CBSE Accountancy Class 12 Sample Paper 3 Page 1

Accountancy
Class XII Session 2023-24
Time: 3 Hours Max. Marks: 80
General Instructions:
1.This question paper contains 34 questions. All questions are compulsory.
2.This question paper is divided into two parts, Part A and B.
3. Part - A is compulsory for all candidates.
4. Part - B has two options i.e. (i)Analysis of Financial Statements and (ii) Computerised Accounting.
Students must attempt only one of the given options.
5. Question 1 to 16 and 27 to 30 carries 1 mark each.
6. Questions 17 to 20, 31and 32 carries 3 marks each.
7. Questions from 21 ,22 and 33 carries 4 marks each
8.Questions from 23 to 26 and 34 carries 6 marks each
9.There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2
questions of three marks, 1 question of four marks and 2 questions of six marks.

PART—A
Accounting for Partnership Firms and Companies

1. Victoria Sales Limited purchased an asset from Shivalik Marketing Limited for ` 5,40,000. Victoria Sales
Limited issued 8% debentures of ` 100 each at 10% discount against the payment. Calculate the number of
debentures issued by Victoria Sales Limited.
(a) 60,000 (b) 54,000
(c) 5,400 (d) 6,000

2. Grand Engineers Private Limited invited application for 4,000 equity shares of ` 10 each at the issue price
of ` 10. Complete amount was received on application itself. How the amount received will be shown in
balance sheet?
(a) Cash and cash equivalent = ` 40,000 (b) Shares = ` 40,000
(c) Cash not received = ` 40,000 (d) Amount utilised = ` 40,000
or
Power Marketing Limited bought business of Vaishnavi Marketing Limited and purchase consideration is to
be decided by net asset value method. Total assets and liabilities which were taken over were ` 22,40,000
and ` 4,00,000 respectively. ` 4,00,000 was paid in cash and for the balance amount, 6% debentures of ` 100
each were issued at a premium of 20%. Identify the number of debentures issued
(a) 4,000 debentures (b) 22,400 debentures
(c) 12,000 debentures (d) 20,000 debentures

3. If a partner withdraws consistently at the end of each quarter for a year, average period will be_____
(a) 6.5 (b) 7.5
(c) 4.5 (d) 5.5
or
On 1st April, 2020 P’s capital was ` 10,000. On 1st October, 2020, he introduces additional capital of `
5,000. Interest on capital @ 6% p.a. on 31st March, 2021 will be
(a) ` 900 (b) ` 525
(c) ` 750 (d) ` 450

4. A company is having authorised capital of ` 50,00,000 which is divided into shares of ` 100 each. Company
issued its 30,000 shares to the public @ 10% premium. All the shares are applied by the public and allotted
by the company.
The amount of paid-up share capital will be_______
(a) ` 33,00,000 (b) ` 55,00,000
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(c) ` 50,00,000 (d) ` 30,00,000

5. Rupa Publishing Co. purchased a running business from Unnati Publishing Co. for a sum of ` 60,00,000.
Company received from vendor these assets and liabilities in this running business
Plant and machinery ` 40,00,000; furniture ` 5,00,000; debtors ` 8,00,000; land and building ` 20,00,000 and
creditors ` 3,00,000. What will be the amount of goodwill or capital reserve, as per the given information?
(a) Goodwill ` 3,00,000 (b) Capital Reserve ` 3,00,000
(c) Goodwill ` 10,00,000 (d) Capital Reserve ` 10,00,000

6. On the admission of a new partner, increase in the value of assets is debited to

(a) assets account (b) old partners’ capital account
(c) revaluation account (d) None of these
or
At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is
transferred to the capital account of
(a) all the partner in the new profit sharing ratio
(b) old partners in old profit sharing ratio
(c) old partners in new profit sharing ratio
(d) None of the above

7. Assertion (A): Gaining ratio is the ratio in which one or more partners gain some portion of other partners
share of profit.
Reason (R): New ratio plus sacrificing ratio is gaining ratio.
Alternatives
(a) Assertion (A) is false, but Reason (R) is true
(b) Assertion (A) is true, but Reason (R) is false
(c) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
(d) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)

8. Issue and allotment of shares to a selected group of persons privately and not to public in general through
public issue is known as______of shares.
(a) private placement (b) right issue
(c) employees stock option plan (d) All of these
or
Which category of shares are redeemed after a specific given period according to the terms of issue?
(a) Redeemable preference shares (b) Cumulative preference shares
(c) Irredeemable preference shares (d) Non-cumulative preference shares

9. Please see following :

Liabilities Amount (`) Assets Amount (`)

Debtors 8,00,000
(–) Provision for Doubtful Debts (40,000) 7,60,000
Provision to be maintained @ 10% at the time of change in profit sharing ratio. What is the amount
credited/debited in revaluation account?
(a) Credit ` 80,000 (b) Credit ` 40,000
(c) Debit ` 40,000 (d) Debit ` 80,000

10. Aadil and Tahir are partners in a firm. They admit Zahir for 1/3 share. Zahir brought ` 2,00,000 as his
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capital and ` 60,000 for premium. Journalise the transaction.

(a) Zahir’s Capital A/c Dr. 2,00,000

To Bank A/c 2,00,000
(b) Bank A/c Dr. 2,00,000
To Zahir’s Capital A/c 2,00,000
(c) Bank A/c Dr. 2,60,000
To Zahir’s Capital A/c 2,00,000
To Premium for Goodwill A/c 60,000
(d) Zahir’s Capital A/c Dr. 2,00,000
Premium for Goodwill A/c Dr. 60,000
To Bank A/c 2,60,000

11. Mayur and Ankur are partners sharing profits in the ratio of 3 : 2. They admit Kuber as a new partner. After
his admission, the profit sharing ratio becomes 5 : 5 : 3. On the date of Kuber’s admission, goodwill of the
firm is valued at ` 1,30,000. The amount of goodwill brought in by Kuber will be
(a) ` 1,00,000 (b) ` 30,000
(c) ` 1 ,30,000 (d) ` 50,000

12. In a firm, 10% of net profit after deducting all adjustments, including reserve is transferred to general
reserve. The net profit after all adjustments but before transfer to general reserve is ` 22,000. Calculate the
amount which is to be transferred to reserve.
(a) ` 2,000 (b) ` 1,250
(c) ` 1,100 (d) ` 2,200

13. Elena is a partner in a firm with a fixed capital of ` 80,000. She withdrew ` 5,000 during the financial year.
Journal entry will be

(a) Elena’s Current A/c Dr 5,000

To Drawings A/c 5,000
(b) Elena’s Capital A/c Dr 5,000
To Drawings A/c 5,000
(c) Drawings A/c Dr 5,000
To Elena’s Current A/c 5,000
(d) Drawings A/c Dr 5,000
To Elena’s Capital A/c 5,000

14. Goodwill can be_______

(a) self-generated (b) purchased
(c) Both (a) and (b) (d) None of these
or
________is also known as articles of partnership.
(a) Partnership deed (b) Principles of partnership
(c) Partnership prospectus (d) None of these

DIRECTION : Read the following hypothetical situation and answer Q. No. 15 and 16
Aditi and Deepesh are partners in a firm. On 1st April, 2020, their capitals were ` 4,00,000 and ` 6,00,000.
The profit for 2020-21 was ` 5,24,000. Partnership deed provided that interest on drawings/capital to be
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calculated @ 10%, Deepesh had drawings of ` 1,00,000. He had withdrew this amount 31st December, 2020.
In addition to this, rent (in case of any partner providing his premises for business) for premises decided to
be ` 8,000 per month. Due to lockdown during pandemic, the partners decided to shut down factory and
shifted to Aditi’s farmhouse on 1st August, 2020.

15. What is amount transferred to profit loss appropriation account?

(a) ` 5,00,000 (b) ` 4,88,000
(c) ` 5,24,000 (d) Can’t say

16. What is interest on drawings of Deepesh?

(a) ` 7,500 (b) ` 2,500
(c) ` 10,000 (d) Can’t say

17. Harish and Pratham were partners sharing profits and losses in the ratio of 3 : 1. Mukesh was admitted
into partnership on 1st April, 2022 for 1/3rd share in profits. Mukesh brought in ` 45,000 as goodwill for
her 1/3rd share in profits which was entirely credited to Harish’s capital account. On the day of admission
,Pratham also compensated ` 15,000 to Harish for a share of profit sacrificed by Harish in favour of Pratham.
Following journal entries were passed:

Date Particulars L.F. Dr. (`) Cr. (`)

2022 Cash/Bank A/c Dr. 45,000
April 1 To Premium for Goodwill A/c 45,000
(Being Premium for Goodwill Brought in by Mukesh)
2022 Premium for Goodwill A/c Dr. 45,000
April 1 Pratham’s Capital A/c Dr. 15,000
To Harish’s Capital A/c 60,000
(Being entry for goodwill treatment passed)
Find the new ratio of Harish, Pratham and Mukesh.

18. Amar, Bharat and Satish are partners of the firm Agrawal Sweets. Their capitals as on 1st April, 2021 were
` 90,000; ` 70,000 and ` 50,000 respectively. Partnership deed states that partners are entitled to:
(a) Interest on Capital @ 10% p.a.
(b) Each partner has a right to withdraw up to ` 6,000 p.a. for personal use. Drawings in excess of this
limit will be charged interest @ 12% p.a.
(c) Satish will get a commission of 5% of the net profit.
During the year 2021-2022, firm earned a profit of ` 51,300. Amar, Bharat and Satish’s total annual
drawings were ` 12,000; ` 8,000 and ` 5,000 respectively. Prepare Profit and Loss Appropriation Account.

19. Calculate the value of goodwill valued at two years purchase of the average profit of the past four years. The
profits for the past four years of the firm run by Rajkumar and Ashish are:

Year Profit (`) Adjustment to be made

1. 57,000 Two items ignored to be accounted for:
Outstanding expenses ` 3,000
Accrued Interest earned ` 2,000
2. 74,000 ––
3. 92,000 After including an abnormal gain of ` 3,000
4. 1,16,000 Personal insurance premium ` 18,000 paid for partner wrongly
debited to firm’s account.
Pass journal entry for treatment of goodwill on Neel’s admission into the firm for 1/4th share of profit,
assuming he did not bring any premium for goodwill. Rajkumar and Ashish shared profits in ratio 3 : 2.
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or
Neel and Bhuvnesh are partners sharing profits in the ratio 2:1. They admit Pratham for 1/4th share of
profit with a minimum guaranteed amount of ` 20,000. Any deficit will be borne equally. The profits earned
by the firm at the end of the financial year amounted to ` 64,000.
Pass necessary journal entries for the above.

20. RK Machines Limited took over Plant and Machinery of Altech Machine Limited at an agreed price of `
1,90,000 and payment was made by the issue of 9% Debentures of ` 100 each issued at a premium of 10%,
fraction, if any, is paid in cash. Pass necessary journal entries for the above in the books of RK Machines
Limited.
or
Pass journal entries at the time of issued of debentures.
(i) 1,300, 6% debentures of ` 100 each issued at a premium of ` 20 per debenture redeemable at a
premium of ` 35 per debenture.
(ii) 900, 6% debentures of ` 100 each issued at a discount of ` 10 per debenture redeemable at 120%.

21. Neel and Vimal are partners sharing profits and losses in the ratio of 3:2. Their Balance Sheet as at 31st
March, 2022 was as follows:

Liabilities Amount (`) Assets Amount (`)

Outstanding Expenses 12,000 Cash in hand 71,000
Bills Payable 60,000 Debtors 1,50,000
Creditors 96,000 Less : Provision for
Employee Provident Fund 18,000 doubtful debts (25,000) 1,25,000
Investment Fluctuation Fund 20,000 Stock 50,000
Reserve 40,000 Investments (Market value of 1,20,000
investments ` 90,000)
Capital Accounts: Machinery
Neel 2,50,000 Building 60,000
Vimal 1,50,000 Profit & Loss A/c 2,00,000
20,000
6,46,000 6,46,000

On 1st April, 2022 they admitted Rajesh as a partner for 1/5th share in profits on the following terms:
(i) Rajesh will contribute proportionate capital and his share of goodwill in cash.
(ii) The Goodwill of the firm is valued at ` 50,000.
(iii) Provision on debtors was found to be in excess by ` 5,000.
(iv) Outstanding expenses will be increased by ` 1,000.
(v) A liability of ` 6,000 included in Sundry Creditors is not likely to arise.
Prepare Revaluation A/c, Partners’ Capital Accounts and the Balance Sheet of the newly constituted firm.

22. Toolnex Tool Limited issued 50,000; 11% debentures of ` 100 each payable ` 40 on Application and Allotment,
` 30 on First call and ` 30 on Second and Final call.
All debentures were subscribed for by the public and duly allotted.
When the first call was made one debentures holder holding 250 debentures failed to pay the call money
whereas another debentures holder holding 1,200 debentures paid the entire balance along with the first call.
The company maintains Calls-in-Arrears and Calls-in-Advance A/c.
Pass necessary journal entries for both the calls.

23. Pass necessary Journal Entries on the dissolution of a partnership firm in the following cases:
(i) Dissolution expenses ` 800.
(ii) Dissolution expenses ` 800 were paid by Prakash, a partner.
(iii) Harish, a partner was appointed to look after the dissolution work, for which he was allowed a
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remuneration of ` 10,000. Harish agreed to bear the dissolution expenses. Actual dissolution expenses
` 9,500 were paid by Harish.
(iv) Rajni, a partner, agreed to look after the dissolution work for a commission of ` 5,000. Rajni agreed
to bear the dissolution expenses. Actual dissolution expenses ` 5,500 were paid by Mohan, another
partner, on behalf of Rajni.

(v) A partner, Kavita, agreed to look after the dissolution process for a commission of ` 9,000. She also
agreed to bear the dissolution expenses. Kavita took over furniture of ` 9,000 for her commission.
Furniture had already been transferred to Realisation Account.
(vi) A debtor, Ramesh, for ` 19,000 agreed to pay the dissolution expenses which were ` 18,000 in full
settlement of his debt.

24. Jagdamba Fabric Limited invited applications for 1,00,000 equity shares of ` 10 each issued at 20% premium
per share. The amount were payable as follows:
On Application ` 4.
On Allotment ` 5 per share. (including premium)
On First & Final call ` 3 per share.
Applications for 2,30,000 shares were received. Allotment was made as under:
Application Allotment
20,000 Nil
1,50,000 50,000
60,000 50,000
Excess application money to be adjusted against allotment and remaining excess money if any to be
refunded. All money were duly received except:
(a) Mahesh to whom 500 shares were allotted in the group applying for 1,50,000 shares did not pay any
amount after application.
(b) Kishore, who applied for 1,200 shares from the group applying for 60,000 shares failed to pay the first
and final call.
All shares on which payments were overdue were forfeited after the final call was made.
50% of the forfeited shares were re-issued @ ` 9 per share fully paid.
Pass necessary Journal entries for the above transaction in the books of Rajesh Limited.
or
Rani Sati Cloths Limited issued a prospectus inviting applications for 50,000 equity shares of ` 10 each at
a premium of
` 4 per share payable as follows:
On Application ` 5 (including premium ` 2)
On Allotment ` 5 (including premium ` 2)
On First and Final Call ` 4
Applications were received for 90,000 shares and prorata allotment was made to applicants of 75,000 shares,
the remaining applications being rejected.
It was decided to utilise the excess application money towards sums due on allotment.
Varsha who applied for 1,800 shares, failed to pay the allotment money due and her shares were forfeited
immediately after allotment.
Neha who was allotted 1,200 shares failed to pay the call money and subsequently her shares were forfeited.
The Directors decided to reissue 50% of forfeited shares held by Varsha for ` 12 per share and 50% of
forfeited shares held by Neha for ` 9 per share.
Pass necessary journal entries in the books of the Company for the above transactions.

25. Following is the Balance Sheet of Alakh, Tanuj and Saroj as on 31st March, 2022 who shared profits in the
ratio 5:4:1.

Liabilities Amount (`) Assets Amount (`)

Capital Accounts: Machinery 2,50,000
Alakh 2,80,000 Investment 84,000
Tanuj 1,70,000 Stock 58,000
Saroj 90,000 Debtors 75,000
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Bills Payable 22,000 Bills Receivable 38,000

Sundry Creditors 25,000 Bank 48,000
Workmen’s Compensation Fund 26,000 Goodwill 60,000
6,13,000 6,13,000
Tanuj died on 31 August 2022. Under the terms of the deed the executor of the deceased partner was
st

entitled to the following:

(i) Amount standing to the credit of the Partner’s Capital Account.
(ii) Interest on Capital at 12% p.a.
(iii) Tanuj had withdrawn ` 23,000 during the current year.
(iv) The deceased partner will be entitled to his share of profit up to the date of death based on the sales
during that period which amounted to ` 2,40,000. The rate of profit during the last three years has
been 10% on Sales.
(v) There was a claim on Workmen’s Compensation of ` 9,000.
(vi) Share of Goodwill was to be calculated by taking twice the amount of profit credited to his account
in the last year less 20%. Profits for the year 2021-2022 ` 72,000.
(vii) Tanuj’s Executors agreed to take over Investment at its book value, 30% of the balance amount due
to be paid immediately and the remaining amount to be transferred to Loan Account to be paid in
two annual instalments with interest @ 10% p.a.
Prepare Tanuj’s Capital A/c to be rendered to his Executor and Executor’s Account as on August 31, 2022.
or
Neel, Rohan and Naman were in partnership sharing profits in the ratio 2:1:1. On 31st March, 2019 their
Balance Sheet was as follows:

Liabilities Amount Assets Amount

(`) (`)
Creditors 15,000 Cash at bank 17,000
Employee Provident Fund 5,000 Book Debts 24,500
Profit & Loss A/c 15,000 Less: Provision for doubtful debts (1,200) 23,300
Capital Accounts: Stock 14,700
Neel 40,000 Machinery 35,000
Rohan 30,000 Land & Building 40,000
Naman 25,000 95,000
1,30,000 1,30,000
On the above date Rohan retired and the following was agreed:
(i) Goodwill of the firm was valued at 2 years’ purchase of super profits. Average profits amounted to `
21,500 and normal rate of return in the industry was 10%.
(ii) Land and Building was to be appreciated by 20% and Machinery was to be reduced to 70%.
(iii) Bad debts amounted to ` 600.
(iv) Rohan was to be paid ` 9,250 on the date of retirement and balance amount to be paid in two equal
instalments together with interest @ 10% p.a.
(v) Capital of the new firm is fixed at ` 90,000. Surplus/Deficit will be adjusted through Bank Accounts.
(vi) There was an unrecorded liability for outstanding legal charges ` 500.
(vii) Creditors worth ` 10,000 allowed a discount of 10% on immediate payment and partners decided to
pay immediately.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the new firm after
Rohan’s retirement.

26. Blume Foods Limited registered with capital of ` 90,00,000 divided into 90,000 equity shares of ` 100 each.
The company issued prospectus inviting applications for 50,000 equity shares of ` 100 each payable as ` 20
on application, ` 30 on allotment, ` 20 on first call and balance on second call. Applications were received for
40,000 shares. Rohit to whom 1600 shares were allotted failed to pay final call money and these shares were
forfeited. Of the forfeited shares, 600 shares were reissued to Daksh, credited as fully paid for ` 90 per share.
(i) Pass journal entries for forfeiture and reissue of shares.
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(ii) What amount of shares forfeiture Account will be shown in the Balance Sheet?
(iii) What amount will be shown under the head Shareholders’ Funds in the Balance Sheet?

PART—B
Analysis of Financial Statements

27. Shiv Shakti Industries Limited redeemed ` 1,00,000, 9% debentures at 10% premium. What will be the
amount of ‘Cash flows from financing activities’ ?
(a) ` 1,00,000 (b) ` 10,000
(c) ` 1,10,000 (d) None of these

28. In balance sheet, ‘Trade receivables’ is the sub-head under______

(a) non-current liabilities
(b) current liabilities
(c) non-current assets
(d) current assets
or
Which of the following statements are false?
(i) When all the comparative figures in a balance sheet are stated as percentage of the total, it is termed
as horizontal analysis.
(ii) When financial statements of several years are analysed, it is termed as vertical analysis.
(iii) Vertical analysis is also termed as time series analysis.
Codes
(a) Both (i) and (iii)
(b) Both (ii) and (iii)
(c) Both (i) and (ii)
(d) All three (i), (ii), (iii)

29. If gross profit ratio is 20% and gross profit is ` 1,00,000, what will be the value of Cost of Goods Sold
(COGS)?
(a) ` 3,00,000 (b) ` 3,50,000
(c) ` 4,00,000 (d) ` 2,00,000
or
What is the value of current liabilities, when working capital is ` 4,00,000 and current assets are ` 8,00,000?
(a) ` 4,00,000 (b) ` 12,00,000
(c) ` 2,00,000 (d) ` 1,50,000

30.

Balance Sheet (Extract)

Particulars Note No. 31st December, 31st December,
2019 (`) 2018 (`)
EQUITY AND LIABILITIES
1. Shareholder’s Funds
Share Capital 1 16,00,000 15,50,000
Notes to Accounts
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Particulars 31st December, 31st December,

2019 (`) 2018 (`)
1. Share Capital
Equity Share Capital 15,00,000 13,50,000
12% Preference Share Capital 1,00,000 2,00,000
Additional Information
(i) Price per equity share is ` 10 and these were issued at par.
(ii) Preference shares were redeemed at 10% premium.
How much amount based on the above information, will be shown in financing activity while preparing cash
flow statement?
(a) Inflow ` 50,000 (b) Outflow ` 50,000
(c) Inflow ` 40,000 (d) Outflow ` 40,000

31. State the significance of Analysis of Financial Statements to the Lenders and Employees.

32. Current Ratio of GTS Food Private Limited is 3:1. State giving reasons, which of the following would
improve, reduce or not change the ratio?
(i) Issue of bonus shares out of profits;
(ii) Redemption of Preference Shares out of proceeds from fresh issue of shares of equal amount;
(iii) Revenue from Operations, i.e., Sale of goods for ` 80,000 on credit of 1 month. (Cost of goods `
60,000).

33. Calculate ‘Return on Investment’ and ‘Debt to Equity Ratio’ from the undermentioned information:
Net Profit after Interest and Tax ` 12,00,000
10% Debentures ` 20,00,000
Tax Rate 40%
Capital Employed ` 1,60,00,000
or
Under what head and sub-head will the following items appear in the Balance Sheet of a company as per
Schedule III Part I of the Companies Act, 2013?
(a) Subsidy Reserve (b) Interest on Calls-in-advance
(c) Mastheads and publishing titles (d) Stores and spares
(e) Unpaid dividend (f) Provision for employee benefits
(g) Bank Overdraft (h) Capital Reserve

34. From the following information of Jaipur Products Private Limited, prepare Cash Flow Statement.

Balance Sheet of Jaipur Products Private Limited as at 31.03.2022

Particulars Note 31 March 2022 31 March 2021
No. (`) (`)
I. EQUITY AND LIABILITIES
1. Shareholder’s Funds :
(a) Share Capital 3,20,000 2,40,000
(b) Reserves and Surplus 1 1,36,000 1,24,000
2. Non-Current Liabilities
Long Term Borrowing – 12% Debentures 2,00,000 1,20,000
3. Current Liabilities:
(a) Trade Payables 88,000 68,000
(b) Other Current Liabilities
(c) Short-term Provisions (Provisions for Taxation) 12,000 8,000
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Total 7,56,000 5,60,000

II. ASSETS
1. Non-Current Assets :
(a) Property, Plant and Equipments and Intangible assets:
(i) Property, Plant and Equipment - Machines 3,36,000 2,64,000
(ii) Intangible Assets – Goodwill 56,000 80,000
(b) Long-term Investments – 10% Govt.Bonds 64,000 24,000
2. Current Assets
(a) Inventories 40,000 32,000
(b) Trade Receivables 1,56,000 64,000
(c) Cash & Cash Equivalents 1,04,000 96,000
Total 7,56,000 5,60,000
Notes to Accounts:

Particulars 31 March 2022 (`) 31 March 2021 (`)

1. Reserves and Surplus
Reserves 80,000 72,000
Balance in Statement of Profit and Loss 56,000 52,000
1,36,000 1,24,000
Additional information:
(a) Investments costing ` 24,000 were sold for ` 16,000.
(b) Depreciation on Machinery ` 48,000
(c) Tax paid ` 4,800
(d) Debentures were issued and investments were purchased and sold on March 31st 2022.