Class 12 Sample Paper Accountancy (Half Yearly)

SAMPLE
PAPER
Half Yearly Examination

Prepared For
NCERT BASED SYLLABUS
Applicable For
CBSE BOARD AND STATE BOARD USING NCERT

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HALF YEARLY EXAMINATION
SAMPLE QUESTION PAPER

Class - XII Subject – Accountancy
Time – 3 Hours Maximum Marks- 80

General Instruction
1. Attempt all questions
2. Show working notes where applicable.
3. Attempt all parts of a questions together.
4. Marks are indicated against each question.

1. When there is no partnership Deed the partners are entitled to which of the following?
(A) Salary
(B) Profit share in capital ratio
(C) Interest on Loan and advances
(D) Commission [1]
2. Pick the odd one out :
(A) Interest on capital
(B) salary to a partner
(C) Commission to a partner
(D) Interest on drawings [1]
3. which of the following item is not dealt through Profit and Loss appropriation Account
(A) Interest on Partner's Loan
(B) Partner's salary
(C) Interest on Partner's drawings
(D) Partner's Commission [1]
4. Rahul and Shubham are Partners in a partnership firm Rahul withdraws Rs.4000 during the
year as drawings. Interest on drawing is charged at the rate of 15% per annum. The amount of
interest on drawings at the end of the Year will be:
(A) Rs.300
(B ) Rs.600
(C) Rs.1200
(D) Rs.150 [1]
5. What will be the interest on capital for C, @ 6% per annum for A ,B andC who have invested
rupees 15000 rupees 25000 and rupees 30000 and share profits in the ratio of 1:2:3.?
(A) Rs.900
(B) Rs.1,500

(C) 1,800
(D) Nil [1]

1

6. Intangible asset goodwill has been defined in:
(A) AS-16
(B) AS-20
(C) AS-26
(D) AS-21 [1]
7. Avi and Barbie were partners in a firm sharing profits or losses equally. With effect from first
April 2021 they agreed to share profits in the ratio of 3:4. Due to the change in the profit sharing
ratio Avi's gain or sacrifice will be:
(A) Gain 1/14
(B) Sacrifice 1/14
(C) Gain 4/7
(D) Sacrifice 3/7 [1]
8. Bishan and Sudha were partners in a firm sharing profits and losses in the ratio of 5 :3 Alina was
admitted as a new partner, It was decided that the new profit sharing ratio of Bishan, Sudha
and Alina will be 10 : 6 :5 the sacrificing ratio of Bishan and Sudha will be :
(A) 5:3
(B) 25:78
(C) 6:5
(D) 2:1 [1]
9. On admission of a new partner increase in the value of the asset is debited to:
(A) P&L Adjustment Account
(B) Assets Account
(C) Old Partner's Capital Account
(D) None of the above [1]
10. Balance in the lnvestment Fluctuation reserve ,after meeting the loss on revaluation of
Investments, at the time of admission of a partner will be transferred to:
(A) Old partners capital account
(B) Revaluation Account
(C) Sacrificing ratio
(D) None of the above [1]
11. Chaman ,Raman ,and Suman are partners sharing profits in the ratio of 5:3:2 Raman retires.
The new profit sharing ratio between Chaman and Suman will be 1:1 .The Goodwill of the firm
is valued at Rs.1,00,000 .Raman's share of goodwill will be adjusted:
(A) by debiting Chaman’s capital account and suman's capital account with rupees 15000
each
(B) by debiting Chaman's capital account and Suman’s capital account with Rs.21,429 and
Rs.8571 respectively
(C) by debiting only Suman's capitalAccount with Rs.30,000
(D) by debiting Raman's capital account with Rs.30,000 [1]

12. A,B,C are partners, C expired on 18th December 2019 and as per agreement surviving partners
A and B directed the accountant to prepare the financial statements as on 18th December 2019
and accordingly the share of profit of C, (deceased partner ) was calculated as Rs. 12,00,000
which account will be is suitable to transfer C's share of profit:
(A) Profit and Loss Suspense Account

(B) Profit and Loss Appropriation Account
(C) Profit and Loss Account
(D) None of the above [1]

2

13. Anita and Babita are partness sharing profits and losses as 3:2 Chandni is admitted and profit
sharing ratio becomes 4:3:2. Goodwill is valued at rupees 94,500 .Chandni brings required
Goodwill in cash. Goodwill amount that will be brought in by Chandni is:
(A) Rs. 10,500
(B) Rs. 94,500
(C) Rs. 21,000
(D) None of the above [1]
14. When the value of goodwill is not specified at the time of the admission of a partner is called
_____
(A) Goodwill in kind
(B) Hidden Goodwill
(C) Both A and B
( D) Niether A nor B [1]
15. ESOP offered by the company will create
(A) High calibre
(B) sense of belongingness in employees
(C) High productivity
(D) All the above [1]
16. Subscription of shares should not be less than _______% of the issued shares.
(A) 85%
(B) 90%
(C) 95%
(D) 100% [1]
17.Y Ltd invited applications for 10,000 Shares of Rs. 10 each .Applications were received for
9000 shares. Identify the kind of subscription
(A) Undersubscription
(B) Oversubscription
(C) Full subscription
(D) None of the above [1]
18.A forefieted share can ---------
(A) not be reissued at discount
(B) reissued at a maximum discount of 10%
(C) be re-issued at a maximum discount equal to the amount forefieted
(D) None of the above [1]
19. Share Allotment Account is a/an
(A) Personal Account
(B) Real Account
(C) Nominal Account
(D) None of these [1]
20. Pick the odd man out
(A) Issue of shares to Vendors
(B) Issue of Shares to general public
(C) Issue of shares to underwriters
(D) lssue of shares to promoters [1]

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21. K Limited took over the assets of Rs.15,00,000 and liabilities of Rs.5,00,000 of P Limited .for a
purchase consideration of Rs.13,68,500. Rs. 25,500 were paid by issuing a promissory note in
favour of P Limited Payble after two months and the balance was paid by issue of equity
shares of Rs.100 each at a premium of 25%.
Pass the necessary journal entries for the above transactions in the books of K Limited. [3]

22. Shivpriya Ltd. was formed with a nominal share capital of Rs.50,00000 divided into 50,000
share of Rs.100 each. The Company offers 30,000 shares to the public payable Rs. 30 per share
on Application, Rs.30 per share on Allotment and the balance on first and final call.
Applications were received for 28,000 shares. All money payable on allotment was duly
received, except on 500 shares held by X. First and final call was not made by the company.
How would you show the “Share Capital” in the balance Sheet of Shivpriya Ltd.? Also
prepare notes to accounts for the same. [3]

23 .Ravi, Shankar and Madhur are Partner's in a firm sharing profits in the ratio of 7:2:1 .On 31st
March 2018, the firm was dissolved after transfering sundry assets other than (cash in hand
and cash at Bank )and third party liabilities in the realization account the following
transactions took place .
1 . Debtors amounting to Rs.1,40,000 were handed over to a debt collection agency which
charged 5% Commission. The remaining debtors were Rs.47,000 out of which debtors of
Rs. 17,000 could not be recovered because the same became insolvent.
2. Creditors amounting Rs.5,000 were paid Rs.3,500 in full settlement of their claim and the
balance creditors were handed over stock of rupees 90,000 in full settlement of the claim of
rupees 95000 .
3. A bill receivable of Rs.2000 discounted with the bank was dishonoured by its acceptor and
the same had to be met by the firm.
4. Profit on realisation amounted to Rs.6000.
Pass the necessary journal entries for above transactions in books of Ravi,Shankar,and
Madhur. [4]

24. D ,E, and F . are sharing profits and losses in the ratio of 5:3:2 they decided to share profits
and losses in the ratio of 2:3:5 with effect from 1st April 2020. They also decide to record the
effect of the following without affecting their book values, by passing an adjusting entry
General Reserve Book value 1,50,000
Contingency Reserve Book value 25000
Profit and Loss Account (Cr) Book Value 75000
Advertisement Suspense Account (Dr) Book value 1,00,000 [4]

25.Leela and Meeta were partners in a firm sharing profits and losses in the ratio of 5:3 .On first
April 2018 , they admitted OM as a new partner .On the date of OM's admission the balance
sheet of Leela and Meeta showed a balance of Rs.1,60,000 in general reserve and Rs. 2,40,000
(Cr) in Profit and Loss account. Record the necessary journal entries for the treatment of these
item on OM's admission the new profit sharing ratio between Leela Meeta and OM was
5:3:2.
[4]

26. A ,B and C are sharing profits in the ratio of 3:2:1. Goodwill is appearing in the books at a
value of Rs.2,40,000 .B retires and on the day of B's retirement Goodwill is valued at
Rs.6,00,000 . A and C decided to Share future profit in the ratio of 3:2 .Pass the necessary
Journal entries . [4]

4

27. Astha and Gomti are partners in a firm sharing profits and losses in the ratio of 2:1. Their
capital accounts as on 1st April, 2019 stand at Rs. 70,000 and Rs. 30,000 respectively. The
partners are allowed interest on capital @ 10% p.a. The drawings of the partners during the
year ended 31st March, 2020 amounted to Rs. 4800 and Rs. 3600 respectively. Interest is charged
on drawings at the rate of 10% p.a.
Astha has given a loan to firm as on 1st November, 2019 of Rs.20,000.
The profit of the firm before above adjustments was Rs. 80,000. 10% of this profit is to be kept
in Reserve Account. [4]
Prepare profit and Loss Appropriation Account.

28. Given below is the balance Sheet of A and B, Who are carrying on partnership business as at
31st March 31st, 2017. A and B share profits and losses in the ratio of 3:2.
Liabilities Rs Assets Rs.
Bills payable 6,000 Cash 28,750
Creditors 30,000 Sundry Debtors 80,000
Outstanding Expenses 14,000 Stock 30,000
Capitals Plant 1,00,000
A 2,00,000 Buildings 1,50,000
B 1,50,000 3,50,000 Goodwill 11,250

_______ ________
4,00.000 4,00,000
----------- -------------

On the date, they agree to admit C as a partner on the following terms:
(a) C will get ¼ th share in profits.
(b) New profit sharing ratio shall be 3:3:2.
(c) Goodwill shall be valued on 2 ½ years purchase of the past four years average profits,
Which were Rs.17,000 ; Rs. 14,000; Rs.15,000 and Rs. 20,000 respectively.
(d) C will introduce Rs. 40,000 as capital.
(e) Plant is to be appreciated to Rs. 1, 20,000 and the value of buildings is to be appreciated
by Rs. 20,000..
(f) Stock is found overvalued by Rs. 5,000.
(g) Creditors were unrecorded to the extent of Rs.1,000
Prepare partner’s capital accounts. [6]

5

29. X,Y and Z share profits and Loss in the ratio of 4: 3: 2 . Their Balance sheet as at 31 st March 2016
was as follows.

Liabilities Rs Assets Rs.
Creditors 1,50,000 Plant and Machinery 6,00,000
WorkmenCompensation 75,000 Stock 2,00,000
Reserve Investments 20,000
Capital A/Cs SundryDebtors 2,50,000
X 5,20,000 Less : Provision for 8,000
Y 3,81,000 Doubtful Debts 2,42,000
Z 3,00,000 12,01,000 Cash at Bank 3,64,000

________ ________
14,26,000 14,26,000

Z retires on this date and his share of goodwill is valued at Rs. 80,000. New profit sharing
ration between X and Y is agreed at 5:3. It was agreed that:
(i) 10% depreciation is to be charged on plant and Machinery and stock is to be increased by
Rs. 15,000.
(ii) Bad debts amounting to Rs. 20,000will be written off.
(iii) The claim on account of workmen compensation is estimated at Rs.30,000.
(iv) Creditors are to be paid Rs.15,000 more and outstanding expenses of Rs.2,000 are to be
recorded.
(v) Investments are valued at Rs.16,000. Z takes over investments at this value.
(vi) An unrecorded stock of stationary is Rs. 6,000.
(vii) Z is to be paid Rs. 3,00,000 in cash and the balance is to be transferred to his loan A/c.
Prepare Revaluation Account, Capital Accounts. [6]

30. X, Y and Z are partners in a business sharing profits as 3/4 ,1/8, and 1/8 respectively and their
balance sheet as at 31st March , 2019 was:
Liabilities Rs Assets Rs.
Capital A/cs: Plant 5,00,000
X 5,00,000 Debtors 4,00,000
Y 3,00,000 Stock 2,00,000
Z 2,50,000 10,50,000 Cash 50,000
General Reserve 50,000 Bank 2,50,000
Z’s Loan 50,000
Creditors 2,50,000

________ _______
14,00,000 14,00,000

6

Z died on 31st December, 2019 and the partnership Deed provided the following:

i. The deceased partner will be entitled to his share of profits up to the date of death,
calculated on the basis of previous year’s profits.
ii. He will be entitled to his share of goodwill of the firm , calculated on the basis of three
years ‘ purchase of the average profits of the last four years . The net profits for the last
four years ended 31st. March , were : 2016 - Rs. 8,00,000; 2017 – Rs.6,00,000; 2018 –
Rs.4,00,000 and 2019 – Rs. 2,00,000.
iii. His drawing up to the date of death was Rs. 18,000.
Determine the amount payable to the legal representatives of the deceased partner by
preparing the necessary accounts. [6]

31. A ,B ,and C are partners sharing profits in their Capital Ratio. They decided to dissolve the
firm on 30th Sep. 2016, at which date their Balance sheet was as follows:
Liabilities Rs Assets Rs.
Provident Fund 15,000 Plant and Machinery 2,00,000
WorkmenCompensation Res 25,000 Land and Buildings 4,00,000
Creditors 1,60,000 Furniture 10,000
Capitals: Debtors 1,50,000
A 3,50,000 Less:Provision 10,000 1,40,000
B 2,10,000 Bank 70,000
C 1,40,000 Cash 10,000
7,00,000 Goodwill 15,000
Prepaid Expenses 5,000
Advertisement Suspense 50,000
Account

9,00,000 9,00,000

You are informed that:
i. Plant realized at 60% and land and building at 150%.
ii. Debtors were realized at 80% and Rs.5,000 were recovered for bad debts written off
last year.
iii. Rs.20,000 had to be paid for provident fund.
iv. 50% creditors were settled at 90% and the remaining creditors were paid in full.
v. Claim for workmen compensation amount amounted to Rs.40,000.
vi. There was an old typewriter in the firm which had been written off completely from
the books. It is taken away by A at Rs.2,000.
vii. Realization expenses were to be borne by B for which he is to get a commssion of

Rs.15,000.
Actual realization expenses paid out of firm’s Bank Account amounted to Rs. 20,000.
Prepare necessary Accounts. [8]

7

32. Pioneer Ltd. invited applications for 11,000 shares of Rs.100 each to be issued at a premium of
10% payble as follows:
On application Rs. 25
On allotment Rs. 40
On first and final call Rs.35
Applications were received for10,000 shares and all of these were alloted . All the money
due was received except the first and final call on 100 shares which were forfeited. 60 of
these forfeited shares were reissued @ Rs. 90 per share credited as fully paid.
You are required to:
Pass the necessary Journal Entries.
[8]

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