CBSE Accountancy Class 12 Sample Paper 1 Page 1

Sample Paper 1
Accountancy (055)
Class XII Session 2024-25
Time : 3 Hours Max. Marks : 80
General Instructions :
1. This question paper contains 34 questions. All questions are compulsory.
2. This question paper is divided into two parts, Part A and B.
3. Part - A is compulsory for all candidates.
4. Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised Accounting.
Students must attempt only one of the given options.
5. Question 1 to 16 and 27 to 30 carries 1 mark each.
6. Questions 17 to 20, 31 and 32 carries 3 marks each.
7. Questions from 21, 22 and 33 carries 4 marks each
8. Questions from 23 to 26 and 34 carries 6 marks each
9. There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2
questions of three marks, 1 question of four marks and 2 questions of six marks.

PART—A
Accounting for Partnership Firms and Companies

1. Amit, Rajesh, and Karan are partners sharing profits in the ratio of 5 : 3 : 2. As per the partnership
agreement, Karan is to get a minimum amount of `12,000 as his share of profits every year, and any
deficiency on this account is to be personally borne by Amit. The net profit for the year ended 31st March,
2023 amounted to `48,000. Calculate the amount of deficiency to be borne by Amit.
(a) `400 (b) `500
(c) `600 (d) `700

2. Assertion (A): A new partner should contribute towards goodwill on his admission.
Reason (R): A new partner gets his share of profits from old partners, thus he must compensate the old
partners for the share sacrificed by them.
(a) Both A and R are true, and R is the correct explanation of A.
(b) Both A and R are true, but R is not the correct explanation of A.
(c) A is true, but R is false.
(d) A is false, but R is true.

3. Partners’ current account is maintained under ______.

(a) fluctuating capital method (b) fixed capital method
(c) Both (a) and (b) (d) cumulative capital method

O
Find the closing balance of capital account from the given information. Opening balance of capital account
as at 1st April, 2019 of Daniel and Nathen are `5,00,000 and `5,40,000 respectively. Daniel is entitled to
take salary for `1,000 per month and Nathen is to take commission for `20,000.
(a) Daniel = `5,12,000, Nathen = `5,60,000
(b) Daniel = `5,60,000, Nathen = `5,12,000
(c) Daniel = `5,40,000, Nathen = `5,80,000
(d) Daniel = `5,00,000, Nathen = `5,40,000
Page 2 Sample Paper 1 CBSE Accountancy Class 12

4. On 28th February, 2020, the first call of `2 per share became due on 25,000 equity shares allotted by Mrinal
Trading Private Limited Nakul, a holder of 500 shares did not pay the first call money. Mradul, a holder of
375 shares paid the second and final call of `4 per share along with the first call.
Pass the necessary entry only for the amount received by opening calls-in-arrears and calls-in-advance
account in the books of the company.

(a) Equity Share First Call A/c Dr 50,000

Call-in-arrears A/c Dr 1,000
To Bank A/c 49,500
To Calls-in-advance A/c 1,500
(b) Bank A/c Dr 50,500
Calls-in-arrears A/c Dr 1,000
To Equity Share First Call A/c 50,000
To Calls-in-advance A/c 1,500
(c) Bank A/c Dr 50,500
Calls-in-advance A/c Dr 1,000
To Equity Share First Call A/c 50,000
To Call-in-arrears A/c 1,500
(d) None of the above

O
Aryan and Kabir were partners sharing profits and losses in the ratio of 3:2. Their balance sheet shows land
at `2,40,000. They admitted Rohan as a new partner for 1/4th share. In additional information, it is given
that land is undervalued by 20%. The share of gain/loss of revaluation of Kabir is ______ and current
value of the land shown in the new balance sheet is ______.
(a) Gain `12,000, Value `3,00,000 (b) Loss `14,400, Value `2,88,000
(c) Gain `24,000, Value `3,00,000 (d) Gain `20,000, Value `2,80,000

5. The profit earned by a firm after retaining `60,000 to its reserve was `3,00,000. The firm had total tangible
assets worth `40,00,000 and outside liabilities `12,00,000. The value of the goodwill as per capitalization of
average profit method was `2,00,000. Determine the rate of Normal Rate of Return (NRR).
(a) 10% (b) 12%
(c) 8% (d) 15%

6. Dhara, Zara, Nora were partners sharing profits in the ratio of 2 : 2 : 1. They decided to share future
profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2020. Their balance sheet as on that date showed
a balance of `4,500 in advertisement suspense account for the amount to be debited respectively to the
capital accounts of Dhara, Zara and Nora for writing-off the amount in advertisement suspense account,
following journal entry is passed.
Dhara’s Capital A/c Dr X
Zara’s Capital A/c Dr Y
Nora’s Capital A/c Dr Z
To Advertisement Suspense A/c 45,00
Here X, Y, Z are
(a) `1,500, `1,500 and `1,500 (b) `1,800, `1,800 and `900
(c) `2,250, `2,250 and Nil (d) `2,100, `1,500 and `900
O
A company issued 2,000 equity shares of `50 each at par payable as under. On application 20%, on allotment
40%, on first call 10%, on final call-balance. Applications were received for 5,000 shares. Allotment was
made on pro-rata basis. How much amount will be received in cash on allotment?
(a) `8,000 (b) `10,000
(c) `3,000 (d) Nil
CBSE Accountancy Class 12 Sample Paper 1 Page 3

7. On 1st April 2021, a company secured a loan of `1,00,00,000 using its plant and equipment as collateral.
The loan was further secured by issuing 50,000, 9% Debentures of `100 each. On 1st April 2025, the
company defaulted on the loan, and the plant was sold for `80,00,000. Debentures were sold in the market
on 1st May 2025 to recover the balance. From which date does the interest on debentures become payable?
(a) 1st April 2021 (b) 1st April 2025
(c) 1st May 2025 (d) 31st March 2025

8. Reema, a partner, took over Plant and Machinery worth `1,00,000 in part settlement of her loan of
`1,20,000. The Plant and Machinery was already transferred to the Realisation Account.
How will it affect the Realisation Account?

(a) Realisation Account will be credited by (b) Realisation Account will be credited by
`1,20,000 `20,000
(c) Realisation Account will be credited by (d) No effect on Realisation Account
`1,00,000

O
Aman, Rohan, and Priya were partners sharing profits and losses in the ratio of 5:3:2. Their books showed
Workmen Compensation Reserve of `1,50,000. Workmen Claim amounted to `1,20,000. How will it affect
the books of accounts at the time of dissolution of the firm?
(a) Only `30,000 will be distributed amongst partners.
(b) `1,50,000 will be credited to the Realisation Account, and `1,20,000 will be paid off.
(c) `1,20,000 will be credited to the Realisation Account, and `30,000 will be distributed amongst
partners.
(d) Only `1,20,000 will be credited to the Realisation Account and paid off.

9. Ravi, Sameer, and Nita are partners sharing profits and losses in the ratio of 3:2:1. Their fixed capital
balances are `6,00,000, `5,00,000, and `4,00,000, respectively. For the year ended March 31, 2024, profits of
`90,000 were distributed without providing for Interest on Capital @ 10% p.a., as per the partnership deed.
While passing an adjustment entry, which of the following is correct?
(a) Nita will be credited by `9,000 (b) Nita will be debited by `9,000
(c) Nita will be credited by `6,000 (d) Nita will be debited by `6,000

10. Workmen Compensation Reserve (WCR) appears in the balance sheet of Uday and Abhey who share
profits in the ratio of 2 : 3 at `40,000. Vijay is admitted and the new profit sharing ratio is 1 : 1 : 1.
If the claim on account of WCR is estimated at `50,000, then
(a) the difference of `10,000 will be debited to Uday’s capital account
(b) the difference of `10,000 will be debited to Abhey’s capital account
(c) the difference of `10,000 will be debited to revaluation account
(d) None of the above

11. A company is having authorised capital of `50,00,000 which is divided into shares of `100 each. Company
issued its 30,000 shares to the public @10% premium. All the shares are applied by the public and allotted
by the company. The amount of paid-up share capital will be
(a) `33,00,000 (b) `55,00,000
(c) `50,00,000 (d) `30,00,000

12. Under Employee Stock Option Plan (ESOP):

(i) Shares can be issued only to employees.
(ii) Shares can be issued at a discount.
(iii) Shares are issued as a reward for performance or loyalty.
Which of the following is correct?
(a) Only (i) is correct. (b) Both (i) and (iii) are correct.
(c) All are correct. (d) Only (ii) is correct.
Page 4 Sample Paper 1 CBSE Accountancy Class 12

13. 4,000 shares allotted to Ms. Kavya, on which `90 each was called up and `60 paid, were forfeited and
reissued for `75 each as `90 paid-up. What amount will be transferred to the Capital Reserve Account?
(a) `1,80,000 (b) `1,20,000
(c) `1,00,000 (d) `1,50,000

14. X, Y, and Z were partners sharing profits in the ratio of 3:2:1. From April 1, 2024, they decided to share
profits and losses in the ratio of 4:3:3. The balances in the books were General Reserve `2,40,000 and
Deferred Revenue Expenditure `60,000. At the time of reconstitution of the firm, how much will Z be
debited?
(a) `10,000 (b) `12,000
(c) `24,000 (d) `18,000

15. Manish, Ravi, and Arjun were partners sharing profits and losses in the ratio of 2:2:1. Their capital
balances as on March 31, 2024, were `6,00,000, `5,00,000, and `3,00,000, respectively. On the same date,
they admitted Sahil as a new partner for a 20% share. Sahil was to bring `1,00,000 for his share of goodwill
and 1/5 of the combined capital of all the partners of the new firm. What will be the amount of capital
brought in by Sahil on his admission as a new partner?
(a) `3,75,000 (b) `3,00,000
(c) `3,50,000 (d) `2,80,000

O
M, N, and O were partners sharing profits and losses in the ratio of 4:3:2. O passed away on January 31,
2024, and the total amount payable to O’s executors was `9,00,000. The firm agreed to pay `1,50,000
immediately, and the balance was to be paid in three equal annual installments along with interest at 10%
p.a. Calculate the total interest credited to O’s executors’ account for the year ended March 31, 2024.
(a) `12,500 (b) `25,000
(c) `20,000 (d) `15,000

16. Ashok, Trilok and Aalok are partners in profit sharing ratio of 2 : 3 : 4 with effect from 1st April, 2021,
they decided to share profits in 4 : 3 : 3. What is Trilok’s gain/sacrifice?
3 1
(a) Gain 100 (b) Gain 30
1
(c) No gain/sacrifice (d) Sacrifice 30

17. Sachin, Rajveer and Mohsin were the partners sharing of 5:3:2. on 31st March, 2022 their Balance Sheet
was as under:
Liabilities Amount (`) Assets Amount (`)
Capitals : Leasehold Premises 1,25,000
Sachin 1,50,000 Patents 30,000
Rajveer 1,25,000 Machinery 1,50,000
Mohsin 75,000 3,50,000 Stock 1,90,000
Creditors 1,55,000 Cash at Bank 40,000
Workmen’s Compensation Reserve 30,000
5,35,000 5,35,000
Rajveer died on 1 August, 2022. It was agreed that:
st

(i) Goodwill of the firm is to be valued at `1,75,000.

(ii) For the purpose of calculating Rajveer’s share in the profits of 2022-23, the profits should be taken to
have accrued on the same scale as in 2021-22, which were `75,000.
(iii) Interest on capital @ 9% p.a.
Prepare Rajveer’s Capital Account to show the amount due to his executors.
CBSE Accountancy Class 12 Sample Paper 1 Page 5

18. Reena, Leena, and Neera are partners sharing profits equally. Reena died on 30th April 2022. The firm had
workmen’s compensation reserve of `20,000, against which there is claim of `2,000 on this date. The firm
has investment of market value of `1,90,000 appearing in the books of `2,00,000. Investment fluctuation
fund appear at `40,000. Pass journal entries for treatment of reserves.

O
Ferox Limited issued 20,000 10% Debentures of `100 each at a premium of `60 per debenture. The
company received application for 35,000 debentures. 15,000 debentures were rejected and rest were allotted
debentures. The whole money was payable on application. Pass necessary journal entries for the issue of
debentures. Also present it in the balance sheet.

19. Rashmi, Lavanya and Tania were partners in the firm sharing profits and losses equally. On 1st April, 2022,
they mutually decided to give more profit to Rashmi as she was comparatively contributing more time to
the business than other two partners, so they decided to give half the share to Rashmi and decided to share
the remaining profit equally. Following balances appear on this date:
General reserve `1,00,000, Profit & Loss A/c (Dr. balance) `60,000, Revaluation loss `30,000 and Goodwill
is to be valued at 10% more than twice the profit of last year which was `50,000. The partners do not want
to show the effect of above changes in the books. Pass the single adjusting entry for the same.

O
Jaspreet and Balbir started their partnership firm sharing profits in the ratio of 3 : 2 on 1st April, 2022.
Their cousin, Simran completed her course in legal studies. So, they requested her to join their firm to
provide all legal advices to which Simran agreed with 1/5th share in profits of the firm. Simran contributed
`2,00,000 for capital and premium for goodwill. Goodwill of the firm was valued at `3,50,000. Jaspreet and
Balbir decided to share the remaining profit in the ratio of 4 : 3. Pass the necessary journal entries if half
of the premium for goodwill credited to the partners is withdrawn by them.

20. Pentex Services Private Limited provides its services in South India. Seeing its growth and success, it
decided to expand in other parts of India too, especially North India. This would involve huge expenditure
for which the directors decided to issue `40,00,000, 12% Debentures of `100 each at par to be redeemed at
5% premium after 6 years. It has a balance of `60,000 in securities premium reserve. Answer the following
questions on the basis of the above information.
(i) State the amount of application money received.
(ii) What amount will be debited to “Loss on Issue of Debentures Account”?
(iii) Pass necessary Journal entry for writing off “Loss on Issue of Debentures Account”.

21. Newbi Cloths Limited is registered with an authorised capital of `50,00,000 divided into 50,000 equity
shares of `100 each. Out of these, the company issued 40,000 shares at a premium of 10%. The amount per
share was payable as follows:
`30 on application
`30 (including premium) on allotment.
Balance on first and final call
Public applied for 39,000 shares. Only application and allotment money was called till 31st March, 2022.
A shareholder holding 500 shares did not pay the allotment money. Show the share capital in the Balance
Sheet of Newbi Cloths Limited as at 31st March, 2022 as per Schedule III of Companies Act.

22. Teena and Veena were partners in a firm sharing profits equally. In spite of repeated reminders by the authorities,
they kept evading the taxes. The court ordered for the dissolution of their partnership firm on 31st March, 2022.
Teena was deputed to realise the assets and to pay the liabilities. She was paid `1,000 as commission for her
services. They were having `8,000 (credit balance) in Profit and Loss A/c on the date of dissolution. From the
information given below, complete Realisation A/c, Partners’ Capital A/cs and Cash A/c.
Page 6 Sample Paper 1 CBSE Accountancy Class 12

Dr. Realisation A/c Cr.

Particulars Amount (`) Particulars Amount (`)
To Building 1,52,000 By Prov. for Doubtful Debts 4,000
Investments 28,600 By Creditors 80,000
Debtors 24,000 By Teena’s Spouse Loan 40,000
Bills Receivable 17,400 By Investments Fluctuation Fund 8,000

To Goodwill 20,000 By Cash A/c: (Assets realised)

Teena’s Capital A/c ...... Debtors 24,000
(Spouse Loan)
Cash A/c: Building .....
To Creditors ..... Bills Receivable 36,000 2,12,000
Realisation Expenses 2,500 ..... By Veena’s Capital A/c 27,000
(Investments)
To Teena’s Capital A/c .....
(Commission)
To Profit transferred to:
Teena’s Capital A/c .....
Veena’s Capital A/c ..... .....
3,71,000 3,71,000

Dr. Partner’s Capital A/cs Cr.

Particulars Teena Veena Particulars Teena Veena
(`) (`) (`) (`)
To Realisation A/c ........ By Balance b/d 42,000 42,000
To Cash A/c ........ ........ By Realisation A/c (Profit) ........ ........
By Realisation A/c ........
By Realisation A/c ........
By Profit and Loss A/c ........ ........
........ ........ ........ ........

Dr. Cash A/c Cr.

Particulars Amount (`) Particulars Amount (`)
To Balance b/d 6,000 By Veena’s Loan A/c 24,000
To Realisation A/c ........ By Realisation A/c (Creditors & ........
Expenses)
By Teena’s Capital A/c ........
By Veena’s Capital A/c ........
........ ........

23. Soltex Chemicals Limited invited applications for 70,000 shares of `10 each payable as `3 on application, `3
on allotment, `2 on first call and `2 on final call. Public has applied for 1,05,000 shares. Pro-rata allotment
was made to 90,000 shares and rest was rejected.
Rohan the holder of 700 shares failed to pay allotment money and his share were forfeited on further
nonpayment of first call. After forfeiting the shares final call was made.
Sohan the holder of 800 shares failed to pay the final call and his shares were also forfeited. Out of forfeited shares
900 shares were re-issued for `8,000 as fully paid up (including 350 shares of Rohan and Balance of Sohan).
Prepare Cash Book and pass the journal entries to record the above transactions.
CBSE Accountancy Class 12 Sample Paper 1 Page 7

O
Writex Pen Limited invited applications for issuing 50,000 equity shares of `10 each. The amount was
payable as follows:
On Application: `3 per share On Allotment: `4 per share
On First and Final Call: `3 per share
Applications were received for 75,000 shares and pro-rata allotment was made as follows:
Applicants for 40,000 shares were allotted 30,000 shares on pro-rata basis.
Applicants for 35,000 shares were allotted 20,000 shares on pro-rata basis.
It was decided to utilise excess application money towards the sums due on allotment.
Rohit, to whom 1,200 shares were allotted out of the group applying for 40,000 shares failed to pay
allotment money. His shares were forfeited immediately after allotment.
Puneet, who had applied for 700 shares out of the group applying for 35,000 shares failed to pay the first
and final call. His shares were also forfeited. Out of the forfeited shares 1,000 shares were re-issued @ `8 per
share fully paid up. The re-issued shares included all the forfeited shares of Puneet.
Prepare Cash Book and pass the journal entries to record the above transactions.

24. The Balance Sheet of P, Q and R sharing profits and losses in the ratio of 5:3:2, as on 31st March, 2022
was as under:

Liabilities Amount Assets Amount

(`) (`)
Capitals : Land and Building 30,000
P 46,000 Plant and Machinery 35,000
Q 34,000 Stock 12,800
R 25,000 1,05,000 Debtors 16,000
Creditors 15,600 Less : Provision for doubtful debts (800) 15,200
Cash at Bank 27,600
1,20,600 1,20,600
On the same date, Q retires from the firm. The following adjustments were agreed upon:
(a) That an amount of `1,100 included in Sundry Debtors be written off as no longer receivable.
(b) That a Provision for Doubtful debts be maintained at an existing rate.
(c) There is an unrecorded liability for outstanding expenses of `955.
(d) Plant and Machinery includes a machinery amounted to `5,000 which was completely damaged was
sold for `1,000. Depreciation to be charged on remaining machinery @ 10%.
(e) Unrecorded furniture amounted to `1,000 was accepted by Q towards payment due to him and balance
was transferred to his loan A/c.
(f) Goodwill of the firm was valued at `70,000.
You are required to prepare Revaluation A/c, Partners’ Capital A/cs and Balance sheet of the new firm.

O
Romesh and Kiran were partners sharing profits and losses in the ratio of 3 : 2. On 1st April, 2022, Koyal
was admitted for 1/5th share. Balance Sheet of Romesh and Kiran on 31st March, 2022 was as under:

Liabilities Amount Assets Amount

(`) (`)
Capitals : Pland and Machinery 18,000
Romesh 40,000 Furniture 40,000
Kiran 20,000 Profit & Loss A/c 25,000
Employees Provident Fund 10,000 Sundry Debtors 9,000
Workmen Compensation Fund 16,000 Cash in Hand 1,500
Sundry Creditors 7,500
93,500 93,500
Page 8 Sample Paper 1 CBSE Accountancy Class 12

On the above date Koyal was admitted with the following terms:
(a) Koyal will bring `20,000 for her capital and `5,000 for her share of goodwill premium.
(b) Provision for doubtful debts is to be created @ 5%.
(c) There was a liability of `6,000 for workmen compensation.
(d) There was a unrecorded furniture for `5,000.
Prepare Revaluation A/c, Partners’ Capital A/cs and Balance Sheet of the new firm.

25. Jeet, Pant and Kumar were partners of an architect firm sharing profits in the ratio of 2 : 2 : 1. Their
partnership deed provided the following:
(i) A monthly salary of `15,000 each to Jeet and Pant.
(ii) Kumar was guaranteed a profit of `5,00,000 and Jeet guaranteed that he will earn an annual fee of
`2,00,000. Any deficiency arising because of guarantee to Kumar will be borne by Jeet and Pant in
the ratio of 3 : 2.
During the year ended 31st March, 2018 Jeet earned fee of `1,75,000 and the profits of the firm amounted
to `15,00,000.
Showing your workings clearly prepare Profit and Loss Appropriation Account and the Capital Account of
Jeet, Pant and Kumar for the year ended 31st March, 2018.

26. RSY Co. provides the following extracts from its Balance Sheets as on 31.03.2023 and 31.03.2024:

Balance Sheet (Extract)

as at 31 March, 2024
I- Equity & Liabilities Note no. 31.3.2023 31.3.2024
1. Shareholders’ Funds
(a) Share Capital 1 51,20,000 66,40,000
(b) Reserves & Surplus 2 3,00,000 4,50,000

Note 1 (as at 31.03.2023)

Share Capital
1. Authorised Share Capital 1,20,00,000
12,00,000 Equity Shares of `10 each

2. Issued Share Capital

5,00,000 Equity Shares of `10 each 50,00,000

3. Subscribed Share Capital

(a) Subscribed & Fully Paid 49,80,000
4,98,000 shares @ `10
(b) Subscribed but not fully paid 20,000
2,000 shares @ `10
Less : Calls in arrears (2,000 × `1) –2,000
49,98,000

Note 1 (as at 31.03.2024)

Share Capital
1. Authorised Share Capital 1,20,00,000
12,00,000 Equity Shares of `10 each
CBSE Accountancy Class 12 Sample Paper 1 Page 9

2. Issued Share Capital

6,64,000 Equity Shares of `10 each 66,40,000
(Of these, 30,000 shares were issued to a creditor for purchase of plant)

3. Subscribed Share Capital

(a) Subscribed & Fully Paid 66,00,000
6,60,000 shares @ `10
(b) Subscribed but not fully paid 40,000
4,000 shares @ `10
Less : Calls in arrears (4,000 × `2) –8,000
66,32,000

Note 2 – Reserves and Surplus:

31.03.2023 31.03.2024
Capital Reserve Nil 50,000
Securities Premium 3,00,000 4,00,000
Additional Information :
• During 2023–24, RSY Co. acquired plant costing `3,80,000. The creditor agreed to take shares worth
`3,00,000 at par and the balance `80,000 in cash.
• After this transaction, the Securities Premium increased by `1,00,000 (from `3,00,000 to `4,00,000),
entirely due to shares issued for cash.
• On April 1, 2024, the company forfeited all the shares on which calls were in arrears.
• Later, out of the forfeited shares, 2,500 were reissued at `15 each.
(i) What is the total face value of shares issued by the company during the year 2023–24?
(a) `15,00,000 (b) `17,00,000
(c) `14,00,000 (d) `16,40,000
(ii) At what price per share were the shares issued for cash during 2023–24, given that 30,000 shares were
issued at par to the creditor?
(a) `10 (b) `12
(c) `14 (d) `11
(iii) On April 1, 2024, the company forfeited all shares on which calls were in arrears. What amount will
be credited to the Share Forfeiture Account at the time of forfeiture?
(a) `8,000 (b) `32,000
(c) `40,000 (d) `24,000
(iv) After the forfeiture, what will be the number of issued shares as on April 1, 2024?
(a) 6,64,000 shares (b) 6,60,000 shares
(c) 6,56,000 shares (d) 6,54,000 shares
(v) If 2,500 of the forfeited shares are reissued at `14 each, what will be the new amounts of Securities
Premium and Capital Reserve after the reissue?
(a) Securities Premium: `4,12,500, Capital Reserve: `62,500
(b) Securities Premium: `4,10,000, Capital Reserve: `70,000
(c) Securities Premium: `4,07,500, Capital Reserve: `70,000
(d) Securities Premium: `4,15,000, Capital Reserve: `50,000
(vi) What will be the “Subscribed and Fully Paid” amount after the reissue of these 2,500 forfeited shares?
(a) `66,25,000 (b) `66,50,000
(c) `66,62,500 (d) `66,57,500
Page 10 Sample Paper 1 CBSE Accountancy Class 12

PART-B
Analysis of Financial Statements (Option-I)

27. The prescribed format for preparing the Balance Sheet and Statement of Profit and Loss is provided in
______ of the Companies Act, 2013
(a) Schedule I (b) Schedule II
(c) Schedule III (d) Schedule IV

O
The tool used for analyzing cash inflows and outflows of a company is called ______
(a) Ratio Analysis (b) Cash Flow Analysis
(c) Fund Flow Analysis (d) Budgeting

28. As on 31.03.2024, the following information of Orion Ltd. is available:

Net Profit Ratio: 32%
Operating Profit Ratio: 50%
On 1st April 2024, it was discovered that interest expense of Rs. 50,000 on a loan taken during the financial
year 2023-24 was omitted from the records. After rectifying this omission, what will be the effect on the
Net Profit Ratio and the Operating Profit Ratio?
(a) Net Profit Ratio will decrease and Operating Profit Ratio will decrease
(b) Both Net Profit Ratio and Operating Profit Ratio will remain unchanged
(c) Net Profit Ratio will decrease and Operating Profit Ratio will remain unchanged
(d) Net Profit Ratio will remain unchanged and Operating Profit Ratio will decrease

29. Which of the following classifications are correctly matched as per AS 3 (Revised) in the Cash Flow
Statement?
(i) Purchase of marketable securities
(ii) Issuance of share capital
(iii) Payment of dividends
(iv) Sale of fixed assets
(a) (i) Operating, (ii) Financing, (iii) Investing, (iv) Investing
(b) (i) Investing, (ii) Financing, (iii) Financing, (iv) Investing
(c) (i) Financing, (ii) Operating, (iii) Investing, (iv) Financing
(d) (i) Investing, (ii) Operating, (iii) Financing, (iv) Operating

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Which of the following statements is not correct?
(a) Sale of fixed asset (book value `40,000) at a loss of `5,000 will increase debt-equity ratio.
(b) Issue of new shares for cash will decrease debt-equity ratio.
(c) Redemption of debentures for cash will decrease debt-equity ratio.
(d) Declaration of final dividend will decrease debt-equity ratio.

30. Statement-I : ‘Omega Ltd.’ sold an old building for `20,00,000, incurring a profit of `5,00,000. It declared
an interim dividend of `3,00,000 but did not pay it during the year. The company also borrowed `10,00,000
through a short-term bank loan for its working capital needs. Depreciation of `2,00,000 was charged on its
fixed assets. Based on these transactions, the cash flow from investing, financing, and operating activities
will be `25,00,000 (Investing), `10,00,000 (Financing), and `13,00,000 (Operating), respectively.
Statement-II : ‘Sigma Ltd.’ received `2,00,000 as rent from its investment property during the year. It also
paid `4,00,000 as tax. As per AS 3 (Revised), rent received will be classified as cash inflow from operating
activities, and tax paid will also be classified as cash outflow under operating activities.
(a) Both the statements are true.
(b) Both the statements are false.
(c) Only Statement-I is true.
(d) Only Statement-II is true.
CBSE Accountancy Class 12 Sample Paper 1 Page 11

31. Find the heads and sub-heads under which the following items will appear in the balance sheet of a
company as per Schedule III, Part I of Companies Act, 2013:
(a) Computers
(b) Advances for machinery purchase
(c) Interest Receivable
(d) Trade Payables
(e) Gratuity Payable after retirement
(f) Provision for Taxation

32. Complete the Comparative Statement of Profit and Loss based on the data provided:

Particulars 2022-23 2023-24 Absolute Change % Change

Revenue from Operations 12,00,000 18,00,000 ? ?
Less: Employees Benefit Expenses 6,00,000 ? ? 50%
Less: Other Expenses 2,00,000 ? 1,00,000 ?
Profit before Tax 4,00,000 ? ? 50%
Tax @ 30% ? ? 60,000 ?
Profit after Tax 2,80,000 ? 1,40,000 ?

33. (a) Distinguish between Intra-firm Analysis and Inter-firm Analysis.

(b) From the following information, determine opening inventory and closing inventory:
Inventory Turnover Ratio = 5 times
Revenue from operations = `29,25,000
Gross Profit on cost = 30%
Closing Stock = `40,000 more than the opening inventory

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(a) Bright International Limited has Current Liabilities of `90,000. After purchasing stock-in-trade of
`10,000 on credit, its current ratio become 2 : 1. Determine the size of current assets and working
capital after and before the acquisition of inventories.
(b) Interpret a too high Trade Receivable Turnover ratio.

34. From the following information of Bikanerwala Sweets, prepare a Cash Flow Statement:
Balance Sheet as at 31.03.2022
Particulars Note 31 March 2022 31 March 2021
No. (`) (`)
I. EQUITY AND LIABILITIES
1. Shareholder’s Funds :
(a) Share Capital 1 1,35,000 1,30,000
(b) Reserves and Surplus 2 22,000 4,000
2. Non-Current Liabilities (10% Debentures) 25,000 21,000
3. Current Liabilities (Trade Payables) 12,500 8,500
Total 1,94,500 1,63,500
II. ASSETS
1. Non-Current Assets :
Property, Plant and Equipments and Intangible Assets:
Property, Plant and Equipment : Tangible Fixed Assets (Net) 41,000 32,000
Intangible Assets (Goodwill) 8,000 10,500
Page 12 Sample Paper 1 CBSE Accountancy Class 12

Non-Current Investments 68,000 63,000

2. Current Assets :
Current Investments 49,000 50,000
Cash & Cash Equivalents 4,000 2,000
Other Current Assets 24,500 6,000
Total 1,94,500 1,63,500
Notes to Accounts:

Particulars 31 March 2022 (`) 31 March 2021 (`)

1. Share Capital
Equity shares of `10 each 1,35,000 1,30,000
2. Reserves and Surplus
General Reserve 11,000 10,000
Surplus i.e. balance in Statement of Profit and Loss 11,000 (6,000)
22,000 4,000

Additional information:
(i) A machine costing `3,000 (depreciation provided thereon `400) was sold for `2,800. Depreciation
charged, during the year was `4,400.
(ii) Debentures were issued on 1st April, 2021.
(iii) Interim dividend of `30,000 has been paid during the year.

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