SAMPLE QUESTION PAPER 2022-23
SUBJECT ACCOUNTANCY 055
CLASS XII
TIME 3 HOURS MAX. 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)
S.No. Question Marks
Part A :- Accounting for Partnership Firms and Companies
1. Navya and Radhey were partners sharing profits and losses in the ratio of 3: 1. 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. 24,000
To Navya’s Capital A/c. 8,000
To Radhey’s Capital A/c 16,000
(Being entry for goodwill treatment passed)
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
,2. Assertion (A):- Commission provided to partner is shown in Profit and Loss A/c. 1
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)
3. A share of ₹ 10 each, issued at ₹ 4 premium out of which ₹ 7 (including ₹ 1 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
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
4. Samiksha, Arshiya and Divya were partners in a firm sharing profits and losses 1
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. 9,000
To Arshiya’s Capital A/c. 6,000
To Divya’s Capital A/c 3,000
b) Arshiya’s Capital A/c. Dr. 5,000
To Samiksha’s Capital A/c. 2,000
To Divya’s Capital A/c. 3,000
c) Arshiya’s Capital A/c. Dr. 2,000
Divya’s Capital A/c. Dr. 1,000
To Samiksha’s Capital A/c 3,000
d) Arshiya’s Capital A/c. Dr. 6,000
Divya’s Capital A/c. Dr. 3,000
To Samiksha’s Capital A/c 9,000
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
, 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
5. Vihaan and Mann are partners sharing profits and losses in the ratio of 3:2. The 1
firm 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
6. Savitri Ltd. issued 50,000, 8% Debentures of ₹ 100 each at certain rate of 1
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%
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%
7. Attire Ltd, issued a prospectus inviting applications for 12,000 shares of ₹10 1
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
8. Amay, Bina and Chander are partners in a firm with capital balances of ₹ 1
50,000, ₹ 70,000 and ₹ 80,000 respectively on 31st March, 2022. Amay decides
SUBJECT ACCOUNTANCY 055
CLASS XII
TIME 3 HOURS MAX. 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)
S.No. Question Marks
Part A :- Accounting for Partnership Firms and Companies
1. Navya and Radhey were partners sharing profits and losses in the ratio of 3: 1. 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. 24,000
To Navya’s Capital A/c. 8,000
To Radhey’s Capital A/c 16,000
(Being entry for goodwill treatment passed)
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
,2. Assertion (A):- Commission provided to partner is shown in Profit and Loss A/c. 1
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)
3. A share of ₹ 10 each, issued at ₹ 4 premium out of which ₹ 7 (including ₹ 1 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
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
4. Samiksha, Arshiya and Divya were partners in a firm sharing profits and losses 1
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. 9,000
To Arshiya’s Capital A/c. 6,000
To Divya’s Capital A/c 3,000
b) Arshiya’s Capital A/c. Dr. 5,000
To Samiksha’s Capital A/c. 2,000
To Divya’s Capital A/c. 3,000
c) Arshiya’s Capital A/c. Dr. 2,000
Divya’s Capital A/c. Dr. 1,000
To Samiksha’s Capital A/c 3,000
d) Arshiya’s Capital A/c. Dr. 6,000
Divya’s Capital A/c. Dr. 3,000
To Samiksha’s Capital A/c 9,000
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
, 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
5. Vihaan and Mann are partners sharing profits and losses in the ratio of 3:2. The 1
firm 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
6. Savitri Ltd. issued 50,000, 8% Debentures of ₹ 100 each at certain rate of 1
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%
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%
7. Attire Ltd, issued a prospectus inviting applications for 12,000 shares of ₹10 1
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
8. Amay, Bina and Chander are partners in a firm with capital balances of ₹ 1
50,000, ₹ 70,000 and ₹ 80,000 respectively on 31st March, 2022. Amay decides
