CBSE Class 12 Board Exam Accountancy Paper 2018 2019 2020 with Solutions

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Class 12 Subject Accountancy Paper Set 1 with Solutions

PART A

(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies)

Question 1: (Marks 1)

In case the partners’ capitals are fixed, in which account will withdrawal of capital be recorded ?

Answer :

Partners’ Capital Accounts

Question 2: (Marks 1)

Meera, Myra and Neera were partners sharing profits in the ratio of 2 : 2 : 1. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019. Their Balance Sheet as on that date showed a balance of < 45,000 in Advertisement Suspense Account. The amount to be debited respectively to the capital accounts of Meera, Myra and Neera for writing off the amount in Advertisement Suspense Account will be :

(A) ₹ 18,000, ₹ 18,000 and ₹ 9,000

(B) ₹ 15,000, ₹ 15,000 and ₹ 15,000

(D) ₹ 22,500, ₹ 22,500 and Nil

Answer :

(A) / ₹18,000, ₹18,000 and ₹9,000

Question 3: (Marks 1)

Mona and Tina were partners in a firm sharing profits in the ratio of

Answer :

(B) / Debited to Revaluation Account

Question 4: (Marks 1)

Diya, Riya and Tiya were partners sharing profits and losses in the ratio of 2 : 3 : 5. Tiya died on 28^th November, 2019. Her share of profit was taken equally by Diya and Riya. Diya’s share of profit in the new firm will be _________ .

Answer :

9/20

Question 5: (Marks 1)

Diya, Riya and Tiya were partners sharing profits and losses in the ratio

Answer :

3:1

Question 6: (Marks 1)

Name an item that is never shown on the payment side of Receipts and Payments Account, but is shown on the debit side of the Income and Expenditure Account.

Answer :

Any one of the following-

§ Loss on sale of fixed assets

§ Depreciation

§ Outstanding expenses at the end

§ Prepaid expenses in the beginning of the year

(Or any other correct item)

Question 7: (Marks 1)

A, B and C were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. C retired and his capital balance after adjustments regarding reserves, accumulated profits/losses and his share of gain on revaluation was ₹ 2,50,000. C was paid ₹ 3,22,000 including his share of goodwill. The amount credited to C’s capital account, on his retirement, for goodwill will be :

(A) ₹ 72,000

(B) ₹ 7,200

(D) ₹ 36,000

Answer :

(A) / ₹72,000

Question 8: (Marks 1)

Rahul, Sahil and Jatin were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Rahul died on 15th October, 2017. At that time, the capitals of Sahil and Jatin after all the adjustments were ₹ 3,56,000 and ₹ 2,44,000 respectively. Sahil and Jatin decided to adjust their capital according to their new profit sharing ratio by opening current accounts. Calculate the new capitals of Sahil and Jatin.

Answer :

Sahil’s new Capital = ₹3,60,000

Jatin’s new Capital = ₹2,40,000

Question 9: (Marks 1)

Sun and Star were partners in a firm sharing profits in the ratio of

Answer :

(B) / ₹2,80,000

Question 10: (Marks 1)

Rohan, Mohan and Sohan were partners sharing profits equally. At the time of dissolution of the partnership firm, Rohan’s loan to the firm will be :

(A) Credited to Rohan’s Capital Account.

(B) Debited to Realisation Account.

(D) Credited to Bank Account.

Answer :

(D) / Credited to Bank Account

Question 11: (Marks 1)

Excess of issue price of a debenture over its face value is called ________ .

Answer :

Premium

Question 12: (Marks 1)

Which of the following statements does not relate to ‘Reserve Capital’ :

(A) It is part of uncalled capital of a company.

(B) It cannot be used during the lifetime of a company.

(D) It is part of subscribed capital.

Answer :

Question 13: (Marks 1)

Name an item which is transferred to credit side of Realisation Account at the time of dissolution of partnership firm, but does not involve cash payment.

Answer :

Any one of the following-

§ Provision for doubtful debts

§ Investment fluctuation fund

§ Accumulated depreciation

(Or any other correct item)

Question 14: (Marks 3)

How would the following items be treated while preparing the financial

Answer :

How would the following items be treated while preparing the financial

Question 15: (Marks 4)

Ram, Mohan and Sohan were partners sharing profits in the ratio of 2 : 1 : 1. Ram withdrew ₹ 3,000 every month and Mohan withdrew ₹ 4,000 every month. Interest on drawings @ 6% p.a. was charged, whereas the partnership deed was silent about interest on drawings. Showing your working clearly, pass the necessary adjustment entry to rectify the error.

Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4 : 3 : 3. Their fixed capitals on 1 st April, 2018 were ₹ 9,00,000, ₹ 5,00,000 and ₹ 4,00,000 respectively. On 1 st November, 2018, Yadu gave a loan of ₹ 80,000 to the firm. As per the partnership agreement : (i) The partners were entitled to an interest on capital @ 6% p.a. (ii) Interest on partners’ drawings was to be charged @ 8% p.a. The firm earned profits of ₹ 2,53,000 (after interest on Yadu’s loan) during the year 2018  19. Partners’ drawings for the year amounted to Yadu : ₹ 80,000, Vidu : ₹ 70,000 and Radhu : ₹ 50,000. Prepare Profit and Loss Appropriation Account for the year ending 31^stMarch, 2019.

Answer :

Ram, Mohan and Sohan were partners sharing profits in the ratio of

Question 16 : (Marks 4)

Furkan, Tanmay and Barkat were partners in a firm sharing profits in the ratio of 3 : 2 : 1. The firm closes its books on 31^st March every year. Tanmay died on 31^st July, 2019. His executor was entitled to :

(i) His capital ₹ 8,00,000 and his share of goodwill which was valued for the firm at ₹ 96,000.

(ii) His share of profit as per partnership agreement, which was to be calculated on the basis of average profit of last 3 years. Average profits of the last 3 years were ₹ 78,000.

(iii) Tanmay’s executors were paid ₹ 95,000 by cheque at the time of his death and the balance was transferred to his executor’s loan account.

Pass the necessary journal entries in the books of the firm, on Tanmay’s death, for the above transactions.

Answer :

Furkan, Tanmay and Barkat were partners in a firm sharing profits in

Question 17: (Marks 4)

Raunit Styles Ltd. was registered with a capital of ₹ 85,00,000 divided into equity shares of ₹ 100 each. The company invited applications for issuing 45,000 shares.
The amount was payable as ₹ 25 on application, ₹ 35 on allotment, ₹ 25 on first call and balance on final call.
Applications were received for 42,000 shares and allotment was made to all the applicants. Kavi, to whom 3,300 shares were alloted, failed to pay both the calls. His shares were forfeited.
Present the Share Capital in the Balance Sheet of the company as per Schedule III of the Companies Act, 2013.

Answer :

Raunit Styles Ltd. was registered with a capital of < 85,00,000 divided

Question 18: (Marks 4)

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tony and Rony after the various assets (other than cash) and external liabilities have been transferred to Realization Account :

(i) An unrecorded asset of ₹ 2,000 and cash ₹ 3,000 was paid for liability of ₹ 6,000 in full settlement.

(ii) 100 shares of ₹ 10 each have been taken over by partners at market value of ₹ 20 per share in their profit sharing ratio, which is 3 : 2.

(iii) Stock of ₹ 30,000 was taken over by a creditor of ₹ 40,000 at a discount of 30% in full settlement.

(iv) Expenses of realisation ₹ 4,000 were to be borne by Rony. Rony used the firm’s cash for paying these expenses

Answer :

Pass the necessary journal entries for the following transactions on the

Question 19: (Marks 6)

From the following Receipts and Payments Account of Dee Club for the year ending 31^st March, 2019 and additional information, prepare an Income and Expenditure Account for the year ending 31^st March, 2019 :

Receipts and Payments Account of Dee Club for the year ending

From the following Receipts and Payments Account of Dee Club for the

(i) The club has 400 members, each paying an annual subscription of ₹ 150.

(ii) Salaries paid included ₹ 3,150 for the year 2017 - 18 and outstanding salaries for the year 2018 - 19 were ₹ 4,250.

(iii) 9% investments were made on 30^th November, 2018. The club had a similar investment of ₹ 8,000 at the beginning of the year.

(iv) Depreciate furniture @ 10% p.a. No depreciation is charged on the furniture sold.

Answer :

From the following Receipts and Payments Account of Dee Club for the

Question 20: (Marks 6)

(i) Vayee Ltd. purchased the following assets of E.X. Ltd. :

Land and Building of ₹ 60,00,000 at ₹ 84,00,000; Plant and Machinery of ₹ 40,00,000 at ₹ 36,00,000.
The purchase consideration was ₹ 1,10,00,000. Payment was made by accepting a Bill of Exchange in favour of E.X. Ltd. of ₹ 20,00,000 and remaining by issue of 8% debentures of ₹ 100 each at a premium of 20%.
Record the necessary journal entries for the above transactions in the books of Vayee Ltd.

(ii) Zed Ltd. issued 2,00,000, 8% debentures of ₹ 100 each at a discount of 6% redeemable at a premium of 10% after 5 years. The amount was payable as follows :
On application – ₹ 50 per debenture and
On allotment – balance

Record the necessary journal entries for the issue of debentures in the books of Zed Ltd.

Mahesh Ltd. had issued 20,000, 10% debentures of ₹ 100 each. 8,000, 10% debentures were due for redemption on 31st March, 2019. The company had a balance of ₹ 4,40,000 in the Debenture Redemption Reserve Account on 31st March, 2018. The company invested the required amount in the Debenture Redemption Investment on 1 st April, 2018. Pass the necessary journal entries for redemption of debentures. Ignore the entries for interest on debentures.

Answer :

Vayee Ltd. purchased the following assets of E.X. Ltd

Question 21: (Marks 8)

Badal and Bijli were partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31^st March, 2019 was as follows :

Badal and Bijli were partners in a firm sharing profits in the ratio of

(i) Raina will bring ₹ 40,000 as her capital and capitals of Badal and Bijli will be adjusted on the basis of Raina’s capital by opening current accounts.

(ii) Raina will bring her share of goodwill premium for ₹ 12,000 in cash.

(iii) The building was overvalued by ₹ 15,000 and stock by ₹ 3,000.

(iv) A provision of 10% was to be created on debtors for bad debts. Prepare the Revaluation Account and Current and Capital Accounts of Badal, Bijli and Raina.

Prem, Kumar and Aarti were partners sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2019 was as under :

Prem, Kumar and Aarti were partners sharing profits in the ratio of

On the above date, Kumar retired. The terms of retirement were :

(i) Kumar sold his share of goodwill to Prem for ₹ 8,000 and to Aarti for ₹ 4,000.

(ii) Stock was found to be undervalued by ₹ 1,000 and building by ₹ 7,000.

(iii) Investments were sold for ₹ 11,000.

(iv) There was an unrecorded creditor of ₹ 7,000.

(v) An amount of ₹ 30,000 was paid to Kumar in cash which was contributed by Prem and Aarti in the ratio of 2 : 1. The balance amount of Kumar was settled by accepting a Bill of Exchange in favour of Kumar.

Prepare the Revaluation Account, Capital Accounts of partners and the Balance Sheet of the reconstituted firm.

Answer :

Badal and Bijli were partners in a firm sharing profits in the ratio of