CBSE Accountancy Class 12 Sample Paper 13 Page 1

ample Paper 13
S
Accountancy (055)
Class XII Session 2024-25
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, 31 and 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

1. The capital balance of a partner at the end of the year (after adjusting for his drawings `1,750 and his
share in the profit `1,150) is `6,000. Interest on capital is payable to him at 5°% per annum. What will be
the amount of interest on capital?
(a) `300 (b) `270
(c) `330 (d) None of these

2. Assertion (A): Interest on loan is recorded in the profit and loss account.
Reason (R): Interest on loan is a charge against profit.
(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. As per Table F, the company is required to pay ______ interest on the amount of calls-in-arrears.
(a) 5% p.a. (b) 10% p.a.
(c) 6% p.a. (d) 12% p.a.

O
Royal Enterprises Limited issued 6% Debentures with a face value of `10,00,000. Each debenture is of
`100 denomination. Based on this information, calculate the interest payable for the entire year on these
debentures.
(a) `80,000 (b) `6,00,000
(c) `6,000 (d) `60,000
Page 2 Sample Paper 13 CBSE Accountancy Class 12

4. Birla Pipes & Fitting Limited forfeited 1,000 shares of `10 each, `7 called-up, issued at a premium of `2 per
share to be paid at the time of allotment, for non-payment of first call of `2 per share. Entry on forfeiture
will be
(a) Share Capital A/c Dr. 9,000
To Share First Call A/c 2,000
To Share Forfeiture A/c 7,000
(b) Share Capital A/c Dr. 7,000
To Share First Call A/c 2,000
To Share Forfeiture A/c 5,000
(c) Share Capital A/c Dr. 7,200
Securities Premium Reserve A/c Dr. 2,000
To Share First Call A/c 2,000
To Share Forfeiture A/c 7,000
(d) Share Capital A/c Dr. 9,000
Securities Premium Reserve A/c Dr. 2,000
To Share First Call A/c 2,000
To Share Forfeiture A/c 9,000

O
Karan and Aman were partners sharing profits and losses in the ratio of 4:3. Their balance sheet shows
furniture valued at `3,50,000. They admitted Aryan as a new partner for 1/5th share. In additional
information, it is given that the furniture is undervalued by 20%. The share of gain/loss of revaluation of
Aman is ______ and current value of the furniture shown in the new balance sheet is ______.
(a) Gain `37,500, Value `4,37,500 (b) Gain `30,000, Value `4,37,500
(c) Gain `25,000, Value `4,37,500 (d) Gain `20,000, Value `4,37,500

5. The profit earned by a firm after retaining `60,000 to its reserve was `3,00,000. The firm had total tangible
assets worth `24,00,000 and outside liabilities `8,00,000. The value of the goodwill as per capitalization of
average profit method was `4,00,000. Determine the rate of Normal Rate of Return (NRR).
(a) 12% (b) 15%
(c) 10% (d) 20%

6. Manav applied for 2,500 shares, allotted in the ratio of 5:4. He paid an application money of `3 per share
but did not pay the allotment money of `6 per share on the 2,000 shares allotted. The first and final call
of `1 per share was not yet made. His shares were forfeited. The journal entry is:
Share Capital A/c Dr. X
To Share Forfeited A/c Y
To Share Allotment A/c Z
Here X, Y, and Z are:
(a) `18,000; `7,500; `10,500 (b) `14,000; `6,000; `8,000
(c) `18,000; `9,000; `9,000 (d) `14,000; `9,000; `5,000

O
The subscribed share capital of Info Edge India Limited is `1,00,00,000 of `100 each. There were no calls
in arrears till the final call was made. The final call made and it was paid on 97,500 shares. The calls in
arrears amounted to `75,000. The per share final call was ______.
(a) `30 (b) `45
(c) `20 (d) `35
CBSE Accountancy Class 12 Sample Paper 13 Page 3

7. On 1st June 2021, a company secured a loan of `65,00,000 against its equipment. The loan was backed
by issuing 30,000, 11% Debentures of `100 each. On 31st May 2025, the company defaulted, and the
equipment was sold for `50,00,000. The debentures were sold in the market on 1st July 2025 to cover the
balance. From which date does the interest on debentures start accruing?
(a) 1st June 2021 (b) 31st May 2025
(c) 1st July 2025 (d) 1st June 2025

8. Priya, a partner, took over Investments worth `80,000 in part settlement of her loan of `90,000. The
Investments were already transferred to the Realisation Account.How will it affect the Realisation Account?

(a) Realisation Account will be credited by (b) Realisation Account will be credited by
`90,000 `10,000
(c) Realisation Account will be credited by (d) No effect on Realisation Account
`80,000

O
Arjun, Tina, and Rahul were partners sharing profits and losses in the ratio of 4:3:2. Their books showed
Workmen Compensation Reserve of `2,40,000. Workmen Claim amounted to `2,00,000. How will it affect
the books of accounts at the time of dissolution of the firm?
(a) `40,000 will be distributed amongst partners.
(b) `2,40,000 will be credited to the Realisation Account, and `2,00,000 will be paid off.
(c) `2,00,000 will be credited to the Realisation Account, and `40,000 will be distributed amongst partners.
(d) `2,00,000 will be credited to the Realisation Account and paid off.

9. Aman, Sara, and Riya are partners sharing profits and losses in the ratio of 4:3:3. Their fixed capital
balances were `8,00,000, `6,00,000, and `4,00,000, respectively. For the year ended March 31, 2024, profits
of `1,20,000 were distributed without providing for Interest on Capital @ 10% p.a., as per the partnership
deed.
While passing an adjustment entry, which of the following is correct?
(a) Riya will be credited by `9,333 (b) Riya will be debited by `9,333
(c) Riya will be credited by `6,000 (d) Riya will be debited by `6,000

10. Jatin and Yatin are partners in a partnership firm, sharing profits and losses in the ratio of 7 : 5 respectively.
As part of their ongoing review of the firm’s financial statements, an extract from their current Balance
Sheet reveals the value of fixed assets recorded as `16,50,000. However, it has come to their attention
that the value of the fixed assets has been undervalued by 20%. Based on this information, determine the
value at which the fixed assets will be shown in the reconstituted balance sheet after making the necessary
adjustment to reflect the accurate value.
(a) `14,85,000 (b) `1,65,000
(c) `3,30,000 (d) `20,62,500

11. Rohit, Viraj, and Kabir are partners sharing profits and losses in the ratio of 3:2:1. Viraj’s fixed capital balance
as on March 31, 2024, was `5,00,000. Which of the following will decrease Viraj’s Fixed Capital balance?
(a) Loss transferred to Current Account
(b) Drawings by Viraj
(c) Reduction of Fixed Capital by Viraj
(d) Interest on capital credited to Viraj

12. Private Placement of securities:

(i) Involves the sale of securities to a specific group of investors.
(ii) Requires compliance with extensive public offering regulations.
(iii) Can raise funds faster than public offerings.
Which of the following is correct?
(a) Both (i) and (iii) are correct. (b) Only (ii) is correct.
(c) All are correct. (d) Only (i) is correct.
Page 4 Sample Paper 13 CBSE Accountancy Class 12

13. 5,000 shares allotted to Mr. Rohit, on which `100 each was called up and `75 paid, were forfeited and
reissued for `85 each as `100 paid-up. What amount will be transferred to the Capital Reserve Account?
(a) `1,25,000 (b) `1,50,000
(c) `1,75,000 (d) `3,00,000

14. Milan, Khilan and Silam were partners sharing profits in the ratio of 2 : 2 :1. They decided to share future
profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019. After the revaluation of assets and re-
assessment of liabilities, revaluation account showed a loss of `15,000. The amount to be debited in the
capital account of Milan because of loss on revaluation will be ______.
(a) `15,000 (b) `6,000
(c) `7,000 (d) `5,000

15. Amit, Raj, and Suresh were partners sharing profits and losses in the ratio of 5:3:2. Their capital balances
as on March 31, 2024, were `15,00,000, `9,00,000, and `6,00,000, respectively. On the same date, they
admitted Karan as a new partner for a 20% share. Karan was to bring `2,50,000 for his share of goodwill
and 1/5 of the combined capital of all the partners of the new firm. What will be the amount of capital
brought in by Karan on his admission as a new partner?
(a) `8,10,000 (b) `8,12,500
(c) `8,15,000 (d) `8,20,000

O
P, Q, and R were partners sharing profits and losses equally. Q passed away on 31 August, 2023, and the
total amount payable to Q’s executors was `16,00,000. The firm agreed to pay `2,00,000 immediately, and
the balance was to be paid in four equal semi-annual installments along with interest @ 10% p.a.. Calculate
the total interest credited to Q’s Executors’ Account for the year ended March 31, 2024.
(a) `60,000 (b) `62,500
(c) `78,750 (d) `65,000

16. Golu and Sonu are partners in a partnership firm, and they share profits and losses in the ratio of 3 : 2.
The firm has decided to admit a new partner, Chanu, into the partnership. Chanu is admitted for 1/5th
share in profits of the firm which he gets entirely from Golu. Based on this arrangement, find out the new
profit sharing ratio.
(a) 8 : 12 : 5 (b) 2 : 2 : 1
(c) 2 : 2 : 2 (d) 12 : 8 : 5

17. Camila and Andrew are partners in a firm sharing profit and loss in the ratio of 3 : 2. The balances in their
capital and current accounts as on 1st April, 2021 were as under

Items Camila (`) Andrew (`)

Capital accounts 3,00,000 2,00,000
Current accounts (Cr) 1,00,000 80,000
The partnership deed provides that Camila is to be paid salary @ `500 per month whereas, Andrew is to get
a commission of `40,000 for the year. Interest on capital is to be credited at 6% per annum. The drawings
of Camila and Andrew for the year were `30,000 and `10,000, respectively. The net profit of the firm before
making these adjustments was `2,49,000. Interest on Camila’s drawings was `750 and Andrew’s drawings
was `250. Prepare profit and loss appropriation account.

18. Kabra Minerals Limited issued 20,000, 9% debentures of `100 each at a discount of 4% payable `30 on
application and the balance on allotment. The debentures are redeemable after 5 years. Give necessary
journal entries for the issue of debentures.
O
Macro Power Limited purchased the assets of Damodar Industries Limited for `1,00,000 payable in fully
paid equity shares of `10 each. What entries will be passed in the books of Macro Power Limited if such
issue is
(i) at par
(ii) at a premium of 25%
CBSE Accountancy Class 12 Sample Paper 13 Page 5

19. Dhruv, Gaurav and Sourav are partners sharing profits and losses in the ratio of 2 : 2 : 1. Gaurav retires
from the firm on 31st March, 2020. On the date of Gaurav’s retirement, the following balances appeared
in the books of the firm
Advertisement suspense account `25,000
Contingency reserve `15,000
Workmen’s compensation reserve `20,000
Loss in business account `15,000
Pass the necessary journal entries for the adjustment of these items on Gaurav’s retirement.
O
Tanay and Sanay are partners sharing profits and losses in the ratio of 5 : 1. They agreed to admit Uday
as a partner. Profits will be shared equally in future. Uday brought in `60,000 as a premium for his share
in profits. Pass necessary journal entries in the books of the firm.

20. Oracle Systems Limited issued ` 10,00,000 8% debentures as follows:

(i) Sundry Subscribers for cash at 90%. ` 5,50,000
(ii) Vendor of Machinery for ` 2,00,000 in satisfaction of his claim ` 2,00,000
(iii) Bankers as collateral security for a bank loan worth ` 20,00,000
for which principal security is Business Premises worth ` 22,50,000 ` 2,50,000
The issue (i) and (ii) are redeemable after 5 years at 10% premium. Pass necessary journal entries in the
above cases.

21. Radiant Impex Limited with a registered capital of `50,00,000 in shares of `10 each issued 2,00,000 of such
shares, payable `3 per share on application, `2 per share on allotment and `3 per share on first call. All the
amounts payable on allotment were duly received. On the first call being made, one shareholder paid the
entire balance in his holding of 6,000 shares. Give journal entries to record the transactions.

22. Henry, Jaxon and Mathew were partners in a firm sharing profits in 2 : 2 : 1 ratio. Henry died on 1st July,
2019. On that date, the goodwill of the firm was valued at `22,500. On the death of a partner, his share
of profit in the year of death was to be calculated on the basis of the average profits of the last four years.
The profit for the last four years were
2015-16 80,000
2016-17 72,000
2017-18 84,000
2018-19 56,000 (Loss)
Pass necessary journal entries

23. On 1st April, 2020, Radix Films and Media Limited made an issue of 3,00,000 equity shares of `10 each at
a premium of `4 per share, payable as follows
`6 on application (including `1 premium)
`2 on allotment (including `1 premium)
`3 on first call (including `1 premium)
`3 on second and final call (including `1 premium)
Applications were received for 4,50,000 shares, of which applications for 90,000 shares were rejected and
their money was refunded. Rest of the applicants were issued shares on pro-rata basis and their excess
money was adjusted towards allotment.
Thomas, to whom 6,000 shares were allotted, failed to pay the allotment money and his shares were
forfeited after allotment. Emily, who applied for 10,800 shares failed to pay the two calls and on her such
failure, her shares were forfeited.
12,000 forfeited shares were re-issued as fully paid on receipt of `9 per share, the whole of Emily’s shares
being included.
Prepare the cash book and pass the necessary journal entries.
O
Vaibhav Nutrition Limited issued 40,000 equity shares of `10 each at a premium of `2.50 per share. The
amount was payable as follows
On application `2 per share, on allotment `4.50 per share (including premium) and on call `6 per share.
Owing to heavy subscription, the allotment was made on pro-rata basis as follows
(i) Applicants for 20,000 shares were allotted 10,000 shares.
(ii) Applicants for 56,000 shares were allotted 14,000 shares.
(iii) Applicants for 48,000 shares were allotted 16,000 shares.
Page 6 Sample Paper 13 CBSE Accountancy Class 12

It was decided that the excess amount received on applications would be utilised on allotment and the
surplus would be refunded.
Aditi, to whom 1,000 shares were allotted and who belongs to category (i), failed to pay allotment money.
Her shares were forfeited after the call. Pass the necessary journal entries in the books of Vaibhav Nutrition
Limited for the above transactions.

24. Sahas and Lakshay were partners in a firm sharing profits and losses in the ratio of 4 : 3. The following is
the balance sheet of the firm as on 31st December, 2020.

Balance Sheet
as at 31st December, 2020
Liabilities Amount Assets Amount
(`) (`)
Sundry Creditors 20,000 Cash 14,800
Bills Payable 3,000 Debtors 20,500
Bank Overdraft 17,000 (–) Provision for Doubtful Debts (300) 20,200
Capital A/cs Stock 20,000
Sahas 70,000 Plant 40,000
Lakshay 60,000 1,30,000 Building 75,000
1,70,000 1,70,000
They agreed to admit Hardik as a partner with effect from 1st January, 2020 for 1/4th share in profits on
the following terms
(i) Hardik will bring in `47,183 as his capital.
(ii) Building is to be appreciated by `14,000 and plant to be depreciated by `7,000.
(iii) The provision on debtors is to be raised to `1,000.
(iv) The goodwill of the firm has been valued at `21,000.
Prepare revaluation account, partners’ capital account and balance sheet of the firm immediately after
Hardik’s admission.

O
Girish, Satish and Manish are partners with profit sharing ratio 5 : 3 : 2. Their balance sheet is as follows
Balance Sheet
as at ...
Liabilities Amount (`) Assets Amount (`)
Creditors 80,000 Bank 40,000
Bills Payable 60,000 Debtors 60,000
General Reserve 30,000 Furniture 40,000
Reserve for Contingency 20,000 Investment 30,000
Workmen Compensation Fund 40,000 Building 1,00,000
Provident Fund 40,000 Prepaid Insurance 10,000
Capital A/cs Goodwill 20,000
Girish 40,000 Patents 30,000
Satish 30,000 Profit and Loss 40,000
Manish 30,000 1,00,000
3,70,000 3,70,000
Additional Information
(i) Manish takes retirement, new ratio of Girish and Satish is 3:2.
(ii) `10,000 given to Manish in cash and balance transferred to Manish’s loan account.
(iii) Prepaid insurance is no more required.
CBSE Accountancy Class 12 Sample Paper 13 Page 7

(iv) `10,000 unrecorded typewriter has to be shown in the balance sheet.

(v) Investment is valued at `20,000 and is taken over by Girish at this value.
(vi) Make 5% provision for discount on creditors.
(vii) Outstanding repair bills due `10,000.
(viii) Provident fund decreased by 10,000.
(ix) Accrued commission `5,000.
(x) Building increased by 20%.
(xi) Goodwill of the firm valued at `40,000.
Prepare necessary ledgers.

25. The balance sheet of Hitesh, Nitesh and Chandresh on the date of dissolution was as follows
Balance Sheet
as at ...
Liabilities Amount (`) Assets Amount (`)
Creditors 52,000 Bank 6,500
Employees Provident Fund 26,000 Debtors 41,600
Outstanding Expenses 13,000 Stock 54,600
Capital A/cs Prepaid Expenses 2,600
Hitesh 1,05,950 Furniture 13,000
Surjeet 76,050 1,82,000 Machinery 1,09,200
Profit and Loss A/c 19,500
Nitesh’s Capital A/c 26,000
2,73,000 2,73,000
Chandresh was appointed to realise the assets and pay the liabilities. He was entitled to receive 5%
commission on the amounts realised from sale of assets. He was also to bear the expenses of realisation.
Assets realised as follows
Machinery – `91,000; Debtors – `26,000; Furniture – `9,750; Stock at 60% of its book value. Expenses of realisation
amounted to `1,950. An office typewriter realised `3,250 which was not shown in the books of accounts. There was
a contingent liability of `6,500 for bills discounted for which `2,600 had to be paid. Prepare realisation account.

26. MNO Ltd. provides the following extracts from its Balance Sheets as at 31.03.2023 and 31.03.2024, prepared
as per Schedule III of the Companies Act, 2013:

Balance Sheet (Extract)

as at 31 March, 2024
I- Equity & Liabilities Note no. 31.3.2023 31.3.2024
1. Shareholders’ Funds
(a) Share Capital 1 38,50,000 48,50,000
(b) Reserves & Surplus 2 2,30,000 3,90,000

Note 1 (as at 31.03.2023)

Share Capital
1. Authorised Share Capital 60,00,000
6,00,000 Equity Shares of `10 each

2. Issued Share Capital

3,90,000 Equity Shares of `10 each 39,00,000
Page 8 Sample Paper 13 CBSE Accountancy Class 12

3. Subscribed Share Capital

(a) Subscribed & Fully Paid 38,50,000
3,85,000 shares @ `10
(b) Subscribed but not fully paid 50,000
5,000 shares @ `10
Less : Calls in arrears (5,000 × `2) –10,000
38,90,000

Note 1 (as at 31.03.2024)

Share Capital
1. Authorised Share Capital 60,00,000
6,00,000 Equity Shares of `10 each

2. Issued Share Capital

4,90,000 Equity Shares of `10 each 49,00,000
(Out of these, 50,000 shares were issued to vendors as consideration for the
purchase of machinery.)

3. Subscribed Share Capital

(a) Subscribed & Fully Paid 48,50,000
4,85,000 shares @ `10
(b) Subscribed but not fully paid 50,000
5,000 shares @ `10
Less : Calls in arrears (5,000 × `2) –10,000
48,90,000

Note 2 – Reserves and Surplus:

31.03.2023 31.03.2024
Capital Reserve Nil 92,000
Securities Premium 2,30,000 3,82,000
Additional Information
• During the year, the company purchased machinery worth `6,00,000. The vendor accepted `5,00,000
in shares at par (50,000 shares × `10 each), and the balance `1,00,000 was paid in cash.
• The Securities Premium increased by `1,52,000 (from `2,30,000 to `3,82,000). This additional premium
came from shares issued for cash. Since 50,000 shares were issued at par to the vendor, the remaining
50,000 shares (out of 1,00,000 newly issued shares) must have been issued at a premium of `2 each.
• On April 1, 2024, the company forfeited 5,000 partly paid shares for non-payment of the final call of
`2 per share.
• Out of these forfeited shares, 3,000 shares were reissued at `12 per share.

(i) What is the total face value of shares issued by the company during the year 2023-24?
(a) `10,00,000 (b) `8,00,000
(c) `9,50,000 (d) `7,00,000
(ii) Shares issued for cash during the year were issued at ______.
(a) `10 (b) `12
(c) `11 (d) `14
CBSE Accountancy Class 12 Sample Paper 13 Page 9

(iii) On April 1, 2024, the company forfeited all the defaulting shares. What amount will appear in the
Share Forfeiture Account at the time of forfeiture?
(a) `30,000 (b) `40,000
(c) `10,000 (d) `20,000
(iv) What will be the number of issued shares, as on April 1, 2024, after the forfeiture of these shares?
(a) 4,85,000 shares (b) 4,90,000 shares
(c) 4,80,000 shares (d) 4,75,000 shares
(v) If 3,000 of the forfeited shares were reissued at `12 per share, what will be the amount of Securities
Premium and Capital Reserve respectively as on April 1, 2024?
(a) `3,86,000; `92,000 (b) `3,88,000; `1,16,000
(c) `3,84,000; `88,000 (d) `3,88,000; `86,000
(vi) What will be the amount in the “Subscribed and Fully Paid” after the reissue of these 3,000 shares?
(a) `48,50,000 (b) `48,80,000
(c) `49,00,000 (d) `49,20,000

PART-B
Analysis of Financial Statements (Option-I)
27. Financial statement analysis includes ______ and ______ of financial statements.
(a) preparation, analysis (b) analysis, preparation
(c) analysis, interpretation (d) preparation, interpretation

O
The analysis of financial data to compare the performance of a company over multiple accounting periods
is called ______
(a) Horizontal Analysis (b) Vertical Analysis
(c) Static Analysis (d) External Analysis

28. As on 31.03.2024, the following information of Stellar Ltd. is available:

Gross Profit Ratio: 30%
Operating Ratio: 70%
On 01.04.2024, it was discovered that a discount allowed of Rs. 20,000 given to a customer for late payment
during the financial year 2023-24 was not recorded in the books. After rectifying this omission, what will
be the effect on the Gross Profit Ratio and the Operating Ratio?
(a) Gross Profit Ratio will decrease and Operating Ratio will increase
(b) Both Gross Profit Ratio and Operating Ratio will increase
(c) Gross Profit Ratio will decrease and Operating Ratio will remain unchanged
(d) Gross Profit Ratio will remain unchanged and Operating Ratio will increase

29. If debt equity ratio is 2 : 1, which of the following will have no effect on it?
(i) Purchase on fixed assets by taking loan of `10,00,000
(ii) Sale of fixed assets at a loss of `30,000
(iii) Issue of bonus shares
(iv) Declaration of final dividend
(a) Only (iii) (b) (i), (ii) and (iv)
(c) (i) and (ii) (d) (iii) and (iv)

O
Which of the following statements is correct?
(a) Dividend received is classified as an operating activity under AS 3 (Revised).
(b) Amortization of tangible assets is treated as a cash outflow.
(c) Current investments are excluded from cash equivalents regardless of their liquidity.
(d) Provision for depreciation should be deducted from net profit in the Cash Flow Statement.
Page 10 Sample Paper 13 CBSE Accountancy Class 12

30. Statement-I : ‘Zeta Ltd.’ sold an old vehicle for `3,00,000 (loss `50,000), declared and paid `6,00,000 as
final dividend, and invested `7,00,000 in marketable securities. The cash flow from investing and financing
activities will be `(4,00,000) and `(6,00,000), respectively.
Statement-II : ‘Theta Ltd.’ amortized goodwill worth `2,00,000 and paid taxes amounting to `1,50,000.
Amortization is a non-cash expense and is added back to profit under operating activities, while tax paid
is shown as a cash outflow from operating activities.
(a) Both the statements are true. (b) Both the statements are false.
(c) Only Statement-I is true. (d) Only Statement-II is true.

31. Find the heads and sub-heads under which the following items will appear in the balance sheet of a
company as per Schedule III, Part I of Companies Act, 2013:
(a) Furniture and Fixtures
(b) Advance Tax Paid
(c) Rent Receivable
(d) Cash Credit from Banks
(e) Provision for Future Losses
(f) Outstanding Utility Bills

32. From the following information extracted from the Statement of Profit and Loss for the years ended 31st
March, 2017 and 2018, prepare a Comparative Statement of Profit & Loss.

Particulars 2017-18 (`) 2016-17 (`)

Revenue from operations 6,00,000 5,00,000
Other Income (%) 20% 20%
Employee benefit expenses (%) 40% 30%
Tax Rate 50% 50%

33. From the following information, calculate any two of the following ratios
(i) Debt to equity ratio (ii) Working capital turnover ratio (iii) Return on investment
Additional Information
Equity share capital `25,000, general reserve `2,500, balance of statement of profit and loss after interest
and tax `7,500, 9% debentures’ `10,000, creditors `7,500, land and building `32,500, equipments `7,500,
debtors `7,250, cash `2,750, revenue from operations, i.e. sales for the year ended 31st March, 2019 was
`25,000, tax rate is 50%.

O
From the following data, calculate Gross Profit Ratio, Current Ratio, Quick Ratio and Debt to Equity
Ratio.
Revenue from Operations `30,000, Cost of Revenue from Operations (Cost of Goods Sold) `20,000; Net
Profit `3,000; Current Assets `6,000; Inventory `1,000; Current Liabilities `2,000; Share Capital `5,000
and Debentures `2,500.

34. From the following summarised balance sheets of Sunteck Finance Limited as on 31st March, 2021 and
2022, you are required to prepare the cash flow statement

Particulars Note 31 March 2022 31 March 2021

No. (`) (`)
I. EQUITY AND LIABILITIES
1. Shareholder’s Funds :
Share Capital 35,00,000 30,00,000
Reserves and Surplus 1 23,00,000 15,00,000
2. Non-Current Liabilities
Long-term Borrowings: 15% Debentures 10,00,000 15,00,000
CBSE Accountancy Class 12 Sample Paper 13 Page 11

3. Current Liabilities
Trade Payables 12,50,000 8,00,000
Short-term Provisions 2 3,80,000 3,50,000
Other Current Liabilities 3 60,000 50,000
Total 84,90,000 72,00,000
II. ASSETS
1. Non-Current Assets:
Fixed Assets 4 47,50,000 40,00,000
Long-term Investments (At cost) 9,00,000 9,00,000
2. Current Assets
Inventories 13,50,000 10,00,000
Trade Receivables 12,25,000 11,25,000
Cash and Cash Equivalents 2,65,000 1,75,000
Total 84,90,000 72,00,000

Notes to Accounts:

Note No. Particulars 31st March 2022 (`) 31st March 2021 (`)
1. Reserves and Surplus
Balance in Statement of Profit and Loss 22,50,000 15,00,000
Capital Reserve (Profit on sale of investments) 50,000 ––
23,00,000 15,00,000
2. Short-term Provisions
Provision for Tax 3,80,000 3,50,000
3. Other Current Liabilities
Outstanding Expenses 60,000 50,000
60,000 50,000
4. Fixed Assets
Fixed Assets (at cost) 60,00,000 50,00,000
(–) Accumulated Depreciation (12,50,000) (10,00,000)
47,50,000 40,00,000
Additional Information
(i) During the year ended 31st March, 2022, fixed assets with a net book value of `50,000 (accumulated
depreciation `1,50,000) were sold for `40,000.
(ii) During the year ended 31st March, 2022, investments costing `4,00,000 were sold.
(iii) Debentures were redeemed at a premium of 10%.
(iv) Tax of `3,75,000 was paid.
(v) Debenture interest paid during the year ended 31st March, 2022 was `1,50,000.
(vi) Proposed dividend for the year 2021 `1,50,000 and 2022 `1,70,000

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