NBSE Class 12 Question Paper 2021 for Accountancy

Total number of printed pages:5 NB/XII/ACC (NC)/1

2021
ACCOUNTANCY (NEW COURSE)

Full marks : 70 Time : 3 hours

General instructions:
i) Approximately 15 minutes is allotted to read the question paper and revise the
answers.
ii) The question paper consists of 17 questions. All questions are compulsory.
iii) Marks are indicated against each question.
iv) Internal choice has been provided in some questions.
N.B: Check that all pages of the question paper is complete as indicated on the top left side.

1. What is meant by legacy? 1

2. State the primary motive of not for profit organization. 1

3. Define partnership deed. 1

4. Why is Profit & Loss Appropriation Account prepared? 1

5. State the accounting treatment of accumulated profit in case of retirement of a
partner. 1

6. Who is liable for firm’s debts? 1

7. What is meant by redemption of debenture? 1

8. Write any three differences between fixed capital method and fluctuating
capital method. 3

9. X, Y and Z are sharing profits and losses in the ratio of 5:3:2. They decided to
share future profits and losses in the ratio of 2: 3: 5 with effect from 1 st April
2020. The following items appear in the balance sheet as at 31st March, 2019.
General Reserve 30,000; Advertisement Suspense A/C (Dr.) 20,000;
Contingencies Reserve 5,000 and Profit & Loss A/C (Cr.) 15,000. Pass the
necessary journal entries. 3

10. Write any three points of difference between an equity share and a preference
share. 3

11. X Limited purchased Machinery from Y Limited for 4,95,000, payable 20% in

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cash and the balance by the issue of fully paid 15% debentures of 100 each at par.
Journalise these transactions in the books of the company. 3

12. Explain three sources of redemption of debentures. 3

13. a. Write any six features of Income and Expenditure Account.
Or 6
b. From the following, prepare Income and Expenditure Account of R.K Sports
Club for the year ended 31st March, 2020.
Receipt & Payment Account of R.K Sports Club
for the year ended 31st March, 2020
Dr. Cr.
Receipts Pay Payments
Balance(b/f): Administrative Expenses 32,000
Cash 10,000 Repairs 1,600
Bank 6,500 Rent 1,000
Donations 10,000 Investments 8,000
Subscriptions 30,000 Salaries 7,000
Legacy 8,000 Furniture 5,200
Interest 1,400 Balance c/f
Miscellaneous Receipts 3,600 Cash 6,000
Bank 8,700
69,500 69,500

Managing committee decided to treat 50% donations and legacy as capital
receipts and balance revenue receipts.

14. Answer any two from the following: 2x6=12

a. Explain any six interested users in financial analysis.

b. Current Assets 2,00,000, Inventories 30,000, Prepaid expenses 10,000, Working
Capital 1,68,000. Calculate current ratio and quick ratio.

c. Prepare Common Size Statement of Profit & Loss from the following information:
31st March, 2019 31st March, 2020

Revenue from operation 20,00,000 30,00,000
Other income 4,00,000 3,60,000
Expenses 12,00,000 21,00,000
Tax rate 50% 50%

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15. a. The Balance Sheet of A and B sharing profits and losses in the ratio of 3:1 is given
below:
BALANCE SHEET of A and B

Liabilities Assets
A’s capital 6,000 Bank 1,000
B’s capital 2,000 Debtors 6,000
Creditors 1,000 Stock 3,000
Workmen’s Compensation Fund 2,000 Investment 5,000
Reserve 4,000 Goodwill 1,000
Employees Provident Fund 1,000
16,000 16,000

C was admitted for 2 5 th share in future profits on the following terms:
i) C will bring 8,000 for capital and 2,000 for goodwill.
ii) Market value of investment is 4,500.
iii) Claim on account of workmen’s compensation is 1,000.
iv) Goodwill is not to appear in the new firm at all.
Prepare the Revaluation A/C, Partners’ Capital A/C and the Balance
Sheet of the new firm.
Or 10
b. The following is the Balance Sheet of X and Y as on 31.3.2020:
Balance Sheet of X and Y as on 31st March, 2020
Liabilities Assets
Creditors & Bills Payable 38,000 Cash & Bank Balance 8,500
Loan from Mrs.X 5,000 Stock 5,000
Loan from Mrs.Y 10,000 Investments 10,000
Workmen’s Compensation Reserve 10,000 Debtors 20,000
Fixed Assets Replacement Reserve 1,000 Less: Provision 2,000 18,000
X’s Capital 10,000 Fixed Assets 39,000
Y’s Capital 10,000 Profit & Loss A/C 3,000
Advertisement Suspense A/C 500

84,000 84,000
The firm was dissolved on the same date and the following
transactions took place:
i) X promised to pay off Mrs. X’s Loan and took away the stock at 20% discount.
ii) Y took away half of the investment at 10% discount.
iii) Debtors falling due after 10 months were realized at a discount of 6% per
annum.
iv) Creditors and bills payable due after one (1) month were paid at 6% discount per
annum.

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v) Fixed assets realized at 71,000 and remaining investment realized at 4,500.
vi) There was an old furniture which has been written off completely from the
books. Y agreed to take away the same at the price of 300.
vii) Realisation expenses were 1,000 paid by X.
Prepare Realisation Account, Cash & Bank Account and Partner’s Capital
Account.

16. a. From the following information, prepare a Cash Flow Statement:

Balance Sheets as at 31.3.2019 & 31.3.2020
31.3.2020 31.3.2019
Particulars
I. Equity & Liabilities
i) Shareholders’ Fund:
- Share Capital 65,000 45,000
- Reserves & Surplus (Profit & Loss A/C) 42,500 25,000
ii) Non Current Liabilities - -
iii) Current Liabilities
- Trade Payable 11,000 8,700

Total 1,18,500 78,700
II. Assets
i) Non Current Assets
-Tangible Fixed Assets 83,000 46,700
-Intangible Assets (Goodwill) - 500
ii) Current Assets
- Inventories 13,000 11,000
- Trade Receivables 19,500 18,000
- Cash & Cash Equivalents 3,000 2,500
Total 1,18,500 78,700

Additional information:
During the year, depreciation charged on tangible fixed assets was 14,700
and an interim dividend 7,000 was paid.

Or 10

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b. From the following information, prepare the Cash Flow Statement.
BALANCE SHEETS
as at 31st March, 2019 and 31st March, 2020
31st 31st
Particulars March,2020 March,2019

I. Equity & Liabilities
i) Shareholders’ Funds:
- Share Capital 1,60,000 80,000
- Reserve and Surplus (Profit & Loss A/C) 70,000 54,000
ii) Non-Current Liabilities - -
iii) Current Liabilities
- Trade Payable 3,000 5,000
- Other Current Liabilities 25,000 15,000
Total 2,58,000 1,54,000
II. Assets
i) Non Current Assets
-Tangible Fixed Assets 1,88,000 89,000
-Intangible Fixed Assets(Goodwill) 20,000 30,000
ii) Current Assets
-Trade Receivables 20,000 15,000
- Cash & Cash Equivalents 30,000 20,000
Total 2,58,000 1,54,000
Additional information:
Depreciation provided during the year on machinery 10,000.

17. a. X Limited was registered with a capital of 1,00,000 in shares of 10 each .
It issued a prospectus inviting applications for 10,000 shares at 40% premium
payable as follows:
On application 5 (including 1premium)
On allotment 4 (including 1premium)
On first call 3 (including 1premium)
On second & final call 2 (including 1 premium)
Applications were received for 10,000 shares. All money was dully received.
Pass the necessary journal entries.
Or 10
b. Y Limited offered 24,000 shares of 10 each at 20% premium payable as follows:
On application 6 (including 1 premium) and balance on allotment
(including the balance premium).
Public has applied for 39,000 shares. Shares were allotted on pro-rata to
the applicants of 30,000 shares. Money overpaid on applications was employed on
account of sum due on allotment. All the shareholders have paid the amount up to
allotment except Gama, the allottee of 4,800 shares.
Pass the necessary journal entries.
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