NAVODAYA VIDYALAYA SAMITI
LUCKNOW REGION
ACCOUNTANCY/CLASS – XII
PB - II EXAMINATION/ 2024-25
Time Allowed: 3 hours Maximum Marks: 80
General Instructions:
1. This question paper contains 34 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)
Computerised Accounting. Students must attempt only one of the given options.
5. Question 1 to 16 and 27 to 30 carries 1 mark each.
6. Questions 17 to 20, 31and 32 carries 3 marks each.
7. Questions from 21 ,22 and 33 carries 4 marks each
8. Questions from 23 to 26 and 34 carries 6 marks each
9. There is no overall choice. However, an internal choice has been provided in 7
questions of one mark, 2 questions of three marks, 1 question of four marks and 2
questions of six marks.
Part A:- Accounting for Partnership Firms and Companies
(Option – I)
1 A and B are partners in a firm. They admit C as a partner with th share in the [1]
profits of the firm. C brings 1,50,000 as his share of capital. The value of the
total assets of the firm is 5,50,000 and outside liabilities are valued at
70,000 on that date. C’s share of hidden goodwill will be:
a) 2,70,000
b) 24,000
c) 1,20,000
d) 54,000
2 Assertion (A): Whether partner’s capital is fixed or fluctuating, withdrawal of [1]
capital will reduce the capital of the partner immediately.
Reason (R): Drawings against the anticipated profile will not reduce the capital
immidiately.
a) Both A and R are true and R is the correct explanation of A.
b) Both A and R are true but R is not the correct explanation of A.
c) A is true but R is false.
d) A is false but R is true.
3 Ankit Ltd. Purchased a running business from Bata Ltd. for a sum of 22,00,000 [1]
by issuing 20,000 fully paid Equity Shares of 100 each at a premium of 10%.
Total Assets were 25,00,000 and Bills payable 2,50,000. Number of Shares
to be issued:
a) 10,000
b) 15,000
c) 25,000
d) 20,000
OR
When a company purchases some assets and not pay cash instead issues
debentures as a payment for the purchase, from the vendors it is known as the
issue of:
a) Debentures issued for cash
b) Debentures issued for consideration other than cash
c) Debentures issued as collateral security
d) Debenture issued in consideration of asset
4 Ria and Surbhi were partners in a firm sharing profits and losses in the ratio of [1]
3 : 2. With effect from 1 April, 2022, they agreed to share profits equally. The
goodwill of the firm was valued at 3,00,000. The adjustment will be done by
which of the following transaction?
a) Debiting Ria’s account by 3,000 and crediting Surbhi’s account by 3,000.
b) Debiting Ria’s account by 30,000 and crediting Surbhi’s account by
30,000.
c) Debiting Surbhi’s account by 30,000 and crediting Ria’s account by 30,000.
d) Debiting Surbhi’s account by 3,000 and crediting Ria’s account by 3,000.
OR
A and B entered into the partnership business on 1st November 2020 with a
capital of 5,00,000 each. According to the partnership deed Interest on capital
is to be allowed amounting to 12,000 p.a. to each partner irrespective of their
capitals during the year and salary to B is 12,000 P.a. Profit for the year ended
31.03.2021 is 40,000
A’s share of profit will be:
a) 12,500
b) 25,000
c) 11,000
d) 4,000
5 Which item is recorded on the credit side of partner’s current accounts? [1]
a) Interest on Partner’s Capitals
b) Salaries of Partners
c) Share of Profits of Partners
d) All of these
6 X Ltd. purchased a building for 60,00,000 payable as 20% in Cash and balance [1]
by allotment of 8% debentures of 500 each at a premium of 20%. Number of
debentures issued will be:
a) 8,000
b) 12,000
c) 10,000
d) 9,600
OR
Why is a premium on the issue of debentures considered as a capital profit?
a) It is not an income arising from the normal course of business operations.
b) It is an income arising from the normal course of business operations.
c) It is not a loss arising from the normal course of business operations.
d) All of these
7 Assertion (A): Maximum amount of discount allowed at the time of reissue of [1]
forfeited shares should not exceed the forfeited amount.
Reason (R): The excess amount of forfeited shares account is transferred to
capital reserve account.
a) Both A and R are true and R is the correct explanation of A.
b) Both A and R are true but R is not the correct explanation of A.
c) A is true but R is false.
d) A is false but R is true.
8 Vidit, Sumit and Mita were partners in a firm sharing profits in the ratio of 4 : 3 [1]
: 1. Mita died and her entire share was taken up by Vidit. The new profit sharing
ratio of Vidit and Sumit will be:
a) 3 : 5
b) 5 : 2
c) 5 : 3
d) 1 : 1
OR
Neha is a partner in a firm. She withdrew 6,000 at the end of each quarter
during the year ended 31 March, 2023. Interest on her drawings @ 10% p.a.
will be:
a) 900
b) 1,500
c) 1,200
d) 600
9 How is goodwill recorded on the retirement of a partner? [1]
A) Remaining Partner’s Capital A/c’s Dr. (In gaining ratio)
To Retiring Partner’s Capital A/c (with his share of goodwill)
B) Remaining Partner’s Capital A/c’s Dr. (In new ratio)
To Retiring Partner’s Capital A/c (with his share of goodwill)
C) Goodwill A/c Dr.
To All Partner’s Capital A/c’s (In old ratio)
D) Goodwill A/c Dr.
To Retiring Partner’s Capital A/c (with his share)
10 A, B, and C are partners in a company sharing profit and loss in the ratio of [1]
2:3:1. On March 31, 2018, B died. Accounts are closed on December 31st every
year. The sale for the year 2017 was ₹6,00,000 and profits were ₹60,000. The
sales for the period from Jan 1, 2018, to March 31, 2018, were ₹2,00,000. The
share of the deceased partner in the current year’s profits on the basis of sale is
a) ₹10,000
b) ₹8,000
c) ₹3,000
d) ₹4,000
11 X and Y are partners in the ratio of 3 : 2. Their capitals are 20,000 and [1]
10,000 respectively. Interest on capitals is allowed @ 8% p.a. Firm earned a
profit of 1,500 for the year ended 31st March, 2019. Interest on capital will
be:
a) X 1,500; Y 80
b) X 1,000; Y 500
c) X 900; Y 600
d) No interest will be allowed
12 A Company allotted 20,000 shares to applications of 50,000 shares after [1]
rejecting 10,000 applications. The ratio in which company allotted the shares
will be
a) 5 : 3
b) 2 : 1
c) 5 : 2
d) 3 : 1
13 The Directors of Unim Ltd. forfeited 30,000 shares of 10 each, for non - [1]
payment of final call of 3 per share. Half of the forfeited shares were reissued
as fully paid - up for 12 per share. The amount to be transferred to the Capital
Reserve Account will be:
a) 1,05,000
b) 1,80,000
c) 2,10,000
d) 2,70,000
14 When a partner is given guarantee by other partners, loss on such guarantee [1]
will be borne by:
a) Partner with highest profit sharing ratio
b) Partners who give the guarantee
c) Partnership firm
d) All the other partners
15 A and B are partners sharing profits in the ratio of 3 : 2. They admit C into [1]
partnership for share. Partners have decided to share future profits in the
ratio of 3 : 3 : 2. Premium brought in by C was credited to the sacrificing
partners capital accounts. Out of which A withdrew 3,600 (40% of the
amount credited to him).
Premium for goodwill brought in by C:
a) 20,000
b) 12,000
c) 10,000
d) 9,000
OR
X and Y are partners sharing profits in the ratio 5 : 3. They admitted Z for th
profits, for which he paid 60,000 against capital and 30,000 against
goodwill. Find the capital balance for each partner taking Z’s capital as base
capital.
a) 1,50,000; 90,000 and 60,000
b) 1,50,000; 90,000 and 90,000
c) 1,50,000; 60,000 and 60,000
d) 1,50,000; 60,000 and 90,000
16 An unrecorded asset was valued at 1,00,000. On firm’s dissolution, it was sold [1]
for 52%. Realisation account will be credited with:
a) 1,00,000
b) 52,000
c) - 48,000
d) 48,000
17 Akash, Aman and Ajay are partners in a firm in the ratio of 3 : 2 : 1. On 1 April, [3]
2023 they decided to share the profits in future in the ratio of 7 : 5 : 4. On this
date, General Reserve is 38,000 and profit on revaluation of assets and
liabilities being 34,000. It was decided that adjustments should be made
without altering the figures in the Balance Sheet. Make adjustments by one
single journal entry.
18 Rishi is a partner in a firm. He withdrew the following amounts during the year [3]
ended March 31, 2020.
Interest on drawings is charged @ 9% p.a. Calculate interest on drawings.
OR
P, Q and R are partners sharing profits in the ratio of 2 : 1 : 1. Their capitals as
on 1 April, 2022 were 50,000, 30,000 and 20.000 respectively. At the
end of the year ending 31 March, 2023 it was found out that interest on
capitals @ 12% p.a., salaries to P - 500 per month and R - 1,000 per month
were not adjusted from the profits. Show adjusting entry to be made in the next
year for the above adjustments.
19 Raj Ltd. purchased furniture of 2,20,000 from M/s. Furniture Mart. 50% of the [3]
amount was paid to M/s. Furniture Mart by accepting a Bill of Exchange and for
the balance the company issued 9% Debentures of 100 each at a premium of
10% in favour of M/s. Furniture Mart.
Pass necessary Journal entries in the books of Raj Ltd.
OR
DCM Ltd issued 50,000 shares of 10 each payable as 2 per share on
application, 3 per share on allotment and 5 on first and final call.
Applications were received for 70,000 shares. It was decided that:
A. to refuse allotment to the applicants for 10,000 shares,
B. to allot 20,000 shares to Mohit who had applied for similar number, and
C. to allot the remaining shares on pro rata basis.
Mohit failed to pay the allotment money and Sachin who belonged toCategory C
and was allotted 3,000 shares paid the call money with allotment.
Calculate the amount received on allotment.
20 The average profits of a firm is 48,000. The total assets of the firm are [3]
8,00,000. Value of other liabilities is 5,00,000. Average rate of return in the
same business is 12%.
Calculate the value of goodwill according to capitalisation of Super Profits
Method.
21 A Ltd. Forfeited 100 shares of Rs. 100 each issued at a premium of 50% to be [4]
paid at the time of allotment on which first call of Rs. 30 per equity share was
not received, final call of Rs. 20 is yet to be made. These shares were reissued at
Rs. 70 per share at Rs. 80 paid up. Pass necessary journal entries.
22 What journal entries would be recorded for the following transactions on the [4]
dissolution of a firm of Arti and Karim after various assets (other than cash) on
the third party liabilities have been transferred to Reliasation account.
1. Arti took over the Stock worth 80,000 at 68,000.
2. There was an unrecorded Bike of 40,000 which was taken over by Mr.
Karim.
3. The firm paid 40,000 as compensation to employees.
4. Sundry creditors amounting to 36,000 were settled at a discount of
15%.
23 Shyam Ltd invited applications for issuing 80,000 equity shares of Rs.10 each at [6]
a premium of Rs.40 per share. The amount was payable as follows:
On Application — Rs. 35 per share (including Rs.30 premium)
On Allotment — Rs. 8 per share (including Rs. 4 premium)
On First and Final call — Balance
Applications for 77,000 shares were received. Shares were allotted to all the
applicants. Sundram to whom 7,000 shares were allotted failed to pay the
allotment money. His shares were forfeited immediately after allotment.
Afterwards the first and final call was made. Satyam, the holder of 500 shares
failed to pay the first and final call. His shares were also forfeited. Out of the
forfeited shares 1,000 shares were reissued at Rs.50 per share fully paid - up.
The reissued shares included all the shares of Satyam. Pass necessary journal
entries for the above transactions in the books of Shyam Ltd.
OR
Pass necessary journal entries for the following transactions relating to the
Issue of Debentures:
1. Gagan Limited issued 10,00,000, 9% Debentures of 100 each at a
premium of 5%, redeemable at par after four years.
2. KS Limited issued 10,00,000, 10% Debentures of 100 each at par,
redeemable at 10% premium after four years.
3. QR Limited issued 10,00,000, 9% Debentures of 100 each at a
discount of 10%, redeemable at a premium of 5% after five years.
24 The balance sheet of Suraj and Sanjay who share profits and losses in the ratio [6]
of 3 : 2. On 31 March, 2023was as follows
Balance Sheet as at 31 March, 2023
They decided to admit Gopal on 1 April, 2023for th share on the following
terms:
1. Gopal shall bring Rs 20,000 as his share of premium for goodwill.
2. That unaccounted accrued income of Rs 1,000 be provided for.
3. The market value of investments was Rs 45,000.
4. A debtor whose dues of Rs 5,000 were written off as bad debts paid Rs
4,000 in full settlement.
5. A claim of Rs 3,000 on account of workmen’s compensation to be
provided for.
6. Patents are overvalued by Rs 2,000.
7. Gopal to bring in capital equal to 1/4th of the total capital of the firm
after all adjustments.
Prepare the Revaluation account and Capital accounts of the Partners.
OR
A, B and C are partners sharing profits and losses in the ratio of .
Following is their Balance Sheet as at 31 March, 2023:
B retires on 1 April, 2023 and the following terms were agreed:
1. The Goodwill of the firm has been valued at 1,50,000.
2. Plant and Machinery has been revalued at 3,00,000 and stock revalued
at 1,20,000.
3. A sum of 30,000 out of debtors was agreed to be bad and was to be
written off.
4. Liability for workmen’s compensation to the extent of 8,000 is to be
brought into the books.
5. A and C will continue to carry on the business and shall share profits
and losses equally in future.
6. Amount payable to B shall remain in the business as loan carrying
interest at 18% p.a.
You are required to:
1. Give journal entries to give effect to the above, and
2. Prepare the opening balance sheet of A and B at 1 April, 2023.
25 M, N and O were partners in a firm sharing profits and losses equally. Their [6]
Balance Sheet on 31 March, 2023 was as follows:
N died on 12 June, 2023. According to the partnership deed, executors of the
deceased partner are entitled to:
1. Balance of partner’s capital account.
2. Interest on capital @ 5% per annum.
3. Share of goodwill calculated on the basis of twice the average of past
three years’ profit and
4. Share of profits from the closure of the last accounting year till the date
of death on the basis of twice the average of three completed years’
profits before death.
Profits for the years ended 31 March 2021, 2022and 2023 were 80,000,
90,000 and 1,00,000 respectively. Show the working for deceased partner’s
share of goodwill and profits till the date of his death. Pass the necessary
journal entries and prepare N’s Capital Account to be rendered to his executors.
26 Nidiya Limited was incorporated on 1st April 2017 with a registered office in [6]
Mumbai. The capital clause of the memorandum of Association reflected a
registered capital of 8,00,000 equity shares of Rs.10 each and 1,00,000
preference shares of Rs.50 each. Since some large investments were required
for building and machinery the company in consultation with vendors, Ms.VPS
Enterprises issued 1,00,000 equity shares and 20,000 preference shares at par
with them in full consideration of assets acquired. Besides this, the company
issued 2,00,000 equity shares for cash at par payable as Rs 3 on application, 2
on the allotment, 3 on the first call and 2 on the second call. To date, the second
call has not yet been made and all the shareholders have paid except Mr. Ajay
who did not pay allotment and calls on his 300 shares and Mr. Vipul who did
not pay the first call on his 200 shares. Shares of Mr. Ajay were then forfeited
and out of them, 100 shares were reissued at Rs.12 per share.
Based on the above information you are required to answer the following
questions:-
Q1. Shares issue to vendors of building and machinery, Ms. VPS Enterprises,
would be classified as:
a) Preferential Allotment
b) Employee Stock Option Plan
c) Issue for Consideration other than cash
d) Right Issue of Shares
Q2 How many equity shares of the company have been subscribed?
a) 3,00,000
b) 2,99,500
c) 2,99,800
d) None of these
Q3 What is the amount of security premium reflected in the balance sheet at
the end of the year?
a) ₹200
b) ₹600
c) ₹400
d) 1,000
Q4 What amount of share forfeiture would be reflected in the balance sheet?
a) ₹600
b) ₹900
c) ₹200
d) ₹300
Q5. What amount can be called the “Reserve Capital” of a company?
a) ₹6,00,000
b) ₹4,00,000
c) ₹2,00,000
d) None of these
Q6. What amount can be called as “Calls in Arrears” for a company?
a) ₹600
b) ₹900
c) ₹200
d) ₹300
Part B :- Analysis of Financial Statements
(Option – II)
27 Match the following: [1]
a) (a) - (iii), (b) - (iv), (c) - (ii), (d) - (i)
b) (a) - (iii), (b) - (i), (c) - (ii), (d) - (iv)
c) (a) - (i), (b) - (iii), (c) - (ii), (d) - (iv)
d) (a) - (iii), (b) - (i), (c) - (iv), (d) - (ii)
OR
Debentures redeemable after 10 years of issue are shown as:
a) Other Short - Term Liabilities
b) Short - Term Borrowings
c) Other Long - Term Liabilities;
d) Long - Term Borrowing
28 The ratio of Current Assets ( 10,00,000) to Current Liabilities ( 4,00,000) is [1]
2.5 : 1. The accountant of the firm is interested in maintaining a Current Ratio
of 1.8 : 1, by acquiring some Current Assets on Credit. Current asset acquired
will be:
a) 2,80,000
b) 3,00,000
c) 3,50,000
d) 1,50,000
29 Paid 5,00,000 to purchase shares of Shruti Ltd. and received dividend of [1]
50,000 after purchase. These transactions will result in:
a) Cash Used in Investing Activities 4,50,000.
b) Cash generated from Financing Activities 5,50,000.
c) Cash Used in Investing Activities 5,00,000.
d) Cash generated from Financing Activities 4,50,000.
OR
Which of the following is not an investing cash flow?
a) Sales of land for 28,000 cash
b) Purchase of marketable securities for 25,000 cash
c) Purchase of equipment for 500 cash
d) Sale of 2,500 shares (held as investment) for 15 each
30 Paid 4,00,000 to acquire shares in R.V. Ltd. and received a dividend of [1]
40,000 after acquisition. These transactions will result in
a) Cash used in investing activities 3,60,000.
b) Cash used in investing activities 4,00,000.
c) Cash generated from financing activities 4,40,000.
d) Cash generated from financing activities 3,60,000.
31 Under what heads and sub - heads, will the following items appear in the [3]
balance sheet of a company as per Schedule III, Part I of the Companies Act,
2013.
1. Stores and Spares
2. Proposed Dividend
3. Computer Software
32 From the following information, calculate interest Coverage Ratio: Net Profit [3]
after Tax 4,25,000; Tax 75,000; Interest on Long - term Funds 1,25,000.
33 From the following Balance Sheet of SHUBHAM Ltd. as at 31st March, 2023, [4]
prepare a Common - size Balance Sheet:
BALANCE SHEET OF SHUBHAM LTD
as at 31st March, 2023
OR
From the following information, prepare a Comparative Statement of Profit and
Loss of Y Ltd. for the year ended 31st March, 2022:
34 Following is the Balance Sheet of Meena Limited as at 31st March, 2023: [6]
Prepare Cash Flow Statement when Cash Flow from Financing Activities is
2,12,500.
Note to Accounts:
Additional Information:
1. Additional loan was taken on 1st July, 2022.
2. Tax of 53,000 was paid during the year.
3. Machinery of the book value of 80,000 (Accumulated Depreciation
20,000) was sold at a loss of 18,000.
PART – B:- Computerised Accounting
(Option – II)
27 The syntax of PMT Function is [1]
A. PMT (rate, pv, nper, [fv], [type])
B. PMT (rate, nper, pv, [fv], [type])
C. PMT (rate, pv, nper, [type], [fv])
D. PMT (rate, nper, pv, [type], [fv])
Or
In Excel, the chart tools provide three different options , and
for formatting.
A. Layout, Format, DataMaker
B. Design, Layout, Format
C. Format, Layout, Label
D. Design, DataMaker, Layout
28 Which formulae would result in TRUE if C4 is less than 10 and D4 is less than 100? [1]
A. =AND(C4>10, D4>10)
B. =AND(C4>10, C4<100).
C. =AND(C4>10, D4<10).
D. =AND (C4<10, D4,100)
29 Which function results can be displayed in Auto Calculate? [1]
A. SUM and AVERAGE
B. MAX and LOOK
C. LABEL and AVERAGE
D. MIN and BLANK
Or
When navigating in a workbook, which command is used to move to the
beginning of the current row?
A. [Ctrl]+[Home]
B. [Page Up]
C. [Home]
D.[Ctrl]+[Backspace]
30 What category of functions is used in this formula: =PMT (C10/12, C8, C9,1) [1]
A. Logical
B. Financial
C. Payment
D. Statistical
31 State any three types of Accounting Vouchers used for entry. [3]
32 State any three requirements which should be considered before making an [3]
investing decision to choose between ‘Desktop database’ or ‘Server database’.
33 State the features of Computerized Accounting system. [4]
Or
Explain the use of ‘Conditional Formatting’.
34 Describe two basic methods of charging depreciation. Differentiate between [6]
both of them.
