CBSE Sample Paper 2020-21 New Pattern Accountancy 12


Time: 3:00 hour

Sub- Accountancy (055)


General Instructions:

  • All questions are compulsory.
  • This question paper comprises two Parts – A and B.
  • There are 32 questions in the question paper.
  • Question nos. 1 to 13 and 23 to 29 are very short answer type questions carrying 1 mark each.
  • Question nos. 14 and 30 are short answer type-I questions carrying 3 marks each.
  • Question nos. 15 to 18 and 31 are short answer type-II questions carrying 4 marks each.
  • Question nos. 19, 20 and 32 are long answer type-I questions carrying 6 marks each.
  • Question nos. 21 and 22 are long answer type-II questions carrying 8 marks each

Part-A (Accounting for Not for Profit organizations, Partnership firms and Companies)

1- The interest on capital account of partners when the firm follows fluctuating capital account method is credited to

a) interest account

b)Profit and loss account

c) partners capital account

d)partners current account

2- A change in relationship among partners in a partnership firm, Leads to ____________ of partnership firm.

3- Goodwill is written of through all partners capital account by debiting them in their profit sharing ratio on dissolution of partnership. (True/false)

4- A company issued 1000, 7% ventures of 50 each at a discount of 10% redeemable at a premium of 5%. The amount of loss on issue of debentures to be written off the same year is

a) 1500




5- Z is a manager in a partnership firm and is entitled to receive a salary of Rs. 8000 per month and a Commission of 5% on net profit after charging such Commission. Profit for the year Rs. 13,56,000 before charging salary and Commission. Calculate the total remuneration of Z.

6- Shares can be issued to employees at a discount.(True/False)

7- What is meant by number of year’s purchase used at the time of valuation of goodwill?

8- The balance sheet of a partnership firm had an investment fluctuation reserved of Rs. 10,000. A new partner is admitted, market value of investment is Rs. 60,000 against its book value of Rs. 70,000. What amount of investment fluctuation reserve will be distributed among partners?

9- Premium payable on redemption of debenture account is a

a) personal account

b)real account

c) nominal account

d)Assets account

10- A share of Rs. 100 issued at a premium of 20% is forfeited due to nonpayment of final call of 30. The amount transferred to share forfeiture A/C is:

a) 90




11- Which of the following is not a feature of not for profit organisation?

a) It is a separate legal entity.

b) It prepares its financial statements every year.

c) It is owned by an individual or group of individuals.

d) It does not have a profit motive.

12- __________are the expenses in code for Incorporation of the company, such as registration, fee, expenses, public issues expenses, etc.

13- A and B who shared profit in the ratio of 3:1 admit C as a partner for 1/5th share in profits, which he acquires equally from the old partners. What will be the new profit sharing ratio?

14- From the following information calculate the amount of subscriptions to be credited to the income & expenditure Account for the year 2016-2017:

Subscriptions received during the year

Subscriptions outstanding on 31″, March 2016

Subscriptions outstanding on 31″ March 2017

Subscriptions received in advance on 31-3-2016 Subscriptions received in advance on 31-3-2017

Subscriptions of 2000 are still in arrears for the year 2015-16







15- Rohit, Raman and Raina are partners in a firm. Their capital accounts on 1st April, 2019, stood at 2,00,000, 1,20,000 and 1,60,000 respectively. Each partner withdrew 15,000 during the financial year 2019-20. As per the provisions of their partnership deed:

a) Interest on capital was to be allowed @ 5% per annum.

b) interest on drawings was to be charged @ 4% per annum.

c) Profits and losses were to be shared in the ratio 5:4:1.

The net profit of 72,000 for the year ended 31st March 2020, was divided equally amongst the partners without providing for the terms of the deed. You are required to pass a single adjustment entry to rectify the error (Show workings clear)

16- A limited forfeited 1000 shares of Rs. 10Each, Rs. 7 called up, issued at a premium of 20%(To be paid at the time of allotment) For non-payment of a first call of 2 per share. Out of these, 600 shares were re issued as Rs. 7 paid up for Rs. 4 per share. Give Journal entries for feiture and re issue of shares.

17- Pass necessary Journal entries on the dissolution of a partnership firm in the following cases.

a) Dissolution Expenses paid by Dev, a partner.

b) Mansi, a partner agreed to look after the dissolution work for a commission of Rs. 5,000. Mansi agreed to bear the dissolution expenses. Actual dissolution expenses Rs. 5,500 were paid by Mohan another partner, on behalf of Mansi.

c) A partner Kavita agreed to look after dissolution process for a commission of Rs. 9,000. She also agreed to bear the dissolution expenses. Kavita took over furniture of Rs. 9,000 for her commission. Furniture has already been transferd to realisation account.

d) A debtor, Ravinder for Rs. 19,000 agreed to pay the dissolution expenses which were Rs. 18,000 in full settlement of his debt.


A, B and C are partners in a firm whose books are closed on March 31st each year. A died on 30th June 2018 and according to the agreement the share of the profit of a deceased partner up to the date of the death is to be calculated on the basis of the average profits for the last five years. The net profits for the last five years have been 2014 Rs.14,000, 2015 Rs. 18,000, 2016 Rs .16,000, 2017 Rs .10,000 (loss) and 2018 Rs .16,000. Calculate A’s share of the profit up to the date of death and pass necessary Journal entry

18- A and B are partners in a firm. A is entitled to a salary of Rs. 15,000 p.m. and a Commission of 10% of net profit before charging any Commission. B is entitled to a Commission of 10% of the net profit after charging his Commission, net profit for the year ended 31st March 2018 was Rs. 4,40,000.

You are required to show the distribution of profit.

19- On April 1, 2019 Z Ltd. issued, Rs.10,000, 8% Debentures of 100 each at premium of 5%, to be redeemable at a premium of 10%, after 5 years. The entire amount was payable on application. The issue was oversubscribed to the extent of 10,000 debentures and the allotment was made proportionately to all the applicants. The securities premium amount has not been utilized for any other purpose during the year. Give journal entries for the issue of debentures and writing off loss on issue of debentures.

20- Average profits a firm during the last few years are 80,000 and the normal rate of return in a similar business is 10%. if the goodwill of the firm is 100,000 at 4 years purchase of super profit, find the capital employed by the firm.

21- A and B share the profits of the business in the ration of 5:3.They admit C into the firm for 1/4″ share in the profits to be contributed equally by A and B. On the date of admission of C, the balance sheet of the firm was as follows:

Liabilities Rs. Assets Rs.
A’s capital

B’s capital

Workmen’s compensation reserve


Provident fund


40,000 30,000



















Terms of C’s admission were as follows:

a) C will bring 30,000 for his share of capital and goodwill.

b) Goodwill of the firm has been valued at 3 year’s purchase of the average super profits of last four years. Average profits of the last four years are 20,000 while the normal profits that can be earned with the capital employed are 12,000.

c) Furniture is undervalued by 12,000 and the value of stock is reduced to 13,000. Provident fund be raised by 1,000.

d) Creditors are unrecorded to the extent of 6,000.

Prepare Revaluation Account, Partner’s Capital account and the new balance sheet of A,B and C.

22- Chand limited issued 15,000 preference shares of 100 each at a premium of 5%.Payments were to be made us Rs. 25 an application, Rs. 45 on allotment and Rs. 35 on 1st and final call. The applications for 14,000 shares were received and all were accepted. all the money was duly received except the 1st and final call on 200 shares. Give the necessary Journal entries and prepare cash book of the company.

Part B (Analysis of Financial statements)

23- The liquidity ratio of our concern is 1.5:1, and it purchased goods of 50,000 for cash. What will be its effect on the ratio?

24- Where will a manufacturing company record dividend /Interest received while preparing cash flow statement?

25- Which of the following ratios is not a solvency ratio?

a) Total assets to debt ratio

b) Proprietary ratio

c) Debt to equity ratio

d) Current ratio

26- Vertical analysis is also known as________.

27- How cost of material consumed is calculated?

28- Name 2 items included under other current assets of company’s balance sheet.

29- An ideal current ratio is 2:1. But the higher the ratio the better it is.(true/false)

30- From the following information, calculate inventory turnover ratio; revenue from operations 16,700.000, average inventory 2,20, 000, Gross loss ratio 5%.

31- Prepare a comparative Statement of Profit & Loss from the following details;

31.3.2013 31.3.2012
Revenue from operations Rs. 30,00,000 Rs. 20,00,000
Other income(%of revenue from operations) 15% 20%
Expenses (%of revenue from operations) 60% 50%


32- Compute cash from operating activities from the following details;

31.3.2010 31.3.2009
P&L balance

Trade Receivables

Outstanding Rent


Prepaid insurance

Trade Payable














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