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CBSE Value Based Questions class 12 Accountancy

Class 12th Accountancy CBSE Value Based Questions in for free download in PDF format. The most CBSE Value Based Questions for annual examination from are given here for download. The additional questions for practice from XII class CBSE exam are collected from various sources. It includes questions asked in previous year exams, questions provided by Kendriya Vidyalaya KV schools, DoE, Delhi government school, Navodaya Vidyalaya samiti NVS and other government and private schools in India and abroad that are affiliated to CBSE, New Delhi. Class 12 Accountancy have different set of questions. The questions includes 1 mark questions, 2 mark questions, 3 mark questions, 4 mark questions, 5 mark questions and other questions as per the latest CBSE curriculum for the current session.

Chapter Wise CBSE Value Based Questions Class 12 Accountancy

CBSE Value Based Questions, guess papers, most expected questions and best questions from 12th Accountancy have CBSE chapter wise CBSE Value Based Questions with solution for free download in PDF format. 12th Accountancy have many topics. All these topics are included in CBSE chapter wise Value Based Questions of class 12 Accountancy.

Accountancy Solved CBSE Value Based Questions for 12th Chapter Wise CBSE

Class XII Accountancy NCERT book, refresher books and other reference books have many CBSE Value Based Questions. These questions are repeatedly asked in exams in one or other way round. Practicing such most CBSE Value Based Questions certainly help students to get good marks in exams. The solved question papers from have all type of questions may be asked in annual exams such as VSA very short answer type questions, SA short answer type questions, LA long answer type questions, VBA value based questions and HOTS higher order thinking skill based questions.

NCERT Class 12 Accountancy Chapter-wise Exemplar Solutions

Accountancy Part I

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

Accountancy Part II

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

CBSE Value Based Questions and Answers for CBSE Exams

Partnership – Fundamentals

• X, Y and Z are partners with ` 72,000, ` 80,000 and ` 1,00,000 as their capitals respectively. The profit for the year ending March 31, 2012 was ` 7,20,000. Before distributing profits they donated 10% of profits to a ‗Non-Govt. organization‘ as charity for welfare of educationally backward section of the society. Out of the remaining profit, ` 4,00,000 is divisible as 5:3:2 ratio and the remaining is to be divided amongst them equally. Identify the value involves by the partnership form of X,Y and Z. Prepare Profit and Loss appropriation Account and partner‘s Capital Account.

• Aakash and Bhola entered into partnership on January 1, 2012 contributing ` 1,20,000 and ` 1,60,000 as capitals respectively. Their partnership firm started the business of manufacturing shoes. They decided to allow a discount of 30% on shoes for school going children. They share profits in the ratio of 7:3. The profits for the year were ` 9,60,000. Prepare Profit and Loss Appropriation Account and the partner‘s Capital Accounts. Also identify the value involved in this question.

• Renu and Reshma shared profits as 7:3. Renu want to give admission to her friend Rehana as a new partner. Reshma agrees with this decision of Renu. Rehana is a physically challenged lady and admitted with a ¼th share in profits. Renu and Reshma gave her a guarantee that her share of profit will never be less than ` 1,20,000 p.a., the profits for the last two years ended March 31, 2011 and March 31, 2012 were ` 1,60,000 and ` 2,40,000 respectively. Identify the human value involved in this case and prepare Profit and Loss Appropriation Account for the two years.

• Ramesh and Gurmeet are two friends belonging to Hindu and Sikh religion respectively. They started a business of wire manufacturing in the form of a partnership firm. They know that the factory of wire manufacturing pollutes the environment. Therefore there are two options available before them. First option is that the factory can be opened in rural area where local residents are poor and illiterate. Second option is that an advanced pollution control plant can be installed in their factory to control the pollution. They decided to choose the second option which involves an additional cost of ` 2, 00,000. To arrange this amount, they admitted their fast friend John as a new partner for equal share in the future profits. John brought` 2,50,000 as his share of capital. Ramesh and Gurmeet gave him a guarantee that his share of profit will not be less than ` 60,000 p. a. At the end of first year the firm earns a profit of ` 1,50,000. Mention the value involved in this question. Write the effects of choosing option available before Ramesh and Gurmeet. Prepare the Profit and Loss Appropriation Account for the first year.

• A, B and C are in a partnership. A is appointed for carrying on the business of the firm by the other partners. A has decided to purchase the goods from a firm in which his wife and his son are partners at a double rate then the prevailing market rate without disclosing this fact to others partners of the firm. State which values have been violated by A by not disclosing this information to B and C.

• A, B and C are partners in a firm. C used firm‘s money to buy shares without disclosing it other partners. Which value C is violating and what will be the treatment of profit earned by C?

• After completing MBA, Arun and Radha want to start a new business but they don‘t have sufficient capital. They contacted their common friend Sita, a rich lady with low vision. They decided to form a partnership firm with a capital of Rs.25,00,000 with a ratio of 80% by Sita, 10% each by Arun and Radha respectively. The partnership deed provided as follows:-

• Interest on capital @12% p.a.

• Salary to active partners Arun and Radha @ 9,000 p.m. The firm earned a net profit of 9,66,000 during the year. Sita decided to donate half of her profits to a school for differently abled children. State which values are being reflected in the above case and also prepare Profit and loss appropriation a/c for the year.

• A and B are partners in a firm having a workmen compensation reserve of 10,00,000. A worker, Rohan died in an accident while working for the firm. The firm paid 500,000 as compensation to his family and offered a job to his wife and also arranged for the education of his son. State which values are being reflected in the above case and also show the treatment of workmen compensation reserve if A and B now decide to change their profit sharing ratio from 3:1 to equal ratio. Workmen compensation reserve will not be shown in the books of new firms.

• A and B are partners in a firm. A manages all business as a representative of firm. For execution of a sales order to a valuable customer A incurred ` 5,000 for delivery in quick time. B is not agreeing to reimburse the above expenses from the firm‘s accounts. Explain the treatment of above expense and describe which value is violatedby the partners.

• What are the values involved in the formation of a partnership firm?

CBSE Value Based Questions for class 12th CBSE

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