CBSE Question Paper 2012 class 12 Accountancy

CBSE Question Paper 2012 class 12 Accountancy conducted by Central Board of Secondary Education, New Delhi in the month of March 2012. CBSE previous year question papers with solution are available in myCBSEguide mobile app and cbse guide website. The Best CBSE App for students and teachers is myCBSEguide which provides complete study material and practice papers to cbse schools in India and abroad.

CBSE Question Paper 2012 class 12 Accountancy

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Class 12 Accountancy list of chapters

Accountancy Part I

1. Accounting for Not-for-Profit Organisation
2. Accounting for Partnership: Basic Concepts
3. Reconstitution of a Partnership Firm – Admission of a Partner
4. Reconstitution of Partnership Firm – Retirement/Death of a Partner
5. Dissolution of Partnership Firm

Accountancy Part II

1. Accounting for Share Capital
2. Issue and Redemption of Debentures
3. Financial Statements of a Company
4. Analysis of Financial Statements
5. Accounting Ratios
6. Cash Flow Statement

CBSE Question Paper 2012 class 12 Accountancy

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

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Part A

(Accounting for Not-For-Profit Organisations, Partnership Firms and Companies)

1. For what share of Goodwill a partner is entitled at the time of his retirement? (1)

2. Name the financial statement prepared by a Not-For-Profit Organisation on accrual basis. (1)

3. Give any one advantage for the redemption of debentures by purchase in the open market? (1)

4. State the provisions of Indian Partnership Act regarding the payments of remuneration to a partner for the service rendered. (1)

5. State any two occasions on which a firm can be reconstituted. (1)

6. Jain ltd. purchased Building Rs. 10,00,000 from Gupta Ltd. 10% of the payable amount was paid by a cheque drawn in favour of Gupta Ltd. The balance was paid by issue of Equity shares of Rs. 10 each at a discount of 10%.

Pass necessary Journal Entries in the books of Jain Ltd. (3)

7. Narain Laxmi Ltd. invited applications for issuing 7500, 12% Debentures of Rs 100 each at a premium of Rs. 35 per Debentures. The full amount was payable on application. Applications were received for 10,000 Debentures. Applications for 2500 Debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants.

Pass necessary Journal Entries for the above transactions in the books of Narain Laxmi Ltd. (3)

8. From the following information, calculate the amount of income from subscriptions to be shown in the Income and Expenditure Account for the year ended 13.3.2011: (3)

Subscriptions received during the year 2010 – 2011        Rs. 3,40,000

Subscriptions outstanding as on 31.3.2011                       RS. 47,000

Subscription received in advance as on 31.3.2011            Rs. 35,000

Subscriptions outstanding as on 1.4.2010                          Rs. 28,000

Subscription received in advance as on 1.4.2010              Rs. 25,000

9. Arjun, Bhim and Nakul are partners sharing profits & losses in the ratio of 14 : 5 : 6 respectively. Bhim retries and surrenders his 5/25^th share in favour of Arjun. The goodwill of the firm is valued at 2 year purchase of super profits based on average profits of last 3 years. The profit for the 3 years are Rs. 50,000, Rs. 55,000 & Rs. 60,000 respectively. The normal profits for the similar firm are Rs. 30,000. Goodwill already appears in the books of the firm at Rs. 75,000. The profit for the first year after Bhim’s retirement was Rs. 1,00,000. Give the necessary Journal Entries to adjust Goodwill and distribute profits showing your workings. (4)

10. Shakti ltd. decided to redeem its 750, 12% Debentures of Rs. 100 each. The Company purchased 500 debentures at Rs. 94 per Debenture from the open market. The remaining debentures were redeemed out of profit. The company has already made a provision for Debentures redemption Reserve in its books.
Pass necessary journal Entries in the books of the company for the above transaction. (4)

11. Arun and Arora were partners in a firm sharing profits in the ratio of 5 : 3. Their fixed capitals on 1.4.2010 were: Rs. 60,000 and Arora Rs. 80,000. They agreed to allow interest on capital @ 12% p.a. and to charge on drawing @ 15% p.a. The profit of the firm for the year ended 31.3.2011 before all above adjustments were Rs. 12,600. The drawing made by Arun were Rs. 2000 and by Arora Rs. 4,000 during the year. Prepare Profit and Loss Appropriation Account of Arun and Arora. Show your calculations clearly. The interest on capital will be allowed even if the firm incurs loss. (4)

12. Pass necessary Journal Entries for the following transactions in the books of N.R. Ltd: (6)
(i) Redeemed 1,200, 9% Debentures of Rs. 175 each by converting into New 10% Debentures of Rs. 100 each issued at a premium of 5%.
(ii) Redeemed 19,000, 6% Debentures of Rs. 50 each by converting them into Equity shares of Rs. 100 each. The Equity shares were issued at a discount of 5%.

13. A and B were partners in a firm sharing profits in the ratio of 3 : 2. On 31.3.2011 Balance Sheet of the firm was as follow: (6)

Balance Sheet of A&B as on 31.3.2011

Liabilities	Rs.	Assets	Rs.
Capitals: A 3,00,000 B 2,00,000 Sundry Creditors	5,00,000 1,17,000   6,17,000	Building Furniture Debtors Stock Cash	2,40,000 1,75,000 80,000 75,000 47,000 6,17,000

The firm was dissolved on 1.4.2011 and the assets and liabilities were settled as follows:
(i) Building was taken over by the creditors as their full & final payment.
(ii) Furniture was taken over by B for cash payment at 5% less than the book value.
(iii) Debtors were collected by a debt collection agency at a cost of Rs. 5,000.
(iv) Stock realized Rs. 70,500
(v) ‘B’ agreed to bear all realization expenses. For this service B is paid Rs. 500.
Actual expenses on realization amounted to Rs. 1,000.
Pass necessary Journal Entries for dissolution of the firm.

14. Following is the ‘Receipt and Payments Account’ of ‘New Club’ for the year ended 31.3.2011: (6)

Receipts	Rs.	Payments	Rs.
To Balance b/d To Subscriptions To Entrance fee To donations (includes Rs. 1,000 for building) To Hall rent To sale of Investments (Book value Rs. 16,000)	3,400 21,000 5,750 2,100   7,550 15,400	By Salaries (paid for 8 months only) By Rent By Electricity By Honorarium By Books By 9% Fixed Deposits (on 30.6.2010) By Balance c/d	24,000   3,000 2,750 5,000 7,500 10,000   2,950
	55,200		55,200

From the above ‘Receipts and Payments Account’, Prepare an ‘Income and Expenditure Account’ of ‘New Club’ for the year ended 31.3.2011.

15. ‘B’ and ‘C’ were partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31.3.2011 was as follows: (8)

Balance Sheet of B and C as on 31.3.2011

Liabilities	Amount Rs.	Assets	Amount Rs.
Capitals: B 60,000 C 40,000 Provision for bad debts Creditors	1,00,000 1,000   60,000	Land & Building Machinery Furniture Debtors Cash Profit & Loss Account	80,000 20,000 10,000 25,000 16,000 10,000
	1,61,000		1,61,000

‘D’ was admitted to the partnership for 1/5^th share in the profits on the following terms:
(i) The new profit sharing ratio was decided as 2 : 2 : 1.
(ii) D will bring Rs. 30,000 as his capital and Rs. 15,000 for his share of goodwill.
(iii) Half of goodwill amount was withdrawn by the partner who sacrificed his share of profit in favour of ‘D’.
(iv) A provision of 5% for bad and doubtful debts was to be maintained.
(v) an item of Rs. 500 included in Sundry Creditors was not likely to be paid,
(vi) A provision of Rs. 800 was to be made for claims for damage against the firm.
After making the above adjustments the capital Accounts of ‘B’ and ‘C’ were to be adjusted on the basis of D’s capital actual cash was to be brought in or to be paid off as the case may be.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the New firm.

OR

‘G’, ‘E’ and ‘F’ were partners in a firm sharing profit in the ration of 7 : 2 : 1. The Balance Sheet of the firm as on 31^st March 2011 was as follows:

Balance Sheet of ‘G’, ‘E’ and ‘F’ as on 31 March 2011

Liabilities	Amount Rs.	Assets	Amount Rs.
Capitals: G 70,000 E 20,000 F 10,000 General Reserve Loan from ‘E’ Creditors	1,00,000 20,000 30,000 14,000	Goodwill Land & Building Machinery Stock Debtors Cash	40,000 60,000 40,000 7,000 12,000 5,000
	1,64,000		1,64,000

‘E’ died on 24^th August 2011. Partnership deed provided for the settlement of claims on the death of a partner in addition to his capital as under:
(i) The share of profit of deceased partner to be because upto the date death on the basis of average profits of the past three years which was Rs. 80,000.
(ii) His share in profit/loss in revaluation of assets and re-assessment of liabilities which was as follows:
Land and Building were revalued at Rs. 94,000, Machinery at Rs. 38,000 and Stock at Rs. 5,000. A Provision of  2 _1/2% was to be created on debtors for bad and doubtful debts.
(iii) The net amount payable to ‘E’s executors was transferred to his Loan Accounts, to be paid later on.
Prepare Revaluation Account, partner’s Capitals Accounts, E’s Executor A/c. and Balance sheet of ‘G’ and ‘F’ who decided to continue the business keeping their capitals balance in their new profit sharing ratio. Any surplus or deficit to be transferred to current accounts of the partners.

16. Shyam Ltd invited application for issuing 80,000 Equity Shares of Rs. 10 each at a premium of Rs, 40 per share. The amount was payable as follows: (8)
On Application Rs. 35 per share (including Rs. 30 premium)
On Allotment Rs. 8 per share (including Rs. 4 premium)
On first and Final Call – Balance
Application for 77,000 shares were received. Share were allotted to all the applicants. Sundram to whom 7,000 shares were allotted failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the first and final call was made. Satyam the holder of 500 shares failed to pay the first and final call. His shares were also forfeited out of the forfeited shares 1,000 were re-issued at Rs. 50 per share fully paid up. The re-issued shares included all the shares of satyam.
Pass necessary Journal Entries for the above transactions in the books shyam Ltd.

OR

Jain Ltd invited applications for issuing 35,000 Equity Shares of Rs. 10 each at a discount of 10%. The amount was payable as follows:
On Application Rs. 5 per share.
On Allotment Rs. 3 per share
On first and final call – Balance
Applications for 50,000 shares were received. Applications for 8,000 shares were rejected and the application money of the applicants was refunded. Shares were allotted on pro-rata basis to the remaining applicants and the excess money received with applications form these applicants was adjusted towards sums due on allotment. Jeevan who has applied for 600 shares failed to pay allotment and first and final call money. Naveen the holder of 400 shares failed to pay first and final call money. Shares of Jeevan and Naveen were forfeited. Of the forfeited 800 shares were re-issued at Rs. 15 per share fully paid up. The re-issued shares included all the shares of Naveen.
Pass necessary Journal Entries for the above transactions in the books of Jain Ltd.

Part B

(Financial Statement Analysis)

17. State the purpose of preparing a ‘Cash Flow Statement’. (1)

18. While preparing Cash Flow Statement what type of activity is, ‘Payment of Cash to acquire Debentures by an Investment company’? (1)

19. State the significance of Analysis of Financial statement to the ‘Lenders’. (1)

20. O.M. Ltd has a Current Ratio of 3.5 : 1 and Quick Ratio of 2 : 1. If the excess of Current Assets over Quick Assets as represented by stock is Rs. 1,50,000, calculate Current Assets and Current Liabilities. (3)

21. From the following information, calculate any two of the following ratios: (4)
(a) Debt-Equity Ratio
(b) Working Capital Turnover Ratio and
(c) Return of Investment
Information: Equity share Capital Rs. 50,000, General Reserve Rs. 5,000; Profit and Loss Account after tax and interest Rs. 15,000; 9% Debentures Rs. 20,000; creditors Rs. 15,000; Land and Building Rs. 65,000; Equipment Rs. 15,000; Debtors Rs. 14,500 and Cash Rs. 5,500. Discount on issue of shares Rs. 5,000.
Sales for the year ended 31.3.2011 was Rs. 1,50,000. Tax rate 50%.

22. Following is the Income Statement of Raj Ltd. for the year ended 31.3.2011: (4)

Particular	Amount Rs.
Income: Sale Other incomes Total Income	2,00,000 15,000 2,15,000
Expenses: Cost of goods sold Operating expenses Total Expenses Tax	1,10,000 5,000 1,15,000 40,000

Prepare a common size Income Statement of Raj Ltd. for the year ended 31.3.2011.

23. From the following Balance Sheet of C.P. Ltd. as on 31.3.2010 and 31.3.2011 prepare a Cash Flow Statement. (4)

Liabilities	31.3.2010 Rs.	31.3.2011 Rs.	Assets	31.3.210 Rs.	31.3.2011 Rs.
Share Capital Profit & Loss Account Bank Loan Proposed Dividend Provision for tax Creditors	3,00,000 75,000   1,50,000 60,000 30,000 45,000 6,60,000	4,50,000 1,50,000   75,000 45,000 52,500 33,750 8,06,250	Patents Building Investment Debtors Stock Cash	37,500 4,50,000 — 1,50,000 7,500 15,000   6,60,000	31,250 4,50,000 56,250 1,91,250 11,250 66,250   8,06,250

Additional Information:

During the year building having book value Rs. 1,50,000 was sold at a loss of Rs. 6,000

Depreciation charged on Building was Rs. 16,000.

Part C
(Computerized Accounting)

17. What is meant by the first digit in the ‘code’ allotted to an ‘Account’? (1)

18. What is #Null Error? (1)

19. How does the usage of computers help the business? (1)

20. Explain any three features of Computerized Accounting Software. (3)

21. Write is DBMS? Explain its three advantages. (4)

22. Write the steps of a query of Compute D.A. for employs in Microsoft Access. (4)

23. (a) Calculate the formula from the following information on Excel for computing the amount of conveyance allowance. Basis salary up to Rs. 45,000 @20%, for more than Rs. 45,000 @25% (Basic salary is projected in C₂)

(b) Name and explain the financial function of Excel which is used to calculate cumulative interest paid between two periods. (2 + 4 = 6)

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