
(`)
|
Assets
|
Amount
(`)
|
Sundry
creditors
|
50,000
|
Furniture
|
60,000
|
Bill
payable
|
30,000
|
Stock
|
1,40,000
|
Capitals
|
Debtors
|
80,000
|
|
Gautam 4,00,000
|
Cash
in hand
|
90,000
|
|
Yashikca
1,00,000
|
Machinery
|
2,10,000
|
|
5,80,000
|
5,80,000
|
Asma is admitted as
a partner for 3/8th share in
the
profits with the capital of
`2,10,000 and `50,000 for her share of goodwill.
It was decided
that:
i. New profit sharing
ratio
will be 3:2:3
ii. Machinery will
depreciated by
10% and Furniture
by `5,000.
iii. Stock
was re-valued at ₹ 2,10,000.
iv. Provision for doubtful debts is to be
created at
10% of debtors.
v. The capitals of all the partners were to be in
the
new profit-sharing the ratio on the basis
of the capital of new
partner any
adjustment
to be done through current accounts.
Prepare Revaluation Account, Partners Capital Account and
the
Balance Sheet of the new firm.
Or
X,Y, and Z were in
partnership
sharing
profits in proportion to
their
capitals. Their Balance
Sheet as on
31st
March 2018 was as follows:
Liabilities
|
Amount (`)
|
Particulars
|
Amount (`)
|
Sundry creditors
|
16,600
|
Cash
|
15,000
|
Workmen’s Compensation Fund
|
9,000
|
Debtors 21,000 Less-prov for Doubtful Debts (1400)
|
19,600
|
General Reserve
|
6,000
|
Stock
|
19,600
|
Capitals:
|
Machinery
|
58,000
|
|
X 90,000
|
Building
|
1,00,000
|
|
Y 60,000
|
1,80,000
|
||
Z 30,000
|
|||
2,11,600
|
2,11,600
|
On the above date,
Y retired owing to ill health. The following
adjustments were agreed upon for the calculation of the amount due to Y.
a) Provision for Doubtful Debts
to be increased to
10% of Debtors.
b) Goodwill of the firm be valued at `36,000 and
be adjusted into the Capital Accounts of
X and
Z, who will share profits in
future in the ratio of 3:1.
c) Included
in the value of Sundry
Creditors were `2,500 for an outstanding legal claim, which will not arise.
d) X and Z also decided that the total capital of the new the firm will be `1,20,000 in their
profit sharing
ratio. Actual cash to
be
brought in or to be paid
off as the case may be.
e) Y to
be paid ` 9,000 immediately
and balance to be transferred to
his
Loan Account.
Prepare Revaluation
Account, Partner’s Capital Accounts and
Balance Sheet of the new
firm after Y’s retirement.
Q. 22. Saregama Ltd invited applications for issuing
80,000 equity shares of `100 each
at
a premium of ` 10. The amount was
payable as follows
On Application
– `30
On allotment – `30 (including a premium of ` 10) On 1st call –
`30
On Final Call Balance
Applications of 1,20,000
shares were received.
Allotment was
made
on a pro-rata basis
to all
applicants.
Excess money
received on the application was adjusted
on sums due on allotment.
Dhwani, who was allotted 1,600 shares,
failed to pay allotment money and
Sargam who
applied of 6,000 shares did not pay 1st call money. These
shares were forfeited immediately after
1st call.
2,000 of these shares (including all shares
of Dhwani were issued to Tarang
for ₹ 95 per share as 80
paid
up. Pass necessary
journal entries in books of
Saregama Ltd. by opening call in
arrear, call in advance account, if
final call has
not been made.
Or
a. X Ltd. forfeited 10 shares of `10 each,
`7 called upon which the shareholder
had paid
application and
allotment money of `5 per
share. Out of these, 8 shares were re-issued to
Y for `8 per share at `8 per paid upper share. Record the journal entries for forfeiture and
reissue
of shares by opening call in arrear,
call in advance account.
b. L ltd forfeited Mr
M’s
shares who have applied for 600
shares and was allotted 400 shares
failed to
pay allotment money
of `4 per share
including premium of
`2 on which
he had
paid
application
money
of `2 only.
Pass necessary
journal entries
for forfeiture of shares
by opening a call in arrear, call in advance account.
c. Crown Ltd
forfeited 50 shares of `10 each,
for non- payment of final call money of `3 per
share. Out of these 20 shares
were
reissued to
Taj
at` 8 per share. Record the journal entries for forfeiture and reissue
of shares assuming
that the
company
maintains
call in
arrear, call in advance account.
PART B
OPTION 1
(Analysis of Financial Statements)
Q. 23. What will be the
effect on the current ratio
if bills payable is
discharged on maturity?
Q .24. The two basic measures of the operational efficiency of a company are
a) Inventory Turnover Ratio and
Working
Capital Turnover
Ratio
b) Liquid Ratio and
Operating
Ratio
c) Liquid Ratio
and Current Ratio
d) Gross Profit Margin and
Net Profit Margin
Q.25. Debt Equity
Ratio
of a
company is 1:2. Purchase of a Fixed asset for `5,00,000 on long term
deferred payment basis will increase, decrease or not change the ratio?
Q.26. State the
importance of financial analysis for labor unions.
Q .27. M/s Mevo
and Sons.; a bamboo pens producing company,
purchased machinery for
` 9,00,000. It received
dividend
of `70,000 on investment in
shares.
The company also sold
an old machine of the book value of `79,000 at a loss of `10,000. Compute Cash
flow from Investing
Activities.
Q .28. Common
size
analysis
is also known
as ———————— analysis. (fill in the blank)
Q.29. While preparing Cash
Flow Statement, match
the following activities
I. Payment of
cash
to acquire a. Financing activity
Debenture by an
Investing
Company
II. Purchase of
Goodwill b. Investing Activity
III. Dividend paid
by manufacturing c. Operating
activity
Company
QNo.30. From the following
details
calculate Interest Coverage Ratio:
Net profit after tax - `
7,00,000 6% debentures of `
20,00,000 Tax
Rate 30%
Or
Under which
major
heads
and sub-heads will the following
items are placed
in the Balance Sheet of
the company as per Schedule III,
Part I of the Companies Act, 2013?
(i) Debentures with a maturity period in the current financial year
(ii) Securities Premium Reserve
(iii) Provident Fund
Q.31. The following information is extracted from
the Statement of Profit and Loss of Crypto Finance
Ltd.
For
the year ended
31st March
2017 and 31st March
2018. Fill in the missing figures
Comparative Statement of Profit
and Loss
for the years ended 31st March 2017 and 31st March 2018
Particulars
|
2016-17(`)
|
2017-18(`)
|
Absolute Increase/Decrease (`)
|
Percentage Increase
/Decrease (%)
|
Revenue from
Operations
|
10,00,000
|
?
|
2,00,000
|
20%
|
Add other Income
|
?
|
60,000
|
?
|
20%
|
Total Revenue
|
?
|
12,60,000
|
?
|
20%
|
Less Employee Benefit
Expenses
|
50,000
|
60,000
|
10,000
|
?
|
Profit Before Tax
|
10,00,00
|
12,00,000
|
2,00,000
|
?
|
Less Tax (50%)
|
5,00,000
|
6,00,000
|
1,00,000
|
?
|
Profit After Tax
|
5,00,000
|
6,00,000
|
1,00,000
|
20%
|
Or
From the following Balance Sheet of R Ltd., Prepare a
Common Size Statement
Balance Sheet As at 31st March 2019.
Particulars
|
Note no.
|
31.3.2019 (`)
|
31.3.2018 (`)
|
I Equity and Liabilities
|
|||
1. Shareholder’s Funds
|
|||
a. Shree Capital
|
5,00,000
|
4,00,000
|
|
b. Reserve and Surplus
|
1,60,000
|
1,20,000
|
|
2. Current Liabilities
|
|||
a. Trade Payable
|
1,40,000
|
80,000
|
|
Total
|
8,00,000
|
6,00,000
|
|
II Assets
|
|||
1. Non-Current Assets
|
|||
a. Fixed Assets
|
|||
i. Tangible Assets
|
3,20,000
|
2,40,000
|
|
ii Intangible Assets
|
40,000
|
60,000
|
|
2. Current Assets
|
|||
a. Inventories
|
1,60,000
|
60,000
|
|
b. Trade Receivables
|
2,40,000
|
2,00,000
|
|
c. Cash and Cash Equivalents
|
40,000
|
40,000
|
|
Total
|
8,00,000
|
6,00,000
|
QNo.32. From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; Calculate Cash
from operating activities. Showing
your
workings clearly
Particulars
|
Note No.
|
31.03.2018 (`)
|
31.03.2017 (`)
|
I
Equity and Liabilities
|
|||
1.
Shareholder’s Funds
|
7,00,000
|
5,00,000
|
|
a. Shree Capital
|
|||
b. Reserve and Surplus
|
3,50,000
|
2,00,000
|
|
2.
Non-Current Liabilities
|
|||
Long Term Borrowings
|
50,000
|
1,00,000
|
|
3.
Current Liabilities
|
|||
a. Trade
Payables
|
1,22,000
|
1,05,000
|
|
b. Short term Provisions (Provision for
Tax)
|
50,000
|
30,000
|
|
Total
|
12,72,000
|
9,35,000
|
|
II.
ASSETS:
|
|||
1.
Non Current Assets:
|
|||
a. Fixed Assets:
|
|||
i. Tangible Assets
|
1
|
5,00,000
|
5,00,000
|
ii. Intangible Assets
|
2
|
95,000
|
1,00,000
|
b. Non-current Investments
|
1,00,000
|
Nil
|
|
2.
Current Assets:
|
|||
a. Inventory
|
1,30,000
|
55,000
|
|
b. Trade Receivable
|
1,47,000
|
80,000
|
|
c. Cash and Cash Equivalents
|
3,00,000
|
2,00,000
|
|
TOTAL
|
12,72,000
|
9,35,000
|
Notes
Note Number
|
Particulars
|
31.03.2018 (`)
|
31.03.2017 (`)
|
1
|
Tangible Assets
|
||
Machinery
|
2,80,000
|
2,00,000
|
|
Accumulated depreciation
|
(1,00,000)
|
(80,000)
|
|
1,80,000
|
1,20,000
|
||
Equipment
|
3,20,000
|
3,80,000
|
|
5,00,000
|
5,00,000
|
||
2
|
Intangible Assets:
|
||
Goodwill
|
95,000
|
1,00,000
|
Additional Information:
i. Machinery
of the book value of
80,000 (accumulated depreciation `20,000 ) was
sold
at
a loss of `18,000
PART B OPTION
2
(Computerised Accounting)
Q .23. List any two attributes
of information to
be stored
in
Payroll database.
Q. 24. Which of the following is not an
advantage of computerized accounting system
a) Efficient record
keeping
b) Ensures effective control
over the system.
c) Generation
of reports and information in a fixed format
d) Economy
in the processing of accounting
data.
Q. 25. Arrange the following steps
of constructing Bank Reconciliation
Statements in Tally in
chronological sequence
a) Bringing up the monthly
summary
of Bank Book. Bringing
the
cursor to the first
month
and pressing enter.
b) The display becomes Edit Screen in
Reconciliation mode. The primary components are A column for the ‘Bankers Date’ Amounts not reflected in
banks and balance as per
banks
c) This Brings
up the vouchers for
the
month. Since this is
a bank
account, an
additional button F5: reconcile
will be visible
on the right Press F5
Q. 26. Match the following
a)
|
Single valued attributes
|
i)
|
Attributes that can be
divided in
smaller sub
parts to
represent some more basic attribute with independent meaning
|
b)
|
Composite attribute
|
ii)
|
Attributes that cannot
be further sub
divided in
smaller
parts.
|
c)
|
Atomic attributes
|
iii)
|
Attributes with a single value for
an entity
|
Q.27. What is
the activity the sequence of the basic
information
processing mode
Q. 28. Differentiate between Generic software and
Specific Software on the basis
of cost of installation and
maintenance
Q. 29. Which
of the following situations may
not require the use of null value
a) When a particular attribute
does
not apply to
an entity.
b) Value of the attribute is unknown,
although it exists
c) Unknown because it does not exist.
d) Multi-value attributes
may be nested (or grouped) to constitute complex ones.
Q.30. Explain adjusting entries.
Or
Explain
‘Transparency control’ and ‘Scalability’ as features
of Computerized Accounting
System.
Q.31. Name and explain the function which
returns
the
future value of an
investment which has
constant payment and interest.
Q.32. What is meant by conditional formatting? Give its two uses and three benefits.
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