I

Subject: Accountancy Class: XII

Time: 3 Hours Max Marks: 80

General Instructi ons:

-- -
- I. This question paper contain s two parts A and B.
2. Part A is compul sory for all.
Accountin g.
3. Part B has two options- Analysis of financial statement s and Computeri sed
4. Attempt onl y one portion or Part B.
S. All parts of a question shou ld be attem pted at one place
'--

Part- A (Very Short Answer Type Question s)

Section A I t mark each

1

QI. In the absence of an agreement, Profit and Losses are divided by Partners. in the ratio:
a) capital
b) time devoted by each partner
c) equally
d) unequal

Q2. Super Profit is

a) The profit. in excess of abnormal gain.
b) The profit which covers. the amount of abnormal loss.
c) The profit, in excess of normal Profit.
d) All of these.

Q3. The sacrifice ofold partner's is equal to

a) their new share
b) their old share
c) new share - old share
d) old share - new share

Q4. Reference share holders are

a) creditors.
b) owners.

c) customers of the company

d) None of these.
 QS. Debentures represent:
a) th e investment of Equity Shareholders.
b) Director's share in the business
c) Long-term liabi lities or the co mpany
d) Loan capital

Short Answer Type Q uestions- I

- I 3 marks each

Q6. Gujarat tubes forfeited 50 shares of Rs. I0/- each, Rs. 7/- called up of Ramesh. Ramesh
cou ld not pay the allotment Rs. 5 (includi ng Prem ium) and first cal l of Rs. 2/- per share. Out of
these 30 shares were Re-issued to Suresh at Rs. 9.50/- as fu lly paid up.

Q7. Explain the meaning of Preference shares and its Types.

Q8. X Ltd issued 5,000 de bentures of Rs. I00/- each at a premiu m of Rs. 5/-. The Debentures
were payable Rs. 20/- on application, Rs. 25/- on allotm ent includ ing premium, and balance in
rwo calls of Rs. 30/- each. All money on all otment and call is-du ly received .Give necessary
Journa l Entries.
Short A nswe r Type Questions-II

Section C I 4 marks each

Q9. Honest and sincere are partners in a firm in 3:2 ratio. The Goodwill of fi rm is valued at Rs ..
50,000/-. Loyal was admitted fo r 20% share. He paid Rs. 30,000/- which include his share of
Goodwill. The old Partner's withdraw Goodwill full y. Pass necessary Journal entries.

Q l 0. X. Y and Z are sharing profit in the rati o 4:3: I Amount due to Y on retirement on account
of Goodwil l was calculated to be Rs.. 8100/-, Rs.. 3600/- being Paid by X and Rs.. 4500/- being
Paid by Z. Calcu late new ratio and gaining ratio.

Q 11. Give points of di stinction between Real isation account and Revaluation account.
Long Answer Type Questions-I

Section D / 6 marks each

Q 12. A, Band Care carrying on partneRs. hip business in sharing profit and losses in the ratio of
3:2: J respectively on 3 I51 December 2022. The Balance sheet of the firm stood as fo ll ow

Liabilities Amo unt (Rs.) Assets Amount (Rs.)

Sundry cred itors 13,590 Cas h 5.900

Capital Account Debtors 8.000

-- 11 ,690
A 15,000 Stock

13 10,000 ll uiIcli ng 23.000

- 10,000
C
48,5 90 48 ,590
 B retires on the above mentioned date on the fo llowing term s:
\ Buildin g be appreciated by Rs. 7,000.
2·. Provision fo r bad_debts be made at 5% on debt~,: ~ru stm ent in thi s respect be made. .
3. Goodwill of the fmn be ~a lued ~t Rs. 9,0dOOhanb I ~ ce due to him be treated as loan carry mg
4. Rs. 5,000 be pai d to B nn111 ed1ately an t e a an
interest @6% per annum .

Prepare Reva luation account, partner's capital account and balance sheet of new fi rm after B
retirement.
OR . h · 5·3 ·2 They dec ide to share fu ture
X. y and Z are sh~ring profit_andf~osse; tn \ s7 : t~~I 20 j 9·. Show adjustment under the
profit and losses in the ratio 2:3:5 with e ect tom p
fo ll ow ing the cases.
* General reserve Rs. I 0,000.
*Profit and loss account (debit balance) Rs. 10,000.
*Advertisement suspense account Rs. 15,000.
(a) When relevant accounts are closed.
(b) When re levant accounts are not closed .

.s given
Q 13. Yas ir's and Ari fs Balance Sheet 1 . be low. T hey ares hanng
· profits in the proporti on
of3:2.
1

Liabi Iities Amount Rs. Assets Am ount Rs.

I • Creditor's 97,500 • Bui lding 30,000
18300
• Capital • Vehicle
90,000 72800
I • Yasir • Stock
110750
• Arif 70,000 • Debtors= 1, 13,200
2565 0
• Less Prov ision= 2,450
• Bank

25 7500 2,57,500
I
• Firm was dissolved, veh icle and stock were sold for Rs.. 16,950/- and Rs. 77,600/-
respectively and debtors. were realised in ful l. Yasir took over building for Rs . 43,500/-.
creditors were paid subject to Discount of Rs. 1700/-. Realisation expenses amounted
Rs. 1250/-. Obselete stock written off was sold for Rs . 5,000/-. Prepare realisation,
Partner's capital and Bank account.
OR
Give the points of difference between Revaluation and Realisation account.

Q 14. Star Automobiles Lim ited took over assets of Rs. 2,35,000/- and liab ilities of Rs .. 40,000/-
of Ashoka Automobiles Limited for the Purchase consideration of Rs. 2,20,000/-. Purchase
consideration was Payable by issue of debentures of Rs. 100 each.
a) At Par.
b) At I0% Premium .
c) At 20% Discount.
Pass necessary Journal entries in the books of Star Automobiles Limited.

OR
Give Jo urnal entries for the fo ll owing
I) Issue of Rs J 00 000/ 9°/ D b ·
· , , -, , o e entures of Rs.. I 00/- eac h at Premium of 5%
at Par.
2) Issue of Rs. 1,00,000/- ,9% Debentures of Rs.. I 00/- each at Discount of 5% , but
redeemable at Par. n
3) Issue of Rs. 1,00,000/-, 9% Debentures of Rs. 100 each at par , but redeemable at a Premium
of7%.
4) Issue of Rs. 1,00,000/-, 9% Debentures of Rs. I 00 each at Discount of 5% , but redeemable at
premium of 7% .

(LONG ANSWER TYPE QUESTIONS- II)

\ Section D I 8 marks each

Q 15 . Chandra Ltd issued 15,000 equity shares of Rs. 100/- each one Par Payable Rs. 25/- on
application, Rs. 40/- on allotment and Balance on first and final call. The application s for I 0000
Shares were received and all were accepted. All the money was duly received except first and
fi nal ca ll on 200 Share's Give necessary Journal entries and Balance Sheet of compan y.
OR

Q. Punjab spinning Mills offered 70,000 shares of Rs. I 00/- each at a Premium of Rs. 20/- Per
share to Public Payable as follows
• Rs. 35/- on application.
• Rs. 65/- on allotment (including premium)
• Rs. 20/- on Final call.

Applications for 80000 Shares were received and the excess money received on application was
refunded. Prepare Journal entries in the books of company.

Q16. A, Band Care Partners having capital of Rs. 50,000/-, Rs. 40,000/- and Rs .. 60,000/-. The
Reserve are Rs. 40,000 and Creditor's are Rs. 10,000. Normal rate of return expected in this type
of business is 10%. The Goodwill is valued at Rs. 70,000/- at two year's Purchase of Super
Profit. Find out Average Profit.
OR
Q .Explain clearly the distinction of Fixed and fluctuating capital accounts and Discuss the
Prov isions of Indian PartneRs.hip Act 1932 in case if there is no PartneRs.hip deed.

PART-B (Very Short Answer Type Questions)

1
Section A \ 1 mark each

Q 17 Debentures are shown in the balance sheet of a company under the item:
a) Long term borrowing b) unsecured loan c) current liabilities
d) Previous liabilities

Q 18 Cash flow statement is required for the financial planning of

a) short ran ge b) long range c) medium range d) very long range

Ql9. Inflow of cash will take place due to

a) issue of shares b) decrease in capital c) increase in land
d) payment of tax.
 (SHORT ANSWER TYPE QUESTION-I)

\ Section B I 3 marks each

Q20. A business has a current Ratio of 3: I. Its net workin g capital is Rs. 4,00,000
and its
lnventor y is Rs. 280,000 calculate Quick Ratio.

(SHORT - ANSWE R TYPE QUESTI ONS-II)

\ Section C I 4 marks each

Q2 l .From the fo llowing, calculate Debt- Equity Ratio, Equity Share capital Rs. 500000,
Gene ra l
Reserve Rs. I 00,000, Accumulated Profits Rs. 50,000, I 0% Debiter's : Rs. 1,30,000 ,
Current
Liabi lities: Rs. 1,00,000, Preliminary Expenses: Rs. I 0,000.

Q22 . From the fo llowing, Calculate Return on Investment.

Equity share capital Rs. 2,50,000 , Preference share capital: Rs. 50,000, General reserve:
Rs. 75. 000, l 0% Debentures: Rs. 2,50,000, Current liabilities : Rs. 50,000, Discount on
shares
Rs. 50,000.
(LONG ANSWER TYPE QUESTI ONS)

Section C I 6 marks each

Q23 . What is cash flow statement? What are the Objectives of Preparing cash flow
statements?
OR

Y Ltd made a profit of Rs. 1,00,000 after considering the following items ;
a) Depreciation of fixed assets: Rs. 20,000.
b) Writing off Preliminary Expenses: Rs. 10,000.
c) Loss on the sale of furniture: Rs. 1,000.
d) Provision for Taxation: Rs. 1,60,000.
e) Transfer to General reserve: Rs. 6,000.
The fo ll owing additional Information is available:

Particu lars. 2019 2020

Amount in Rs. Amount in Rs.
Profit and loss account 1, 10,000 1,20,000
Debtors. 50,000 62,000
O utstanding R~ 24,000 42,000
Goodwill ~ 000
~

-- -- 76,000
Prepaid Insurance 8,000 4,000
Creditors. 26,000
. . s. 38,000
Prepare Cash Flow from Operatmg Act1v1t1e

OR
PART-C
(VERY SHORT ANSWER TYPE QUESTI ONS)

I Section A-
Jt mark each
Q 17. Define Computer Accounting system
Q 18. What is a Record?
Q 19. Defi ne Software system

(SHORT ANSWER TYPE QUESTIO N-I)

\ Section B \ 3 marks each

Q20. Defi ne T ailor made software of computer Accounting system

(SHORT ANSWER TYPE QUESTIO NS-II)

1
Section C \ 4 marks each

Q2 l .How "Busy" Accounting Software Package he lps to simpli fy Accountin g.

Q22 .Define computer accountin g system and types of computer accounting system .

(LONG ANSWER TYPE QUESTIO N)

, Section D I 6 marks each

Q23 . Discuss the concept and Features of electronic spread sheet.

OR
Explain the difference between manual database managemen t and computeriz ed data base
managemen t systems.