CBSE Class 12 Accountancy Sample Paper 2022 – 23 Solutions
CBSE Class 12 Accountancy Sample Paper 2022: Central Board of Secondary Education(CBSE) has released the CBSE Class 12 Accountancy Sample Paper 2022 – 23 on its official website on 16th September 2022.
PART A
(1) Navya and Radhey were partners sharing profits and losses in the ratio of 3: 1. Shreya was admitted for 1/5th share in the profits. Shreya was unable to bring her share of goodwill premium in cash. The journal entry recorded for goodwill premium is given below:
Date | Particular | LF | Debit (₹) | Credit (₹) |
Shreya’s Current A/c. Dr.
To Navya’s Capital A/c. To Radhey’s Capital A/c (Being entry for goodwill treatment passed) |
24,000 | 8,000, 16,000 |
The new profit-sharing ratio of Navya, Radhey and Shreya will be:
(a) 41: 7: 12
(b) 13:12: 10
(c) 3:1: 1
(d) 5:3: 2
Ans: (a) 41: 7: 12
(2) Assertion (A):- Commission provided to partner is shown in Profit and Loss A/c.
Reason (R):- Commission provided to partner is charge against profits and is to
be provided at fixed rate.
(a) (A) is correct but (R) is wrong
(b) Both (A) and (R) are correct, but (R) is not the correct explanation of (A)
(c) Both (A) and (R) are incorrect.
(d) Both (A) and (R) are correct, and (R) is the correct explanation of (A)
Ans: (c) Both (A) and (R) are incorrect
(3) A share of ₹ 10 each, issued at ₹ 4 premium out of which ₹ 7 (including ₹ 1 premium) was called up and paid up. The uncalled Capital will be ___________.
(a) ₹ 7 per share | (b) ₹ 4 per share |
(c) ₹ 8 per share | (d) ₹ 3 per share |
Ans: (b) ₹ 4 per share
OR
While issuing ___________ type of Debentures, company doesn’t give any undertaking for the repayment of money borrowed by issuing such debentures.
(a)Zero Coupon Rate Debentures | (b) Non-Convertible Debentures |
(c) Secured Debentures | (d) Non-Redeemable Debentures |
Ans: (d) Non-Redeemable Debentures
(4) Samiksha, Arshiya and Divya were partners in a firm sharing profits and losses in the ratio of 5: 3: 2. With effect from 1st April 2022, they agreed to share future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a debit balance of ₹ 50,000 in the Profit and Loss Account and a balance of ₹ 40,000 in the Investment Fluctuation Fund. The market value of an investment is ₹30,000 against the book value of ₹50,000. Partners have decided, not to show revised valued in the balance sheet and to pass an adjusting entry for it. Which of the following is the correct treatment of the above?
(a) | Samiksha’s Capital A/c. Dr. To Arshiya’s Capital A/c. To Divya’s Capital A/c | 9,000 | 6,000
3,000 |
(b) | Arshiya’s Capital A/c. Dr. To Samiksha’s Capital A/c. To Divya’s Capital A/c. | 5,000 | 2,000
3,000 |
(c) | Arshiya’s Capital A/c. Dr. Divya’s Capital A/c. Dr. To Samiksha’s Capital A/c | 2,000
1,000 |
3,000 |
(d) | Arshiya’s Capital A/c. Dr. Divya’s Capital A/c. Dr. To Samiksha’s Capital A/c | 6,000
3,000 |
9,000 |
Ans:
(a) | Samiksha’s Capital A/c. Dr. To Arshiya’s Capital A/c. To Divya’s Capital A/c | 9,000 | 6,000
3,000 |
Or
Sohan and Mohan are partners sharing profits and losses in the ratio of 2:3 with the capitals of ₹ 5,00,000 and ₹ 6,00,000 respectively. On 1st January 2022, Sohan and Mohan granted loans of ₹ 20,000 and ₹ 10,000 respectively to 1 the firm. Determine the amount of loss to be borne by each partner for the year ended 31st March 2022 if the loss before interest for the year amounted to ₹ 2,500.
(a) Share of Loss Sohan –₹ 1,250 Mohan – ₹ 1,250
(b) Share of Loss Sohan –₹ 1,000 Mohan – ₹ 1,500
(c) Share of Loss Sohan –₹ 820 Mohan – ₹ 1,230
(d) Share of Loss Sohan –₹ 1,180 Mohan – ₹ 1,770
Ans: (d) Share of Loss Sohan –₹ 1,180 Mohan – ₹ 1,770
(5) Vihaan and Mann are partners sharing profits and losses in the ratio of 3:2. Thefirm maintains fluctuating capital accounts and the balance of the same as on 31st March 2022 is ₹ 4,00,000 and ₹ 4,65,000 for Vihaan and Mann respectively. Drawings during the year were ₹ 65,000 each. As per the partnership Deed, Interest on capital @ 10% p.a. on Opening Capital has been allowed to them. Calculate the opening capital of Vihaan given that the divisible profits during the year 2021-22 was ₹ 2,25,000.
(a) ₹ 3,30,000
(b) ₹ 4,40,000
(c) ₹ 4,00,000
(d) ₹ 3,00,000
Ans: (d) ₹ 3,00,000
(6) Savitri Ltd. issued 50,000, 8% Debentures of ₹ 100 each at certain rate of premium and to be redeemed at 10% premium. At the time of writing off Loss on Issue of Debentures, Statement of Profit and Loss was debited with ₹ 2,00,000. At what rate of premium, these debentures were issued?
(a) 10% | (b) 16% |
(c) 6% | (d) 4% |
Ans: (c) 6%
Or
Durga Ltd. issued 80,000, 10% Debentures of ₹ 100 each at certain rate of discount and were to be redeemed at 20% premium. Existing balance of Securities Premium before issuing of these debentures was ₹ 25,00,000 and after writing off Loss on Issue of Debentures, the balance in Securities Premium was ₹ 5,00,000. At what rate of discount, these debentures were issued?
(a) 10% | (b) 5% |
(c) 25 % | (d) 15 % |
Ans: (b) 5%
(7) Attire Ltd, issued a prospectus inviting applications for 12,000 shares of ₹10 each payable ₹3 on application, ₹ 5 on allotment and balance on call. Public had applied for certain number of shares and application money was received. Which of the following application money, if received restricts the company to proceed with the allotment of shares, as per SEBI guidelines?
(a) ₹ 36,000 | (b) ₹ 45,000 |
(c) ₹ 30,000 | (d) ₹ 32,400 |
Ans: (c) ₹ 30,000
(8) Amay, Bina and Chander are partners in a firm with capital balances of ₹ 50,000, ₹ 70,000 and ₹ 80,000 respectively on 31st March, 2022. Amay decides 1 to retire from the firm on 31st March, 2022. With the help of the information provided, calculate the amount to be paid to Amay on his retirement. There existed a general reserve of ₹ 7,500 in the balance sheet on that date. The goodwill of the firm was valued at ₹ 30,000. Gain on revaluation was ₹24,000.
(a) ₹ 88,500 | (b) ₹ 90,500 |
(c) ₹ 65,375 | (d) ₹ 70,500 |
Ans: (d) ₹70,500
Or
A, B and C are partners. A‘s capital is ₹ 3,00,000 and B‘s capital is ₹1,00,000. C has not invested any amount as capital but he alone manages the whole business. C wants 30,000 p.a. as salary, though the deed is silent. Firm earned a profit of ₹1,50,000. How much will each partner receives as an appropriation of profits?
(a) A ₹ 60,000; B ₹ 60,000; C ₹ 30,000
(b) A ₹ 90,000; B ₹ 30,000; C ₹ 30,000
(c) A ₹ 40,000; B ₹ 40,000 and C ₹ 70,000
(d) A ₹ 50,000; B ₹ 50,000 and C ₹ 50,000
Ans: (d) A ₹ 50,000; B ₹ 50,000 and C ₹ 50,000
Read the following hypothetical situation, Answer Question No. 9 and 10
Puneet and Raju are partners in a clay toys making firm. Their capitals were ₹ 5,00,000 and ₹ 10,00,000 respectively. The firm allowed Puneet to get a commission of 10% on the net profit before charging any commission and Raju to get a commission of 10% on the net profit after charging all commission. Following is the Profit and Loss Appropriation Account for the year ended 31st March 2022.
Particulars | Amount (₹) | Particulars | Amount (₹) |
To Puneet’s Capital A/c (Commission) (—— x10/100) | 44,000 | By Profit and Loss a/c | ………………………….. |
To Raju’s Capital A/c (Commission) | |||
To Profit share transferred to :- | |||
Puneet’s Capital A/c | ……………………….. | ||
Raju’s Capital A/c | …………….. | ||
………………………………… |
(9) Raju’s commission will be:-
(a) ₹ 40,000 | (b) ₹ 44,000 |
(c) ₹ 36,000 | (d) ₹ 36,440 |
Ans: (c) ₹ 36,000
(10) Puneet’s share of profit will be :-
(a) ₹ 1,80,000 | (b) ₹ 1,44,000 |
(c) ₹ 2,16,000 | (d) ₹ 1,60,000 |
Ans: (a) ₹ 1,80,000
(11) Choose the correct sequence of the following transactions in context of Division of Profits.
(i) Guarantee by Firm to Partners
(ii) Guarantee by Partners to Firm
(iii)Transfer of Profits to Profit and Loss Appropriation Account
(iv)Guarantee by Partner to Partner
(a) (i); (iii) ; (iv) ; (ii) | (b) (iii); (i) ; (ii) ; (iv) |
(c) (iii) ; (ii) ; (i); (iv) | (d) (ii); (iii); (iv); (i) |
Ans: (c) (iii) ; (ii) ; (i); (iv)
(12) If 10,000 shares of ₹10 each were forfeited for non-payment of final call money of ₹ 3 per share and only 7,000 shares were re-issued @ ₹ 11 per share as fully paid up, then what is the amount of maximum possible discount that company can allow at the time of re-issue of the remaining 3,000 shares?
(a) ₹ 28,000 | (b) ₹ 21,000 |
(c) ₹ 9,000 | (d) ₹ 16,000 |
Ans: (b) ₹ 21,000
(13) As per Companies Act 2013, Securities Premium Balance can be utilised for which of the following purpose?
(a) Issuing bonus to existing
shareholders to convert partly paid up into fully paid-up bonus shares. |
(b)Providing for Premium payable on Redemption of Debentures. |
(c) Writing off all Capitalised
Expenditures |
(d) Buy Back of Debentures |
Ans: (b)Providing for Premium payable on Redemption of Debentures.
(14) Ganga and Jamuna are partners sharing profits in the ratio of 2:1. They admit Saraswati for 1/5th share in future profits. On the date of admission, Ganga’s capital was ₹ 1,02,000 and Jamuna’s capital was ₹ 73,000. Saraswati brings ₹25,000 as her share of goodwill and she agrees to contribute proportionate capital of the new firm. How much capital will be brought by Saraswati?
(a) ₹ 43,750
(b) ₹ 37,500
(c) ₹ 50,000
(d) ₹ 40,000
Ans: (c) ₹ 50,000
(15) Green and Orange are partners. Green draws a fixed amount at the beginning of every month. Interest on drawings is charged @8% p.a. At the end of the year interest on Green’s drawings amounts to ₹ 2,600. Monthly drawings of Green were:
(a) ₹ 8,000
(b) ₹ 60,000
(c) ₹ 7,000
(d) ₹ 5,000
Ans: (d) ₹ 5,000
Or
Girdhar, a partner withdrew ₹ 5,000 in the beginning of each quarter and interest on drawings was calculated as ₹ 1,500 at the end of accounting year 31 March 2022. What is the rate of interest on drawings charged?
(a) 6% p.a.
(b) 8% p.a.
(c) 10% p.a.
(d) 12% p.a.
Ans: d) 12% p.a.
(16) At the time of dissolution of a firm, Creditors are ₹ 70,000; Firm’s Capital is ₹ 1,20,000; Cash Balance is ₹ 10,000. Other assets realised ₹ 1,50,000. Gain/Loss in the realisation account will be:
(a) ₹ 30,000 (Gain)
(b) ₹ 40,000 (Gain)
(c) ₹ 40,000 (Loss)
(d) ₹ 30,000 (Loss)
Ans: (d) ₹ 30,000 (Loss)
(17) Nirmala, Divisha and Sara were partners in a firm sharing profits and losses in the 3:4:3. Books were closed on 31st March every year. Sara died on 1st February, 2022. As per the partnership deed Sara’s executors are entitled to her share of profit till the date of death on the basis of Sales turnover. Sales for the year ended 31st March 2021 was ₹ 10,00,000 and profit for the same year was ₹ 1,20,000. Sales show a positive trend of 20% and percentage of profit earning is reduced by 2%. Journalise the transaction along with the working notes.
Ans:
Date | Particulars | L.F. | Dr. Amount | Cr. Amount |
1.02.22 | Profit and Loss Suspense A/c Dr. To Sara’s Capital A/c (Being Sara’s share of profit allowed till the date of her death) | 30,000 | 30,000 |
Workings: Profit % to sales turnover for the year ended 31st
March,2021=1,20,000/10,00,000 X100= 12% Estimated sales for the year ended 31st March,2022=₹ 10,00,000+20% of ₹ 10,00,000 = ₹12,00,000
Estimated sales till 01st February,2022 = ₹ 12,00,000 x 10/12 = ₹10,00,000 Profit percentage 12-2=10% Profit amount till 01st February, 2022 = 10% of ₹ 10,00,000 = ₹ 1,00,000
Sara’s share of profit till 1st February,2022= 1,00, 000 x 3/10 = ₹ 30,000
(18) Amay, Anmol and Rohan entered into partnership on 1st July, 2021 to share profits and losses in the ratio of 3:2:1. Amay guaranteed that Rohan’s share of profit after charging interest on capital @ 6% p.a would not be less than ₹36,000 p.a. Their fixed capital balances are: ₹ 2,00,000, ₹ 1,00,000 and ₹1,00,000 respectively. Profit for the year ended 31st March, 2022 was ₹1,38,000.Prepare Profit and Loss Appropriation A/c.
Ans:
Particulars | Amount (₹) | Particulars | Amount (₹) |
To Interest on Capital: Amay’s Current A/c Anmol’s Current A/c Rohan’s Current A/c To Partners’ Current A/c:
Amay 53,000
Anmol 40,000
Rohan 27,000** |
9,000
4,500
4,500
1,20,000 |
By Profit and Loss A/c | 1,38,000 |
1,38,000 | 1,38,000 |
Guarantee met for 9 months.
Or
Ajay, Manish and Sachin were partners sharing profits in the ratio 5:3:2. Their Capitals were ₹ 6,00,000; ₹ 8,00,000 and ₹ 11,00,000 as on April 01, 2021. As per Partnership deed, Interest on Capitals were to be provided @ 10% p.a. For the year ended March 31, 2022, Profits of ₹ 2,00,000 were distributed without providing for Interest on Capitals. Pass an adjustment entry and show the workings clearly.
Ans:
Date | Particulars | L.F | Debit (₹) | Credit (₹) |
(i) | Ajay’s Capital A/c Dr. To Manish’s Capital A/c To Sachin’s Capital A/c (Adjustment entry passed) | 52,000 | 4,000
48,000 |
Working Notes
(19) Anthony Ltd. issued 20,000, 9% Debentures of ₹ 100 each at 10% discount to Mithoo Ltd. from whom Assets of ₹ 23,50,000 and Liabilities of ₹6,00,000 were taken over. Pass entries in the books of Anthony Ltd. if these debentures were to be redeemed at 5% premium.
Ans:
Books of Anthony Ltd.
Journal Entries
Date | Particulars | L.F | Debit (₹) | Credit (₹) |
(i) | Assets A/c Dr. Goodwill A/c Dr. To Liabilities A/c To Mithoo Ltd. A/c (Business purchased of Mithoo Ltd. comprising of Assets and Liabilities) | 23,50,000
50,000 |
6,00,000
18,00,000 |
|
(ii) | Mithoo Ltd. A/c Dr. Loss on Issue of Debentures A/c Dr. To 9% Debentures A/c To Premium on Redemption of Debentures A/c (Debentures issued to Mithoo Ltd. at Discount, redeemable at Premium) | 18,00,000
3,00,000 |
20,00,000
1,00,000 |
Or
Random Ltd. took over running business of Mature Ltd. comprising of Assets of ₹ 45,00,000 and Liabilities of ₹ 6,40,000 for a purchase consideration of ₹36,00,000. The amount was settled by bank draft of ₹ 1,50,000 and balance by issuing 12% preference shares of ₹ 100 each at 15% premium. Pass entries in the books of Random Ltd.
Ans:
Date | Particulars | L.F | Debit (₹) | Credit (₹) |
(i) | Assets A/c Dr. Goodwill A/c Dr. To Liabilities A/c To Mithoo Ltd. A/c (Business purchased of Mithoo Ltd. comprising of Assets and Liabilities) |
45,00,000
36,00,000 |
6,40,000
36,00,000
2,60,00 |
|
(ii) | Mithoo Ltd. A/c Dr. Loss on Issue of Debentures A/c Dr. To 9% Debentures A/c To Premium on Redemption of Debentures A/c (Debentures issued to Mithoo Ltd. at Discount, redeemable at Premium) |
36,00,000 |
1,50,000
30,00,000
4,50,000
|
No. of Shares = 34,50,000/115 = 30,000 shares @ 100 + 15 each
(20) Doremon, Shinchan and Nobita are partners sharing profits and losses in the ratio of 3:2:1. With effect from 1st April, 2022 they agree to share profits equally. For this purpose, goodwill is to be valued at two year’s purchase of the average profit of last four years which were as follows:
Year ending on 31st March,2019 ₹ 50,000 (Profit)
Year ending on 31st March,2020 ₹ 1,20,000 (Profit)
Year ending on 31st March,2021 ₹ 1,80,000 (Profit)
Year ending on 31st March,2022 ₹ 70,000 (Loss)
On 1st April, 2021 a Motor Bike costing ₹ 50,000 was purchased and debited to travelling expenses account, on which depreciation is to be charged @ 20% p.a by Straight Line Method. The firm also paid an annual insurance premium of ₹20,000 which had already been charged to Profit and Loss Account for all the years.
Journalise the transaction along with the working notes.
Date | Particulars | L.F. | Dr. Amount | Cr. Amount |
1.4.20 | Nobita’s Capital A/c Dr. To Doremon’s Capital A/c (Being goodwill adjusted at the time of change in profit sharing ratio) | 26,667 | 26,667 |
Workings:
(i) Calculation of gaining ratio and sacrificing ratio:
Doremon’s gain or sacrifice = 3/6-2/6= 1/6 (sacrifice)
Shinchan’s gain or sacrifice = 2/6-2/6 =0
Nobita’s gain or sacrifice = 1/6 – 2/6 = -1/6 (gain)
(ii) Calculation of goodwill:
CALCULATIONOF NORMAL PROFIT
Year Ended | Profit/ Loss | Adjustments | Normal Profit |
31st March,2019 | 50,000 | ……………………….. | 50,000 |
31st March,2020 | 1,20,000 | ………………………… | 1,20,000 |
31st March,2021 | 1,80,000 | ………………. | 1,80,000 |
31st March,2022 | (70,000) | 50,000-10,000 | (30,000) |
Total | 3,20,000 |
Goodwill =Average Profits X No. of years Purchase
Average Profits = Total Normal Profits/Number of years
= 3,20,000/4 = 80,000
Goodwill= 80,000 X 2= ₹1,60,000
A’s share of goodwill= 1,60,000 X 1/6= ₹26,667
Nyc explain
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