XII Accountancy 2018-2019
XII Accountancy 2018-2019
XII Accountancy 2018-2019
Part – A
Accounting for Not-for-Profit Organizations, Partnership Firms and
Companies
Questions Marks
1
Land and Building (book value) ₹ 1,60,000 sold for ₹ 3,00,000 through a broker who 1
charged 2% commission on the deal. Journalise the transaction, at the time of
dissolution of the firm.
Or
State a t o easo s fo the p epa atio of Re aluatio A ou t at ti e of ad issio
of a partner.
3 1
State the asis of a ou ti g o hi h Re eipt a d Pa e t A ou t is p epa ed i
case of Not-for Profit Organisation.
Or
4
One of the partners in a partnership firm has withdrawn ₹ 9,000 at the end of each 1
quarter, throughout the year. Calculate interest on drawings at the rate of 6% per
annum.
5
A, B and C are partners in a firm sharing profit and losses in the ratio of 3:2:1. B died on 1
1st April, 2018. C, so of B, is of the opi io that he is the ightful o e of his fathe s
share of profits, and the profits of the firm should be now shared between A and C
equally. A does not agree. Settle the dispute between A and C by giving reason.
6
Diffe e tiate et ee E uit Sha e a d De e tu e o the asis of isk i ol ed. 1
Or
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7
On April l, 2018, a firm had assets of ₹ , , e ludi g sto k of ₹ , . The 3
u e t lia ilities e e ₹ , a d the ala e o stituted Pa t e s' Capital A ou ts.
If the o al ate of etu is 8%, the Good ill of the fi is alued at ₹6 , at fou
years purchase of super profit, find the actual profits of the firm.
8
Jan Dhan Bank, an All India Financial Institution, had 10,000, 12 % debentures of ₹ 100 3
each, outstanding as at 31st March, 2017. These debentures were due for redemption on
30th June, 2018. Pass necessary Journal Entries for redemption of debentures. Also, state
the amount of Debenture Redemption Reserve to be created for the purpose of
redemption.
9
Complete the following Journal Entries 3
Date Particulars L.F. Amount Amount
( ₹) (₹)
2018
April 1 Sundry Assets A/c Dr 25,00,000
--------------- Dr ……..
To Sundry Liabilities A/c 7,80,000
To Shiv Shankar Ltd. 18,20,000
(Being Shiv Shankar Ltd. was taken over
by Parvati Ltd. for a purchase
consideration of ₹18,20,000 )
Shiv Shankar Ltd. Dr 18,20,000
------------- Dr ……….
To ---------------------- 20,000
To 8% Debentures A/c ………
(For paying Shiv Shankar Ltd. by issuing a
bill of ₹ 20,000 and the balance was paid
by issue of 8% Debentures of ₹ 100 each
at a discount of 10%)
Or
S. Singh Limited obtained a loan of ₹ 5,00,000 from State Bank of India @ 10 % 1+2
interest. The company issued ₹ 7,50,000, 10 % debentures of ₹ 100/- each, in favor of
State Bank of India as collateral security. Pass necessary journal entries for the above
transactions:
i. When company decided not to record the issue of 10 % Debentures as collateral
security.
ii. When company decided to record the issue of 10 % Debentures as collateral security.
11
Bhavya and Sakshi are partners in a firm, sharing profits and losses in the ratio of 3:2.On 4
31st March, 2018 their Balance Sheet was as under:
Balance Sheet of Bhavya and Sakshi
As at 31st March, 2018
Liabilities Amount Assets Amount
(₹) (₹)
Sundry Creditors 13,800 Furniture 16,000
General Reserve 23,400 Land and Building 56,000
Investment Fluctuation Fund 20,000 Investments 30,000
Bhavya’s Capital 50,000 Trade Receivables 18,500
Sakshi’s Capital 40,000 Cash in Hand 26,700
1,47,200 1,47,200
The partners have decided to change their profit sharing ratio to 1: 1 with immediate
effect. For the purpose, they decided that:
a. Investments to be valued at ₹ 20,000
b. Goodwill of the firm valued at ₹ 24,000
c. General Reserve not to be distributed between the partners.
You are required to pass necessary journal entries in the books of the firm. Show
workings.
12
Dinesh, Alvin and Pramod are partners in a firm sharing profits and losses in the ratio of 4
5:3:2.Their Balance Sheet as at March 31, 2018 was as follows: -
Balance Sheet of Dinesh, Alvin and Pramod
As at 31st March, 2018
Liabilities Amount Assets Amount
(₹) (₹)
Sundry Creditors 50,000 Debtors 15,000
General Reserve 40,000 Fixed Assets 67,000
Bills Payable 10,000 Investments 40,000
Dinesh’s Capital 30,000 Stock 25,500
Alvin’s Capital 40,000 Cash in Hand 36,000
Pramod’s Capital 30,000 Deferred Revenue
Expenditure 14,000
Dinesh’s Loan Account 2,500
2,00,000 2,00,000
Dinesh died on July 1, 2018, The executors of Dinesh are entitled to:-
i. His share of goodwill. The total goodwill of the firm valued at ₹50,000.
ii. His share of profit up to his date of death on the basis of actual sales till date of
death. Sales for the year ended March 31, 2018 was ₹ 12, 00,000 and profit for
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the same year was ₹ 2,00,000. Sales shows a growth trend of 20% and percentage
of profit earning remains the same.
iii. Investments were sold at par. Half of the amount due to Dinesh was paid to his
executors and for the balance, they accepted a Bills Payable.
Prepare Dinesh’s Capital account to be rendered to his executors.
13
Prepare Income and Expenditure Account from the following particulars of Youth Club, 6
for the year ended on 31st March,2018:
Receipts and Payments A/c
for the year ended on 31st March, 2018
Receipts Amount Payments Amount
(₹) (₹)
To Balance b/d 32,500 By Salaries 31,500
To Subscription By Postage 1,250
2016-17 1,500 By Rent 9,000
2017-18 60,000 By Printing and
2018-19 1,800 63,300 Stationery 14,000
To Donations By Sports Material 11,500
(Billiards table) 90,000 By Miscellaneous
Expenses 3,100
To Entrance Fees 1,100 By Furniture (1.10.2017) 20,000
To Sale of old By 10% investment
magazines 450 (1.10.2017) 70,000
By Balance c/d (31.3.18) 27,000
1,87,350 1,87,350
Additional Information:
i. Subscription outstanding as at March 31st 2018 ₹ 16,200
ii. ₹ 1200 is still in arrears for the year 2016-17 for subscription
iii. Value of sports material at the beginning and at the end of the year was
₹ 3,000 and ₹ 4,500 respectively.
iv. Depreciation to be provided @ 10% p.a. on furniture.
14
Pradeep and Rajesh were partners in a firm sharing profits and losses in the ratio of 3:2. 6
They decided to dissolve their partnership firm on 31st March, 2018. Pradeep was
deputed to realize the assets and to pay off the liabilities. He was paid ₹ 1,000 as
commission for his services. The financial position of the firm on 31st March, 2018 was
as follows:
Balance Sheet
As at March 31, 2018
Liabilities Amount Assets Amount
(₹) (₹)
Creditors 80,000 Building 1,20,000
Mrs Pradeep’s Loan 40,000 Investment 30,600
Rajesh’s loan 24,000 Debtors 34,000
Less : Provision for
Doubtful Debts 4,000 30,000
Investment Fluctuation 8,000 Bills Receivable 37,400
Fund Bank 6,000
Capitals: Profit and Loss A/c 8,000
Pradeep 42,000 Goodwill 4,000
Rajesh 42,000 84,000
2,36,000 2,36,000
15
Mudit, Sudhir and Uday are partners in a firm sharing profits in the ratio of 3:1:1. Their 6
fixed capital balances are ₹ 4,00,000, ₹ 1,60,000 and ₹1,20,000 respectively.Net profit
for the year ended 31st March, 2018 distributed amongst the partners was ₹1,00,000,
without taking into account the following adjustments:
a) Interest on capitals @ 2.5% p.a.;
b) Salary to Mudit ₹ 18,000 p.a. and commission to Uday ₹ 12,000
c) Mudit was allowed a commission of 6% of divisible profit after charging such
commission.
Pass a rectifying journal entry in the books of the firm. Show workings clearly.
Or
The partners of a firm, Alia, Bhanu and Chand distributed the profits for the year ended
31st March, 2017, ₹ 80,000 in the ratio of 3:3:2 without providing for the following
adjustments:
16
Anshika Ltd. issued applications for 2,00,000 equity shares of ₹10 each, at a premium of 8
₹4 per share. The amount was payable as follows:
On application ₹ 6 (including ₹2 premium)
On allotment ₹ 7 (including ₹2 premium)
Balance on first and final call
Applications for 3,00,000 shares were received. Allotment was made to all the applicants
on pro-rata basis. Mehak to whom 400 shares were allotted, failed to pay allotment and
call money. Khushboo who had applied for 300 shares failed to pay call money. These
shares were forfeited after Final call. 400 of the forfeited shared (including all shares of
Khushboo) were reissued @ ₹8 per share as fully paid up. Pass necessary journal entries
in the books of Anshika Ltd. for the above transactions by opening calls in arrears and
calls in advance account wherever necessary.
Or
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Khyati Ltd. issued a prospectus inviting applications for 80,000 equity shares of ₹10
each payable as follows:
₹2 on application
₹3 on allotment
₹2 on first call
₹3 on final call
Applications were received for 1,20,000 equity shares. It was decided to adjust
the excess amount received on account of over subscription till allotment only.
Hence allotment was made as under:
(i) To applicants for 20,000 shares – in full
(ii) To applicants for 40,000 shares – 10,000 shares
(iii) To applicants for 60,000 shares – 50,000 shares
Allotment was made and all shareholders except Tammana, who had applied for 2,400
shares out of the group (iii), could not pay allotment money. Her shares were forfeited
immediately, after allotment. Another shareholder Chaya ,who was allotted 500 shares
out of group (ii), failed to pay first call. 50% of Tamanna’s shares were reissued to
Satnaam as ₹ 7 paid up for payment of ₹ 9 per share.
Pass necessary journal entries in the books of Khyati Ltd. for the above transactions by
opening calls in arrears and calls in advance account wherever necessary.
17
Divya, Yasmin and Fatima are partners in a firm, sharing profits and losses in 11:7:2 8
st
respectively. The balance sheet of the firm as on 31 March 2018 was as follows:
Balance Sheet
As at 31.3.2018
Liabilities Amount Assets Amount
(₹) (₹)
Sundry Creditors 70,000 Factory Building 7,35,000
Public Deposits 1,19,000 Plant and Machinery 1,80,000
Reserve fund 90,000 Furniture 2,60,000
Outstanding Expenses 10,000 Stock 1,45,000
Capital accounts Debtors 1,50000
Divya 5,10000 Less: Provision (30000) 1,20,000
Yasmin 3,00000 Cash at bank 1,59,000
Fatima 5,00000 13,10,000
15,99,000 15,99,000
On 1.4.2018, Aditya is admitted as a partner for one-fifth share in the profits with a
capital of ₹4,50,000 and necessary amount for his share of goodwill on the following
terms:
i. Furniture of ₹2,40,000 were to be taken over Divya, Yasmin and Fatima
equally.
ii. A creditor of ₹ 7,000 not recorded in books to be taken into account.
iii. Goodwill of the firm is to be valued at 2.5 years purchase of average profits
of last two years. The profit of the last three years were:
2015-16 ₹6,00,000; 2016-17 ₹2,00,000; 2017-18 ₹6,00,000
iv. At time of Aditya’s admission Yasmin also brought in 50,000 as fresh capital
v. Plant and Machinery is re-valued to ₹2,00,000 and expenses outstanding
were brought down to ₹ 9,000. Prepare Revaluation Account, Partners Capital
Account and the balance sheet of the reconstituted firm.
Or
The Balance Sheet of Adil, Bhavya and Cris as at 31st March 2018 was as under:
Balance Sheet
As at 31.3.18
Liabilities Amount(₹) Assets Amount
(₹)
Capital Accounts: Buildings 1,20,000
Adil 40,000 Motor car 18,000
Bhavya 30,000 Stock 20,000
Cris 20,000 Investments 20,000
General Reserve 10,000 Debtors 40,000
Investment Cash at Bank 12,000
Fluctuation Reserve 7,000
Sundry creditors 1,23,000
2,30,000 2,30,000
The partners share profits in the ratio of 5:3:2. On 1-4-2018, Cris retires from the firm
on the following terms and conditions:
i. 20% of the General Reserve is to remain as a reserve for bad and doubtful
debts
ii. Motor car is to be reduced by 5%
iii. Stock is to be revalued at ₹ 17,500 and investment to be re-valued at ₹ 18,000
iv. Goodwill is to be valued at 3 years’ purchase of the average profits of last 4
years. Profits of the last four years were:
2014-15 ₹13,000; 2015-16 ₹11,000; 2016-17 ₹16,000 and 2017-18 ₹24,000
Cris was paid in full. Adil and Bhavya borrowed the necessary amount from the Bank on
the security of Building to pay off Cris.
Pass necessary journal entries.
19 1
State any one advantage of preparing Cash Flow Statement.
20
Under which major heads and subheads of the Balance Sheet of a company, will the 4
following items be shown:-
i) Loose Tools
ii) Retirement Benefits Payable to employees
iii) Patents
iv) Interest on Calls in Advance
21 Calculate amount of Opening Trade Receivables and Closing Trade Receivables from
the following figures: 4
Trade Receivable Turnover ratio 5 times
Cost of Revenue from Operations ₹ 8,00,000
Gross Profit ratio 20%
Closing Trade Receivables were ₹ 40,000 more than in the beginning
Cash sales being ¼ times of Credit sales
Or
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From the following data, calculate Current ratio and Liquid Ratio
Liquid Assets ₹ 75,000
Inventories(Includes Loose Tools of ₹20,000) ₹ 35,000
Prepaid expenses ₹10,000
Working Capital ₹ 60,000
22
From the following Balance Sheet of R Ltd., Prepare a Common Size Statement 4
Balance Sheet As at 31st March, 2018.
Particulars Note 31.3.2018 31.3.2017
no. (₹) (₹)
I EQUITY AND LIABILITIES
1. Shareholder’s Funds:
a. Share Capital 2,50,000 2,00,000
b. Reserve and Surplus 80,000 60,000
2. Current Liabilities:
a. Trade Payable 70,000 40,000
Total 4,00,000 3,00,000
II ASSETS
1. Non-Current Assets:
a. Fixed Assets:
i. Tangible Assets 1,60,000 1,20,000
ii. Intangible Assets 20,000 30,000
2. Current Assets
a. Inventories 80,000 30,000
b. Trade Receivables 1,20,000 1,00,000
c. Cash and Cash Equivalents 20,000 20,000
Total 4,00,000 3,00,000
Or
From the following Statement of Profit and Loss of the Sakhi Ltd. for the year ended
31st March 2018, prepare Comparative Statement of Profit & Loss.
Statement of Profit & Loss for the year ended 31st March, 2018
Particulars 2016-17 (₹) 2017-18(₹)
Revenue from Operations 25,00,000 40,00,000
Expenses:
a) Employee benefit 7,00,000 10,00,000
expenses
b) Other Expenses 3,00,000 2,00,000
Rate of Tax - 40%
23 6
From the following Balance Sheets of Vishva Ltd., prepare Cash Flow Statement as per
AS-3 (revised) for the year ending 31st March, 2018
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22 Give any four features of computerized accounting system. 4
Or
Give any four limitations of computerized accounting system
Class XII
Accountancy
Marking Scheme (2018-19)
Time allowed : 3 Hours Maximum Marks : 80
Part A
Accounting for Not-for-Profit Organizations, Partnership Firms and
Companies
Question Marks
1
Journal
Date Particulars L.F A ou t ₹ A ou t ₹ 1
Cash A/c Dr. 2,94,000
To Realisation A/c 2,94,000
(Being land and building sold through
broker, paid 2% of realisable value to
broker)
2 1
It is necessary to revalue assets and liabilities of a firm in case of admission of a partner so that
the incoming partner is neither put to an advantage nor to disadvantage due to change in the
market value of assets and liabilities.
Or
Two reasons for preparatio of Re aluatio A ou t at ti e of ad issio of a part er are:-
½
i) To record the effect of revaluation of assets and liabilities.
ii) To ensure that the profits or losses on revaluation of assets and liabilities may be divided ½
amongst the old partners.
3 1
Re eipt a d Pa e t A ou t i ase of Not-for-Profit Organisation is prepared on Cash Basis of
Accounting.
Or
Subscription received in advance during the current year is recorded on the liability side of 1
urre t ear s Bala e Sheet.
4 1
I terest o dra i gs = ₹ , X X / X . /
I terest o dra i gs = ₹
5 1
C is not correct in his claim, unless agreed; new profit sharing ratio of the continuing partners
remains same as their old profit- sharing ratio i.e. 3:1.
Or
Employee Stock Option Plan means option granted by the company to its employees and
employee directors to subscribe the shares of the company at a price that is lower than the
market price but it is not an obligation on the employee to subscribe for it.
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7
Total Assets= ₹1,20,000 ½ X 6=
Capital Employed = Total Assets – Current Liabilities 3
= 1,20,000 - 10,000 Marks
= ₹1,10,000 1/2
Normal Profits = 8% of 1,10,000
= ₹8,800 1/2
Goodwill = Super Profits X No. of Years Purchase 1/2
Super Profits = Actual Average Profits – Normal Profits 1/2
Given Goodwill = ₹ 60,000
60,000 = 4 (Average Actual Profits – Normal Profits)
15000 =Average Actual Profits – 8,800 1/2
Average Actual Profits= 15,000 + 8,800= ₹23,800 1/2
8
JOURNAL
Date Particulars L.F A ou t ₹ A ou t ₹
2018
June 30 12% Debentures A/c Dr 10,00,000 1
To Debenture holders A/c 10,00,000
(Being amount due for redemption)
June 30 Debenture holders A/c Dr 10,00,000
To Bank A/c 10,00,000 1
(Being payment made to debenture
holders on redemption)
Note: According to Section 71(4) of the Companies Act, 2013 and Rule 18(7)(b) of Companies 1
Rules,2014, an All India Financial Institution is not required to create Debenture Redemption
Reserve.
9
JOURNAL
Date Particulars L.F. Amount Amount
₹ ₹
2018
April 1 Sundry Assets A/c Dr 25,00,000
Goodwill A/c Dr 1,00,000 ½X
To Sundry Liabilities A/c 7,80,000 6=3
To Shiv Shankar Ltd. 18,20,000 Marks
(Being Shiv Shankar Ltd. was taken over by
Parvati Ltd. for a purchase consideration of
₹ , ,000)
April 1 Shiv Shankar Ltd. Dr 18,20,000
Discount on issue of Debentures A/c Dr 2,00,000
To Bills Payable A/c 20,000
To 8% Debentures A/c 20,00,000
(For paying Shiv Shankar Ltd. by issuing a bill
of ₹ , a d the ala e as paid
issue of % De e tures of ₹ ea h at a
discount of 10%)
Or
(i) Journal
Dr. Amount
Date Particulars LF (₹) Cr. Amount (₹)
Bank Account Dr. 5,00,000 1
To Bank Loan Account 5,00,000
(Being loan obtained from State Bank of
India @ 10 % p.a. interest, against collateral
security of 7,500 10 % debentures of ₹100
each)
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(ii)
Date Particulars LF Dr. Amount Cr. Amount
(₹) (₹)
Bank Account Dr. 5,00,000
To Bank Loan Account 5,00,000 1
(Being loan obtained from State Bank of India
@ 10 % p.a. interest, against collateral
security of 7,500 10 % debentures of ₹100
each)
10 1.5
Calculation of amount of sports material to be transferred to Income and Expenditure Account Marks
of Raman Bhalla Sports Club, Ludhiana for the year for
ended on 31st March, 2018 total
purcha
Particulars A ou t ₹ ses
Payment to creditors of sports material 91,000 and
Add: Closing creditors of sports material 45,000 1.5
Less: Opening creditors of sports material (37,000) marks
Add: Cash purchases of sports material 40,000 For
Total purchases 1,39,000 final
Less: Sports material sold during the year (Book Value) (50,000) amoun
Add: Opening stock of sports material 50,000 t=3
Less: Closing stock of sports material (55,000) Marks
Amount to be shown to Income and Expenditure Account 84,000
11
JOURNAL
12
Dr Dinesh’s Capital A/c Cr
Particulars Amount Particulars Amount 1/2 X
₹ ₹ 8=4
To Deferred Revenue By Balance b/d 30,000
Expenditure1/2 7,000
To Dinesh s Loa A/ 1/2 2,500 By General Reserve 1/2 20,000
To Dinesh s E e utor s A/c 95,500 By Alwin s Capital A/c 1/2 15,000
By Pramod s Capital A/ 1/2 10,000
By Profit and Loss Suspense
A/c 1/2 30,000
1,05,000 1,05,000
Working Note :-
Share of Profit =₹ 3,60,000 X 1/6 X 5/10 = ₹ ,
13
Income And Expenditure A/c 4
For the year ended 31st March, 2018
Dr Cr
Particulars Amount Particulars Amount
(₹) (₹)
To Salaries 31,500 By Subscription 60,000
To Postage 1,250 Add Outstanding Subscription 75,000
15,000
To Rent 9,000 By Entrance Fees 1,100
To Printing and Stationery 14,000 By Sale of old magazines 450
To Miscellaneous Expenses By Interest on Investment 3,500
3,100
To Consumption of Sports
Material 10,000
To Depreciation on Furniture 1,000
To Surplus 10,200
80,050 80,050
Working Notes:- 1
i) Consumption of Sports Material = Opening stock of sports material+ Purchases of
sports material during the year – Closing stock of sports material ½
= ₹ 3,000 + ₹ 11,500 – ₹4,500= ₹ 10,000 ½
ii) Depre iatio of Fur iture = ₹ , X / X / =₹ ,
iii) I terest o I est e t = ₹ , X / X / =₹ , 0
14 6
Dr Realisation A/c Cr
Particulars Amount Particulars Amount
₹ ₹
To Building 1,20,000 By Provision on Debtors 4,000
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15
Adjustment Table:
1½
Fir s Parti ular s Alia s Bha u s Cha d s
Dr Cr Dr Cr Dr Cr Dr Cr
80,000 Profits Given 30,000 30,000 20,000 1
36,00 Salary 18,000 18,000
0
4,000 Commission 4,000
40,00 Profit to be credited 35,000 5,000
0
30,000 53,000 30,000 9,000 20,000 18,000
Di isi le profits = ₹ , –₹ , –₹ , =₹ , 1½
Alia s Share = ₹ , +₹ , =₹ ,
Bha u s share = ₹ , -₹ , =₹ ,
Cha d s share ₹ 10,000 – ₹ , = il
JOURNAL ENTRY
Date Particulars L.F. Amount Amount
₹ ₹
Bha u s Capital A/ Dr 21,000
Cha d s Capital A/ Dr 2,000
To Alia s Capital A/c 23,000
(Being Salary, Commission to partners
missed in distribution of profit, guarantee
to Alia, now adjusted)
16
JOURNAL 8
Date Particulars L.F. Amount Amount
( ₹) (₹)
Bank A/c Dr 18,00,000
To Equity Share Application A/c 18,00,000 ½
(Being application money received on 3,00,000
shares)
Equity Share Application A/c Dr 18,00,000
To Equity Share Capital A/c 8,00,000 1
To Securities Premium Reserve A/c 4,00,000
To Equity Share Allotment A/c 6,00,000
(Being 2,00,000 shares allotted, excess amount
transferred to allotment)
Equity Share Allotment A/c Dr 14,00,000
To Equity Share Capital A/c 10,00,000 1
To Securities Premium Reserve A/c 4,00,000
(Being allotment due on 2,00,000 shares)
Bank A/c Dr 7,98,400
Calls in Arrears A/c Dr 1,600 1
To Equity Share Allotment A/c 8,00,000
(Being allotment money received on 199,600
shares)
Equity Share First and Final Call A/c Dr. 2,00,000 ½
To Equity Share Capital A/c 2,00,000
(Being share 1st call due on 2,00,000 shares)
Bank A/c Dr 1,99,400 1
Calls in Arrears A/c Dr 600
To Equity Share First and Final Call A/c 2,00,000
(Being first call received on 199,400 shares)
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Or
17
Dr Revaluation Account Cr
Particulars Amount Particulars A ou t ₹
₹
To Creditors 7,000 By Machinery 20,000
To Part er s Capital A/ By Outstanding Expenses 1,000
Divya 7,700 2 ½
Yasmin 4,900
Fatima 1,400 14,000
21,000 21,000
Particulars Divy Yasm Fati Adity Particulars Divya Yasm Fati Adity
a in ma a in ma a
To 80,00 80,00 80,00 By Balance 5,10,0 3,00, 5,00, 3
Furniture 0 0 0 b/d 00 000 000
A/c
To Balance 5,97, 3,76, 4,50, 4,50, By Bank A/c 50,00 4,50,
C/d 200 400 400 000 0 000
By Reserve 49,50 31,50 9,000
Fund 0 0
By Premium 1,10,0 70,00 20,00
for goodwill 00 0 0
A/c
By 7,700 4,900 1,400
Revaluation
A/c
6,77, 4,56, 5,30, 4,50, 6,77,2 4,56, 5,30, 4,50, 2½
200 400 400 000 00 400 400 000
Balance Sheet
As at 1.4.2018
Liabilities A ou t ₹ Assets Amount
₹
Sundry creditors 77,000 Factory building 7,35000
Public deposits 1,19000 Plant and Machinery 2,00000
Outstanding Expenses 9,000 Furniture 20,000
Capital accounts Stock 1,45000
Divya 5,97,200 Debtors 1,50000
Yasmin 3,76,400 Less: Provision (30000) 1,20000
Fatima 4,50,400 Cash at bank 8,59000
Aditya 4,50,000 18,74,000
20,79000 20,79000
Working Notes:
1. Goodwill = 2.5 X {(₹ 60,000 + ₹ 20,00)/2} = ₹ 10,00,000
2.Dr Bank Account Cr
Particulars Amount Particulars A ou t ₹
₹
To Balance B/d 1,59,000 By balance c/d 8,59,000
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8,59,000 8,59,000 1
.
OR
JOURNAL
Date Particulars L.F. Amount Amount
₹ ₹
Revaluation A/c Dr 3,400 1
To Motor Car A/c 900
To Stock a/c 2,500
(Being assets revalued at the time of
retirement)
Adil s Capital A/ Dr 1,700
Bha a s Capital A/ Dr 1,020
Cris Capital A/c Dr 680
To revaluation A/c 3,400 1.5
(Being loss on revaluation transferred to all
part er s apital A/
General Reserve A/c Dr 10,000
To Provision for bad debts A/c 2,000
To Adil s Capital A/ 4,000
To Bha a s Capital A/ 2,400
To Cris Capital A/c 1,600 1
(Being 20% of general reserve provided as
provision for bad and doubtful debts and
remaining distributed among old partners)
Investment Fluctuation Reserve A/c Dr 7,000
To Investments A/c 2,000
To Adil s Capital A/ 2,500
To Bha a s Capital A/ 1,500
To Cris s Capital A/c 1,000
(Being Investment Fluctuation Reserve
amount distributed among the partners 1.5
after adjusting the fluctuation in
I est e t s Value
Adil s Capital A/ Dr 6,000
Bhavya;s Capital A/c Dr 3,600
To Cris s Capital A/ 9,600 1
( Being adjustment of goodwill between
partners made due to retirement of a
partner)
Bank A/c Dr 19,520
To Bank Loan A/c 19,520 1
( Being amount borrowed from the Bank
on the security of Building to pay off
retiring partner)
Cris s Capital A/ Dr 31,520
To Bank A/c 31,520
( Being retiring partner paid off the
necessary amount)
19 1
An advantage of preparing Cash Flow Statement is:-
i. Cash flow statement when used along with other financial statements provides
information that enable users to evaluate changes in net assets of the enterprises, its
financial structure and its ability to affect the amount and the timings of cash flows in
order to adapt to changing circumstances and opportunities.
ii. Cash flow information is useful in assessing the ability of enterprise to generate cash and
cash equivalents and enable users to develop models to assess and compare the present
value of the future cash flows of different enterprises
iii. It also enhances the comparability of the reporting of operating performance by different
enterprises because it eliminates the effects of using different accounting treatments for
the same transactions and events.
iv. It also helps in balancing the cash inflow and cash outflow, keeping in response to
changing conditions. It is also helpful in checking the accuracy of the past assessment of
future cash flows and in examining the relationship between profitability and net cash
flow and impact of changing prices.
(any one)
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21
Sales =Cost of Revenue from Operations + Profit 1 X4=4
If Sales is 100; Gross Profit = ₹ 20 Marks
Cost of Revenue from Operations = ₹ 100 - ₹ 20 = ₹80
Applying Unitary Method
If Cost of Revenue of Operation is ₹ 80, then Revenue from Operations = ₹ 100
If Cost of Revenue of Operation is ₹ 8,00,000
Then, Revenue from Operations = ( ₹ 8,00,000 X 100) /80 = ₹ 10,00,0001
Revenue from Operations = Cash Revenue from Operations + Credit Revenue from Operations
(i)
Let Cash Revenue from Operations be x; Credit Revenue from Operations = 4x
Substituting in (i)
₹ 10,00,000 = x +4x
x = ₹ 10,00,000 /5 = ₹ 2,00,000
Credit Revenue from Operations = ₹ 8,00,0001
Trade Receivable Turnover ratio = Credit Revenue from Operations / Average Trade Receivables
(ii)
Average Trade Receivables = ( Opening Trade Receivables + Closing Trade Receivables ) /2
Let Opening Trade Receivables be y; Closing Trade Receivables = y + ₹ 40,000
Substituting in (ii)
5 = ₹ 8,00,000 / (y + y + ₹ 40,000)/2
5 = ₹ 8,00,000 / ( y + ₹ 20,000)
5y + ₹ 1,00,000 = ₹ 8,00,000
y= ₹ 7,00,000/5
y= ₹1,40,000 (Opening Trade Receivables) 1
Opening Trade Receivables = ₹ 1,40,000
Closing Trade Receivables = Opening Trade Receivables + ₹ 40,000
= ₹1,40,000 +₹ 40,000
Closing Trade Receivables = ₹1,80,000 1
Or
Current Assets = Liquid Assets + Inventories (excluding loose tools) +Prepaid Expenses
= ₹ 75,000+ ₹ 15,000 + ₹ 10,000
= ₹ 1,00,000 1
Working Capital = Current Assets – Current Liabilities
Current Liabilities = Current Assets – Working Capital
= ₹ 1,00,000 - ₹ 60,000
= ₹ 40,000 1
Current Ratio = Current Assets / Current Liabilities
= ₹ 1,00,000 / ₹ 40,000
= 2.5 : 1 1
Liquid Ratio = Liquid Assets / Current Liabilities
= ₹ 75,000 / ₹ 40,000
= 1.875 : 1 1
22
Common Size Balance Sheet of R Ltd.
As at 31st March, 2017 and 2018
Particulars Not Absolute Amounts Percentage of Balance
e sheet Total
no. 31.3.2017 31.3.2018 31.3.2017 31.3.2018
₹ ₹ ( %) (%)
I EQUITY AND LIABILITIES
1. Shareholder s Fu ds: ½
a. Share Capital 2,00,000 2,50,000 66.7 62.5
b. Reserve and 60,000 80,000 20 20 ½
Surplus
2. Current Liabilities: ½
a. Trade Payable 40,000 70,000 13.3 17.5
3,00,000 4,00,000 100 100
Total
II ASSETS
1. Non-Current Assets:
a. Fixed Assets:
i. Tangible 1,20,000 1,60,000 40 40 ½
Assets
ii. Intangible
Assets ½
30,000 20,000 10 5
2. Current Assets ½
a. Inventories 30,000 80,000 10 20 ½
b. Trade 1,00,000 1,20,000 33.3 30
Receivables ½
c. Cash and Cash 20,000 20,000 6.7 5
Equivalents
Total 3,00,000 4,00,000 100 100
Or
Comparative Statement of
Profit and Loss of Sakhi Ltd.
For the year ending 31st March 2017 and 2018
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23
Vishva Ltd 6
Cash Flow Statement for the year ended on 31st March, 2018
Working Notes:
Dr Machinery Account Cr
Particulars Amount Particulars Amount (₹)
(₹)
To Balance B/d 34,800 By depreciation A/c 14,400
To Bank A/c 2,400 By Balance C/d 22,800
37,200 37,200
21 For installation of computerised accounting system, the following steps are required: 1X4=4
1. Insert CD in the system .
2. After inserting CD select the option in following steps ;
a. Select any (C: or E: or D: ) from My Computer icon on the desktop. Double click on install.exe
OR
b. Select start > run > type the file name E:\install.exe
3. After the above process the default directories of application , data and Configuration opens in
a window. In case, the user wants to change the default directories then it can be changed by
providing the desired drive and file name/directory name for example : D:\software name,
instead of C :\accounting software (default name)
4. Click on install and installation process begins, accounting software displays the Message of
successful installation, then this CD can be removed.
22 Following are the salient features of computerized accounting system : (any four) 1x4=4
1. It is designed to automate, integrate and simplify all the business operations, such as sales,
finance, purchase, inventory and manufacturing. CAS is integrated to provide accurate, up-to-
date business information rapidly in a cost effective manner.
2. It provides sufficient time to plan, increases data accessibility and enhances user satisfaction.
With computerised accounting, the organisation will have greater transparency for day-to-day
business operations and access to the vital information.
3 .It provides user -definable templates (data entry screens or forms) for fast, accurate data
entry of the transactions. It also helps in generalizing desired documents and reports.
4. It enables in changing the volume of data processing in tune with the change in the size of the
business. The software can be used for any size of the business and type of the organisation.
5. It makes sure that the generalised critical financial information is accurate, controlled and
secured.
OR
Limitations of Computerised accounting system :
Following are the limitation of CAS software:
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