CBSC class 12 board exam accountancy paper is scheduled for fiveth March 2020. All the scholars are in final stage of their preparation.
On this article we CBSC class 12 board exam accountancy paper have now complied an inventory of necessary questions and solutions from each the elements of Accountancy syllabus.
CBSC class 12 board exam accountancy paper Questions given under are necessary and useful for fast revision and are anticipated to be requested in Class 12 Accountancy board examination 2020
cbse class 12 board exam accountancy paper This Half contains of 5 chapters and 17-18 questions are anticipated from this half within the board examination.
Chapter 1 : Accounting for Not-for-Revenue Organisation
Ques 1 How are Particular donations handled whereas getting ready closing accounts of a ‘Not-For-Revenue Organisation’?
Answer: Particular donations are taken on the liabilities aspect of the Steadiness Sheet of a Not-For-Revenue Organisation
Ques 2 Distinguish between ‘Receipts and Funds Account’ and ‘Revenue and Expenditure Account’ on the premise of ‘Depreciation’.
Answer: Receipts and cost account doesn’t embody depreciation as depreciation is a non-cash expense. Whereas earnings and expenditure account contains depreciation as an expenditure.
Chapter 2 : Partnership Agency– Primary Idea
Ques 1 A brand new accomplice acquires two important rights within the partnership agency which he joins. State one in every of these rights.
Answer: Two important rights acquired by a newly admitted accomplice
(i) Proper to share the belongings of the partnership agency;
(ii) Proper to share the income of the partnership agency.
Ques 2 Cross obligatory rectifying journal entries for the next omissions dedicated whereas getting ready Revenue and Loss Appropriation Account. You might be additionally required to indicate your workings clearly.
(i) A, B and C have been companions sharing income and losses equally. Their mounted capitals have been A Rs. 4,00,000; B Rs. 5,00,00Zero and C Rs. 6,00,000. The partnership deed offered that curiosity on companions’ capital might be allowed @ 10% each year. The identical was omitted.
(ii) P, Q and R have been companions in a agency sharing income and losses within the ratio of two : 2 : 1. Their partnership deed offered that curiosity on companions’ drawings might be charged @ 18% p.a. Curiosity on the companions’ drawings was Rs. 1,000, Rs. 500 and Rs. 2,00Zero respectively. The identical was omitted.
Chapter 3 : Reconstitution of a Partnership Agency – Admission of a Companion
Ques 1 How does ‘Nature of enterprise’ have an effect on the worth of goodwill of a agency ?
Answer: A agency that produces excessive worth added merchandise or merchandise with secure demand is ready to earn extra income due to this fact, agency’s goodwill might be extra.
Ques 2 Ramesh, Mahesh and Suresh have been companions in a agency sharing income in the ratio of three : 3 : 2. Their respective mounted capitals have been : Ramesh Rs. 5,00,000; Mahesh Rs. 4,00,00Zero and Suresh Rs. 3,00,000. They admitted Govind as a brand new accomplice for 1/5th share within the income. Govind introduced Rs. 4,00,00Zero as his capital and the required quantity for goodwill premium. Their new revenue sharing ratio might be 2 : 1 : 1 : 1.
Calculate the worth of goodwill of the agency, displaying your workings clearly. Cross obligatory journal entries for the above transactions on
Working Notice: Calculation of ratio of debentures excellent
Yr Excellent Debenture Ratio
2014-15 400000 2
2015-16 400000 2
2016-17 400000 2
2017-18 400000 1
Chapter 4 : Retirement/Loss of life of a Companion
Ques 1 What is supposed by ‘Gaining Ratio’ on retirement of a accomplice ?
Answer: Gaining ratio is the ratio by which the remaining companions purchase the retiring accomplice’s share.
Ques 2 P, Q and R have been companions in a agency. On 31st March, 2018 R retired. The quantity payable to R Rs. 2,17,00Zero was transferred to his mortgage account. R agreed to obtain curiosity on this quantity as per the provisions of Partnership Act, 1932. State the speed at which curiosity might be paid to R.
Answer: 6% p.a.
Chapter 5 : Dissolution of Partnership Agency
Ques 1 Varun and Arun are companions in a agency sharing income and losses equally. On the date of dissolution of the partnership agency, Varun’s spouse’sloan was Rs. 45,000, whereas Arun’s mortgage was Rs. 65,000. Which mortgage might be paid first and why ?
Answer Varun’s spouse’s mortgage might be paid first because it’s an outdoor legal responsibility (third social gathering legal responsibility)
Ques 2 State any two grounds on the premise of which courtroom could order for the dissolution of partnership agency.
Answer On the swimsuit of a accomplice, the courtroom could order a partnership agency to be dissolved on any of the next grounds:
(a) when a accomplice turns into insane;
(b) when a accomplice turns into completely incapable of performing his duties as a accomplice;
(c) when a accomplice is responsible of misconduct which is more likely to adversely have an effect on the enterprise of the agency;
(d) when a accomplice persistently commits breach of partnership settlement;
(e) when a accomplice has transferred the entire of his curiosity within the agency to a 3rd social gathering;
(f) when the enterprise of the agency can’t be carried on besides at a loss; or
(g) when, on any floor, the courtroom regards dissolution to be simply and equitable
This Half contains of 6 chapters and 6 questions are anticipated from this half within the board examination.
Chapter 1 : Accounting for Share Capital
Ques 1 When can shares be Forfeited?
Answer:When a shareholder fails to pay the allotment cash or any subsequent calls, then the corporate informs the shareholder by giving him/her a correct discover.If even after the discover, the shareholder fails to pay the due cash, then the corporate forfeits the shares allotted to him/her
Ques 2 EF Ltd. invited functions for issuing 80,00Zero fairness shares of Rs. 50 every at a premium of 20%. The quantity was payable as follows :
On Software : Rs. 20 per share (together with premium Rs. 5) On Allotment: Rs. 15 per share (together with premium Rs. 5) On First Name : Rs. 15 per share
On Second and Remaining name : Steadiness quantity Purposes for 1,20,00Zero shares have been obtained. Purposes for 20,00Zero shares have been rejected and pro-rata allotment was made to the remaining candidates. Seema, holding 4,00Zero shares didn’t pay the allotment cash. Afterwards the primary name was made. Seema paid allotment cash together with the primary name. Sahaj who had utilized for two,500 shares didn’t pay the primary name cash. Sahaj’s shares have been forfeited and subsequently reissued to Geeta for Rs. 60 per share, Rs. 50 per share paid up.
Remaining name was not made. Cross obligatory journal entries for the above transactions within the books of EF Ltd. by opening calls-in-arrears account.
Chapter 2 : Difficulty and Redemption of Debentures
Ques 1 What is supposed by ‘Difficulty of debenture at low cost and redeemable at premium?
Answer: When debentures are issued under its par worth (or the face worth) however are redeemed at worth larger than its par worth, then it’s termed as challenge of debenture at low cost and redeemable at premium. The distinction between the difficulty worth and the redemption worth is handled as loss on challenge of debenture.
Ques 2 Beneath which head is the ‘Debenture Redemption Reserve’ proven within the Steadiness Sheet?
Answer: As per the Revised Schedule VI, Debenture Redemption Reserve (DRR) is proven within the Notes to Accounts of Reserve and Surplus. The ultimate stability after including DRR, is proven because the sub-head ‘Reserves and Surplus’ below the principle head of Shareholders’ Funds on the Fairness and Liabilities aspect of the Firm‘s Steadiness Sheet.
Chapter 3 : Monetary Statements of a Firm
Ques 1 Record any three targets of economic statements?
Answer: The monetary statements are mainly the accounts which can be ready for offering the true monetary info to the interior in addition to exterior customers. These statements lay the bottom for the choice making course of and coverage designing by completely different customers. The next are the varied targets for getting ready monetary statements.
- To Present Details about Financial Sources–Monetary statements present satisfactory, correct, dependable and periodical details about the employment of financial sources. It additionally specifies the duty of a enterprise to its exterior customers who don’t have the powers or authority to entry the data instantly.
- To Verify the Monetary Place–These statements assist to disclose the true monetary place of an enterprise. In different phrases, it discloses the efficiency and place of an organisation when it comes to their profitability, solvency, liquidity, monetary viability, and so on.
- To Verify the Incomes Capability– These statements are ready with an goal of offering helpful info to check, predict and consider the incomes capability of a enterprise agency. Thus, it helps in ascertaining the incomes capability of corporations.
Ques 2 State below which main headings and sub-headings will the next gadgets be offered within the Steadiness Sheet of an organization as per Schedule-III, Half-I of the Corporations Act, 2013.
(i) Pay as you go Insurance coverage
(ii) Funding in Debentures
(iv) Unpaid dividend
(v) Capital Reserve
(vi) Free Instruments
(vii) Capital work-in-progress
(viii) Patents being developed by the corporate.
Chapter 4 : Evaluation of Monetary Assertion
Ques 1 Clarify briefly any 4 targets of ‘Evaluation of Monetary Statements’
Answer: (i) Assessing the incomes capability or profitability
(ii) Assessing the managerial effectivity
(iii) Assessing the quick time period and the long-term solvency of the enterprise
(iv) Inter- agency comparability.
(v) Forecasting and getting ready budgets.
(vi) Ascertaining the relative significance of various parts of the monetary
place of the agency.
Ques 2 What is supposed by ‘Money Flows’ ?
Answer: Money Flows suggest motion of money out and in attributable to some non money gadgets.
Chapter 5 : Accounting Ratio
Ques 1 What are necessary profitability ratios?
Answer: Profitability ratios are calculated on the premise of revenue earned by a enterprise. This ratio offers a share measure to evaluate the monetary viability, profitability and operational effectivity of the enterprise. The assorted necessary Profitability Ratios are as follows:
- Gross Revenue Ratio
- Working Ratio
- Working Revenue Ratio
- Internet Revenue Ratio
- Return on Funding or Capital Employed
- Earnings per Share Ratio
- Dividend Payout Ratio
- Value Earnings Ratio
Ques 2 Calculate ‘Complete Belongings to Debt ratio’ from the next info :
Fairness Share Capital 4,00,000
Lengthy Time period Borrowings 1,80,000
Surplus i.e. Steadiness in assertion of Revenue and Loss 1,00,000
Common Reserve 70,000
Present Liabilities 30,000
Lengthy Time period Provisions 1,20,000
Present ratio =2:1 and Present belongings = Rs.8,00,000
Present ratio = Present Belongings/ Present Liabilities=2:1
Subsequently, Present Liabilities =Rs.4,00,000
Fast ratio = Fast Belongings/ Present Liabilities=1.5:1
Subsequently, Fast Belongings =Rs.6,00,000
Stock= Present Belongings – Fast Belongings
=Rs.8,00,000 – Rs.6,00,000
Stock Turnover Ratio=6 occasions
Price of Income from operations/ Common Stock = 6 occasions
Price of Income from operations/ Rs.2,00,000 = 6
Price of Income from operations =Rs.12,00,000
Gross Revenue is 25% on price =25% of Rs.12,00,000
So, Income from operations = Rs.12,00,000 +Rs.3,00,000
Chapter 6: Money Circulation Assertion
Ques 1 What’s a Money Circulation Assertion?
Answer: A Money Circulation Assertion is an announcement displaying inflows and outflows of money and money equivalents from working, investing and financing actions of an organization throughout a specific interval. It explains the explanations of receipts and funds in money and alter in money balances throughout an accounting 12 months in an organization.
Ques 2 Describe the process to organize Money Circulation Assertion.
Answer : The process to organize Money Circulation Assertion is described within the following steps of their chronological order.
Step 1: Verify the money flows from working actions
Step 2: Verify the money flows from investing actions
Step 3: Verify the money flows from financing actions
Step 4: Verify internet improve or lower by summing up the quantities of Steps 1, 2, and three.
Step 5: Write the opening stability of money and money equivalents and deduct it from the quantity ascertained in Step 4. The ensuing determine arrived is the Closing Steadiness of Money and Money Equivalents.