TERM-1 EXAMINATION 2021 (Sample Paper-2 NSR)

CLASS – XII

Time Allowed: 90 Minutes SUBJECT : ACCOUNTANCY M.M. : 40

Read the following instructions very carefully and strictly follow them:

1. This question paper comprises two Parts – I and II. There are 55 questions in the question paper.

2. Part-I & II are compulsory for all candidates.

3. There is an internal choice provided in each sections.

I. Part-I contains three Sections-A, B and C. Section-A has questions from 1 to 18 and Section-B has questions from 19 to 36. You have to attempt any 15 questions each in both the sections.

II. Part-I, Section-C has questions from 37 to 41. You have to attempt any 4 questions.

III. Part-II, contains two Sections-A and B. Section-A has questions from 42 to 48, you have to attempt any five questions and Section-B has questions from 49 to 55, you have to attempt any six questions.

4. All questions carry equal marks. There is no negative marking.

5. Specific instructions related to each Part and Sub-divisions (Section) is mentioned clearly before the questions.

6. Candidates should read them thoroughly and attempt accordingly.

Part-I Section A

Instructions :

From question number 1 to 18, attempt any 15 questions.

Sacrificing ratio is determined so that __________ partner(s) can compensate the __________ partner(s) at the time of change in profit sharing ratio.

(a) (i) Old (ii) New. (b) (i) New (ii) Old.

______________ is the part of Share Capital and it is the maximum amount of capital that a company can issue.

(a) Reserve Capital (b) Subscribed Capital

Which of the following is /are true with regards to Partnership:

The written agreement among the partners is known as Partnership Deed.
The Central Govt. has prescribed maximum number of partners in a partnership firm to be 100 vide Rule 10 of Companies (Misc.) Rules, 2014.
Interest on Drawings is charged @ 6% in case of absence of Partnership Deed.

Options:

(a) Only (ii) (b) (i) and (iii)

At the time of admission of a partner, what will be the effect of the following information?

Balance in Workmen Compensation Reserve ₹ 55,000.

Claim for workmen compensation ₹ 40,000.

(a) ₹ 15,000 Credited to the Partners Capital Accounts.

(b) ₹ 15,000 Debited to Revaluation Account.

(d) ₹ 15,000 Credited to Revaluation Account.

Pawan and Vikas are partners in a firm sharing profits and losses in the ratio

of 4:3.

Balance Sheet (Extract)

Liabilities		Assets
		Stock	2,00,000

If the value of Stock reflected in the balance sheet is overvalued by 25%, find out the value of Stock to be shown in the new Balance Sheet:

(a) ₹ 1,60,000. (b) ₹ 2,00,000.

Calculate the amount of second & final call when Aabhar Ltd, issues Equity shares of ₹ 100 each at a premium of 25% payable on Application ₹ 50, On Allotment ₹ 30, On First Call ₹ 10.

(a) Second & final call ₹ 10. (b) Second & final call ₹ 25.

CNB Ltd, issued a prospectus inviting applications for 20,000 shares. Applications were received for 30,000 shares and pro-rata allotment was made to the applicants of 25,000 shares. If Seema has been applied for 500 shares, how much shares she have been allotted?

(a) 800 (b) 600

At the time of admission of a partner in the Partnership Firm, recording of an unrecorded Liability will lead to:

(a) Neither gain nor loss to the existing partners

(b) Loss to the existing partners in their old profit sharing ratio.

(d) Gain to the incoming partner.

R, S and G are partners sharing profits in the ratio of 4:2:1. According to the partnership agreement, G is to get a minimum amount of ₹ 70,000 as his share of profits every year and any deficiency on this account is to be personally borne by R. The net profit for the year ended 31st March 2021 amounted to ₹ 4,20,000. Calculate the amount of deficiency to be borne by R?

(a) ₹ 40,000. (b) ₹ 30,000.

Naval Ltd offered 20,000 Equity Shares of 10 each, of these 19,000 shares were subscribed. The amount was payable as ₹ 3 on application, ₹ 4 an allotment, ₹ 2 on First Call and balance on Second and Final call. If a shareholder holding 1,000 shares has defaulted on Second and Final call, what is the amount of money received on Second and Final call?

(a) ₹ 19,000 (b) ₹ 18,500

As per the Companies Act 2013, Sweat equity shares are issued by a company, to its __________ for non-cash consideration or at a discount for providing know how’s or any value additions in any form:

(a) Customers (b) Creditors

For which of the following purpose, MBB Ltd. company can utilise its Securities Premium Reserve:

(a) Writing off preliminary expenses of the company.

(b) Issue of partly paid bonus shares.

(d) In purchasing of shares of other companies.

Which of the following persons cannot become a partner in partnership firm in any condition?

(i) Minor

(ii) Persons of unsound mind

(iii) Persons disqualified by any law

Options:

(a) Only (i). (b) (i) and (ii).

Investment Fluctuation Reserve is ₹ 18,000 and Investment (at Cost) is ₹ 2,00,000 as on 31st March, 2020. At the time of admission of a new partner, what will be the effect on Revaluation, if market value of investment is given at ₹ 2,18,000:

(a) Revaluation A/c will be credited with ₹ 18,000.

(b) Revaluation A/c will be debited with ₹ 18,000.

(d) Revaluation A/c will be debited with ₹ 20,000.

Nirav, Sahil and Gautam are partners in the ratio of 3:3:2. If Nirav’s share of profit at the end of the year amounted to ₹ 3,00,000, what will be Gautam’s share of profits? -

(a) ₹ 8,00,000. (b) ₹ 3,00,000.

Parul and Mohini were partners sharing profits and losses in the ratio of 5:3. On 1st April, 2021 they admitted Nisha as a new partner and new ratio was decided as 3:2:1.

Goodwill of the firm was valued as ₹ 3,60,000. Nisha couldn’t bring any amount for goodwill. Amount of goodwill share to be credited to Parul and Mohini Accounts will be :

₹ 37,500 and ₹ 22,500 respectively
₹ 30,000 and ₹ 30,000 respectively
₹ 36,000 and ₹ 24,000 respectively
₹ 45,000 and ₹ 15,000 respectively.

A and B were partners sharing profits and losses in the ratio of 4:3. On 1st April, 2021 they admitted C as a new partner and new ratio was decided as 3:3:1. Goodwill of the firm was valued as ₹ 7,00,000. C brought his required share of goodwill premium in cash. Cs share of goodwill credited to A and B

Capital Accounts by:

(a) ₹ 1,00,000 and Nil respectively

(b) ₹ 50,000 and ₹ 50,000 respectively

(d) ₹ Nil and ₹ 1,00,000 respectively

What will be the Purchased Consideration if

Sundry Assets = ₹ 1,20,000, Sundry Creditors = ₹ 30,000 Goodwill = ₹ 20,000

(a) ₹ 90,000. (b) ₹ 1,00,000.

Part-I Section-B

Instructions :

From question number 19 to 36, attempt any 15 questions.

Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R)

Assertion (A) : Interest on Loan by Partner is shown in Profit & Loss A/c.

Reason (R) : Interest on Loan by Partner is given only when Partnership Firm earns the profits.

In the context of the above statements, which one of the following is correct?

Options:

(a) (A) is correct, but (R) is wrong.

(b) Both (A) and (R) are correct.

(d) Both (A) and (R) are wrong.

Naisha and Aisha were partners in a firm. Their Balance Sheet showed Stock at ₹ 1,20,000; Furniture at ₹ 80,000 and Sundry Creditors at ₹ 40,000. Harshita was admitted as a new partner. Stock was revalued at ₹ 1,30,000, Furniture ₹ 70,000 and Creditors of ₹ 20,000 are not likely to be claimed.

Share of Aisha in profit on revaluation will be:

(a) ₹ 20,000 (b) ₹ 15,000

Bhumi and Priya were partners sharing profits and losses in the ratio of 4:1. Rashmi was admitted for 1/5th share in the profit but was unable to bring his share of goodwill premium in cash. The Journal entry recorded for goodwill premium is given below:

Date

Particular

L.F.

Dr. (₹)

Rashmi’s Current A/c ... Dr

To Bhumi’s Capital A/c

To Priya’s Capital A/c

(Adjustment of goodwill premium on Rashmi’s Admission)

30,000

24,000

6,000

The new profit-sharing ratio of Bhumi, Priya and Rashmi will be

(a) 3:1:1 (b) 16:4:5

Rakesh and Sachin are partners sharing profits in the ratio of 4:1. Vikas was admitted for 1/4 share of which 3/4 was gifted by Rakesh. The remaining was contributed by Sachin. Goodwill of the firm is valued at ₹ 40,000. How much amount for goodwill will be credited to Sachin’s Capital account?

(a) ₹ 2,500. (b) ₹ 7,500.

Mohit, Abhay and Vikas are partners in a firm sharing profits and losses in the ratio of 3:3:1. On 1st April 2021, they decided to change their profit sharing, ratio to 2:2:3. On that date, debit balance of Profit and Loss A/c ₹ 70,000 appeared in the balance sheet and partners decided to pass an adjusting entry for it.

Which of the following option represents the correct treatment for the above?

Date	Particular	L.F.	Dr. (₹)	Dr. (₹)
(a)	Vikas’s Capital A/c ... Dr To Mohit’s Capital A/c To Abhay’s Capital A/c (Being adjustment entry passed)		20,000	10,000 10,000
(b)	Vikas’s Capital A/c ... Dr To Mohit’s Capital A/c To Abhay’s Capital A/c (Being adjustment entry passed)		20,000	15,000 5,000
(c)	Mohit’s Capital A/c ... Dr Abhay’s Capital A/c ... Dr To Vikas’s Capital A/c (Being adjustment entry passed)		15,000 5,000	20,000
(d)	Mohit’s Capital A/c ... Dr Abhay’s Capital A/c ... Dr To Vikas’s Capital A/c (Being adjustment entry passed)		10,000 10,000	20,000

Given below are two statements, one labelled as Assertion (A) and the other

labelled as Reason (R):

Assertion (A) : Accumulated profits and Losses are transferred to Old Partners’ Capital A/cs, at the time of Admission of a partner.

Reason (R) : These Accumulated Profits are earned or Losses incurred before the admission of new partner.

In the context of the above statements, which one of the following is correct?

Codes:

(a) Both (A) and (R) are correct and (R) is the correct reason of (A).

(b) Both (A) and (R) are correct but (R) is not the correct reason of (A).

(d) Both (A) and (R) are wrong.

VBT Ltd forfeited 2,000 shares of ₹ 10 each, fully called up, on which application money of ₹ 3 has been paid. Out of these 500 shares were reissued and 500 has been transferred to capital reserve. Calculate the rate at which these shares were reissued.

(a) ₹ 10 Per share (b) ₹ 9 Per share

Amar, Sanjay and Rajesh are partners, their partnership deed provides for interest on drawings at 6% per annum. Rajesh withdrew a fixed amount in the end of every month, during the year and his interest on drawings amounted to ₹ 6,600 at the end of the year. What was the amount of his monthly drawings?

(a) ₹ 10,000. (b) ₹ 20,000.

Mehar and Priya are partners sharing profit in the ratio 3:1. On 31st March 2021, firms net profit is ₹ 4,00,000. The partnership deed provided interest on capital to Mehar and Priya ₹ 40,000 and ₹ 30,000 respectively. Mehar is also entitled to commission @ 10% on net divisible profits, before charging such commission. What will be the Commission payable to Mehar ?

(a) ₹ 3,000 (b) ₹ 30,000

Sudhir had been allotted for 400 shares by SVB Ltd on pro rata basis which had issued two shares for every three applied. He had paid application money of ₹ 4 per share and could not pay allotment money of ₹ 4 per share. First and final call of ₹ 2 per share was not yet made by the company. His shares were forfeited. the following entry will be passed:

Equity Share Capital A/c ....Dr

To Share Forfeited A/c

To Equity Share Allotment A/c

Here X, Y and Z are:

(a) ₹ 4,000; ₹ 2,000; ₹ 2,000 respectively. (b) ₹ 3,200; ₹ 2,400; ₹ 800 respectively.

Sunil, Naresh and Joginder are the partners sharing profits and losses in the ratio of 3:2:1 with capitals of ₹ 2,00,000, ₹ 2,00,000 and ₹ 1,00,000 respectively. Partnership Deed provides for interest on Capital @ 10% p.a. and profit for the year is ₹ 25,000. How much interest will be provided on Sunil’s Capital during the year?

(a) ₹ 18,000 (b) ₹ 12,000

On 1st April,2021, Target Ltd was formed and company issued prospectus inviting applications for 40,000 equity shares of 10 each payable as follows:

On Application : ₹ 4 On Allotment : ₹ 5 On First and Final Call : ₹ 1

Application for 39,000 shares were received and company allotted shares to all the applicants. When final call was made, a shareholder of 3,000 shares did not pay the call money.

What amount will be shown under the Heading “Subscribed Capital” in the Balance Sheet of Target Ltd.

(a) ₹ 3,77,000 (b) ₹ 3,87,000

Trendy Ltd took over business of Oxylight Ltd and paid for it by

(i) Issue of 2,000 10% Preference Shares of ₹ 100 each at a premium of 10%.

(ii) Equity Shares of ₹ 1,00,000 at a par and

(iii) a cheque of ₹ 1,00,000.

What was the total agreed purchase consideration payable to Oxylight Ltd.

(a) ₹ 3,80,000. (b) ₹ 4,00,000.

Chetan and Amit are partners in the ratio of 3:2. Their fixed Capital were ₹ 2,00,000 and ₹ 3,00,000 respectively. After the closing of accounts for the year it was observed that the Salary to Amit was given wrongly ₹ 50,000 during the year as there was not any agreement regarding it. By what amount will Chetan’s account be affected if partners decide to pass an adjustment entry for the same?

(a) Chetan’s Current A/c will be Credited by ₹ 30,000.

(b) Chetan’s Capital A/c will be Credited by ₹ 30,000.

(d) Chetan’s Capital A/c will be credited by ₹ 30,000.

Tara Ltd. forfeited 500 shares of ₹ 10 each, ₹ 8 called up, on which John had paid application money ₹ 4 and allotment money of ₹ 3 per share. Out of these, 300 shares were reissued to Kishor as fully paid up for ₹ 8 per share.

What is the amount that has been transferred to Capital Reserve Account?

(a) ₹ 500 (b) ₹ 1,000

Happyall Ltd has Issued Capital of 1,00,000 Equity shares of ₹ 10 each. Till Date, ₹ 8 per share have been called up and the entire amount received except calls of ₹ 2 per share on 4,000 shares and ₹ 3 per share from another holder who held 6,000 shares. What will be amount appearing as

‘Subscribed but not fully paid capital’ in the balance sheet of the company?

(a) ₹ 8,70,000 (b) ₹ 7,74000

M and N are partners in the ratio of 5:3. P is admitted as a partner and he takes 1/5th of M’s share. N gives 1/8 from his share to P. What is the New Profit Sharing Ratio?

(a) 2:1:1 (b) 2:2:1

Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R):

Assertion (A): After reissue of all the forfeited shares, balance left in Forfeited Shares Account is transferred to General Reserve Account.

Reason (R): Gain on reissue of forfeited shares is of revenue nature that is why it is transferred to General Reserve A/c.

In the context of the above statements, which one of the following is correct?

(a) Both (A) and (R) are true, but (R) is not the correct explanation of (A)

(b) Both (A) and (R) are true and (R) is a correct explanation of (A).

(d) (A) is true, but (R) is false.

Part-I Section-C

Instructions:

From question number 37 to 41, attempt any 4 questions :

Question No’s 37 & 38 are based on the hypothetical situation given blow :

Himani Limited is engaged in manufacture of Children toys. The company has decided to expand in foreign market by additional investment of ₹ 50,00,000. Directors have decided that 20% of this requirement would be financed by raising long term debts and balance by issue of Equity shares. As per memorandum of association of the company, the face value of Equity shares is ₹ 100 each Considering the goodwill of the company, these shares would be issued it a premium of 25%. Directors decided to issue sufficient shares to collect the desired amount (including premium).

The prospectus was issued to public, and the issue was oversubscribed by 20,000 shares which were issued letters of regret. All the amount was received on Application itself.

Answer the below mentioned questions considering that the entire amount was payable on application.

What is the total amount collected on application?

(a) ₹ 75,00,000 (b) ₹ 65,00,000

How many Equity shares were offered for issue by Himani Ltd?

(a) 50,000 shares. (b) 40,000 shares.

Question no.’s 39, 40 and 41 are based on the hypothetical situation given below.

On 1st July 2020, Viney and Manish started their Partnership Firm in the name of Tutors for selling online tutorials of teachers in digital mode. Viney and Manish decided to invest ₹ 6,00,000/- and ₹ 300,000/- respectively as capital. The books were closed on 31st March 2021, on which date the

following information was provided by the firm:

Particulars	Amount (₹)
Net Profit	5,00,000
Salary to Viney (As a Charge)	20,000 per month
Interest on Capital	10% p.a.
Commission to Manish	10% of net sales which was 2,00,000 during the year.

Since they were good friends of each other, they were not having any explicit agreement in place except the above.

Calculate the amount of profits to be transferred to Profit and Loss

Appropriation Account. -

(a) Profit ₹ 3,20,000 (b) Profit ₹ 2,20,000

How much profit will be transferred to Manish’s Capital A/c:

(a) ₹ 2,15, 250 (b) ₹ 1,50,000

On 01st December 2020, if Ravi advanced a loan of ₹ 30,000 to the firm. Calculate the amount of interest on loan that Ravi will receive for the current accounting period-

(a) ₹ 9,200 (b) ₹ 8,400

Part-II Section-A

Instructions :

From question number 42 to 48, attempt any 5 questions :

Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R):

Assertion (A): Current Ratio aims to indicate whether the enterprise will be able to meet its Long term financial obligations as and when they become due.

Reason (R): It is because Current ratio establishes the relationship between current assets and current liabilities.

In the context of the above two statements, which of the following is correct?

(a) Both (A) and (R) are true, but (R) is not the correct explanation of (A).

(b) Both (A) and (R) are true and (R) is a correct explanation of (A).

(d) (A) is false, but (R) is true.

Which of the following are Short term Solvency ratios?

(i) Debt Equity Ratio (ii) Current Ratio

(iii) Total Assets to Debt Ratio (iv) Quick Ratio

(v) Gross Profit Ratio

(a) (i) and (iii) (b) (ii) and (iv)

Which of the following is the aggregate of Total Debts and Shareholders’ Funds

(a) Non-Current Assets (b) Total Debts

Which one of the following is correct?

(i) Ideal accepted Quick Ratio is 2:1.

(ii) A high inventory turnover ratio means inefficient use of investment in inventory and over investment in stocks.

(iii) Operating Profit = Revenue from Operations - Operating Cost.

(a) (i) and (iii) (b) (ii) and (iii)

In Which Statement, each asset is expressed as percentage to total asset and each liability is expressed as percentage of total of equity and liabilities?

(a) Common size income Statements. (b) Comparative Balance Sheet.

Match the items given in Column I with the headings/subheadings (Balance sheet) as defined in Schedule III of Companies Act 2013 in Column II.

	Column I		Column II
(a)	Trademark	(i)	Inventories
(b)	Securities Premium Reserve	(ii)	Tangible Fixed Assets
(c)	Bank Overdraft	(iii)	Intangible Fixed Assets
(d)	Motor Vehicles	(iv)	Short Term Borrowings
(e)	Stores and Spare Parts	(v)	Reserve and Surplus

Choose the correct option :

(a) (a)-(iii), (b)-(i), (c)-(v), (d)-(ii) and (e)-(iv)

(b) (a)-(iii), (b)-(v ), (c)-(iv), (d)-(ii) and (e)-(i)

(d) (a)-(ii), (b)-(i), (c)-(iv), (d)-(iii) and (e)-(v)

Which ratio is not a part of (Long term) Solvency Ratio?

(a) Current ratio. (b) Debt to Equity Ratio

Part-II Section-B

Instructions:

From question number 49 to 55, attempt any 6 questions :

What will be the Liquid Ratio if Current Assets = ₹ 72,500; Inventories = ₹ 12,500; Prepaid Expenses = ₹ 15,000; Building = ₹ 50,000; Working Capital = ₹ 50,000.

(a) 1:1. (b) 2:1.

If Cash Revenue from Operations is 1/4th of Total Revenue from Operation and Cost of Revenue from Operation is ₹ 2,00,000 and Gross Profit is 25% on Cost of Revenue from Operations. Gross Profit Ratio is:

(a) 15% (b) 20%

Which of the following statements are false?

(i) Comparative Financial Statement is an indicator of trend and helps in forecasting.

(ii) In Common Size Financial Statement, 100% is taken as base and all other related amounts are expressed as a percentage of base.

(iii) Analysis through Comparative Financial Statement is also known as Horizontal Analysis.

Choose from the following Options:

(a) Both (i) and (iii) (b) Both (ii) and (iii)

Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R):

Assertion (A) : A low Working Capital Ratio shows efficient use of working capital.

Reason (R) : Working Capital ratio establishes the relationship between Working capital and Revenue from Operations. It shows how efficiently it is used to generate revenue.

In the context of the above two statements, which of the following is correct?

(a) Both (A) and (R) are correct and (R) is the correct reason of (A).

(b) Both (A) and (R) are correct but (R) is not the correct reason of (A).

(d) Both (A) and (R) are wrong.

Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R):

Assertion (A) : A low Debt Equity ratio indicates a favourable position.

Reason (R) : A low Debt Equity ratio indicates high safety cover and it shows that enterprise is depending more on shareholders’ funds than external equities.

In the context of the above two statements, which of the following is correct?

(a) (A) and (R) both are correct and (R) correctly explains (A).

(b) Both (A) and (R) are correct but (R) does not explain (A).

(d) (A) is correct but (R) is incorrect.

Quick ratio of Affon Ltd. is 2.5:1. Accountant wants to maintain it at 2:1.

Following options are available.

(i) He can pay off sundry creditors.

(ii) He can purchase goods on credit

(iii) He can take short term loan from bank

Choose the correct option.

(a) Only (i) is correct (b) Only (ii) is correct

A company has an operating cycle of 14 months. It has trade payables amounting to ₹ 3,00,000 out of which ₹ 3,00,000 have a maturity period of 13 months. How would this information be presented in the Balance Sheet?

(a) ₹ 1,00,000 as Current Liabilities and ₹ 2,00,000 as Non-current Liabilities.

(b) ₹ 2,00,000 as Current Liabilities and ₹ 1,00,000 as Non-current Liabilities.

(d) ₹ 3,00,000 as Current Liabilities.

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