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CBSE Question Paper 2011 class 12 Accountancy conducted by Central Board of Secondary Education, New Delhi in the month of March 2011. 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 2011 class 12 Accountancy
Class 12 Accountancy list of chapters
Accountancy Part I
- Accounting for Not-for-Profit Organisation
- Accounting for Partnership: Basic Concepts
- Reconstitution of a Partnership Firm – Admission of a Partner
- Reconstitution of Partnership Firm – Retirement/Death of a Partner
- Dissolution of Partnership Firm
Accountancy Part II
- Accounting for Share Capital
- Issue and Redemption of Debentures
- Financial Statements of a Company
- Analysis of Financial Statements
- Accounting Ratios
- Cash Flow Statement
CBSE Question Paper 2011 class 12 Accountancy
(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.
(Accounting for not for Profit Organisations, Partnership Firms & Companies)
1. What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organizations. (1)
2. Distinguish between Fixed and Fluctuating Capital Accounts. (1)
3. State the two main rights that a newly admitted partner acquires in the firm. (1)
4. How does the market situation affect the value of goodwill of a firm? (1)
5. Pass the necessary Journal entry when 10,000 debentures of Rs. 100 each are issued as collateral security against a Bank loan of Rs. 8,00,000. (1)
6. From the following information of a club show the amounts of match expenses and match fund in the Financial Statements of the Club for the years ended on 31st March 2009 and 31st March 2010.
|Match expenses (paid during the year 2009 – 2010)|
Match Fund (as on 31-9-3-2009)
Donation for match Fund (Received during the year 2009 – 2010)
Proceeds from the sale of match tickets (Received during the year 2009 – 2010)
7. Y Ltd. purchased furniture costing Rs. 1,35,000 from A. B. Ltd. The payment was made by issue of Equity Shares of Rs. 10 each at a discount of Rs. 1 per share. Pass necessary Journal entries in the books of Y Ltd. (3)
8. X Ltd. redeemed 100, 6% Debentures of Rs. 100 each by converting them into Equity Shares of Rs. 100 each. The 6% Debentures were redeemable at 10% premium for which the Equity Shares were issued at 25% premium. Pass the necessary Journal entries for the redemption of above mentioned debentures in the books of X Ltd. (3)
9. A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. The following was the Balance Sheet of the firm as on 31-3-2010.
|Liabilities||Amounts Rs.||Assets||Amount Rs.|
The profits Rs. 30,000 for the year ended 31-3-2010 were divided between the partners without allowing interest on capital @ 12% p.a. and salary to A @ Rs. 1,000 per month. During the year A withdrew Rs. 10,000 and B Rs. 20,000.
Pass the necessary adjustment journal entry and show your working clearly. (4)
10. A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in similar business is 10%. Find out the value of Goodwill by
(i) Capitalisation of super profit method and
(ii) Super profit method if the goodwill is valued at 3 years purchase of super profit. The assets of the business were Rs. 10,00,000 and its external liabilities Rs. 1,80,000. (4)
11. Pass the necessary Journal entries for the issue and redemption of Debentures in the following cases:
(i) 10,000,10% Debentures of Rs. 120 each issued at 5% premium, repayable at par.
(ii) 20,000, 9% Debentures of Rs. 200 each issued at 20% premium, repayable at 30% premium. (4)
12. From the following item of Receipts & Payments A/c. of Young Ladies Club, prepare an Income and Expenditure Account for the year ended 31-3-2010.
|Lighting and Heating||5,000|
|Printing and Stationery (including Rs. 500 for the previous year)||3,500|
|Subscriptions received (including Rs. 2,000 received in advance and Rs. 5,000 for the previous year)||40,000|
|Net proceeds of Refreshment Room||45,000|
|Interest paid on loan for halfyear||1,200|
|Rent and Rates (including Rs. 1,000 pre-paid)||7,500|
|Lockers Rent received||4,500|
Subscriptions in arrears on 31-3-2010 were Rs. 8,000 and Half year’s interest on loan was also outstanding. (6)
13. Pass the necessary Journal entries for the following transactions on the dissolution of the firm of P and Q after the various assets (other than cash) and outside liabilities have been transferred to Realisation Account.(6)
(i) Bank Loan Rs. 12,000 was paid.
(ii) Stock worth Rs. 16,000 was taken over by partner Q.
(iii) Partner P paid a creditor Rs. 4,000.
(iv) An asset not appearing in the books of accounts realised Rs. 1,200.
(v) Expenses of realisation Rs. 2,000 were paid by partner Q.
(vi) Profit on realisation Rs. 36,000 was distributed between P and Q in 5 : 4 ratio.
14. On 1st April, 2008’a company made an issue of Rs. 2,00,000, 6% Debentures of Rs. 100 each, repayable at a premium of 10%. The terms of issue provided for the redemption of 400 debentures every year starting from the end of 31-3-2010 either by purchase from the open market or by draw of lots at the company’s option. On 31-3-2010, the company purchased for cancellation 300 Debentures at 95% and 100 Debentures at 90%.
Pass the necessary Journal entries for the issue and redemption of debentures assuming that the company had already created the Debenture Redemption Reserve A/c by the required amount. (6)
15. X Ltd. issued 40,000 Equity Shares of Rs. 10 each at a premium of Rs. 2.50 per share. The amount was payable as follows: (8)
On application – Rs. 2 per share
On allotment – Rs. 4.50 per share (including premium)
and on call – Rs. 6 per share
Owing to heavy subscription the allotment was made on pro-rata basis as follows:
(a) Applicants for 20,000 shares were allotted 10,000 shares.
(b) Applicants for 56,000 shares were allotted 14,000 shares.
(c) Applicants for 48,000 shares were allotted 16,000 shares.
It was decided that excess amount received on applications would be utilized on allotment and the surplus would be refunded.
Ram, to whom 1,000 shares were allotted, who belong to category (a), failed to pay allotment money. His shares were forfeited after the call. Pass the necessary Journal entries in the books of X Ltd. for the above transactions.
Give Journal entries to record the following transactions of forfeiture and re-issue of shares and open share forfeited account in the books of the respective companies.
(i) C Ltd. forfeited 1000 shares of Rs. 100 each issued at a discount of 8% on these shares the first call of Rs. 30 per share was not received and the final call of Rs. 20 per share was yet to be called. These shares were subsequently re-issued at Rs. 70 per share Rs. 80 paid up.
(ii) L Ltd. forfeited 470 Equity Shares of Rs. 10 each issued at a premium of Rs. 5 per share for non-payment of allotment money of Rs. 8 per share (including share premium Rs. 5 per share) and the first and final call of Rs. 5 per share. Out of these 60 Equity Shares were subsequently re-issued at Rs. 14 per share.
16. M, N and a were partners in a firm sharing profits and losses equally. Their Balance Sheet on 31-12-2009 was as follows:
|Liabilities||Amt. Rs.||Assets||Amt. Rs.|
|Capitals M 70,000|
|Plant and Machinery|
Cash at Bank
Cash in Hand
N died on 14th March 2010. According to the Partnership Deed, executors of the deceased partner are entitled to:
(i) Balance of partner’s capital account.
(ii) Interest on Capital @ 5% p.a.
(iii) Share of goodwill calculated on the basis of twice the average of past three year’s profits and
(iv) Share of profits from the closure of the last accounting year till the date of death on the basis of twice the average of three completed year’s profits before death.
Profits for 2007, 2008 and 2009 were Rs. 80,000, Rs. 90,000, Rs. 1,00,000 respectively. Show the working for deceased partner’s share of goodwill and profits till the date of his death. Pass the necessary journal entries and prepare N’s Capital Account to be rendered to his executors. (8)
On 31-3-2010 the Balance Sheet of W and R who shared profits in 3 : 2 ratio was as follows:
|Liabilities||Amt. Rs.||Assets||Amt. Rs.|
Profit and Loss accounts
Sundry Debtors 20,000
Less: Provision 700
Plant and Machinery
On this date B was admitted as a partner on the following conditions:
(a) ‘B’ will get 4/15th share of profits.
(b) ‘B’ had to bring Rs. 30,000 as his capital to which amount other Partners capitals shall have to be adjusted.
(c) He would pay cash for his share of goodwill which would be based on 2½ years purchase of average profits of past 4 years.
(d) The assets would be revalued as under:
Sundry debtors at book value less 5% provision for bad debts. Stock at Rs. 20,000, Plant and Machinery at Rs. 40,000.
(e) The profits of the firm for the years 2007, 2008 and 2009 were Rs. 20,000; Rs. 14,000 and Rs. 17,000 respectively.
Prepare Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the new firm.
PART – B
(Financial Statements Analysis)
17. What is meant by a ‘Common Size Statement’? (1)
18. Give the meaning of ‘Cash Flow’. (1)
19. State with reason whether deposit of cash into Bank will result into inflow, outflow or no flow of cash. (1)
20. List the items which are shown under the heading current liabilities and provisions as per Schedule VI Part-I of the Companies’ Act, 1956. (3)
21. Prepare a Comparative Income Statement from the following information. (4)
|2009 Rs.||2010 Rs.|
Cost of Goods sold
22. On the basis of the following information calculate: (4)
(i) Debt-Equity Ratio and
(ii) Working Capita; Turnover Ratio
Cost of goods sold
Other current assets
Paid up share capital
Debentures Redemption Reserve
23. From the following Balance Sheet of Vijaya ltd. As on 31.3.2009 and 31.3.2010 prepare a Cash flow statement.
|Liabilities||31.3.2009 Rs.||31.3.2010 Rs.||Assets||31.3.2009 Rs.||31.3.2010 Rs.|
Profit & Loss Account
(i) Depreciation on Fixed Assets for the year 2009-2010 was Rs. 14,700.
(ii) An interim dividend Rs. 7,000 has been paid to the shareholders during the year. (6)
PART – C
17. What is codification of accounts? (1)
18. What are logical values? (1)
19. What is a query? (2)
20. What is a record in DBMS? (3)
21. Why in DBMS do we seek to split formation into different tables rather than a single table? (3)
22. Briefly explain the Accounting Information System. (4)
23. Calculate the formula on excel for the following:
35% of basic pay upto Rs. 15,000, Minimum Rs. 4,000
30% on above basic pay Rs. 15,000, Minimum Rs. 6,600
House Rent Allowance
Up to basic pay of Rs. 8,000 Rs. 3,000
Rs. 8,001-15,000 basic pay Rs. 6,000
Above Rs. 15,000 basic pay Rs. 9,000
City Compensatory Allowance:
10% of basic pay subject to a minimum of Rs. 1,500 3 x 2=6
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