DELHI PUBLIC SCHOOL JAMMU

SAMPLE PAPER
HALF YEARLY (2024-25)
Class XII Sub-Accountancy
MM: 80 Time: 3 Hours

General instructions :

1. This question paper contains 34 questions. All questions are compulsory.

2. Question 1 to 20 carries 1 mark each.
3. Questions 21 to 26 carries 3 marks each.
4. Questions from 27 to 29 carries 4 marks each
5. Questions from 30 to 34 carries 6 marks each

Q1. Vasudha and Veena were in partnership sharing profits and losses in the ratio of 3:l admitted Tilak
as a new partner. Tilak brought Rs 1,20,000 as his share of goodwill premium, which was credited to
Vasudha and Veena's capital accounts in the ratio of 2 : 1. On the date of admission, goodwill of the firm
was valued at Rs. 4,80,000. New profit sharing ratio will be :

(a) 7:2:3 (c) 9:3:4

(b) 8:1:3 (d) 5:1:2

Q.2. On dissolution, goodwill account is transferred to :

(A) Dr. side of Realisation A/c (B) Cr. side of Realisation A/c
(C) Dr. side of Partner's Capital A/cs (D) Cr. side of Partner's Capital A/cs

Q3. Assertion (A) :Rent provided to partner for use of his property is shown in Profit and Loss A/c.

Reason (R) :Salary provided to partner is charge against profits.

(A) (A) is correct but (R) is wrong.
(B) Both (A) and (R) are correct, but (R) is not the correct explanation of (A).
(C) Both (A) and (R) are incorrect.
(D) Both (A) and (R) are correct, and (R) is the correct explanation of (A).
 Q4. A and B are partners. A's Capital is Rs.1,50,000 and B's Capital is Rs. 90,000. General Reserve appear
in the books at Rs. 60,000. Normal return on Capital is 10%. Value of goodwill calculated on the basis of
three year's purchase of average super profit is Rs. 2,10,000. Average profits will be :

(A) Rs. 1,00,000 (B) Rs. 94,000 (C) Rs. 40,000 (D) Rs. 46,000
Q.5 Following are the factors affecting goodwill except :
(A) Nature of Goods. (B) Location of the customers. (C) Location of Business. (D) Technical know-how.

Q. 6. Common size analysis is also known as —————analysis. (fill in the blank)

Q. 7. Monika, a partner, is paid remuneration of Rs.15,000 for dissolution work. Realisation expenses
amounted

to Rs. 5,000 were paid by the firm. Pass Journal Entry.

Q. 8. On C's retirement, Machinery appeared in the books of the firm at Rs. 1,80,000 and Furniture at Rs.
1,00,000. On revaluation, it was found that Machinery is overvalued by 20%. Net Loss on Revaluation is
calculated at Rs. 40,000 What will be the revalued value of Furniture?
(A) Rs. 24,000 (B) Rs.90,000
(C) Rs. 30,000 (D) Rs. 50,000
Q. 9. In case of admission of a partner, the entry for unrecorded investments will be
(A) Debit Partners Capital A/cs and Credit Investments A/c
(B) Debit Revaluation A/c and Credit Investment A/c
(C) Debit Investment A/c and Credit Revaluation A/c
(D) None of the above

Q. 10. Tripti and Khushi are partners sharing profits in the ratio of 3 : 2. Ruchi was manager who received
quarterly salary of Rs. 20,000 in addition to commission of 10% on net profits after charging such
commission. Total remuneration to Ruchi amounted to Rs. 1,30,000. What was the profit for the year
before charging salary and commission?

Q. 11. The balance in the Investments Fluctuation Reserve after meeting the fall in book value of
investments, at the time of admission will be transferred to
(A) Capital accounts of old partners (B) Revaluation account
(C) Investment Account (D) Capital accounts of all partners
 Q. 12. P and Q are partners sharing profit or loss in the ratio of 4 : l . P surrenders 1/6 from his share and Q
surrenders 1/4 of his share in favour of R, a new partner. What will be the R, share?

(A) 5/12 (B) 11/6

(C) 13/60 (D) 7/12
Q13. Ram and Mohan are partners sharing profits and losses in the ratio of 3 : 2. The firm maintains
fluctuating capital accounts and the balance of the same as on 31st March 2022 is Rs. 6,00,000
and Rs.
6,65,000 for Ram and Mohan respectively. Drawings during the year were Rs 85,000 each. As per
the
partnership deed, Interest on capital @ 10% p.a. on Opening Capital has been allowed to them.
Calculate the opening capital of Ram given that the divisible profits during the year 2021-22 was
Rs.
2,25,000.
(A) Rs. 5,00,000 (B) Rs. 6,50,000 (C) Rs. 5,50,000 (D) 6,00,000
 Q. 14.Following are the factors affecting goodwill except :
(A) Nature of Goods. (B) Location of the customers.
(C) Location of Business. (D) Technical know-how.
Q. 15. At the time of dissolution of firm, bank overdraft is transferred to
(A) Credit side of bank account (B) Debit side of partners capital
account
(C) Credit side of Realisation Account (D) Debit side of Realisation
Account

Q. 16. State the difference between Intra firm and Inter firm Analysis.
Q. 17. A, B and C are partners sharing profits in the ratio of 8:7:5. D is admitted as a new partner
for 1/4th share. B sacrifices 1/10th from his share in favour of D and the remaining sacrifice
was made by A and C in the ratio of 2 : l. Calculate sacrificing ratio and new profit sharing
ratio.
Q18. A and B are partners sharing profit or loss in the ratio of 4 : l . A surrenders 1/6 from his
share and B surrenders 1/4 of his share in favour of R, a new partner. What will be the R,
share?
(A) 5/12 (B) 11/6 (C) 13/60 (D) 7/12
Q19. Which of the following is not a limitation of financial statements analysis :
(A) Affected by Window Dressing (B) Ignores Quantitative
aspects
(C) Do not Reflect Price Level Changes (D) Ignores Qualitative aspects

Q20. State the importance of financial analysis.

Q. 21. A, B and C were partners in a firm sharing profits in 3 : 2 : 1 ratio. The firm closes
its books on 31st March every year. B died on 12-6-2022 and A and C decided to
share future profits in the ratio of 5 : 4. On B's death his share in the profits of the firm
till the time of his death was to be calculated on the basis of previous year's profit which
was Rs. 6,30,000. Calculate B's share in the profit of the firm. Pass necessary journal
entry for B's share of profit at the time of his death.

Q22. On March 31, 2022 the capital accounts of A, B and C after making adjustments
for profits, drawings, etc. were Rs. 4,00,000, Rs. 3,00,000 and Rs. 2,00,000 respectively.
Subsequently, it was discovered that interest on capital and interest on drawings had
been omitted. The partners were entitled to interest on capital @ 5% p.a. The drawings
during the year were: A 1,00,000; B- 75,000; and C- 45,000. Interest on drawings
chargeable to the partners was A 2,500•, B 1,800 and C -1,000. The net profit during the
year amounted to Rs. 6,00,000. The profit sharing ratio of the partners was 3 : 2 : l.
Record the necessary adjustment entry for rectifying the above errors of omission. Show
your workings.
Q23. Prepare a common size Balance Sheet of M/s Balaji Traders from the following:-

Particulars 2016 2017

Rs. Rs.
I) EQUITY AND LIABILITIES
Share Capital 5,00,000 10,00,000
Reserves 1,00,000 1,00,000
Long term loans 3,00,000 2,00,000
Current liabilities 1,00,000 2,00,000
Total 10,00,000 15,00,000

II) ASSETS
 Fixed Assets 8,00,000 12,00,000
Current Assets 2,00,000 3,00,000
Total 10,00,000 15,00,000

Q. 24. Danish, Ana and Pranjal are partners in a firm sharing profits and losses in the ratio

st
of 5:3:2. Their books are closed on March 31 every year.

th
Danish died on September 30 , 2019, The executors of Danish are entitled to:-

i. His share of Capital i.e. ₹ 5,00,000 along-with his share of goodwill. The
totalgoodwill of the firm was valued at ₹60,000.
ii. His share of profit up to his date of death on the basis of sales till date of death. Sales
for the year ended March 31, 2019 was ₹ 2,00,000 and profit for the same year
was10% on sales. Sales shows a growth trend of 20% and percentage of profit
earning is reduced by 1%.

Amount payable to Danish was transferred to his executors. Pass necessary

Journal

Entries and show the workings clearly.

.

Q. 25. Preeti and Niti are partners in a firm sharing profits in the ratio of 2 : 3. On April l, 2020
they admit Shruti as a new partner and the profit sharing ratio of Preeti, Niti and Shruti is
agreed to be 3 : 3 : 2. Shruti contributed the following assets towards her capital and for her
share of goodwill : Stock Rs. 70,000; Debtors Rs. 1,40,000; Vehicle Rs. 3,00,000 and
Computers Rs. 1,20,000. On the date of admission of Shruti, the goodwill of the firm was
valued at Rs. 6,40,000. Record necessary journal entries in the books of the firm on Shruti's
admission.
Q. 26. Gita, Sita and Meena were partners in a firm sharing profits and losses in the ratio of
2:2:1. Gita died on 30th June, 2022.The firm closes its books on 31st March every year.
According to their Partnership Deed, the representatives of the deceased partner would be
entitled to get Gita's share in the interim profits of the firm calculated on sales basis.
Sales for the year 2020-21 were Rs. 6,00,000 and in the year 2021-22, till the date of her
death, sales amounted to Rs. 1,20,000.The profits of the firm for the year 2020-21 were Rs.
1,80,000.
You are required to:
(i) Calculate Gita's share of interim profit.
(ii) Pass the necessary journal entry for giving Gita's representative her share of
interim profit.

Q. 27. The partners of a firm, Alia, Bhanu and Chand distributed the profits for the

st
year ended 31 March, 2017, ₹ 80,000 in the ratio of 3:3:2 without providing

for the following adjustments:

a) Alia and Chand were entitled to a salary of ₹ 1,500 each p.m.

b) Bhanu was entitled for a salary of ₹ 4,000 p.a.

Pass the necessary Journal entry for the above adjustments in the books of the firm.

Show workings clearly.

Q28. Under which head will you show the following items in the Balance Sheet of a
Company:

(i) Calls in Arrears

 (ii) Calls in Advance
(iii) Trade Marks
(iv) Raw Materials
(v) Unpaid Dividends
(vi) Computer and Related Equipments

Q. 29. Prepare comparative Income statement from the following information of Hind Ltd. For
the year ended March 31,2016 and 2017 4
Particulars 2016 (Rs.) 2017 (Rs.)
1. Revenue from operation 8,00,000 10,00,000
2. Cost of Revenue from 60% of sales 60% of sales
operations
3. Employees benefits 10% of cost of revenue 15% of cost of revenue from
expenses from operations operations
4. Income tax rate 50% 60%

Q. 30 . The firm of R, K and S was dissolved on 31.3.2019. Pass necessary journal entries
for the following after various assets (other than cash and Bank) and the third party
liabilities had been transferred to realisation account.

(i) K agreed to pay off his wife’s loan of ₹6,000.

(ii) Total Creditors of the firm were ₹ 40,000. Creditors worth ₹10,000 were
given a piece of furniture costing ₹8,000 in full and final settlement.
Remaining creditors allowed a discount of10%.
 (iii) A machine that was not recorded in the books was taken over by K at ₹ 3,000
whereas its expected value was ₹5,000.

The firm had a debit balance of ₹ 15,000 in the profit and loss A/c on
the
date of dissolution.
Q. 31. A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1. Their
balance sheet as at 31st March, 2022 was as follows :

The partners agreed that from 1st April, 2022 they will share profits and losses equally.
They agreed that :
(i) Stock is to be valued at 90%.
(ii) Provision for doubtful debts to be increased to 6% of debtors.
(iii) Outstanding Expenses are to be increased by Rs.12,000.
(iv) Building is to be valued at Rs. 1,20,000
(v) Goodwill is valued at Rs.1,20,000
(vi) Claim for Workmen Compensation is Rs.40,000.
Partners decided to record the altered values of assets and liabilities in the books.
However, they want to leave the reserves undisturbed.
You are required record necessary journal entries & prepare Partner's capital account.
 Q32. X, Y and Z are sharing profits in the ratio of 1/2 : 1/3 and 1/6. Following is their
balance sheet as at 31st March, 2022 :

Y retires and X and Z decide to share future profits in the ratio of 2 : l. It was agreed that:
(i) Value of patents is to be reduced by 40% and that of machinery to 90%.
(ii) The Provision for Doubtful Debts to be maintained @5% on Debtors.
(iii) Rent Outstanding was Rs.15,000.
(iv) A liability for claim, included in creditors for Rs. 20,000 is settled at
Rs.15,000.
(v) Accrued income of Rs 10,000 is to be recorded in the books.
(vi) Goodwill of the firm is valued at Rs.1,20,000

Prepare Revaluation Account & Partner's Capital Accounts.

Q. 33. Amit and Barun are partners sharing profits in the ratio of 4 : l. Their Balance Sheet as
at 3 1st March, 2022, was as under :
Balance Sheet of Amit and Barun
As at 31st March, 2022
 Liabilities Amt(Rs) Assets Amt(Rs)
Sundry Creditors 51,000 Furniture 4,000
Capital Accounts Building 45,000
Amit 20,000 Goodwill 1,000
Barun 15,000 35,000 Debtors 9,000
Less- Prov for Doubtful
Debts 9,000
400 27,000
86,000 Cash 86,000
st
On 1 April, 2022, Chaman is admitted as a new partner on the followings
terms
(i) The new profit-sharing ratio of the partners to be 2:1:1
(ii) Charan to bring in 16,000 as his capital but would be unable to
bring his share of goodwill in cash.
(iii) The value of the goodwill of the firm to be calculated on the basis
of Charan’s share in the profits and the capital contributed by him.
(iv) Fumiture, which had been undervalued by Rs.600 to be brought up to its
revised value
(v) Out of the total insurance premium paid, 3,400 to be treated as
prepaid insurances.The amount was earlier debited to Profit & Loss
Account.
You are required to prepare: (i) Revaluation Account (ii) partners' Capital
Accounts.

Q. 34. Gautam and Yashica are partners in a firm, sharing profits and losses in
st
3:1respectively.The balance sheet of the firm as on 31 March 2018 was as follows:
 Liabilities Amt(₹) Assets Amt(₹)
Sundry creditors 50,000 Furniture 60,000
Bills payable 30,000 Stock 1,40,000
Capitals Debtors 80,000
Gautam 4,00,000 Cash in hand 90,000
Yashica 1,00,000 Machinery 2,10,000
5,00,000
5,80,000 5,80,000
th
Asma is admitted as a partner for 3/8 share in the profits with a capital
of ₹2,10,000 and ₹50,000 for her share of goodwill. It was decided that:
i. New profit sharing ratio will be3:2:3
ii. Machinery will depreciated by 10% and Furniture by₹5,000.
iii. Stock was re-valued at ₹2,10,000.
iv. Provision for doubtful debts is to be created at 10% ofdebtors.
v. The capitals of all the partners were to be in the new profit
sharing ratio on basis of capital of new partner any adjustment to
be done through current accounts.

Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the
new firm.