शिक्षा निदे िालय, राष्ट्रीय राजधािी क्षेत्र ददल्ली

Directorate of Education, GNCT of Delhi

अभ्यास प्रश्ि पत्र - 2
Practice Paper-2
कक्षा – XII
Class – XII
लेखाांकि (कोड: 055)
Accountancy (Code: 055)
TERM II (2021-22)
समय: 2 घांटे अधधकतम अांक: 40
Time: 2 hours Maximum Marks: 40

सामान्य निदे ि:

सामान्य निर्दे श:

 इस प्रश्ि पत्र में र्दो भाग हैं - क और ख।

 प्रश्ि पत्र में 12 प्रश्ि हैं।
 सभी प्रश्ि अनिवायय हैं
 प्रश्ि संख्या 1 से 3 और 10 लघु उत्तरीय- I प्रकार के प्रश्ि हैं, प्रत्येक के 2 अंक
हैं।
 प्रश्ि संख्या 4 से 6 और 11 लघु उत्तरीय प्रकार- II प्रकार के प्रश्ि हैं, जििमें से
प्रत्येक के 3 अंक हैं।
 प्रश्ि संख्या 7 से 9 और 12 र्दीघय उत्तरीय प्रश्ि हैं जििमें से प्रत्येक के 5 अंक हैं।
 कोई समग्र ववकल्प िहीं है। हालांकक, तीि अंकों के 3 प्रश्िों और पांच अंकों के 1 प्रश्ि में
एक आंतररक ववकल्प प्रर्दाि ककया गया है।

General Instructions:

 This question paper comprises two Parts – A and B.

 There are 12 questions in the question paper.
 All questions are compulsory
 Question nos. 1 to 3 and 1 0 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.
 Part A

(Accounting for Not-for-Profit organizations,

Partnership firms and Companies)
1. State the meaning of Income and Expenditure Account. (2)

2. On dissolution, how you deal with partner’s loan if it appears on the (2)

(a) Assets side of the Balance Sheet

(b) Liabilities side of the Balance Sheet

3. Distinguish between sacrificing ratio and gaining ratio. (2)

4. On the basis of the information mentioned below, calculated the stationery amount to be debited to income and
expenditure account of a Sports Club for the year end 31st March 2019. Amount paid to creditors for stationery during the
year is 4,70,000. (3)

Particulars 1st April 2018 31st March 2019

Stock of Stationery 80,000 60,000

Creditors for Stationery 90,000 1,10,000

OR

Show the treatment of the following items by a Not-for-Profit Organisation:

(i) Sale of old periodicals
(ii) Sale of sports materials
(iii) Life membership fee
5. Sangeeta, Saroj and Shanti are partners sharing profits in the ratio of 2:3:5. Goodwill is appearing in the books at a
value of Rs 60,000. Sangeeta retires and goodwill is valued at Rs 90,000. Saroj and Shanti decided to share future
profits equally. Record necessary Journal entries. (3)

6. Wye Ltd. purchased an established business for ₹ 2,00,000 payable as ₹ 65,000 by cheque and the
balance by issuing 9% Debentures of ₹ 100 each at a discount of 10%.
Give journal entries in the books of Wye Ltd. (3)
OR

Deepak Ltd purchased furniture of ₹ 2,20,000 from M/s. Furniture Mart. 50% of the amount was paid to M/s.
Furniture Mart by accepting a Bill of Exchanged and for the balance the company issued 9% Debenture of
₹ 100 each at a premium of 10% in favour of M/s. Furniture Mart.
Pass Journal entries in the books of Deepak Ltd

7 Record necessary journal entries to record the following unrecorded assets and liabilities in the books of
Paras and Priya: (5)

1. There was an old furniture in the firm which had been written-off completely in the books. This was sold for
Rs 3,000,
2. Ashish, an old customer whose Account for Rs 1,000 was written-off as bad in the previous year, paid 60%,
of the amount,

3. Paras agreed to take over the firm’s goodwill (not recorded in the books of the firm), at a valuation of Rs
30,000,

4. There was an old typewriter which had been written-off completely from the books. It was estimated to
realize Rs 400. It was taken away by Priya at an estimated price less 25%,

5. There were 100 shares of Rs 10 each in Star Limited acquired at a cost of Rs 2,000 which had been written-
off completely from the books. These shares are valued @ Rs 6 each and divided among the partners in their
profit sharing ratio.

OR
Radha, Sheela and Meena were in partnership sharing profits and losses in the proportion of 3:2:1. On
April 1, 2017, Sheela retires from the firm. On that date, their Balance Sheet was as follows:

Amount Amount
Liabilities Rs Assets Rs
Trade Creditors 3,000 Cash-in-Hand 1,500
Bills Payable 4,500 Cash at Bank 7,500
Expenses Owing 4,500 Debtors 15,000
General Reserve 13,500 Stock 12,000
Capitals: Factory Premises 22,500
Radha 15,000 Machinery 8,000
Sheela 15,000 Losse Tools 4,000
Meena 15,000 45,000
70,500 70,500

The terms were:

a) Goodwill of the firm was valued at Rs 13,500.
b) Expenses owing to be brought down to Rs 3,750.
c) Machinery and Loose Tools are to be valued at 10% less than their book value.
d) Factory premises are to be revalued at Rs 24,300.
Prepare:
1. Revaluation account
2. Partner’s capital accounts and
3. Balance sheet of the firm after retirement of Sheela.

8. Tushar Ltd. issued 4,000 12% debentures of Rs.100 each at a discount of 10%
payable Rs.25 on application; Rs.20 payable on allotment and balance on First and
Final Call. In all 7,000 application were received 1000 application were rejected and
allotment was made to applicants to 6,000 debentures on Pro-rata basis. The excess
money was adjusted on allotment. (5)
You are required to answer the following questions:
I. Calculate the amount received on debenture application.
II. Pass Journal entry for adjustment/transfer of application money.
III. Pass Journal entry for allotment money due of debentures.
IV. Calculate the Net amount received on allotment of debentures.
 V. Pass Journal entry for amount received on debenture final call.

9. From the following Receipt and Payment Account of a club, prepare Income and Expenditure Account for the
year ended March 31, 2017 and the Balance Sheet as on that date. (5)
Receipt and Payment Account

for the year ending March 31, 2017

Amount Amount
Receipts Payments
Rs Rs

Balance b/d 3,500 General expenses 900

Subscription: Salary 16,000

2015-16 2,000 Postage 1,300

2016-17 70,000 Electricity charges 7,800

2017-18 3,000 75,000 Furniture 26,500

Sale of old Books 2,000 Books 13,000

(Costing Rs 3,200) Newspapers 600
Rent from use of hall 17,000 Meeting expenses 7,200
Sale of newspapers 400 T.V. set 16,000
Profit from entertainment 7,300 Balance c/d 15,900

1,05,200 1,05,200

Additional Information:
(a) The club has 100 members each paying an annual subscription of Rs 900. Subscriptions outstanding on March 31,
2016 were Rs 3,600.
(b) On March 31, 2017, salary outstanding amounted to Rs 1,000, Salary paid included Rs 1,000 for the year 2012.
(c) On April 1, 2017 the club owned land and building Rs 25,000, furniture Rs 2,600 and books Rs 6,200.

Part-B
(Analysis of Financial Statements)

10. For each of the following transactions, calculate the resulting cash flow and state the nature of cash flow
viz., operating, investing and financing. (2)
(a) Acquired machinery for Rs 2,50,000 paying 20% drawn and executing a bond for the balance payable.

(b) Sold machinery of original cost Rs 2,00,000 with an accumulated depreciation of Rs 1,60,000 for Rs
60,000.

11. Prepare a Comparative Income Statement and Common Size Statement of Profit and Loss from the following
information: (3)

Particulars 31st March 31st March

2014 2015

Revenue from operations

125% 140%
(% of cost of Material Concerned)
4,80,000 5,00,000
Cost of Material Consumed
10% 12%
Other expenses (% of Revenue from Operations)
30,000 40,000
Other Income
30% 30%
Tax Rate

OR

From the following Balance Sheet, prepare Comparative Balance Sheet of Star Ltd.:

31st March,
Note 31st March, 2018
Particulars 2019
No. (₹)
(₹)
I. EQUITY AND
LIABILITIES
1. Shareholder's Funds
(a) Share Capital 7,00,000 6,00,000
2. Non-Current Liabilities
Long-term Borrowings 2,00,000 4,00,000
3. Current Liabilities :
Trade Payables 3,00,000 2,00,000
Total 12,00,000 12,00,000
II. ASSETS
1. Non-Current Assets
Fixed Assets (Tangible) 8,00,000 6,00,000
2. Current Assets
Trade Receivables 4,00,000 6,00,000
Total 12,00,000 12,00,000
12.
From the following information, calculation Cash Flow from Operating Activities and Investing Activities: (5)
31st,
31st, March,
Particular March,
2019, (₹)
2018, (₹)
Surplus, i.e., Balance in Statement of 2,50,000 10,00,000
Profit and Loss
Provision for Tax 75,000 75,000
Trade Payables 1,00,000 3,75,000
Current Assets (Trade Receivables 11,50,000 13,00,000
and Inventories)
Fixed Assets (Tangible) 21,25,000 23,30,000
Accumulated Depreciation 10,62,500 11,00,000

Additional Information:
1. A machine having book value of ₹ 1,00,000 (Depreciation provided thereon ₹ 1,62,500) was sold at a loss of ₹ 20,000.
2. Tax paid during the year ₹ 75,000.