CBSE Class 12 Accountancy Sample Question Paper 2022
SAMPLE PAPER (Set-1)
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
1. (a) Show the following information in financial statements of a ‘Not-for-Profit’ Organization:
| Details | Amount (₹) |
| Match Expenses | 8,00,000 |
| Match Fund | 4,00,000 |
| Donation for Match Fund | 2,40,000 |
| Sale of Match tickets | 3,60,000 |
(b) What will be the effect, if match expenses go up by ₹ 2,50,000 other things remaining the same?
2. How will you deal with the realisation expenses of the firm of Rashim and Bindiya in the following cases:
-
- Realisation expenses amount to ₹ 1,00,000,
- Realisation expenses amounting to ₹ 30,000 are paid by Rashim, a
- Realisation expenses are to be borne by Rashim and he will be paid ₹ 70,000 as remuneration for completing the dissolution The actual expenses incurred by Rashim were ₹ 1,20,000.
3. X, Y and Z were partners in a firm sharing profits in the ratio of 5 : 3 : The firm closes its books on 31st March, every year. On 30th September, 2016, Z died. The Partnership Deed provided that on the death of a partner his executors will be entitled to the following:
- Balance in his Capital Account and Interest on Capital @ 12% per On 1st April, 2016, balance in Z’s Capital Account was ₹ 80,000.
- His share in the profits of the firm in the year of his death, which will be calculated on the basis of rate of net profit on sales of the previous year which was 25%. The sales of the firm till 30th September, 2016 were ₹ 4,00,000.
- His share in the goodwill of the The goodwill of the firm on Z’s death was valued at ₹ 3,00,000.
The Partnership Deed also provided that the following deductions will be made from the amount payable to the executor of the deceased partner:
- His drawings in the year of his Z had withdrawn ₹ 30,000 till 30th September, 2016.
- Interest on drawings @ 12% per annum which was calculated as ₹ 2,000.
The accountant of the firm prepared Z’s Capital Account to be presented to his executor but in a hurry did not complete it. Z’s Capital Account as prepared by the firm’s accountant is presented below:
Z’s CAPITAL ACCOUNT
| Dr. | Cr. | ||||
| Date | Particulars | ₹ | Date | Particulars | ₹ |
| 2016 | 2016 | ||||
| Sept. 30 | ? | 30,000 | April 1 | ? | 80,000 |
| Sept. 30 | ? | 2,000 | Sept. 30 | ? | 4,800 |
| Sept. 30 | ? | ? | Sept. 30 | ? | 20,000 |
| Sept. 30 | ? | ? | |||
| Sept. 30 | ? | ? | |||
| 1,64,800 | 1,64,800 | ||||
You are required to complete Z’s Capital Account.
4. From the following receipts and payments account of Sonic Club and from the given additional information, prepare the expenditure account of salaries for the year ending 31st December, 2013 and show the salaries item in the income and expenditure account and the balance sheet as at 31st December, 2012 and 31st December, 2013
An Extract of Receipts and Payments Account
for the year ending 31st December 2013
| Dr | Cr | ||
| Receipts | Amt (Rs.) | Payments | Amt (Rs.) |
| By Salaries | |||
| 2012 | 20,000 | ||
| 2013 | 2,80,000 | ||
| 2014 | 18,000 |
Additional Information
| Amt (Rs.) | ||
| (i) | Salaries outstanding on 31st December, 2012 | 25,000 |
| (ii) | Salaries outstanding on 31st December, 2013 | 45,000 |
| (iii) | Salaries paid in advance on 31st December, 2012 | 10,000 |
OR
Glaxo Club’s Balance Sheet as at 1st April, 2018 was as under:
| Liabilities | ₹ | Assets | ₹ |
| Capital Fund | 2,00,000 | Sports Equipments | 50,000 |
| Tournament Fund | 60,000 | Ground | 1,20,000 |
| Subscriptions in Advance | 6,000 | Billiards Tables | 60,000 |
| Salaries Unpaid | 11,000 | Subscriptions Outstanding | 8,000 |
| Cash and Bank Balances | 39,000 | ||
| 2,77,000 | 2,77,000 |
Receipts and Payments Account for the year ended 31st March 2019 was:
RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019
| Dr. | Cr. | ||
| Receipts | ₹ | Payments | ₹ |
| To Opening Balance | 39,000 | By Wages and Salaries | 60,000 |
| To Subscriptions | 1,81,000 | By Unkeep of Grounds | 10,000 |
| To Sale of Old Materials | 1,500 | By Stationery | 15,000 |
| To Sale of Sports Materials | 6,000 | By Audit Fee | 2,000 |
| (Book value ₹10,000) | By Expenses on Tournament | 65,000 | |
| To Entrance Fees | 2,000 | By Sports Equipments | 20,000 |
| To Life Membership Fees | 50,000 | By 5% Investments | 40,000 |
| To Donations for Tournament | 20,000 | (On 1st October, 2018) | |
| By Cash and Bank Balances | 87,500 | ||
| 2,99,500 | 2,99,500 | ||
Subscriptions still to be received are ₹5,500 but subscriptions already received include ₹4,000 for next year. Salaries still unpaid are ₹6,000. Sports Equipment’s are now valued at ₹45,000. Prepare Income and Expenditure Account and the Balance Sheet, after charging 10% depreciation on Billiards Tables.
5. The balance sheet of Sudha, Rahim, and Kartik who were sharing profits in the ratio of 3 : 3: 4 as on 31st March 2019 was as follows:
Balance Sheet
as at 31st March 2019
| Liabilities | Amt (Rs.) | Assets | Amt (Rs.) | |
| General Reserve | 10,000 | Cash | 16,000 | |
| Bills Payable | 5,000 | Stock | 44,000 | |
| Loan | 12,000 | Investments | 47,000 | |
| Capital A/cs | Land and Building | 60,000 | ||
| Sudha | 60,000 | Sudha’s Loan | 10,000 | |
| Rahim | 50,000 | |||
| Kartik | 40,000 | 1,50,000 | ||
| 1,77,000 | 1,77,000 | |||
Sudha died on 30th June 2012. The partnership deed provided for the following on the death of a partner.
- Goodwill of the firm to be valued at two years’ purchase of average profits for the last three
- Sudha’s share of profit or loss until the date of death was to be calculated on the basis of Sales for the year ended 31st March 2019 amounted to Rs. 4,00,000 and that from 1st April to 30th June 2019 amounted to Rs. 1,50,000. The profit for the year ended 31st March 2019 was calculated as Rs. 1,00,000.
- Interest on capital was to be provided @ 6% per
- The average profits for the last three years were 42,000.
- According to Sudha’s will, the executors should donate her share to ‘Matri Chhaya, an orphanage for girls’.
Prepare Sudha’s capital account to be rendered to her executor. Also identify the value being highlighted in the question.
6. Suvidha purchased machinery for ₹1,98,000 from Suppliers Ltd. The payment was made by issue of 12% debentures of ₹100 each. Pass necessary journal entries for the purchase of machinery and issue of debentures when
- Debentures are issued at
- Debentures are issued at 10%
- Debentures are issued at 10%
OR
What is meant by Debentures issued at Par but Redeemable at Premium?
7. P, Q and R are partners sharing profits and losses in the ratio of 3 : 3 : 2 respectively. Their respective capitals are in their profit-sharing proportions. On 1st April, 2018, the total capital of the firm and the balance of General Reserve are ₹ 80,000 and ₹ 20,000 respectively. During the year 2018-19, the firm made a profit of ₹ 28,000 before charging interest on capital @ 5%. The drawings of the partners are P—₹ 8,000; Q—₹ 7,000; and R—₹ 5,000. On 31st March, 2019,
their liabilities were ₹ 18,000.
On this date, they decided to dissolve the firm. The assets realized ₹ 1,08,600 and realization expenses amounted to ₹ 1,800.
Prepare necessary Ledger Accounts to close the books of the firm.
OR
A, B and C were partners sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet as at 1st April, 2018 was as follows:
| Liabilities | ₹ | Assets | ₹ | |
| Sundry Creditors | 10,000 | Cash | 2,000 | |
| Employee’s Provident Fund | 5,000 | Sundry Debtors | 8,000 | |
| Reserve Fund | 6,000 | Stock | 40,000 | |
| Workmen’s Compensation | Furniture | 13,000 | ||
| Reserve | 2,000 | Patents | 4,000 | |
| Capitals: | Building | 60,000 | ||
| A | 50,000 | Goodwill | 6,000 | |
| B | 35,000 | |||
| C | 25,000 | 1,10,000 | ||
| 1,33,000 | 1,33,000 |
C retires on above date and the partners agreed that:
- Goodwill is to be valued at two year’s purchase of the average profits of last four Profits for the years ending 31st March were: 2015: ₹ 14,400, 2016: ₹ 20,000, 2017: ₹ 10,000 (Loss), 2018: ₹ 15,600.
- 5% provision for doubtful debts to be made on
- Stock be appreciated by 10%.
- Patents are
- Buildings be appreciated by 20%.
- Sundry Creditors to be paid ₹ 2,000 more than the book.
Pass Journal entries and prepare Revaluation Account, Capital Accounts and the Balance Sheet of the new firm.
8. A Company had ₹10,00,000, 12% Debentures outstanding as on 1st April, 2017. During the year company took a loan of ₹2,00,000 from the State Bank of India for which the Company placed with the bank debentures for ₹2,50,000 as Collateral Pass journal entries, if any. Also show how the Debentures and Bank Loan will appear in the Company’s Balance Sheet as at 31st March, 2018.
9. The following is the receipts and PAYTM into account of the Rajasthan Society for the year ending 31st March, 2014:
| Receipts | ₹ | Payments | ₹ |
| To Balance b/d | 3,000 | By Honorarium to Clerk | 10,000 |
| To Subscriptions: | By Cost of Car | 80,000 | ||
| Arrear | 600 | By Car Expenses | 4,200 | |
| Current | 70,000 | By Building advance | 25,000 | |
| Advance | 500 | 71,100 | By Charities | 2,000 |
| To Donations | 17,500 | By Meeting Expenses | 5,400 | |
| To Entrance Fees | 15,000 | By Electricity | 4,800 | |
| To Endowment Fund Receipts | 14,000 | By Medicines etc. | 800 | |
| To Life Membership Fees | 6,000 | By Investments | 20,000 | |
| To Rent of the Hall | 8,700 | By Expenses on Charity show | 6,200 | |
| To Grant from local authority | 4,000 | By Insurance Premium | 1,200 | |
| To Proceeds of charity show | 16,800 | By Balance c/d | 400 | |
| To Sundries | 1,200 | |||
| To Interest on Investments | 2,700 | |||
| 1,60,000 | 1,60,000 | |||
Additional Information:-
- There are 600 members each paying a monthly subscription of ₹ 10; ₹ 800 being in arrear for 2012-13 at the beginning of the
- A donation of ₹ 2,500 was wrongly included in subscriptions of the current
- Entire Donation and 2/3 of Entrance fee are to be
- Insurance Premium was paid in advance for three
- Interest on Investments ₹ 300 though accrued was not actually
- A bill of medicine purchased during the year amounting to ₹ 200 was
- Gujarati cultural association owed ₹ 2,000 for the use of society
You are required to prepare an Income and Expenditure Account for the year ended 31st March, 2014 and a Balance Sheet as at that date.
Part-B
10. From the following information, calculate the net cash flow from Financing Activities:
| Particulars | 31.03.2014 Rs. | 31.03.2015 Rs. |
| Equity Share Capital | 10,00,000 | 16,00,000 |
| 9% Debentures | 1,50,000 | 1,00,000 |
| Proposed Dividend | 3,00,000 | 3,50,000 |
| Dividend Payable | ………… | 50,000 |
| 10% Preference Share Capital | 2,00,000 | 3,00,000 |
Additional Information
- Interest paid on Debentures 12,500.
- During the year 2014-2015, company issued bonus shares to equity shareholders in the ratio of 2 : 1 by capitalizing
- The interim dividend of 75,000 has been paid during the year.
- 9% Debentures were redeemed as 5% premium.
11. From the following information provided, prepare a comparative statement for the period 2008 and 2009.
| Particulars | 2008 Amt (Rs.) | 2009 Amt (Rs.) |
| Revenue from Operations |
6,00,000 |
8,00,000 |
|
Gross Profit |
40% on Revenue from Operations | 50% on Revenue from Operations |
| Administrative Expenses | 20% of Gross Profit | 15% of Gross Profit |
| Income Tax | 50% | 50% |
OR
From the following information prepare a comparative statement of profit and loss of V Ltd for the year ended 31st March, 2015.
| Particulars | 31st March, 2015 Amt. (Rs.) | 31st March, 2014 Amt. (Rs.) |
| Revenue from Operations | 20,00,000 | 10,00,000 |
| Cost of Material Consumed |
15,00,000 |
6,00,000 |
|
Other Expenses |
12 % of Cost of Material Consumed | 10 % of Cost of Material Consumed |
| Tax Rate | 40% | 30% |
Prepare comparative statement of profit and loss.
12. Balance Sheets of Kewal as at 31st March 2007 and 31st March 2006 were:
|
Particulars |
31st March 2007(Rs.) | 31st March 2006(Rs.) |
| I. EQUITY AND LIABILITIES | ||
| 1. Shareholders Funds | ||
| (a) Share Capital | 10,00,000 | 7,00,000 |
| (b) Reserves and Surplus: Surplus i.e, Balance in Statement of Profit and Loss |
2,50,000 |
1,50,000 |
| 2. Current Liabilities | ||
| Short – term Provisions: Proposed Dividend | 50,000 | 40,000 |
| 13,00,000 | 8,90,000 | |
| II. ASSETS |
| 1. Non – Current Assets | ||
| Fixed Assets(Tangible) : Plant and Machinery | 8,00,000 | 5,00,000 |
| 2. Current Assets | ||
| (a) Inventories(Stock) | 1,00,000 | 75,000 |
| (b) Cash and Cash Equivalents | 4,00,000 | 3,15,000 |
| 13,00,000 | 8,90,000 |
Additional Information :
- Rs 50,000 depreciation has been charged to Plant and Machinery during the year
- A piece of machinery costing 12,000 (book value Rs. 5,000) was sold at 60% profit on book value.
Prepare a Cash Flow Statement.