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CBSE Question Paper 2010 for Class 12 - Accountancy

by saumil shrivastava

General Instruction for CBSE Question Paper :-

(i) This question paper contains two parts A,B and C.
(ii) Part A is compulsory for all candidates.
(iii) Candidates can attempty only one part of the remaining parts B and C.
(iv) All parts of the questions should be attempted at one place.

Not for profit organisation, partnership firms and companies accounts

Q1. Show the accounting treatment of 'Legacy'. 1marks
Q2. Give any one difference between fixed and fluctuating capital account 1mark
Q3. Distinguish between general donations and specific donations. 1marks
Q4. State the circumstances when change in profit sharing ratio is needed. 1marks
Q5. Mention the amounts which are debited to Deceased Partner's Capital A/c. 1marks
Q6. Show how would you deal with the following items by preparing final account of non-profit
organisation in respect of Sachin Cricket Club for the year ending on  31^{st} December, 2009:
3 marks
Particulars Rs.
Tournament Fund as on  1^{st} January, 2009 1,80,000
12% Tournament Fund Investments as on  1^{st} January, 2009 1,80,000
Contribution Collected for Tournament during the year 2009 90,000
Expenditure incurred during the year 2009 on conducting Tournaments 1,05,000
Interest received on Tournament Fund Investments during the year 2009 15,600
Q7. How will you deal with the following in the income and expenditure account and balance sheet
of shimla entertainment club for the year 2000
3 marks
Subscription received during the year 2000 Rs 250000
Subscription o/s on 31.12.1999 Rs 5000
Subscription on o/s on 31.12.2000 Rs 10000
Subscription received in advance as on 31.12.1999 Rs 7000
Subscription received in advance as on 31.12.2000 Rs 22000

Q8. Pappu and Munna are partners In a firm sharing profits in the ratio of 3 : 2. The partnership deed provided that Pappu was to be paid salary of Rs. 2,500 per month and Munna was to get a commission of Rs. 10,000 per year. Interest on capital was to be allowed @ 5% per annum and interest on drawings was to be charged @ 6% per annum. Interest on Pappu's drawing was Rs. 1,250 and on Munna's drawings Rs. 425. Capital of the partners were Rs. 2.00.000 and respectively, and were fixed. The firm earned a profit of Rs. 90,575 for the year ended 31.3.2004.

Prepare Profit and Loss Appropriation Account of the firm. 3marks

Q9. P,R and S are in partnership sharing profits in the ration of 4:3:1 respectively. It is provided in the
partnership deed that, on the death of any partner, his share of goodwill is to be valued at half of the
profits credited to his account during the previous four completed years.

R dies on 1January,1997. The firm's profits for the last four years 1993: Rs. 120000, 1994: Rs 80000,
1995: Rs 10000, 1996: Rs 80000. Determine the amount that should be credited to R in respect of his
share of goodwill and record journal entry for the same.
4 marks

Q10. A and B are partners sharing profits and losses in the ratio of 3:2 with capitals of Rs 600000 and
Rs 300000 respectively. Show the distribution of profits in each of the following alternatives cases:

Case(i) If the partnership deed is silent as to the interest on capital and the profits for the year are Rs
150000.

Case (ii) If the partnership deed provides for interest on capital @8% P.a. and the losses for the year
are Rs 50000.

Q11. Anjali and Gayatri are partners in a firm sharing profit and losses equally. On 1st January, 2009 their capitals were Rs.2,50,000 and Rs.1,50,000. On 1st April, 2009 Gayatri introduced further capital of Rs.50,000 into the business. During the year ended on 31st December, 2009 they made a profit of Rs.2,60,000. The terms of partnership deed provided . the following:

a. Interest on capitals to be allowed @ 10% p.a.
b. Interest on drawings to be charged @ 5% p.a. Drawing being Anjali â€" Rs.50,000 and Gayatri â€" Rs.40,000.
c. 10% of the distributed profits to be transfer to General Reserve.
d. Both partner entitled to a salary of Rs.4,000 per quarter.

Prepare Profit and Loss Appropriation Account for the year ended 31st December, 2009. 4 marks

Q12. Amar, Uday and Sagar were partners, sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet on 31.3.2009 was as follows:

Liabilities Rs. Assets Rs.
Capital Account …. Plant & Machinery 72,000
Amar 60,000 Furniture 12,000
Uday 75,000 Debtors 46,000
Sagar 37,500 Joint life Policy (surrender value) 36.000
Bank Overdraft 39,000 Bills Receivable 29,000
Mrs. Amar's Loan 20,000 Stock 42,000
Creditors 38,000 Loan to Sagar 20,000
Bills Payable 18,500 Investments 25,000
Profit and Loss Account 10,000 Cash in hand 16,000
Total 2,98,000 Total 2,98,000

The firm was dissolved on  31^{st} March, 2005 on the following terms:

a. The Joint Life Policy is Surrender at book value.
b. Investments are taken over by Uday at 10% discount.
c. Other Assets are realised as follows: Plant and Machinery Rs.48,000; Debtors and Bills Receivable at 15% less; Furniture Rs.7,800 and Stock at 10% less.
d. Creditors agreed to accept Rs.35,000 for full settlement.
e. Expenses on realisation amounted to Rs.2,000.

Prepare Realisation Account, Partners Capital Account and Cash Account. 6marks

Q13. From the following receipts and payments account of a club and from the information supplied,
prepare an income and expenditure account for the year ended 31st December,2003 and a balance
sheet as on that date.

Receipts and Payments Account

Receipts Rs Payments Rs
To balance b/d 2300 B y salaries 4500
To subscriptions 6000 By office expenses 1500
To rent of the hall 2000 By sports Equipment 1000
To sale of grass 200 By machine 2000
To sale of old furniture [book value Rs200] 100 By 6% Investments 1000
By balance c/d 600
10600 10600
Other information
Subscriptions received included Rs.1000 for 2002 and Rs 500 for 2004. Outstanding subscriptions for 2003 amounted to Rs 800. Sports equipment on hand on  31^{st} December,2002 was of Rs.3000. The value placed on this equipment on hand on  31^{st} December,2003 was Rs.3100. The machine was purchased on  1^{st} july,2003 and is to be depreciated at 20% per annum. Salaries Rs200 for 2003 are yet to be paid. Interest on investment is accrued of 6 months. On 1st January,2003 club owned land and building valued at Rs 1500 and furniture at Rs 600. 6marks

Q14.The following is the balance sheet of A and B on  31^{st} December,2008:

Liabilities Rs Assets Rs
Sundry creditors 30000 Cash in hand 500
Bills payable 8000 Cash at bank 8000
Mrs. A loan 5000 Stock in trade 5000
Mrs. B loan 10000 Investment 10000
General reserve 10000 Debtors 20000
Salaries outstanding 1000 (-)prov 2000 18000
A's capital A's capital Plant 20000
B's capital 10000 Building 15000
Building 15000
Goodwill 4000
Profit and loss a/c 3500
Total 84000 Total 84000
The firm was dissolved on  31^{st} December,2008 on the following terms: 6marks

a) A promised to pay off Mrs. A 's loan and took away stock in trade at Rs 4000.
b) B took away half the investment at 10% discount.
c) Debtors realised Rs.19000.
d) Creditors and bills payable were due on an average basis one month after 31st December, but they were paid immediately on  31^{st} December, at a discount of 6% per annum.
e) Plant realised Rs.25000, building Rs40000,goodwill Rs6000 and remaining investments at Rs 45000.
f) There was an old typewriter in the firm which had been written off completely from the books of the firm. It was now estimated to realised Rs300. Ti was taken away by Bat this estimated price.
g) Realisation expenses were Rs.1000.

You are required to give necessary ledger accounts to close the books of the firm

Q15. Jain and gupta were partners in a firm sharing profit and losses in the ratio of 4:3. The following is the balance sheet of the firm as on  31^{st} December,1994

Balance sheet of jain and gupta ltd.

As on  31^{st} December,1994

Liabilities Rs Assets Rs
Sundry creditors 20000 Cash 14800
Bills payable 3000 Debtors 20500
Bank Overdraft 17000 Less:provision 300 20200
Capitals: Stock 20000
Jain 70000 Plant 40000
Gupta 60000 130000 Buildings 75000
Total 170000 Total 170000

They agreed to admit Mishra as partner with effect from  1^{st} January,1995 with  1/4^{th} share in profits on the following terms:

1. Mishra will brings in capital to the extent of  1/4^{th} of the total capital of the new firm after all adjustment have been made.
2. Building is to be appreciated by Rs. 14000 and plant to be depreciated by Rs 7000.
3. The provision on debtors is to be raised to Rs.1000.
4. The goodwill of the firm has been valued at Rs 21000.

Prepare the Revaluation Account, Partners' Capita Account and Balance sheet of the firm immediately after Mishra's admission. 8marks

Or

A,B and C were partners in a firm sharing profits and losses in the ration of 5:3:2 respectively. A died on  28^{th} February,2007. The balance sheet on that date was as follows:

Liabilities Rs Assets Rs
Capital A/Cs Machinery 35000
A 12000 Furniture 6000
B 16000 Stock 15000
C 12000 40000 Debtors 15000
General Reserve 12000 Cash 3000
Creditors 22000
Total 74000 Total 74000

The firm had a joint Life Policy in the names of the partners, for insured value of Rs60000. The premium paid on the policy was debited to profit and loss account. The partnership deed provided that on the death of a partner the assets and liabilities are to be revalued. The assets and liabilities were revalued as follows on A's death.

1. Machinery Rs 45000 and Furniture Rs 7000
2. A provision of 10% was created for Doubtful Debts.
3. A provision of Rs. 15000 was made for Taxation.
4. The goodwill of hte firm was valued at Rs 15000 on A's death.
5. Death claim for policy was realised in full.

The amount payable to A was transferred to his executor's account. You are required to prepare
Revaluation Account, Capital Accounts of the Partners and the Balance sheet of B and C.

16. The Balance Sheet of A, B and C who are partners in a firm sharing profits and losses in proportion to their capitals stood as on 31st December, 2009 was as under:

Liabilities Rs. Assets Rs.
Capital Account: Goodwill 20,000
A 80,000 Land and Building 1,20,000
B 60,000 Plant and Machinery 42,000
C 60,000 Inventory 47,800
Trade Creditors 40,000 Debtors 45,000
Bills Payable 25,000 Less: Provision 2,800 42,200
Reserve Fund 30,000 Bills Receivable 26,000
Workmen Compensation Fund 10,000 Typewriter 7,000
Total 3,05,000 Total 3,05,000

B retires on the above date and the following adjustments were to be made:
e. Plant and Machinery and Stock depreciated by 10% and Land and Buildings appreciated by 20%.
f. Provision for legal charges to be made at Rs.3,320.
g. Provision for doubtful debts to be raised to 10% on debtors
h. Goodwill of the firm is fixed at Rs.60,000 at the time of retirement of B.
i. B will be paid Rs.15,000 in cash and balance will be transferred to his Loan Account. j. The capitals of the new firm to be fixed at Rs.2,40,000. A and C decided to keep new capitals in their new profit sharing ratio which is 2 : 1. Adjustment will be made by opening current account.

Prepare Revaluation Account, Partners Capital Account and Balance Sheet after retirement of B. (8)

OR

X, Y and Z were in partnership sharing profits and losses equally. X died on  31^{st} October, 2009. The Balance Sheet of the firm as at  31^{st} March, 2009 was as under:

Liabilities (Rs) Assets (Rs)
Sundry Creditors 31,200 Cash at Bank 8,000
General Reserve 12,000 Debtors Debtors
Investment Fluctuation Fund 4,100 Inventory 56,000
Provision for Doubtful Debts 3,700 Investments (Cost) 16,000
Capital Accounts: Freehold Property 60,000
X 60,000 Goodwill 27,000
Y 50,000
Z 42,000
Total 2,03,000 Total 2,03,000

On the date of death it was found that:

a. Freehold Property was worth Rs.80,000.
b. Debtors were all good.
c. Stock were valued at Rs.48,000
d. Investments were valued at Rs.15,000 and were taken over by Y at that value.
e. A liability for Workmen's Compensation for Rs.4,000 was to be provided for.
f. Goodwill was to be valued at 2 years purchase of average profits of last 5 years.
g. X's share of profit upto the date of death was to be calculated on the basis of last three year's average profit.
h. The profits of the last five years were as follows: 2004-05 - Rs.21,000; 2005-06 - Rs.27,000; 2006-07 - Rs.23,000; 2007-08 - Rs.22,000 and 2008-09 - Rs.27,000.

Prepare Revaluation Account, Partners Capital Account and Balance Sheet of the remaining partners. (8)

PART-B

Analysis of Finansial analysis

Q17 Give any one important features of financial analysis. 1mark
Q18 Give any one advantage of CFS. 1marks
Q19 State the effects of changes in current assets and current liabilities on cash from operating activities. 1marks
Q20 From the following Balance sheet of Arihant Textile Ltd; prepare a Comparative Balance Sheet and comment upon the changes 3 marks

Balance sheet

As on  31^{st} march,2007 and 2008

Liabilities 2007 2008 Assets 2007 2008
Current liabilities 200000 400000 Fixed Assets 1200000 1800000
Reserves 300000 200000 (-) Accumulated
12% loan 500000 800000 Depreciation 200000 300000
Share capital 500000 1000000 Current assets 1000000 1500000
500000 900000
Total 1500000 2400000 Total 1500000 2400000
Q21 Calculate the following ratios from the details given below: 4 marks

(i) Current ratio
(ii) Liquid ratio
(iii) Operating ratio
(iv) Gross profit ratio

Details:

Current assets = Rs 70000 sales =Rs 140000
Net working capital= Rs 30000 cost of goods sold= Rs 68000
Inventories = Rs 30000
Q22 From the following information, calculate (a) cost of goods sold, (b) opening stock and closing stock, ( c ) quick assets and current assets,if 4 marks

i) Stock turnover raio 5 times
ii) Stock at the end is Rs 10000 more than the stock in the beginning.
iii) Sales Rs 300000
iv) Gross profit ratio 25%
v) Current liabilities Rs 40000
vi) Quick ratio 0.75

Q23 From the following particulars, prepare CFS 6marks
Liabilities 2005 2004 Assets 2005 2004
Equity share capital 80000 80000 Fixed Assets 80000 82000
12% pref. Share capital 20000 …. Less:- acc.
Genral reserve 4000 4000 Depreciation 30000 22000
Profit and loss A/C 2400 2000 50000 60000
15% debentues 14000 12000 Debtors 48000 40000
Creditors 22000 24000 Stock 70000 60000
Provision for taxation 8400 6000 Prepaid expenses 1000 600
Proposed dividend 11600 10000 Cash 7000 2400
Bank overdraft 13600 25000
Total 176000 163000 Total 176000 163000

Additional Information:

a) Tax paid Rs7000
b) Fixed assets sold for Rs. 10000, their cost Rs.20000 and accumulated depreciation till date of sale on them Rs6000
c) Dividend paid during the year Rs.9000.

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5 Comments
    sakshichaudhary
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    sakshichaudharySat, 07 Sep 2013 12:55:19 -0000

    Thanks for providing the paper. If you want English sample papers of Class 10 Punjab a look on CBSE Solved Sample Papers for Class 12 Accountancy this will sure help you to guide about the type of question asked in the Exam.

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    Highwayrocker80
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    Highwayrocker80Thu, 11 Oct 2012 00:54:00 -0000

    K sha Question he yar 2012 Ka Rakhle ji ye na???

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    Premdvrj
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    PremdvrjThu, 20 Sep 2012 16:14:53 -0000

    vry easy paper.. yr..

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    neha_04
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    neha_04Thu, 05 Apr 2012 13:48:17 -0000

    very tuff:(

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    msred
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    msredTue, 22 Mar 2011 07:59:23 -0000

    ara sir solution dalia latest cbse 12th board ka

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Last Updated At Dec 07, 2012


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