CBSE Accountancy Class 12 Sample Paper 8 Page 1

ample Paper 8
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. In a partnership firm, one of the partners has withdrawn ` 5,000 every month on the first day of each month
throughout the financial year for personal expenses. The firm charges interest on drawings at the rate of
6% per annum. Considering the consistent monthly withdrawals made at the beginning of each month and
the specified rate of interest, calculate the total interest on drawings that will be charged to the partner
for the year.
(a) ` 1,650 (b) ` 1,800
(c) ` 1,950 (d) ` 3,600

2. Assertion (A): Goodwill is treated as an asset of the firm.

Reason (R): Goodwill helps a business to earn more profits and attract more customers.
(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. Loss on issue of debentures is written-off out of ______

(a) discount on issue of debentures account
(b) securities premium reserve
(c) general reserve and statement of profit and loss account
(d) Both (b) and (c)

O
A company Aaditya Developers Private Limited has 9% debentures of `10,00,000 and share capital of
`7,50,000. For the year ended 31st March, 2020, the company suffered a loss of `5,00,000. The directors of
the company requested the debenture holders to forego their interest, but they disagreed. What should the
directors do?
(a) Do not pay, it is not compulsory
(b) If debenture holders agree, then do not pay
(c) Pay interest whether they earn profits or occur losses
(d) None of the above
Page 2 Sample Paper 8 CBSE Accountancy Class 12

4. At the time of retirement of Kamlesh, value of stock is given `60,000 in the balance sheet of the firm. Pass
a journal entry when found stock is undervalued by `15,000.
(a) Stock A/c Dr 45,000
To Revaluation A/c 45,000
(b) Revaluation A/c Dr 45,000
To Stock A/c 45,000
(c) Revaluation A/c Dr 15,000
To Stock A/c 15,000
(d) Stock A/c Dr 15,000
To Revaluation A/c 15,000

O
Rohan and Kunal were partners sharing profits and losses in the ratio of 3:2. Their balance sheet shows land
valued at `2,40,000. They admitted Aarav as a new partner for 1/4th share. In additional information, it
is given that the land is undervalued by 25%. The share of gain/loss of revaluation of Kunal is ______
and current value of the land shown in the new balance sheet is ______.
(a) Gain `16,000, Value `3,00,000 (b) Loss `24,000, Value `3,20,000
(c) Gain `20,000, Value `3,00,000 (d) Gain `32,000, Value `3,20,000

5. The profit earned by a firm after retaining `40,000 to its reserve was `2,00,000. 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) 10% (b) 12%
(c) 15% (d) 8%

6. Raj applied for 1,500 shares, allotted in the ratio of 3:2. He paid an application money of `3 per share but
did not pay the allotment money of `5 per share on the 1,000 shares allotted. The first and final call of `2
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) `8,000; `3,000; `5,000 (b) `10,000; `4,500; `5,500
(c) `10,000; `3,000; `7,000 (d) `8,000; `4,500; `3,500

O
Param Enterprises Limited issued 2,50,000 shares of `10 each at a premium of `2 payable as

On application `3
On allotment `4 (including premium)
On first call `3
On second and final call `2
Mr. Ishwar who holds 1,000 shares failed to pay the first call money. The company has forfeited the 1,000
shares after the first call. On forfeiture, the amount debited to share capital account will be ______
(a) `3,000 (b) `12,000
(c) `8,000 (d) `10,000

7. On 1st January 2021, a company took a loan of `1,00,00,000 against its machinery, further issuing 50,000,
9% Debentures of `100 each as collateral. On 31st December 2024, the company defaulted, and machinery
was auctioned for `75,00,000. The debentures were sold on 1st February 2025. From which date does the
interest on debentures become applicable?
(a) 1st January 2021 (b) 31st December 2024
(c) 1st February 2025 (d) 1st January 2025
CBSE Accountancy Class 12 Sample Paper 8 Page 3

8. A partner, Karan, took over Building valued at `3,00,000 in full settlement of his loan of `3,50,000. The
Building was 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
`3,50,000 `50,000
(c) Realisation Account will be credited by (d) No effect on Realisation Account
`3,00,000

O
Aryan, Raj, and Sameer were partners sharing profits and losses in the ratio of 2:2:1. Their books showed
Workmen Compensation Reserve of `2,00,000. Workmen Claim amounted to `1,50,000. How will it affect
the books of accounts at the time of dissolution of the firm?
(a) `50,000 will be distributed amongst partners.
(b) `2,00,000 will be credited to the Realisation Account, and `1,50,000 will be paid off.
(c) `1,50,000 will be credited to the Realisation Account, and `50,000 will be distributed amongst
partners.
(d) `1,50,000 will be credited to the Realisation Account and paid off.

9. A, B, and C are partners sharing profits and losses in the ratio of 5:3:2. Their fixed capital balances were
`10,00,000, `6,00,000, and `4,00,000, respectively. For the year ended March 31, 2024, profits of `1,50,000
were distributed without providing for Interest on Capital @ 8% p.a., as per the partnership deed.
While passing an adjustment entry, which of the following is correct?
(a) C will be credited by `4,000
(b) C will be credited by `2,000
(c) C will not require any adjustment
(d) C will be debited by `2,000

10. A company issued 5,000 equity shares of ` 10 each. Amount is payable as ` 2 on application, ` 5 on
allotment and ` 3 on first and final call. A shareholder who had 500 shares failed to pay allotment and first
call amount on due date. What will be the amount received by company against issue of shares?
(a) ` 50,000 (b) ` 30,000
(c) ` 10,000 (d) ` 46,000

11. In a partnership firm, a loan of ` 65,000 from a partner, Chetan, is shown in the balance sheet as a liability.
Additionally, Chetan’s capital account shows a debit balance of ` 15,000. Based on this information,
determine the total amount payable to Chetan.
(a) `50,000 (b) `80,000
(c) `15,000 (d) `65,000

12. Under Employee Stock Option Plan (ESOP):

(i) Shares are issued to employees at their current market price.
(ii) Shares are issued to employees at a predetermined price lower than the market price.
(iii) It is aimed at improving employee loyalty and satisfaction.
Which of the following is correct?
(a) Both (ii) and (iii) are correct. (b) Only (i) is correct.
(c) All are correct. (d) Both (i) and (iii) are correct.

13. 8,000 shares allotted to Ms. Kavita, on which `100 each was called up and `70 paid, were forfeited and
reissued for `85 each as `100 paid-up. What amount will be transferred to the Capital Reserve Account?
(a) `4,40,000 (b) `3,20,000
(c) `1,50,000 (d) `2,40,000
Page 4 Sample Paper 8 CBSE Accountancy Class 12

14. P, Q, and R were partners sharing profits and losses in the ratio of 5:3:2. From April 1, 2024, they decided
to share profits in the ratio of 4:4:2. For which of the following balances will Q be debited at the time of
reconstitution of the firm, if the firm decided to continue with accumulated profits and losses?
(a) General Reserve `2,00,000 and Profit and Loss (Cr.) `1,00,000
(b) General Reserve `2,40,000 and Profit and Loss (Dr.) `60,000
(c) Deferred Revenue Expenditure `50,000 and Profit and Loss (Dr.) `90,000
(d) Deferred Revenue Expenditure `60,000 and Profit and Loss (Cr.) `1,20,000

15. Rohit, Arjun, and Sameer were partners sharing profits and losses in the ratio of 3:2:1. Their capital
balances as on March 31, 2024, were `12,00,000, `8,00,000, and `4,00,000, respectively. On the same date,
they admitted Aman as a new partner for a 20% share. Aman was to bring `2,00,000 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 Aman on his admission as a new partner?
(a) `5,00,000 (b) `4,80,000
(c) `5,20,000 (d) `6,50,000

O
A, B, and C were partners sharing profits and losses in the ratio of 2:2:1. The firm’s books are closed on 31st
March every year. C passed away on 5th November 2018. According to the partnership deed, the executors
of the deceased partner are entitled to a share of profits up to the date of death, based on the profit of the
last financial year. The profit for the year ending 31st March 2018 was `2,40,000. What will be C’s share
of profit up to the date of death?
(a) `28,000 (b) `32,000
(c) `28,800 (d) `48,000

16. A, B, and C are partners in a firm, sharing profits and losses in the ratio of 5:3:2, respectively. As per a
new agreement among the partners, A has agreed to relinquish half of his share in profits. This relinquished
portion will be distributed between B and C in the ratio of 3:2. Based on this adjustment, determine the
new profit-sharing ratio of A, B, and C in the firm.
(a) 6 : 3 : 3 (b) 5 : 9 : 6
(c) 3 : 2 : 1 (d) None of these

17. On 1-4-2020, Jaxon and Parker, entered into partnership for supplying laboratory equipments to government
schools situated in remote and backward areas. They contributed capitals of `80,000 and `50,000 respectively
and agreed to share the profits in the ratio of 3 : 2. The partnership deed provided that interest on capital
shall be allowed at 9% per annum. During the year, the firm earned a profit of `7,800.
Showing your calculations clearly, prepare ‘Profit and Loss Appropriation Account’ of Jaxon and Parker
for the year ended 31-3-2022.

18. Devesh and Nitesh are partners in a firm sharing profits in the ratio 2:3. Their Balance Sheet as at 31”
March, 2022 was as follows:

Liabilities Amount Assets Amount (`)

(`)
Bank Overdraft 10,000 Cash 32,000
Salary Outstanding 5,000 Debtors 48,000
Creditors 13,000 Less : Provision for
General Reserve 4,000 doubtful debts (2,000) 46,000
Capital Account : Stock 35,000
Devesh 80,000 Prepaid expenses 21,000
Nitesh 1,20,000 2,00,000 Investments 60,000
Furniture 38,000
2,32,000 2,32,000
CBSE Accountancy Class 12 Sample Paper 8 Page 5

On the above date they admitted Sarvesh as a partner for 1/4th share in the business which he acquires
equally from Devesh and Nitesh. Following are the required adjustments:
(a) Sarvesh will contribute `60,000 as his share of capital and `30,000 towards goodwill.
(b) Stock is overvalued by `5,000.
(c) Market value of investments is `54,000.
(d) Provision for doubtful debts to be maintained at 5% on debtors.
Pass necessary journal entries on Sarvesh’s admission.

O
Sudesh, Bhavesh and Sarvesh are partners sharing profits in the ratio 5 : 3 : 2. Their Balance Sheet as at
31st March 2022 stood as follows.

Liabilities Amount (`) Assets Amount (`)

Capital A/cs: Land and Building 4,25,000
Sudesh 2,50,000 Investments 70,000
Bhavesh 2,50,000 Computers 95,000
Sarvesh 2,00,000 7,00,000 Furniture and Fittings 40,000
General Reserve 3,000 Sundry Debtors 1,20,000
Investment Fluctuation Fund 10,000 Cash at Bank 80,000
Workmen Compensation Reserve 42,000
Sundry Creditors 75,000
8,30,000 8,30,000
On this date, the partners decided to share profits equally. They, further, agreed upon the following terms:
(i) The goodwill of the firm is valued at `90,000.
(ii) Market price of investments is `62,000.
(iii) The liability against workmen compensation reserve was found to be `50,000.
(iv) Land and building and furniture and fittings is to be reduced by 10%.
(v) Computers is to be reduced to 40%.
Pass necessary journal entries to give effect to the above transactions.

19. GER Electrical Limited 2,500, 9% Debentures of `100 each on 1st April, 2022 redeemable at a premium of
8% after 3 years. The issue was fully subscribed.
According to the terms of the prospectus `40 is payable on application and the balance on allotment of
debentures, Record the necessary entries regarding issue of Debentures.

O
Baldev Enterprises Limited issued 30,000, 12% debentures of `100 each on 1st April 2021. The issue was
subscribed by public for 25,000 debentures. Pass journal entries for interest due and paid for the full year
as on 31st March 2022.

20. Virat Fabric Company dealing in manufacture ladies garments decided to manufacture masks, gloves and
other precautionary kits for people for which it required more of additional funds. Since the company has
already raised money through shares equal to its authorised capital, the company decided to raise the
additional funds through issue of `40,00,000; 7% debentures of `100 each at a discount of 6%, redeemable
at a premium of 5% after five years. The amount was payable as follows:
On Application – `30
On Allotment – The Balance amount
Answer the following questions on the basis of the above information:
(i) Pass journal entry for allotment of debentures.
(ii) Prepare ‘Loss on Issue of Debentures Account.’
(iii) What entry will be passed for writing off the interest on debentures?
Page 6 Sample Paper 8 CBSE Accountancy Class 12

21. Sivan Technologies Limited purchased assets of the book value of `4,00,000 and took over the liabilities
of `50,000 from Juke Exports Private Limited It was agreed that the purchase consideration, settled at
`3,80,000, be paid by issuing 9% debentures. What journal entries will be made if the debentures are issued:
(a) at par
(b) at discount of 10%,
(c) at premium of 10%.
It was agreed that any fraction of debentures will be paid in cash.

22. Snehal, Suchita and Sindhu were partners sharing profits and losses in the ratio of 3:2:1. The firm was
dissolved on 31st March 2022. After transfer of assets and liabilities to Realisation A/c the following
transactions took place.
Give journal entries in the books on dissolution of the firm.
(a) Suchita’s Loan to the firm `30,000 was settled at `28,500.
(b) Workmen Compensation Reserve – `40,000. A liability equal to 60% of the reserve was settled.
(c) Sindhu was to receive 5% of the value of assets realised as remuneration for completing the dissolution
work and was to bear realisation expenses. Realisation expenses were `5,500 that was paid by Sindhu.
Assets realised `60,000.
(d) The Balance Sheet disclosed a footnote, contingent liability for `5,000 in respect of a bill discounted.
The bill was received from Megha. On the date of dissolution, Megha was declared insolvent and was
not able to pay the amount due. The bill had to be met by the firm.

23. Surya Industries Limited invited applications for 50,000 equity shares of `10 each at a premium of 10%
payable along with allotment. The amounts were payable as follows:
On Application `4 per share.
On Allotment `4 per share (including premium)
On First & Final call - balance
Applications for 70,000 shares were received, of which 10,000 shares were rejected and the remaining applicants
were given pro-rata allotment. Excess application money was applied towards sums due on allotment.
Nitin to whom 1,500 shares were allotted failed to pay the allotment money. His shares were forfeited immediately
after allotment. The forfeited shares were reissued @ 8 per share as fully paid-up. Afterwards the final call was
made. Deepti who had applied for 1800 shares failed to pay the final call. Her shares were also forfeited.
Journalise the above transactions.
O
Ocean Power Limited invited applications for 1,00,000 Equity shares of `10 each payable as under:
On Application `4 per share
On Allotment `3 per share
On First Call `2 per share
On Final Call `1 per share
All payments due on application, allotment and calls have been received with the following exceptions.
Rohit, a holder of 1,000 shares, failed to pay allotment and call money.
Mohit, a holder of 500 shares, failed to pay the amount due on first call and final call.
Luhit, a holder of 300 shares, failed to pay final call. The shares of all the above defaulters were forfeited.
Pass necessary journal entries in the books of the Company for the above transactions.

24. Tarun, Varun and Arun are partners in a firm sharing profits in the ratio 5:4:1. Their Balance Sheet as at
31st March, 2022 was as follows:
Liabilities Amount (`) Assets Amount (`)
Capital Accounts: Goodwill 27,000
Tarun 85,000 Land 64,000
Varun 54,000 Machinery 34,000
Arun 36,000 1,75,000 Patenrts 2,000
General Reserve 20,000 Stock 25,000
Outstanding Expenses 14,000 Debtors 50,000
Creditors 47,000 Bank 54,000
2,56,000 2,56,000
CBSE Accountancy Class 12 Sample Paper 8 Page 7

It was agreed that Tarun will retire on the following terms:

(i) The Goodwill of the firm is valued at two years purchase of the average annual profits of the preceding
three years. The profits for the last three years were `34,000, `42,000 and `50,000.
(ii) Provision for doubtful debts at 10% on Debtors to be created.
(iii) Land revalued at `82,000 and Machinery at `24,000.
(iv) Sundry Creditors have agreed to accept 5% less.
(v) Patents were valueless.
Prepare Revaluation A/c and Partners’ Capital Accounts

O
Following is the Balance Sheet of Luna, Nora and Elena as on 31” March, 2022 who shared profits in the
ratio 3 : 2 : 1. They decided to dissolve their firm.

Liabilities Amount (`) Assets Amount (`)

Capital Accounts: Bank 69,500
Luna 1,70,000 Accruced Interest 3,500
Nora 1,40,000 Debtors 72,000
Elena 1,20,000 Less : Provision for
Investment Fluctuation Reserve 24,000 doubtful debts (8000) 64,000
Loan 32,000 Stock 70,000
Employees Provident Fund 42,000 Investment 75,000
Bills Payable 18,000 Furniture 98,000
Sundry Creditors 26,000 Machinery 1,32,000
Goodwill 60,000
5,72,000 5,72,000
Agreed terms of dissolution were as follows:
(i) Sundry Creditors agreed to take over an unrecorded asset as full and final payment.
(ii) Nora took over half the stock at 10% discount and also agreed to settle the Bills Payable.
(iii) Remaining stock realised 55% of the book value.
(iv) `7,000 of Debtors proved bad.
(v) Other assets realised:
Machinery : `1,15,050
Furniture : `76,000
Accrued Interest : Full amount
Goodwill `24,000.
(vi) Investments were sold in the market at a loss of 10%.
(vii) Firm had to pay `6,300 for outstanding rent which was not provided for in the books.
(viii) Realisation expenses were `3,000 paid by Elena.
Prepare Realisation A/c and Partners’ Capital Accounts.

25. Mayank, Aryan and Farhan were the partners sharing of 5:3:2. on 31st March, 2022 their Balance Sheet
was as under:

Liabilities Amount (`) Assets Amount (`)

Capitals: Leasehold Premises 1,25,000
Mayank 1,50,000 Patents 30,000
Aryan 1,25,000 Machinery 1,50,000
Farhan 75,000 3,50,000 Stock 1,90,000
Creditors 1,55,000 Cash at bank 40,000
Workmen’s Compensation Reserve 30,000
5,35,000 5,35,000
Page 8 Sample Paper 8 CBSE Accountancy Class 12

Aryan died on 1st August, 2022. It was agreed that:

(i) Goodwill of the firm is to be valued at `1,75,000.
(ii) Machinery to be valued at `1,40,000; Patents at `40,000; Leasehold Premises at `1,00,000 on this date.
(iii) For the purpose of calculating Aryan’s share in the profits of 2022-23, the profits should be taken to
have accrued on the same scale as in 2021-22, which were `75,000.
(iv) Interest on capital @ 9% p.a.
Prepare Aryan’s Capital Account to show the amount due to his executors.

26. RST Ltd. provides the following extracts from its Balance Sheets as on 31.03.2023 and 31.03.2024:
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 24,96,000 34,94,000
(b) Reserves & Surplus 2 2,00,000 3,24,000

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

2,50,000 Equity Shares of `10 each 25,00,000

3. Subscribed Share Capital

(a) Subscribed & Fully Paid 24,80,000
2,48,000 shares @ `10
(b) Subscribed but not fully paid 20,000
2,000 shares @ `10
Less : Calls in arrears (2,000 × `2) –4,000
24,96,000

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

3,50,000 Equity Shares of `10 each 35,00,000
(Of these, 50,000 shares were issued at par to a vendor for machinery)

3. Subscribed Share Capital

(a) Subscribed & Fully Paid 34,70,000
3,47,000 shares @ `10
(b) Subscribed but not fully paid 30,000
3,000 shares @ `10
Less : Calls in arrears (3,000 × `2) –6,000
34,94,000
CBSE Accountancy Class 12 Sample Paper 8 Page 9

Note 2 – Reserves and Surplus:

31.03.2023 31.03.2024
Capital Reserve Nil 72,000
Securities Premium 2,00,000 3,24,000
Additional Information
• During 2023–24, RST Ltd. purchased machinery worth `5,00,000. The vendor accepted `5,00,000 in
shares at par (50,000 shares @ `10).
• 50,000 new shares were issued for cash at a premium of `2 per share.
• On April 1, 2024, 3,000 partly paid shares were forfeited.
• Later, 2,000 of these forfeited shares were reissued at `14 each.
(i) What is the total face value of shares issued by the company during 2023–24?
(a) `8,00,000 (b) `10,00,000
(c) `7,00,000 (d) `9,00,000
(ii) At what price per share were the shares issued for cash during 2023–24?
(a) `10 (b) `12
(c) `14 (d) `15
(iii) What is the total calls in arrears on the forfeited shares?
(a) `6,000 (b) `12,000
(c) `8,000 (d) `4,000
(iv) After forfeiture, what will be the number of issued shares as on April 1, 2024?
(a) 3,47,000 shares (b) 3,48,000 shares
(c) 3,49,000 shares (d) 3,50,000 shares
(v) If 2,000 of the forfeited shares are reissued at `14 each, what will be the revised amounts of Securities
Premium and Capital Reserve respectively?
(a) Securities Premium: `3,22,000; Capital Reserve: `72,000
(b) Securities Premium: `3,24,000; Capital Reserve: `74,000
(c) Securities Premium: `3,32,000; Capital Reserve: `88,000
(d) Securities Premium: `3,20,000; Capital Reserve: `70,000
(vi) After reissuing 2,000 forfeited shares, what will be the remaining balance in the Share Forfeiture
Account?
(a) `8,000 (b) `6,000
(c) `10,000 (d) `12,000

PART-B
Analysis of Financial Statements (Option-I)
27. Thakkar Tools Private Limited sold its machinery used in business at a profit of `42,000. How will it be
shown in the Statement of Profit and Loss?
(a) Other income (b) Finance costs
(c) Revenue from operations (d) None of these

O
Revenue from sale of scrap iron cutting of manufacturing will be shown under ______.
(a) Other income
(b) Cost of materials consumed
(c) Revenue from operations
(d) None of these
Page 10 Sample Paper 8 CBSE Accountancy Class 12

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

Current Ratio: 2:1
Quick Ratio: 1:1
On 01.04.2024, it was discovered that a credit purchase of inventory worth Rs. 1,00,000 made during the
financial year 2023-24 was not recorded in the books. After correcting this omission, what will be the effect
on the Current Ratio and the Quick Ratio?
Points to Consider:
• Current Ratio = Current Assets ÷ Current Liabilities
• Quick Ratio = Quick Assets (Current Assets - Inventory) ÷ Current Liabilities
• The omitted transaction increases both Inventory (a Current Asset) and Accounts Payable (a Current
Liability) by the same amount.
• Quick Assets remain unchanged because the increase is in inventory, which is not included in Quick
Assets.
(a) Both Current Ratio and Quick Ratio will increase
(b) Current Ratio will increase and Quick Ratio will remain unchanged
(c) Current Ratio will decrease and Quick Ratio will remain unchanged
(d) Both Current Ratio and Quick Ratio will decrease

29. Which of the following are considered cash equivalents as per the syllabus?
(i) Treasury bills
(ii) Certificates of deposit with a maturity of 6 months
(iii) Inventory held for sale
(iv) Short-term government bonds maturing in 2 months
(a) Only (i) and (ii)
(b) Only (i) and (iv)
(c) Only (ii) and (iii)
(d) Only (iii) and (iv)

O
Which of the following statements is correct?
(a) Tax expense should be added to net profit when computing cash from operating activities.
(b) Decrease in trade payables is added to net profit in the Cash Flow Statement.
(c) Interest paid on debentures is classified as an operating activity.
(d) Provision for tax made during the year should be classified as an outflow from operating activities.

30. Statement-I : ‘Omega Ltd.’ purchased land worth `10,00,000 during the year and sold an old vehicle for
`3,00,000, incurring a profit of `50,000. The company also repaid a loan of `5,00,000 and paid `2,00,000
as tax. Depreciation on fixed assets for the year was `2,50,000. The Net Profit before tax was `15,00,000.
The cash flow from investing, financing, and operating activities will be `(7,00,000) (Investing), `(5,00,000)
(Financing), and `15,50,000 (Operating), respectively.
Statement-II : ‘Zeta Ltd.’ received dividends of `1,50,000 on its investments in other companies and paid
an interim dividend of `3,00,000 to its shareholders. As per AS 3 (Revised), dividends received are included
in cash inflows from investing activities, while dividends paid are shown as cash outflows under financing
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) Vehicles
(b) Advances for Purchase of Stock
CBSE Accountancy Class 12 Sample Paper 8 Page 11

(c) Interest Receivable on Bonds

(d) Cash Credit
(e) Provision for Legal Claims
(f) Outstanding Electricity Charges

32. From the following information prepare a Comparative Income Statement of NY Ltd :

Particulars 2021-22 (`) 2022-23 (`)

Revenue from operations 15,00,000 24,00,000
Cost of materials consumed 8,00,000 12,00,000
Employee benefit expenses 1,20,000 1,80,000
Other expenses 80,000 60,000

33. Inventory turnover ratio is 3 times. Sales are ` 18,000, opening inventory is ` 200 more than the closing
inventory. Calculate opening and closing inventory when goods are sold at 20% profit on cost.
O
A company had a liquid ratio of 1.5 and current ratio of 2 and inventory turnover ratio 6 times. It has total
current assets of ` 80,000 in the year 2020. Find out revenue from operations (Net Sales), if goods are sold
at 25% profit on cost.

34. Following is the Balance Sheet of Vidhata Enterprises Private Limited as on 31st March, 2022 and 2021.

Balance Sheet of Vidhata Enterprises Private Limited

as on 31st March 2022 and 2021
Particulars Note 31 March 2022 31 March 2021
No. (`) (`)
I. EQUITY AND LIABILITIES
1. Shareholder’s Funds :
(a) Share Capital 19,60,000 14,00,000
(b) Reserves and Surplus 1 7,00,000 5,60,000
2. Non-Current Liabilities :
Long-term Borrowings 7,00,000 1,96,000
3. Current Liabilities :
(a) Trade Payables 1,40,000 84,000
(b) Short-term Provisions 2 1,12,000 84,000
Total 36,12,000 23,24,000
II. ASSETS
1. Property, Plant and Equipments and Intangible Assets
(a) Fixed Assets
(i) Tangible Assets 3 22,40,000 12,60,000
(ii) Intangible Assets 4 1,96,000 2,80,000
2. Current Assets :
(a) Inventories 3,50,000 2,80,000
(b) Trade Receivables 7,00,000 4,20,000
(c) Cash and Cash Equivalents 1,26,000 84,000
Total 36,12,000 23,24,000
Page 12 Sample Paper 8 CBSE Accountancy Class 12

Notes to Accounts :

Note No. Particulars 31 March 2022 31 March 2021

(`) (`)
1. Reserves and Surplus
Surplus i.e.., Balance in Statement of Profit and Loss 7,00,000 5,60,000
2. Short-term Provisions
Provision for Tax 1,12,000 84,000
3. Tangible Assets
Machinery 24,64,000 14,00,000
Less : Accumulated Depreciation (2,24,000) (1,40,000)
22,40,000 12,60,000
4. Intangible Assets
Goodwill 1,96,000 2,80,000
Prepare Cash Flow Statement after taking into account the following adjustment:
Tax paid during the year amounted to `98,000.

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