CBSE Class 12 Accountancy Term 2 Sample Paper 2022 Set 01 Solved

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

2 Marks Questions


Question : Following information has been provided by M/s Achyut Health Care.
You are required to calculate the amount of medicines consumed during the year 2020-21: 
Acc
 
Answer :
 
Acc-1
 
Question : Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ based on:
(i) Settlement of assets and liabilities
(ii) Economic relationship 
Answer :

Acc-2


 
 
Question : Suresh, Ramesh and Tushar were partners of a firm sharing profits in the ratio of 6:5:4. Ramesh retired and his capital after making adjustments on account of reserves, revaluation of assets and reassessment of liabilities stood at ₹ 2,50,400. Suresh and Tushar agreed to pay him ₹ 2,90,000 in full settlement of his claim.
Pass necessary journal entry for the treatment of goodwill. Show workings clearly. 
Answer :
Acc-3


Working Note:
Ramesh’s share of Goodwill= ₹2,90,000 - ₹2,50,400 = ₹39,600 
 

3 Marks Questions

Question : From the following information given by Modern Dance Academy, calculate the amount of Subscription received during the year 2020-21.
(i) Subscription credited to Income & Expenditure A/c for the year ending 31st March ,2021 amounted to ₹3,00,000 and each member is required to pay an annual subscription of ₹ 3,000.
(ii)Subscription in arrears as on 1st April 2020 amounted to ₹ 16,000.
(iii) During the year 2020-21, 10 members made partial payment of ₹26,000 towards subscription, 8 members failed to pay the subscription amount and 5 members paid the subscription amount for the year2021-22.
(iv) During the year 2019-20, 12 members paid the subscription amount for the year 2020-21.
OR
Following information is given by Alchemy Medical College, Library department for the year 2020-21.
Acc-

Show the accounting treatment of the above-mentioned items in the Balance Sheet of the Alchemy Medical College as at 31st March,2021. 
Answer :
Acc-4
Acc-5
 
Working Note:

Interest on Books and Journals Investments = 4,00,000 x 7/100 = 28,000
Accrued Interest = 28,000 – 13,000= 15,000  
 
 
Question : Harihar, Hemang and Harit were partners with fixed capitals of ₹3,00,000, ₹ 2,00,000 & ₹ 1,00,000 respectively. They shared profits in the ratio of their fixed capitals. Harit died on 31st May, 2020, whereas the firm closes its books of accounts on 31st March every year. According to their partnership deed, Harit’s representatives would be entitled to get share in the interim profits of the firm on the basis of sales. Sales and profit for the year 2019-20 amounted to ₹8,00,000 and ₹2,40,000 respectively and sales from 1st April, 2020 to 31st May 2020 amounted to ₹ 1,50,000. The rate of profit to sales remained constant during these two years. You are required to:
(i) Calculate Harit’s share in profit.
(ii) Pass journal entry to record Harit’s share in profit. 
Answer :
(i) Ratio of Profit to sales= 2,40,000/8,00,000 X 100 = 30% 
Profit upto the date of death= 1,50,000 X 30% = ₹45,000 
Profit sharing Ratio = 3:2:1
Harit’s Share of Profit = 45,000 X 1/6 = ₹7,500 
Alternative: Harit’s Share of Profit = 2,40,000/8,00,000 X 1,50,000 X 1/6=₹7,500
 Acc-6 


Question : Vedesh Ltd. purchased a running business of Vibhu Enterprises for a sum of ₹ 12,00,000. Vedesh Ltd. paid ₹ 60,000 by drawing a promissory note in favour of Vibhu Enterprises., ₹1,90,000 through bank draft and balance by issue of 8% debentures of ₹ 100 each at a discount of 5%. The assets and liabilities of Vibhu Enterprises consisted of Fixed Assets valued at ₹ 17,30,000 and Trade Payables at ₹ 3,20,000.
You are required to pass necessary journal entries in the books of Vedesh Ltd.
OR
Youth Ltd. took a loan of ₹ 15,00,000 from State Bank of India against the security of tangible assets. In addition to principal security, it issued 10,000 11% debentures of ₹ 100 each as collateral security.
Pass necessary journal entries for the above transactions, if the company decided to record the issue of 11% debentures as collateral security and show the presentation in the Balance Sheet of Youth Ltd. 
Answer :
Acc-7
 
Working Note:
Number of Debentures issued = 9,50,000 / 95 = 10,000
 
Acc-8

 

 

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