SANSKRITI SCHOOL
Dr. S. Radhakrishnan Marg
New Delhi
Academic Session 2021-22
Pre-Board II Examination
Class - XII
Subject: Accountancy
Time: 2 Hours Max Marks: 40
General Instructions:
General Instructions:
● This question paper comprises two Parts – A and B.
● There are 12 questions in the question paper. All questions are compulsory.
● Part - A is compulsory for all candidates.
● Part - B has two options (i) Analysis of Financial Statements and (ii)
Computerized Accounting. Students must attempt only one of the given options.
● Question nos. 1 to 3 and 10 are short answer type–I questions carrying 2 marks
each.
● Question nos. 4 to 6 and 11 are short answer type–II questions carrying 3 marks
each. Question nos. 7 to 9 and 12 are long answer type questions carrying 5 marks
each.
● There is no overall choice. However, an internal choice has been provided in 3
questions of three marks and 1 question of five marks.
Q1. Following information is provided by Vinod Welfare Club on 31.3.2021: 2
Details Amount (Rs.)
Creditors for Stationery purchased:
On 1.4.2020 48,000
On 31.3.2021 38,400
Stock of Stationery:
On 1.4.2020 64,000
On 31.3.2021 92,800
Additional Information:
a) During the year 2020-21 payment made Rs. 2,01,600 to the creditors for
stationery.
b) Stationery purchased in cash during the year was 25% of the total purchase of
stationery.
Calculate the stationery consumed during the year.
Q2. a) Rishabh and Vansh are partners in a firm sharing profits in the ratio of 3 : 2. Mrs 2
Rishabh has given a loan of Rs. 20,000 to the firm and the firm has also taken a
loan from Vansh of Rs. 15,000. The firm was dissolved and its assets were realised
for Rs. 30,000. To whom company will repay if there were no other creditors of
the firm? Show working.
b) When can court order dissolution of a firm?
Q3. X, Y and Z were partners in a firm sharing profits in the ratio of 5:3:2. Y decided to 2
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retire from the firm. General Reserve appeared in their books at Rs. 20,000. On the
date of retirement of Y, Goodwill of the firm was valued at Rs. 1,20,000. The new
profit-sharing ratio decided among X and Z was 2:3. X and Z wants to keep the
General Reserve in their Balance Sheet and adjustment was made for the same. Pass
adjustment entry.
Q4. As per Receipt and Payment Account of a ‘Trust’ for the year ended on March 31, 3
2022, the subscriptions received were Rs. 25,00,000 (including subscription of Rs.
3,50,000 for the year ended 31st March, 2021).
Additional Information given is as follows:
a) Subscriptions Outstanding on 1.4.2021 Rs. 5,00,000
b) Subscriptions Outstanding for 31.3.2022 Rs. 3,50,000
c) Subscriptions Received in Advance as on 1.4.2021 Rs. 2,50,000
d) Subscriptions Received in Advance as on 31.3.2022 Rs. 3,00,000
Ascertain the amount of income from subscriptions for the year 2021-22
OR
Following is the information given in respect of certain items of a Sports Club. Show
these items in the Income and Expenditure Account and the Balance Sheet of the Club
for the year ending 31st March, 2020:
Particulars Amount(Rs.)
Sports Fund as on 1.4.2019 35,000
Sports Fund Investments 35,000
Interest on Sports Fund Investments 4,000
Donations for Sports Fund 15,000
Sports Prizes awarded 10,000
Expenses on Sports Events 4,000
General Fund 80,000
General Fund Investments 80,000
Interest on General Fund Investments 8,000
Q5. Ram, Mohan and Sohan were partners, sharing profit/loss in ratio of 5:3:2. Ram died 3
on 28th Feb, 2021. Sohan and Mohan decide to share profit and loss in future 2:3.
Sales of the last accounting year Rs. 8,00,000 and profit for the same year amounted to
Rs. 1,20,000. Sales of the current year have been showing a trend of 15% decrease due
to corona effect. Find deceased partner share of profit/loss and pass journal entry.
Q6. Neeraj Ltd took over business of Ajay enterprises on 1st April, 2020. The details of 3
the agreement regarding the assets and liabilities to be taken over are:
Particulars Book Value(Rs.) Agreed Value(Rs.)
Building 20,00,000 35,00,000
Plant and Machinery 12,00,000 8,00,000
Stock 4,00,000 4,00,000
Trade Receivables 5,00,000 4,00,000
Creditors 2,00,000 3,00,000
Outstanding Expenses 50,000 1,00,000
It was decided to pay the purchase consideration as Rs. 7,00,000 through cheque and
balance by issue of 2,00,000, 9% debentures of Rs. 20 each at a premium of 25%.
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Journalise.
OR
Raghuveer Limited issued Rs.10,00,000, 8% debentures as follows to:
(i) Sundry Subscribers for Cash at 90% Rs.5,50,000
(ii) Bankers as Collateral Security for a bank loan worth Rs.
20,00,000 for which principal security is Business Premises
worth Rs. 22,50,000. Rs.2,50,000.
The issue (i) and (ii) are redeemable after 5 years at 10% premium. Pass necessary
journal entries in the above cases.
Q7. Chintan, Ayush and Sudha were partners in a firm sharing profits and losses in the 5
ratio of 5 : 3 : 2. On 31st March, 2019, their Balance Sheet was as follows:
Balance Sheet of Chintan, Ayush and Sudha
as at 31st March, 2019
Liabilities Rs. Assets Rs.
Creditors 20,000 Stock 30,000
Employees' Provident Fund 30,000 Machinery 90,000
General Reserve 10,000 Furniture 60,000
Capitals : Debtors 60,000
Chintan 90,000 Less prov 5000 55,000
Ayush 60,000 Cash at Bank 15,000
Sudha 40,000 1,90,000
2,50,000 2,50,000
Chintan retired on the above date and it was agreed that:
a) Debtors of Rs.5,000 were to be written-off as bad debts and a provision of 5% on
debtors for bad and doubtful debts was to be created.
b) Goodwill of the firm on Chintan’s retirement was valued at Rs. 1,00,000 and
Chintan’s share of the same will be adjusted by debiting the capital accounts of
Ayush and Sudha.
c) Stock was revalued at Rs. 36,000.
d) Furniture was found to be undervalued by Rs. 9,000.
e) Liability for workmen’s compensation of Rs. 2,000 was to be created.
f) Chintan was to be paid Rs.20,000 by cheque and the balance was to be transferred
to his loan account.
Pass the necessary journal entries in the books of the firm on Chintan’s retirement.
OR
X, Y and Z were partners sharing profits in the ratio of 2 : 2 : 1. The balance sheet on
31st March, 2021, when they dissolved the firm was as follows:
Liabilities Rs. Assets Rs.
Creditors 16,000 Stock 17,800
Loan 11,500 Other sundry assets 1,17,000
Capitals : Furniture 11,000
X 1,27,500 Debtors 1,24,200
Y 1,10,000 Less prov (1,200) 1,23,000
Z 17,000 2,54,500 Cash 13,200
2,82,000 2,82,000
It was agreed that:
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a) X to take over furniture at Rs. 8,000 and debtors amounting to Rs. 1,20,000 at Rs.
1,17,200 and the creditors of Rs. 16,000 were to be paid by him at this figure.
b) Y is to take over all stock for Rs. 17,000 and some sundry assets at Rs. 72,000
(Being 10% less than the book value)
c) Z to take over remaining sundry assets at 80% of the book value and assume the
responsibility of discharge of loan together with accrued interest of Rs. 2,300.
d) The expenses of realization were Rs. 2,700. The remaining debtors were sold to a
debt collection agency at 50% of the value.
Prepare necessary accounts to close the books of the firm.
Q8. On 1st April,2020 Alia Ltd. invited applications for 8,000, 12% Debentures of Rs. 50 5
each at a discount of 10% and redeemable at a premium of 5% after 5 years.
The whole amount was payable on application. Allotment was made as follows:
Catergory 1 Applied 5,000………..Allotted 4,000
Catergory 2 Applied 4,000………..Allotted 3,000
Catergory 3 Applied 2,000………..Allotted 1,000
Catergory 4 Applied 1,000………..Nil
Interest on Debentures is payable half-yearly on 30th September and 31st March.
You are required to answer the following questions:
a) How much amount of discount is to be debited?
b) How much premium on redemption is to be credited?
c) How much amount is refunded by the company?
d) How much interest is paid on 30th September and 31st March 2021?
e) Give entry for writing off of interest as well as Discount and loss on issue of
Debentures at the end of the year.
Q9. Following is the Receipt and Payment Account of Women’s Welfare Club for the year 5
ended December 31, 2020:
Receipts Rs. Payments Rs.
To Balance b/d 7,250 By Salary 12,500
To Subscriptions 81,750 By Stationery 1,700
To Donations 3,000 By Electricity charges 9,550
To Grant from Government 15,000 By Insurance 7,500
To Sale of newspapers 300 By Equipments 30,000
To Proceeds of charity show 16,500 By Petty expenses 500
To Interest on investments @ By Expenses on charity
10% for full year 7,000 show 12,900
To Sundry incomes 400 By Newspapers 1,000
By Lectures fee 16,500
By Honorarium to Secretary 12,000
By Balance c/d 27,050
1,31,200 1,31,200
Additional Information:
Particulars 01.01.2020 31.12.2020
Outstanding salaries 1,200 1,800
Insurance prepaid 700 300
Subscription outstanding 3,750 2,500
Subscription received in advance 1,750 1,000
Electricity charges outstanding — 1,250
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Stock of stationery 2,250 700
Equipments 25,600 50,200
Building 1,20,000 1,14,000
Prepare Income and Expenditure Account for the year ended December 31, 2020.
PART B
Q10. State whether the following transactions will result in inflow, outflow or no flow of 2
cash while preparing cash flow statement with reasons:
(i) Issue of fully paid Bonus shares
(ii) Cash withdrawn from Bank for office use
Q11. Following information is extracted from the Statement of Profit and Loss of M/s 3
Gajanan Ltd. for the year ended 31st March, 2021:
Particulars Note no 31.03.21 31.03.20
Revenue from Operations 50,00,000 45,00,000
Employee Benefit Expenses 30,00,000 22,50,000
Depreciation & Amortisation 10,00,000 6,00,000
Other Expenses 12,50,000 10,00,000
Tax Rate 30% 30%
Prepare Comparative Statement of Profit and Loss.
OR
From the following Balance Sheet of Dhanraj Ltd., Prepare a Common Size
Statement.
Balance Sheet of Dhanraj Ltd.
As at ...................
Particulars Note No 31.03.2021 31.03.2020
I. EQUITY AND LIABILITIES :-
(1) Shareholders' Fund :-
(a) Share Capital 2,50,000 2,00,000
(b) Reserves and Surplus 80,000 60,000
(2) Current Liabilities :-
Trade Payables 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) CurrentAssets :-
(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
Q12. From the following Balance Sheets of Vikram industries Ltd. as on 31 March,2022
st
5
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and 31st March,2021, Prepare a cash flow statement :
Particulars Note No 31.03.2022 31.03.2021
I. EQUITY AND LIABILITIES :-
(1) Shareholders' Fund :-
a) Share Capital 2,00,000 1,50,000
b) Reserves and Surplus 42,000 70,000
(2) Current Liabilities :-
a) Trade Payables 25,000 70,000
b) Other current liabilities 8,000 -----
Total 2,75,000 2,90,000
II. ASSETS :-
(1) Non-current Assets :-
(a) Fixed Assets :-
(i) Tangible Assets 80,000 1,05,000
(ii) Intangible Assets (Goodwill) 60,000 70,000
(2) Current Assets :-
(a) Inventories 75,000 90,000
(b) Cash and Cash Equivalents 40,000 10,000
(c) Other current assets 20,000 15,000
Total 2,75,000 2,90,000
Notes to Accounts:
Particulars 31.3.2022 31.3.2021
1. Reserves and surplus
Surplus i.e. Balance in the statement of P& L 22,000 (30,000)
General reserve 20,000 1,00,000
42,000 70,000
2. Other current liabilities
Unclaimed Dividend 8,000 Nil
3. Tangible Assets
90,000 1,10,000
Machinery
(10,000) (5,000)
Less: Accumulated depreciation
80,000 1,05,000
4. Other current assets
8,000 10,000
Accrued Interest 12,000 5,000
Prepaid Insurance 20,000 15,000
Additional Information:
a) Proposed dividend for the years ended 31st March, 2021 and 2022 were Rs.
40,000 and Rs. 32,000 respectively.
b) Depreciation charged Rs. 20,000.
c) Goodwill amortised Rs. 30,000.
d) Gain on sale of machine Rs.7,000.
Part -B
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Option-II
(Computerized Accounting)
Q10. What do you understand by terms ‘primary key’ and ‘secondary key’ in a database? 2
Q11. State any three features of computerized accounting system. 3
Or
State any three advantages of computerized accounting system.
Q12. Name and explain the function which returns the future value of an investment which 5
has constant payment and interest.
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