CBSE Sample Papers for Class 12 Accountancy Paper 5

These Sample papers are part of CBSE Sample Papers for Class 12 Accountancy. Here we have given CBSE Sample Papers for Class 12 Accountancy Paper 5

CBSE Sample Papers for Class 12 Accountancy Paper 5

Board CBSE
Class XII
Subject Accountancy
Sample Paper Set Paper 5
Category CBSE Sample Papers

Students who are going to appear for CBSE Class 12 Examinations are advised to practice the CBSE sample papers given here which is designed as per the latest Syllabus and marking scheme as prescribed by the CBSE is given here. Paper 5 of Solved CBSE Sample Papers for Class 12 Accountancy is given below with free PDF download solutions.

Time: 3 Hours
Maximum Marks: 80

General Instructions:

(i) Please check that this paper contains 23 questions.
(ii) The paper contains two parts A and B.
(iii) Part A is compulsory for all.
(iv) Part B has two options—Option-1 Analysis of Financial Statements and Option-II Computerized Accounting.
(v) Attempt only one option of Part B.
(vi) All parts of a question should be attempted at one place.

PART – A
Partnership Firms and Company Accounts

Question 1.
Name the method of calculating interest on drawings of the partners if the different amounts are withdrawn on different dates.

Question 2.
Give the formula for calculation of goodwill by capitalization of average profit.

Question 3.
In the absence of any provision in the partnership deed, at what rate is working partner entitled for remuneration?

Question 4.
Identify the purpose of utilizing the security premium that would maximize the return to the shareholders.

Question 5.
What is meant by issue of shares for consideration other than cash? Give an example.

Question 6.
Is sleeping partner liable to the acts of other partners?

Question 7.
X, Y and Z are partners sharing profits in the ratio of 3 :2 :1. However, Z is guaranteed Rs 15,000 as his share of profits every year. Deficiency, if any, would be borne by the other partners. The profits for the year was Rs 75,000. Show the profit and loss appropriation account.

Question 8.
Madhu Ltd. issued 6,000,9% debentures of Rs 1,000 each on April 1,2012 redeemable at a premium of 8% after 10 years. According to the terms of prospectus, Rs 400 is payable on application and balance on allotment of debentures. Record necessary entries regarding issue of debentures.

Question 9.
D Ltd. had issued 60,000, 11% debentures of Rs 100 each which are due for redemption on march 31st 2015. It was decided to invest the required amount towards debenture redemption investment. The company has in its debenture redemption reserve account a balance of Rs 3,10,000. Record the necessary journal entries at the time of redemption of debentures.

Question 10.
(a) D. Ltd purchased machinery for Rs 9,00,000 and a motor van for Rs 6,00,000 from Z Ltd. on 1-1-2013. Rs 3,60,000 were paid immediately and the balance was paid by issue of 9,500 fully paid equity shares of Rs 100 each. Pass the necessary journal entries for recording the transactions in the books of D Ltd.
(b) D Ltd. decided to give free tablets worth Rs 4,00,000 to the disabled students of nearby schools. State the values involved in such decision.

Question 11.
Aslam and Bashir of Srinagar are partners in a firm engaged in the business of apple export They share profits and losses in the ratio of 3:2. They admit Simon of Mumbai into partnership in order to facilitate the export of apples. Aslam sacrifices 1/3 of his share and Bashir 1/4 of his share in favour of simon.
(a) Identify any two values which according to you motivated them to take Simon into partnership.
(b) Determine the sacrificing ratio and new profit sharing ratio.

Question 12.
Hari, Mohan and Sohan were partners in a firm sharing profits in 2 : 2 :1 ratio. The firm closes its books on 31st March every year. Mohan died on 24-08-2012, on Mohan’s death, the goodwill of the firm valued at Rs 75,000. The partnership deed provided that on the death of a partner, the share in the profits of the firm in the year of his death will be calculated on the basis of last years’ profit The profit of the firm for the year ended was Rs 2,00,000. Calculate Mohan’s share of profit till the time of his death and pass the necessary journal entries for his treatment of goodwill and his share of profit

Question 13.
Fill in the blanks:
CBSE Sample Papers for Class 12 Accountancy Paper 1 13a

Question 14.
A, B and C were partners. Their capitals were A -Rs 30,000, B-Rs 20,000 and C -Rs 10,000 respectively. According to the partnership deed, they were entitled to interest on capital at 5% P.a. In addition, B was also entitled to draw a salary of Rs 500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capitals, but before charging the salary payable to B. The net profits for the year were Rs 30,000, distributed in the ratio of their capitals without providing for any of the above adjustments. The profits were to be shared in the ratio of 5 : 3 : 2. Pass the necessary adjustment entry showing the working dearly.

Question 15.
Ali and Nasir were partners in a firm sharing profits and losses in the ratio of 2:1 with capitals of Rs 40,000 and Rs 30,000 respectively. They decided to admit Yakub into partnership on conditions that he would bring Rs 20,000 as his capital and Rs 6,000 for his share of goodwill for 1/4th share of profits. Half of the amount of goodwill was withdrawn by the existing partners. The capital of the partners in the new firm were to be arranged in profit sharing ratio on the basis of Yakub’s capital and excess or defidt capital to be adjusted in cash. Show the capital accounts of the partners and the cash account.

Question 16.
Shyam Ltd. Invited applications for issuing 80,000 equity shares of Rs 10 each at a premium of Rs 40 per share.
The amount was payable as follows:
On application- Rs 35 per share (including Rs 30 premium) on allotment- Rs 8 per share (including Rs 4 premium) on first and final call – Balance.
Applications for 77,000 shares were received. Shares were allotted to all the applicants. Sundram, to whom 7000 shares were allotted failed to pay the allotment money. His shares were forfeited immediately after allotment Afterwards, the first and final call was made. Satyam, the holder of 500 shares failed to pay the first and final call. His share were also forfeited. Out of the forfeited shares, 1,000 shares were reissued at Rs 50 per share fully paid up. The reissued shares included all the shares of Satyam. Pass necessary journal entries for the above transactions in the books of Shyam Ltd.
OR
Jain Ltd. invited applications for issuing 70,000 equity shares of Rs 10 each at a premium of Rs 35 per share. The amount was payable as follows:
On application- Rs 15 (including Rs 12 premium)
On allotment- Rs 10 (including Rs 8 premium)
On first and final call — Balance
Applications for 65,000 shares were received and allotment was made to all the applicants. – A shareholder, Ram who was alloted 2,000 shares failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards, the first and final call was made. Sohan, who had 3,000 shares, failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares, 4,000 shares were re-issued at Rs 50 per share fully paid up. The reissued shares included all the shares of Ram. Pass necessary journal entries for the above transactions in the books of Jain Ltd.
Answer 18.
In the books of Shyam Ltd.

Question 17.
Pass the necessary journal entries for the following transactions on the dissolution of the firm of James and Haider who were sharing profits and losses in the ratio of 2:1. The various assets (other than cash) and outside liabilities have been transferred to realisation account:
(i) James agreed to pay off his brother’s loan of Rs 10,000.
(ii) Debtors realised Rs 12,000.
(iii) Haider took over all investments of Rs 12,000.
(iv) Sundry creditors Rs 2,000 were paid at 5% discount.
(v) Realisation expenses amounted to Rs 2,000.
(vi) Loss on realisation was Rs 10,200.
OR
The balance sheet of X, Y and Z, who were sharing profits in the ratio of 5:3:2 as at march 31,2012:
CBSE Sample Papers for Class 12 Accountancy Paper 1 17a
X retired on March 31, 2012 and Y and Z decided to share profits in future in the ratio of 2 : 3 respectively. The other terms on retirement were as follows:
(i) Goodwill of the firm is to be valued of Rs 80,000
(ii) Fixed assets are to be valued at Rs 57,500.
(iii) Make a provision for doubtful debts at 5% on debtors.
(iv) A liability for claim, included in creditors for Rs 10,000 is settled at Rs 8,000.
The amount to be paid to X by Y and Z in such a way that their capitals are proportionate by to their profit sharing ratio and leave a balance of Rs 15,000 in the bank account. Prepare revaluation account and partners’ capital accounts.

PART – B
‘Analysis of Financial Statements’

Question 18.
Give an example of investing activity resulting into inflow of cash.

Question 19.
While preparing cash flow statement, the accountant of Ifratech Ltd. a manufacturing company showed interest on long term borrowings as operating activity. Was he correct in doing so? Give reason in support of your answer.

Question 20.
Under which head the following items will be placed in the balance sheet of the company as per schedule III Part I of companies Act 2013:
(i) Plant and machinery,
(ii) Provision for tax,
(iii) Loose tools and stores and spares,
(iv) Securities premium reserve,
(v) Cheque,
(vi) Softwares,
(vii) 6% debentures payable after three years,
(viii) mastheads and publishing titles.

Question 21.
From the details given below. Calculate inventory turnover ratio and operating ratio: Opening inventory Rs 28,000, closing inventory Rs 22,000, purchase Rs 40,000, revenue from operations Rs 80,000, carriage inwards Rs 4,000, employees benefit expenses Rs 4,000, depreciation Rs 2,000.

Question 22.
Prepare a common size income statement of Jayant Ltd. from the following information for the year ended 31st March 2015:
CBSE Sample Papers for Class 12 Accountancy Paper 1 22a

Question 23.
From the following information, Prepare a cash flow statement
CBSE Sample Papers for Class 12 Accountancy Paper 1 23a
Additional information: A machine costing Rs 3,000 (depreciation provided thereon Rs 400) was sold for Rs 2,800. Depreciation charged during the year was Rs 4,400. Debentures were issued on 1st april, 2014.

Answers

Answer 1.
Product method.

Answer 2.
Capitalised value of average profit
CBSE Sample Papers for Class 12 Accountancy Paper 1 2
Goodwill = Capitalised value of average profit – Capital invested.

Answer 3.
A partner is not entitled to receive any remuneration if there is no partnership deed.

Answer 4.
Securities Premium amount can be utilised in issuing bonus shares to the shareholders to maximise the return to them.

Answer 5.
When shares are issued against the consideration payable for an asset purchased or for the redemption of any other security, such an issue is termed as ‘issue of shares for consideration other than cash’ i.e. a company issued its equity shares of Rs 10,00,000 against the payment of a machinery purchased.

Answer 6.
No, a sleeping partner is not liable for the act of others.

Answer 7.
Profit and loss appropriation A/c
CBSE Sample Papers for Class 12 Accountancy Paper 1 7

Answer 8.
Books of Madhu Ltd.
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 1 8

Answer 9.
Books of Madhu Ltd.
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 1 9
CBSE Sample Papers for Class 12 Accountancy Paper 1 9.1

Answer 10.
(a) Journal of D Ltd.
CBSE Sample Papers for Class 12 Accountancy Paper 1 10
(b) (i) Helping the physically handicapped students.
(ii) Fulfilment of social responsibility towards society.

Answer 11.
(a) Two values involved are:
(i) Promotion of national integrity by admitting a partner from different area of the country.
(ii) Secularism.
CBSE Sample Papers for Class 12 Accountancy Paper 1 11

Answer 12.
CBSE Sample Papers for Class 12 Accountancy Paper 1 12
CBSE Sample Papers for Class 12 Accountancy Paper 1 12.1

Answer 13.
CBSE Sample Papers for Class 12 Accountancy Paper 1 13
CBSE Sample Papers for Class 12 Accountancy Paper 1 13.1

Answer 14.
Working Notes
CBSE Sample Papers for Class 12 Accountancy Paper 1 14

Answer 15.
CBSE Sample Papers for Class 12 Accountancy Paper 1 15

Answer 16.
CBSE Sample Papers for Class 12 Accountancy Paper 1 16
CBSE Sample Papers for Class 12 Accountancy Paper 1 16.1

Answer 17.
Journal
CBSE Sample Papers for Class 12 Accountancy Paper 1 17
CBSE Sample Papers for Class 12 Accountancy Paper 1 17.1

Answer 18.
Sale of fixed Assets/Investment.

Answer 19.
He is wrong. It is a financing activity for a manufacturing company.

Answer 20.
CBSE Sample Papers for Class 12 Accountancy Paper 1 20
CBSE Sample Papers for Class 12 Accountancy Paper 1 20.1

Answer 21.
Cost of revenue from operations = Opening inventory + Purchase + Carriage inwards – Closing inventory
= 28,000 + 40,000 + 4,000 – 22,000 = 50,000
CBSE Sample Papers for Class 12 Accountancy Paper 1 21

Answer 22.
Common size statement of Profit and Loss
CBSE Sample Papers for Class 12 Accountancy Paper 1 22
CBSE Sample Papers for Class 12 Accountancy Paper 1 22.1

Answer 23.
CBSE Sample Papers for Class 12 Accountancy Paper 1 23
CBSE Sample Papers for Class 12 Accountancy Paper 1 23.1

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