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CLASS 12 (CBSE) ACCOUNTANCY QUESTION PAPER 2020-2021

                                                         CLASS 12 (CBSE)

Half Yearly Examination (2020-21) 

CLASS: XII MAX MARKS: 80  

SUB: ACCOUNTANCY TIME: 3Hrs -------------------------------------------------------------------------------------------------------------

General Instructions: 

Answer all questions 

All parts of a question should be attempted at one place. 

Questions 1 to 20 (1mark); Questions 21to 22 (3marks); Questions 23to 27 (4marks) Questions 28to 30 (6marks) Questions 31to 32(8marks

______________________________________________________________________________ (Accounting for Not-for-Profit Organization, Partnership Organisation, Financial Statement  Analysis)  

1) Which of the following is never shown on the payment side of Receipts and Payment but is  shown as an expense in income and expenditure account. 

A) Depreciation B) Loss on sale of Fixed Assets  

C) Outstanding Expenses D) All of the above 

2) The relation of partner with the firm is that of: 

(A) An Owner (B) An Agent (C) An Owner and an Agent (D) Manager 

3) Interest on capital will be paid to the partners if provided for in the partnership deed but only out  of:  

(A) Profits (B) Reserves (C) Accumulated Profits (D) Goodwill 

4) A and B were partners in a firm sharing profit or loss in the ratio of 3 : 5. With effect from 1st  April, 2019, they agreed to share profits or losses equally. Due to change in profit sharing ratio, A’s  gain or sacrifice will be : 

(A) Gain 3/8 (B) Gain 1/8 (C) Sacrifice 3/8 (D) Sacrifice 1/8 

5) The average profit of a business over the last five years amounted to ₹60,000. The normal  commercial yield on capital invested in such a business is deemed to be 10% p.a. The net capital  invested in the business is ₹5,00,000. Amount of goodwill, if it is based on 3 years purchase of last 5 years super profits will be : 

(A) ₹1,00.000 (B) ₹1,80,000 (C) ₹30.000 (D) ₹1,50,000 

6) A and B are partners in a business sharing profits and losses in the ratio of 7 : 3 respectively.  They admit C as a new partner. A sacrificed 1/7th share of his profit and B sacrificed 1/3rd of his  share in favour of C. The new profit sharing ratio of A, B and C will be :  

(A) 3 : 1 : 1 (B) 2 : 1 : 1 (C) 2 : 2 : 1 (D) None of the above 

7) A, B and C were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The capital  balance are ₹50,000 for A, ?₹70,000 for B, ₹35,000 for C. B decided to retire from the firm and  balance in. reserve on the date was ₹25,000. If goodwill of the firm was valued at ₹30,000 and  profit on revaluation was ₹7,500 then, what amount will be payable to B 

(A) ₹70,820 (B) ₹76,000 (C) ₹75,000 (D) ₹95,000 

8) On firm’s dissolution, which one of the following account should be prepared at the last? (A) Realisation Account (B) Partner’s Capital Accounts 

(C) Cash Account (D) Partner’s Loan Account

9) At the time of dissolution of partnership firm, fictitious assets are transferred to : (A) Capital Accounts of Partners (B) Realisation Account 

(C) Cash Account (D) Partners’ Loan Account 

10) Liability of a shareholder is limited to ………………… of the shares allotted to him : (A) Paid up Value (B) Called up value (C) Face value (D) Reserve Price 

11) A company cannot issue : 

(A) Redeemable Equity Shares (B) Redeemable Preference Shares (C) Redeemable Debentures (D) Fully Convertible Debentures 

12) The portion of the capital which can be called-up only on the winding up of the Company is  called ___________________ 

13) _____________ is transferred to Capital Reserve. 

(A) Profit from sale of fixed assets (B) Premium on issue of shares 

(C) Profit on forfeiture of shares (D) All of the Above 

14) In case of private placement of shares and company does not invite the general public for  subscription of shares in that case, company instead of issuing prospectus : (A) Prepares the statement in lieu of prospectus (B) Prepares the Report (C) Prepares the Budget (D) Prepares the Asset side of Balance Sheet 

15) E Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro-rata basis. The  amount payable on application was ₹2. F applied for 420 shares. The number of shares allotted  and the amount carried forward for adjustment against allotment money due from F will be : (A) 60 shares; ₹120 (B) 340 shares; ₹160 

(C) 320 shares, ₹200 (D) 300 shares; ₹240 

16) XY Limited issued 2,50,000 equity shares of ₹10 each at a premium of ₹10 each payable as  ₹2.5 on application, ₹4 on allotment and balance on the first and final call. Applications were  received for 5,00,000 equity shares but the company allotted to them only 2,50,000 shares.  Excess money was applied towards amount due on allotment. Last call on 500 shares was not  received and shares were forfeited after due notice. This is a case of:  

(A) Over subscription (B) Pro-rata allotment  

(C) Forfeiture of Shares (D) All of the above 

17) Calls in Arrears appear in a Company’s Balance Sheet under ……………….. 

18) Main limitation of financial analysis is : 

(A) To know earning capacity (B) To know financial strength (C) Do not reflect changes in price level (D) Comparative study with other firms 

19) If net revenue from operations of a firm are ₹15, 00,000; Gross Profit is ₹9, 00,000 and  operating expenses are ₹75,000, what will be percentage of operating income on net revenue  from operations? 

(A) 45% (B) 55% (C) 35% (D) 65% 

20) How will you deal increase in the balance of ‘Securities Premium Reserve’ while preparing a  Cash Flow Statement?

21) Janta Kalyan Club has 1,250 members each paying an annual subscription of Rs150. During  the year ended 31st March,2020 club did not receive subscription from 45 members and received  subscriptions in advance from 46 members for the year ending 31st march 2021. On 31st March  2019 the outstanding subscriptions were 15,000 and subscriptions received in advance Rs 3,000.  Calculate the amount of subscription that will be debited to the Receipts and Payment Account for  the year ended 31st March, 2020. 

OR 

Show the following items in the Balance Sheet of Q’s Club at 31st March 2020: 

Particulars 

Amount (Rs)

Capital Fund (1.4.2019) 

Building Fund (1.4.2019) 

Donation received for Building 

10%Buildng Fund investment (1.4.2019) Interest received on Building Fund  

investment

10,80,000 

 4,80,000 

6,00,000 

4,80,000 

48,000



Additional Information : Expenditure on construction of building Rs3,60,000. Construction work is  in progress has not yet been completed 

22) Krish, Sunny and Kashish are partners sharing profits in the ratio of 3:2:1. Their fixed capitals  are 1, 20,000; 90,000 and 60,000 respectively. For the year 2019-20, interest was credited to them  @6% p.a. instead of 5% p.a. Show your working clearly 

23) Pass the journal entries for the following on the dissolution of the firm of the X, Y, and Z  i) Realizations Expenses paid 2,000. Mr X one of the partner has to bear the expenses 

ii) ‘Y’ one of the partners, took over a machine for Rs 20,000 

iii) Z one of the partners agreed to take over the creditor of Rs30,000 for 20,000 iv) Profit and Loss Account balance of Rs 30,000 appeared on the asset side of the Balance Sheet 

24) L, M and N are partners in a firm sharing profits and losses in the ratio of 2:3:5. On April 1,  2019 their fixed capitals were 2,00,000; 3, 00,000 and 4,00,000 respectively. Their partnership  deed provided for the following: 

i) Interest on capital @ 9%pa 

ii) Interest on drawings@ 12%pa 

iii) Interest on partner’s loan @ 12%pa 

On July 2019, L brought 1, 00,000 as additional capital and N withdrew 1,00,000 from his capital.  During the year L, M and N withdrew 12,000; 18,000 and 24,000 respectively for personal use. On  January1,2020 the firm obtained a loan of 1,50,000 from M. The net profit of the firm for the year  ended March31,2020 after charging interest on M’s Loan was 85,000 

Prepare Profit &Loss Appropriation Account and Partner’s Fixed Capital Accounts.

25) Pranav, Karan and Rahim were partners in a firm sharing profits and losses in the ratio of 2 :  2 : 1. On 31st March, 2017 their Balance Sheet was as follows: 

Balance Sheet of Pranav, Karan and Rahim as on 31.3.2017 

Liabilities 

Amount 

Assets 

Amount

Creditors 

General Reserve 

Capitals 

Pranav 

Karan 

Rahim

3,00,000 

1,50,000 

2,00,000 

2,00,000 

1,00,000

Fixed Assets 

Stock 

Debtors 

Bank

4,50,000 

1,50,000 

2,00,000 

1,50,000

9,50,000 

9,50,000



Karan died on 12.6.2017. According to the partnership deed, the legal representatives of the  deceased partner were entitled to the following: 

(i) Balance in his Capital Account. 

(ii) Interest on Capital @ 12% p.a. 

(iii) Share of goodwill. Goodwill of the firm on Karan’s death was valued at 60,000. (iv) Share in the profits of the firm till the date of his death, calculated on the basis of last year’s  profit. The profit of the firm for the year ended 31.3.2017 was 5,00,000. 

Prepare Karan’s Capital Account to be presented to his representatives. 

26) X Ltd. forfeited 10 shares of Rs10 each, Rs 7 Called up on which the shareholder had paid  application and allotment money of Rs 5 per share. Out of these, 8 shares were re-issued to  Y for Rs 8 per share at Rs 8 per paid up per share. Record the journal entries for forfeiture and  reissue of shares by opening calls in arrears and calls in advance accounts. 

27) Draw the Balance Sheet as per the prescribed format in the revised schedule III of the  companies Act 2013 

OR 

Explain the meaning and objectives of Ratio Analysis

28) Following is the Balance Sheet and Receipts and Payments Account of Narmanjyot Society Balance Sheet as at 31st March, 2019 

Liabilities 

Amount 

Assets 

Amount

Capital Fund 

Subscription in Advance

88,000 

6,000

Furniture 

Cash at Bank 

Cash in Hand

40,000 

30,000 

24,000

94,000 

94,000



Receipts and Payments Account for the year ending 31st March,2020 

Receipts 

Amount 

Payments 

Amount

To Balance b/d 

 Cash at Bank 

 Cash in Hand 

To sale of old newspaper 

To Lockers rent 

To Interest on Investment 

To Entrance Fees 

To Life Membership Fees 

To Subscriptions 

To Subscriptions for Relief Fund

30,000 

24,000 

900 

7,000 

1,600 

50,000 

1,00,000 

98,000 

17,000

By Computers (1.10.2019) 

By Office Expenses 

By Electricity 

By Postages 

By 10 %Investments (1.12.2019) By Balance c/d 

 Cash at Bank 

 Cash in Hand

1,00,000 

29,000 

15,000 

9,000 

60,000 

80,000 

35,500

3,28,500 

3,28,500



Additional Information  

i) Computers to be depreciated @ 60%pa and furniture @10%pa  

ii) Subscription included Rs20, 000 received in advance 

iii) Electric charges outstanding Rs10,000 

Prepare Income and Expenditure Account for the year ending 31st March, 2020 and the Balance  Sheet on that date. 

29) X and Y are partners sharing profits and losses in the ratio of 4:3. Their Balance Sheet as at  31st March, 2019  

Liabilities 

Amount 

Assets 

Amount

Creditors 

General Reserve 

Capitals 

Y

28,000 

42,000 

2,40,000 

1,20,000

Fixed Assets 

Stock 

Debtors 

Cash

1,50,000 

1,40,000 

1,20,000 

20,000

4,30,000 

4,30,000



They decided that with effect from 1st April,2019, they will share profits and losses in the ration of  2:1. For this purpose they decided that:  

a) Fixed Assets to be depreciated by 10%pa  

b) A provision of 6% to be made on debtors for doubtful debts. 

c) Stock to be valued at 1,90,000 

d) An amount of 3,700 included in creditors is not likely to be claimed 

Partners decided to record the revised values in the books. However, they do not want to disturb  the reserves.  

You are required to prepare journal entries, capital accounts of the partners and the revised  balance sheet. 

30) a) From the following Calculate cash flow from financing activities 

Particulars 

31.3.2018 

31.3.2017

Equity Share Capital 

10%Preference Share Capital 

14% Debentures 

Equity Shares issued at a premium of 15% 

10 %Preference Shares were redeemed at a premium of 5% 14% Debentures were issued at a discount of 10% 

Interim Dividend paid on equity shares 

Dividend paid on old preference shares 

Corporate Dividend Tax 

Interest paid on old debentures 

Share issue expenses of equity shares paid 

2,00,000 

-

2.00,000 

1,00,000 

82,000 

60,000 

20,000 

28,000 

10,000



b) How the various activities are classified (as per AS-3 revised) while preparing Cash Flow  Statement? 

31) G and Y are partners sharing profits and losses in the ratio of 3:1. Their Balance Sheet as at  31st March, 2018 

Liabilities 

Amount 

Assets 

Amount

Creditors 

Bills Payable 

Capitals 

Y

50,000 

30,000 

4,00,000 

1,00,000

Furniture 

Stock 

Debtors 

Cash 

Machinery 

60,000 

1,40,000 

80,000 

90,000 

2,10,000

5,80,000 

5,80,000



A is admitted as a partner for 3/8th share in the profits with a capital of Rs 2,10,000 and Rs 50,000  for her share of goodwill. It was decided that  

i) New Profit s Ratio will be 3:2:3 

ii) Machinery will depreciate by 10% and Furniture by Rs5,000  

iii) Stock was revalued at 2,10,000 

iv) Provision for doubtful debts is to be created at 10% of debtors  

Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the new firm. OR

M, N and D are partners sharing profits and losses in the ratio of 4:3:2. Their Balance Sheet as at  1st April, 2018 

Liabilities 

Amount 

Assets 

Amount

Creditors 

Capitals 

D

7,000 

50,000 

39,000 

30,000

Cash in hand 

Debtors 19,000 Less Provision 1,400 Stock 

Plant and Machinery 

Motor Car 

Buildings 

Goodwill

5,900 

17,600 

13,500 

18,000 

20,000 

48,000 

3,000

1,26,000 

1,26,000



D retired on the above date as per the following terms 

a) Goodwill of the firm was valued at 21,000  

b) Stock to be appreciated by 10% 

c) Provision for doubtful debts should be 5% on debtors 

d) Machinery is to be valued at 5% more than its book value 

e) Motor Car is revalued at 15,500; Retiring partner took over motor car at this value f) D to be paid Rs 2000 in Cash and balance to be transferred to his loan account. 

32) G Limited issued a prospectus inviting applications for 3,000 shares of Rs 100 each at a  premium of Rs20 payable as follows 

On application Rs20 per share; on Allotment Rs50 per share (including premium)  On First call Rs 20 per share; on second call Rs 30 per share 

Applications were received for 4,000 shares and allotment made on pro-rata basis to the  applicants of 3,600 shares the remaining applications were rejected, money received on  application was adjusted on account of sums due on allotment. R to whom 360 shares were  allotted, failed to pay allotment money and calls money and her shares were forfeited. K , the  applicant of 240 shares failed to pay the two calls, her shares were also forfeited. All these shares  were sold to N as fully paid for Rs 80 per share. 

Show the journal entries in the books of the company. 

OR 

Himalaya Company Ltd issued for public subscription of 1, 20,000 Equity Shares of Rs 10 each at  a premium of Rs 2per share payable as under 

On application Rs 3 per share; on Allotment Rs 5 per share (including premium)  On First call Rs 2 per share; on second call Rs 2 per share 

Applications were received for 1, 60,000 shares. Allotment was made on pro-rata basis. Excess  money on applications was adjusted against the amount due on allotment. 

R, an applicant of 6,400 shares failed to pay calls money. These shares were forfeited and  reissued to T at Rs 7 per share. 

Show the journal entries in the books of the company.


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