Class XII Accountancy Sample Question Paper for Term I Exam 2021
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01 A business has earned average profits of ₹ 4,50,000 during the last few years and the normal rate of return in a similar line of business is 15%. The value of net assets of the business is ₹ 25,00,000. What will be the value of goodwill of the business if it is to be valued by capitalization of average profits method. *
1 point
02 X and Y are partners sharing profits and losses in the ratio of 3:2. The balance of their capital as on 01st April, 2020 – X: ₹ 5,00,000 and Y: ₹ 3,00,000. They are allowed interest on capital @ 20% p.a. The profits for the year ending 31st March, 2021 ₹ 80,000 (before charging interest on capital). The profits of the partners to be allocated to X and Y as: *
1 point
03 A partner of the firm drew ₹ 10,000 in the middle of each quarter for personal purpose against the profits. As per the Partnership Deed, interest on drawings to be charged @ 10% p.a. Interest on drawings will be: *
1 point
04 Pick the odd one out: (a)(b) (c)  (d) *
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There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below for the question 05 to 07:                                                                                             05                                                                                                                                                                                       Assertion (A): In the case of change in profit-sharing ratio, there was a balance in Workmen Compensation Reserve ₹ 30,000 and till the date of reconstitution, the claim for workmen compensation is ₹ 12,000. Partners of the firm decided to distribute between them ₹ 30,000 in their profit-sharing ratio.                                                                                       Reason: Workmen Compensation Reserve is the part of profits. Therefore, it should be distributed between the partners in their profit-sharing ratio. *
1 point
06 Assertion (A): At the time of change in profit-sharing ratio, assets are revalued and liabilities are reassessed. Reason (R): The change in the value of assets and liabilities belongs to the period prior to reconstitution and gain or loss on revaluation is shared in the sacrificing ratio by the partners. *
1 point
07 Assertion (A): In the case of change in profit-sharing ratio between partners, goodwill to be valued and adjustment to be made in capital / current accounts of partners with sacrificing and gaining share of valued goodwill. Reason (R): Valued goodwill to be debited/credited in capital / current account of partners with gaining / sacrificing share of valued goodwill. *
1 point
Read the following information and give the answer for the question No. 08 and 09: Deepak and Vijay are partners sharing profits & losses in the ratio of 2:3. The Balance Sheet of a firm as on 31st March, 2021 is given below: The partners decided to share future profits in the equal ratio with effect from 1st April, 2021. The following adjustments were agreed upon: (1) Land & Building valued at ₹ 2,40,000 and Machinery depreciated by ₹ 15,000. (2) ₹ 5,000 of creditor is not likely to claim but ₹ 10,000 of provision to be made for legal charges                                                                                                    08 Which Journal entry is correct from the following for sharing gain/loss on revaluation? *
1 point
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09 What will be the balance of Deepak’s capital after reconstitution of partnership? *
1 point
10 ------------ goodwill is the excess of desired total capital of the firm over the actual combined capital of all partners. *
1 point
11 Amrita and Babita are partners in the ratio of 3:2. Chetna was admitted for 1/4th share and she could not bring her share of goodwill. Goodwill of the firm is valued at ₹ 1,00,000. Journlise. *
1 point
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12 Match the columns for the situations at the time of admission of new partner: *
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Analysis the following statement and answer the questions from 13 to 15: Ram, Shyam and Gopal are partners in a Tourist Lodging & Hotel at Raipur (C.G.). Their capital contributions were ₹ 15,00,000; ₹ 20,00,000 and ₹ 25,00,000 respectively with the profit-sharing ratio of 3:3:4. As the scope to established one more Tourist Hotel at the Bilaspur (C.G.), they need ₹ 75,00,000 to be invested. It is decided by all partners that they have to further contribute equal proportion as additional capital ₹ 25,00,000 each one but Ram does not have sufficient money. Therefore, they are agreed to admit Krishna as a new partner. He will contribute ₹ 25,00,000 as a capital along with ₹ 15,00,000 as share of goodwill premium and ₹ 10,00,000 paid by Krishna privately for 1/4th share in profit. Half of the premium for goodwill withdrawn in cash by Ram, Shaym and Gopal. After the six months, Gopal provided loan to the firm ₹ 15,00,000 for the meeting to purchase a Tourist Van. 13 What will be the new profit-sharing ratio between Ram, Shyam, Gopal and Krishna? *
1 point
14 Which of the following premium for goodwill amount withdrawn by Ram?   *
1 point
15. Interest on Loan allowed to Gopal is  ₹ ________ *
1 point
There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below for the question 16 to 18:                                                                                       16 Assertion (A): If the amount of any asset was undervalued, then revaluation account will be credited to restore the asset’s amount to its actual asset value. Reason (R): Increase in the amount of asset is a gain for the firm. *
1 point
17 Assertion (A): on admission of a new partner, received amount from a debtor which was written off in earlier year, credited to revaluation account. Reason (R): It is a loss on reconstitution of partnership. *
1 point
18 A, B and C are partners sharing profits in the ratio of 3:2:1. They are agreed to admit D into the partnership for 1/4th share. An extract of their balance sheet on 1st April, 2021 is as follows: If the market value of Investments is ₹ 4,20,000 then the Investment Fluctuation Fund will be shown in the Balance Sheet of reconstituted firm at ₹ _____. *
1 point
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19 The part of un-called capital, to be called only in the liquidation of a company is called: *
1 point
20 Match the columns with reference to share capital of a company *
1 point
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Analysis the following statement and answer the questions from 21 to 23: X Ltd issued 2,00,000 shares of ₹ 100 each. Amount to be paid as under: On Application ₹ 30 per share; On allotment ₹ 40 per share and On first & final call ₹ 30 per share. All money was duly subscribed and paid towards the nominal value of shares except on 9,000 shares who failed to pay allotment and calls money. These shares were forfeited. 5,000 shares were re-issued at ₹ 80 per share fully paid.                                                                                                    21 Which of the following amount will be shown into the Balance Sheet of the company under the sub-head “Share Capital”? *
1 point
22 Which of the following amount will be called ‘Paid up Share Capital’? *
1 point
23 Which of the following amount will be transferred to Capital Reserve? *
1 point
There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below for the question 24 to 26:                                                                                  24 Assertion (A) Equity shares does not carry fixed rate of dividend and they are the ultimate risk bearer. Reason (R) Equity shareholders are getting dividend from residule part of profits and in the case of windup of the company, invested money will be refunded at the last. *
1 point
25 Assertion (A) Cumulative preference share capital is the share capital in which unpaid amount of dividend to be paid in the next year along with unpaid amount of dividend of previous year. Reason (R) Participative preference share capital holders have right to participate in the decision making activities relating to their interest. *
1 point
26 Assertion (A): A company must receive minimum subscription on public issue of shares. Reason (R): In default to receive minimum subscription, company could not allot its shares. *
1 point
Read the information given below and give the answer for the questions from 27 and 28: X Ltd issued 50,000 shares of ₹ 100 per share for public subscriptions at 20% premium. Amount payable as under: On Application : ₹ 40 per share (including 10% premium) On Allotment : ₹ 40 per share (excluding 10% premium) On First & Final Call : ₹ Balance Application received for 75,000 shares. Allotment was made to 60,000 share applicants. All due money was duly received except from a shareholder (Ashok) allotted to whom 12,000 shares, failed to pay allotment and calls. These shares were forfeited. Out of the forfeited shares, 9,000 shares re-issued at ₹ 80 fully paid.                                   27 Which of following amount received on allotment? *
1 point
28 Which of the following amount to be transferred to Capital Reserve A/c? *
1 point
29 6,000 shares of ₹ 100 each were issued at 10% premium called on allotment, forfeited due to non-payment of allotment of ₹ 50 per share (including premium). First & final call of ₹ 30 not yet made. These shares were re-issued at ₹ 40 per share. Which of the following journal entry is correct for the re-issue of forfeited shares? *
1 point
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30 Golden Fire Works Ltd took over assets worth ₹ 10,00,000 and liabilities of ₹ 3,00,000 of a company. Out of the purchase consideration of ₹ 12,00,000; ₹ 2,00,000 of bill payable accepted and the balance paid by issue of shares of ₹ 100 each at 25% premium. How much amount will be credited to Securities Premium Reserve A/c? *
1 point
31 Match the columns with reference to the financial statements of a company *
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There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below for the question 32 to 33:                                                                                                   32 Assertion (A): Bills payable are shown as trade payables in the balance sheet of the company Reason (R): Creditors and Bills payable forms the part of Trade Payables. *
1 point
33 Assertion (A): Bank charges charged by the bank are included in finance cost. Reason (R): Bank charges are an expense not incurred in connection with raising finance but for availing the services of the bank. *
1 point
34 Outstanding Salary will be shown under which of the following sub-head of the head Current Liabilities on the Equity & Liability side of the Balance Sheet. *
1 point
35 Match the columns with reference to the analysis of financial statements of a company: *
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36 The technique of studying the operational results and financial position over a series of years is known as: *
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There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below for the question 37 to 38:                                                                                        37 Assertion (A): Issue of Bonus Shares will not affect Debt-Equity Ratio. Reason (R): Issue of Bonus Shares increase the amount of Equity. *
1 point
38 Assertion (A): Current Ratio is computed to assess the short-term financial position of the business firm. Reason (R): Current Ratio express the competency of a business firm to meet the short-term payment obligation. *
1 point
39 Cost of Goods Sold ₹ 1,50,000; Closing Stock ₹ 60,000; Excess of Closing Stock over Opening Stock ₹ 20,000. What is the Inventory Turnover Ratio? *
1 point
40 What will be the Current Ratio of a company whose net working capital is zero? *
1 point
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