3 SAMPLE PAPER

[Easy Concept]
Time Allowed: 3 Hours] [Maximum Marks: 80

General Instrudions:
1. This question paper contains 34 questions. All questions are compulsory.
2. This question paper is divided into two parts, Part Aand B.
3. Part-A is compusory for all the candidates.
4. Part-B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised Accounting.
Students must attempt only one of the given options as per the subject opted.
5. Question Nos. 1 to 16 and 27 to 30 carry l mark each.
6. Question Nos. 17 to 20,31 and 32 carry3 marks each.
7. Question Nos. 21, 22 and 33 carry 4 marks each.
8. Question Nos. 23 to 26 and 34 carry 6 marks cach.
9. There is no overall choice. However, an internal choice has been provided in 7 questions of one
mark, 2 questions of three marks, 1 question of four marks and 2 questions of six marks.

PART - A
Accounting for Partnership Firms and Companies
1. Deep and Sandeep were partners sharing profits and losses in the ratio of 3 : 2. Pradeep was
admitted for 1/4th share. The journal entry recorded for distribution of goodwill (premium) is
given below:
Premium for Goodwill A/c Dr. 20,000
To Deep's Capital A/e 15,000
To Sandeep's Capital A/c 5,000
(Being premium for goodwill distributed to sacrificing partners)
The sacrificing ratio of Deep and Sandeep is:
(a) 3:2 (b) 1:1 (c) 3: 1 (d) 2:1
2. Assertion (A): Commission paid to manager is shown in Profit and Loss Appropriation A/c.
Reason (R): Commission paid to manager is a charge against profits.
(a) Both (A) and (R) are true, and (R) is the correct explanation of (A)
(b) Both (A) and (R) are true, but (R) is not the correct explanation of (A).
(c) (A) is true but (R) is fase.
(d) (A) is fase and (R) is true.
3. A share of ? 20 each issued at par for which ?8 is not yet called. The called up capital is:
(a) ? 20 (b) ? 12 (c) ? 8 (d) Nil
Or
debentures cannot be converted into shares.
(a) Covertible (b) Non-convertible
(c) Redeemable (d) Non-redeemable

Sample Papers 1
 ratio of 3 : 2. They
in a firm sharing
profits and losses in the
Prayag were partners They have balance in Iavestment
4. Raag and and losses in the ratio of
2: 3.
book value of
agreed to share future profits investment is 80,000 against the
The market value of
Fluctuation Fund of ? 40,000.
Revaluation Account will be:
7 1,30,000. The (b) credited by ? 40,000.
(a) debited by ? 50,000. (d) debited by 10,000.
(C) credited by ? 10,000.
Or
2:1.Zis guaranteed a
profits and losses in the ratio of 2 :
X, Y and Z are
partners sharing
amounted to? 80,000. The profit received by
Profit for the year
minimum profit of ? 20,000 by X.
each partner will be: 20,000 respectivey.
20,000 respectively. (b) 20,000, 40,000, ?
(a) 28,000, 32,000, respectively.
respectively. (d) 36.000, 16,000, 3 18,000
(c) ? 30,000, 30,000, ? 20,000 losses in the ratio of 5:2. They have capital
partners sharing profits and Their drawings for the year
5. Vivek and Manish are 2,00,000 and ? 2,40,000 respectively.
balance as on 31st March 2024 3 10% p.a. Calculate the opening capital
capital to be provided @
was 60,000 each. Interest on is distr+buted without providing
during the year was ? 3,50,000 and it
of Manish if divisible profit
interest on capital. (b) ? 2,00,000
(a) ? 3,0,000 (d) 2,40,000
(c) ? 2,80,000 be redeemed
10,000: 10% Debentures of ? 50
each at 5% premium which is to
6. Ganesh Ltd. issued Statement of Profit and Loss for writing
How much amount will be debited
in
at 10% premium. debentures?
off loss on issue of (b) ? 50,000
(a) ? 25,000 (d) 1,00,000
(c) ? 75,000 Or
discount to
Debentures of ? 100 each at certain rate of
Accounts Guru Ltd. issued 180,000; 12% premium balance was R 40,00,000 and after
issue, securities
be redeemed at 20% premium. Before securities premium balance was 40,000. Find the rate of
writing off loss on issue of debentures,
issued.
discount at which the debentures were
(c) 29% (d) 7%
(a) 59% (b) 10% 5 on application, ? 2 on
18,000 shares of ?10 each payable
7. Entire LId. invited applications for received from public. Which of the folowing
money
allotment and balance on calL Application
shares as per SEBI guidelines?
application money will allow to proceed allotment(b)of ? 72,000
(a) ? 78,000
(d) 85,000
(c) ? 79,900
1,00,000, 2,00,000 and ? 3,00,000 respectively as on
8. A, B and Care partners with capital of workmen
firm on same day. There is a balance of
31st March, 2024. A decides retirement from is a claim of R 15,000. The goodwill of the
there
compensation reserve of ? 75,000 against which
1,20,000. What amount will be paid to A on
firm is valued at 3,00,000. Loss on revaluation is
his retirement?
(b) ? 2,00,000
(a) ? 1,00, 000
(c) ? 1,80,000 (d) ? 2,20,000
Or
3,00,000 and ? 5,00,000 respectively.
X, Y and Z are partners. Their capitals are ? 200,000,
distributed in capital ratio but partnership deed is silent. Profit carned by
Z wants that profit is
firm during the year ending 31st March 2024 is 4,80,000. Profit received by each partner will be:
(a) X 1,60,000, Y? 1,60,000; Z 1,60,000 (b) X? 96,000: Y R144,000; Z 240,000
(c) X 80,000; Y 1,60,000; Z 2,40,000 (d) X? 1,60,000; Y ? 80,000; Z 2,40,000
 9. The Gross profit of apartnership firm is 8,20,000 and indirect expenses other than the manager's
commission is? 28,000. The manager is entitled to a commission of 10% on net profit after charging
such commission, which amounts to:
(a) ? 78.000 (b) 80,000 (c) ? 72,000 (d) ? 79,200
10. Samira and Aashna are partners in business. They have not issued any specific instructions as to
the maintenance of their capital accounts. Where should interest on drawings be appeared in the
books of accounts?
(a) On the debit side of the capital account (b) On the debit side of the current account
(c) On the credit side of the capital account (d) On the credit side of the current account
11. Choose the correct sequence of the following transactions in context of dissolution of a firm.
() Final payment of capital accounts to partners
(ii) Loan by partner
(iit) Payment to creditors
(iv) Payment of realisation expenses
(a) (), (ii), (üt), (iv) (b) (iü), (üü), (i), (iv)
(c) (iv), (iüi), (ü), () (d) (iü), (iü), (), (iv)
12. 5,000 shares ofR 10 each were forfeited for non-payment of final call money of ? 3 per share and
only 3,500 shares were reissued as fuly paid up and remaining 1,500 shares can be reissued at
maximum discount of ? 10,500. 3,500 shares must had been reissued at:
(a) ? 10 per share (b) ?9 per share (c) ? 11 per share (d) Any of these
13. Debentures cannot be redeemed at:
(a) par (b) discount (c) premium (d) None of these
14. Savita and Babita are partners sharing profits in the ratio of 1: 2. They admit Kavita for 1/4th
share in future profit on 1st July 2024. Capitaks of Savita and Babita at that time were ? 2,00,000
and ? 1,00,000 respectively. Kavita brings ? 60,000 as her share of goodwill and agrees to bring
proportionate capital of the new firm. Capital brought by Kavita will be:
(a) 1,00,000 (b) ? 75,000 (c) ? 80,000 (d) ? 1,20,000
15. Ram and Shyam are partners who withdrew a fixed amount at the end of every month @ 10% p.a. At
the end of the year interest on drawings of Ram amounts to 3 1,100. Monthly drawing of Ram were:
(a) ? 2,000 (b) ? 3,000 (c) 4,000 (d) ? 5,000
Or

Mahesh, a partner in a firm withdrew ? 10,000 in the mid of each quarter on which interest calculated
as 800. The rate of interest on drawings is:
(a) 1% p.a. (b) 2% P.a. (c) 3% p.a. (d) 4% p.a.
16. On dissolution of afirm, outside liabilities are 2,10,000; Partners' capitals are 3,60,000; Cash
Balance is ? 30,000. Other assets realised for 4,50,000. Gain/LOSs on realisation will be:
(a) ? 90,000 (Gain) (b) ? 90,000 (Loss) (c) ? 80,000 (Gain) (d) ? 8,000 (Loss)
17. Gagan, Aman and Chaman were partners in a firm sharing profits and losses in the ratio of
2:3:5.Chaman died on 30th June 2024. As per partnership deedChaman's executors are entitled
to his share of profit till the date of death on the basis of sales turnover. Sales for the year ending
31st March 2024 was 20,00,000 and profit for the same year was 6,00,000. Sales show a negative
trend of 10% every year and percentage of profit is increased by 5% every year.
Pass the Journal entry for share of profit of Chaman.
18. Tripti and Chanu are partners in a firm sharing profits and losses in the ratio of 3: 2. Their fixed
capitals were ? 30,000 and 20,000 as on lst April 2023. LDuring the year ending on 31st March
2024, they earned divisible profit of ?15,000. According to deed, each partner is entitled to 6,000
per year salary. Interest on capital and drawings to be provided and charged @ 5% p.a.
Prepare Partners' Capital and Current Accounts if their drawings were 6,000 and R 4,000
respectively.

Sample Papers 3
 Or
A, B andC were partners sharing profits and losses in the ratio of 5: 3:2. The partnership deed
provides for charging interest on drawings @ 10% p.a. Their drawings for the year ending on 31st
March 2024 amounted to ? 10,000, 15,000 and 25,000 respectively. After preparation of final
accounts it was discovered that interest on drawings had not been charged.
Pass adjusting Journal entry.
19, Amar Ltd. issued 30,000: 10% Debentures of ? 100 each at 5% discount to Birbal Ltd. from whom
assets of? 32,00,000 and liabilities of ? 8,00,000 were taken over. Pass Journal entries in the books
of Amar Ltd.
Or 4/18
Flix Ltd. took over the business of Clix Ltd. comprising assets worth ? 40,00,000 al CS WO.

6,00,000 for a purchase consideration of ?30,00,000. 5,00,000 is paid by cheque and balance by
issu ing equity shares of ? 100 each at 25% premium Pass Journal entries in the book of Flix Ltd.
20. Average profit earned by a firm is 1,50,000 which include undervaluation of stock of 10,000 on
an average basis. Capital invested in the business is 14,00,000 and normal return is 7%o. Calculate
goodwill on the basis of 3 years' super profit.
21. Prabhat Ltd. forfeited 50 shares of 100 each issued at 10% Premium for non-payment of allotment
money of 30 per share (including premium) and first call money of 20 per share. The second
and final call of 30 per share was not yet called. Out of these forfeited share 30 shares were
reissued as 70 paid-up for 60 per share. Pass journal entries for forfeiture and reissue of shares
and prepare Shares Forfeited Account.
22. Give Journal entries at the time of dissolution for the following transactions.
(i) Realisation expenses of ? 5,000 paid by the firm.
(iiy Realisation expenses of ? 10,000 paid by firm on behalf of Mohan, a partner.
(ül) Realisation expenses of ? 7,000 paid and borne by Sohan.
(iv) Realisation on expenses of ? 2,000 paid by shyam a partner.
23. One Limited issued 20,000 equity shares of ? 100 each as follows:
Application - 20, Allotment - 30, First Call - 20, Second and Final Call-30 AIl money
due were received except both calls on 600 shares hekd by Suman.
These share were forfeited. Pass Journal entries.
Or
(a) XYZ Ltd. purchased assets from PQR Ltd. worth 99,00,000. Purchase consideration to be
paid by iss uing 9% Debentures of ? 100 each.
Pass Journal entry for issue of debentures if debentures have been issued:
() at par
(i) at a premium of 10%
(iül) at a discount of 10%.
(b) Vijay Ltd. issued 1,000, 9% Debentures of R 100 each on lst April 2023 at a discount of 59%
redeemable at 10% premium Interest is paid half yearly on 30th September and 31st March.
Pass Journal entry on 31st March 2024 for providing interest on debentures and writing off
interest on debentures and loss on issue of debentures.
24. A, B and Cwere partners in a firm sharing profit and losses in the ratio of 1:3:4.As per agreement,
on death of any partner, goodwill will be calculated on the basis of 3 years' purchase of average profits
of last 4 years. C died on 30th June 2024. Profit for last four years were 45,000, 50,000, 65,000 and
? 40,000. Deceased partner's share of profit till the date of death will be calculated on the basis of
previous year's profit assuming that profit is expected to be increased by 10% every year. His capital
account balance was ? 2,00,000 and firm closes its accounts on 31st March every year.
() Calculate C's share of goodwill and Cs share in profit till the date of his death.
(ii) Pass Journal entries for treatment of goodwill and C's share of profit and transfer of his capital
account to his exceutor's account.

4 Tagetker ertk EAD Accountancy-12

 Or

C and D were partners in a firm sharing profits and losses equally. On 31st March 2024 their
Balance Sheet was follows:

Amount Amount
Liabilities Assets

Creditors 52,000Cash 15,000

Capitals: Bills Receivable 22,500
C 1,25,000 Debtors 37,500
D 1,08,000 2,33,000 Furniture 55,000
Land and Building 1,55,000
2,85,000 2,85,000

On 1st April, 2024, E was admitted as a new partner for 1/3 share in the firm with following
conditions:
() Ewill bring ? 1,50,000 for his capital and 25,000 for his share of goodwill premium half of
which will be withdrawn by C and D.
(i) Debtors amounting to 2,500 were not recorded.
(iüi) Furniture will be reduced by 10% and 5% provision will be created for doubtful debts on bills
receivable and debtors.
(iv) Land and Building will be appreciated by 20%.
(v) There is a claim against the firm for damages to the extent of 4,000.
Prepare Revaluation Account and Partners' Capital Accounts.
25. Prateek and Ranjan were partners sharing profits and losses in the ratio of3:2. They decided to
dissove the firm on 31st March 2024. Prateek was allowed 2,000 as commission for service of
realising the assets and paying the liabilities. Their balance sheet on the same date was as follows:
Balance Sheet
Amount Amount
Liabilities Assets

Creditors 1,60,000 Building 2,40,000

Prateek's Spouse's Loan 80,000 Investments 61,200
Ranjan's Loan 48,000 Debtors 68,000
Investment Fluctuation Fund 16,000 Less: Provision for
Capitals: Doubtful Debts 8,000 60,000
Prateek 84,000 Bills Receivable 74,800
Ranjan 84,000 1,68,000Bank 12,000
Profit & Loss A/c 16,000
Goodwill 8,000
4,72,000 4,72,000

Additional Information:
() Prateek will pay his spouse's loan.
(ii) Debtors will be realised for 48,000.
(üül) Ranjan will take investments at 54,000.
(iv) Amount realised from building 3,04,000
(v) Creditors will be paid at 10% discount.
(vi) Bills receivable realised at a loss of ? 2,800.
(vii) Realisation expenses were 5,000.
Prepare Realisation AlG, Partners' Capital Alcs and Bank A/c.

Sample Papers 5
26. Accounts Guru Ltd. Invited applications for issuing into 60,000 shares of 10 each payable as
2 per share on application, 3 per share on allotment and the balance on First and Final Call.
Applications for 92,000 shares were received on which the directors allotted as follows:
Applications for 40,000 shares-Full,
Applications for 50,000 shares-40 per cent,
Applications for 2,000 shares-Nil.
7 1,08,000 was realised on account of allotment money (excluding the amount carried from
Application Money) and 2,50,000 on account of call. The directors decided to forfeit shares of
those applicants to whom full allotment was made and on which allotment money was overdue.
Asnswer the following questions on the basis of the above information.
(i) How much amount will be adjusted on Share Allotment Account from excess application
money received?
(a)70.000 (b)64.000 (c) 60,000 (d) 80,000
(ü) What will be the amount of Call-in-Arrears at the time of receipt of allotment?
(a) 12,000 (b) 4,000 (c) ? 20,000 (d) 40,000
(iüü)) How much amount will be debited to Share Capital Account at the time of forfeiture of
shares?
(a) 60,000 (b) ? 64,000 (c) ? 54,000 (d) 40,000
(iv) What will be the number of shares forfeited?
(a) 3,000 Shares (b) 4,000 Shares (c) 5,000 Shares (d) 6,000 Shares
(v) How much maximum discount per share can be allowed if these forfeited shares are reissued?
(a) 8 (b) 4 (c) ? 2 (d) 3
(vi) How much amount will be transferred to Capital Reserve Account if out of the forfeited
shares, 1,500 shares were reissued at 8 fully paid-up?
(a) 3,000 (b) 12,000 (c) 1,500 (d) Nil

PART B
Analysis of Financial Statement
27. Schedule III of the Companies Act 2013 deals with the format of:
(a) Balance Sheet only
(b) Statement of Profit and Loss only
(c) Journal only
(d) Balance Sheet and Statement of Profit and Loss
Or
Which of the following statement/ts is/are correct?
) Copyrights and patents have physical existence.
(i) Bank overdraft and cash credit are paid within 12 months.
(iii) Loan repayable on demand is a current liability.
(a) All are correct. (b) Only (i) and (iüü) are correct.
(c) Only (iü) and (iüü) are correct. (d) Only (i) and (iü) are correct.
28. The value of furniture on 1st April 2023is 10,00,000 and on 31st March 2024 is 15,00,000.
Depreciation charged during the year 2023-24 is ? 1,50,000 and a part of furniture having book
value 90,000 was sold for 50,000.
Net cash flow from investing activities will be:
(a) Inflow 50,000 (b) Outflow 6,90,000
(c) Inflow 7,40,000 (d) Outflow ? 7,40,000

6ogetker wid EADAccountancy--12

 Or
Profit after tax 65,000, Provision for tax 30,000, Amount transferred to general reserve 10,000,
Goodwill written off 3,000.
Profit before tax and extraordinary items will be:
(a) ? 1,08,000 (b) ? 95,000 (c) ? 1,05,000 (d) 75,000
29. Long-term debts 3,00,000, Current liabilities 2,00,000, Long-term provisions 1,00,000, Non
current assets 8,00,000, Current assets 4,00,000.
Total Assets to Debt Ratio will be:
(a) 1: 1 (b) 2: 1 (c) 3: 1 (d) 4:1
30. Statement I: Commission and royalty received by a company will be recorded in cash flow statement
under operating activity.
Statement II: Payment of income tax is shown as an operating activity while preparing cash fow
statement.
(a) Both the Statements are true. (b) Both the Statements are false.
(c) Only Statement-I is true. (d) Only Statement-II is true.
31. State head and sub-head for the following items:
(i) Cheques (ü) Debtors
(tii) Securities premium (iv) 12% Debentures
(v) Long-term investment maturing within 6 months (vi) Mining rights
32. From the following information, prepare Comparative Balance Sheet of Depth Ltd:
Particulars 31st March, 2024 () 31st March, 2023 ()
Equity Share Capital 25,00,000 25,00,000
Fixed Assets (Tangible) 36,00,000 30,00,000
Reserves and Surplus 6,00,000 5,00,000
Inv estments (Non-current) 5,00,000 5,00,000
Long-term Loans 15,00,000 15,00,000
Current Assets 10,50,000 15,00,000
Current ILiabilities 5,50,000 5,00,000

33. (a) Calcu late Operating profit ratio from the following information:
(i) Revenue from operations ? 2,00,000
(i) Profit after Tàx 3 53,200
(üi) Dividend received 7 800
(iv) Expenses on administration ? 2,000
(v) Expenses on selling ?4.000
(vi) Loss on sale of Machinery ? 1,600
(b) Inventory turnover ratio is 4 times for a company. State with reason whether following
transactions will improve, decrease or not change the ratio.
(i) Increase in closing inventory due to sales return
(i) Purchase of fixed assets on credit
Or
From the following calculate the Gross profit ratio and Working capital turnover ratio"
Information Amount )

Revenue from Operations 30,00,000

Cost of Revenue from Operations 20,00,000
Current Assets 6,00,000
Current Liabilities 2,00,000
Paid-up Share Capital 5,00,000

Sample Papers 7
34. (a) Calculate cash flow from operating activities with the help of following information:
Note No. 31st March 2023 31st March 2024
Particulars

Outstanding expenses 80,000

Inventory 1,20,000 80,000

During the year 2022-23 depreciation was ? 2,00,000, Patents written off was 90,000, Loss on
sale of machinery was ? 20,000. Profit balance after transfer of ? 2,25,000 in general reserve
was ? 25,00,000.
(b) Calculate cash flow from financing activities with the help of following information:

Particulars Note No.31st March 2023 31st March 2023

Share Capital 80,00,000 60,00,000

10% Debentures 16,00,000 10,00,000
Reserves and Surplus 33,00,000 22,00,000
Current Investments 8,00,000 4,00,000