CBSE Question Paper 2015 class 12 Accountancy

General Instructions:
1) This question paper contains two parts A and B.
2) Part A is compulsory for all.
3) Part B has two options-Option-I Analysis of Financial Statements and Option-II Computerized Accounting.
4) Attempt only one option of Part B.
5) All parts of a question should be attempted at one place. 

Section A

(i) This section consists of 17questions.
(ii) All the questions are compulsory.
(iii) Question Nos. 1 to 6 are very short-answer questions carrying 1 mark each.
(iv) Question Nos. 7 to 10 carry 3 marks each.
(v) Question Nos. 11 and 12 carry 4 marks each.
(vi) Question Nos. 13 to 15 carry 6 marks each.
(vii) Question Nos. 16 and 17 carry 8 marks each.

Section B

(i) This section consists of 6questions.
(ii) All questions are compulsory
(iii) Question Nos. 18 and 19 are very short-answer questions carrying 1 mark each.
(iv) Question Nos. 20 to 22 carry 4 marks.
(v) Question No. 23 carries 6marks.

Section A

Q1. On 28.2.2016 the first call of Rs 2 per share became due on 50,000 equity shares alloted by Kumar Ltd. Komal a holder of 1000 shares did not pay the first call money. Kovil a holder of 750 shares paid the second and final call of Rs 4 per share alongwith the first call.Pass the necessary journal entry for the amount received by opening calls – in – arrears and calls – in – advance account in the books of the company. 

Q2 Distinguish between ‘Dissolution of partnership’ and ‘Dissolution of partnership firm’ on the basis of ‘Economic Relationship’.

Q3 State the provisions of Companies Act, 2013 for the creation of ‘Debenture Redemption Reserve’.

Q4 Tom and Harry were partners in a firm sharing profits in the ratio of 5 : 3. During the year ended 31.3.2015 Tom had withdrawn Rs 40,000. Interest on his drawings amounted to Rs 2,000.
Pass necessary journal entry for charging interest on drawings assuming that the capitals of the partners were fluctuating.

Q5 A group of 40 people wants to form a partnership firm. They want your advice regarding the maximum number of persons that can be there in a partnership firm and the name of the Act under whose provisions it is given.

Q6 P, Q and R were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admitted S as a new partner for share in the profits which he acquired from P and  from Q.

Q7 To provide employment to the youth and to develop Baramula district of Jammu and Kashmir, Jyoti Power Ltd. decided to setup a power plant. For raising funds the company decided to issue 8,50,000 equity shares of Rs 10 each at a premium of Rs 3 per share. The whole amount was payable on application. Applications for 20,00,000 shares were received. Applications for 3,00,000 shares were rejected and shares were alloted to the remaining applicants on pro- rata basis. Pass necessary journal entries for the above transactions in the books of the company and identify any two values which the company wants to propagate.

Q8 K Ltd. took over the assets of Rs 15,00,000 and liabilities of Rs 5,00,000 of P Ltd. For a purchase consideration of Rs 13,68,500. Rs 25,500 were paid by issuing a promissory note in favour of P Ltd. Payable after two months and the balances was paid by issue of equity shares of Rs 100 each at a premium of 25%.Pass necessary journal entries for the above transactions in the books of K Ltd.

Q9 State any three circumstances other than (i) death of a partner, (ii) admission of a partner and (iii) retirement of a partner when need for valuation of goodwill of a firm may arise.

Q10 On 2.3.2016 L and B Ltd. issued 635, 9% debentures of Rs 500 each. Pass necessary journal entries for the issue of debentures in the following situations:
(a) When debentures were issued at 5% discount, redeemable at 10% premium.
(b) When debentures were issued at 12% premium, redeemable at 6% premium.

Q11 Manav, Nath and Narayan were partners in a firm sharing profits in the ratio of 1 : 2 : 1. The firm closes its books on 31^st March every year. On 30^th September, 2015 Nath died. On that date his capital account showed a debit balance of Rs 5,000. There ws a debit balance of Rs 30,000 in the profit and loss account. The goodwill of the firm was valued at Rs 3,80,000. Nath’s share of profit in the year of his death was to be calculated on the basis of average profit of last 5 years, which was Rs 90,000. Pass necessary journal entries in the books of the firm on Nath’s death. 

Q12 Vikas and Vivek were partners in a firm sharing profits in the ratio of 3 : 2. On 1.4.2014 they admitted Vandana as a new partner for    share in the profits with a guaranteed profit of Rs 1,50,000. The new profit sharing ratio between Vivek and Vikas will remain the same but they decided to bear any deficiency on account of guarantee to Vandana in the ratio 2 : 3. The profit of the firm for the year ended 31.3.2015 was Rs 9,00,000.Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the year ended 31.3.2015.

Q13 Prem and Suresh were partners in a firm sharing profits in the ratio of 7 : 8. On 1.4.2015 their firm was dissolved. After transferring assets (other than cash) and outsider’s liabilities to realisation account, you given the following information:
(a) Raman, a creditor of Rs 4,00,000 accepted land valued at Rs 7,00,000 and paid Rs 3,00,000 to the firm.
(b) Gopal, a second creditor for Rs 1,05,000 accepted Rs 90,000 in cash and investments of Rs 14,000 in full settlement of his account.
(c) Hari, a third creditor amounting to Rs 75,000 accepted stock of the book value of Rs 60,000 for Rs 45,000 and the balance was paid to him by cheque.
(d) Loss on dissolution was Rs 45,000.
Pass necessary journal entries for the above transactions in the books of the firm. 

Q14 Nardeep, Hardeep and Gagandeep were partners in a firm sharing profits in 2:1:3 ratio. Their Balance sheet as on 31.3.2015 was as follows:

From 1-4-2015 Nardeep, Hardeep and Gagandeep decided to share the future profits equally.
For this purpose it was decided that:
(a) Goodwill of the firm be valued at Rs 3,00,000.
(b) Land be revalued at Rs 1,60,000 and building be depreciated by 6%.
(c) Creditors of Rs 12,000 were not likely to be claimed and hence be written off.
Prepare, Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm.

Q15 On 1.4.2013 JMR Ltd. had 20,000, 9% debentures of Rs 100 each outstanding.
(i) On 1.4.2014 the company purchased in the open market 6,000 of its own debentures for Rs 98 each and cancelled the same immediately.

(ii) On 28.2.2015 the company redeemed at par debentures of Rs 10,00,000 by draw of a lot.
(iii) On 1.3.2016 the remaining debentures were purchased for immediate cancellation for Rs 3,99,000.
Ignoring interest on debentures and debenture redemption reserve, pass necessary journal entries for the above transactions in the books of JMR Ltd.

Q16 L, M and N were partners in a firm sharing profit in the ratio of 3 : 2 : 1. Their Balance Sheet on 31.3.2015 was as follows:

On the above date O was admitted as a new partner and it was decided that:
(i) The new profit sharing ratio between L, M, N and O will be 2 : 2 : 1 : 1.
(ii) Goodwill of the firm was valued at Rs 1,80,000 and O brought his share of goodwill premium in cash.
(iii) The market value of investments was Rs 36,000.
(iv) Machinery will be reduced to Rs 58,000.
(v) A creditor of Rs 6,000 was not likely to claim the amount and hence to be written-off.
(vi) O will bring proportionate capital so as to give him 1/6^th share in the profits of the firm.
Prepare Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the New Firm.

OR

J, H and K were partners in a firm sharing profits in the ratio of 5:3:2. On 31-3-2015 their Balance Sheet was as follows:

On the above data H retires and J and K agreed to continue the business on the following terms:
(i) Goodwill of the firm was valued at Rs 1,02,000.
(ii) There was a claim of Rs 8,000 for workmen’s compensation.
(iii) Provision for bad debts was to be reduced by Rs 2,000.
(iv) H will be paid Rs 14,000 in cash and the balance will be transferred in his loan account which will be paid in four equal yearly installments together with interest @ 10% p.a.
(v) The new profit sharing ratio between J and K will be 3:2 and their capitals will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.

Q17 SK Ltd. invited applications for issuing 3,20,000 equity shares of Rs 10 each at a premium of Rs 5 per share. The amount was payable as follows:
On application Rs 3 per share (including premium Rs 1 per share)
On allotment Rs 5 per share (including premium Rs 2 per share)

On First and Final Call – Balance.
Applications for 4,00,000 shares were received. Applications for 40,000 shares were rejected and application money refunded. Shares were allotted on pro-rata basis to the

remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jeevan holding 800 shares failed to pay the allotment money and his shares were immediately forfeited. Afterwards final call was made.

Ganesh who had applied for 2,700 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares 1,500 shares were re-issued at Rs 8 per share fully paid up. The re-issued shares included all the forfeited shares of Jeevan.
Pass necessary journal entries for the above transactions in the books of the company.

OR

BBG Ltd. had issued 1,00,000 equity shares of Rs 10 each at a premium of Rs 3 per share payable with application money. While passing the journal entries related to the issue, some blanks are left. You are required to complete these blanks.

Q18 State any two objectives of preparing ‘Cash Flow Statement’.

Q19 ‘An enterprise may hold securities and loans for dealing or trading purpose in which case they are similar to inventory acquired specifically for resale’. Is the statement correct? Cash Flows from such activities will be classified under which type of activity while preparing Cash Flow Statement?

Q20 (a) ‘One of the objectives of analysis of financial statements is to ascertain the relative importance of the different components of the financial position of the firm’. State two other objectives of this analysis.
(b) List any four items of ‘reserves’ that are shown under the heading ‘Rserves and Surplus’ in the Balance Sheet of a company as per schedule III of the Companies Act 2013.

(i) Measure the solvency of business- Financial Statement analysis shows whether a business is able to meet its short-term or long-term liabilities or not. This is possible through computation of various accounting ratios.
(ii) Measure earning capacity of business: Financial Statement analysis provides an insight into earning ability of the business and actual profits earned by business.
(b) Items under the head ‘Reserves and Surplus’in the Balance Sheet of a company as per schedule III of the Companies Act 2013 are as follows:
(i) Capital Reserve
(ii) Capital Redemption Reserve
(iii) Securities Premium Reserve
(iv) Debenture Redemption Reserve

Q21 (a) What is meant by ‘Profitability Ratios’?
(b) From the following information calculate inventory turnover ratio; Revenue from operations Rs 16,00,000; Average Inventory Rs 2,20,000; Gross Loss Ratio 5%.

(b) Inventory Turnover Ratio =

Gross Loss Ration =

5% =

Gross Loss = 5% of 16,00,000

= Rs 80,000

Therefore, Cost of Revenue from Operations = Revenue from Operations + Gross Loss

= 16,00,000 + 80,000 = 16,80,000

Inventory Turnover Ratio =
= 7.64 times

Q22 Following is the Statement of Profit and Loss of Moon India Ltd. for the year ended 31^st March 2015.

The motto of Moon India Ltd. is to produce and distribute green energy in the backward areas of India. It has also taken up a project of giving vocational training to the girls belonging to the backward areas of Rajasthan.
You are required to prepare a comparative statement of Profit and Loss of Moon India Ltd. from the given statement of Profit and Loss and also identify any two values that the company wishes to convey to the society

Q23 Following was the Balance Sheet of M.M. Ltd. at on 31.3.2015.

Additional Information:
(i) 12% Debentures were redeemed on 31.3.2015.
(ii)  Tax Rs 70,000 was paid during the year.
Prepare Cash Flow Statement.

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