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# Sample paper for class 12 Accountancy

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## Accountancy Sample papers

Here is CBSE class 12 Sample paper for Accountancy. To get the answers and more sample papers, visit myCBSEguide App or website stated above.

### Sample Paper for class 12 Accountancy Session 2017-2018

General Instructions:

• This question paper contains two parts- A and B.
• Part A is compulsory for all.
• Part B has two options- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’.
• Attempt any one option of Part B.
• All parts of a question should be attempted at one place.

Part A
(Accounting for Partnership Firms and Companies)

1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively. (1)

2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the net amount of Profit / Loss transferred to the capital accounts of A and C. (1)

3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing ratio. (1)

4. How is dissolution of partnership different from dissolution of partnership firm? (1)

5. Why are irredeemable debentures also known as perpetual debentures? (1)

6. Distinguish between shares and debentures on the basis of convertibility. (1)

7. K K Limited obtained a loan of Rs. 10,0,000 from State Bank of India @ 9 % interst. The company issued Rs. 15,000 9 % debentures in favour of State Bank of India as collateral security. Pass necessary Journal entries for the above transactions: (3)

(i) When company decided not to record the issue of 9 % Debentures as collateral security.

(ii) When company decided to record the issue of 9 % Debentures as collateral security.

8. P, Q and R were partners sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on March 31 every year. On June 30, 2017, R died. The following information is provided on R’s death: (3)

(i) Balance in his capital account in the beginning of the year was Rs. 6,50,000.

(ii) He withdrew Rs. 60,000 on May 15, 2017 for his personal use.

On the date of death of a partner the partnership deed provided for the following:

(a) Interest on capital @ 10 % per annum.

(b) Interest on drawings @ 12 % per annum.

(c) His share in the profit of the firm till the date of death, to be calculated on the basis of the rate of Net Profit on Sales of the previous year, which was 25 %. The Sales of the firm till June 30, 2017 were Rs. 6,00,000.

Prepare R’s Capital Account on his death to be presented to his executors.

9. M M Limited is registered with an Authorised capital of Rs. 200 Crores divided into equity shares of Rs. 100 each. The Subscribed and Called up capital of the company is Rs. 10,00,00,000. The company decided to help the unemployed youth of the naxal affected areas of Andhra Pradesh, Chhattisgarh and Odisha by opening 100 ‘Skill Development Centres’. The company also decided to provide free medical services to the villagers of these states by starting mobile dispensaries. To meet the capital expenditure of these activities the company issued 1,00,000 equity shares. These shares were fully subscribed and paid.

Present the share capital of the company in its Balance Sheet. Also identify any two values that the company wants to propagate. (3)

10. V K Limited purchased machinery from Modern Equipment Manufacturers Limited. The company paid the vendors by issue of some equity shares and debentures and the balance through an acceptance in their favour payable after three months. The accountant of the company while Journalising the above mentioned transactions left some items blank. You are required to fill in the blanks. (3)

VK Limited
Journal

 Date Particular LF DR. Amount (Rs.) DR. Amount (Rs.) Machinery Account Dr. To ……………………………………………………… (Purchased machinery for Rs. 7,00,000 from Modern Equipment Manufacturers Limited )Modern Equipment Manufacturers Ltd. A/C Dr. Loss on Issue of 9 % Debentures Account Dr. To …………………………………………………….. To …………………………………………………….. To Securities Premium Account To Premium on Redemption of Debentures A/C (Issued Rs. 1,00,000 9 % debentures at a discount of 10 % redeemable at a premium of 10 % and 50,000 equity shares of Rs. 10 each issued at a premium of 15 %)………………………………………………. Dr. To ……………………………………………… (…………………………………………………………………………) …………………  ……………………………………    ………………… …………………  ………………………………………………………………………… …………………

11. E, F and G were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On September 30, 2017, their firm was dissolved. On the date of dissolution, the Balance Sheet of the firm was as follows: (4)

Balance Sheet
As at March 31, 2017

 Liabilities Rs. Assets Rs. Capitals: E 1,30,000 F 1,00,000 Creditors Outstanding Expenses 2,30,000 45,000 17,000 G’s Capital Profit & Loss Account Land & Building Furniture Machinery Debtors Bank 500 10,000 1,00,000 50,000 90,000 36,500 5,000 2,92,000 2,92,000

F was appointed to undertake the process of dissolution for which he was allowed a remuneration of Rs. 5,000. F agreed to bear the dissolution expenses. Assets realized as follows:

(i) The Land & Building was sold through a property dealer at a price of 110% of the book value. A Commission of 1% on the selling price of Land & Building was paid to the property dealer.

(ii) Furniture was sold at 25% of book value.

(iii) Machinery was sold as scrap for Rs. 9,000.

Creditors were payable on an average of 3 months from the date of dissolution. On discharging the Creditors on the date of dissolution, they allowed a discount of 5%. Pass necessary Journal entries for dissolution in the books of the firm.

12. A, B & C were partners in a firm sharing profits & losses in the ratio of 3 : 2 : 1. On March 31, 2017, their Balance Sheet was as follows: (4)

Balance Sheet
as at March 31, 2017

 Liabilities Rs. Assets Rs. Capitals: A 50,000 B 40,000 C 30,000 Reserve Fund Creditors Employees Provident Fund 1,20,000 18,000 27,000 50,000 Fixed Assets Current Assets 1,80,000 35,000 2,15,000 2,15,000

From April 1, 2017, they decided to share future profits equally. For this purpose the followings were agreed upon:

(i) Goodwill of the firm was valued at Rs. 3,00,000.

(ii) Fixed Assets will be depreciated by 10%.

(iii) After doing the above adjustments the capitals of the partners will be in proportion to their new profit sharing ratio. For this purpose Current Accounts will be opened.

Pass necessary Journal entries for the above transactions in the books of the firm.

13. L, M and N are partners in a firm sharing profits & losses in the ratio of 2 : 3 : 5. On April 1, 2016 their fixed capitals were Rs. 2,00,000, Rs. 3,00,000 and Rs. 4,00,000 respectively. Their partnership deed provided for the following: (6)

(i) Interest on capital @ 9% per annum.

(ii) Interest on Drawings @ 12% per annum.

(iii) Interest on partners’ loan @ 12% per annum.

On July 1, 2016, L brought Rs. 1,00,000 as additional capital and N withdrew Rs. 1,00,000 from his capital. During the year L, M and N withdrew Rs. 12,000, Rs. 18,000 and Rs. 24,000 respectively for their personal use. On January 1, 2017 the firm obtained a Loan of Rs. 1,50,000 from M. The Net profit of the firm for the year ended March 31, 2017 after charging interest on M’s Loan was Rs. 85,000.

Prepare Profit & Loss Appropriation Account and Partners Capital Account.

14. Pass necessary Journal entries in the books of P P Limited for the issue of debentures in the following cases: (6)

(a) Issued 500 9% debentures of Rs. 100 each at a discount of 6% redeemable at a premium of 9%.

(b) Issued Rs. 10,00,000 9% debentures of Rs. 100 each at a premium of Rs. 20 per debenture redeemable at a premium of Rs. 10 per debenture.

(c) Issued 3,000 8% debentures of Rs. 100 each at a discount of Rs. 15,000 redeemable at a premium of 5%.

15. On April 1, 2013, XY Limited issued Rs. 9,00,000 10% debentures at a discount of 9%. The debentures were to be redeemed in three equal annual instalments starting from March 31, 2015. (6)

Prepare ‘Discount on Issue of Debenture Account’ for the first three years starting from April 1, 2013. Also show your workings clearly.

16. ZX Limited invited applications for issuing 5,00,000 Equity shares of Rs. 10 each payable at a premium of Rs. 10 each payable with Final call. Amount per share was payable as follows: (8)

 Rs. On Application 2 On Allotment 3 On First Call 2 On Second & Final Call Balance

Applications for 8,00,000 shares were received. Applications for 50,000 shares were rejected and the application money was refunded. Allotment was made to the remaining applicants as follows:

 Category No. of shares Applied No. of Shares allotted I 2,00,000 1,50,000 II 5,50,000 3,35,000

Excess application money received with applications was adjusted towards sums due on allotment. Balance, if any was adjusted towards future calls. Govind, a shareholder belonging to category I, to whom 1,500 shares were allotted paid his entire share money with application.

Manohar belonging to category II had applied for 11,000 shares failed to pay ‘Second & Final Call money’. Manohar’s shares were forfeited after the final call. The forfeited shares were reissued at Rs. 10 per share as Rs. 7 paid up.

Assuming that the company maintains “Calls in Advance Account” and “Calls in Arrears Account”, pass necessary Journal entries for the above transactions in the books of ZX Limited.

OR

(a) AX Limited forfeited 6,000 shares of Rs. 10 each for non-payment of First call of Rs. 2 per share. The Final call of Rs. 3 per share was yet to be made. Of the forfeited shares 4,000 shares were reissued at Rs. 9 per share as fully paid up. Assuming that the company maintains ‘Calls in Advance Account’ and ‘Calls in Arrears Account’, prepare “Share Forfeited Account” in the books of AX Limited.

(b) BG Limited issued 2,00,000 equity shares of Rs. 20 each at a premium of Rs. 5 per share. The shares were allotted in the proportion of 5 : 4 of shares applied and allotted to all the applicants. Deepak, who had applied for 900 shares, failed to pay Allotment money of Rs. 7 per share (including premium) and on his failure to pay ‘First & Final Call’ of Rs. 2 per share, his shares were forfeited. 400 of the forfeited shares were reissued at Rs. 15 per share as fully paid up. Showing your working clearly, pass necessary Journal entries for the forfeiture and reissue of Deeapk’s shares in the books of BG Limited. The company maintains ‘Calls in Arrears’ Account’.

(c) ML Limited forfeited 1,200 shares of Rs. 10 each allotted to Ravi for Non-payment ‘Second & Final Call’ of Rs. 5 per share (including premium of Rs. 2 per share). The forfeited shares were reissued for Rs. 10,800 as fully paid up.

Pass necessary Journal entries for reissue of shares in the books of ML Limited.

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## Sample Paper for class 12

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## Marking Scheme for Class 12 Board exam

 Subject Board Marks Practical or internal Marks English 100 Marks ZERO Marks Hindi 100 Marks ZERO Marks Mathematics 100 Marks ZERO Marks Chemistry 70 Marks 30 Marks Physics 70 Marks 30 Marks Biology 70 Marks 30 Marks Computer Science 70 Marks 30 Marks Informatics Practices 70 Marks 30 Marks Accountancy 80 Marks 20 Marks Business Studies 80 Marks 30 Marks Economics 80 Marks 20 Marks History 80 Marks 20 Marks Political Science 100 Marks ZERO Marks Geography 70 Marks 30 Marks Sociology 80 Marks 20 Marks Physical Education 70 Marks 30 Marks Home Science 70 Marks 30 Marks

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