I 2

MODEL PRACTICE PAPER ~ ,

Time : 3 Hours J [ Max. Marks : 80

Note : (1) All questions are compulsory.

(2) Figures to the right indicate full marks for the queS tions.
(3) Figures to the left indicate question numbers.
(4) Answ er to every question should start on new page.
Q. 1. (A) Write the word /phra se/te rm which can substitute
·each of the following
statement :
(5) (20)
( 1) Partnership agreement in written form.
(2) The receipts which are not recurring in nature.
(3) Reputation of business measured in terms of money.
• i
(4) Debi t balance of Realisation Account.
(5) The person who purchase the shares of a comp~ny.
(B) Com plete the following sentences :
(5)
( 1) Registration of partnership is ____________ in India.
(2) Incom e and Expenditure Account is a ___ ___ _____ _Account.
(3) Revaluation Ne is also known as ____________ Account.
(4) New partner can bring capital in ____________ .
( 5) Generally Current ratio should be ________ __ __ .
(C) Calc ulate the following :
(5)
(1) Calculate depreciation on Furniture @ 12.5% p.a.
(a) On~ 3,30,000 for I year (b) On~ 20,000 for 6 months.
(2) Calculate amount of stationery consumed.
Opening stock of statio nery~ 10,000. Purchase of stationery
~ 14,000.
Outstanding stationery bill~ 24,000. Closing stock of statio nery~
2,000.
(3) A and B are partners sharing profits and losses in the ratio
of 3 : 2. After
admission of C, new ratio of A, B and C is 4 : 3 : 2. Find out
sacrifice
ratio.
(4) Goodwill of the firm was valued at two times the average
profit of the
last five yeas. Profit of the last five years are as follows :
1st year =~ 45,000, 2nd year =~ 25,000, 3rd year =~ 30,000,
4th year==
f 37,500, 5th year = ~ 20,000. Find goodwill amount for the firm.
( S) Calculate Quick ratio :
Working capital = ~ 8,00,000, Inventory = ~ 2,00,000,
curre nt liabi lities =~ 3,00,000, Bank over draft =~ 35,000.
NAVNEET PRACTICE PAPERS : STD. XII (COMMERCE)
310
 (V) co111p1ece u~e -•~•Jowing table :
(5)
(1) Adjustment Trading or Profit and
Balance Sheet
Loss Account
Depreciation
[ ] Asset side
(2) Income ,, Expenditure (<)
Surplus/Deficit ~)
({) 40,000
25,000
[r-_l
=
(3) Normal p~ofit1 .

(4) Creditors
Capital employed x
I l
Bills Payable Third party liabilities
<60,000 <20,000 ?

(5) Date of drawing Date of acceptance Payable Due date

of bill of bill
23-12-2021 26-12-2021 1 month / ? /

of
Balance Sheet as on 31st March, 2022 was as under :
. after date
oni and Himanshu share profits and losses in the ratio of 3: 2 respectively. Their
. .

(10)
Balance Sheet as on 31st March, 2022
Amount Amount
Liabilities Assets
({) ro
Sundry Creditors 90,000 Cash at Bank 1,500

General Reserve 60,000 1,33,500

Capital A/cs : 51,000

Toni 2,16,000 72,000

1,44,000 1,80,000
Himanshu
72,000

5,10,000 5, I 0,000

They admit Samir into partnership on 1 - 4 - 2022. The terms being that :

(I) He sha11 h ave to b rmg

. . ~ 1 20 000 as his Capital for I/4th share in future
m "' , ,
profits.
(2) Value of Goodwill of the firm is to be fixed at the average profits for the last

three years. The Profit were :

2021-22 ( 1,47,000
. 2020-21 ? 1,62,000;
2019-20 <96,000,
.
. . h It is decided to
value of the Goodw1 11 m cas .
Samir is unable to bnng the
. b ks of accounts.
raise the Goodwill m the 00
311
....u:,____J1--ArrnllNTANCY
 t d at t 3 000.
(3) Reserve for Doubtful debts is to be crea e '
(4) Closing stock is valued at t 45,000. :•/
(5) Plant and Building is to be depreciated by S%. f Partners and
Capital Accounts o
Prepare : Profit and Loss Adjustment A/ c, (10)
Balance Sheet of the new firm .
OR
. follows and the partners are
Q . 2. The Balance Sheet of Aan, Baan and Shaan is as
· · f 2 • 2 · 1 respectively. (10)
sharing profits and losses in the proportion ° · ·
Balance Sheet as on 31st March, 2022
Amount Amount
Amount Amount
Assets ({)
Liabilities ({)
~) ~)
10,000
Sundry Creditors 16,000 Bank
40,000
Bills Payable 4,000 Sundry Debtors
2,000 38,000
General Reserve 10,000 ~ess : R.D.D.
mputer 30,000
Capital Accounts: ~

80,000 :✓.chinery
8,000
Aan
60,000 ~ehold Property 54,000
Baan
30,000 Goodwill 60,000
Shaan
2,00,000 2,00,000

Shaan retires from the firm on 1st April, 2022 on the following terms:
(1) The assets are to be revalued as: Freehold property t 60,000, Machinery
t 10,000, Computer t 24,000. All debtors are good.
(2) Goodwill of the firm be valued at thrice the average profit for preceding five
years. Profits of the firm for the year.

2017-18 t 2,000 2018- 19 t 21,000 2019-20 t 20,000

2020-21 t 32,000 2021-22 t 20,000

(3) Shaan should be paid t 6,000 by cheque.
(4) The Balance of Shaan's Capital Ale should be kept in the business as his loan.
Prepare : Profit and Loss Adjustment Ale, Capital Accounts of Partners, Balance

Sheet of the new firm .

.,_,, A,ndcc~ nn"

,, J. ADYa and Shikha are partners sharing profits and losses equally. They decided to
Q· dissolve th e firm on 31st March, 2022. Their Balance Sheet was as under:
(10)

--
Balance Sheet as on 31st March, 2022

Amount Amount
Liabilities Assets
~) ~)
i---
creditors 27,600 Building 1,32,000
Bills Payable 8,400 Furniture 18,000
Reserve Fund 30,000 Debtors 48,000
Capital A/cs : Stock 36,000
Anya 60,000 Bills Receivable 6,000
Shikha 1,20,000 Cash 6,000
2,46,000 2,46,000

Assets were realised as under :

Building ~ 1,23,000, Debtors ~ 33,000, Stock ~ 30,000, Bills Receivable ~ 4,800
and Anya agreed to take over Furniture for ~ 15,000. Realisation Expenses
amounted to ~ 3,000.
Show Realisation Ale, Partners' Capital A/cs and Cash Ale.

OR
Q. 3. Kalpana owed Bela{' 36,000, Kalpana accepted a bill drawn by Bela for the amount
at 4 months. Bela endorsed the same bill to Chetna. Before due date, Kalpana
approached Bela for renewal of bill. Bela agreed on condition that f 12,000 be
paid immediately together with interest on the remaining amount of 8% p. a. for
3 months and Kalpana should accept a new bill for the balance amount. These
arrangements were carried through. However, before the due date Kalpana became
insolvent and only 50% of the amount could be recovered from her estate.

Give Journal Entries in the books of Bela. (10)

· 4• Mehta Company Ltd. issued 50,000 preference shares of{' 10 each payable as under :
On Application f 4
On Allotment t 3
On First call ~ 2

On Second and Final call f 1

Company received application for all these shares and received all money.
(08)
Pass Journal Entries in books of Anand Company Ltd.
OR
Q. 4 . Write the featur

1/.
es of Computerised Accounting System. . , (08)
Aman Akash d · h ·
' an Alok are in a business sharing profits and losses m t e ratio
of 3: 2. 1 .
· respectively. Their Balance Sheet as on 31st March, 2021 was as
follows•
(08)
-
Balance Sheet as on 31st March 2021
'
Liabilities Amount Amount
Assets
~ ~
Capital Accounts :
Sundry Debtors 50,000
Aman
1,10,000 Less : R.D.D. 5,000 45,000
Akash
1,05,000 Plant and Machinery 42,500
Alok
1,20,000 Investments in Shares 1,75,000
Sundry Creditors ...
40,000 Vehicles 50,000
Bank Overdraft
3,500 Building
.
, <_ ....
40,000
Reserve Fund -
48,000 Bank 74,000
4,26,500 4,26,500
-
On 1st October, 2020 Alok died and the Partnership deed provided that
(1) R.D.D. was maintained at 5% on Sundry Debtors.
(2) Plant and Machinery and Investment in shares were valued at ~ 40,000 and
t 2,05,000 respectively.
(3) Of the Sundry creditors an item oft 3,000 was no longer a liability and hence
was properly adjusted.
(4) Profit for 2021- 22 was estimated at t 60,000 and Alok's share in it up to the
date of his death was given to him.
( 5) Goodwill of the firm was valued at two times the average profit of the last
five years, which were
2016-17 t 90,000 2017 - 18 t 1,00,000 2018 - 19 t 1,25,000
2019-20 t 75,000 2020-21 t 60,000
Alok share in it was to be given to him.
( 6) Salary~ 2,500 p.m. was payable to him.
ital at 5% was payable and on Drawings ~ 1,000 were charged.
(7) Interest on Cap
. d by Alok up to September 2020 were ~ 2,500 p.m.
(8) Drawings ma e .
, C ital Ale showing the amount payable to his executors.
Prepare : Alok s ap
of Profit and Goodwill.
Give worki ng
OR

CTICE PAPERS: STD. XIl (COMMERCE)

NAVNEETPRA
 5 prepare Comparative Income Statement ofA L' .
Q, • arav 1m1ted for year ended 31 - 3 - 21
and 31 - 3 - 22. •:-_. ·
- .
', .
'.
31-03-2021
(08)
Particulars 31-03-2022
~) ~
Sales . ,.)! '
1,00,000 1,50,000
Income Tax 50%
~ ( I 50% k
Cost of Sales 60,000
-. 40,000
Indirect Expenses 4,000 6,000
.\
Q. 6. From the following transactions of Receipts and Payments Account of
"Orient Club" and t~~,_adjustments given. You are required to prepare Income and
Expenditure Account and Balance Sheet as on 31st March, 2022. (12)

Dr. Receipts and Payments Account for the year ending 31-03-2022 Cr.
- Amount
Receipts Amount
Payments
~ ~
To Balance b/d By Salaries 12,000
Cash in Hand 10,000 By Entertainment Expenses 4,960
To Subscriptions By Sundry Expenses 2,600
2021-22 · 36,000 By Electricity Charges 2,400
2022-23 820 36,820 By Rent 1,400
To Donations ,.. 12,000 By Investment 30,000
'
To Receipts from Entertainment 10,800 By Printing and Stationery 1,600

To Interest 800 By Postage 6,400

To Entrance Fees 12,400 By Fixed Deposit 7,800

By Balance c/d
Cash in Hand 1,660
Cash at Bank 12,000 13,660
82,820
82,820

Adjustments :
. bscription oft 100 each.
(1) There are 500 members paymg an annua1 su
(2) Outstanding salary was t 2 ,400.
4 - 2021 were as follows :
(3) The assets values as on 0l - O
000 Furniture f 30,000 1
Building f 1,00, , . 50¾ and 10% respective Y·
'Id' and Furmture at o .
(4) Provide depreciation on Bm mg
. b capitalised.
(5) 50% Entrance Fees 18 to e
31S
_ ., ., ~ u1NG & ACCOUNTANCY
 6 ths.
( ) Interest on investment at 5% p.a. has accrued for 6 mQn
(?) Capital fund is of~ 1,40,000 as on 01-0 4-20 21. ! .. ~
6

Loss
Q. 7. Prihaan and Parth are partners. p repare Trad'mg Acco _ Profit and
unt and
out Gross Profit
Account for the year ended 31st March, 2022. You hav~ to find
' 'i, ,. (12)
and Net Profit only.
\ \., ~ : I

Trial Balance as on 31st March, 2022

'
•
.
I

Amount Amount
Debi t Balances Credit 'Balances
~) ~)
I I

Stock (1/4/2021) 17,400 Sales 1,36,000

Purchases 36,600 Dividend 4,000
, ~ .: , f
Wages 2,000 Purchases Return 1,000
••I
Insurance 1,600 Sundry Creditors 26,000
Unproductive Wages 2,800 10% Bank Loan 16,000
Warehouse Rent 1,200 (w.e.f. l(~t2?21)
Carriage Outward 2,400 Other Receipts 2,000
Sales Retu rn 1,200
Exp~)ftDuty 2,800
Custo ms Duty 1.600 1
.. 'I

Sund ry Debtors 80,000 t

-
Inves tmen ts 31,400
'
Facto ry Rent 3,200
Posta ge and Telegram 800

1,85,000 1,85,000

Adju stme nts :

(1) The Closing stock is valued at~ 30,800.
(2) Outstanding wage s~ 1,000.
. 3% on Sundry
(3) Create provision for Bad debts ~ 1,600 an~ maintain R.D.D
Debtors.
(4) Goods of~ 3,600 distributed as a free sample.
2022 but no entry
( S) Goods of~ 4,000 were sold and delivered on 31st March,
is passe d in the Books of Account.

NAVNEET PRACTICE PAPERS: STD. XIl (COMMERCE)