MBOSE Class 12 Question Paper 2022 for Accountancy

Total No. of Printed Pages—19
HS/XII/Com/Ac/22

2022

ACCOUNTANCY
(Commerce)

Full Marks : 80
Time : 3 hours

The figures in the margin indicate full marks for the questions

General Instructions :
(i) This question paper contains two Parts—A and B.
(ii) Part—A and Part—B are compulsory for all candidates.
(iii) All parts of the questions should be attempted at one
place.

PART—A
( Accounting for Not-for-Profit Organizations,
Partnership Firms and Companies )
( Marks : 60 )
1. Choose and write the correct answer (any seven) : 1×7=7
(a) Receipts and Payments A/c is

(i) Real A/c

(ii) Personal A/c

(iii) Nominal A/c

(iv) either Real A/c or Nominal A/c

/59 [ P.T.O.

( 2 )

(b) In the absence of partnership deed, partners are not
entitled to receive

(i) salaries

(ii) interest on capital

(iii) commission

(iv) All of the above

(c) If the new partner brings the amount of goodwill in
cash, goodwill is transferred to Partners’ Capital
Accounts in

(i) new ratio

(ii) old ratio

(iii) sacrificing ratio

(iv) gaining ratio

(d) Subscription received in advance during the current
year is

(i) an income

(ii) a liability

(iii) an asset

(iv) None of the above

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( 3 )

(e) Profits of a firm during the last 5 years were as
follows :
R 20,000, R 23,000, R 26,000, R 30,000 and
R 35,000
Goodwill of the firm at 4 years’ purchase of average
profit will be

(i) R 1,34,000

(ii) R 1,07,200

(iii) R 1,72,000

(iv) R 1,45,000

(f) The amount due on shares which has been called-up
by the company but has not been paid by the share-
holders is

(i) calls-in-arrear

(ii) reserve capital

(iii) nominal capital

(iv) subscribed capital

(g) Premium received on issue of shares is shown at

(i) liabilities side

(ii) assets side

(iii) debit side of P & L A/c

(iv) credit side of P & L A/c

HS/XII/Com/Ac/22/59 [ P.T.O.

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(h) When forfeited shares are reissued, then the
Forfeited Shares Account is finally closed by transfer
of its balance to

(i) Securities Premium Account

(ii) General Reserve Account

(iii) Both (i) and (ii)

(iv) Capital Reserve Account

(i) Debenture holders are entitled to receive

(i) dividend

(ii) interest

(iii) profit

(iv) All of the above

(j) Interest on calls in arrear is at the rate of

(i) 10%

(ii) 5%

(iii) 6%

(iv) 9%

HS/XII/Com/Ac/22/59 [ Contd.

( 5 )

2. Answer the following questions (any seven) : 1×7=7

(a) What is debenture?

(b) What is capital reserve?

(c) Give any one source of finance for redemption of
debentures.

(d) Give one point of difference between Receipts and
Payments A/c and Cash A/c.

(e) What is meant by pro-rata allotment of shares?

(f) What is gaining ratio?

(g) State any one feature of partnership.

(h) Why is Profit and Loss Appropriation Account
prepared?

(i) Define goodwill.

(j) What is super profit?

3. Calculate the amount of salaries to be debited
to Income and Expenditure Account, ending
31st March, 2019 : 3
R
Salaries outstanding on 1st April, 2018 8,000
Salaries outstanding on 31st March, 2019 12,000
Prepaid salaries on 31st March, 2019 6,000

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( 6 )

R

Prepaid salaries on 1st April, 2018 5,000

Salaries paid during the year 2018–2019 25,000

Or
From the following information, find out the amount to
be debited to Income and Expenditure Account on
account of ‘stationery’ on 31-12-2019 :
R

Stock of stationery on 01-01-2019 1,500
Stock of stationery on 31-12-2019 600
Paid for stationery during the year 2019 7,000
Creditors for stationery on 31-12-2019 2,400

Creditors for stationery on 01-01-2019 1,800

4. The Directors of a company forfeited 400 shares of R 10
each issued at a premium of R 3 per share, for non-
payment of first call money of R 3 per share. The final call
of R 2 per share has not been made. Half of the shares were
reissued at R 7 per share, R 8 paid-up.
Record the Journal Entries for forfeiture and reissue of
shares. 3

5. K and P were partners in a firm sharing profits in 4 : 3
ratio. Their capitals on 01-04-2020 were—K R 80,000
and P R 60,000. The partnership deed provided as
follows :

(i) Interest on capital and drawings will be allowed and
charged @ 12% p.a. and 10% p.a. respectively

HS/XII/Com/Ac/22/59 [ Contd.

( 7 )

(ii) K and P will be entitled to get monthly salary of
R 2,000 and R 3,000 respectively

The profits for the year ended 31-03-2021 were
R 1,00,300. The drawings of K and P were R 40,000
and R 50,000 respectively. Interest on K ’s drawings was
R 2,000 and P’s drawings was R 2,500.
Prepare Profit and Loss Appropriation Account. 4

6. A, B and C are partners sharing profits and losses in the
proportion of 3 : 2 : 1. Firm closes its accounts on 31st
December every year. B died on 28th February, 2021.
There was a balance of R 6,000 in B’s Capital Account in
the beginning of the year. According to the partnership
agreement, B’s legal representative is entitled to be paid
out as follows :
(i) The capital to his credit at the time of his death and
interest up to the time of his death at 12% p.a.
(ii) His appropriate share of General Reserve is R 3,000
(iii) His share of profits on the basis of last year’s profit
which was R 10,800
(iv) His share of goodwill which has been valued at
R 30,000
Prepare B’s Capital Account. 4

7. Singh Ltd. purchased Plant and Machinery from Jain
Ltd. for R 9,40,000. R 5,00,000 were paid through the
bank and the balance by issuing 9% debentures of R 100
each at a premium of 10%.
Pass the necessary Journal Entries for the above
transactions in the books of Singh Ltd. 4

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( 8 )

Or
XYZ Ltd. issued 3000, 12% debentures of R 100 each.
Pass Journal Entries in the books of the company for the
issue of debentures when debentures were—
(i) issued at discount of 5% and redeemable at 5%
premium;
(ii) issued at 4% premium and redeemable at 6%
premium.

8. Following is the Receipts and Payments Account of
Green Club for the year ended 31st December, 2019 :

Receipts & Payments Account of Green Club
for the year ended 31st December, 2019

Receipts R Payments R
To Cash in Hand 15,000 By Printing & Stationeries 1,800

” Subscription received ” Travelling Expenses 9,000
(including R 2,000
for 2020) 25,000 ” Repairs 500

” Donations 40,000 ” Rent 15,000

” Sales of Furniture ” Furniture Purchased 25,000
(Book value R 5,000) 3,500 Investment 10,000
”
” Life Membership Fees 5,000 ” Salaries 20,000

” Interest on Investment 1,000 ” Cash in Hand 8,200
89,500 89,500

Additional Information :
(i) 40% of the donations are to be capitalized
(ii) Subscriptions due on 31-12-2019 was R 1,500
(iii) Interest on investments was due for R 1,500
Prepare Income and Expenditure Account. 6

HS/XII/Com/Ac/22/59 [ Contd.

( 9 )

Or

Following is the Receipts and Payments Account of Lion
Club for the year ended 31st March, 2018 :

Receipts & Payments Account of Lion Club
for the year ended 31st March, 2018

Receipts R Payments R
To Balance b/d 10,000 By Investments @ 8% p.a.
” Subscriptions : securities on
2017-2018 18,000 ” 1st October, 2017 10,000
2018-2019 500 ” Furniture 5,400
” Entrance Fee 350 ” Salaries 4,500
” Income from ” Stationery 1,200
Entertainment 3,400 ” Electricity Charges 2,400
” Sale of Old ” Balance c/d 8,900
Newspapers 150
32,400 32,400

Additional Information :

(i) The Club has 400 members each paying an annual
subscription of R 50

(ii) Stock of stationery on 31st March, 2017, R 780 and
on 31st March, 2018, R 860

(iii) On 1st April, 2017, premises were R 16,000.
Depreciation on premises and furniture to be
charged @ 5% and 10% p.a. respectively

Prepare Income and Expenditure Account for the year
ended 31-03-2018.

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( 10 )

9. A, B and C are partners who share profits and losses
in the ratio of 5 : 3 : 2. They decided to dissolve the
partnership firm on 31st March, 2018. The Balance
Sheet on this date is as follows :
Balance Sheet as on 31st March, 2018
Liabilities Amount Assets Amount
(R) (R)
Creditors 2,750 Furniture 50
A’s Loan Account 300 Stock 1,750
Capital Accounts : Debtors 2,400
A 1,000 Bills Receivable 300
B 500 Cash 100
C 50 1,550
4,600 4,600

R 200 of the debtors proved bad; the bills receivable were
realized in full; the stock realized R 1,700; Furniture was
taken over by B at book value and the expenses of
realization amounted to R 200.
Prepare Realization Account, Partners’ Capital Accounts
and Cash Account. 6
Or
A, B and C were the partners in a firm sharing profits
and losses in their capital ratios. Balance Sheet as on
31st March, 2018 was as follows :
Balance Sheet as on 31st March, 2018
Liabilities Amount Assets Amount
(R) (R)
Capitals : Plant and
A 30,000 Machinery 43,600
B 20,000 Furniture 3,700
C 10,000 60,000 Investments 47,600
Creditors 57,400 Stock 16,000
Cash at Bank 6,500
1,17,400 1,17,400

HS/XII/Com/Ac/22/59 [ Contd.

( 11 )

The firm was dissolved on the above date.
A took over investments and stock at R 40,600. Plant and
machinery were realized for R 84,040 and furniture at
book value. Creditors were paid in full settlement.
Prepare Realization Account, Partners’ Capital Accounts
and Cash Account.

10. Mohan and Sohan are sharing profits in the ratio of 5 : 3.
They admit Rohan with 1
5
th share. Their Balance Sheet
as on 31st March, 2018 was as follows :

Balance Sheet as on 31st March, 2018
Liabilities Amount Assets Amount
(R) (R)
Capitals : Cash 6,000
Mohan 40,000 Debtors 50,000
Sohan 50,000 90,000 Stock 40,000
Creditors 40,000 Furniture 10,000
Bills Payable 10,000 Plant 38,000
General Reserve 16,000 Goodwill 12,000
1,56,000 1,56,000

Rohan was admitted on the following terms :
(i) Furniture and plant to be depreciated by 10%
(ii) Stock to be revalued at R 48,500
(iii) Rent for one month R 1,200 is outstanding and
insurance is prepaid R 500
(iv) Rohan to contribute R 60,000 as capital and
R 16,000 as his share of goodwill

Prepare Revaluation Account, Partners’ Capital Accounts
and Balance Sheet. 8

HS/XII/Com/Ac/22/59 [ P.T.O.

( 12 )

Or

A, B and C are partners in a firm and share profits and
losses in 3 : 2 : 1 ratio. Balance Sheet of the firm as on
31st March, 2018 was as follows :
Liabilities Amount Assets Amount
(R) (R)
Bills payable 18,000 Cash 30,000

Creditors 48,000 Stock 40,000

Bank overdraft 20,000 Debtors 70,000

General Reserve 24,000 Furniture 20,000

Capitals : Machinery 90,000

A 1,20,000 Building 1,20,000

B 90,000

C 50,000 2,60,000

3,70,000 3,70,000

B retired from the firm and partners decided as follws :

(i) Value of stock to be increased by R 4,000

(ii) Provision for doubtful debts to be made at 6%

(iii) Furniture and machinery to be depreciated by 10%

(iv) Building to be appreciated by 20%

(v) Goodwill to be valued at R 1,20,000 and B’s share to
be adjusted through the Capital Accounts of A and C
Prepare Revaluation Account and Partners’ Capital
Accounts and Balance Sheet.

HS/XII/Com/Ac/22/59 [ Contd.

( 13 )

11. AB Ltd. invited applications for 100000 shares of R 100
each issued at par. The amount was payable as follows :
On application — R 20
On allotment — R 30
On first and final call — balance
Applications for 140000 shares were received.
Applications for 30000 shares were rejected and pro-rata
allotment was made to the remaining applicants. All calls
were made and were duly received except the first and
final call on 1500 shares held by Kumar. His shares were
forfeited. Out of the forfeited shares, 1000 shares were
reissued at R 120 per share, fully paid-up.
Pass necessary Journal Entries in the books of AB Ltd. 8

Or

A company issued for public subscription, 40000 shares
of R 10 each at a premium of R 2 per share payable as
under :

On application—R 2 per share

On allotment—R 5 per share (including premium)

On first call—R 2 per share

On second call—R 3 per share

Applications were received for 60000 shares. The excess
applications were rejected. Ram, to whom 1600 shares
were allotted failed to pay both the calls. These shares
were subsequently forfeited after the second call was
made. All the forfeited shares were reissued as fully paid
at R 8 per share.
Pass Journal Entries in the books of the company.

HS/XII/Com/Ac/22/59 [ P.T.O.

( 14 )

PART—B

( Analysis of Financial Statements )

( Marks : 20 )

12. Choose and write the correct answer (any three) : 1×3=3

(a) Liquid ratio is also known as

(i) acid-test ratio

(ii) quick assets ratio

(iii) current ratio

(iv) working capital ratio

(b) _____ ratio refers to the relationship between long-
term debt and equity of the company.

(i) Proprietary

(ii) Debt-equity

(iii) Total assets to debt

(iv) Stock turnover

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( 15 )

(c) Cash receipts from the sale of goods and services in
which a business deals will be shown in cash flow
statement under

(i) operating activities

(ii) investing activities

(iii) financing activities

(iv) None of the above

(d) Cash flow statement is required for the financial
planning of

(i) long-range

(ii) medium-range

(iii) short-range

(iv) very long-range

13. What do you mean by accounting ratios? 1

14. Give the formula of debtor turnover ratio. 1

15. List any one objective of preparing the cash flow
statement. 1
Or
List any one operating activity which will result in out-
flow of cash.

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( 16 )

16. From the following statement of profit and loss of Zeal
Ltd. for the years ended 31st March, 2018 and 2019,
prepare a comparative statement of profit and loss : 4

Particulars 2019 2018
R R
Revenue from operations 11,00,000 10,00,000

Other incomes 50,000 80,000

Cost of goods sold 5,00,000 6,00,000

Expenses 1,00,000 1,50,000

Rate of income tax was 40%.

17. Calculate stock turnover ratio from the following
information : 4
R

Opening Stock 25,000

Closing Stock 15,000

Total Sales 4,00,000

Gross Profit 25% on cost.

Or

A firm has current ratio of 2 and liquid ratio of 1·5 : 1
and stock in hand is R 1,50,000. Find out current
assets and current liabilities.

HS/XII/Com/Ac/22/59 [ Contd.

( 17 )

18. Following are the Balance Sheets of Wisben Ltd. as on
31st March, 2018 and 2017 :

Particulars 31.03.2018 31.03.2017
R R
I. Equity and Liabilities :

1. Shareholders’ Funds :

(a) Share Capital 7,00,000 6,00,000

(b) Reserves and Surplus 2,00,000 1,10,000
(profit and loss balance)

2. Non-current Liabilities :
Long-term Borrowings 3,00,000 2,00,000

3. Current Liabilities :
Trade Payables 30,000 25,000

Total 12,30,000 9,35,000

II. Assets :

1. Non-current Assets :

Fixed Assets :
Tangible Assets 11,00,000 8,00,000

2. Current Assets :

(a) Inventories 70,000 60,000

(b) Trade Receivables 32,000 40,000

(c) Cash and Cash Equivalents 28,000 35,000

Total 12,30,000 9,35,000

HS/XII/Com/Ac/22/59 [ P.T.O.

( 18 )

Adjustments :

(i) During the year, a piece of machinery of the book
value of R 80,000 was sold for R 65,000

(ii) Depreciation provided on tangible assets during the
year amounting to R 2,00,000

Prepare a Cash Flow Statement. 6
Or

From the following Balance Sheets of Zeal Ltd., prepare
Cash Flow Statement :
Particulars 31.03.2019 31.03.2018
R R
I. Equity and Liabilities :

1. Shareholders’ Funds :
(a) Share Capital 12,00,000 10,00,000
(b) Reserves and Surplus :
(balance of profit and loss) 5,20,000 4,40,000
2. Non-current Liabilities :
Long-term Borrowings 5,80,000 4,90,000
3. Current Liabilities :
Trade Payables 1,50,000 90,000

Total 24,50,000 20,20,000

II. Assets :

1. Non-current Assets :
(a) Fixed Assets :
Tangible Assets 13,50,000 11,00,000
(b) Non-current Investments 3,00,000 3,00,000

HS/XII/Com/Ac/22/59 [ Contd.

( 19 )

Particulars 31.03.2019 31.03.2018
R R

2. Current Assets :

(a) Current Investment (Marketable) 2,50,000 3,00,000

(b) Trade Receivables 3,00,000 1,50,000

(c) Cash and Cash Equivalents 2,50,000 1,70,000

Total 24,50,000 20,20,000

Additional Information :

(i) Income tax paid—R 60,000

(ii) A piece of land having book value of R 80,000 was
sold at a profit of R 30,000



HS/XII/Com/Ac/22/59 22K—3170