CBSE Academic Class XII Accountancy Sample Question Paper 2016
Name of the Board : CBSE Academic
Class : XII STD
Subject : Accountancy
Year : 2016
Website : http://cbseacademic.in/SQP_CLASSXII_2015_16.html
Download Sample Question Paper : https://www.pdfquestion.in/uploads/8004Accountancy.pdf
Accountancy Sample Question Paper :
Time allowed : Three hours
Max Marks : 80
Related : CBSE Academic Class XII Physical Education Sample Question Paper 2015 – 2016 : www.pdfquestion.in/8000.html
General Instructions :
1) This question paper contains two parts A and B.
2) Part A is compulsory for all.
3) Part B has two options-Financial statements Analysis and Computerized Accounting.
4) Attempt only one option of Part B.
5) All parts of a question should be attempted at one place.
Part A : Accounting For Partnership Firms And Companies
Q1. A, B and C are the partners 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 gain/loss on revaluation was 2,50,000. C was paid 3,00,000 in full settlement. Afterwards D was admitted for 1/4th share . Calculate the amount of goodwill premium brought by D.
Q2. A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of A and B were 3,85,000 and 4,15,000 respectively. C brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by C.
Q3. A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is 2,50,000. The total interest on partner’s drawing is 4,000. A’s salary is 4,000 per quarter and B’s salary is 40,000 per annum. Calculate the net profit/loss earned during the year.
Q4. ABC Ltd. Purchased for cancellation its own 5,000, 9% Debentures of 100 each for 95 per debenture. The brokerage charges 15,000 were incurred. Calculate the amount to be transferred to capital reserve.
Q5. A Ltd forfeited a share of 100 issued at a premium of 20% for non-payment of first call of 30 per share and final call of 10 per share. State the minimum price at which this share can be reissued
Q6. A group of 60 persons want to form a partnership business in India. Can they do so? Give reason in support of your answer.
Q7. Explain with an imaginary example how issue of debenture as collateral security is shown in the balance sheet of a company when it is recorded in the books of accounts
Q8. Rekha, Sunita and Teena are partners in a firm sharing profits in the ratio of 3:2:1. Samiksha joins the firm. Rekha surrenders 1/4th of her share; Sunita surrenders 1/3rd of her share and Teena 1/5th of her share in favour of Samiksha. Find the new Profit sharing ratio.
Q9. King Ltd took over Assets of 25,00,000 and liabilities of 6,00,000 of Queen Ltd. King Ltd paid the purchase consideration by issuing 10,000 equity shares of 100 each at a premium of 10% and 11,00,000 by Bank Draft.
Q10. ABC Ltd was a cloth manufacturing company located in Delhi. Being a socially aware organisation they wanted to set up a manufacturing plant in a backward area of Kashmir to provide employment to the local people. On July 17, 2014 a flood had hit the entire state of Jammu & Kashmir causing massive destruction and loss. The company wanted to help the people, so they decided to raise the funds through issuing 50,000 Equity shares of 50 each to set up the plant in the rural area of Kashmir.
Part – B : Analysis Of Financial Statements
Q18. The Goodwill of X ltd. increased from 2, 00,000 in 2013-14 to 3, 50,000 in 2014-15. What will be its treatment while preparing Cash Flow Statement for the year ended 31st March 2015?
Q19. Mudra Ltd. is in the process of preparing its Balance Sheet as per Schedule III, Part I of the Companies Act, 2013 and provides its true and fair view of the financial position.
a) Under which head and sub-head will the company show ‘Stores and Spares’ in its Balance Sheet?
b) What is the accounting treatment of ‘Stores and Spares’ when the Company will calculate its Inventory Turnover Ratio?
c) The management of Mudra Ltd. want to analyse its Financial Statements. State any two objectives of such analysis.
d) Identify the value being followed by Mudra Ltd.
Q20.a) X Ltd. has a current ratio of 3.5:1 and quick ratio of 2:1. If excess of current assets over quick assets represented by Inventory is 24,000, calculate current assets and current liabilities.
b) From the following information, calculate Inventory Turnover Ratio. Revenue from Operations: 4,00,000, Average Inventory : 55,000, The rate of Gross Loss on Revenue from Operations was 10%.