{"id":121363,"date":"2022-05-17T15:41:39","date_gmt":"2022-05-17T10:11:39","guid":{"rendered":"https:\/\/www.mapsofindia.com\/my-india\/?p=121363"},"modified":"2022-05-17T15:41:39","modified_gmt":"2022-05-17T10:11:39","slug":"accountancy-ncert-sample-question-paper-semester-ii-code-055-2021-2022-class-xii","status":"publish","type":"post","link":"https:\/\/www.mapsofindia.com\/my-india\/education\/accountancy-ncert-sample-question-paper-semester-ii-code-055-2021-2022-class-xii","title":{"rendered":"Accountancy NCERT SAMPLE QUESTION PAPER-SEMESTER-II Code (055) 2021-2022 Class XII"},"content":{"rendered":"

1. Following information has been provided by M\/s Achyut Health Care.
\nYou are required to calculate the amount of medicines consumed
\nduring the year 2020-21:<\/h2>\n

\"\"<\/p>\n

Answer.
\nAmount of medicines consumed during the year 2020-21:<\/h3>\n

\"\"<\/p>\n

2. Distinguish between \u2018Dissolution of Partnership\u2019 and \u2018Dissolution of
\nPartnership Firm\u2019 based on:
\n(i) Settlement of assets and liabilities
\n(ii) Economic relationship<\/h2>\n

Answer.<\/h3>\n

\"\"<\/p>\n

3. Suresh, Ramesh and Tushar were partners of a firm sharing profits in
\nthe ratio of 6:5:4. Ramesh retired and his capital after making
\nadjustments on account of reserves, revaluation of assets and
\nreassessment of liabilities stood at \u20b9 2,50,400. Suresh and Tushar
\nagreed to pay him \u20b9 2,90,000 in full settlement of his claim.
\nPass necessary journal entry for the treatment of goodwill. Show
\nworkings clearly.<\/h2>\n

Answer.<\/h3>\n

\"\"
\nWorking Note:
\nRamesh\u2019s share of Goodwill= \u20b92,90,000 – \u20b92,50,400 = \u20b939,600<\/h3>\n

4. From the following information given by Modern Dance Academy,
\ncalculate the amount of Subscription received during the year 2020-
\n21.
\n(i) Subscription credited to Income & Expenditure A\/c for the year
\nending 31st March ,2021 amounted to \u20b93,00,000 and each
\nmember is required to pay an annual subscription of \u20b9 3,000.
\n(ii)Subscription in arrears as on 1st April 2020 amounted to \u20b9 16,000.
\n(iii) During the year 2020-21, 10 members made partial payment of
\n\u20b926,000 towards subscription, 8 members failed to pay the
\nsubscription amount and 5 members paid the subscription amount
\nfor the year2021-22.
\n(iv) During the year 2019-20, 12 members paid the subscription
\namount for the year 2020-21.<\/h2>\n

OR<\/p>\n

Following information is given by Alchemy Medical College, Library
\ndepartment for the year 2020-21.<\/h2>\n

\"\"
\nShow the accounting treatment of the above-mentioned items in the
\nBalance Sheet of the Alchemy Medical College as at 31st March,2021.<\/h2>\n

Answer.<\/h3>\n

Calculation of amount of Subscription received during the year 2020-21<\/h3>\n

\"\"
\nWorking Note:
\nInterest on Books and Journals Investments = 4,00,000 x 7\/100 = 28,000
\nAccrued Interest = 28,000 \u2013 13,000= 15,000<\/h3>\n

5. Harihar, Hemang and Harit were partners with fixed capitals of
\n\u20b93,00,000, \u20b9 2,00,000 & \u20b9 1,00,000 respectively. They shared profits
\nin the ratio of their fixed capitals. Harit died on 31st May, 2020,
\nwhereas the firm closes its books of accounts on 31st March every
\nyear. According to their partnership deed, Harit\u2019s representatives
\nwould be entitled to get share in the interim profits of the firm on the
\nbasis of sales. Sales and profit for the year 2019-20 amounted to
\n\u20b98,00,000 and \u20b92,40,000 respectively and sales from 1st April, 2020
\nto 31st May 2020 amounted to \u20b9 1,50,000. The rate of profit to sales
\nremained constant during these two years. You are required to:
\n(i) Calculate Harit\u2019s share in profit.
\n(ii) Pass journal entry to record Harit\u2019s share in profit.<\/h2>\n

Answer.
\n(i) Ratio of Profit to sales= 2,40,000\/8,00,000 X 100 = 30%
\nProfit upto the date of death= 1,50,000 X 30% = \u20b945,000
\nProfit sharing Ratio = 3:2:1
\nHarit\u2019s Share of Profit = 45,000 X 1\/6 = \u20b97,500
\nAlternative: Harit\u2019s Share of Profit = 2,40,000\/8,00,000 X 1,50,000 X 1\/6=\u20b97,500<\/h3>\n

\"\"<\/p>\n

6. Vedesh Ltd. purchased a running business of Vibhu Enterprises for a
\nsum of \u20b9 12,00,000. Vedesh Ltd. paid \u20b9 60,000 by drawing a
\npromissory note in favour of Vibhu Enterprises., \u20b91,90,000 through
\nbank draft and balance by issue of 8% debentures of \u20b9 100 each at a
\ndiscount of 5%. The assets and liabilities of Vibhu Enterprises
\nconsisted of Fixed Assets valued at \u20b9 17,30,000 and Trade Payables
\nat \u20b9 3,20,000.
\nYou are required to pass necessary journal entries in the books of
\nVedesh Ltd.<\/h2>\n

OR<\/p>\n

Youth Ltd. took a loan of \u20b9 15,00,000 from State Bank of India against
\nthe security of tangible assets. In addition to principal security, it
\nissued 10,000 11% debentures of \u20b9 100 each as collateral security.
\nPass necessary journal entries for the above transactions, if the
\ncompany decided to record the issue of 11% debentures as
\ncollateral security and show the presentation in the Balance Sheet
\nof Youth Ltd.<\/h2>\n

Answer.
\nIn the Books of Vedesh Ltd.<\/h3>\n

\"\"
\nWorking Note:
\nNumber of Debentures issued = 9,50,000 \/ 95 = 10,000<\/h3>\n

OR<\/p>\n

In the Books of Youth Ltd.<\/h3>\n

\"\"<\/p>\n

7. Madhav, Madhusudan and Mukund were partners in Jaganath
\nAssociates. They decided to dissolve the firm on 31st March 2021.
\nPass necessary journal entries for the following transactions after
\nvarious assets (other than cash) and third-party liabilities have been
\ntransferred to realization account:
\n(i) Old machine fully written off was sold for \u20b9 42,000 while a
\npayment of \u20b9 6,000 is made to bank for a bill discounted being
\ndishonoured.
\n(ii) Madhusudan accepted an unrecorded asset of \u20b980,000 at
\n\u20b975,000 and the balance through cheque, against the payment
\nof his loan to the firm of \u20b91,00,000.
\n(iii) Stock of book value of \u20b930,000 was taken by Madhav,
\nMadhusudan and Mukund in their profit sharing ratio.
\n(iv) The firm had paid realization expenses amounting to \u20b95,000 on
\nbehalf of Mukund.
\n(v) There was a vehicle loan of \u20b9 2,00,000 which was paid by
\nsurrender of asset to the bank at an agreed value of \u20b9 1,40,000
\nand the shortfall was met from firm\u2019s bank account.<\/h2>\n

OR<\/p>\n

Gini, Bini and Mini were in partnership sharing profits and losses
\nin the ratio of 5:2:2. Their Balance Sheet as at 31st March, 2021
\nwas as follows:<\/h2>\n

\"\"
\nOn 31st March, 2021, Gini retired from the firm. All the partners agreed to
\nrevalue the assets and liabilities on the following basis:
\n(i) Bad debts amounted to \u20b9 5,000. A provision for doubtful debts was
\nto be maintained at 10% on debtors.
\n(ii) Partners have decided to write off existing goodwill.
\n(iii)Goodwill of the firm was valued at \u20b9 54,000 and be adjusted into
\nthe Capital Accounts of Bini and Mini, who will share profits in future
\nin the ratio of 5:4.
\n(iv)The assets and liabilities valued as: Inventories \u20b91,30,000;
\nMachinery \u20b9 82,000; Furniture \u20b91,95,000 and Building
\n\u20b9 6,00,000.
\n(v) Liability of \u20b923,000 is to be created on account of Claim for
\nWorkmen Compensation.
\n(vi)There was an unrecorded investment in shares of \u20b9 25,000. It was
\ndecided to pay off Gini by giving her unrecorded investment in full
\nsettlement of her part payment of \u20b9 28,000 and remaining amount
\nafter two months.
\nPrepare Revaluation Account and Partners\u2019 Capital Accounts as on 31st
\nMarch, 2021.<\/h2>\n

Answer.<\/h3>\n

\"\"<\/p>\n

OR<\/p>\n

REVALUATION A\/C<\/h3>\n

\"\"<\/p>\n

\"\"<\/p>\n

8. Yogadatra Ltd. (pharmaceutical company) appointed marketing expert,
\nMr. Kartikay as the CEO of the company, with a target to penetrate their
\nroots in the rural regions. Mr. kartikay discussed the ways and means to
\nachieve target of the company with financial, production and marketing
\ndepartmental heads and asked the finance manager to prepare the
\nbudget. After reviewing the suggestions given by all the departmental
\nheads, the finance manager proposed requirement of an additional fund
\nof \u20b952,50,000.
\nYogadatra Ltd. is a zero-debt company. To avail the benefits of financial
\nleverage, the finance manager proposed to include debt in the capital
\nstructure. After deliberations, on April1,2020, the board of directors had
\ndecided to issue 6% Debentures of \u20b9100 each to the public at a premium
\nof 5%, redeemable after 5 years at \u20b9110 per share.<\/h2>\n

You are required to answer the following questions:
\n(i) Calculate the number of debentures to be issued to raise additional
\nfunds.
\n(ii) Pass Journal entry for the allotment of debentures.
\n(iii)Pass Journal entry to write off loss on issue of debentures.
\n(iv)Calculate the amount of annual fixed obligation associated with
\ndebentures.
\n(v) Prepare Loss on Issue of Debentures Account.<\/h2>\n

Answer.<\/h3>\n

(i) Number of Debentures to be issued = 52,50,000\/105 = 50,000
\n(ii) In the Books of Yogadatra Ltd.<\/h3>\n

\"\"<\/p>\n

\"\"<\/p>\n

9. From the following Receipts and Payments Account and additional
\ninformation provided by Ramanath Club, Prepare Income and
\nExpenditure Account for the year ending on 31st March 2021.<\/h2>\n

\"\"
\nAdditional Information:
\n(i) Subscription received during the year includes \u20b9 25,000 as donation
\nfor Building.
\n(ii)Telephone bill unpaid as on March 31, 2020 was \u20b9 4,000 and on March
\n31, 2021 \u20b9 2,600.
\n(iii) Value of 8% Government Securities on March 31, 2020 was \u20b9
\n80,000.
\n(iv)Additional Government Securities worth \u20b9 30,000 were purchased on
\nMarch 31, 2021.<\/h2>\n

Answer.
\nIncome & Expenditure A\/c<\/h3>\n

\"\"<\/p>\n

\"\"<\/p>\n

11. From the following details provided by Kumud Ltd., prepare
\nComparative Statement of Profit & Loss for the year ended 31st March
\n2021:<\/h2>\n

\"\"<\/p>\n

OR<\/p>\n

From the following Balance Sheets of Vinayak Ltd. as at 31st March,2021,
\nPrepare a Common-size Balance Sheet.
\nVinayak Ltd.
\nBalance Sheet as on 31st March, 2021<\/h2>\n

\"\"<\/p>\n

\"\"<\/p>\n

Answer.<\/h3>\n

\"\"<\/p>\n

OR<\/p>\n

COMMON SIZE BALANCE SHEET OF SURAKSHA LTD. as at 31st March, 2020 and 2021<\/h3>\n

\"\"<\/p>\n

\"\"<\/p>\n

12. On the basis of information given by Aradhana Ltd., prepare Cash Flow
\nStatement for the year ending 31st March, 2021:
\nAradhana Ltd.<\/h2>\n

\"\"
\nNote to Accounts<\/h2>\n

\"\"<\/p>\n

\"\"
\nAdditional Information:
\n1. Debentures were redeemed on 1st April,2020.
\n2. Tax paid during the year \u20b92,80,000.<\/h2>\n

Answer.<\/h3>\n

12 Aradhana Ltd.<\/h3>\n

\"\"
\nWorking Notes:-
\n1. Net Profit as per statement of Profit and
\nLoss
\n20,000
\nAdd: Tax provided during the year 2,75,000
\n2,95,000<\/h3>\n

\"\"<\/p>\n

Part -B
\nOption-II
\n(Computerized Accounting)<\/h2>\n

10. What do you understand by terms \u2018primary key\u2019 and \u2018secondary key\u2019 in
\na database?<\/h2>\n

Answer.
\nA primary key is a field that identifies each record in a database table
\nadmitting that the primary key must contain its UNIQUE values.
\nA secondary key shows the secondary value that is unique for each
\nrecord. It can be used to identify the record and it is usually indexed.
\nIt is also termed as Alternate key.<\/h3>\n

11. State any three features of computerized accounting system.<\/h2>\n

Or<\/p>\n

State any three advantages of computerized accounting system.<\/h2>\n

Answer.
\nSimple and Integrated: It helps all businesses by automating and
\nintegrating all the business activities. Such activities may be sales,
\nfinance, purchase, inventory, and manufacturing etc. It also facilitates
\nthe arrangement of accurate and up-to-date business information in
\na readily usable form.
\nAccuracy & Speed: Computerised accounting has customized
\ntemplates for users which allows fast and accurate data entry. Thus,
\nafter recording the transactions it generates the information and
\nreports automatically.
\nScalability: It has the flexibility to record the transactions with the
\nchanging volume of business.<\/h3>\n

OR<\/p>\n

Advantages of Computerised Accounting
\n1. Better Quality Work: The accounts prepared with the use of
\ncomputerized accounting system are usually uniform, neat, accurate,
\nand more legible than a manual job.
\n2. Lower Operating Costs: Computer is a reliable and time-saving device.
\nThe volume of job handled with the help of computerized system
\nresults in economy and lower operating costs. The overall operating
\ncost of this system is low in comparison to the traditional system.
\n3. Improves Efficiency: This system is more efficient in comparison to
\nthe traditional system. The computer makes sure speed and accuracy
\nin preparing the records and accounts and thus, increases the
\nefficiency of employees.<\/h3>\n

12. Name and explain the function which returns the future value of an
\ninvestment which has constant payment and interest.<\/h2>\n

Answer.
\nPMT: The PMT function calculates the periodic payment for an annuity
\nassuming equal payments and a constant rate of interest. The syntax of
\nPMT function is as follows: =PMT (rate, nper, pv, [fv], [type]) where
\nRate is the interest rate per period,
\nNper is the number of periods,
\nPv is the present value or the amount the future payments are worth
\npresently, future value or cash balance that after the last payment is
\nmade (a future value of zero when we omit this optional argument) Type
\nis the value 0 for payments made at the end of the period or the value
\n1 for payments made at the beginning of the period.
\nThe PMT function is often used to calculate the payment for mortgage
\nloans that have a fixed rate of interest.<\/h3>\n","protected":false},"excerpt":{"rendered":"

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: Answer. Amount of medicines consumed during the year 2020-21: 2. Distinguish between \u2018Dissolution of Partnership\u2019 and \u2018Dissolution of Partnership Firm\u2019 based on: (i) Settlement of assets and liabilities (ii) Economic […]<\/p>\n","protected":false},"author":21830,"featured_media":121365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":{"0":"post-121363","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-education"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/121363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/users\/21830"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/comments?post=121363"}],"version-history":[{"count":2,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/121363\/revisions"}],"predecessor-version":[{"id":121406,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/posts\/121363\/revisions\/121406"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media\/121365"}],"wp:attachment":[{"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/media?parent=121363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/categories?post=121363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mapsofindia.com\/my-india\/wp-json\/wp\/v2\/tags?post=121363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}