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Board Paper of Class 12-Commerce 2022 Accountancy Term-II Delhi(Set 1) - Solutions

General lnstructions:
1. This question paper contains 12 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) Computerized
Accounting. Students must attempt only one of the given options.
5. Ouestion nos. 1 to 3 and 10 are short-answer type-I questions carrying 2 marks each.
6. Ouestion nos. 4 to 6 and 11 are short-answer type-ll questions carrying 3 marks each.
7. Question nos. 7 to 9 and 12 are long-answer type questions carrying 5 marks each.
8. There is no overall choice. However, an internal choice has been provided in  3 questions of three marks and 1 question of five marks.


  • Question 1
    Show the following information in the Balance Sheet of 'Dev Sports Club':
    Particulars
    Match Fund (as on 31st March, 2020)
    1,70,000
    Match Expenses (paid during the year ended 31st March, 2021)
    2,50,000
    Donations for Match (Received during the year ended 31st March, 2021)
    90,000

     

    VIEW SOLUTION


  • Question 2
    Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the basis of:
    (i) Termination of business.
    (ii)  Settlement of Assets and Liabilities. VIEW SOLUTION


  • Question 3
    Madhu, Manav and Mukul were partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 31st March, 2021 Mukul retired from the firm.
    On Mukul's retirement, goodwill of the firm was valued at ₹3,00,000. Pass necessary Journal entry for the treatment of goodwill without opening goodwill account on Mukul's retirement. VIEW SOLUTION


  • Question 4
    As per Receipts and Payments Account of Kala Club for the year ended 31st March, 2021, subscriptions received were ₹4,00,000.
    Additional Information:
     
    Subscriptions Outstanding on 1.4.2020
    1,00,000
    Subscriptions Outstanding on 31.3.2021
    70,000
    Subscriptions received in advance on 1.4.2020
    50,000
    Subscriptions received in advance on 31.3.2021
    80,000
    Calculate the amount of subscriptions to be shown in Income and Expenditure Account for the year ended 31st March, 2021 as income from subscription.

    OR


    From the following information, calculate the amount of stationery to be shown in Income and Expenditure Account for the year ended 31st March, 2021:
    Particulars 1st April, 2020
    (₹)
    31st March, 2021
    (₹)
    Creditors for Stationery 5,600 12,800
    Stock of Stationery 25,000 35,000

    During the year ended 31st March, 2021 payment made to Creditors amounted ₹62,800. Stationery purchased during the year was ₹2,00,000. VIEW SOLUTION


  • Question 5
    Puneet, Purav and Parth were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. The firm closes its book on 31st March every year. As per the terms of partnership deed, on the death of any partner, the Goodwill of the firm will be calculated on the basis of 3 times the average profits of last 4 years. Puneet died on 1st July, 2021. The profits for last four years were:
    Year Profit
    (₹)
    2017-18 90,000
    2018-19 1,00,000
    2019-20 1,30,000
    2020-21 80,000

    Puneet's share of profit upto the date of death was to be calculated on the basis of previous year's profit.
    (i) Calculate goodwill of the firm and Puneet's share of goodwill.
    (ii) Calculate Puneet's share in the profits of the firm till the date of his death.
    (iii) Pass necessary journal entries for the treatment of goodwill without opening goodwill account and for Puneet's share of profit at the time of his death. VIEW SOLUTION


  • Question 6
    Radhey Ltd. took over assets of ₹14,00,000 and liabilities of ₹6,00,000 of Krishna Ltd. Radhey Ltd. paid the purchase consideration by issuing 10,000, 8% Debentures of ₹100 each at a premium of 10%.
    Pass necessary journal entries in the books of Radhey Ltd.

    OR


    Amay Ltd. invited applications for issuing 10,000, 8% debentures of ₹100 each. The amount was payable as follows:
    ₹30 on application and ₹70 on allotment. The public applied for 12,000 debentures. Applications for 8,000 debentures were accepted in full; applications for 3,000 debentures were allotted 2,000 debentures and the remaining applications were rejected. All money was duly received.
    Pass the necessary journal entries in the books of the company for the above transactions. VIEW SOLUTION


  • Question 7
    Anu, Bhanu and Charu were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Anu decided to retire from the firm on 31st March, 2021. The balance sheet of the firm on that date was as follows:

    Balance Sheet of Anu, Bhanu and Charu as on 31st March, 2021
    Liabilities
    Amount
    (₹)
    Assets
    Amount
    (₹)
    Creditors
    24,000
    Bank
    10,000
    Profit & Loss A/c
    5,000
    Debtors
    20,000
     
     
     
      Less: Provision for Doubtful Debts
    –400
    19,600
    Capitals:
     
    Stock
    27,000
    Anu
    31,000
     
    Investments
    10,000
    Bhanu
    30,000
     
    Patents
    2,400
    Charu
    22,000
    83,000
    Premises
    43,000
     
     
    1,12,000
     
    1,12,000
     
     
     
     
     

    ​On retirement of Anu, following terms were agreed upon:
    (i) Anu sold her share of premium for goodwill to Bhanu for ₹6,000 and to Charu for ₹3,000.
    (ii) Provision for doubtful debts was to be raised to 5% on debtors.
    (iii) Patents were considered as valueless.
    (iv) Anu was paid ₹9,600 through a cheque and balance was transferred to her loan A/c.
    Prepare Revaluation Account and Anu's Capital Account on her retirement.

    OR


    Give the necessary journal entries for the following transactions on dissolution of the firm of Sonu and Monu on 31st March, 2021, after transfer of various assets (other than cash and bank balance) and the third party liabilities to Reaslisation Account. They shared profits and losses in the ratio of 2 : 1.
    (i) Sonu agreed to take over the firm's goodwill (not recorded in the books of the firm) at a valuation of ₹40,000.
    (ii) Bills payable of ₹30,000 falling due on 30th April, 2021 were discharged at ₹29,550.
    (iii) Stock worth ₹8,00,000 was taken over by partner, Sonu at 10% discount.
    (iv) Creditors of ₹2,00,000 accepted machinery valued at ₹2,20,000 in full settlement of their claim.
    (v) Expenses of realisation ₹10,000 were paid by partner, Sonu. VIEW SOLUTION


  • Question 8
    Pass journal entries relating to issue of debentures for the following transactions:
    (a) Issued 8,000, 10% debentures of ₹100 each at a discount of 10%, redeemable at 5% premium.
    (b) Issued 4,000, 12% debentures of ₹100 each at 10% premium, redeemable at 6% premium.
    (c) Issued ₹1,00,000, 9% debentures of ₹100 each at par redeemable at par.
    (d) Issued ₹5,00,000, 9% debentures of ₹100 each at 10% premium redeemable at par.
    (e) Issued 6,000, 9% debentures of ₹100 each at a discount of 10% redeemable at par. VIEW SOLUTION


  • Question 9
    Following is the Receipts and Payments Account of Indian Youth Club for the year ended 31st March, 2021:
    ‘Receipts and Payments Account’ of Indian Youth Club
    for the year ended 31st March, 2021
    Receipts
    Amount
    (₹)
    Payments
    Amount
    (₹)
    To Balance b/d:
     
     
    By Salaries
     
    3,60,000
    Cash
    25,000
     
    By Printing & Stationery
     
    19,000
    Bank
    2,85,000
    3,10,000
    By Printer
     
    40,000
    To Subscriptions
     
    4,00,000
    By Investments
     
    80,000
    (including ₹40,000
     
     
    By Balance c/d:
     
     
    for year ending 31.3.2022)
     
     
    Cash
    12,000
     
    To Interest on investments
     
    1,000
    Bank
    2,00,000
    2,12,000
     
     
    7,11,000
     
     
    7,11,000
     
     
     
     
     
     
     
    Additional Information:
    (i) Investments were made on 1st October, 2020 @ 5% p.a.
    (ii) Salaries for March, 2021 ₹5,000 are unpaid.
    (iii) ₹3,000 are payable for stationery.
    Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2021.​​
    VIEW SOLUTION


  • Question 10
    State whether the following transactions will result in inflow, outflow or no flow of cash while preparing cash flow statement:
    (i) Issued bonus shares ₹5,00,000.
    (ii) Interest received in cash from loans and advances ₹80,000. VIEW SOLUTION


  • Question 11
    (a) From the information extracted from the Statement of Profit and Loss prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2021:
    Particulars
    2020 - 21
    (₹)
    2019 - 20
    ()
    Revenue from operations
    7,20,000
    4,00,000
    Expenses
    5,00,000
    2,00,000
    Tax Rate @ 50%
     
     

     


    OR


    From the following Balance Sheet of Rohit Ltd., prepare a Common Size Balance Sheet:
    Balance Sheet of Rohit Ltd.
    as at 31st March, 2021
    Particulars
    Note No.
    31st March, 2021
    (₹)
    31st March, 2020
    (₹)
    I. Equity and Liabilities
     
     
     
    1. Shareholders’ Funds
     
    3,20,000
    1,60,000
    2. Current Liabilities
     
    80,000
    40,000
    Total
     
    4,00,000
    2,00,000
    II. Assets
     
     
     
    1. Non Current Assets
     
    3,00,000
    1,50,000
    2. Current Assets
     
    1,00,000
    50,000
    Total
     
    4,00,000
    2,00,000
     
     
     
     
    VIEW SOLUTION


  • Question 12
    Calculate 'Cash Flows from Investing Activities' and 'Cash Flows from Financing Activities' for the year ended 31st March, 2021 from the following Balance Sheet of Kamna Ltd. as at 31st March, 2021 showing your workings clearly:
     

    Kamna Ltd. ​

    Balance Sheet
    as at 31st March, 2021

    Particulars

    Note No.

    31-03-2021

    (₹)

    31-03-2020

    (₹)

    I. Equity and Liabilities

    1. Shareholders Funds

         

    (a) Share Capital

      12,00,000 11,00,000

    (b) Reserves and Surplus

    1

    3,00,000 2,00,000
           

    2. Non-Current Liabilities

         

    Long term Borrowings

     

    2,40,000 1,70,000
           

    3. Current Liabilities

         

    Trade Payables

     

    2,20,000 2,81,000

    Total

     

    19,60,000

    17,51,000

    II. Assets      

    1. Non-Current Assets

         

    (a) Fixed Assets

         

    (i) Tangible Assets

    2

    10,70,000

    8,50,000

    (ii) Intangible Assets

    3

    40,000

    1,12,000

    2. Current Assets

         

    (a) Current Investments

      2,40,000 1,50,000

    (b) Inventories

      1,20,000 1,21,000
    (c) Trade Receivables
      1,70,000 1,43,000

    (d) Cash and Cash Equivalents

      3,20,000 3,75,000

    Total

      19,60,000 17,51,000
           

    Notes to Accounts:

    Note No.

    Particulars

    31-03-2021
    (₹)

    31-03-2020
    (₹)

    1.

    Reserves and Surplus    
      Surplus i.e. Balance in Statement of Profit and Loss

    3,00,000

    2,00,000

           

    2.

    Tangible Assets:    
      Machinery 12,70,000 10,00,000
      Accumulated Depreciation

    (2,00,000)

    (1,50,000)

        10,70,000 8,50,000

    3.

    Intangible Assets:    
      Goodwill 40,000 1,12,000
           

    Additional Information:
    A piece of Machinery costing ₹24,000 on which accumulated depreciation was ₹16,000, was sold for ₹6,000.

    VIEW SOLUTION
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