Sample Papers for Class 12 Accountancy

We bring here the latest collection of Sample Papers for Class 12 Accountancy prepared as per the latest examination pattern issued by CBSE. Students can refer to the latest paper below available with answers and also download the suggested guess papers in PDF format for free. Students should solve the papers in exam type environment at home and then compare their results with the answers provided below. Students should regularly solve questions given in DK Goel Class 12 book and also solve the papers given below

CBSE Class 12 Accountancy Sample Paper Set A with Solutions

CBSE Class 12 Accountancy Sample Paper Set B with Solutions

CBSE Class 12 Accountancy Sample Paper Set C with Solutions

CBSE Class 12 Accountancy Sample Paper Set D with Solutions

CBSE Class 12 Accountancy Sample Paper Set E with Solutions

CBSE Class 12 Accountancy Sample Paper Set A with Solutions

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

Question1. Which of the following items is not dealt through Profit and Loss Appropriation Account?
a. Interest on Partner’s Loan
b. Partner’s Salary
c. Interest on Partner’s Capital
d. Partner’s Commission

Answer:

A. Interest on Partner’s Loan

Question. For which of the following situations, the old profit sharing ratio of partners is used at the time of admission of a new partner?
a. When new partner brings only a part of his share of goodwill.
b. When new partner is not able to bring his share of goodwill.
c. When, at the time of admission, goodwill already appears in the balance sheet.
d. When new partner brings his share of goodwill in cash.

Answer:

c. When, at the time of admission, goodwill already appears in the balance sheet.

Question. Reserve Capital is not a part of:
(a) Authorized Capital
(b) Subscribed capital
(c) Unsubscribed capital
(d) Issued Share Capital

Answer:

(c) Unsubscribed capital

Question. Sports Star Charitable club has income of ` 16,000 and ‘deficit’ debited to capital fund of ` 4,300 for the year 2019-20, then expenditure for the year 2019-20 is:
(A) ` 11,700
(B) ` 4,300
(C) ` 20,300
(D) None of these

Answer:

(C) ` 20,300

Question. At the time of dissolution of partnership firm, journal entry for the settlement of loan advanced by the firm to a partner would be:

Answer:

A

Question. A company forfeited 4,000 shares of `10 each on which application money of `3 has been paid. Out of these 2,000 shares were reissued as fully paid up and `4,000 has been transferred to capital reserve. Calculate the rate at which these shares were reissued.
a. `10 Per share
b. ` 9 Per share
c. `11 Per share
d. `8 Per share

Answer:

b. `9 Per share

Question. On the basis of the following data, how much final payment will be made to a partner on firm’s dissolution? Credit balance of capital account of the partner was `50,000. Share of loss on realization amounted to `10,000. Firm’s liability taken over by him was for `8,000.
a. `32,000
b. `48,000
c. `40,000
d. `52,000

Answer:

b. `48,000

Question. Arun and Vijay are partners in a firm sharing profits and losses in the ratio of 5:1.

If value of machinery in the balance sheet is undervalued by 20%, then at what value will machinery be shown in new balance sheet:
(a) ` 44,000
(b) `48,000
(c) `32,000
(d) `50,000

Answer:

D. `50,000

Question. Rex, Tex and Flex are partners in a firm in the ratio of 5:3:2. As per their partnership agreement, the share of deceased partner is to be calculated on the basis of profits and turnover of previous accounting year.
Tex expired on 31st December 2019. Turnover till the date of death was `18,00,000.
Their profits and turnover for the year 2018-19 amounted to `4,00,000 and `20,00,000 respectively.
An amount of `____________will be given to his executors as his share of profits till the date of death.

Answer:

`1,08,000

Question. Retirement or death of a partner will create a situation for the continuing partners, which is known as:
A. Dissolution of Partnership
B. Dissolution of partnership firm
C. Winding up of business
D. None of the above

Answer:

A. Dissolution of Partnership

Question. A, B and C are partners. C expired on 18th December 2019 and as per agreement surviving partners A and B directed the accountant to prepare financial statements as on 18th December 2019 and accordingly the share of profits of C (deceased partner) was calculated as `12,00,000. Which account will be debited to transfer C’s share of profits:
a. Profit and Loss Suspense Account.
b. Profit and loss Appropriation Account.
c. Profit and loss Account.
d. None of the above.

Answer:

b. Profit and loss Appropriation account.

Question. E, F and G are partners sharing profits in the ratio of 3:3:2. As per the partnership agreement, G is to get a minimum amount of `80,000 as his share of profits every year and any deficiency on this account is to be personally borne by E. The net profit for the year ended 31st March, 2020 amounted to `3,12 ,000. Calculate the amount of deficiency to be borne by E?
a. `1,000
b. `4,000
c. `8,000
d. `2,000

Answer:

d. `2,000

Question. Pick the odd one out:
a. Rent to partner.
b. Manager’s Commission.
c. Interest on Partner’s Loan.
d. Interest on Partner’s capital.

Answer:

d. Interest on Partner’s capital.

Question. From the following information, calculate the amount to be charged to Income and Expenditure Account for ‘Sports material consumed’ for the year 2019-20.

Answer:

*Calculation of Sports material consumed by alternative methods should be accepted.

Question. Rohit, Raman and Raina are partners in a firm. Their capital accounts on 1st April, 2019, stood at `2,00,000, `1,20,000 and `1,60,000 respectively. Each partner withdrew `15,000 during the financial year 2019-20.
As per the provisions of their partnership deed:
(a) Interest on capital was to be allowed @ 5% per annum.
(b) Interest on drawings was to be charged @ 4% per annum.
(c) Profits and losses were to be shared in the ratio 5:4:1.
The net profit of `72,000 for the year ended 31st March 2020, was divided equally amongst the partners without providing for the terms of the deed.
You are required to pass a single adjustment entry to rectify the error (Show workings clearly).
Or
A&B are partners in the ratio of 3:2. The firm maintains fluctuating capital accounts and the balance of the same as on 31-03-2020 amounted to `1,60,000 and `1,40,000 for A and B respectively. Their drawings during the year were `30,000 each.
As per partnership deed interest on capital @10% p.a. on opening capitals had been provided to them. Calculate opening capitals of partners given that their profits were `90,000. Show your workings clearly.

Answer:

Question. From the following information complete Journal entries.

Answer

(Face value of share is `10 each)

Question. Pass necessary journal entries in the following cases on the dissolution of a partnership firm of partners X, Y, A and B:
(i) Realization expenses of 5,000 were to borne by X, a partner. However, it was paid by Y.
(ii) Investments costing 25,000 (comprising 1000 shares), had been written off from the books completely. These shares are valued at 20 each and were divided amongst the partners.
(iii) Y’s loan of50,000 settled at 48,000.
(iv) Machinery (book value 6,00,000) was given to creditor at a discount of 20%.

Answer:

Question. Ajay, Binod and Chandra entered into partnership on 1st April 2019 with a capital of `3,00,000, `2,00,000 and `1,00,000 respectively. In addition to capital Chandra has advanced a loan of `1,00,000. Since they had no agreement to guide them, they faced following issues during and at the end of the year.
1. Ajay wanted interest on capital to be provided @8% pa but Binod and Chandra did not agree.
2. Chandra wanted that interest on loan be paid to him @ 10% pa but Ajay and Binod wanted to pay @ 5% pa.
3. Ajay and Binod demanded to share profits in the ratio of their capital contribution, Chandra is not in agreement with this proposal.
4. Binod, being working partner, demands a lump sum payment of `40,000 as remuneration for which other others partners are not in agreement.
You are required to suggest and help them resolve these issues.

Answer:

Answer:
1. In the absence of Partnership deed, the provisions of partnership act 1932 will apply according to which no interest on capital is payable.
2. In the absence of partnership deed, the provisions of partnership act 1932 will apply according to which interest on loan by partner will be paid @6% pa.
3. In the absence of partnership deed, the provisions of partnership act 1932 will apply according to which profits will be shared equally.
4. In the absence of partnership deed, the provisions of partnership act 1932 will be applicable according to which no salary/remuneration is payable to any partner.

Question. From the following Receipts and Payments Account of Krish Fitness and wellness Club for the year ended 31st March 2020, prepare Income and Expenditure Account.

Additional Information:
Following opening balances appeared in the books on 1st April, 2019.
(a) Tournament fund ` 15,000.
(b) Medical Equipment `1,50,000.
(c) Outstanding Subscription was ` 8,000 and Advance Subscription `5,000 (for 2019-20).
During the year 2019-20 Depreciation on medical equipment was ` 25,000.
There were 600 members each paying an annual subscription of `100.

Answer:

Question. i) Neeraj Ltd. took over business of Ajay enterprises on 1-04-2020. The details of the agreement regarding the assets and liabilities to be taken over are:

It was decided to pay for purchase consideration as `7, 00,000 through Cheque and balance by issue of 2,00,000, 9% Debentures of `20 each at a premium of 25%. Journalize.
ii) On April 1, 2019 Z Ltd. issued, 10,000, 8% Debentures of `100 each at premium of 5%, to be redeemable at a premium of 10%, after 5 years. The entire amount was payable on application. The issue was oversubscribed to the extent of 10,000 debentures and the allotment was made proportionately to all the applicants. The securities premium amount has not been utilized for any other purpose during the year. Give journal entries for the issue of debentures and writing off loss on issue of debentures.

Answer:

Question. Sunaina and Tamanna are partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet as at 31st March, 2020 stood as follows:

They agreed to admit Pranav into partnership for 1/5th share of profits on 1st April, 2020, on the following terms:
(a) All Debtors are good.
(b) Value of land and building to be increased to `1,80,000.
(c) Value of plant and machinery to be reduced by `20,000.
(d) The liability against Workmen’s Compensation Fund is determined at `20,000 which is to be paid later in the year.
(e) Mr. Anil, to whom `40,000 were payable (already included in above creditors), drew a bill of exchange for 3 months which was duly accepted.
(f) Pranav to bring in capital of `1,00,000 and `10,000 as premium for goodwill in cash.
Journalize.
Or
Krish, Vrish and Peter are partners sharing profits in the ratio of 3:2:1. Vrish retired from the firm. On that date the Balance Sheet of the firm was as follows :

Additional Information :
 Premises to be appreciated by 20%, Stock to be depreciated by 10% and Provision for doubtful debts was to be maintained @5% on Debtors. Further, provision for legal damages is to be increased by ` 1,200 and furniture to be brought up to ` 45,000.
  Goodwill of the firm is valued at ` 42,000.
  ` 26,000 from Vrish’s Capital account be transferred to his loan account and balance to be paid through bank; if required, necessary loan may be obtained from bank.
  New profit sharing ratio of Krish and Peter is decided to be 5:1.
Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet.

Answer:

Question. Zocon Ltd. issued a prospectus inviting applications for 5,00,000 equity shares of `10 each issued at a premium of 10% payable as:
`3 on Application
`5 on Allotment (including premium)
and `3 on call.
Applications were received for 6, 60,000 shares.
Allotment was made as follows:
(a) Applicants of 4, 00,000 shares were allotted in full.
(b) Applicants of 2, 00,000 shares were allotted 50% on pro rata basis.
(c) Applicants of 60,000 shares were issued letters of regret.
A shareholder to whom 500 shares were allotted under category (a) paid full amount on shares allotted to him along with allotment money. Another shareholder to whom 1,000 shares were allotted under category (b) failed to pay the amount due on allotment. His shares were immediately forfeited. These shares were then reissued at `14 per share as `7 paid up. Call has not yet been made.
Journalise.
Or
X Ltd. has offered 50000 equity shares of `100 each at a premium of `20, payable as follows:
Application `50
Allotment `40 (including premium)
and balance on first and final call.
The bank account of the company has received `35, 00,000 on account of share application money.
X Ltd. decided to allot shares to all the applicants on Pro Rata basis. The balance in calls in arrears account at the time of allotment and first and final call amounted to `1, 00,000 and `1, 50,000 respectively. These shares were forfeited and re-issued at `90 per share as fully paid up. Journalize..

Answer:

Part – B
(Analysis of Financial statements)

Question

Additional Information:
Interest on debentures is paid on half yearly basis on 30th September and 31st March each year.
Debentures were redeemed on 30th September 2019.
How much amount (related to above information) will be shown in Financing Activity for Cash Flow Statement prepared on 31st March 2020?
A. Outflow 40,000. B. Inflow42,600.
C. Outflow 61,600. D. Outflow64,000

Answer:

C. Outflow 61,600.

Question What will be the Current ratio of a company whose Net Working Capital is Zero?

Answer:

1:1

Question. Which of the following is not a part of Finance Cost (in statement of profit and loss)?
(a) Bank Charges
(b) Interest Paid on Debentures
(c) Interest Paid on Public Deposits
(d) Loss on Issue of Debentures

Answer

(a) Bank Charges

Question. Which of the following is not an investing cash flow?
A. Purchase of marketable securities for 25,000 cash.
B. Sale of land for28,000 cash.
C. Sale of 2,500 shares (held as investment) for 15 each.
D. Purchase of equipment for500 cash.

Answer

A. Purchase of marketable securities for 25,000 cash.

Question. Proposed dividend is a _______________liability.

Answer

Contingent

Question. The ___________ may indicate that the firm is experiencing stock outs and lost sales.
a. Average payment period
b. Inventory turnover ratio
c. Average collection period
d. Quick ratio

Answer

b. Inventory turnover ratio

Question. Current ratio of Vidur Pvt. Ltd. is 3:2. Accountant wants to maintain it at 2:1. Following options are available.
(i) He can repay Bills Payable (ii) He can purchase goods on credit
(iii) He can take short term loan
Choose the correct option
(a) Only (i) is correct (b) Only (ii) is correct
(c) Only (i) and (iii) are correct (d) Only (ii) and (iii) are correct

Answer

(a) Only (i) is correct

Question Calculate proprietary ratio, if Total assets to Debt ratio is 2:1. Debt is 5,00,000. Equity shares capital is 0.5 times of debt. Preference Shares capital is 25% of equity share capital. Net profit before tax is10,00,000 and rate of tax is 40%.
Or
From the following information, calculate ‘Interest Coverage Ratio.
Profit after interest and tax 7,50,000 Rate of income tax 25% 9 % Debentures8,00,000

Answer

Proprietary Ratio = Proprietor’s Fund /Total Assets (1/2)
Total Assets = Debts × 2
= 5,00,000 × 2 =10,00,000 (1)
Proprietor’s Funds = Equity Share Capital + Preference Share Capital + Surplus
= (5,00,000 × 0.5) + (5,00,000 × 0.5 × 25%) + (10,00,000 – 40% of 10,00,000)
= 2,50,000 + 62,500 + 6,00,000 (1)
= `9,12,500
Proprietary Ratio = 9,12,500 / 10,00,000
= 0.912 : 1 (1/2)

Question Prepare a comparative Statement of Profit and Loss from the following:

Answer

Question Prepare Cash Flow Statement on the basis of information given in the Balance Sheets of Relga Ltd. as at 31st March, 2019 and 31st March, 2020:

Additional Information:

  1. During the year a piece of machinery with a book value of 30,000; provision for depreciation on it 10,000 was sold at a loss of 50% on book value.
  2. Debentures were redeemed on 31st March 2020.
Answer

Part – B
(Computerised Accounting)

Question What is meant by ‘Primary Key’?

Answer

Primary key is a key in the relational database that is unique for each record. It consists of minimum possible one or more than one attributes of a table such as telephone number with area code.

Question Computerised Accounting system takes (i) __ as inputs which are processed through (ii) ___________to generate reports.

Answer

Computerised Accounting system takes (i) Accounting transactions as inputs which are processed through (ii) Accounting software to generate reports.

Question. A cell reference that holds either row or column constant when the formula or function is copied to another location is known as :
(A) Absolute cell reference
(B) Ranges
(C) Relative cell reference
(D) Mixed cell reference

Answer

(a) Absolute cell reference.

Question. The data is classified for creating groups of accounts in the heads of :
(A) Assets, Liabilities and Capital
(B) Assets, Owners’ equity, Revenue and Expenses
(C) Assets, Capital, Liabilities, Revenue and Expenses
(D) Capital, Revenue and Expenses

Answer

(C ) Assets, Capital, Liabilities, Revenue and Expenses

Question. A1 : E2 in Excel refers to :
(A) Column on Excel sheet
(B) Row on Excel sheet
(C) Column between start and end points of Excel sheet
(D) Alphabets between A to E on Excel sheet.

Answer

(c) Column between start and end points of Excel sheet.

Question. Name the data element in accounting transaction.

Answer

A data element is the smallest named unit of data in the information system. In accounting, a transaction consists of four data elements, such as name of the account, accounting code, date of transaction and amount.

Question. Which of the following is not a limitation of Computerised Accounting system?
(A) Data may be lost or corrupted due to power interruptions.
(B) Data is prone to hacking.
(C) Data is not made available to everybody.
(D) Unprogrammed and un-specified reports cannot be generated.

Answer

c) Data is not made available to everybody.

Question. Explain ‘Null Values’ and ‘Complex Attributes’.
OR
Explain any three types of vouchers used for entry in Tally software with the help of examples

Answer

Null Values:
Absence of data item is represented by a special value called null value. There are three situations which may require the use of null value.
 When particular attribute does not apply to an entity.
  Value of an attribute is unknown although it exist.
  Unknown because it does not exist.
Complex Attributes :
These are composite and multivalue attributes which may be nested (or grouped) to constitute complex ones. The parenthesis { } are used for showing grouping of components of composite attributes. The braces { } are used for showing the multivalue attributes.

OR
Answer: Types of vouchers (any three)
(i) Contra voucher: Used for fund transfer between cash and Bank A/c only. This voucher is used if cash is withdrawn from Bank for office or deposited in the Bank from office.
(ii) Receipt Voucher: All the inflow of money is recorded through receipt voucher. Such receipts may be towards any income such as receipts from Debtors, loan/advance taken or refund of loan/advance etc.
(iii) Payment Voucher: All outflow of money is recorded through payment voucher such payments may be towards any purchases, Expenses, due to creditors, loan/advance etc.
(iv) Journal Voucher: It is an adjustment voucher, normally used for non-cash transactions like adjustment between ledgers.

Question. Explain ‘Sequential’ and ‘Mnemonic’ codes.
Or
What is meant by a graph? Explain any three of its advantages.

Answer

Sequential codes
These are the codes in which code numbers and/or letters are assigned in a consecutive order. These codes are applied primarily to source documents such as cheques, invoices etc. This facilitates document searches. This process enables either identification of missing codes (numbers) relating to a particular document or to trace a relevant document on the basis of the codes.
Mnemonic codes
These codes consist of alphabets or abbreviations as symbols to codify a piece of information. SJ for sales journal, HQ for Headquarters are examples of mnemonic codes.
Or
Answer: A Graph is a pictorial presentation of data which has at least two dimensional relationships.
Three advantages:
1. Graphs help to explore
2. Graphs help to present
3. Graphs help to convince

Question.Identify the error that appears when there are invalid numeric values in a formula or function. How can this error be rectified? Explain.

Answer

The error is #NUM! Error. The steps to correct it are:
1. Optionally, click the cell that displays the error, click the button that appears and then click show calculation steps.
2. Review the following causes and solutions:
Using an unacceptable argument in the function that requires a numeric argument.
Make sure that the arguments used in the function are numbers.
Using a worksheet function that iterates, such as IRR or RATE, and the function cannot find the result.
Use a different starting value for the worksheet function.
3. Then click the Microsoft button >Excel option and then click the formulas category.

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