KENDRIYA VIDYALAYA SANGATHANKENDRIYA VIDYALAYA SANGATHANCHANDIGARH REGIONCHANDIGARH REGION

SAMPLE PAPER ACCOUNTANCY SAMPLE PAPER ACCOUNTANCY CLASS XIICLASS XII

Q1.Q1. TT he donation made by a person at will to the not for profit organisation is called as he donation made by a person at will to the not for profit organisation is called as ____________________________ (1)(1)

Q2.Q2. The amount paid to the outsiders for services rendered by them to the Not-for-profit The amount paid to the outsiders for services rendered by them to the Not-for-profit organization is called ______________organization is called ______________ (1)(1)

Q3.Q3. At the time of forfeature, the share capital a/c is debit with the amount ____At the time of forfeature, the share capital a/c is debit with the amount ____ (1)(1) Q4.Q4. Receipt and payment a/c is a summary of which a/cReceipt and payment a/c is a summary of which a/c (1)(1) Q5.Q5. Partners providing loan to the firm are entitled to interest on their loan @___Partners providing loan to the firm are entitled to interest on their loan @___ (1)(1) Q6.Q6. Which a/c is prepared to show the effect of revaluation of assets and liabilities?Which a/c is prepared to show the effect of revaluation of assets and liabilities? (1)(1) Q7.Q7. Sacrificing ratio is equal to ________Sacrificing ratio is equal to ________ (1)(1) Q8.Q8. Executor’s a/c is prepared when a partners ___________Executor’s a/c is prepared when a partners ___________ (1)(1) Q9.Q9. Define Partnership.Define Partnership. (3)(3) Q10.Q10. A and B are partners with profit sharing ratio if 3:1 They admitted C for 1/10 share inA and B are partners with profit sharing ratio if 3:1 They admitted C for 1/10 share in profit, calculate new profit sharing ratio. profit, calculate new profit sharing ratio. (3)(3) Q11Q11 What do you mean by forfeiture of share.What do you mean by forfeiture of share. (3)(3) Q12Q12 Explain briefly the issue of share for consideration other than cash.Explain briefly the issue of share for consideration other than cash. (3)(3) Q13.Q13. B Ltd. Issued 10,000 share of Rs 10/- each at a premium of Rs 2. Payable as Rs 2 on B Ltd. Issued 10,000 share of Rs 10/- each at a premium of Rs 2. Payable as Rs 2 on

application , Rs 5 on allotment Rs 3 on Ist call and balance on final call .application , Rs 5 on allotment Rs 3 on Ist call and balance on final call . Pass necessary Journal entries in the book of B Ltd. Pass necessary Journal entries in the book of B Ltd. (4)(4) Q14.Q14. Pass journal entries in the following case -Pass journal entries in the following case - (2 + 2) (4) (2 + 2) (4)

a)a) 2000, 12% Debentures of Rs 100. each issued as collateral security.2000, 12% Debentures of Rs 100. each issued as collateral security. b)b) Purchased Machinery Rs 1,65,000. The vendors over paid by issuing Purchased Machinery Rs 1,65,000. The vendors over paid by issuing

12% Debentures of Rs 100/- each at 10% premium. 12% Debentures of Rs 100/- each at 10% premium.Q15.Q15. Differentiate between fixed capital and fluctuating capital methods on the basis of Differentiate between fixed capital and fluctuating capital methods on the basis of 1) Change in capital, 1) Change in capital, 2) Number of Accounts2) Number of Accounts 3) Recording of Transaction3) Recording of Transaction 4) Balance of capital a/c.4) Balance of capital a/c. (4)(4) Q16.Q16. A, B and C are partners. This profit sharing ratio is 2:3:5 and capitals were Rs A, B and C are partners. This profit sharing ratio is 2:3:5 and capitals were Rs

15,00,000, Rs 30,00,000 & Rs 60,00,000. The interest for the year was credited 15,00,000, Rs 30,00,000 & Rs 60,00,000. The interest for the year was credited to them @ 12 % p.a. instead of 10% p.a. Pass adjustment journal entry and showto them @ 12 % p.a. instead of 10% p.a. Pass adjustment journal entry and showyour calculation Cleary.your calculation Cleary. (2 + 2) (4)(2 + 2) (4)

Q17.Q17. Distinguish between sacrificing ratio and gaining ratio on the basis of Meaning, Distinguish between sacrificing ratio and gaining ratio on the basis of Meaning, Time, Effect and Formula.Time, Effect and Formula. (4)(4) Q18.Q18. A and B were partners with profit sharing ratio of 2:1. The admitted C. the new profitA and B were partners with profit sharing ratio of 2:1. The admitted C. the new profit

sharing was agreed at 3:2:1. The balance on the date of C’s admission is ____________ sharing was agreed at 3:2:1. The balance on the date of C’s admission is ____________ (6)(6) LiabilitiesLiabilities AmountAmount AssetsAssets CreditorsCreditors 20,00020,000 DebtorsDebtors 40,00040,000 Bills payableBills payable 15,00015,000 Less Provision -3,600Less Provision -3,600 36,400 36,400 Reserve fundReserve fund 12,00012,000 StockStock 20,000 20,000 Capitals A-40,000Capitals A-40,000 BuildingBuilding 25,000 25,000 B 30,000 B 30,000 70,00070,000 PatentsPatents 2,000 2,000 ____________ MachineMachine 33,60033,600 1,17,0001,17,000 1,17,0001,17,000

Other information is –Other information is –1)1) C brings Rs 19,000 for capital & 10000 for Good will in cashC brings Rs 19,000 for capital & 10000 for Good will in cash 2)2) Provisions for Doubtful debit be reduced by Rs 2400Provisions for Doubtful debit be reduced by Rs 2400 3)3) An old type writer of Rs 2600 did not appear in the books. Now it is to be recorded.An old type writer of Rs 2600 did not appear in the books. Now it is to be recorded. 4)4) Patents are valueless.Patents are valueless.

Prepare revaluation a/c, capital a/c and new balance sheet.Prepare revaluation a/c, capital a/c and new balance sheet.

Q19Q19 A, B and C were partners, Their profit sharing ratio was 3:2:1. B retired on 31 A, B and C were partners, Their profit sharing ratio was 3:2:1. B retired on 31 Dec. 2006. on the following terms-Dec. 2006. on the following terms- (6)(6) a)a) Building be appreciated by Rs 7,000Building be appreciated by Rs 7,000 b)b) Provision for doubtful debts be created @ 5% on Debtors.Provision for doubtful debts be created @ 5% on Debtors. c)c) Goodwill of the firm is valued at Rs 18,000 and adjustment be made in the continuing Goodwill of the firm is valued at Rs 18,000 and adjustment be made in the continuing

partners capital a/cpartners capital a/cd)d) Rs 3,000 be paid immediately of B and balance be transferred to this loan a/c.Rs 3,000 be paid immediately of B and balance be transferred to this loan a/c.

Balance sheet as on 31. Dec. 2006Balance sheet as on 31. Dec. 2006 LiabilitiesLiabilities AmountAmount AssetsAssets AmountAmount CreditorsCreditors 13,59013,590 CashCash 4,7004,700 CapitalsCapitals DebtorsDebtors 8,0008,000 AA 15,00015,000 StockStock 11,69011,690 BB 10,00010,000 BuildingBuilding 23,00023,000 CC 10,00010,000 P/c a/cP/c a/c 1,200 1,200 48,59048,590 48,59048,590 Prepare Revaluation a/c, Capital a/c & New Balance Sheet.Prepare Revaluation a/c, Capital a/c & New Balance Sheet. Q20Q20 The following was the balance sheet of D,E & F as on 31.12.06The following was the balance sheet of D,E & F as on 31.12.06 (6)(6) LiabilitiesLiabilities AmountAmount AssetsAssets AmountAmount CreditorsCreditors 19,00019,000 ToolsTools 2,0002,000 Reserve FundReserve Fund 8,000 8,000 FurnitureFurniture 20,000 20,000 CapitalsCapitals StockStock 18,00018,000 D D 30,00030,000 DebtorsDebtors 35,00035,000 EE 25,00025,000 CashCash 17,00017,000 FF 25,00025,000 80,000 80,000 BankBank 15,00015,000 1,07,0001,07,000 1,07,0001,07,000

E died on 31 March 07. Under the agreement, E was entitled:-E died on 31 March 07. Under the agreement, E was entitled:- a)a) To amount standing to credit of his capital a/cTo amount standing to credit of his capital a/c b)b) To Interest on capital this amounted to Rs 750.To Interest on capital this amounted to Rs 750. c)c) His Share of Goodwill Rs 15,000His Share of Goodwill Rs 15,000 d)d) His share of profit from closing of last financial year to the date of his His share of profit from closing of last financial year to the date of his

death which amounted to Rs 5,250. E,s executor was Rs 16,000 on Ist April 07 death which amounted to Rs 5,250. E,s executor was Rs 16,000 on Ist April 07 and balance in four equal yearly installments starting from 31.3.06 with interestand balance in four equal yearly installments starting from 31.3.06 with interest @ 6% p.a. prepare E’s a/c and E’s Executor and till it is finally paid. @ 6% p.a. prepare E’s a/c and E’s Executor and till it is finally paid.

Q26.Q26. X Ltd. Invited applications for 1,00,000 shares of Rs 10 each, payable as Rs 2 X Ltd. Invited applications for 1,00,000 shares of Rs 10 each, payable as Rs 2 on application, Rs 3 on allotment and balance on first and final call. Application wereon application, Rs 3 on allotment and balance on first and final call. Application were received for 3,00,000 shares. Allotment was made on pro-rata basis and excess money received for 3,00,000 shares. Allotment was made on pro-rata basis and excess money was adjusted on allotment only. Mr. M who had applied for 3,000 shares failed to pay was adjusted on allotment only. Mr. M who had applied for 3,000 shares failed to pay the call money, So his shares were forfeited and reissued at Rs 8 per share fully paid up.the call money, So his shares were forfeited and reissued at Rs 8 per share fully paid up. Pass necessary journal entries. Pass necessary journal entries. (6)(6)

Q27.Q27. From the following Receipts and payment all of a club prepare income expenditure From the following Receipts and payment all of a club prepare income expenditure a/c and balance sheet as on 31 Dec. 2006a/c and balance sheet as on 31 Dec. 2006

ReceiptsReceipts RsRs PaymentsPayments RsRs To balance b/dTo balance b/d 1,0251,025 By salariesBy salaries 600600 To subscriptionTo subscription By ExpensesBy Expenses 75 75 20052005 4040 By Drama ExpensesBy Drama Expenses 450450 20062006 2,050 2,050 By News papersBy News papers 150150 20072007 6060 2,1502,150 By Municipal TaxesBy Municipal Taxes 40 40 TT o donationso donations 540 540 BB y charityy charity 350 350 To proceeds to Drama ticket To proceeds to Drama ticket 950 950 By InvestmentBy Investment 2,0002,000 To sale of waste paperTo sale of waste paper 45 45 By Electric ChargesBy Electric Charges 145 145 By Balance a/cBy Balance a/c 900 900 ------------------ ------------------ 4,1704,170 4,1704,170

Additional Information-Additional Information- a)a) There are 500 members Annual subscription is Rs 5 each Rs 50 are still in arrearsThere are 500 members Annual subscription is Rs 5 each Rs 50 are still in arrears

for the year 2005. for the year 2005.b)b) Municipal Tax of Rs 40 per year has been paid upto 31 March 2006 and Rs 50 are Municipal Tax of Rs 40 per year has been paid upto 31 March 2006 and Rs 50 are

outstanding for salaries.outstanding for salaries.c)c) Building stands in the books at Rs 5,000Building stands in the books at Rs 5,000 d)d) 6% interest has accrued on investment for 5 months.6% interest has accrued on investment for 5 months.

OrOr What are special features of Not-for –profit organization. What are special features of Not-for –profit organization. Q23.Q23. On 31 December 2006, a company had the following-On 31 December 2006, a company had the following- (8)(8) 11% Debentures11% Debentures Rs 3,00,000Rs 3,00,000 Debentures Redemption fundDebentures Redemption fund Rs 3,10,000Rs 3,10,000 Debenture Redemption fund InvestmentDebenture Redemption fund Investment (Face Value Rs 3,30,000)(Face Value Rs 3,30,000) Rs 3,10,000Rs 3,10,000 Securities premium a/cSecurities premium a/c Rs 27,000Rs 27,000

On the above date, the investments were sold at 95% and the debentures were reduced On the above date, the investments were sold at 95% and the debentures were reduced at 3% premium. Prepare necessary accounts.at 3% premium. Prepare necessary accounts. OROR What do you mean by debentures? A company authorized its Rs 1,10,000 debenturesWhat do you mean by debentures? A company authorized its Rs 1,10,000 debentures holders to convert them into preference shares. Pass necessary journal entries if, holders to convert them into preference shares. Pass necessary journal entries if,a)a) Debentures were converted into preference shares of Rs 100 each at par.Debentures were converted into preference shares of Rs 100 each at par. b)b) Debentures were converted into preference shares of Rs 100 each at a premium of 10%Debentures were converted into preference shares of Rs 100 each at a premium of 10% c)c) Debentures were converted into preference shares of Rs 100 each at a discount of 10%.Debentures were converted into preference shares of Rs 100 each at a discount of 10%.