CBSE Sample Paper 12 2020-21 Accountancy
Half Yearly Examination (2020-21)
Time: 3:00 hour Sub- Accountancy M.M.-80
All questions are compulsory.
Ques. 1 to 13 and Ques. 23 to 29 carry 1 mark each
Ques. 14 and Ques. 30 carry 3 marks each
Ques. 15 to 18 and Ques. 31 carry 4 marks each
Ques. 19 to 30 and Ques. 32 carry 6 marks each
Ques. 21 and 22 carry 8 marks each.
- How will u calculate the closing cash balance of current year?
- Would a charitable dispensary run by 8members be deemed a partnershipfirm?Give reason
- Calculate interest on drawings of Reena @ 10%pa for the year ended 31.12.2020 if amount withdrawn Rs 750 in the beginning of each quarter.
- P Q and R are partners in a firm sharing profit in the ratio of 2:3:5 the firm earned a profit of Rs 75000for the year ended 31.12.2020.the profit by mistake credited in ratio of 24:36:60.pass journal entry to rectify error.
- Give formula for calculation of sacrificing ratio.
- Why are asset revalued at the time of admission of partner?
- Give journal entry for distribution of profit at the time of dissolution of firm.
- State any two items of deduction that may have been made at the time of retirement from capital A/c.
- Provision for workmen compensation reserve is astatutory liability.T/F
- Loan of Rs 10000 advanced by partner to the firm on dissolution of the firm. Pass journal entry
- Nature of receipt a/c is (A) nominal (B) personal (c) real
- Why receipt and payment account is also known as cash trial?
- A andB arepartners in a firm. C is admitted in a firm and the new profit sharing ratio between A B and C is 1:2:2. If the sacrificing ratio of A & B is 4:1.calculate old profit sharing ratio.
- What amount will be transferred to Income and expenditure Account with respect to stationery?
Stock of stationery in hand as on 01.01.17 Rs 300
Payment made for stationery during year Rs 1080
Stock of stationery on 31.12.17 Rs 50
Creditors for stationery outstanding on 01.01.17 Rs 200
- X Y & Z are partners sharing profits and losses in the ratio of 5:3:2. They decided to share future profits and losses in the ratio of 2:3:5.with effect from 01.04.2020.they also decided to record the effect of following revaluation without affecting book value of the assets and liabilities by passing a single adjustment entry.
|Particular||Book Value||Market Value|
|Land and building||100000||150000|
|Plant and machinery||150000||140000
- Write any four items that will be debited and credited to partner capital a/c at the time of his retirement.
- Pass journal entries at the time of dissolution of firm in following cases
- Partner p agreed to pay a creditor Rs 7500
- Bank loan Rs. 34000 was paid.
- Furniture worth Rs. 70000 was taken over by partner Z at Rs. 43000.
- Loss on realization Rs. 4800 was distributed between T & P in 5:3
- Write any four points on difference between Realization A/c and Revaluation A/c.
- A B & C were partners in a firm. Their capital on 01.01.201 were Rs. 500000, 600000 and 700000 respectively. Partnership deed provides
- A will be allowed a commission of Rs 25000
- PSR will be equal
- Interest on capital @ 10% pa
- Drawing were Rs 70000, 60000, 50000 respectively
- Profit earned during year Rs. 1200000
Prepare profit & loss appropriation A/c and partner capital A/c.
- From the following information calculate amount of sports material consumed during year
Balance of SM as on 01.04.2020 20000
Balance of SM as on 31.03.2021 15000
Creditors of SM as on 01.04.2020 40000
Creditors of SM as on 31.03.2021 45000
Payment made to creditors during year 200000
- A and B are partners sharing profit and losses in the ratio of 3:2. Their balance sheet as at 31.03.2014 was
|Creditors||70000||Plant & Machinery||80000
|A Capital A/c||200000||Debtors||130000|
|B capital A/c||300000||Cash||150000|
From 01.04.2014 profit sharing ratio will be 2:1. For this purpose it was agreed that
- Creditors amounted Rs 3000 are no longer required to be paid.
- Building should be revalued at Rs. 120000
- Provision @ 10% to be made for Debtors
- Goodwill of the firm be valued at Rs. 90000
Pass journal entries, prepare capital A/c s and Balance sheet of reconstituted firm.
- Prepare accounting extracts in each of the following individual cases at the time of dissolution
- Goodwill shown In Balance sheet at the time of dissolution Rs100000. No amount realized.
- Investment booked at Rs 80000 and investment fluctuation reserve created Rs 20000.
- Creditors booked at 300000 and paid 250000 in full settlement.
- Workmen compensation reserve existed at Rs. 300000. No liability claimed.
- Receipt A/c will be prepared on daily basis T/F
- Give journal entries in case of Interest on capital when partner capital A/c is fixed.
- Why Goodwill is considered an intangible asset but not a fictitious asset?
- Name any two methods of goodwill Valuation.
- Under which of the following method of goodwill valuation normal rate of return is not considered?
- Super profit method
- Capitalization method
- Average profit Method
- None of the Above
- Give nature of Partner Capital A/c with reason.
- Profit on dissolution on firm will be debited to partner capital A/c in old profit sharing ratio.T/F
- Write three adjustment required at the time of death of partner in the books of firm.
- Give accounting treatment in each of the following cases on NPO
Honorarium charges paid Rs.5000
Specific Donation Received Rs 200000
Tournament Fund created by sports club 300000
Tournament expenses Rs320000
Prepare Extracts as per requirement.
- From the following cash transactions relating to Royal club, Prepare income and expenditure A/c for the year ended 31.0.2014 and balance sheet as at that date.
|To cash in Hand on 01.04.2013||4900||By salaries||20100|
|To subscription(include RS 800 for next year)||52100||By Travelling Expenses||8600|
|To Donation||6000||By Stationery||1720|
|To proceed of show||16200||By repair||16600|
|To Sale of furniture ( Book Value 4000)||1600||By rent||450|
|To life Membership fees||9000||By building Purchased||300000|
|To interest on investment(cost 48000)||4800||By Government Bonds||5000|
|To Sale of old car||20000||By Balance c/d on 31.03.2014||32130|
On 01.04.2013 club had Land and Building Rs 40000, Furniture Rs. 1050. No of members in club were 150 and subscription charged @ 100 each car Rs. 25000. Subscription outstanding on 31.03.2013 and 31.03.2014 were Rs 3400 and Rs. 2000 respectively. Similarly interest on investment due in the beginning was Rs 800 and at the end was Rs. 1000.
Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. On 31 March, 2017 their Balance Sheet was as follows:
Balance Sheet of Srijan, Raman and Manan as on 31.03.2017
|Liabilities||Amount (Rs.)||Assets||Amount (Rs.)|
Profit & loss account
On the above date they decided to dissolve the firm.
- Srijan was appointed to realise the assets and discharge the liabilities. Srijan was to receive 5% commission on sale of assets (except cash) and was to bear all expenses of realisation.
- Assets were realised as follows:
- Investments were realised at 95% of the book value.
- The firm had to pay 7,500 for an outstanding repair bill not provided for earlier.
- A contingent liability in respect of bills receivable, discounted with the bank had also and had to be discharged for 15,000.
- Realiation A/c
- Bank Account
- Partner capital account
- Real exp- 3000