Board Paper of Class 12-Commerce 2022 Accountancy Term-II Delhi(Set 1) - Solutions

General lnstructions:
1. This question paper contains 12 Questions. All questions are compulsory.
2. This question paper is divided into two Parts, Part-A and B.
3. Part-A is compulsory for all candidates.
4. Part-B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerized

Accounting. Students must attempt only one of the given options.

5. Ouestion nos. 1 to 3 and 10 are short-answer type-I questions carrying 2 marks each.
6. Ouestion nos. 4 to 6 and 11 are short-answer type-ll questions carrying 3 marks each.
7. Question nos. 7 to 9 and 12 are long-answer type questions carrying 5 marks each.
8. There is no overall choice. However, an internal choice has been provided in 3 questions of three marks and 1 question of five marks.

Question 1

Show the following information in the Balance Sheet of 'Dev Sports Club':

Particulars	₹
Match Fund (as on 31^st March, 2020)	1,70,000
Match Expenses (paid during the year ended 31^st March, 2021)	2,50,000
Donations for Match (Received during the year ended 31^st March, 2021)	90,000

VIEW SOLUTION

Question 2
Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the basis of:
(i) Termination of business.
(ii) Settlement of Assets and Liabilities. VIEW SOLUTION

Question 3
Madhu, Manav and Mukul were partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 31^st March, 2021 Mukul retired from the firm.
On Mukul's retirement, goodwill of the firm was valued at ₹3,00,000. Pass necessary Journal entry for the treatment of goodwill without opening goodwill account on Mukul's retirement. VIEW SOLUTION

Question 4

As per Receipts and Payments Account of Kala Club for the year ended 31^st March, 2021, subscriptions received were ₹4,00,000.
Additional Information:

	₹
Subscriptions Outstanding on 1.4.2020	1,00,000
Subscriptions Outstanding on 31.3.2021	70,000
Subscriptions received in advance on 1.4.2020	50,000
Subscriptions received in advance on 31.3.2021	80,000

Calculate the amount of subscriptions to be shown in Income and Expenditure Account for the year ended 31^st March, 2021 as income from subscription.

From the following information, calculate the amount of stationery to be shown in Income and Expenditure Account for the year ended 31^st March, 2021:

Particulars	1^st April, 2020 (₹)	31^stMarch, 2021 (₹)
Creditors for Stationery	5,600	12,800
Stock of Stationery	25,000	35,000

During the year ended 31^st March, 2021 payment made to Creditors amounted ₹62,800. Stationery purchased during the year was ₹2,00,000. VIEW SOLUTION

Question 5
Puneet, Purav and Parth were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. The firm closes its book on 31^st March every year. As per the terms of partnership deed, on the death of any partner, the Goodwill of the firm will be calculated on the basis of 3 times the average profits of last 4 years. Puneet died on 1^stJuly, 2021. The profits for last four years were:

Year Profit
(₹)

2017-18 90,000

2018-19 1,00,000

2019-20 1,30,000

2020-21 80,000

Puneet's share of profit upto the date of death was to be calculated on the basis of previous year's profit.
(i) Calculate goodwill of the firm and Puneet's share of goodwill.
(ii) Calculate Puneet's share in the profits of the firm till the date of his death.
(iii) Pass necessary journal entries for the treatment of goodwill without opening goodwill account and for Puneet's share of profit at the time of his death. VIEW SOLUTION

Question 6
Radhey Ltd. took over assets of ₹14,00,000 and liabilities of ₹6,00,000 of Krishna Ltd. Radhey Ltd. paid the purchase consideration by issuing 10,000, 8% Debentures of ₹100 each at a premium of 10%.
Pass necessary journal entries in the books of Radhey Ltd.
OR

Amay Ltd. invited applications for issuing 10,000, 8% debentures of ₹100 each. The amount was payable as follows:
₹30 on application and ₹70 on allotment. The public applied for 12,000 debentures. Applications for 8,000 debentures were accepted in full; applications for 3,000 debentures were allotted 2,000 debentures and the remaining applications were rejected. All money was duly received.
Pass the necessary journal entries in the books of the company for the above transactions. VIEW SOLUTION

Question 7

Anu, Bhanu and Charu were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Anu decided to retire from the firm on 31^st March, 2021. The balance sheet of the firm on that date was as follows:

Balance Sheet of Anu, Bhanu and Charu as on 31^st March, 2021
Liabilities		Amount (₹)	Assets		Amount (₹)
Creditors		24,000	Bank		10,000
Profit & Loss A/c		5,000	Debtors	20,000
			Less: Provision for Doubtful Debts	–400	19,600
Capitals:			Stock		27,000
Anu	31,000		Investments		10,000
Bhanu	30,000		Patents		2,400
Charu	22,000	83,000	Premises		43,000
		1,12,000			1,12,000

On retirement of Anu, following terms were agreed upon:
(i) Anu sold her share of premium for goodwill to Bhanu for ₹6,000 and to Charu for ₹3,000.
(ii) Provision for doubtful debts was to be raised to 5% on debtors.
(iii) Patents were considered as valueless.
(iv) Anu was paid ₹9,600 through a cheque and balance was transferred to her loan A/c.
Prepare Revaluation Account and Anu's Capital Account on her retirement.

Give the necessary journal entries for the following transactions on dissolution of the firm of Sonu and Monu on 31^st March, 2021, after transfer of various assets (other than cash and bank balance) and the third party liabilities to Reaslisation Account. They shared profits and losses in the ratio of 2 : 1.
(i) Sonu agreed to take over the firm's goodwill (not recorded in the books of the firm) at a valuation of ₹40,000.
(ii) Bills payable of ₹30,000 falling due on 30^th April, 2021 were discharged at ₹29,550.
(iii) Stock worth ₹8,00,000 was taken over by partner, Sonu at 10% discount.
(iv) Creditors of ₹2,00,000 accepted machinery valued at ₹2,20,000 in full settlement of their claim.
(v) Expenses of realisation ₹10,000 were paid by partner, Sonu. VIEW SOLUTION

Question 8
Pass journal entries relating to issue of debentures for the following transactions:
(a) Issued 8,000, 10% debentures of ₹100 each at a discount of 10%, redeemable at 5% premium.
(b) Issued 4,000, 12% debentures of ₹100 each at 10% premium, redeemable at 6% premium.
(c) Issued ₹1,00,000, 9% debentures of ₹100 each at par redeemable at par.
(d) Issued ₹5,00,000, 9% debentures of ₹100 each at 10% premium redeemable at par.
(e) Issued 6,000, 9% debentures of ₹100 each at a discount of 10% redeemable at par. VIEW SOLUTION

Question 9

Following is the Receipts and Payments Account of Indian Youth Club for the year ended 31^st March, 2021:

‘Receipts and Payments Account’ of Indian Youth Club for the year ended 31^st March, 2021
Receipts		Amount (₹)	Payments		Amount (₹)
To Balance b/d:			By Salaries		3,60,000
Cash	25,000		By Printing & Stationery		19,000
Bank	2,85,000	3,10,000	By Printer		40,000
To Subscriptions		4,00,000	By Investments		80,000
(including ₹40,000			By Balance c/d:
for year ending 31.3.2022)			Cash	12,000
To Interest on investments		1,000	Bank	2,00,000	2,12,000
		7,11,000			7,11,000

Additional Information:
(i) Investments were made on 1^st October, 2020 @ 5% p.a.
(ii) Salaries for March, 2021 ₹5,000 are unpaid.
(iii) ₹3,000 are payable for stationery.
Prepare Income and Expenditure Account of the Club for the year ended 31^st March, 2021.

VIEW SOLUTION

Question 10
State whether the following transactions will result in inflow, outflow or no flow of cash while preparing cash flow statement:
(i) Issued bonus shares ₹5,00,000.
(ii) Interest received in cash from loans and advances ₹80,000. VIEW SOLUTION

Question 11

(a) From the information extracted from the Statement of Profit and Loss prepare a Comparative Statement of Profit and Loss for the year ended 31^st March, 2021:

Particulars	2020 - 21 (₹)	2019 - 20 (₹)
Revenue from operations	7,20,000	4,00,000
Expenses	5,00,000	2,00,000
Tax Rate @ 50%

From the following Balance Sheet of Rohit Ltd., prepare a Common Size Balance Sheet:

Balance Sheet of Rohit Ltd. as at 31^st March, 2021
Particulars	Note No.	31^st March, 2021 (₹)	31^st March, 2020 (₹)
I. Equity and Liabilities
1. Shareholders’ Funds		3,20,000	1,60,000
2. Current Liabilities		80,000	40,000
Total		4,00,000	2,00,000
II. Assets
1. Non Current Assets		3,00,000	1,50,000
2. Current Assets		1,00,000	50,000
Total		4,00,000	2,00,000

VIEW SOLUTION

Question 12

Calculate 'Cash Flows from Investing Activities' and 'Cash Flows from Financing Activities' for the year ended 31^st March, 2021 from the following Balance Sheet of Kamna Ltd. as at 31^st March, 2021 showing your workings clearly:

Kamna Ltd. Balance Sheet as at 31^st March, 2021
Particulars	Note No.	31-03-2021 (₹)	31-03-2020 (₹)
I. Equity and Liabilities 1. Shareholders Funds
(a) Share Capital		12,00,000	11,00,000
(b) Reserves and Surplus	1	3,00,000	2,00,000

2. Non-Current Liabilities
Long term Borrowings		2,40,000	1,70,000

3. Current Liabilities
Trade Payables		2,20,000	2,81,000
Total		19,60,000	17,51,000
II. Assets
1. Non-Current Assets
(a) Fixed Assets
(i) Tangible Assets	2	10,70,000	8,50,000
(ii) Intangible Assets	3	40,000	1,12,000
2. Current Assets
(a) Current Investments		2,40,000	1,50,000
(b) Inventories		1,20,000	1,21,000
(c) Trade Receivables		1,70,000	1,43,000
(d) Cash and Cash Equivalents		3,20,000	3,75,000
Total		19,60,000	17,51,000

Notes to Accounts:

Note No.	Particulars	31-03-2021 (₹)	31-03-2020 (₹)
1.	Reserves and Surplus
	Surplus i.e. Balance in Statement of Profit and Loss	3,00,000	2,00,000

2.	Tangible Assets:
	Machinery	12,70,000	10,00,000
	Accumulated Depreciation	(2,00,000)	(1,50,000)
		10,70,000	8,50,000
3.	Intangible Assets:
	Goodwill	40,000	1,12,000

Additional Information:
A piece of Machinery costing ₹24,000 on which accumulated depreciation was ₹16,000, was sold for ₹6,000.

VIEW SOLUTION

More Board Paper Solutions for Class 12 Commerce Accountancy

Board Paper Solutions for Other Subjects

Year	Profit (₹)
2017-18	90,000
2018-19	1,00,000
2019-20	1,30,000
2020-21	80,000