Roll No. Q.P.

Code 01
P Candidates must write the Q.P. Code
W on the title page of the answer book.

SAMPLE QUESTION PAPER-1

ACCOUNTANCY
Time allowed : 3 hours Maximum Marks : 80

NOTE:
(i) Q.P. Code given on the right hand side of the question paper should be written on the title page of the answer-book by the
candidate.
(ii) Please check that this question paper contains 34 questions.
(iii) Please write down the Serial Number of the question in the answer-book before attempting it.
(iv) 15 minute time has been allotted to read this question paper.

GENERAL INSTRUCTIONS:
Read the following instructions very carefully and follow them :
(i) This Question paper contains 34 Questions. All questions are compulsory.
(ii) This question paper is divided into Two parts- Part A and Part B
(iii) Part A is compulsory for all candidates.
(iv) Part B has two options i.e. (I) Analysis of Financial Statements and (II) Computerised Accounting. Candidates must attempt
only one of the given options as per the subject opted.
(v) Question Nos. 1 to 16 and 27 to 30 carries 1 mark each.
(vi) Question Nos. 17 to 20, 31 and 32 carries 3 marks each.
(vii) Question Nos. 21, 22 and 33 carries 4 marks each.
(viii) Question Nos. 23 to 26 and 34 carries 6 marks each.
(ix) There is no overall choice. However, an internal choice has been provided in 2 questions of one mark, 1 question of three
marks and 1 question of six marks.

To Discover more

CBSE Class 12 Commerce Combined 30 Sample Papers

 PART-A
(ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES)
1. (A) C and D are partners sharing profits and losses in the ratio of 1 : 1 with capitals of ` 60,000 and ` 70,000 respectively. On 1st
October 2013, C and D granted loans of ` 90,000 and ` 80,000 respectively to the firm. The partnership deed is silent as to the
interest on the partner's loan. The profits before any interest for the year amounted to ` 6,000. The interest on partner’s loan will
be: 1
(a) ` 2400 for C ` 2000 for D (b) ` 2000 for C ` 2000 for D
(c) ` 2700 for C ` 2400 for D (d) None of the above
OR
(B) C and D are partners in a firm. C is to get a commission of 10 % of net profit before charging any commission. D is to get a
commission of 10 % of net profit after charging all commission. Net profit before charging any commission was ` 99000.
Journal entry for Commission of C and D will be: 1
(a) C’s commission A/c ...Dr. 9100 (b) C’s commission A/c ..Dr 9600
D’s commission A/c ...Dr. 7300 D’s commission A/c ...Dr 7800
To C’s capital/current A/c 9100 To C’s capital/current A/c 9600
To D’s capital/current A/c 7300 To D’s capital/current A/c 7800
(c) C’s commission A/c ...Dr. 9900 (d) None of the above
D’s commission A/c ...Dr. 8100
To C’s capital/current A/c 9900
To D’s capital/current A/c 8100
2. The following amounts were payable on the issue of shares by a company: ` 3 on application, ` 3 on allotment, `2 on the first
call, and `2 on the final call. S holding 500 shares paid only application and allotment money whereas Y holding 400 shares
did not pay the final call. Amount of calls in arrear will be:  1
(a) `3,800 (b) `2,800 (c) `1,800 (d) `6,200
Read the following hypothetical situation and answer the question Nos. 3 and 4:
Anand and Biswas are partners sharing profits and losses in the ratio of 3:2. Anand gave loan to the firm of ` 1,00,000 on 1st
October, 2022. On the same date, the firm gave loan to Biswas of ` 1,00,000. They do not have an agreement as to interest.
Anand had also given his personal property for firm’s godown at a monthly rent of ` 5,000. Firm earns profit of ` 1,03,000
(before above adjustments) for the year ended 31st March, 2023.
3. The amount of interest on loan payable to Anand: 1
(a) ` 4,000 (b) ` 6,000
(c) ` 3,000 (d) No interest will be paid
4. The amount of share of profit of Anand and Biswas is: 1
(a) ` 57,000 and ` 38,000 (b) ` 60,000 and ` 40,000 (c) ` 24,000 and ` 16,000 (d) None of these
5. Disha and Abha were partners in a firm. Farad was admitted as a new partner for 1/5th share in the profits of the firm. Farad
brought proportionate capital. Capitals of Disha and Abha after all adjustments were ₹ 64,000 and ₹ 46,000 respectively.
Capital brought by Farad was: 1
(a) ₹ 22,000 (b) ₹ 27,500 (c) ₹ 55,000 (d) ₹ 28,000
6. When debentures of ` 1,00,000 are issued as Collateral Security against a loan of ` 1,50,000, the entry for issue of debentures
will be:  1
(a) Credit Debentures `1,50,000 and Debit Bank A/c `1,50,000
(b) Debit Debenture Suspense A/c `1,00,000 and Credit Bank A/c `1,00,000
(c) Debit Debenture Suspense A/c `1,00,000 and Credit Debentures A/c `1,00,000.
(d) Debit Cash A/c `1,50,000 and Credit Bank A/c `1,50,000.

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 7. On dissolution of a firm amount of sundry debtors were ` 1,80,000. B (a partner) took over debtors amounted to ` 90,000 at
` 85,000 and the remaining debtors were sold to a debt collecting agency at 15 % less of the book value. What will be the
entries for the transactions?  1
(a) B’s capital A/c ...Dr. 1,80,000 (b) B’s capital A/c ...Dr. 85,000
To Realisation A/c 1,80,000 To Realisation A/c 85,000
Cash/Bank A/c ...Dr. 76,500 Cash/Bank A/c ...Dr. 80,750
To Realisation A/c 76,500 To Realisation A/c 80,750
(c) B’s capital A/c ...Dr. 85,000 (d) None of the above
To Realisation A/c 85,000
Cash/Bank A/c ...Dr. 76,500
To Realisation A/c 76,500
8. A, B and C are partners sharing profits and losses in the ratio of 1:2:2. A retired from the firm and on the date of retirement
his capital was ` 3,00,000; Balance of General Reserve ` 4,00,000 and Profit on Revaluation of assets and liabilities ` 30,000.
What is the amount due to A on his retirement? 1
(a) ` 3,86,000 (b) ` 4,72,000 (c) ` 3,04,500 (d) ` 3,05,400
9. Rajesh, Rakesh and Ramesh are partners sharing profits and losses in the ratio of 2:1:2. Ramesh died on 01-08-2017 and profit
for the year 2017-18 was ` 36,000. How much profit for the period from 1st April 2017 to 31st March 2018 will be credited to
Ramesh ‘s Capital Account?  1
(a) ` 4,000 (b) ` 13,000 (c) ` 7,200 (d) ` 4,800
10. At the time of dissolution of a firm, “Loan of partners” (Loans given by partners to the firm) is paid out of the amount realised
on sale of assets: 1
(a) After making the payment of balance of capital accounts of partners.
(b) After making the payment of loans given by third party
(c) After making the payment of above (a) and (b)
(d) Before the payment of loans given by third party
11. Hemu and Ramu are partners sharing profits and losses in the ratio of 7/10 and 3/10 respectively. Raju is admitted into
partnership for 4/5th share in the profits of the firm. He brought ` 20,000 for goodwill. What will be the journal entry for
distribution of goodwill among old partners?  1
(a) Premium for goodwill A/c ...Dr. 20,000 (b) Ramu’s capital A/c ...Dr. 14,000
To Hemu’s capital A/c 14,000 Hemu’s capital A/c ...Dr. 6,000
To Ramu’s capital A/c 6,000 To Premium for goodwill A/c 20,000
(c) Premium for goodwill A/c ...Dr. 20,000 (d) None of the above
To Hemu’s capital A/c 6,000
To Ramu’s capital A/c 14,000
12. Read the following statements: Assertion (A) and Reason (R). Choose one of the correct alternatives given below:  1
Assertion (A): Partners distribute profits and losses in their profit-sharing ratio and not in the ratio of their capitals.
Reason (R): If the amount of appropriations is more than the amount of profit available for distribution, profit is distributed
in the ratio of appropriations.
Alternatives:
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(b) Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
(c) Assertion (A) is true but Reason (R) is false.
(d) Assertion (A) is false but Reason (R) is true.

Sample Question Paper-1 CBSE Class 12 Commerce Combined 30 Sample Papers 77

13. Which of the following statements is true? 1
(a) The shares of a public limited company are not freely transferrable.
(b) Paid up capital is that part of the subscribed capital which has been called up.
(c) The company cannot raise more capital than the amount of capital as specified in the MOA.
(d) The part of the uncalled-up capital which is called only in the event of winding up of the company is called Capital Reserve.
14. E Ltd had allotted 10,000 shares to the applicants of 14,000 shares on a pro-rata basis. The amount payable on the application
was `2. F applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment
money due from F will be:  1
(a) 60 shares, `120 (b) 340 shares, `160 (c) 320 shares, `200 (d) 300 shares, `240
15. Shree and Sai are partners. Sameer is admitted into partnership and it was decided that new profit-sharing ratio among Shree,
Sai and Sameer will be 1/4, 2/4 and 1/4 respectively. The total capital of the firm is fixed at ` 8,00,000. What will be the capital
among Shree, Sai and Sameer?  1
(a) ` 4,00,000, ` 2,00,000, ` 2,00,000 (b) ` 1,80,000, ` 3,80,000, ` 3,90,000
(c) ` 2,00,000, ` 4,00,000, ` 2,00,000 (d) None of the above
16. X Ltd. acquired assets of `20 lakhs and took over creditors of `20 thousand from Y Ltd. X Ltd. issued 8% debentures of `200
each at a discount of 10% as purchase consideration. Number of debentures issued will be:  1
(a) 11,000 (b) 9,000 (c) 10,000 (d) 10,100
17. Roman and Mohan are partners sharing profits and losses in the ratio of 3:2 with a capital of `4,00,000 and `2,00,000 respectively
on 1st April, 2021. Roman made an additional investment of `1,00,000 on 1st October 2021. Mohan on 1st January 2022 further
invested `50,000 and on the same date Roman withdrew `50,000 as a capital. If the deed provides for 10% Interest on Capital,
calculate the Interest on Capital of both the partners. 3
18. (A) Raka, Seema and Mahesh were partners sharing profits and losses in the ratio of 5:3:2. With effect from 1st April, 2019, they
mutually agreed to share profits and losses in the ratio of 2:2:1. On that date, there was a workmen’s compensation fund of
₹ 90,000 in the books of the firm. It was agreed that:  3
(i) Goodwill of the firm be valued at ₹ 70,000.
(ii)   Claim for workmen’s compensation amounted to ₹ 40,000.
(iii)   Profit on revaluation of assets and re-assessment of liabilities amounted to ₹ 40,000.
Pass necessary journal entries for the above transactions in the books of the firm.
OR
(B) Raman, Mohan and Nobita are partners sharing profits and losses of the firm in the ratio of 1:2:3. Raman retires from the
firm on 31st March, 2022. On the date of retirement of Raman, Goodwill already appears in the book of the firm at the value
of `48,000 and Goodwill is valued at `1,80,000. Mohan and Nobita decided their future profit-sharing ratio to be 3:2. Pass
the necessary journal entries. 3
19. Shizuka and Nobita are partners in the firm, sharing profits and losses in the ratio of 5:3. Mayur is admitted into the firm as a
new partner. They decided to share the future profits and losses of the firm in the ratio of 2:1:1. Mayur brings in `64,800 as his
share of capital and his share of goodwill in the form of the following assets: Furniture `24,600, Stock `33,600 and Machinery
`41,600. Journalise. 3
20. Apple Ltd. purchased assets with book value of ` 99,000 from another company. It was agreed that the purchase consideration
be paid by issuing 13% Debentures of ` 100 each. Assume that the debentures have been issued (i) at par (ii) at a discount of
10%, and (iii) at a premium of 10%. Pass the necessary journal entries in the books of the Apple Ltd.  3
21. A, B and C were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. C died on 30th June, 2016. After all the
necessary adjustments, his capital account showed a credit balance of ` 70,600. C’s executor was paid ` 10,600 on 1st July, 2016
and the balance in three equal yearly installments starting from 30th June, 2017 with interest @ 10% p.a. on the unpaid amount.
The firm closes its books on 31st March every year. 4
Prepare C’s Executor’s Account till the amount is finally paid.

78 ACCOUNTANCY P
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 To Discover more
22. God Bless You Ltd. registered with a capital of ` 90,00,000 divided into 90,000 equity shares of ` 100 each. The company issued
prospectus inviting applications for 50,000 equity shares of ` 100 each payable as ` 20 on application, ` 30 on allotment,
` 20 on first call and balance on second call.
Applications were received for 40,000 shares. Raman to whom 1,600 shares were allotted failed to pay final call money and his
shares were forfeited. Of the forfeited shares, 600 shares were reissued to Sukhman, credited as fully paid for ` 90 per share.
Present the Share Capital in the Balance Sheet as per Schedule III, Part-I of the Companies Act, 2013. 4
23. (A) On 31st March, 2019 the Balance Sheet of Mishra and Mahima who share profits and losses in the ratio of 3 : 2 was as follows:
6
Liabilities ` Assets `
Creditors 28,000 Cash at Bank 10,000
General Reserve 10,000 Debtors 65,000
Employees Provident Fund 22,000 Less: Provision for
Capitals: Doubtful debts (5,000) 60,000
Mishra 60,000 Stock 33,000
Mahima 40,000 1,00,000 Patents 57,000
1,60,000 1,60,000
They decided to admit Gopal on 1st April, 2019 for l/5th share which Gopal acquired wholly from Mahima on the following
terms:
(i) Gopal shall bring ` 10,000 as his share of premium for Goodwill.
(ii) A debtor whose dues of ` 3,000 were written off as bad debts paid ` 2,000 in full settlement.
(iii) A claim of ` 5,000 on account of workmen’s compensation was to be provided for.
(iv) Patents were undervalued by ` 2,000. Stock in the books was valued 10% more than its market value.
(v) Gopal was to bring in capital equal to 20% of the combined capitals of Mishra and Mahima after all adjustments.
Prepare Revaluation Account, Capital Accounts of the Partners and the Balance Sheet of the new firm.
OR
(B) Lalita, Monika and Nishant were partners in a firm sharing profit and losses in the ratio of 2 : 2 : 1. On 31st March, 2019,
their Balance Sheet was as follows: 6
Balance Sheet of Lalita, Monika and Nishant as on 31st March, 2019
Liabilities ` Assets `
Trade Creditors 1,60,000 Land & Building 10,00,000
Bills Payables 2,44,000 Machinery 12,00,000
Employees’ Provident Fund 76,000 Stock 10,00,000
Capitals: Sundry Debtors 4,00,000
Lalita 14,00,000 Bank 40,000
Monika 14,00,000
Nishant 3,60,000 31,60,000
36,40,000 36,40,000

On 31st March, 2019 Monika retired from the firm and the remaining partners decided to carry on the business. It was agreed
that:
(i)  Land and building will be appreciated by ` 2,40,000 and machinery will be depreciated by 10%.
(ii)  50% of the stock was taken over by the retiring partner at book value.

Sample Question Paper-1 CBSE Class 12 Commerce Combined 30 Sample Papers 79

 (iii)  Provision for doubtful debts was to be made of 5% on debtors.
(iv)  Goodwill of the firm be valued at ` 3,00,000 and Monika’s share of goodwill be adjusted in the accounts of Lalita and
Nishant.
(v)  The total capital of the new firm will be fixed at ` 27,00,000 which will be in the proportion of the new profit-sharing
ratio of Lalita and Nishant. For this purpose, current accounts of the partners were to be opened.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance sheet of the reconstituted firm on Monika’s
retirement.
24. Following is the Balance Sheet of Vinit and Yogesh as on 31st March, 2015: 6
BALANCE SHEET as on 31 March 2015
st

Liabilities ` Assets `
Creditors 3,60,000 Bank 80,000
Mrs. Vinit’s Loan 60,000 Stock 70,000
Yogesh’s Loan 1,00,000 Investments 1,00,000
30,000
Investment Fluctuation Fund Debtors 2,00,000
Capitals: Less: Provision for Doubtful Debts 20,000 1,80,000
Vinit 2,00,000 Fixed Assets 3,80,000

Yogesh 1,00,000 3,00,000 Profit & Loss A/c 40,000

8,50,000 8,50,000

The firm was dissolved on 31st March, 2015. The assets were realised and the liabilities were paid as under:
(i) Vinit promised to pay off Mrs. Vinit’s Loan and took away stock at 20% discount.
(ii) Yogesh took away 90% of the investments at 10% discount.
(iii) Sunil, a debtor of ` 50,000 had to pay the amount due 3 months after the date of dissolution. He was allowed a discount of 5%
for making payment immediately. The remaining debtors were collected in full.
(iv) Creditors were paid ` 3,50,000 in full settlement of their claim.
(v) Fixed Assets realised ` 2,82,000 and remaining investment realised ` 7,500.
(vi) There was an old furniture which has been written off completely from the books. Yogesh took away the same for ` 4,000.
(vii) Realisation expenses ` 2,000 were paid by Vinit.
Prepare Realisation Account, Bank Account and Partners’ Capital Accounts.
25. EF Ltd. invited applications for issuing 80,000 equity shares of `50 each at a premium of 20%. The amount was payable as follows:
On Application: `20 per share (including premium `5)
On Allotment: `15 per share (including premium `5)
On First Call: `15 per share
On Second and Final call: Balance amount
Applications for 1,20,000 shares were received. Applications for 20,000 shares were rejected and pro-rata allotment was made
to the remaining applicants.
Seema, holding 4,000 shares, failed to pay the allotment money. Afterwards the first call was made. Seema paid allotment
money along with the first call. Sahaj who had applied for 2,500 shares failed to pay the first call money. Sahaj’s shares were
forfeited and subsequently reissued to Geeta for ` 60 per share, ` 50 per share paid up. Final call was not made.
Pass necessary journal entries for the above transactions in the books of EF Ltd. by opening calls-in-arrears accounts. 6
26. A company issued 2,000, 10% debentures of ` 100 each at ` 110 payable as follows: ` 20 on application, ` 40 on allotment
(including premium of ` 10), ` 50 on first and final call. All the debentures were applied for and allotted. All due money was
received. Pass the necessary Journal Entries. 6

80 ACCOUNTANCY P
CBSE Class 12 Commerce Combined 30 Sample Papers W
 PART-B (OPTION - I)
(ANALYSIS OF FINANCIAL STATEMENTS)
27. (A) ____________ is one of the most useful forms of horizontal analysis in making comparative study for the financial
statement for a number of years.  1
(a) Comparative Statement (b) Trend Analysis
(c) Common size Statement (d) Cash Flow Statement
OR
(B) The ratio of Current Assets (` 75,000) to Current Liabilities is 5 : 3. The firm is interested in maintaining a Current ratio of
4 : 3 by acquiring some Current Assets on credit. You are required to suggest the amount of Current Assets which must be
acquired for this purpose.  1
(a) ` 15,000 (b) ` 20,000
(c) ` 45,000 (d) None of the above
28. From the following information compute the current ratio:  1
Working Capital ` 6,00,000, Current Assets ` 16,00,000 and Inventory ` 4,50,000.
(a) 14.4 :4 (b) 4.8 : 2
(c) 1.6 :1 (d) None of the above
Read the following information and answer the question no. 29 and 30:
ABC Ltd. has Machinery, written down value of which on 1st April 2019 was ` 8,60,000 and on 31st March, 2020 was ` 9,50,000.
Depreciation for the year was ` 40,000. At the beginning of the year, a part of the machinery was sold for ` 25,000, which had a
written down value of ` 20,000.
29. Calculate Cash Flow from Investing Activities.  1
(a) ` 1,25,000 (b) ` (1,25,000)
(c) ` 2,50,000 (d) ` (2,50,000)
30. Calculate Gain (Profit) on Sale of Machinery.  1
(a) ` 6,000 (b) ` 15,000
(c) ` 5,000 (d) ` 12,000
31. State under which major headings and subheadings will the following items be presented in the Balance Sheet of a company
as per Schedule-III, Part-I of the Companies Act, 2013.  3
(i) Prepaid Insurance (ii) Investment in Debentures
(iii) Calls-in-arrears (iv) Unpaid Dividend
(v) Capital Reserve (vi) Loose Tools
32. Rate of Gross profit on Revenue from operations of a company is 25%. Its Gross profit is ` 5,00,000. Its Shareholders’ Funds
are ` 25,00,000; Non-Current Liabilities are ` 8,00,000 and Non-Current Assets are ` 23,00,000. Calculate its Working Capital
Turnover Ratio.  3
33. Calculate Opening Trade Receivables and Closing Trade Receivables from the following information:  4
Trade Receivable turnover ratio = 8 times
Cost of revenue from operations = ` 4,80,000
Credit revenue from operations is ` 2,00,000 more than Cash revenue from operations. Gross profit is 20%. Opening Trade
Receivables are 1/4th of Closing Trade Receivables.
34. From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; Calculate Cash Flow from operating
activities. Show your workings clearly. 6

Sample Question Paper-1 CBSE Class 12 Commerce Combined 30 Sample Papers 81

 Particulars Note No. 31.3.2018(`) 31.3.2017(`)
I. EQUITY AND LIABILITY:
1. Shareholders’ Fund:
(a) Share Capital 7,00,000 5,00,000
(b) Reserves and Surplus 3,50,000 2,00,000
2. Non-Current Liabilities:
Long Term Borrowings 50,000 1,00,000
3. Current Liabilities:
(a) Trade Payables 1,22,000 1,05,000
(b) Short term Provisions (Provision for tax) 50,000 30,000
Total 12,72,000 9,35,000
II. ASSETS:
1. Non Current Assets:
(a) Fixed Assets:
(i) Tangible Assets 1 5,00,000 5,00,000
(ii) Intangible Assets 2 95,000 1,00,000
(b) Non-current Investments 1,00,000 Nil
2. Current Assets:
(a) Inventory 1,30,000 55,000
(b) Trade Receivable 1,47,000 80,000
(c) Cash and Cash Equivalents 3,00,000 2,00,000
Total 12,72,000 9,35,000

Notes to Accounts:
Note No. Particulars 31.3.2018(`) 31.3.2017(`)
1. Tangible Assets:
Machinery 2,80,000 2,00,000
Less: Accumulated depreciation (1,00,000) (80,000)
1,80,000 1,20,000
Equipments 3,20,000 3,80,000
5,00,000 5,00,000
2. Intangible Assets:
Goodwill 95,000 1,00,000
Additional Information:
A machinery of the book value of 80,000 (accumulated depreciation ` 20,000) was sold at a loss of ` 18,000

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 EXPLANATIONS
1. (A) (c) In the absence of partnership deed, interest on loan is provided @ 6% p.a.
6 6
  C’s Interest = 90,000 × × = ` 2700
100 12

6 6
  D’s Interest = 80,000 × × = ` 2400 (1 M)
100 12
OR
(B) (c) Calculation of Commission payable to partners:

10
  C’s commission = 99, 000 × `9,900
=
100
10
  D’s commission = (99,000 – 9,900) ×
= ` 8,100
110
  C’s commission A/c ...Dr. 9900
  D’s commission A/c ...Dr. 8100
  To C’s capital/current A/c 9900
  To D’s capital/current A/c 8100 (1 M)

Mistakes 101 : What not to do!

Failure to consider the absence of a partnership deed:
• Students might overlook the fact that the partnership deed is silent on the interest on the partner’s loan, leading to
incorrect assumptions or calculations.
• It is important for students to carefully read and understand the question, accurately calculate the interest rate and
amount, and consider any specific instructions or information provided in the question.

2. (b) Calls in arrears:

S = 500 × 4 = ` 2,000
Y = 400 × 2 = ` 800
Total Calls-in-Arrears = ` 2,000 + ` 800 = ` 2,800 (1 M)
3. (c) In the absence of partnership deed or if deed is silent, Interest on loan to partner is paid @6% p.a.
6 6
Interest on loan payable to Anand = 1,00,000 × × ⇒ ` 3,000 (1 M)
100 12
4. (c) Divisible profit = (1,03,000 – 3,000 – 5,000 × 12) = ` 40,000

3
Anand’s share of profit = 40,000 × = ` 24,000
5

2
Biswas’s share of profit = 40,000 × = ` 16,000 (1 M)
5

Sample Question Paper-1 CBSE Class 12 Commerce Combined 30 Sample Papers 83

 5. (b) Total Capital of Disha and Abha after all adjustments = ₹ 64,000+₹ 46,000 = ₹ 1,10,000
Let total share = 1
1
Farad’s share =
5 To Discover more
1 4
Remaining Share of Disha and Abha = 1 − =
5 5
5
Therefore, Total capital of the new firm = 1,10,000 × = ₹ 1,37,500
4
1
Farad’s share of Capital = 1,37,500 x = ₹ 27,500 (1 M)
5
Topper’s Explanation (CBSE 2020)

6. (c) When debentures of `1,00,000 are issued as Collateral Security against a loan of `1,50,000.
Entry for issue of debentures will be:
Debentures Suspense A/c ...Dr. 1,00,000
To Debentures A/c 1,00,000 (1 M)

7. (c) Amount realised from sale of debtors to debt collecting agency:

`
Total value of debtors 1,80,000
Less: Debtors taken over by B 90,000
--------------------------------
Book value of remaining debtors 90,000
Amount received from sale to debt collecting agency:
`
Book value of remaining debtors 90,000
Less: Discount given (90000 × 15%) 13,500
--------------------------------
Realised value of the remaining debtors 76,500
Journal Entry:
B’s capital A/c ...Dr. 85,000
To Realisation A/c 85,000
Cash/Bank A/c ...Dr. 76,500
To Realisation A/c 76,500 (1 M)

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 Mistakes 101 : What not to do!
Incorrect calculation of the book value of remaining debtors
Students might make errors in calculating the book value of the remaining debtors by subtracting the amount taken over by
B from the total value of debtors, leading to an incorrect value.

8. (a) Amount due to A: `

Balance of his Capital Account 3,00,000
 1
Add: Share in General Reserve  4,00,000 ×  80,000
 5
1
Add: Share in Profit on Revaluation 30,000 ×  6,000
 5
----------------------------------
Total amount due to A 3,86,000 (1 M)
9. (d) Profit for the year 2017 – 18 = ` 36,000
Number of months’ profit entitlement to Ramesh = 4
Total months’ in a Year = 12
 4   2
Ramesh’s share in profits = 36,000 ×   ×  
 12   5 
= ` 4,800 (1 M)
10. (b) The payment of “Loan by partner to the firm” is made after making the payment of loans given by third party.(1 M)
11. (a) Hemu : Ramu = 7:3 (Old ratio as well as Sacrificing ratio)
Premium for goodwill brought in by Raju will be distributed between Hemu and Ramu in their sacrificing ratio i.e., 7:3.
So,
7
Hemu’s share of goodwill = 20,000 ×   = 14,000
 10 
 3
Ramu’s share of goodwill = 20,000 ×   = 6,000
 10 
Journal Entry:
Premium for goodwill A/c ...Dr. 20,000
To Hemu’s capital A/c 14,000
To Ramu’s capital A/c 6,000 (1 M)
12. (b) Yes, partners generally distribute profit in their profit-sharing ratio. Assertion is true. Reason is also true, when appropriations
are more than the available profit, Profit is distributed in the ratio of appropriation. But reason does not explain why profits
are distributed in the profit-sharing ratio. (1 M)
13. (c) The company cannot raise more capital than the amount of capital as specified in the Memorandum of Association.
(1 M)
10, 000
14. (d) Shares allotted = 420 ×
14, 000
= 300 shares
Amount carried forward = (420 – 300) × 2 = 120 × 2
= ` 240 (1 M)

Sample Question Paper-1 CBSE Class 12 Commerce Combined 30 Sample Papers 85

15. (c) Capital of partners = Total capital of the firm × New profit-sharing ratio of partners
1
Shree’s capital = 8,00,000 ×   = 2,00,000
4
2
Sai’s capital = 8,00,000 ×   = 4,00,000
4
1
Sameer’s capital = 8,00,000 ×   = 2,00,000 (1 M)
4
Purchase Consideration
16. (a) Number of debentures issued =
Issue price of a debenture
`19,80, 000
= = 11,000 Debentures (1 M)
`180
 10 10 6 10 3 
17. Interest on Roman’s capital =  4,00,000 × + 1,00,000 × × − 50, 000 × × 
 100 100 12 100 12 
   = `40,000 + `5,000 – `1,250 = ` 43,750 (1½ M)
 10 10 3 
Interest on Mohan’s Capital =  2,00,000 × + 50, 000 × × 
 100 100 12 
   = ` 20,000 + ` 1,250 = ` 21,250 (1½ M)
18. (A) Journal Entries
Date Particulars L.F Dr. (`) Cr. (`)
(i) Seema’s Capital A/c ..Dr. 7,000
To Raka’s Capital A/c 7,000 (1 M)
(Being goodwill adjusted among partners)
(ii) Workmen Compensation Fund A/c ...Dr. 90,000
To Workmen Compensation Claim A/c 40,000
To Raka’s Capital A/c 25,000
To Seema’s Capital A/c 15,000 (1 M)
To Mahesh’s Capital A/c 10,000
(Being workmen compensation fund
distributed among partners)
(iii) Revaluation A/c  ...Dr. 40,000
To Raka’s Capital A/c 20,000
To Seema’s Capital A/c 12,000
To Mahesh’s Capital A/c 8,000 (1 M)

(Being profit on revaluation distributed

among partners in their profit-sharing ratio
i.e., 5:3:2)
Working Note: 1. Calculation of sacrificing/gaining ratio:
Sacrificing Ratio = Old Ratio – New Ratio
5 2 1
Raka = − = [sacrifice]
10 5 10

86 ACCOUNTANCY P
CBSE Class 12 Commerce Combined 30 Sample Papers W
 To Discover more
3 2  1
Seema’s Sacrifice = − =  [Gain]
10 5  10 
2 1
Mahesh’s Sacrifice = − =0 [Neither gain nor sacrifice]
10 5
1
Compensation payable to Raka by Seema on goodwill adjustment = ₹ 70,000 × = ₹ 7,000
10
Topper’s Explanation (CBSE 2020)

Sample Question Paper-1 CBSE Class 12 Commerce Combined 30 Sample Papers 87

 OR

(B) Retiring Partner’s Share of Goodwill = Value of Goodwill on the date of retirement x Retiring partner’s share
1
Raman’s Share of Goodwill = `1,80,000 ×
6
= `30,000

Journal Entries
Date Particulars L.F Dr. (`) Cr. (`)
2022 Raman’s Capital A/c ...Dr. 8,000
March 31 Mohan’s Capital A/c ...Dr. 16,000
Nobita’s Capital A/c ...Dr. 24,000
(1½ M)
To Goodwill A\c 48,000
(Being the goodwill appearing in the books
written off in the old ratio)
March 31 Mohan’s Capital A/c ...Dr. 48,000
To Raman’s Capital A/c 30,000
To Nobita’s Capital A/c 18,000
(Being the compensation of Mohan to Raman (1½ M)
for his share in goodwill and to Nobita
for the sacrifice made by him on Raman’s
retirement)

Working Notes:
1. Calculation of Gaining Ratio:
Partners New Ratio Old Ratio Gain (New ratio – Old ratio) Gaining Ratio
3 2 3 2 8
Mohan − = Gain
5 6 5 6 30

2 3 2 3 −3
Nobita − = Sacrifice
5 6 5 6 30

2. Calculation of Nobita’s sacrifice on Raman’s Retirement:

Remaining partner’s sacrifice on Retirement of a partner = Value of Goodwill × Sacrificing share
3
Nobita’s sacrifice on Raman’s retirement = `1,80,000 × = `18,000 
30

88 ACCOUNTANCY P
CBSE Class 12 Commerce Combined 30 Sample Papers W