CBSE Class 12 Accountancy Sample Question Paper 2022 (Set-2)

CBSE Class 12 Accountancy Sample Question Paper 2022


Class 12 – Accountancy (055)

Time Allowed: 2 hours

Maximum Marks: 40

General Instructions:

1. This question paper comprises two Parts – A and B. There are 12 questions in the question paper. All questions are compulsory.
2. Part-A is compulsory for all candidates.
3. Part- B has two options i.e. ( i ) Analysis of Financial Statements and (ii) Computerized
Accounting. Students must attempt only one of the given options.
4. Question nos. 1 to 3 and 10 are short answer type–I questions carrying 2 marks each.
5. Question nos. 4 to 6 and 11 are short answer type–II questions carrying 3 marks each.
6. Question nos. 7 to 9 and 12 are long answer-type questions carrying 5 marks each.
7. There is no overall choice. However, an internal choice has been provided in 3 questions of three marks and 1 question of five marks.

Part A

(Accounting for Not-for-Profit organizations, Partnership firms and Companies)

1. Following information has been provided by M/s Achyut Health Care. You are required to calculate the amount of medicines consumed during the year 2020-21:

Particulars Amount (₹)
Stock of medicines as on April 1, 2020 Creditors for medicines as on April 1,2020 Stock of medicines as on March 31,2021 Creditors for medicines as on March31, 2021 Cash purchases of medicines during   the year 2020-21

Credit purchases of medicines duringthe year 2020-21









2.Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ based on:

    • Settlement of assets and liabilities
    • Economic relationship

3. Suresh, Ramesh and Tushar were partners of a firm sharing profits in the ratio of 6:5:4. Ramesh retired and his capital after making adjustments on account of reserves, revaluation of assets and reassessment of liabilities stood at ₹ 2,50,400. Suresh and Tushar agreed to pay him ₹ 2,90,000 in full settlement of his Pass necessary journal entry for the treatment of goodwill. Show workings clearly.

4. From the following information given by Modern Dance Academy, calculate the amount of Subscription received during the year 2020-21

  • Subscription credited to Income & Expenditure A/c for the year ending 31st March ,2021 amounted to ₹3,00,000 and each member is required to pay an annual subscription of ₹ 3,000.
  • Subscription in arrears as on 1st April 2020 amounted to ₹ 16,000.
  • During the year 2020-21, 10 members made partial payment of
  • ₹26,000 towards subscription, 8 members failed to pay the subscription amount and 5 members paid the subscription amount for the year2021-22.
  • During the year 2019-20, 12 members paid the subscription amount for the year 2020-21.


Following information is given by Alchemy Medical College, Library department for the year 2020-21.

Particulars Amount (₹)
Books and Journals Fund as on 1.4.2020


7% Books and Journals Fund Investments as on 1.4.2020


Interest    on    Books    and    Journals    Fund Investments


Donations for Books and Journals Books Purchased

General Fund as on 1.4.2020












Show the accounting treatment of the above-mentioned items in the Balance Sheet of the Alchemy Medical College as at 31st March,2021.

5. Harihar, Hemang and Harit were partners with fixed capitals of ₹3,00,000, ₹ 2,00,000 & ₹ 1,00,000 respectively. They shared profits in the ratio of their fixed capitals. Harit died on 31st May, 2020, whereas the firm closes its books of accounts on 31st March every year. According to their partnership deed, Harit’s representatives would be entitled to get share in the interim profits of the firm on the basis of sales. Sales and profit for the year 2019-20 amounted to ₹8,00,000 and ₹2,40,000 respectively and sales from 1st April, 2020 to 31st May 2020 amounted to ₹ 1,50,000. The rate of profit to sales remained constant during these two years. You are required to:

  • Calculate Harit’s share in profit.
  • Pass journal entry to record Harit’s share in profit.

6. Vedesh Ltd. purchased a running business of Vibhu Enterprises for a sum of ₹ 12,00,000. Vedesh paid ₹ 60,000 by drawing a promissory note in favour of Vibhu Enterprises., ₹1,90,000 through bank draft and balance by issue of 8% debentures of ₹ 100 each at a discount of 5%. The assets and liabilities of Vibhu Enterprises consisted of Fixed Assets valued at ₹ 17,30,000 and Trade Payables at ₹ 3,20,000.

You are required to pass necessary journal entries in the books of Vedesh Ltd.


Youth Ltd. took a loan of ₹ 15,00,000 from State Bank of India against the security of tangible assets. In addition to principal security, it issued 10,000 11% debentures of ₹ 100 each as collateral security.

Pass necessary journal entries for the above transactions, if the company decided to record the issue of 11% debentures as collateral security and show the presentation in the Balance Sheet of Youth Ltd.

7. Madhav, Madhusudan and Mukund were  partners  in  Jaganath They decided to dissolve the firm on 31st March 2021. Pass necessary journal entries for the following transactions after various assets (other than cash) and third-party liabilities have been transferred to realization account:

  1. Old machine fully written off was sold for ₹ 42,000 while a payment of ₹ 6,000 is made to bank for a bill discounted being dishonoured.
  2. Madhusudan accepted an unrecorded asset of ₹80,000 at ₹75,000 and the balance through cheque, against the payment of his loan to the firm of ₹1,00,000.
  3. Stock of book value of ₹30,000 was taken by Madhav, Madhusudan and Mukund in their profit sharing ratio.
  4. The firm had paid realization expenses amounting to ₹5,000 on behalf of Mukund.
  5. There was a vehicle loan of ₹ 2,00,000 which was paid by surrender of asset to the bank at an agreed value of ₹ 1,40,000 and the shortfall was met from firm’s bank account.


Gini, Bini and Mini were in partnership sharing profits and losses in the ratio of 5:2:2. Their Balance Sheet as at 31st March, 2021 was as follows:

Balance Sheet as at 31st March,2021

Liabilities Amount


Assets Amount


Sundry Creditors

Bank Overdraft Workmen’s




Debtors                38,000 Less: Provision For Doubtful Debts     (2,300) Inventories

Machinery Furniture Building Goodwill

Compensation Reserve Capitals: 32,000  


Gini       4,60,000 1,34,000
Bini       3,00,000 1,00,000
Mini      2,90,000 10,50,000 1,80,000






On 31st March, 2021, Gini retired from the firm. All the partners agreed to revalue the assets and liabilities on the following basis:

  1. Bad debts amounted to ₹ 5,000. A provision for doubtful debts was to be maintained at 10% on
  2. Partners have decided to write off existing
  3. Goodwill of the firm was valued at ₹ 54,000 and be adjusted into the Capital Accounts of Bini and Mini, who will share profits in future in the ratio of 5:4.
  4. The assets and liabilities valued as: Inventories ₹1,30,000; Machinery ₹ 82,000; Furniture ₹1,95,000 and Building ₹ 6,00,000.
  5. Liability of ₹23,000 is to be created on account of Claim for Workmen
  6. There was an unrecorded investment in shares of ₹ 25,000. It was decided to pay off Gini by giving her unrecorded investment in full settlement of her part payment of ₹ 28,000 and remaining amount after two months.

Prepare Revaluation Account and Partners’ Capital Accounts as on 31st March, 2021.

8. Yogadatra Ltd. (pharmaceutical company) appointed marketing expert, Kartikay as the CEO of the company, with a target to penetrate their roots in the rural regions. Mr. kartikay discussed the ways and means to achieve target of the company with financial, production and marketing departmental heads and asked the finance manager to prepare the budget. After reviewing the suggestions given by all the departmental heads, the finance manager proposed requirement of an additional fund of ₹52,50,000.

Yogadatra Ltd. is a zero-debt company. To avail the benefits of financial leverage, the finance manager proposed to include debt in the capital structure. After deliberations, on April1,2020, the board of directors had decided to issue 6% Debentures of ₹100 each to the public at a premium of 5%, redeemable after 5 years at ₹110 per share.

You are required to answer the following questions:

  1. Calculate the number of debentures to be issued to raise additional
  2. Pass Journal entry for the allotment of
  3. Pass Journal entry to write off loss on issue of
  4. Calculate the amount of annual fixed obligation associated with
  5. Prepare Loss on Issue of Debentures Account.

9. From the following Receipts and Payments Account and additional information provided by Ramanath Club, Prepare Income and Expenditure Account for the year ending on 31st March 2021.

Receipts and Payments Account for the year ending 31st March, 2021

Receipts Amount (₹) Payments Amount(₹)
To Balance b/d 48,000 By Salaries and Wages: 2019-20    10,600

2020-21          1,03,200

By Sundry expenses

By Refreshment expenses

By Telephone bill By Rent & Rates By Library Book

By 8% Govt. Securities By Honorarium to Secretary By Balance c/d

To Subscription 95,000
To Entrance Fee 1,56,000 1,13,800
To Locker rent 50,000 47,000
To   Interest   on   8%   govt. 60,400
Securities 5,400 5,000
To Revenue from refreshment 52,000 24,000
To Sale of old newspapers 4,600 25,000
To Sale of furniture 30,000
(Book value: ₹ 11,000) 12,000 5,000
4,23,000 4,23,000

Additional Information:

  1. Subscription received during the year includes ₹ 25,000 as donation for
  2. Telephone bill unpaid as on March 31, 2020 was ₹ 4,000 and on March 31, 2021 ₹ 2,600.
  3. Value of 8% Government Securities on March 31, 2020 was ₹ 80,000.
  4. Additional Government Securities worth ₹ 30,000 were purchased on March 31, 2021.



(Analysis of Financial Statements)

10. State whether the following transactions will result in inflow, outflow or no flow of cash while preparing cash flow statement:

  • Decrease in outstanding employees benefits by ₹3000
  • Increase in Current Investment by ₹ 6,000.

11. From the following details provided by Kumud , prepare Comparative Statement of Profit & Loss for the year ended 31st March 2021:

Particulars 31.03.20




Revenue from operations Other Income

Cost of materials Consumed Other Expenses

Tax rate












From the following Balance Sheets of Vinayak Ltd. as at 31st March,2021, Prepare a Common-size Balance Sheet.

Vinayak Ltd.

Balance Sheet as on 31st March, 2021

Particulars Note no. 31.3.2021




1. Shareholder’s Funds:
a. Share Capital 30,50,000 20,00,000
b. Reserve and Surplus 2,80,000 6,00,000
2. Current Liabilities:
a. Trade Payable 6,70,000 4,00,000
Total 40,00,000 30,00,000


1. Non-Current Assets:
a. Fixed Assets:
i. Tangible Assets 16,00,000 12,00,000
ii. Intangible Assets 2,00,000 3,00,000
2. Current Assets
a. Inventories 8,00,000 3,00,000
b. Trade Receivables 12,00,000 10,00,000
c. Cash and Cash Equivalents 2,00,000 2,00,000
Total 40,00,000 30,00,000

12. On the basis of information given by Aradhana Ltd., prepare Cash Flow Statement for the year ending 31st March, 2021:

Aradhana Ltd.

Balance Sheet as on 31st March, 2021




Note No.


31st March, 2020


31st March, 2021

I.         Equity and Liabilities

1.        Shareholder’s Funds

(a)     Share Capital

(b)     Reserves and Surplus

2.        Non-current Liabilities Long-term Borrowings

3.        Current Liabilities

(a)     Trade Payables

(b)     Short Term provisions





1 3,50,000 3,70,000
2 4,00,000 2,00,000
3 3,60,000 4,60,000
4 3,25,000 3,20,000
Total 19,35,000 20,80,000

II.      Assets

1.        Non-current Assets (a)Fixed Assets

(i)       Tangible Assets

(ii)     Intangible Assets

(b) Long-term Loans and Advances

2.        Current Assets

(a)     Inventories

(b)     Trade Receivables

(c)     Cash and Cash Equivalents













6 3,10,000 3,02,000
4,00,000 4,30,000
2,70,000 2,90,000
2,40,000 2,60,000
2,65,000 2,98,000
Total 19,35,000 20,80,000

Note to Accounts




March 2020

31st March 2021
1.    Reserves and Surplus Statement of Profit and loss  




2.    Long-term Borrowings 10% Debentures  




3.    Trade Payables Creditors

Bills Payable







3,60,000 4,60,000
4.    Short-Term Provisions Provision for Tax  




5.    Tangible Fixed Assets Machinery

Less: Provision for Depreciation









6.    Intangible Fixed Assets Patents  




Additional Information:

  1. Debentures were redeemed on 1st April,2020.
  2. Tax paid during the year ₹2,80,000.

Part -B


(Computerized Accounting)

10. What do you understand by terms ‘primary key’ and ‘secondary key’ in a database?

11. State any three features of computerized accounting system.


State any three advantages of computerized accounting system.

12. Name and explain the function which returns the future value of an investment which has constant payment and interest.

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