NBSE Class 12 Question Paper 2022 Accountancy

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

2022
ACCOUNTANCY

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 24 questions.
iii) Marks are indicated against each question.
iv) General choice has been provided in some questions.
N.B: Check to ensure that all pages of the question paper is complete as indicated on the top left
side.

1. What is meant by entrance fee? 1

2. Give two examples of non-cash items. 1

3. State the nature of Profit and Loss Adjustment Account. 1

4. Write two rights of a new partner. 1

5. What is meant by Realisation Account? 1

6. Write any two grounds under which the firm can be dissolved by Court. 1

7. Give the meaning of ‘Premium on Redemption of Debenture Account’. 1

8. From the following information, compute the advance subscription as
on 31.12.2021 3
a) A club has 39 members, each paying annual subscription of 1,000
b) Subscription received during 2021 50,000
c) Subscription received in advance as at 31.12.2020 10,000
d) Subscription outstanding as at 31.12.2021 9,000
e) Subscription outstanding as at 31.12.2020 18,000
f) Subscription of 7,000 are still in arrears for the year 2020

9. List any three features of Receipts and Payments Account. 3

10. Explain three methods of redemption of debentures. 3

11. Write any three objectives of financial analysis. 3

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12. From the following information, calculate revenue from operations. 3
Sale of products 1,35,000
Sale of services 15,000
Trade commission 30,000
Excise duty 90,000

Answer any three (3) from the following questions 3x6=18

13. X and Y are partners in a firm. X is entitled to a salary of 2,000 per month together
with a commission of 10% of net profit before charging any commission. Y is
entitled to a salary of 5,000 per annum together with a commission of 10% net
profit after charging all commissions. Net profit before charging any commission
for the year was 55,000.
Prepare Profit and Loss Appropriation Account.

14. Write any six points of differences between Revaluation Account and
Realisation Account.

15. Distinguish between a share and a debenture on six bases.

16. Zee Ltd. issued 10,000, 12% debentures of 100 each at 6% discount, redeemable
at10% premium after 5 years, payable as 60 on application and the balance on
allotment. This issue was over-subscribed by 1000 debentures and allotment was
made on prorata basis. All money was duly received.
Journalise these transactions.

17. From the following information, Prepare Comparative Balance Sheet.
31.3.2020 31.3.2021

Shareholders’ funds 7,20,000 13,32,000
Non-current Liabilities 3,60,000 3,60,000
Current Liabilities 1,20,000 1,08,000
Non-current Assets 8,40,000 15,12,000
Current Assets 3,60,000 2,88,000

18. From the following information, Calculate
(i) Gross Profit Ratio (ii) Working Capital Turnover Ratio (iii) Proprietary Ratio
Paid up capital 8,00,000 Current Assets 5,00,000
Current Liabilities 2,90,000 9% Debentures 3,40,000
Cash Revenue from Operations 75% of Credit Sales
Credit Revenue from Operations 3,00,000
Cost of Revenue from Operations 3,80,000

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Answer any three (3) from the following questions: 3x10=30

19. The Balance Sheet of P and S sharing profits and losses in the ratio of 3:2 is given
below:

Liabilities Assets
Bank over-draft 20,000 Cash 8,000
Creditors 30,000 Debtors 10,000
Provision for doubtful debts 1,000 Bills receivable 60,000
General reserve 15,000 Stock 50,000
V’s loan 20,000 Building 90,000
Capitals Account Land 1,48,000
P 1,00,000
S 1,80,000
3,66,000 3,66,000

They admitted V as a new partner on the following terms:
i) V will get ⅛th share in the profits of the firm.
ii) V’s loan will be converted into his capital.
iii) The goodwill of the firm was valued at 80,000 and V brought his share of
goodwill premium in cash.
iv) Provision for doubtful debts was to be made equal to 5% of the debtors.
v) Stock to be depreciated by 7%, Land to be appreciated by 10%
Prepare the Revaluation Account, Capital Accounts of P, S and V and the
Balance Sheet of the new firm.

20. The Balance Sheet of A, B & C who are partners in a firm sharing profits according
to their capitals was as under

Liabilities Assets
Creditors 21,000 Buildings 1,00,000
A’s Capital 80,000 Machinery 50,000
B’s Capital 40,000 Stock 18,000
C’s Capital 40,000 Debtors 20,000
General reserve 20,000 Less: Provision 1,000 19,000
Cash at bank 14,000

2,01,000 2,01,000
On that date, B decided to retire from the firm and was paid for
his shares in the firm subject to the following:
i) Building to be appreciated by 20%.
ii) Provision for doubtful debts to be increased to 15% on debtors.
iii) Machinery to be depreciated by 20%.

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iv) Goodwill of the firm is valued at 72,000 and the retiring Partner’s share is
adjusted through the capital accounts of remaining partners.
v) The capital of the new firm be fixed at 1,20,000.
Prepare Revaluation Account, Partner’s Capital Account and the
Balance Sheet after retirement of B.

21. A Limited issued to the public for subscription 40,000 shares of 10 each at par
payable as 2 each on application, allotment and 1st call and the balance on the final
call. Applications were received for 60,000 shares and allotment was made prorata to
80% applicants. R to whom 1600 shares were allotted paid only the application money
and S who had applied for 2400 shares paid the entire call money due along with the
allotment money. Pass the necessary journal entries to record the above transactions
assuming that Calls-in-Arrears Account is maintained

22. Define share capital.State three purposes of securities premium. Write any six features
of debentures. (1+3+6=10)

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

Balance Sheets as at 31.3.2020 & 31.3.2021
31.3.2021 31.3.2020
Particulars
I. Equity & Liabilities
i) Shareholders’ Funds:
- Share Capital 8,50,000 4,60,000
- Reserves & Surplus 1,70,000 2,40,000
ii) Non Current Liabilities(10% debentures) 1,80,000 2,00,000
iii) Current Liabilities - -
Total 12,00,000 9,00,000
II. Assets
i) Non Current Assets
-Tangible Fixed Assets 7,00,000 5,00,000
ii) Current Assets
- Inventories 2,50,000 2,10,000
- Trade Receivables 1,90,000 1,40,000
- Cash & Cash Equivalents 60,000 50,000

Total 12,00,000 9,00,000

Additional information: During the year, a machine costing 70,000
(Depreciation provided there on 10,000) was sold for 50,000. Dividend paid
80,000. Depreciation provided during the year 20,000.

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24. From the following information, prepare the Cash Flow Statement.
BALANCE SHEETS
as at 31st March, 2019 and 31st March, 2020
31.03.2020 31 .03.2019
Particulars
I. Equity & Liabilities
i) Shareholders’ Funds:
- Share Capital 20,00,000 15,00,000
- Reserve and Surplus (Profit & Loss A/C) 4,00,000 2,00,000
ii) Non-Current Liabilities - -
iii) Current Liabilities
- Other Current Liabilities 4,00,000 3,00,000
-Short term provision(Proposed Dividend) 2,00,000 1,00,000
Total 30,00,000 21,00,000
II. Assets
i) Non Current Assets
-Tangible Fixed Assets 18,00,000 12,00,000
-Intangible Fixed Assets(Goodwill) _ 1,00,000
ii) Current Assets
- Inventories & Trade Receivables 12,00,000 8,00,000
Total 30,00,000 21,00,000
Additional information:
i) During the year 80,000 depreciation was charged on fixed assets.
ii) A piece of machine included in fixed assets costing 20,000 on which
depreciation charged was 8,000 was sold for 10,000.

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