KENDRIYA VIDYALAYA SANGTHAN SILCHAR REGION

PRE-BOARD EXAMINATION (2024-25)

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 firm and Company)
S.NO QUESTIONS M
.
1 In the absence of partnership deed rate of interest on partner loan will be_________ 1
a) 12% b) 8% c) 6% c) 10%
2 If partner’s capital is fixed interest on drawing will be recorded on - 1
a) Partner’s capital A/c
b) Partner’s current A/c
c) Profit & loss appropriation A/c
d) None of these
3 Goodwill is an __________ assets. 1
OR
If average capital employed in a firm is Rs. 5, 00,000, actual profit is Rs. 70,000 and normal rate of
return is 10%, then super profit is: ___________.

4 A, B and C share profits and losses in the ratio of 3:2:1. On admission of D, they agree to share 1
profits and losses in the ratio of 5:4:2:1.Sacrificing Ratio of A, B and C will be-
a) only A sacrifice by 1/12
b) only B sacrifice by 1/15
c) A,B and C sacrifice equally1
d) None of these
OR
Reserve appearing in the Balance Sheet at the time of change of profit ratio, is distributed among
partners in their______
a) New ratio b) Old ratio c) Sacrificing ratio d) Gaining ratio
5 X and Y share profits and losses in the ratio of 4: 3. The admit Z in the firm for 3/7th share which 1
he gets 2/7thfrom X and 1/7thfrom Y. New Profit-sharing Ratio will be :
a) 7 : 3 : 3 b) 2 : 2 : 3
c) 5 : 2 : 3 d) 2 : 3 : 3
6 A, B and C are partners sharing profits in the ratio of 4: 3: 2. D is admitted for 2/9thshare of 1
profits. He brings Rs. 30,000 as capital. New Profit-sharing Ratio is 3: 2: 2: 2. Goodwill amount
will be credited in the capital account of :
a) A only b) A, B and C (equally)
c) A, and B (equally) d) A, and C (equally)
7 Assertion (A): Undistributed profits or losses appearing in the balance sheet at the time of 1
admission should be transferred to the old partner’s capital/current account.
Reason (R): Undistributed profits or losses appearing in the balance sheet at the time of admission
belong to the old partners as they are earned by them.
a) Both Assertion(A) and Reason (R) are true and Reason(R) is the correct explanation of
Assertion(A)
b) Both Assertion(A) and Reason (R) are true and Reason(R) is not the correct explanation of
Assertion(A)
c) Assertion(R) is true but the Reason(R) is false
d) Assertion(R) is false but the Reason(R) is true
8 In which ratio Retiring partner is compensated by the continuing partner for his share of goodwill, 1
in which ratio?
a) Gaining ratio b) Sacrificing ratio c) Old ratio d) New ratio
9 Nature of realization Account :- 1
a) Nominal Account b) Real Account
c) Personal Account d) None of these
OR
Liabilities to third parties in case of dissolution of partnership firm do not include : -
a) Reserves b) Credit Balance of P&L Account
c) Partners loan d) All of the Above
10 Realization expenses of Rs. 7,000 were to be paid by the partner. The firm will be paying him a 1
remuneration of Rs. 7,500 for the dissolution work. The Partner’s Capital Account will be credited
with and Rs. :-
a)Rs. 7,500 b)Rs. 14,500
c) Rs. 7,000 d)Rs. 7,300
11 Santa ltd. issued 8,000 shares of Rs.10 each at per. Amount called up:-Rs.4 on application, Rs.3 on 1
allotment and Rs.3 on first and final call.X, a shareholder holding 500 shares did not pay allotment
money. The amount received on allotment will be Rs.________.
a) Rs 22500
b) Rs 30000
c) Rs 45000
d) Rs 22300
12 When the shares are reissued at a price more that face value it is known as – 1
a) Security premium reserve b) Bonus c)DRR d)None of the above
OR
When the called up amount is not paid by the shareholder then it will be transferred to ____
account.
a) Call in advance b)Call in arrear c)Allotment A/c d)None of these
13 The portion of authorized capital which can be called up only on the liquidation of the company :- 1
(a) Authorized capital (b) Reserve capital (c) Issued capital (d) Called up capital
OR
A Ltd company took over assets worth Rs. 10,00,000 and liabilities of Rs. 3,00,000 for purchase
consideration worth Rs. 12,00,000 how much amount will be debited to goodwill account
(a) Rs. 10,00,000 b) Rs. 5,00,000 c) Rs. 3,00,000 d) Rs. 12,00,000
14 Assertion (A): A company is created through the process of incorporation under the Companies 1
Act, 2013.
Reason (R): It is an artificial person which is a separate legal entity from its members
(Shareholders).
a) Both Assertion(A) and Reason (R) are true and Reason(R) is the correct explanation of
Assertion(A)
b) Both Assertion(A) and Reason (R) are true and Reason(R) is not the correct explanation of
Assertion(A)
c) Assertion(R) is true but the Reason(R) is false
d) Assertion(R) is false but the Reason(R) is true
15 In case of debenture of Rs.10,000 are issued at par but redeemable at a premium of 10% , The 1
premium payable is debited to :
a) Debenture suspense account b) Premium on redemption of debentures
c) Loss on issue of debentures d) A & B both
16 A company issued 1000 7% Debentures of Rs 100 at 5% Discount and Repayable at 10 % 1
Premium .What will be the amount of Loss on issue of Debentures.:
a) Rs 10,000 b) Rs 20,000 c) Rs 15,000 d) Rs 30,000
17 Mohan and Aditi were partners in a firm sharing profits and losses in the ratio of 2:3. They 3
admitted Rohit into partnership for 1/4th share in the profits of the firm, which he acquired equally
from Mohan and Aditi. Rohit brought Rs. 5, 00,000 as his capital and Rs. 1, 00,000 as premium for
goodwill. One-half of the goodwill was withdrawn by the old partners. Pass necessary journal
entries for the above transactions in the books of the firm.
OR
Calculate the amount of Goodwill of the firm on the basis of Capitalization of Average Profit.
Information:
1. Profit earned by the firm for the last five years were as follows:
2022 Rs. 1,60,000
2021 Rs. 1,00,000
2020 Rs. 1,80,000
2019 Rs. 2,40,000
2018 Rs. 80,000 (Loss)
2. Annual remuneration of partners amounted to Rs. 40,000.
3. Capital employed throughout the above-mentioned period amounting to Rs. 3, 00,000.
4. Normal rate of return was 20%.
18 On 1st April 2021, XYZ Ltd issued 3,000, 12% Debentures of Rs.100 each at par redeemable at a 3
premium of 7%. The debentures were to be redeemed at the end of third year. On the basis of the
above information, resolve the following issues:
1. Can the company write off the ‘Loss on issue of Debentures’ over the period of 3 years?
2. From which source, the loss on issue of debentures will be written off?
3. Pass journal for the writing off loss on issue of debenture.
19 X, Y and Z are partners sharing profits in the ratio 1:2:3. Z retires on 1st April, 2018 and his capital 3
after making all adjustments for reserves and profit on revaluation stands at Rs 2, 40,000. X and Y
here agreed to pay him Rs 3, 00,000 in full settlement of his claim. Record necessary journal entry
for the treatment of goodwill if the new profit-sharing ratio is decided as 1:3.
20 Manav, Nath and Narayan were partners in a firm sharing profits in the ratio of 1:2:1. The firm 3
closes its books on 31st March every year. On 30th September 2015 Nath died. On that date his
capital account showed a debit balance of Rs. 5,000.The goodwill of the firm was valued at Rs. 3,
80,000. Nath’s share of profit in the year of his death was to be calculated on the basis of average
profit of last 5 years. Average profit of last five years was Rs. 90,000.
Pass necessary journal entries in the books of the firm on Nath’s death.
21 Anita, Bimla and Cherry are three partners. On 1st April, 2017, their capitals stood as: Anita Rs.1, 4
 00,000; Bimla Rs. 2, 00,000; and Cherry rs. 3,00,000. It was decided that :
(a) They would receive interest on capital @5%p.a,
(b) Anita would get a salary of Rs. 5,000p.m.
(c) Bimla would receive commission @5% of net profit after deduction of commission and
(d) 10% of the divisible profit would be transferred to the general reserve.
(e) Before the above items were taken profits for the year was Rs. 5, 00,000.
Prepare profit and loss Appropriation A/c.
22 Bliss Products Ltd. registered with capital of Rs. 90, 00,000 divided into 90,000 equity-shares, of 4
Rs100 each. The company issued prospectus inviting applications for 50,000 equity shares of Rs
100 each payable as Rs 20 on application, Rs 30 on allotment, Rs 20 on first call and balance on
second call. Applications were received for 40,000 shares. Raman to whom 1600 shares were
allotted failed to pay final call money and these shares were forfeited. Out Of the forfeited shares,
600 shares were reissued to Sukhman, credited as fully paid for Rs 90 per share.
Present the Share Capital as per Schedule III of Companies Act, 2013
23 The following is the balance sheet as on 31st march, 2010 of A and B, who share profits and losses 6
in the ratio of 3:2.

Balance sheet as at 31st march, 2010

Liabilities Amount Assets Amount

General Reserve 15,000 Plant & machinery 10,000
Workmen compensation 5,000 Land & building 8,000
fund Debtors 12,000
Creditors 10,000 Less: provision (1,000) 11,000
Capitals A/C: Stock 12,000
A 10,000 Cash 9,000
B 10,000 20,000
50,000 50,000
On 1st April, 2010, they agreed to admit C into partnership on the following terms:

(a) Provision for doubtful debts would be increased by rs. 2,000.

(b) The value of land and building would be increased to Rs. 18,000.
(c) The value of stock would be increased by Rs. 4,000.
(d) The liability against workmen’s compensation fund is determined at Rs. 2,000.
(e) C brought in as his share of goodwill in cash Rs. 10,000.
(f) C would bring capital of Rs. 20,000.
Prepare Revaluation account, partners’ capital accounts on C’s admission.

OR
A, B, and C partners sharing profits in 4: 3: 2. Their Balance Sheet as under:
Liabilities Rs Assets Rs
Capitals : (Rs) Land & Building 1,20,000
A Stock 32,000
50,000 Debtors
B 1,16,000 25,000 24,500
40,000 64,000 Less : Provision 3,500
C 500
26,000 Bank
Creditors
1,80,000 1,80,000
B retired on this date on the following terms.
 1. Land & Building appreciated by 15%.
2. Create provision for doubtful debts @ 5% on debtor and Stock be reduce to Rs 28,000.
3. Liability for damages Rs 650.
4. Goodwill of the firm was Rs 45,000 and new profit sharing ratio was agreed as 5:3.
Prepare Revaluation A/c and Partners' Capital A/c
24 A, B and C were partners sharing profits and losses in the ratio 2:1:1. The partners decided to 6
dissolve the firm. Their Balance Sheet as at 31.3.2020 was as under:
Liabilities Rs Assets Rs
Creditors 50000 Goodwill 30000
Capital A/c Land and building 80000
A Plant and machinery 56000
80000 Motor car 54000
B 220000 Debtors 48000
80000 Cash 2000
C
60000
270000 270000
Following transactions took place
a) The assets realized Goodwill Rs 20,000, Land and Building Rs 1,00,000, Plant and machinery
Rs 50,000, Motor car Rs 25,000 and Debtors Rs 24,000
b) Realization expenses were Rs 2,000
Prepare the Realization A/C and Partner’s Capital Accounts.
25 Concept Stationary Ltd. invited applications for issuing 3, 00,000 shares of Rs 10 each at a 6
premium of Rs 3 per share. The amounts were payable as follows :
On application and allotment – Rs 7 per share.
On first & final call – balance (including premium of Rs 3)
Applications were received for 4,00,000 shares & allotment was made as follows :
(i) To applicants for 80,000 shares – 80,000 shares.
(ii) To applicants for 40,000 shares – nil
(iii) Balance of the applicants was allotted shares on pro-rata basis.
Excess money received with applications was adjusted towards sums due on first and final call.
Amit, who belonged to category (i) and was allotted 4,000 shares and Veni, who belonged to
category (iii) and was allotted 4,400 shares failed to pay the first and final call money. Their shares
were forfeited. The forfeited shares were re-issued at Rs 7 per share fully paid-up. Pass necessary
journal entries for the above transactions in the books of the company.
OR
(a) R.P. Ltd. forfeited 1,500 shares of Ram of Rs 10 each issued at a premium of Rs 3 per share
for non-payment of allotment and first call money. Ram had applied for 3,000 shares. On
these shares, amount was payable as follows : On application – Rs3 per share On allotment
(including premium) – Rs 5 Per share On first call – Rs 3 per share On final call – Balance
Final call has not been called up 1,000 of the forfeited shares were reissued for Rs 8,500 as
fully paid-up. Record the necessary journal entries for the above transactions in the books
of R.P. Ltd.
(b) Raghu Ltd. Forfeited 600 shares of Rs. 100 each which were issued at 20% premium for the
non-payment of 1st call of Rs.30 (including Rs.10 premium), final call of Rs. 20 has not
been called yet. Out of these shares only 400 shares were reissued at Rs. 90 fully paid up.
Pass necessary journal entries.
26 Pass Journal entries to record the following transaction: 6
(i) 120, 8% debentures of Rs 1000 each are issued at 5% discount & repayable at par.
(ii) 150, 7% debentures of Rs 1000 each are issued at 5% discount & repayable at premium
of 10%.
 (iii) 700 , 9% debentures of Rs 1000 each are issued at 5% premium & repayable at
premium of 10%
PART-B
(Analysis of financial Statements)
27 Investment costing Rs. 10,000 sold for Rs. 12,000. The amount shown in investing activity is 1
a) Rs. 2,000 b) Rs. 10,000
c) Rs. 12,000 d) Rs. 2,200
OR
Which of the following is not a cash inflow?
a) Decrease in debtors b) Issues of shares
c) Decrease in creditors d) Sale of fixed assets
28 Issue of Debentures for consideration other than cash is shown as 1
a)Inflow of Cash under Financing Activities b)Outflow of Cash under Financing Activities
c)Neither Inflow nor Outflow of Cash d) Inflow of Cash under Operating Activities
29 Current ratio 1.5 :1, Working capital Rs. 30,000.What will be the current liabilities: 1
a) 20.000 b) 60.000
c) 1,65,000 d) 1,50,000
OR
Parties interested in financial analysis are :
a) Investors b) Government
c) Financial institutions d) All of the above
30 If the liquid ratio of a company is 1.5:1, then the company purchased goods of Rs. 50,000. 1
a) Decrease in liquid ratio b) Increase in liquid assets
c) Decrease in current liability d) Increase in liquid ratio
31 Under which Sub-headings, the following items will be placed in the balance sheet of a company 3
as per Schedule III, Part I of the Companies Act, 2013.
(i) Accrued incomes
(ii) Loose tools
(iii) Provision for employee’s benefits
(iv) Unpaid dividend
(v) Short-term loans
(vi) Investment in shares for long term
32 The current ratio of a company is 2.5:1. Which of the following transactions would improve, 3
reduce and not change it:
(i) Purchase of goods on credit.
(ii) Sale of goods costing 10,000 for 12,000 on credit.
(iii) Selling a fixed asset at loss.
OR
X Ltd., has a current ratio of 3.5: 1 and quick ratio of 2: 1. If excess of current assets over quick
assets represented by inventories is Rs. 24,000, calculate current assets and current liabilities.
33 From the following information of 'Anjali' Ltd. Prepare Comparative Statement of Profit & loss- 4
Particulars Note 31st March 31st
No. 2023 (Rs) March
2022 (Rs)
Revenue from operation 20,00,000 16,00,000
Employee Benefit Expenses 10,00,000 8,00,000
Depreciation & Amortization 25,000 20,000
Expenses other expenses 75,000 1,80,000
Income Tax @ 30%
OR
 Prepare a comparative income statement and Common Size Statement of Profit and loss from the
following information.
Particulars 31st March, 31st March,
2022 2023
Revenue from operation (% of cost of material 125% 140%
consumed)
Cost of material consumed 2,40,000 2,50,000
Other expenses (% of revenue from operation) 10% 12%
Other income 15,000 20,000
Tax rate 30% 30%
34 From the following Balance Sheet of B.C.R. net cash inflow/used from Operating Activity 6
and Investing Activity.
BALANCE SHEET OF B.C.R. LTD. as at 31 st March, 2023
Particulars Note 31st 31 March
No. March, 2022(Rs.)
2023 (Rs.)
EQUITY AND LIABILITIES
1. Shareholders' Funds
(a) Share Capital 7,00,000 5,00,000
(b) Reserve end Surplus:
Surplus, i.e., Balance in statement of Profit & Loss 3,50,000 2,00,000
2. Non-Current Liabilities
Bank Loan 50,000 1,00,000
3. Current Liabilities
(a) Trade Payables (Creditors) 52,000 55,000
(b) Short-term Provisions 50,000 30,000

12,02,000 8,85,000
II. ASSETS
1. Non-Current Assets
(a) Property, Plant & equipment & intangible assets.
(i) Tangible Assets: Equipment 5,00,000 5,00,000
(ii) Intangible Assets: Patents 95,000 1,00,000
(b) Non-current Investments 1,00,000 ---
2. Current Assets
(a) Inventories (Stock) 1,30,000 55,000
(b) Trade Receivables (Debtors) 1,47,000 80,000
(c) Cash and Cash Equivalents: Bank 2,30,000 1,50,000
12,02,000 8,85,000
Note to Accounts
Particulars 31st March, 31st March
2023 (Rs) 2022 (Rs)
1. Short-term Provisions :Provision for Tax 50,000 30,000
Additional Information:
1. Proposed dividend for the year ended 31st March, 2022: Rs 70,000 was declared and paid in the
year ended 31st March, 2023.
2. During the year Equipment costing Rs 1, 00,000 was purchased. Loss on sale of Equipment
amounted to Rs 12,000. Rs 18,000 depreciation was charged on Equipment.