G.D.

GOENKA PUBLIC SCHOOL, VASANT KUNJ

ASSESSMENT- IV,2021-22
CLASS XII
ACCOUNTANCY (055)

Time: 2 Hours Max Marks: 40

General Instructions:
Read the following instructions very carefully and strictly follow them:
1. This question paper comprises two PARTS – A and B. There are 12 questions in the
question paper. All questions are compulsory.
2. Question nos. 1 to 3 and 10, are short answer type-I questions carrying 2 marks
each.
3. Question nos. 4 to 6 and 11, are short answer type-II questions carrying 3 marks
each.
4. Question nos. 7 to 9 and 12, are long answer type questions carrying 5 marks
each.
5. There is no overall choice. However, an internal choice has been provided in 3
questions of three marks and 1 question of five marks.

PART-A
(Accounting for Not-for-Profit organizations, Partnership firms and
Companies)

1. How would the following items be treated while preparing the

financial statements of a Sports Club?

Particulars Amount(₹)

Prize Fund 44,000

Interest on Prize Fund Investments 6,000

Prizes Awarded 46,000

Match Expenses 64,000

Prize Fund Investments 44,000

2

2. A, B and C are sharing profits in the ratio of 2:2:1. B died on 30th

June,2021. Accounts are closed on 31st March each year. Sales for the

Accountancy - XII/2021-22/Page 1 of 10
 year ended 31st March,2021 was ₹3,00,000. Sales of ₹1,00,000
amounted between the period from 1st April,2021 to 30th June,2021.
Profit for the year ended 31st March,2021 was ₹30,000. Calculate
deceased partner’s share in the profit of the firm. 2

3. Ram, Mohan and Sohan were partners in a firm sharing profits and
losses in the ratio of 12:8:5. On Mohan’s Retirement, goodwill of the
firm is valued at ₹50,000 and his share of goodwill was adjusted by
passing the following Journal Entry:

JOURNAL
Date Particulars L.F. Dr.Amt. Cr.Amt.
(₹) (₹)

Ram’s Capital A/c … Dr. 6,000

Sohan’s Capital A/c… Dr. 10,000
To Mohan’s Capital A/c 16,000
(Being the retiring partner’s
share of goodwill adjusted
between remaining partners in
their gaining ratio)
Calculate the individual partner’s gain or sacrifice on Mohan’s 2
retirement and new profit-sharing ratio.

4. How will the following items be treated while preparing the Income
and Expenditure Account and Balance Sheet of a Not-for-profit
organization for the year ended 31st March, 2020?

As at 1-4-2019(₹) As at 31-3-2020(₹)
Creditors for sports materials 18,000 41,000
Stock of sports materials 27,000 38,000

During 2019-20 the payment made to creditors for sports material was
₹5,23,000.

OR

From the following particulars of Green Club, prepare Receipts and

payments Account for the year ended 31st March, 2020.

Accountancy - XII/2021-22/Page 2 of 10
 Particulars Amount(₹)

Opening balance of cash 16,000

Subscriptions (including ₹13,000 for 2018-19) 93,000
Investments Purchased 35,000
Maintenance Expenses 15,000
Locker Rent 40,000
Life membership fees 85,000
Insurance Premium 6,000
3

5. A, B and C are partners sharing profits and losses in the ratio of

3:2:1. C retires and his capital account after making
adjustment of reserves and profit on revaluation exists at
₹44,000. A and B have agreed to pay him ₹55,000 in full
settlement of his claim. Record necessary journal entry for
goodwill on C’s retirement.
3

6. On 1st April, 2019, Sony Ltd. took over assets of ₹14,00,000 and
liabilities of ₹1,50,000 of Earth Ltd. for the purchase consideration of
₹13,20,000. The payment was made by issue of 11% Debentures of
₹100 each at a premium of 10%.
On the same date, the company issued 25,000; 12% Debentures of
₹100 each at a discount of 10%, redeemable at 5% premium after 5
years. Pass the necessary Journal Entries in the books of Mahima Ltd.
to record the given transactions.

OR

Fill in the blanks in the following Journal Entries:

In the Books of …..

JOURNAL

Date Particulars L.F. Dr. (₹) Cr. (₹)

Bank A/c Dr. ………

To Bank Loan A/c …………
(Being loan taken from Axis
Bank)

Accountancy - XII/2021-22/Page 3 of 10
 ……………………………… Dr. ………….
To……………………………… ………
(Being 11% Debentures of
₹100 each issued as collateral
security for a loan from Axis
Bank)

AN EXTRACT OF BALANCE SHEET OF …

as at …

Particulars Note (₹)

No.

I. EQUITY AND LIABILITIES

1. Non-Current Liabilities
Long-term Borrowings 1 ……..

Notes to Accounts:

Particulars Amt. (₹)

1. Long-term Borrowings
Loan from Axis Bank 5,00,000
6000; 11% Debentures of ₹100 each issued
as Collateral Security 6,00,000
Less: Debenture Suspense ………. ……..

……
3

Accountancy - XII/2021-22/Page 4 of 10
7. Following is the Balance Sheet of Jain, Gupta and Malik as on March
31, 2020:
Balance Sheet as on March 31,2020

Liabilities Amount Assets Amount

(₹) (₹)

Sundry Creditors 19,800 Land and Building 26,000

Telephone bill Bonds 14,370
outstanding 300 Cash and Bank
Bills Payable 8,950 Balance 5,500
Profit and Loss A/c 16,750 Bills Receivable 23,450
Capitals: Sundry Debtors 26,700
Jain 40,000 Stock 18,100
Gupta 60,000 Office Furniture 18,250
Malik 20,000 1,20,000 Plants and Machinery 20,230
Computers 13,200

1,65,800 1,65,800

The partners have been sharing profits in the ratio of 5:3 :2. Malik
decides to retire from business on April 1, 2020 and his share in the
business is to be calculated as per the following terms of revaluation
of assets and liabilities: Stock ₹20,000; Office furniture ₹14,250; Plant
and Machinery ₹23,530; Land and Building ₹20,000. A provision of
₹1,700 is to be created for doubtful debts. Telephone bill outstanding
had been paid off.

The goodwill of the firm is valued at ₹9,000. The continuing partners

agreed to pay ₹16,500 as cash on retirement of Malik, to be
contributed by continuing partners in the ratio of 3 : 2.
Prepare Revaluation Account, Partners’ Capital Accounts, and Balance
Sheet of the reconstituted firm.

OR

On 31st December, 2020, the Balance Sheet of P, Q and R who were

partners in a firm was as under:

Accountancy - XII/2021-22/Page 5 of 10
 Balance Sheet as on December 31,2020

Liabilities Amount Assets Amount

(₹) (₹)

Sundry Creditors 25,000 Building 26,000

Reserve Fund 20,000 Investments 15,000
Capitals A/cs: Debtors 15,000
P 15,000 Bills Receivable 6,000
Q 10,000 Stock 12,000
R 10,000 35,000 Bank 6,000

80,000 80,000

The partnership deed provides that the profits be shared in the ratio
of 2:1:1 and in the event of death of a partner, his executors will be
entitled to be paid out:
(i) The capital to his credit at the date of the last Balance Sheet.
(ii) His proportion of Reserve at the end of last Balance Sheet.
(iii) His proportion of profits to the date of death based on the
average profit of the last three completed years, plus 10%.
(iv) By the way of Goodwill, his proportion of the total profits for the
three preceding years.
(v) The net profit for last three years was:
2018: ₹16,000; 2019: ₹16,000; 2020: ₹15,400.

R died on 1st April,2021, He had withdrawn ₹5,000 to the date of his

death. The Investments were sold at par and R’s executors were paid
off.
Prepare the partners’ Capital Accounts and the Balance Sheet of the
surviving partners P and Q. 5

8. Pass necessary Journal Entries for ‘issue of debentures’ for the

following:
(i) Mahima Ltd. issued ₹1,35,000, 12% Debentures of ₹100 each at
a discount of 10%, redeemable at a premium of 5%.
(ii) Ayasha Ltd. issued 1,600, 9% Debentures of ₹100 each at a
premium of ₹20 per Debenture, redeemable at a premium of
₹10 per Debenture.
(iii) Hina Ltd. issued 2,000, 9% Debentures of ₹100 each at a 5
discount of 6%, redeemable at par.
9. RAVI KUMAR, an Ex-Indian cricketer decided to start a cricket
academy to train the young enthusiastic players of South India. With
the support and guidance of his family he started the Star cricket

Accountancy - XII/2021-22/Page 6 of 10
 academy at Tirunelveli township area on 1st April 2020.
Land was donated by his grandfather worth ₹10,00,000 for cricket
coaching. His father Ram Kumar donated ₹5,00,000 for the
construction and running of the academy. He spent ₹3,00,000 for
construction of the pavilion. 200 players of Tirunelveli joined the
academy and they paid a yearly subscription of ₹1200 each. 10 players
paid in advance for the next year 2021-22. Ravi Kumar appointed a
well- experienced coach for them, the coach fee amounted to
₹1,20,000 p.a.
The maintenance expenses amounted to ₹75,000. Bats and balls
purchased during the year amounted to ₹15,000. Closing stock of bats
and ball amount to ₹1000.
Based on the above information you are required to answer the
following questions:

1. The amount of subscription to be credited to income and

expenditure account.
2. How will you treat the land donated by his grandfather?
3. The amount of liability towards advance subscription.
4. The amount of subscription received as per Receipts and
payments Account of Star cricket club.
5. What amount should be charged to the Income and Expenditure
account for bats and balls consumed during the year? 5

PART- B
(Analysis of Financial Statements)

10. Under which type of Activity will the following be classified:

(i) Purchase of Goodwill

(ii) Purchase of shares by Mutual Fund Company. 2

11. Prepare a Common-Size Statement of Profit and Loss of ‘Hari Darshan

Ltd.’ from the following information:
Particulars Note 2018-19 2017-18
No. (₹) (₹)
Revenue from Operations 20,00,000 10,00,000
Purchase of Stock-in-Trade 7,70,000 4,20,000
Changes in Inventories 1,20,000 80,000
Other Expenses 52,000 30,000
Other Incomes 60,000 50,000
Tax Rate 50%

OR

Accountancy - XII/2021-22/Page 7 of 10
 From the following Balance Sheets of Universe Ltd. as at 31st March,
2020 and 2019, prepare a Comparative Balance Sheet.

BALANCE SHEET OF UNIVERSE LTD.

As at 31st March, 2020 and 2019

Particulars Not 31.03.2020 31.03.2019

e (₹) (₹)
No.
I. EQUITY AND LIABILITIES
1. Shareholders’ Funds
a) Share Capital 20,00,000 15,00,000
b) Reserves and Surplus 3,00,000 4,00,000
2. Non-Current Liabilities
Long-term Borrowings 9,00,000 6,00,000
3. Current Liabilities
Trade Payables 3,00,000 2,00,000

Total 35,00,000 27,00,000

II. ASSETS
1. Non-Current Assets
Fixed Assets
(i) Tangible Assets 20,00,000 15,00,000
(ii) Intangible Assets 9,00,000 6,00,000
2. Current Assets
a) Inventories 3,00,000 4,00,000
b) Cash and Cash 3,00,000 2,00,000
Equivalents (Cash)

Total 35,00,000 27,00,000

3

12. From the following Balance Sheets of Sunrise Ltd. as at 31st March,
2019 and 31st March, 2018. Prepare Cash Flow Statement:

Accountancy - XII/2021-22/Page 8 of 10
 Particulars Not 31.03.2019 31.03.2018
e (₹) (₹)
No.
I. EQUITY AND LIABILITIES
1. Shareholders’ Funds
a) Share Capital 6,50,000 4,50,000
b) Reserves and Surplus 1 2,10,000 1,50,000
2. Non-Current Liabilities
Long-term Borrowings 2 2,00,000 2,00,000
3. Current Liabilities
Trade Payables 1,80,000 90,000

Total 12,40,000 8,90,000

II. ASSETS
1. Non-Current Assets
a) Fixed Assets:
(i) Tangible Assets 7,50,000 5,15,000
(Machinery)
b) Non-Current
Investments (12% 1,50,000 1,00,000
Investments)
2. Current Assets
a) Inventories 1,75,000 1,25,000
b) Trade Receivables 90,000 1,05,000
c) Cash and Cash 75,000 45,000
Equivalents

Total 12,40,000 8,90,000

Notes to Accounts:

Particulars 31.03.2019 31.03.2018

(₹) (₹)
1. Reserves and Surplus

General Reserve 60,000 50,000

Surplus, i.e. Balance in Statement of
Profit and Loss 1,50,000 1,00,000
2,10,000 1,50,000
2. Long-term Borrowings
10% Debentures 2,00,000 2,00,000

Accountancy - XII/2021-22/Page 9 of 10
Additional Information:
a) Depreciation charged during the year ₹65,000.
b) Rent received during the year ₹20,000. 5
c) New Investments made on 1st October, 2018.

Accountancy - XII/2021-22/Page 10 of 10