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CBSE XII Sample / Mock 2017 : ACCOUNTANCY (with Marking Scheme / Solutions)

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SAMPLE QUESTION PAPER ACCOUNTANCY (055) CLASS-XII 2016-17 Time allowed Three hours Maximum Marks: 80 General Instructions: 1) This question paper contains two parts A and B. 2) Part A is compulsory for all. 3) Part B has two options Financial Statements Analysis and Computerized Accounting. 4) Attempt only one option of Part B. 5) All parts of a question should be attempted at one place. PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES Q1. A, B and C are partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital balance after adjustments regarding reserves, accumulated profits/ losses and gain/loss on revaluation (1) was `2,50,000. C was paid `3,00,000 in full settlement. Afterwards D was admitted for 1/4th share. Calculate the amount of goodwill premium brought by D. Sol: Goodwill share of C= `3,00,000-`2,50,000= `50,000 Firm s Goodwill = 50,000x10/2= `2,50,000 Q2. D s share in Goodwill= `2,50,000x1/4= `62,500 A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital (1) accounts of A and B were `3,85,000 and `4,15,000 respectively. C brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by C. Sol: Combined capital of A and B = `3,85,000+`4,15,000= `8,00,000 C s share=1/5th of total capital Remaining share= 1-1/5 =4/5 4/5= `8,00,000 C s capital= `8,00,000x5/4x1/5= `2,00,000 Q3. A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is `2,50,000. (1) The total interest on partner s drawing is `4,000. A s salary is `4,000 per quarter and B s salary is `40,000 per annum. Calculate the net profit/loss earned during this year. Sol. Net Profit during the year=Divisible profits + Salary to partners Interest on Drawings = 2,50,000+16,000+40,000-4000= `3,02,000 Q4. ABC Ltd. purchased for cancellation its own 5,000, 9% Debentures of `100 each for `95 per debenture. (1) Brokerage charges `15,000 were incurred. Calculate the amount to be transferred to capital reserve. Amount paid for 5,000 Debentures=4,75,000+15,000= `4,90,000 The nominal value of debentures to be redeemed/cancelled= `5,00,000 Q5. Amount of profit on redemption to be transferred to capital reserve= `5,00,000--`4,90,000= `10,000 When can shares held by a shareholder be forfeited? Answer: Shares held by a shareholder can be forfeited for the non-payment of call money due. (1)

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