Class 12 Accountancy Sample Paper 2019 – in Pdf
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CBSE Sample Paper Class 12 Accountancy 2018-19
CBSE Sample Papers Class 12 Accountancy 2019
Time: 3 Hours
- This question paper contains two parts- A and B.
- All parts of a question should be attempted in one place part.
Part – A
Accounting for Not-for-Profit Organizations, Partnership Firms, and Companies
- Land and Building (book value) ₹ 1,60,000 sold for ₹ 3,00,000 through a broker who charged 2% commission on the deal. Journalise the transaction, at the time of dissolution of the firm.
- Why is it necessary to revalue assets and liabilities of a firm in case of admission of a partner?
State any two reasons for the preparation of ‘Revaluation Account’ at time of admission of a partner.
- State the basis of accounting on which ‘Receipt and Payment Account’ is prepared in case of Not-for-Profit Organisation.
What will be the treatment of ‘Subscription received in advance’ during the current year in the Balance sheet of a Not-For-Profit Organisation?
- One of the partners in a partnership firm has withdrawn ₹ 9,000 at the end of each quarter, throughout the year. Calculate interest on drawings at the rate of 6% per annum.
- A, B and C are partners in a firm sharing profit and losses in the ratio of 3:2:1. B died on 1st April 2018. C, son of B, is of the opinion that he is the rightful owner of his father’s share of profits, and the profits of the firm should be now shared between A and C equally. A does not agree. Settle the dispute between A and C by giving reason.
- Differentiate between ‘Equity share’ and ‘Debenture’ on the basis of risk involved.
What is meant by ‘Employee Stock Option Plan’?
- On April, 2018, a firm has assets of Rs.1,00,000 excluding stock of Rs.20,000. The current liabilities were Rs.10,000 and the balance constituted Partners’ Capital Accounts. If the normals rate of return is 8%, the Goodwill of the firm is valued at Rs.60,000 at four years purchase of super profit, find the actual profits of the firm.
- Jan Dhan Bank, an All India Financial Institution, had 10,000 12% debentures of Rs.100 each, outstanding as at 31st March 2017. These debentures were due for redemption on 30th June 2018. Pass necessary Journal entries for redemption of debentures. Also, state the amount of Debenture Redemption Reserve to be created for the purpose of redemption.
Date Particulars L.F. Amount (Rs) Amount (Rs) 2018 April 1 Sundry Assets A/c Dr. 25,00,000 ………. Dr ……….. To Shiv Shankar Ltd.
(Being Shiv Shankar Ltd. was taken over by parvati Ltd. for a purchase consideration of Rs.18,20,000)
7,80,000 Shiv Shankar Ltd. Dr 18,20,000 …………. Dr …….. To ……….. 20,000 To 8% Debentures A/c
(For paying Shiv Shankar Ltd. by using a bill of Rs.20,000 and the balance was paid by issue of 8% Debentures of Rs.100 each at a discount of 10%)
S.Singh Limited obtained a loan of ₹ 5,00,000 from State Bank of India @ 10% interest. The company issued ₹ 7,50,000, 10 % debentures of ₹ 100/- each, in favor of State Bank of India as collateral security. Pass necessary journal entries for the above transactions:
- When company decided not to record the issue of 10 % Debentures as collateral security.
- When company decided to record the issue of 10 % Debentures as collateral security
- Calculate the amount of sports material to be transferred to Income and Expenditure account of Raman Bhalla Sports Club, Ludhiana, for the year ended 31st March, 2018:-
Sports Material sold during the year (Book Value Rs 50,000)
Particulars Amount (Rs) i. 56,000 ii. Amount paid to creditors for sports material 91,000 iii. Cash purchase of sports material 40,000 iv. Sports material as on 31.3.17ditors for sports material 91,000
iii. Cash purchase of sports material 40,000
iv. Sports material as on 31.3.17
50,000 v. Sports Material as on 31.3.18 55,000 vi. Creditors for sports material as on 31.3.17 37,000 vii. Creditors for sports material as on 31.3.18 45,000
- Bhavya and Sakhi are partners in a firm, sharing profits and losses in the ratio of 3:2. on 31st March 2018 their Balance Sheet was as under:
Balance Sheet of Bhavya and Sakshi
As at 31st March 2018
Liabilities Amount (Rs) Assets Amount (Rs) Sundry Creditors 13,800 Funiture 16,000 General Reserve 23,400 Land and Building 56,000 Investment Fluctuation Fund 20,000 Investments 30,000 Bhavya’s Capital 50,000 Trade Receivables 18,500 Sakshi’s Capital 40,000 Cash in Hand 26,700 1,47,200 1,47,200
The partners have decided to change their profit sharing ratio to 1:1 with immediate effect. For the purpose, they decided that:
- Investments to be value at Rs.20,000
- Goodwill of the firm valued at Rs.24,000
- General Reserve not to be distributed between the partners.
You are required to pass necessary journal entries in the books of the firm. Show workings.
- Dinesh, Alvin and Pramod are partners in a firm sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet as at March 31, 2018, was as follows:-
Balance Sheet of Dines, Alvin, and Pramod Liabilities Amount (Rs) Assets Amount (Rs) Sundry Creditors 50,000 Debtors 15,000 General Reserve 40,000 Fixed Assets 67,000 Bills Payable 10,000 Investments 40,000 Dinesh’s Capital 30,000 Stock 25,500 Alvin’s Capital 40,000 Cash in Hand 36,000 Pramod’s Capital 30,000 Deferred Revenue Expenditure 14,000 Dinesh’s Loan Account 2,500 2,00,000 2,00,000
Dinesh died on July 1, 2018, The executors of Dinesh are entitled to:-
- His share of goodwill. The total goodwill of the firm valued at ₹50,000.
- His share of profit up to his date of death on the basis of actual sales till date of death. Sales for the year ended March 31, 2018 was ₹ 12, 00,000 and profit for the same year was Rs.2,00,000. Sales shows a growth trend of 20% and percentage of profit earning remains the same.
- Investments were sold at par. Half of the amount due to Dinesh was paid to his executors and for the balance, they accepted a Bills Payable.
Prepare Dinesh’s Capital account to be rendered to his executors.
- Prepare Income and Expenditure Account from the following particulars of Youth Club, for the year ended on 31st March 2018:
Receipts and Payments A/c
for the year ended on 31st March, 2018
Receipts Amount (Rs) Payments Amount (Rs) To Balance b/d 32,500 By Salaries 31,500 To Subscription By Postage 1,250 2016-17. 1500 By Rent 9,000 2017-18. 60,000 By Printing and Stationery 14,000 2018-19. 1800 63,300 By Sports Material 11,500 To Donations
90,000 By Miscellaneous Expenses 3,100 To Entrance Fees 1,100 By Furniture (1.10.2017) 20,000 To Sale of old magazines 450 By 10% investment (1.10.2017) 70,000 By Balance c/d (31.3.18) 27,000 1,87,350 1,87,350
- Subscription outstanding as at March 31st 2018 Rs.16,200
- Rs.1200 is still in arrears for the year 2016-17 for subscription
- Value of sports material at the beginning and at the end of the year was Rs.3,000 and ₹4,500 respectively.
- Depreciation to be provided @ 10% p.a. on furniture.
- Pradeep and Rajesh were partners in a firm sharing profits and losses in the ratio of 3:2. They decided to dissolve their partnership firm on 31st March, 2018. Pradeep was deputed to realize the assets and to pay off the liabilities. He was paid ₹ 1,000 as commission for his services. The financial position of the firm on 31st March, 2018 was as follows:
As at March 31, 2018
Liabilities Amount (Rs) Assets Amount (Rs) Creditors 80,000 Building 1,20,000 Mrs Pradeep’s Loan 40,000 Investment 30,600 Rajesh’s loan Debtors. 34,000 Less: Provision for
Doubtful Debts 4000
30,000 Investment Fluctuation 8000 Bills Receivable 37,400 Fund Bank 6,000 Capitals: Profit and Loss A/c 8,000 Pradeep 42,000 Goodwill 4,000 Rajesh 42,000 84,000 2,36,000 2,36,000
Following terms and conditions were agreed upon:
- Pradeep agreed to pay off his wife’s loan.
- Half of the debtor’s realized ₹12,000 and remaining debtors were used to pay off 25% of the creditors.
- Investment sold to Rajesh for ₹27,000
- Building realized ₹1,52,000
- Remaining creditors were to be paid after two months, they were paid immediately at 10% p.a. discount
- Bill receivables were settled at a loss of ₹1,400
- Realization expenses amounted to ₹2,500
Prepare Realization Account.
- Mudit, Sudhir and Uday are partners in a firm sharing profits in the ratio of 3:1:1. Their fixed capital balances are ₹ 4,00,000, ₹ 1,60,000 and ₹1,20,000 respectively.Net profit for the year ended 31st March, 2018 distributed amongst the partners was ₹1,00,000, without taking into account the following adjustments:
- Interest on capitals @ 2.5% p.a.;
- Salary to Mudit ₹ 18,000 p.a. and commission to Uday ₹ 12,000
- Mudit was allowed a commission of 6% of divisible profit after charging such commission.
Pass a rectifying journal entry in the books of the firm. Show workings clearly.
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:
- Alia and Chand were entitled to a salary of ₹ 1,500 each p.a.
- Bhanu was entitled for a commission of ₹ 4,000
- Bhanu and Chand had guaranteed a minimum profit of ₹ 35,000 p.a. to Alia any deficiency to borne equally by Bhanu and Chand.
Pass the necessary Journal entry for the above adjustments in the books of the firm. Show workings clearly.
- Anshika Ltd. issued applications for 2,00,000 equity shares of Rs.10 each, at a premium of Rs.4 per share. The amount was payable as follows:
On application Rs.6 (including Rs.2 premium)
On allotment Rs.7 (including Rs.2 premium)
Balance on first and final call
Applications for 3,00,000 shares were received. Allotment was made to all the applicants on pro-rata basis. Mehak to whom 400 shares were allotted, failed to pay allotment and call money. Khushboo who had applied for 300 shares failed to pay call money. These shares were forfeited after Final call. 400 of the forfeited shared (including all shares of Khushboo) were reissued @ Rs.8 per share as fully paid up. Pass necessary journal entries in the books of Anshika Ltd. for the above transactions by opening calls in arrears and calls in advance account wherever necessary.
Khyati Ltd. issued a prospectus inviting applications for 80,000 equity shares of Rs.10 each payable as follows:
Rs.2 on application
Rs.3 on allotment
Rs.2 on first call
Rs.3 on final call
Applications were received for 1,20,000 equity shares. It was decided to adjust the excess amount received on account of over subscription till allotment only.
Hence allotment was made as under:
(i) To applicants for 20,000 shares – in full
(ii) To applicants for 40,000 shares – 10,000 shares
(iii) To applicants for 60,000 shares – 50,000 shares
Allotment was made and all shareholders except Tammana, who had applied for 2,400 shares out of the group (iii), could not pay allotment money. Her shares were forfeited immediately, after allotment. Another shareholder Chaya, who was allotted 500 shares out of group (ii), failed to pay first call. 50% of Tamanna’s shares were reissued to Satnaam as Rs.7 paid up for payment of Rs.9 per share.
- Pass necessary journal entries in the books of Khyati Ltd. for the above transactions by opening calls in arrears and calls in advance account wherever necessary.
- Divya, Yasmin, and Fatima are partners in a firm, sharing profits and losses in 11:7:2 respectively. The balance sheet of the firm as on 31st March 2018 was as follows:
As at 31.3.2018
Liabilities Amount (Rs) Assets Amount (Rs) Sundry Creditors 70,000 Factory Building 7,35,000 Public Deposits 1,19,000 Plant and Machinery 1,80,000 Reserve fund 90,000 Furniture 2,60,000 Outstanding Expenses 10,000 Stock 1,45,000 Capital accounts Debtors 1,50000 Divya 5,10000 Less: Provision 30000 1,20,000 Yasmin 3,00000 Cash at bank 1,59,000 Fatima 5,00000 13,10,000 15,99,000 15,99,000
On 1.4.2018, Aditya is admitted as a partner for one-fifth share in the profits with a capital of Rs.4,50,000 and necessary amount for his share of goodwill on the following terms:
- Furniture of Rs.2,40,000 were to be taken over Divya, Yasmin and Fatima equally.
- A creditor of Rs.7,000 not recorded in books to be taken into account.
- Goodwill of the firm is to be valued at 2.5 years purchase of average profits of last two years. The profit of the last three years were: 2015-16 Rs.6,00,000; 2016-17 Rs.2,00,000; 2017-18 Rs.6,00,000
- At time of Aditya’s admission Yasmin also brought in 50,000 as fresh capital
- Plant and Machinery is re-valued to Rs.2,00,000 and expenses outstanding were brought down to Rs.9,000. Prepare Revaluation Account, Partners Capital Account and the balance sheet of the reconstituted firm.
The Balance Sheet of Adil, Bhavya and Cris as at 31st March 2018 was as under:
As at 31.3.18
Liabilities Amount (Rs) Assets Amount (Rs) Capital Accounts: Building 1,20,000 Adil 40,000 Motor car 18,000 Bhavya 30,000 Stock 20,000 Cris 20,000 Investments 20,000 General Reserve 10,000 Debtors 40,000 Investment Cash at Bank 12,000 Fluctuation Reserve 7,000 Sundry creditors 1,23,000 2,30,000 2,30,000
The partners share profits in the ratio of 5:3:2. On 1-4-2018, Cris retires from the firm on the following terms and conditions:
- 20% of the General Reserve is to remain as a reserve for bad and doubtful debts
- Motor car is to be reduced by 5%
- Stock is to be revalued at Rs.17,500 and investment to be re-valued at Rs.18,000
- Goodwill is to be valued at 3 years’ purchase of the average profits for the last 4 years. Profits of the last four years were:
2014 – 15 ₹13,000; 2015-16 ₹11,000; 2016-17 ₹16,000 and 2017-18 ₹24,000
Cris was paid in full. Adil and Bhavya borrowed the necessary amount from the Bank on the security of Building to pay off Cris.
Pass necessary journal entries.
Part B: Analysis of Financial Statements
- Under which type of activity will you classify ‘Rent received’ while preparing cash flow statement?
- State any one advantage of preparing Cash Flow Statement.
- Under which, major heads and subheads of the Balance Sheet of a company, will the
following items be shown:-
- Loose Tools
- Retirement Benefits Payable to employees
- Interest on Calls in Advance tax
- Calculate the amount of Opening Trade Receivables and Closing Trade Receivables from the following figures:
Trade Receivable Turnover ratio 5 times Cost of Revenue from Operations Rs 8,00,000 Gross Profit ratio 20% Closing Trade Receivables were Rs.40,000 more than in the beginning Cash Sales being 1/4 times of Credit sales
From the following data, calculate Current ratio and Liquid Ratio
Liquid Assets Rs 75,000 Inventories(Includes Loose Tools of Rs 20,000) Rs. 35,000 Prepaid expenses Rs. 10,000 Working Capital Rs. 60,000
- From the following Balance Sheet of R Ltd., Prepare a Common Size Statement
Balance Sheet As at 31st March. 2018. Particulars Note no. 31.3.2018 (Rs) 31.3.2017 (Rs) I EQUITY AND LIABILITIES 1. Shareholder’s Funds: (a) Share Capital 2,50,000 2,00,000 (b) Reserve and Surplus 80,000 60,000 2. Current Liabilities: (a) Trade Payable 70,000 40,000 Total 4,00,000 3,00,000 II ASSETS 1. Non-Current Assets: (a) Fixed Assetsz:
- Tangible Assets
- Intangible Assets
2. Current Assets (a) Inventories 80,000 30,000 (b) Trade Receivables 1,20,000 1,00,000 (c) Cash and Cash Equivalents 20,000 20,000 Total 4,00,000 3,00,000
From the following Statement of Profit and Loss of the Sakhi Ltd. for the year ended 31st March 2018, prepare Comparative Statement of Profit & Loss.
Statement of Profit & Loss for the year ended 31st March, 2018 Particulars 2016-17 (Rs) 2017-18 (Rs) Revenue from Operations 25,00,000 40,00,000 Expenses: (a) Employee benefit expenses 7,00,000 10,00,000 (b) Other Expenses 3,00,000 2,00,000 Rate of Tax – 40%
- From the following Balance Sheets of Vishva Ltd., prepare Cash Flow Statement as per AS-3 (revised) for the year ending 31st March 2018
Particulars Note No. 31.3.2018 (Rs) 31.3.2017 (Rs) I EQUITY AND LIABILITIES 1. Shareholder’s Funds: (a) Share Capital 1,02,000 84,000 (b) Reserve and Surplus 1 36,000 22,560 2. Non-Current Liabilities: (a) Long Term Borrowings 2 60,000 48,000 3. Current Liabilities: (a) Short term Borrowings 3 10,000 5,000 (b) Trade payable 28,800 36,000 (c) Short Term provisions 4 16,800 18,000 Total 253,600 2,13,560 II ASSETS 1. Non-Current Assets: (a) Fixed Assets:
i. Tangible Assets
5 1,18,800 1,32,000 2. Current Assets (a) Inventories 61,800 45,600 (b) Trade Receivables 6 33,600 27,600 (c) Cash and Cash Equivalents 39,400 8,360 Total 253,600 2,13,560
Notes to Accounts
Note No. Particulars 31.3.2018 (Rs) 31.3.2017 (Rs) 1. Reserve and Surplus Balance in Statement of Profit and Loss 15,600 5,760 General Reserve 20,400 16,800 36,000 22,560 2. Long Term Borrowings 10% Debentures 60,000 48,000 60,000 48,000 3. Short-term Borrowings Bank Overdraft 10,000 5,000 10,000 5,000 4. Short-term Provisions Provision for Income Tax 16,800 18,000 16,800 18,000 5. Tangible assets Land and Building 96,000 97,200 Plant and Machinery 22,800 34,800 1,18,800 1,32,000 6. Trade Receivables Debtors 19,200 24,000 Bills Receivables 14,400 3,600 33,600 27,600
- Tax paid during the year 2017-18 ₹14,400
- Depreciation on plant charged during the year 2017-18 was ₹14,400
- Additional debentures were issued on March 31,2018
Part B: Computerised Accounting
- Which function is used to compute loan repayment schedule?
- What is data validation?
- Differentiate between desktop database and server database.
- Explain the steps in installation of computerised accounting system.
- Give any four features of computerized accounting system.
Give any four limitations of computerized accounting system
- Explain any six features of Tally 9.0 software.
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