MODEL SAMPLE PAPER-2

Accountancy (Class X)
Time Allowod: 3 Hou Max. Mariks: 80

PartA: Accountng for Partmerehip Flms and Companles CMarka: 60)

1. Angleand Circle were partrers in a firm. Their Balance Sheet showed Furniture at200,000; Stockat
F140,000; Debtors at T 1,62,000 and Creditars at R60,000. Square was admitted and new profit
? 1,0,000, of at Creditors 15,000 are not
sharing ratio was agreed at 2:3:5. Stock was revalued
irrecoverable and Provision for doubtful debts
kely to be claimed, Debtors for 2000 have become
tobe provided 10% Revalued value of Furniture will be
Angle's share in loss an revaluation amouted to 30,000.
IC.B.S.E, Sample Paper 2021-22 (term-01 (
***************** *************
C6) 103,00 (c) T3,03,000 4)183,000
(a) 2,17000
accumulated profits and
2 Assertion (A: In case of change in the profit sharing ratio amongG Partners,
Loeses be distributed among partners in their old profit sharing
ratio.

(RJ: No treatnent of accummulated profits or losses

is desired in case of change in profit
Reason
aharing ratio among the partners.
(a) Both Assertion (A) and Reaso (R) are true and Ris the correct explanation of Assertion (A).
afA.
b) BothA and R are true but Ris not the correct eplanation
(c) Ais true but R is false.
a)Ais false but R is true.
(1

3. Calculate the arnomt of second and final call when Abhijit

Ltd. iseues Equity shares of 10each at a
E OnAllotment T 5, On First Call { 2.
premium of 40% payable on Application 3,
(6) Second and final callR4
(a) Second md final call {3
(e) Second and final call T 1 (a) Second and final call 7 14
IC.B.S.E, Sample Paper 2021-22 (term-DI(
OR
Zero Coupon Bonds are issued... *** * ** ***********

b) Fxed rate of interest

(aAt zero interest rate
(d) None of these
() Does not contain aay specified rate of interest
in the ratio of3:2. They decided to ahare equally profits
4 Pand Qare partners in a firm aharing profits
Reserve and Loss on Investment 30,000.
in General
in future. Their Balance Sheet showed 50,.000 Investment.
be if do not wish to alter Gerneral Reserve and Value of
The wil
adjusted entry they
(a) Dr. Qund C PR2000 (b) Dr. Pand CrQ2,000
(a) Dz Qand Cr. PR20,000
(c) Dr. Pand Cr Q{20,000
OR
in profit sharing ratio of existing partners
is shared by
Gain/lass on revaluation at the time of change
( Whereas in case of ad1nission of a partner, it is shared by (i).
(CB.SE., Senple Paper 2021-22 (term-DI (
Partners 6) (0 Al Partners, (i) Old partners
(a) Remaining Partners, (i) AI
(e) w New Pariner, (i) All partner (d) w Secrificing Partner, (i) Incoming partner
balances as on 31-3-2022
5. AandB are partners sharing profits
and loeses in ratio 3: 2 Their capital
B respectively. Their
to t 2,50,000 ancd 1,75,000 for A and
based on fuctuating capital amounted
drawings were 60,000 and <50,000 respectively
 Interest on capital 10% p.a. on opening capital has been allowed. Calculate opering apital of A if
divisible profits during 2021-22 wasT 1,50,000.
a) T200,000 6) T150,000 (c)R2,20,000 (a165,000o (1
6. X Ltd. issued 40,000 8% Debentures of 100 each at a premium and redeemable at 10% premium.
While writing off Loss on Iseue of Debentures, Statenent of Profit and Loas was debited with
T1,60,000. Thus, these debentures must have been issued at a premium of
(a) 5% 6)66% (c) 8% 10% (1
OR
YLtd. iseued 50,000 10% Debentures of 100each at a discont but redeemable at a premiumof 10%.
If compary had a balanoe of T 10,00,000 in Securities Preniurm before israe md 200,000 balance
after writing off Loss on Iseue of Debentures. Debentures muet have been iseued at a discount of.
(a) 5% 6% 10% 9 8% (
7. Apaar Ltd. forfelted 4000 shares af 20 each, fully called up, on which anly application momey of t6
has been peid. Out of these, 2,000 ahares were reisvued and 8,000 has been transferred to capital
reserve. Calculate the rate at whidh these shares were reissued.
a) 20 per share (b) F18 per share (c)R22per ahare (D R8 per share
ICB.SE, Semple Paper2021-22 (term-DI U
& Saurabh, Shirin and Somesh are partners in a firm sharing profitsand loeses in the ratio af 3:2:1
Somesh retires and the new profit sharing ratio between Saurabh and Shirin is 3:2. The gaining ratio
between Serabh and Shirin will be: (C.B.S.E, 2020) )
(a) 3:2 3:1 (o) 1:1 (a) 2:1
OR
Aand Bare partners inafirm sharing profito and losses eually. Theircapitals were1,00.000 and
T2,00,.000 respectively If fnmearmed 21,000as profit during the yea, interest on capital® 10% p
was agreed upon. Interest on capital ofA will be

(a) 10,000 cb) R 10,500 (e) 7000 (E14000

Read the folowotng ertruet end enswer Question No. 9 and 1
A,B and Cwere partnersin a firms sharing prafitsand lossesin ratio 2:2:1. Cwas guararmteed to be
givena profit of 50,000 each year and deficiency if ary shal be brone byA and B inzatio of 3:2. Rrm
eamed net profit amounting to 4 times of guaranteed ahare of proit of C.

9. A'sahare of profit wll be:

a)80,000 (6) 74000 (c) 70,000 ( T64000 (1
10. C'sshare of defclency borne by B will be
(a) 10,000 C6) T6,000 Ce)T4,000 (ad 7,000
11. During the course of admisuicm of a partner, Workmera Compensation Fund wasR 40,000 but claim

against it wasR 45,000. Ecees amount of claim over fund will be.
a*********** *

(a) debited to Old Partners' Capital A/e b) debited to Revahuation.A/c

te) credited to RevaluationA/e (a) debited to Realisation A/c
12 Which of the following statement is/are true? ICB.SE, Sample Paper 2021-22 (term-DI (D

6i Authorised Capital < lasued Capital (ä) Aushorised Capital 2 Isoued Capital

Cii) Subecribed Capitals Isued Capital (io) Subscribed Capital > Issued Capital

(a) ( anly (b) G) and (io) Both (c) (ii) and (ii) Both (d) (i) only
13. Securities Premhum Reserve can be used for
D*************************
(a) payment of final dividend (6) paymet of interim dividend
(c) issuing shares to promoters ca) buy-backof its equity shares

5
 Ram whose dues2,000 were writtern off last
During the course of admission of a partner, debtor, will b e . . .
a
14
year, paid t1500 in full settiement
of account. Its impact
Profilt of old partner will increase byR1,500
Cb) Profit of all partners inchuding new will increase by 1,500
(e) Net lossT 500 will be borne by old partners

(4) Net loss 500 will be borne by all the partners including new
2021-22. If interest on his drawing
15. Sumit withdrew a fixed amount at the end of each quarter during
e 10% p.a. mounts to7500, his quarterly drawing
was. *******

(c) R45,00 (a)t60000 (

a)40,000 b)50,000
OR
of each manth
Xand Yare partners ina fim. Xdrew a fbxed amount during 2021-22 at the begining
was
fintereston drawingg of Xamounts tot 3,900@10%p.a., his monthly drawing
.

(d none of these 1
(a)F6,000 (b)T6,500 (c 5,500
and
realised at 1,50000 aftera loss of 20,000
16. During diseolution of partnership firm, Aseets wereR300.
ata discount of 10%. Realisation epenses paid
creditors amoumttng? 40,000 were paid
Gein/Loes on Realisation A/c will be

(a) 720,000 (Gain) b) 20,000 (Lo) (c)19,000(Los) dR19,000 (Gain)

and profit of
17. XYand Z are partners sharingprofits in ratio
3:2:1.X died on 10April, 2022. The sales
10 was 1,20,000.
2021 were? 3,00,000 and? 45,000 respectively.
Sales from 2022 to
lst January, April
if
Find ashare of X's profit and pass necessary journal entry
ratio ofY and Z
0 There ie no change in profit sharing
(3)
i) Yand Z decided to share future profits in mtio 3:2
to
18. On 142022, Jay and Vijay entered into partnership for supplying laboratory equipmentsand
goverment schools situated
in remote and backwards areas. They contributed capital{ 80000
deed
the profits in the ratio of 3: 2. The partnership
T 50,000 respectively and agreed to share the the firm
o n capital shall be allowed
at 9% per arrum. During year,
provided
earned a profit
the interest
that of 7800. ShowingSyour calculations clearly, prepare the Profit and Loes Appropriation
(C.B.S.E, 2015-modiiea) (9)
Accoumt of Jay and Vijay for the year ended 31-3-2022
OR
2021 to share profits in the ratio of
Ail, Sunil and Ravinder entered into parternship shareJarruary, will not be less than 70,000 p.a
on 1st

2:1:1. twas provided in the deed that

Ravinder's of profit
200,000 before allowing interest 9,000 on
the
The losses for ended
year 31st December, 2021 were
Aril's loan which is due for the current year.
for the year ended 31st December 2021.
Prepare Profit and Loss AppropriationA/c
(CB.S.E, 2012 ALC-modifiei) 3)
XYZ Ltd. at a value of
19. ABC Ltd. purchased assets of 420,000
and took over HabilHties of R40,000 of
settlernent of the
of 100 enchata discount of 10% in full
F3,60,000. ABC Ltd. issued 10% Debentures
purchase conideratio
transactions. (3)
books of ABC Ltd. for the above
Pass the neceasary journal entrles in the
OR
Ltd. King company
2500,000 and iabilities of t6,00,000 of Queens
King Ltd. took over Assets of of 100 esch at a premium of 10%
the purchase consideration by iesuing 1000 equity ahares
peid
and 11,00p00 by Bank Draft.
Journal Entries in the books of Kimg Ltd.
Calculate Purchase conaideration and pass necessary
&2017) ()
C.B.S.E. Sample Paper 2016
20. Kabir and Farid are
partners in a firm
Manik ir partnership for 1/4th sharesharing profits in the ratio of 3:1.On 142022, they admitted
in the profits of the firm.
premhum in cash. Manik brought his share of goodwill
Goodwill of the firm was valued on the basis of 2
The profts of last threeyears were: year's purchase of last three years average profita.
2019-20
T90,000
2020-21 1,30,000
2021-22
86,000
During the year 2021-22, there was a loss of t 20,000 due to fire
which was not accounted for while
calculating the profit.
Calculate the value of goodwill and the
pase necesaary journal entrica for the treatment of
8oodwill
21. On 1st April, 2021, Chetan Ltd. was (CB.S.E, 2020-modified) 3)
formed with an authorised
2500 equity shares of ? 100 each. The capital of 22,50,000 divided into
company invited application for 18,750
amount was payable as follows: egquity shares. The
On appication 30 per share
On allotment 40 per share
Onfirst and final call 30 per share
The issue was fully subecribed and the
company allotted shares to all applicants. All money was
received except the first and final call on 3,500 shares.
Present the share capital in the Balance Sheet
Companies Act, 2013.
of the conpary as per Schedule I Part I of the
() Alsoprepare 'Notes to Accounts' for the same.
(C.B.S.E, 2021-C-modifed) ()
22 Ravi and Mukesh were partners in a firm sharing
their firm was diseolved. On the date of dissohution,profits
and losees equally. On 31st March, 2022,
their Balance Sheet showed stock of? 60,000 and
creditors af 7 70,000. After transferring stock and creditors to realisation
transactions took place: account, the following
Ravi took over 40% of stock®20% discount.
) 30% of total stock was taken over by creditors oft 20,000 in full settlement
(i) Remaining utock was eold for cash at a profit af 25%.
(io) Remairing creditors were paid in canh at a diecount of 10%
Pass necessary journal entries for the above transactions in the books af the firm.

(CB.S.E, 2019-C-modified) (0
23. ALtd invited applications for issuing 80,000 equily ashares of 10 each ata premium of4 per share.
The amount was payable as followe:

OnApplication T5 per share

On Allotmant 9 per share (premium included)
Applications were reaeived for 1,A0,000 shares and allotment was made to all applicants on pro-rata
basis. Money overpaid on applications was adjusted towards sum due on allotnent. Rajiv, who had

aPplied
forfeitedfor 14D0sharesreiseued
shareswere
faled to paythellotmentfully
at 9 per share
money.
as
Hisshares wereforfeited. Lateron,these
pald up.
Pass the necessary journal entries in the books afA Lid. for the above transactions.

(CB.SE, 2020-c9 (
OR

47
 AB Ltd. isoued 30,000 ahares of t 10 each at par payable as follows
- on application
T3 per share
3per share on allotmernt
Balance - on first and fnal call

Applications were recelved for 50,000 ahares. AppHcatione for 10,000 shares were rejected and
allotmerdwas madeon pro-rata basisto thezemairning applicants.Eecessmoney received an application
was adjusted towards eums due on allotment. Natasha, who had applied for 1,600 shares, failed to
pay the amountdue an allotment and call. The company forfeited her shares. Later on, these forfeited
shares were reissued at K10 per share as fully paid-up.
Paaa the neceasary journal entries in the booka of AB Ltd. for the above transactions.
(CB.5.., 2020-c) (6)
24 Achla and Bcbby werepartners in a irm sharing prafits and losees in the ratio of3:1.On31st March,
2022, their balance aheet was as folows:
Balance Sheet of Achla and Bobby
as on 31et March, 2022
Liablities Anaets

Caditons 1,10,000| Caah at Bank 60000

Geren Rere 40,000| Debtor 40p00
Waxdanen's Comperuation Renerve 50,000 Stock 5000
Captals Parnlture 155000
Achla 400000 Land and Building 5,00p00
Babby 200.000 6.00000
8,00/000 &,00000
On 1st Apri, 2022, they admitted V+haan as a new partner for 1/5thshare in the profis af the firm on
the following terms:
a Vihean brought { 1,00,000s his capital and the capitalsof Achla and Bobby were to be adjusted
on the basis of Vihaan's capital; any surplus or deficiency was to be adjusted by opening current
accoumts.
6)Goodwill of the firm was valued at T400,000. Vihaan brought the necesaary amount in cash for
his ahare of goodwill premum, half af which was withdrawn by the old partners.
(c) Liability omaccoumt of warkmen's counpensation amounted to 80,000.
(d) Achla took over stock at35,000.
(e) Land and building was to be appreciated by 20%
Prepare Revatuatiom A/cand Partner's Capital A/cs (CB.S.E, 2020-modified) 16)
DR
Gita, Radha and Garv were partnerm ina frm sharing profits and losses in the ratio of3:5:2. On 31st
March, 2022, their balaroe sheet was as follows:
Balance Sheet of Git, Radha and Ga
as on 31st March, 2022

Liablides Amets

Sunday Creditors 60000| Caah 50/000

Grenl Reave 40000 Stock 80000
Dutos 4D000

48
Capitale Ivestaents 30/000
3,00p00 Building 5,00,000
Radha 2,00/000
Gurv
100,000 6,00,000
7.00,000 700p00O

Radha retired on the above date and it was agreed that:

a Goodwill af the firm be valued at 7 3,00,000 and Radha's share be adjusted through the capital
accoumts of Gita and Garv.
b) Stock was to be appreciated by 20%
(e Buildinga were found undervalued by7 1,00,000.
( Investments were sold for 34,000.
Capital of the new firm was fixed at5,00,000 which will be in the new profit sharing ratio of the
partners; the necessary adjustments for this purpoee were to be made by opening current
accounts of the partners
Prepare Revahuation A/cand Partner'a Capital A/cs (C.B.SE, 2020-modified))
25. A, B and Cwere partners in a firm sharing profits and losses in the ratio of 3:2:1. C died on 30th
June, 2019. After all the necessary adjustmants, his capital acoount showed a credit balance of 70,600.
C'o executor was paidR 10,600 on 1st July, 2019 and the balance tn three equal yearly instalments
starting from 30thJune, 2020 with interest@10%p.a. on the unpaid amount. The firmdloses its books
on 31st March every year.
Prepare C's Executor's Account till the amount is finally paid. CB.SE, 2019-C-modifed) (6)
26. XLtd issued 20,000, 8% debentures of7 100 each ata discount of 5% on 1+2022 and redeemable at a
premium of 5% in the following marmer
On 31-03-2022 6,00,000
On 31-03-2023 8,00,000
On 31-03-2024 R6,00,000
Pass necesary jourmal entries for Ibeue of Debentures, Debenture Interest for the year 2021-22
assuming that interestis payable on 30th September and 31st March. Company has 2,20,p00 balance
in Securitires Premim Reserve.
Part B: Analyais of Finencial Statements 0Marke: 20)
27. When an analyst analysis the financial statements of an enterprise over a number of yeare, the
analysis is called aauvn analysis.
a) Static (b)External (e Horizomtal (4) Vertical
OR
*********a*4* illesult in increaseinLiquid Ratio without affecting; the Current Ratio.
a Sale of Stock at cost price (b) Sale of stock at loos
(o) Sale of stock at profit a) Sale of irvestments at cost
28. FX Ltd. has Total Debts R3,70,000, Langterm DebtsR 2,00,000 and Working CapitalR 1,80,000, its
Ciurrent Asscts will be maas
( 73,50,000 (b) 73,70,000 Ce)1,90,00 (d) None of these
Which of the following is not an investing cash flow
Purchase of marketable eecuritles for25,000 cash
(b) Sale of land for 28,000 cash.
(c) Sale of 2,500 shares (held as investment) for T 15 each.
()Purchase of equipment for T 500 cash. (C.B.S.E, Sample Paper 2020-210 (
 OR
Which of the following item is not added in the Net Profit before Tax and Bxtra-ardinary items to
compute Operating Profit before workingg capital changes?
(Goodwill writtenoff b) Computer sofware written off
(o)Bad debt written off (4) Trade mark writen of
30. Compute Cash Inflow/Outilow from Investing Activities from iníormation given below as at 31st
March, 2021 and 2022:

articwlars 2021 2022 (

Machinery A/C 300,000 3,30.000
Accumulatd DepmecielionA/e 70,000 80000
Enfornastions During the year, machine costing40,00 withaccumulated depreciation 25,000 was
sold for 19000.
Which opticmis correct?
(a) Inflow19,000 (6) Outiow70,000 ( Outflow51,000 () None ofabove (
31. Under which major headings and sub-headings will the following items be presented in the Balance
Sheet of a compary as per Schedule I, Partiof the Companies Act,2013
Interest Accrued and due on Debentures (i) Accrued Interest on Calle-tn-Advance
(i) Interest due an Calle-in-Arrears (in) Premiumon Redemptian of Debentures
(o) Plant and Machinery (ol) Frovision for Ernployees Benefits
(CB.S.E., 2019-Set M (3)
32. The basic objective of Analysis of Pinancial Statements is to know about the earning capacity of the
entity Also explain any other three objective. (3)
ss. Calculate Return an Investment from the following information:
Net Profit after tax 7 6,50,000; 12-5% Comvertible Debentures 8,00,000; Iincome Tax 50%; Fxed
Aseets at Coat 24,60,000; Depreciatian ReserveR 460,000; Current Assets 15,00,000; Current
Liabilities700.000 and Reveanue from Operation is t 70,00.p0o.
Calculate Retun on Investment and Net Assets Tumover Ratio. (4
OR
Debt to Capital Employed ratio is 04:1. State whether the following transactions wll improve,
decline or will not affect the Debt to Capital Employed Ratio gving reasans

Redemption of 8% Debentures 1,00,00.

)Iawue of 9% Debentures for Cash 1,00,00.
6iä) Sale of Plant at a profit.
(in) Issue of Bomus Shares (
94 Following is the Balanoe Sheet of R.S. Ld. as at 31st March, 2022:
Balance Sheet of R.S. Ltd.
as at 31-3-2022

Perticwders |Note Ne. 81-4-2022 31-3-2021

L BQUTTY AND LIABILITIRS

) Shareholde Fund
Shae Capital 900,000 700,000
b) Reeerven md Surphu 450,000 225000

50
 Non-crent LAabHles
Longtem Bormowings 450,000 s,50.00
) Carent Linbliies
Shor-tecm Borrowings 150,000 75,000
Total 19,50.000 1350,0
L ASSETS
) Non-curent Aseets
(a) Fboed Asete
1465,000 15000
(40 Intangible 10,000 1,50,000
() Non-cunt Investments 150,D00 1,00,000
Carrent Anoete
(a Current Investments 40,000 70.000
) Irventories 122,000 72000
Caah and Caah Bqulvalends 73,000 3000
Total 19,50,000 1350.000
Notes to Accounts

Partislers 31--2022 31-3-2021

1 lserve md Suplu
(Surplus ta, Balance in the Stateanent of Proft and Loms) 2,50000 1,00c00
General Reserve 200,000 1,25000

BOO
450,000 225p00
2 Longera b o r 0 w n

12% Debentures 450,000 350p00

450,000| 350p00
3. Shorem Berewng
Benk Overdnt 150,000 75000
1,50.000 25000
Tagible Amets
Machinery 16,75000 10,55,000
Aasmulated Depreciation 210000)1A000)
14,55,000L915,000
& ntangble Asmets
Goodwill 1,00,000 1,50,000
6 Iventorde
1,00,000 150,000
Stock in Trade 1,2.000 72000
1,22,000_ 72000
7. Cantingnt LablHty
Propaned Dividend 20D,000 1,25,000
Additional informations: () 1,00000,12% Debentures were issued on 31-3-2022. () During the
year, a piece of machinery costing< 80,000, on which acrumulated depreciation was 40,000, was
sold at a loes ofT 10,000. (i) Insurance Claim received R 20,000 for loss of goods by fire. (iv) Tax
refund 10,000.
You are
required to compute:
i Net Profit before Tax and extra-ordinary itens.
() Opering Profit before Working Capital Chnges.
(is) Cash Flow Srom Operating Activitsies. (io) Cash Flow fram investing Activities.
()Cash Flow from Financing Activities. (o) Cash and Cash EQuivalents as am 31-3-2022. (6

51