CBSE Class 12 Accountancy Sample Question Paper 2022 (Set-3)

CBSE Class 12 Accountancy Sample Question Paper 2022

SAMPLE PAPER (Set-3)

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. Amount of medicines consumed during the year 2020-21:

Particulars

Amount (₹)

Cash Purchases of medicines Add: Credit Purchases of medicines

Total Purchases Add: Opening Stock Less: Closing Stock

Medicines consumed during the year

2,00,000

6,00,000 8,00,000 1/2

15,00,000 1/2

10,00,000 1/2

13,00,000 1/2

Alternative Solution:

Stock of Medicines A/c

Dr. Cr.

Particulars

Amount(₹)

Particulars

Amount(₹)

Balance b/d Bank A/c

Creditors A/c

15,00,000 1/2

2,00,000 1/4

6,00,000 1/4

Income and Expenditure A/c

Balance c/d

13,00,000 1/2

10,00,000 1/2

23,00,000

Basis of Distinction

Dissolution of Partnership

Dissolution of Partnership Firm

Settlement of Assets

and Liabilities

Assets are revalued and liabilities

are reassessed.

Assets are sold and liabilities are

paid off.

Economic relationship

Economic relationship between the partners continues, though in

a changed form.

Economic relationship between the partners comes to an end.

3. JOURNAL ENTRY

Date

Particulars

L.F.

Dr. Amount

Cr. Amount

Suresh’s Capital A/c Dr.

Tushar’s Capital A/c Dr.

Ramesh’s Capital A/c (Being goodwill adjusted)

23,760

15,840

39,600

Working Note:

Ramesh’s share of Goodwill= ₹2,90,000 – ₹2,50,400 = ₹39,600

4. Calculation of amount of Subscription received during the year 2020-21.

Particulars

Amount(₹)

Subscription credited to Income & Expenditure A/c Add : Outstanding for 2019-20

Less : Outstanding for 2020-21

For 10 members (10 x 3000 – 26,000) 4,000

For 8 members (8 x3000) 24,000 Less : Advance during 2019-20

Add : Advance during 2020-21

Amount of subscription Received During the Year

3,00,000

16,000

(28,000)

(36,000)

15,000

2,67,000

An Extract of Balance Sheet as at 31st March, 2021
Liabilities	₹	Assets	₹
General Fund 10,00,000		7% Books & Journals Fund
Add: Books and Journals Fund 70,000	10,70,000 (⁄)	Investment	4,00,000 (⁄)
		Accrued Interest on Books and
Books & Journals Fund 4,50,000 Add : Donations for Books & Journals 20,000		Journals Fund Investment Books	15,000 (⁄) 70,000 (⁄)
Interest on Books & Journals
Investment 13,000
Accrued Interest 15,000 28,000
Less : Books purchased 70,000	4,28,000 (1)

Working Note:

Interest on Books and Journals Investments = 4,00,000 x 7/100 = 28,000 Accrued Interest = 28,000 – 13,000= 15,000.

5. (i) Ratio of Profit to sales= 2,40,000/8,00,000 X 100 = 30%

Profit upto the date of death= 1,50,000 X 30% = ₹45,000

Profit sharing Ratio = 3:2:1

Harit’s Share of Profit = 45,000 X 1/6 = ₹7,500

Alternative: Harit’s Share of Profit = 2,40,000/8,00,000 X 1,50,000 X 1/6=₹7,500

Journal

Date

Particulars

L.F.

Dr. Amount (₹)

Cr. Amount (₹)

Profit & Loss Suspense A/c

To Harit’s Current A/c

(Being Harit’s share in profit transferred to his current account)

7,500

6.In the Books of Vedesh Ltd.

Journal

Date	Particulars	L.F.	Dr. Amount (₹)	Cr. Amount (₹)
	Fixed Assets A/c Dr.		17,30,000
	To Trade Payables A/c			3,20,000
	To Vibhu Enterprises			12,00,000
	To Capital Reserve A/c			2,10,000
	(Being assets purchased and liabilities taken over of
	Vibhu Enterprises)
	Vibhu Enterprises Dr.		12,00,000
	Discount on Issue of Debentures A/c Dr.		50,000
	To Bills Payable A/c			60,000
	To Bank A/c			1,90,000
	To 8% Debentures A/c			10,00,000
	(Being issue of bank draft, acceptance of bill and issue
	of 8% debentures in settlement of purchase
	consideration}

Working Note:

Number of Debentures issued = 9,50,000 / 95 = 10,000

In the Books of Youth Ltd.

Journal

Date	Particulars	L.F.	Dr. Amount(₹)	Cr. Amount(₹)
	Bank A/c Dr.		15,00,000
	To Bank Loan A/c			15,00,000
	(Being Loan taken from State Bank of India)
	Debenture Suspense A/c Dr.		10,00,000
	To 11% Debentures A/c			10,00,000
	(Being 11% debentures deposited as collateral
	security)

Balance sheet of Youth Ltd. (An extract)

Particulars	Note No.	Amount (₹)
I. Equity and Liabilities
1. Non-current Liabilities
Long term borrowings	1	15,00,000

Notes to Accounts:1

Particulars	Amount (₹)
I. Long term borrowings
Secured Loan from State Bank of India	15,00,000
10,000, 11% debentures of ₹100 each 10,00,000
Less: – Debenture Suspense 10,00,000	NIL
(deposited as collateral security)	15,00,000

Books of Jaganath Associates

Date	Particulars	L.F.	Dr. Amount(₹)	Cr. Amount(₹)
31.03.2021	Bank A/c Dr. To Realization A/c (Being old machinery realised) Realization A/c Dr. To Bank A/c (Being payment made to bank for bill discounted)		42,000
				42,000
			6,000
				6,000
31.03.2021	Madhusudan’s Loan A/c Dr. To Realisation A/c To Bank A/c (Being payment made against Madhusudan’s loan through an unrecorded asset and cheque)		1,00,000
				75,000
				25,000
31.03.2021	Madhav’s Capital A/c Dr. Madhusudan’s Capital A/c Dr. Mukund’s Capital A/c Dr. To Realisation A/c (Being unrealized stock taken by partners in their profit sharing ratio)		10,000
			10,000
			10,000
				30,000
31.03.2021	Mukund’s Capital A/c Dr. To Bank A/c (Being realization expenses paid on behalf of Mukund)		5,000	5,000
31.03.2021	Realization A/c Dr. To Bank A/c (Being payment of vehicle loan made)		60,000	60,000

REVALUATION A/C

Dr. Cr.

Particulars	Amount(₹)	Particulars	Amount(₹)
To Baddebt A/c	2700	By Furniture A/c	15,000
To Provision for doubtful debts A/c	3300	By Building A/c	30,000
To Inventories A/c	4000	By Investment A/c	28,000
To Machinery A/c	18000
To Partner’s Capital A/c: Gini 25,000 Bini 10,000 Mini 10,000	45,000
	73,000		73,000

Partner’s Capital A/c

Dr. Cr.

Particulars

Gini

Bini

Mini

Particulars

Gini

Bini

Mini

To Goodwill A/c

35,000

14,000

By Balance b/d

4,60,000

3,00,000

2,90,000

To Gini’s Capital A/c

To Investment A/c

To Gini’s Loan A/c

28,000

4,57,000

18,000

12,000

By Workmen Compensation

Reserve A/c

By Bini’s Capital A/c

5,000

18,000

2,000

To Balance c/d

2,80,000

2,76,000

By Mini’s Capital A/c By Revaluation A/c

12,000

25,000

10,000

5,20,000

3,12,000

3,02,000

5,20,000

3,12,000

3,02,000

8. (i) Number of Debentures to be issued = 52,50,000/105 = 50,000

(ii) In the Books of Yogadatra Ltd.

Journal

Date

Particulars

L.F.

Dr. Amount (₹)

Cr. Amount (₹)

2020

April 1

Debenture Application & Allotment A/c Dr.

Loss on Issue of Debentures A/c Dr.

To 6% Debentures A/c

To Securities Premium Reserve A/c

To Premium on Redemption of Debentures A/c (Being allotment of debentures made)

52,50,000

5,00,000

50,00,000

2,50,000

5,00,000

(iii) Journal

Date

Particulars

L.F.

Dr. Amount

(₹)

Cr. Amount

(₹)

2021

March 31

Securities Premium Reserve A/c Dr.

Statement of Profit & Loss Dr.

To Loss on Issue of Debentures A/c

(Being Loss on Issue of Debentures A/c written off)

2,50,000

5,00,000

(iv)Interest on 6% debentures = 50,00,000 x 6 /100 = ₹3,00,000

(v) Loss on Issue of Debentures A/c

Dr. Cr.

Date

Particulars

Amount (₹)

Date

Particulars

Amount (₹)

1.4.20

To Premium on Redemption of Debentures A/c

5,00,000

31.3.21

By Securities Premium Reserve A/c

By Statement of Profit & Loss A/c

2,50,000

5,00,000

9. Income & Expenditure A/c

Dr. For the year ended March 31, 2021 Cr.

Expenditure

₹

Income

₹

To Salary and Wages To Sundry Expenses

To Refreshment Expense

To Telephone Bill 5,000

Add : O/S for 2020-21 2,600

Less : O/S for 2019-20 4,000 To Rent and Rates

To Honorarium to Secretary

1,03,200

47,000

60,400

3,600

24,000

5,000

By Subscription 95,000 Less: Donations for

Building 25,000 By Entrance Fee

By Locker Rent

By Interest on 8% Govt. Securities 5,400

Add: Accrued Interest 1,000 By Revenue from Refreshment

70,000

1,56,000

50,000

6,400

52,000

To Surplus(Excess of Income over

Expenditure)

96,800

By Sale of old Newspapers

By Profit on Sale of Furniture

4,600

1,000

3,40,000

Part-B

Option -I

ANALYSIS OF FINANCIAL STATEMENTS

10.(i) Outflow

(ii) No Flow

11.

COMPARATIVE STATEMENT PROFIT AND LOSS

FOR THE YEAR ENDED 31^st March, 2021

Particulars

Not e No.

31.03.20

(₹)

31.03.21

(₹)

Absolute Change (Increase/

Decrease) `

Percentage Change (Increase/

Decrease) %

(A)

(B)

(C= B-A)

(D=x 100)

1.Revenue from operations 2.Other Income

3. Total Revenue

4. Expenses

a) Cost of materials Consumed

b) Other Expenses Total Expenses Profit Before Tax Less: Tax @40% Profit After Tax

30,00,000

3,00,000 33,00,000

20,00,000

1,00,000

21,00,000 12,00,000

4,80,000

7,20,000

35,00,000

4,50,000 39,50,000

23,00,000

1,20,000 24,20,000

15,30,000

6,12,000

9,18,000

5,00,000

1,50,000 6,50,000

3,00,000

20,000

3,20,000 3,30,000

1,32,000

1,98,000

16.67

50.00

19.69

15.00

20.00

15.24

27.50

COMMON SIZE BALANCE SHEET OF SURAKSHA LTD. as at 31^st March, 2020 and 2021.

		Absolute	Amounts	% Of Balane	Sheet total
Particulars	Note no.	31.3.2020 (`)	31.3.2021 (`)	31.3.2020 (%)	31.3.2021 (%)
I EQUITY AND LIABILITIES
1. Shareholder’s Funds:
a. Share Capital		20,00,000	30,50,000	66.67	76.25
b. Reserve and Surplus		6,00,000	2,80,000	20.00	7.00
2. Current Liabilities:					16.75
a. Trade Payable		4,00,000	6,70,000	13.33
Total		30,00,000	40,00,000	100.00	100.00
II ASSETS		12,00,000	16,00,000	40.00	40.00
1. Non-Current Assets:
a. Fixed Assets:
i. Tangible Assets

ii. Intangible Assets	3,00,000	2,00,000	10.00	5.00
2. Current Assets
a. Inventories	3,00,000	8,00,000	10.00	20.00
b. Trade Receivables	10,00,000	12,00,000	33.33	30.00
c. Cash and Cash Equivalents	2,00,000	2,00,000	6.67	5.00
Total	30,00,000	40,00,000	100.00	100.00

12.

Aradhana Ltd.

Cash Flow statement for the year ended 31.3.21

Particulars			Details	Amount (`)
A)	Cash flow from Operating Activities
	Net Profit Before Tax and Extraordinary Items (W.Note No. 1)		2,95,000
	Adjustments for non-cash and non-operating items
	Add :- Depreciation of the year	60,000
	Amortisation of patents	8,000
	Interest on Debentures	20,000	88,000
	Operating Profit Before working capital changes		3,83,000
	Add:- Increase in creditors	20,000
	Increase in Bills Payable	80,000
	Less:- Increase in Inventories	20,000
	Increase in Trade Receivables	20,000	60,000
	Cash generated from operations		4,43,000
	Less:- Payment of Tax		(2,80,000)
	Cash Flow from operating Activities(A)			1,63,000
B)	Cash Flow From Investing Activities
	Purchase of Machinery		(1,10,000)
	Investment in long term loans and advances		(30,000)
	Cash used in Investing Activities (B)		2,30,000 (20,000) (2,00,000)	(1,40,000)
C)	Cash Flow From Financing Activities
	Issue of Equity shares Payment of Interest Redemption of Debentures			10,000
D)	Net Increase in cash and cash equivalents (A+B+C) Add:- Opening Cash and Cash Equivalents			33,000 2,65,000
	Closing Cash and Cash Equivalents			2,98,000
				(1/3X15=5)
	Working Notes:-
	1. Net Profit as per statement of Profit and Loss		20,000
	Add: Tax provided during the year		2,75,000
			2,95,000

Provision for Tax A/c

Dr. Cr.

Provision for Tax A/c		Provision for Tax A/c
Dr.	Cr.	Dr.	Cr.
Provision for Tax A/c		Provision for Tax A/c

Part-B

Option-II

Computerized Accounting

A primary key is a field that identifies each record in a database table admitting that the primary key must contain its UNIQUE A secondary key shows the secondary value that is unique for each record. It can be used to identify the record and it is usually indexed. It is also termed as Alternate key.

Simple and Integrated: It helps all businesses by automating and integrating all the business activities. Such activities may be sales, finance, purchase, inventory, and manufacturing It also facilitates the arrangement of accurate and up-to-date business information in a readily usable form.

Accuracy & Speed: Computerized accounting has customized templates for users which allows fast and accurate data entry. Thus, after recording the transactions it generates the information and reports automatically.

Scalability: It has the flexibility to record the transactions with the changing volume of business.

Advantages of Computerised Accounting

Better Quality Work: The accounts prepared with the use of computerized accounting system are usually uniform, neat, accurate, and more legible than a manual
Lower Operating Costs: Computer is a reliable and time-saving The volume of job handled with the help of computerized system results in economy and lower operating costs. The overall operating cost of this system is low in comparison to the traditional system.
Improves Efficiency: This system is more efficient in comparison to the traditional system. The computer makes sure speed and accuracy in preparing the records and accounts and thus, increases the efficiency of employees.

12. PMT: The PMT function calculates the periodic payment for an annuity assuming equal payments and a constant rate of The syntax of PMT function is as follows: =PMT (rate, nper, pv, [fv], [type]) where

Rate is the interest rate per period, Nper is the number of periods,

Pv is the present value or the amount the future payments are worth presently, future value or cash balance that after the last payment is made (a future value of zero when we omit this optional argument) Type is the value 0 for payments made at the end of the period or the value 1 for payments made at the beginning of the period.

The PMT function is often used to calculate the payment for mortgage loans that have a fixed rate of interest.