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Class : XII i
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1,· ·,
Sub· Time : Three hours
-...... ~ect: ACCOUNTS Marks : 80
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The Question Paper contains three sections.

Section A is compulsory for all candidates.
Candidates have to attempt all questions from either Section B or Section C.
. ; There are internal choices provided in each section. -
The intended marks for questions or parts of questions are given in the brackets [].
All calculations should be shown clearly.
All working, including rough work, should be done on the same page as, and
• Adjacent to, the rest of the answer.
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SECTION A (60 Marks)
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Answer all questions.
Question 1 ., . (1)
0 .
n retirement of A from the firm of' A B and C' the balance sheet showed a debit of
~s.12,000_ in the profit and loss'accoun~. For calculating the a~ount payable to A, thi~
alance will be transferred: •
(a) To the credit of the capital accounts of A, Band C equally ' V

(b) To the debit of the capital accounts of A, B and C equally

(c) To the debit of the capital accounts ofB and C equally
(d) To the credit of the capital accounts ofB and C equally

Question 2 _ . , {l)
The following companies are required to invest at least 15% of the nommal value of .
debentures to be redeemed during the year in specified securities. ' • , • •
(a) Unlisted companies including NBFCs and NFCs _. .. • : , _•. .-'· • •. i, .

(b) Listed companies including NBFCs register~d with tb.e RBI and HFCs registered
with National Housing Bank , / •• .
(c) Listed companies excluding NBFCs registered with the RBI and HFCs registered I '

WI.th National Housing Bank •· ·• . · :. '·.. ··,. · . 1 -,:•. •• • • ,· • _· _: .•• • • -··. •

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(d) All companies irrespective of stock exc~ange l.is~gs., -· :,· . : .• 1

• ·., i :_., ..
I • , t ' ' 1 1•, ; , '" \ •:,. ,
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Question 3 • • ·, • : . • · · • • •. . •·: • . • ·.• .·~. •. ·::.: • · . • • • •. (1)

What is the treatment of Bank overdraft and Bank loan at the time <?f dissolution of ••. ., _,
partnership firm? • ·. · : · · • •• -· • . • 1 I

i • • •• • .,, • • •• · ·· ' : : ·: • •• i.
(a) B~ ov~rdraft is tr~sferred ~o Bank/Cash Ale and B~}oanis ~~sfe~ed to·
Reahzat1on account . . . ,: ., . .. . . •
: . .. . , , , • , I , ,t i \ ' I ' ,

(b) Bank loan is transferred~ Bank/Cash Ale and Bank overdraft is tr~sfeITed to : __:: :.
Realization account . • • • • • . : , · • • . . ,. • -. :, ; . . • i .-' ·,. • 1 • • , •• • • ·_.

(c) Both are transferred to Realization·account • •·:' •• • ,, • • '·

. (d) Both are transferre_d to Bank/Cash ~c :" . . •• •·.; .. i .•
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Question 4 . • :, <· •• • • ;- • • •
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The profit on reissue of forfeited share_s is transferred ~o: •
(a) General Reserve • • • · • : ·- •• •
(b) Capit~l Rede~p~~on Reserve •
(c) Secunty Premium Reserve •
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 (d) Capital Reserve
fl)
Question 5 ttl ment of Partner's loan at the time of dissolution of firm when
Give journal entry f~rds~ l:an to the firm Rs.80,000 and Rahul 's Capital account debit
Rahul a partner prov1 e
balance is Rs.50,000
[1]
Question 6 .
Give any one factor affecting goodwill of a firm.
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Question 7 . . . d · 1·a d
Mention the heading and sub-heading under which office equipment and unpaid, ~ ~n .
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are shown in the Balance sheet of a company prepared as per Schedule III of the Companies
Act,2013. . .. --~. . . ~-- --
[1]
Question 8
"What is meant by issue of debentures as collateral security"?
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Question 9 !, ,:. , , . ' ' ,, 'i'i \ • 1 •

X and Y were partners sharing profits & losses in the ratio of 4: 1. They adIJ?lt~ed, ,. :nH0 . r ,. 1, ,

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Partnership for 113rd share. Z brings Rs.60,000 as premium for his ~har~ of go?~Wl .• ; , l
much will be credited to X's Capital Ale if they decided to share ~tpre profits~~~~ ;
of4:2:3 . 1 ,',J 1 uf; ·., .i .1 ,, 1
I I f .,,.
.l,1IJ'I•~•
, r I I •
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Question 10 [1]
Axiom Ltd. (an unlisted Non NBFC) redeems its 8,000, 10% Debentures of Rs.100 ,~e~ch. ., ,
in instalment as follows: , _, ,, 1 r
31 March,2019 -
st 2,000 ; 31 st
March,2020 - 5,000 ; 31 st
March,2021 - 1,000
Find out the amount of Debenture Redemption Reserve which the company will , i, t

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f I I '

transfer to General Reserve on 31 st March, 2021 l • .• ' # •

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(3)
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Question 11
A, B and C are partners in a firm sharing profits losses in the ratio of 3 :2: 1. C retires and
A and B agree to share future profits equally. At the time of retirement Workmen • , •
Compensation Reserve appears in the books at Rs.80,000, when the claim against it is • '
Rs.50,000 and Investment Fluctuation Reserve appears in the books at Rs.40,000, when
Investments (market value Rs.1,10,000) appear at Rs.1,80,000.
Give journals to record the above effect.
OR
Amy, Meg and Dia were partners. ~eg died ~n 31 August, 2020. Meg's share of profit .
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from the closure of the last accountmg year till the date of death was to be calculated on the
basis of the average of three completed years of profits before death. The last three years
profits were - 31.3.18 Rs.50,000; 31.3.19 Rs.72,000; 31.3.20 Rs.40,000. Calculate Meg's
share of profit till the date of her death and pass the Journal entry for the same, ,
assuming: • ,
I) There is no change in profit sharing between Amy and Dia
II) If new ratio between Amy and Dia is 3:2

Question 12 ' , , , [3]

Luv and kush are partners sharing profits and losses equally. They admit Zara on I stApril,

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2022, for ¼ shar . •
Kush are Rs.25 ;01; the Profits of the fi
o;1;n
Rs.2,40,000. Ther •The Total Assets o~ an average the profits earned by Luv and
trade) Rs.50,000 e Was outside Liabilities :s on the date of admission of Zara was
The nonnal • • O,OOO and the firm had Investments (Non-
rate of retu 1.
of three yea , rn n the industry i Ioo • .
s 1/o. It ts decided to value goodwill on the basis
you r s purchase of profits •
_are required to: in excess of profits @ 10% on the money invested.
(i) Calculat th
(n"") Pass th e• e
goodwill of the fi•rm.
• •
e Journal eDt. ri~s
her share 0 f ID the books of the firm if Zara brings into the firm
goodwill ID cash.
Question 13
ABC Ltd (an unli t d (3)
201S red· bl s e com~any) issue~ 7000, 7% debentures ofRs.100 each on June 30,
the C ee~a eat a premium of 6% on July 1, 2022. In order to meet the provisions of
R d om~anies Act, 2013, the company transferred out of profits Rs.25,000 to Debenture
emption Reserve on March 31,2020, Rs.25,000 on March31, 2021 and balance on
arch 31,2022. It met the requirements of Debenture Redemption Investment
You are required to prepare Debenture Redemption Reserve Account for the years
2020-21, 2021-22 and 2022-23
OR
Unicom Ltd. (a listed NBFC) redeemed its 5000 8% debentures ofRs.100 each in
.instalments, as follows: '
Date of Redemption Debentures to be redeemed
st
31 March, 2020 2000
31st March, 2021 1500
st
31 March, 2022 1500
On the basis of the above details, You are required to pass journal entries to record
the purchase / sale of Debentures Redemption Investmen t, from the year of the
Redemption of the first instalment of debentures to the date of the redemption of the
final instalment.

Question 14 (3)
Galaxy Ltd. took over assets ofRs.600,000 and liabilities ofRs.40,0 00 of Universe Ltd.
at an agreed value ofRs.6,30,000. Galaxy Ltd. issued 10% Debentures ofRs.100 each at
a discount of 10% to Universe Ltd. in full satisfaction of the price. Galaxy Ltd. writes off
any capital losses incurred during a year at the end of that financial year.
Pass journal entries to record the above transactions in the books of Galuy ltd.

Question 15 (6)
A and. B, who were sharing profits and losses in the ratio of 60% and 40°/4 respectively
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decided to dissolve the firm on 31 \ March, 2022, on which date some of the balances
were as follows:
A's Capital Rs.2,40,000 B's Capital (Debit Balance) Rs.25,000
Trade Creditors Rs.40,000 Loan from Mrs. A Rs.20,000
Profit & Loss Ale (Debit balance) Rs.30,000
Cash at Bank Rs.15,000
The assets (other than cash at bank) realised Rs.190,000 and all creditors were paid off
Less 5% discount. Realisation expenses amounted to Rs.4,000.
Prepare Realisation Ale.

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 . sses in the ratio 3:1. They admit
Queshon16 . fi sharing profits lo h twas as follows·
Ravi and Kavi are partners m a trm022 when their Balance s ee •
st 2
Alvi for 114 share on 31 March,
th
Rs.
Assets
Rs. 15,000
Liabilities 17,000 Stock 50,000
Employee's Provident Fund Sundry Debtors.
Workmen's Compensation
2,000 48,000
Less: Provision
Reserve
6,000 7,000
Investments
Investment Fluctuation 6,100
4,100 Cash
Reserve 40,000
54,000 Goodwill
Capitals: Ravi
Kavi 35,000
1 16 100
1 16 100

The following adjustments were agreed upon: . . l

(a) Alvi brings in Rs.16,000 as goodwill and proportionate capzta •
(b) Bad debts amounted to Rs.3000.
(c) Market value of investments is Rs.4,500 . .
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11 (d) Out of the total insurance premium paid, Rs.1,000 to be treated as prepaid insurance.
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:, The amount was earlier debited to Profit & Loss account.
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(e) The Liability towards worker's were nill.
You are required to prepare:
(i) Revaluation Account.
(ii) Partner's Capital accounts.
OR
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A and B were partners sharing profits and losses in the ratio of 3: 1. On 1 April, 2022 they
admit C as a partner on the following terms:
(a) That C brings Rs.1,00,000 as his capital and Rs.50,000 for goodwill, half of which
to be withdrawn by A and B.
(b) That the value of land and building to be appreciated by 15% and that stocks and
machinery to be reduced by 7 and 5 percent respectively.
(c) That provision for doubtful debts be made at 5 %.
(d) That Rs.15,000 be provided for an unforeseen liability.
(e) That C to be given I/5 share and the profit sharing ratio between A and B to
th

remam same. .
The book values on the date of admission of C was as follows:
Sundry Creditors : Rs.3,50,000 Cash in hand : 40,000
Debtors : Rs.2,00,000 Stock : Rs.1,80,000
Machinery : Rs.2,00,000 Land & Buildings : 3,30,000
Capital Ale of A : 4,00,000 Capital Ale of B : 2,00,000
Pass necessary journal entries and prepare balance sheet of the newly
constituted firm.

Question 17 (61
Bright Ltd. raised the following loans in the year 2018-19:
12% Bank Loan from Kotak Mahindra bank on 1 April, 2018: Rs.15,00,000 ,
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I 0,000; I 0% Debentures of Rs. I00 each, redeemable at par in 4 equal yearly instalments'
on pt October, 2018: 10,00,000 ,
The terms were:

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 (i) lb
(ii) I e redemption Of
nterest on the Debentures to begin from 30th_September,2019. .
Th half Yearly hank loan to be paid annually but interest on Debentures to be paid
y e company had ~o . .
ou are requir d t t paid the interest on both till the Balance sheet date.
Balance Sheet :r ho show the above items under Equity and Liabilities of the
t e company as at 31 st March, 2019.
Question ts
A, B and C are rt . (10)
st
their capital A/ pa hners shanng profits and losses in the ratio 2:2: 1. On 1 April,2021,
C - Rs.1,00 00~ s owed the following balances: A - Rs.300,000; B - Rs.200,000 and
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The P/L A/~ ofth fi

(a) Intere e showed a net profit ofRs.220,000 before the following:
F st on capital allowed to the partners @l 0% p.a. On 1.10.21, the partners decided
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(b) S ; an equal contribution of capital, keeping the capital base of the firm unchanged.
( ) Ra ary payable to A@Rs.5000 per quarter which was erroneously debited in P/L ale
(~) ;~t payable to B for allowing his premises to the firm amounted to Rs.25,000.
2 _1/0 of the net profit will be transferred to General Reserve.
p (e) C is guaranteed a minimum profit of Rs.40,000 (including interest on capital) by A.
repare P/L Appropriatio n Ale for the year ended 31.3.22. and C's capital Ale.
OR
Bob, Dev and Ian are partners in a firm. Their capital accounts on 1 April,2021, stood at
st

Rs.1,00,000; Rs.80,000; Rs.60,000 respectively.

Each partner withdrew Rs.5,000 during the financial year 2021-22.
As per the provisions of their partnership deed:
(a) Dev was entitled to a salary ofRs.1000 per month
(b) Interest on capital was to be allowed @l 0% per annum.
( c) Interest on drawings was to be charged @4% per annum
( d) Bob was to get 1% commission on sales during the year
( e) Profits and losses to be shared in the ratio of their capitals.
The net profit of Rs. 75,000 for the year ended 31 March, 2022 was divided equally amongst
st

the partners without providing for the terms of the deeds.

The sales during the year was Rs.1,50,000.
You are required to pass a Single Adjustment Journal Entry to rectify the error ( show
the working clearly)

Question 19 (10)
A limited company invited applications for issuing 1,00,000 equity shares ofRs.10 each at
a premium of 60% payable as
On application & allotment- Rs.6 per share (including premium Rs.3)
On .call - Balance including premium.
Applications for 1,90,000 shares were received.
Applications for 10,000 shares were rejected and refunded.
Allotment for remaining applications were made as follows:
Category A: application : allotment= 1,00,000 : 50,000
Category B: application : allotment= 80,000 : 50,000
Mr. Raj from category A (applied 1,000 shares) paid the entire share money with application
Miss Anjali from category B (allotted 1,000 shares) failed to pay the call money. Her shares
were forfeited and reissued at Rs.15 per share fully paid up.
you are required to pass journal entries.
OR
 emium of Rs. I per share
Rs 1oeach at a pr t (includes premium) on
00 equity shares o~ I. Rs.5 on allotme:econd &final call on I. Io.
Arihant Ltd. issued 1~,O. non 1st MaY, 20 'd the balance 2I
on. d within the due dates •
payable Rs.3 on apphca;~t calls on 1.s.21 aney was duly receive
1st June, 2021; Rs.1 onl tallotted and the won
All the shares were du Y
'th allotment.
tire amount along Wlfi st call with the amount
except h es paid the en . unt due on 1f
( ) M Xholding 1000 s ar •d the entire atno
;) M~- Yholding 2000 shares pa1 in advance is allowed as per the
due on final call. d d 1·nterest on calls
• barge an
Interest on calls in arrears is c 2013 II ·n arrears and ca IIsin
• •
provisions of the Companies Act, tri~s for interest on ca
th
sJ . ,
Pass the journals including e en
advance. ECTION B (20 MARKS)
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Answer all questwns , ' I

Question 20 Current liabilities"' 40,000

Quick Ratio is 1.5:1 Current Assets== SO,OO0
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What will be the value of inventory?
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(c) 25,000 I J
(a) 20,000
(d) 30,000
(b) 15,000
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Question 21
Which of the following would neither result minflow or ou'tfl Or'cash. •'
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ow f p t t
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(a) Sale of goods for cash (c) Purchase o a en s.

(b) Issue of fully paid bonus shares , •
. (d) Issue of Deben~r~s.

Question 22
What will be impact of' Bills payable given to credit. ors , on a . • . . . ?
liquid ratl~ ~f 1. ~: , _., ! .J J
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Question 23
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What will be treatment of Proposed dividend for the current year ' J .I

in the preparation of r..,.

Cash flow statement?
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Question 24
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Which item is taken as 100 in the preparation of Common Size
Statement of Profit & Loss?
Question 25
[3]
Prepare a Comparative Statement of Profit & Loss from
the followinJ,? •. I

Note 31 st March, 2022 31 51March

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No. '
Revenue from Operations 2021 -
40,00,000 30,00,000
Expenses
58% of Revenue 60%of
from Opeartions Revenue from
Interest on investment Rs.200,000 each ear Opeartions
Y and taxes payable @SO%.
Question 26
From the following Statement of Profit and loss of T 6
Calculate any three ratios (up-to two decimal places)~r ( )
•P Ltd. for the year 2021-22,
(a) Trade Receivables Turnover Ratio •
(b) Inventory Turnover Ratio

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(c) Net Pr
(d) 0 Ofit Ratt 0
Petatt
ng Profit Ratio
Statem
F ent of Profit and Loss of Tulip ltd
th
or e ear endin 31 stMarch 2022
Revenue fr Note no. Rs.
Other Inc om Operations
ome(R 200,000
ent Received)
10,000
Total R~venue
2,10,000
Expenses· •
Purchase~
Chang • I 55,000
Em I e In nventories I 3,000
p oyee Be fi
Depreciation ne it Expenses 2 5,000
Other Expenses 2,000
3 5,000
Profit B &.- Total Expenses 70,000
e1ore Tax 1,40,000
Less: Tax
(56,000)
Profit after Tax 84000

Notes to Accounts:
1. Change in Inventories Rs.
Opening Inventory 6,000
Closing Inventory (3,000)
3,000
2. Employee Benefit Expenses:
Wages 2,000
Salaries 3,000
5,000
3. Other Expenses:
Carriage inward 2,000
Carriage outward 3,000
5,000
Additional Information: Rs.
Debtors (as on 31.3.2022) 7,000
Bills Receivable (as on 31.3.2022) 5,000
Cash Revenue from Operations 50,000

Question 27 (6)
From the following extracts of the Balance Sheets of Rose Ltd., and the additional
information given, You are required to calculate for the year ending Jt• March,2021:
(i)The underwriting commission paid by the company.
ii Cash from Financin Activities. •
Particulars 31.3.2021 s.
Equity Share Capital 10,00,000 8,00,000
Securities Premium Reserve 1,20,000 1,00,000
I 0% Debentures 6,00,000 3,00,000
Bank Overdraft 40,000 10,000
Unclaimed Dividend 20000

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l Additional information:
1. In theyear2021-21:. t aron pt April,2020.
(a) Debentures were issued a ank overdraft.
f R sooo was paid on B.
fc~ remium of Rs.3 per share.
::e:s~ are!·o fRs.1 0 each were 15~:;~ t~ :~ue its shares. The under
(d) The company had retained underwn ritten off at the end of
writing
the year.
commission was paid in cash and was wd 2020-21 were Rs.80,000
and Rs.70,000
2. Dividend proposed for the years2019-20an •
respectively.
OR
From the following particulars of Sunflower Lt ., y 0 u are required to calculate:
d
Cash from Operating Activities.
Cash from Investin2 Activities.
Particulars 31.3.2021 31.3.2020
(Rs.) (Rs.)
Plant & Machinery (at cost) 4,00,000 4,20,000
Accumulated depreciation 1,30,000 1,10,000
Goodwill 70,000 90,000
Inventory 20,000 10,000
Trade Payables 15,000 25,000
Provision for tax 30,000 20,000
1 Balance of Statement of Profit
& Loss 1,00,000 (90,000)
Additional information:
During the year 2020-21, a machine with a book value of Rs.50,000
(accumulated
depreciation Rs.20,000) was sold at a loss of Rs.6,000.

SECTION C (20 MARKS)

Answer all questions
Question 28
Which one of the following is the function in MS Excel which indica [1]
tes the number of
Numeric entries?
(a) NUM (c) SUM
(b) COUNT (d)CHKNUM
Question 29
Which of the following Commands is a type of Data Definition langua [1]
ge Command?
(a) Create (c) Update
(b) Delete •
(d) Merge
Question 30
What is meant by a cell address? [l]

Question 31
What is meant by Freezing panes? (1)

Question 32
How will you merge two cells in a spreadsheet? (1)

Question 33
State the significance of the following in DBMS: (3)

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 (i) Forms

Question 34 (ii) Reports

Answer a h
. ny t ree of the foil . [6)
(t) Distinguish b owing questions
<!(111)!~
Write the step:~efien/ DBMS and Fiie system
What. o l ter a table. ,
• ) is meant by Norm 1· .
(iv Give any tw fi a tsation of a database system?
o eatures of a Foreign key.
Question 35
[6]
FUTURISTIC FOUNDATION SCHOOL Marksheet for class Xll
A B
CD E F G HI
1.
2. Index Name English Accounts Economics Maths Total Rank Average
No. Marks Marks
3. T/001 Ali 55 76 47 88
4. T/002 Amar 69 64 77 91
5. T/003 Anthony 78 89 91 83
6. T/004 Rustam 88 ? 60 67 287 71.75
7. T/005 Gunneet 46 61 41 43
8. Total
9. Avg.
From the above spreadsheet, answer for any thru
(a) Write a formula for calculating Rustam's score in cell D6 (2)
(b) Write a formula for calculating the average marks in Economics in cell E9 (2)
( c) Write a formula for calculating the average marks obtained by Ali in cell 13 (2)
(d) Write a formula for calculating the rank of Anthony, based on the total marks (21
obtained by the students of class :xn. • • • •
t .
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