Accountancy NCERT SAMPLE QUESTION PAPER-SEMESTER-II Code (055) 2021-2022 Class XII

CBSE Class 12 Accountancy Sample Question Paper Term 2

1. Following information has been provided by M/s Achyut Health Care.
You are required to calculate the amount of medicines consumed
during the year 2020-21:

Amount of medicines consumed during the year 2020-21:

2. Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of
Partnership Firm’ based on:
(i) Settlement of assets and liabilities
(ii) Economic relationship


3. Suresh, Ramesh and Tushar were partners of a firm sharing profits in
the ratio of 6:5:4. Ramesh retired and his capital after making
adjustments on account of reserves, revaluation of assets and
reassessment of liabilities stood at ₹ 2,50,400. Suresh and Tushar
agreed to pay him ₹ 2,90,000 in full settlement of his claim.
Pass necessary journal entry for the treatment of goodwill. Show
workings clearly.


Working Note:
Ramesh’s share of Goodwill= ₹2,90,000 – ₹2,50,400 = ₹39,600

4. From the following information given by Modern Dance Academy,
calculate the amount of Subscription received during the year 2020-
(i) Subscription credited to Income & Expenditure A/c for the year
ending 31st March ,2021 amounted to ₹3,00,000 and each
member is required to pay an annual subscription of ₹ 3,000.
(ii)Subscription in arrears as on 1st April 2020 amounted to ₹ 16,000.
(iii) During the year 2020-21, 10 members made partial payment of
₹26,000 towards subscription, 8 members failed to pay the
subscription amount and 5 members paid the subscription amount
for the year2021-22.
(iv) During the year 2019-20, 12 members paid the subscription
amount for the year 2020-21.


Following information is given by Alchemy Medical College, Library
department for the year 2020-21.

Show the accounting treatment of the above-mentioned items in the
Balance Sheet of the Alchemy Medical College as at 31st March,2021.


Calculation of amount of Subscription received during the year 2020-21

Working Note:
Interest on Books and Journals Investments = 4,00,000 x 7/100 = 28,000
Accrued Interest = 28,000 – 13,000= 15,000

5. Harihar, Hemang and Harit were partners with fixed capitals of
₹3,00,000, ₹ 2,00,000 & ₹ 1,00,000 respectively. They shared profits
in the ratio of their fixed capitals. Harit died on 31st May, 2020,
whereas the firm closes its books of accounts on 31st March every
year. According to their partnership deed, Harit’s representatives
would be entitled to get share in the interim profits of the firm on the
basis of sales. Sales and profit for the year 2019-20 amounted to
₹8,00,000 and ₹2,40,000 respectively and sales from 1st April, 2020
to 31st May 2020 amounted to ₹ 1,50,000. The rate of profit to sales
remained constant during these two years. You are required to:
(i) Calculate Harit’s share in profit.
(ii) Pass journal entry to record Harit’s share in profit.

(i) Ratio of Profit to sales= 2,40,000/8,00,000 X 100 = 30%
Profit upto the date of death= 1,50,000 X 30% = ₹45,000
Profit sharing Ratio = 3:2:1
Harit’s Share of Profit = 45,000 X 1/6 = ₹7,500
Alternative: Harit’s Share of Profit = 2,40,000/8,00,000 X 1,50,000 X 1/6=₹7,500

6. Vedesh Ltd. purchased a running business of Vibhu Enterprises for a
sum of ₹ 12,00,000. Vedesh Ltd. paid ₹ 60,000 by drawing a
promissory note in favour of Vibhu Enterprises., ₹1,90,000 through
bank draft and balance by issue of 8% debentures of ₹ 100 each at a
discount of 5%. The assets and liabilities of Vibhu Enterprises
consisted of Fixed Assets valued at ₹ 17,30,000 and Trade Payables
at ₹ 3,20,000.
You are required to pass necessary journal entries in the books of
Vedesh Ltd.


Youth Ltd. took a loan of ₹ 15,00,000 from State Bank of India against
the security of tangible assets. In addition to principal security, it
issued 10,000 11% debentures of ₹ 100 each as collateral security.
Pass necessary journal entries for the above transactions, if the
company decided to record the issue of 11% debentures as
collateral security and show the presentation in the Balance Sheet
of Youth Ltd.

In the Books of Vedesh Ltd.

Working Note:
Number of Debentures issued = 9,50,000 / 95 = 10,000


In the Books of Youth Ltd.

7. Madhav, Madhusudan and Mukund were partners in Jaganath
Associates. They decided to dissolve the firm on 31st March 2021.
Pass necessary journal entries for the following transactions after
various assets (other than cash) and third-party liabilities have been
transferred to realization account:
(i) Old machine fully written off was sold for ₹ 42,000 while a
payment of ₹ 6,000 is made to bank for a bill discounted being
(ii) Madhusudan accepted an unrecorded asset of ₹80,000 at
₹75,000 and the balance through cheque, against the payment
of his loan to the firm of ₹1,00,000.
(iii) Stock of book value of ₹30,000 was taken by Madhav,
Madhusudan and Mukund in their profit sharing ratio.
(iv) The firm had paid realization expenses amounting to ₹5,000 on
behalf of Mukund.
(v) There was a vehicle loan of ₹ 2,00,000 which was paid by
surrender of asset to the bank at an agreed value of ₹ 1,40,000
and the shortfall was met from firm’s bank account.


Gini, Bini and Mini were in partnership sharing profits and losses
in the ratio of 5:2:2. Their Balance Sheet as at 31st March, 2021
was as follows:

On 31st March, 2021, Gini retired from the firm. All the partners agreed to
revalue the assets and liabilities on the following basis:
(i) Bad debts amounted to ₹ 5,000. A provision for doubtful debts was
to be maintained at 10% on debtors.
(ii) Partners have decided to write off existing goodwill.
(iii)Goodwill of the firm was valued at ₹ 54,000 and be adjusted into
the Capital Accounts of Bini and Mini, who will share profits in future
in the ratio of 5:4.
(iv)The assets and liabilities valued as: Inventories ₹1,30,000;
Machinery ₹ 82,000; Furniture ₹1,95,000 and Building
₹ 6,00,000.
(v) Liability of ₹23,000 is to be created on account of Claim for
Workmen Compensation.
(vi)There was an unrecorded investment in shares of ₹ 25,000. It was
decided to pay off Gini by giving her unrecorded investment in full
settlement of her part payment of ₹ 28,000 and remaining amount
after two months.
Prepare Revaluation Account and Partners’ Capital Accounts as on 31st
March, 2021.




8. Yogadatra Ltd. (pharmaceutical company) appointed marketing expert,
Mr. Kartikay as the CEO of the company, with a target to penetrate their
roots in the rural regions. Mr. kartikay discussed the ways and means to
achieve target of the company with financial, production and marketing
departmental heads and asked the finance manager to prepare the
budget. After reviewing the suggestions given by all the departmental
heads, the finance manager proposed requirement of an additional fund
of ₹52,50,000.
Yogadatra Ltd. is a zero-debt company. To avail the benefits of financial
leverage, the finance manager proposed to include debt in the capital
structure. After deliberations, on April1,2020, the board of directors had
decided to issue 6% Debentures of ₹100 each to the public at a premium
of 5%, redeemable after 5 years at ₹110 per share.

You are required to answer the following questions:
(i) Calculate the number of debentures to be issued to raise additional
(ii) Pass Journal entry for the allotment of debentures.
(iii)Pass Journal entry to write off loss on issue of debentures.
(iv)Calculate the amount of annual fixed obligation associated with
(v) Prepare Loss on Issue of Debentures Account.


(i) Number of Debentures to be issued = 52,50,000/105 = 50,000
(ii) In the Books of Yogadatra Ltd.

9. From the following Receipts and Payments Account and additional
information provided by Ramanath Club, Prepare Income and
Expenditure Account for the year ending on 31st March 2021.

Additional Information:
(i) Subscription received during the year includes ₹ 25,000 as donation
for Building.
(ii)Telephone bill unpaid as on March 31, 2020 was ₹ 4,000 and on March
31, 2021 ₹ 2,600.
(iii) Value of 8% Government Securities on March 31, 2020 was ₹
(iv)Additional Government Securities worth ₹ 30,000 were purchased on
March 31, 2021.

Income & Expenditure A/c

11. From the following details provided by Kumud Ltd., prepare
Comparative Statement of Profit & Loss for the year ended 31st March


From the following Balance Sheets of Vinayak Ltd. as at 31st March,2021,
Prepare a Common-size Balance Sheet.
Vinayak Ltd.
Balance Sheet as on 31st March, 2021



COMMON SIZE BALANCE SHEET OF SURAKSHA LTD. as at 31st March, 2020 and 2021

12. On the basis of information given by Aradhana Ltd., prepare Cash Flow
Statement for the year ending 31st March, 2021:
Aradhana Ltd.

Note to Accounts

Additional Information:
1. Debentures were redeemed on 1st April,2020.
2. Tax paid during the year ₹2,80,000.


12 Aradhana Ltd.

Working Notes:-
1. Net Profit as per statement of Profit and
Add: Tax provided during the year 2,75,000

Part -B
(Computerized Accounting)

10. What do you understand by terms ‘primary key’ and ‘secondary key’ in
a database?

A primary key is a field that identifies each record in a database table
admitting that the primary key must contain its UNIQUE values.
A secondary key shows the secondary value that is unique for each
record. It can be used to identify the record and it is usually indexed.
It is also termed as Alternate key.

11. State any three features of computerized accounting system.


State any three advantages of computerized accounting system.

Simple and Integrated: It helps all businesses by automating and
integrating all the business activities. Such activities may be sales,
finance, purchase, inventory, and manufacturing etc. It also facilitates
the arrangement of accurate and up-to-date business information in
a readily usable form.
Accuracy & Speed: Computerised accounting has customized
templates for users which allows fast and accurate data entry. Thus,
after recording the transactions it generates the information and
reports automatically.
Scalability: It has the flexibility to record the transactions with the
changing volume of business.


Advantages of Computerised Accounting
1. Better Quality Work: The accounts prepared with the use of
computerized accounting system are usually uniform, neat, accurate,
and more legible than a manual job.
2. Lower Operating Costs: Computer is a reliable and time-saving device.
The volume of job handled with the help of computerized system
results in economy and lower operating costs. The overall operating
cost of this system is low in comparison to the traditional system.
3. Improves Efficiency: This system is more efficient in comparison to
the traditional system. The computer makes sure speed and accuracy
in preparing the records and accounts and thus, increases the
efficiency of employees.

12. Name and explain the function which returns the future value of an
investment which has constant payment and interest.

PMT: The PMT function calculates the periodic payment for an annuity
assuming equal payments and a constant rate of interest. The syntax of
PMT function is as follows: =PMT (rate, nper, pv, [fv], [type]) where
Rate is the interest rate per period,
Nper is the number of periods,
Pv is the present value or the amount the future payments are worth
presently, future value or cash balance that after the last payment is
made (a future value of zero when we omit this optional argument) Type
is the value 0 for payments made at the end of the period or the value
1 for payments made at the beginning of the period.
The PMT function is often used to calculate the payment for mortgage
loans that have a fixed rate of interest.