CBSE Term 2: Check the sample question paper here for the Class 12 Accountancy subject here. The questions would be helpful for the students of CBSE Class 12 Commerce background.
CBSE Class 12 Accountancy Exam for Term 2 would be conducted tomorrow (May 23, 2022). We have provided below a set of sample questions set by the experts. The students of class 12 can solve these questions for last-minute preparation before the Accountancy exam 2022.
CBSE Class 12 Accountancy Exam 2022: Sample Questions
Solve the following sample questions below.
Q1. From the following particulars, calculate the new profit-sharing ratio of the partners:
(a) Shiv, Mohan and Hari were partners in firm sharing profits in the ratio of 5:5:4.
Mohan retired and his share was divided equally between Shiv and Hari.
(b) P, Q and R were partners sharing profits in the ratio of 5: 4: 1. P retires from the firm.
Q.2 Laly, Malu and Neelu are partners sharing profits and losses in the ratio of 4 : 3 2. Malu retires and the goodwill is valued at ₹ 72,000. Calculate Malu’s share of goodwill and pass the Journal entry to Goodwill. Laly and Neelu decided to share the future profits and losses in the ratio of 5 : 3.
Q.3 X, Y and Z are partners sharing profits in the ratio of 3: 2: 1. Goodwill is appearing in the books at a value of ₹ 60,000. Y retires and at the time of Y’s retirement, goodwill is valued at ₹ 84,000. X and Z decided to share future profits in the ratio of 2: 1. Pass the necessary Journal entries through Goodwill Account.
Q.4 X, Y and Z are partners in the firm sharing profits and losses in the ratio of 3:2:1 Z retires from the firm on 31st March 2019. On the date of Z’s retirement, the following balances appeared in the books of the firm:
General Reserve ₹ 1,80,000
Profit and Loss Account (Dr.) ₹ 30,000
Workmen Compensation Reserve ₹ 24,000 which was no more required Employees’ Provident Fund ₹ 20,000.
Pass necessary Journal entries for the adjustment of these items on Z’s retirement
Q5. Journalise the following transactions regarding realisation expenses:
(a)Realisation expenses amounted to Rs.2,500
(b)Realisation expenses amounting to Rs.3,000 were paid by Ashok, one of the partners.
(c)Realisation expenses Rs.2,300 borne by Tarun, personally.
(d)Amit, a partner was appointed to realise the assets, at a cost of Rs.4,000. The actual amount of realisation amounted to Rs. 3,000.
Q6. What Journal Entries will be recorded for the following transactions on the dissolution of a firm:
(a)Payment of unrecorded liabilities of Rs.3,200.
(b)Stock worth Rs.7,500 is taken by a partner Rohit
(c)Profit on realisation amounting to Rs.18,000 is to be distributed between the partners Ashish and Tarun in the ratio of 5:7.
(d)An unrecorded asset realised Rs.5,500
Q7. Manoj and Nand were partners sharing profits in the ratio of 3:2. Pass journal entries under the following situations at the time of dissolution of the Firm:
(a)Workmen Compensation Reserve stood at Rs. 1,00,000 and there was no liability towards Workmen Compensation.
(b) Workmen Compensation Reserve stood at Rs.1,00,000 and liability in respect of it was ascertained at Rs.75,000.
(c)Workmen Compensation Reserve stood at Rs.1,00,000 and liability in respect of it was ascertained at Rs. 1,20,000.
(d)Workmen Compensation Reserve stood at Rs. 1,00,000 and liability in respect of it were ascertained at Rs. 1,00,000.
Q8. Ankit, Bobby and Kartik were partners in firm sharing profits in the ratio of 4:3:3. The firm was dissolved on 31-3-2018. Pass the necessary Journal entries for the following transactions after various assets (other than cash and bank) and third-party liabilities had been transferred to Realisation Account.
(a)The firm had a stock of Rs. 80,000. Ankit took over 50% of the stock at a discount of 20% while the remaining stock was sold off at a profit of 30% on cost.
(b)A liability under a suit for damages included in creditors was settled at Rs.32,000 as against only Rs.13000 provided in the books. Total creditors of the firm were Rs.50,000.
(c)Bobby’s sister’s loan of Rs.20,000 was paid off along with the interest of RS. 2000.
(d)Karthik’s Loan of Rs.12,000 was settled at Rs.12,500.
Q9. A company issued Rs.50,000 10% debentures at a discount of 5% redeemable after 5 years at a premium of 5%. Loss on the issue of debentures will be Rs……………………..
Q10. Star Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of Moon Ltd. for ₹ 6,00,000.
Give necessary Journal entries in the books of Star Ltd. assuming that:
Case (a): The purchase consideration was payable 10% in cash and the balance in 5,400; 12% Debentures of ₹ 100 each.
Case (b): The purchase consideration was payable 10% in cash and the balance in 4,500; 12% Debentures of ₹ 100 each issued at 20% premium.