Accountancy Class 12th Term 2nd -2021-22, Question-Answer, Marking Scheme

Accountancy Class 12th Term 2nd -2021-22

Time Allowed: 2 Hours                                                                                                            Max.Marks:40 

General Instructions: 

1. This question paper comprises two Parts – A and B. There are 12 questions in the question paper. All questions are compulsory. 

2. Part-A is compulsory for all candidates. 

3. Part- B h a s t w o o p t i o n s i . e. ( i ) Analysis of Financial Statements and (ii) Computerized Accounting. Students must attempt only one of the given options. 

4. Question nos. 1 to 3 and 10 are short answer type–I questions carrying 2 marks each. 

5. Question nos. 4 to 6 and 11 are short answer type–II questions carrying 3 marks each. 

6. Question nos. 7 to 9 and 12 are long answer-type questions carrying 5 marks each. 

7. There is no overall choice. However, an internal choice has been provided in 3 questions of three marks and 1 question of five marks.

Accountancy Class 12th Term 2nd -2021-22

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

1. Following information has been provided by M/s Achyut Health Care. You are required to calculate the amount of medicines consumed during the year 2020-21:

Particulars	Amount (₹)
Cash Purchases of medicines	2,00,000
Add: Credit Purchases of medicines	6,00,000
Total Purchases	8,00,000
Add: Opening Stock	15,00,000
Less: Closing Stock	10,00,000
Medicines consumed during the year	13,00,000

Solution.

1. Amount of medicines consumed during the year 2020-21: 

Particulars Amount (₹)	Amount (₹)
Stock of medicines as on April 1, 2020	15,00,000
Creditors for medicines as on April 1,2020	3,50,000
Stock of medicines as on March 31,2021	10,00,000
Creditors for medicines as on March31, 2021	4,20,000
Cash purchases of medicines during the year 2020-21	2,00,000
Credit purchases of medicines duringthe year 2020-21	6,00,000

 Stock of Medicines A/c

Particulars	Amount(₹)	Particulars	Amount(₹)
Balance b/d	15,00,000 1/2	Income and
Bank A/c	2,00,000 1/4	Expenditure A/c	13,00,000
Creditors A/c	6,00,000 1/4	Balance c/d	10,00,000
	23,00,000		23,00,000

Question 2. Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ based on: (i) Settlement of assets and liabilities (ii) Economic relationship.

Ans. 

Basis of Distinction	Dissolution of Partnership	Dissolution of Partnership Firm
Settlement of Assets and Liabilities	Assets are revalued and liabilities are reassessed.	Assets are sold and liabilities are paid off.
Economic relationship	Economic relationship between the partners continue, though in a changed form.	Economic relationship between the partners comes to an end.

Question 3. Suresh, Ramesh and Tushar were partners of a firm sharing profits in the ratio of 6:5:4. Ramesh retired and his capital after making adjustments on account of reserves, revaluation of assets and reassessment of liabilities stood at ₹ 2,50,400. Suresh and Tushar agreed to pay him ₹ 2,90,000 in full settlement of his claim. Pass necessary journal entry for the treatment of goodwill. Show workings clearly.

Question 4. From the following information given by Modern Dance Academy, calculate the amount of Subscription received during the year 2020- 21. (i) Subscription credited to Income & Expenditure A/c for the year ending 31st March 2021 amounted to ₹3,00,000 and each member is required to pay an annual subscription of ₹ 3,000. (ii)Subscription in arrears as of 1st April 2020 amounted to ₹ 16,000. (iii) During the year 2020-21, 10 members made a partial payment of ₹26,000 towards subscription, 8 members failed to pay the subscription amount and 5 members paid the subscription amount for the year2021-22. (iv) During the year 2019-20, 12 members paid the subscription amount for the year 2020-21. 

Answer 

Question 5. The following information is given by Alchemy Medical College, Library department for the year 2020-21.

Or

 Show the accounting treatment of the above-mentioned items in the Balance Sheet of Alchemy Medical College as of 31st March 2021.

Answer.

Working Note: 

Interest on Books and Journals Investments = 4,00,000 x 7/100 = 28,000 

Accrued Interest = 28,000 – 13,000= 15,000 

5. (i) Ratio of Profit to sales= 2,40,000/8,00,000 X 100 = 30% 

Profit upto the date of death= 1,50,000 X 30% = ₹45,000

 Profit sharing Ratio = 3:2:1 Harit’s Share of Profit = 45,000 X 1/6 = ₹7,500 

(1) Alternative: Harit’s Share of Profit = 2,40,000/8,00,000 X 1,50,000 X 1/6=₹7,500

Question 5.  Harihar, Hemang and Harit were partners with fixed capitals of ₹3,00,000, ₹ 2,00,000 & ₹ 1,00,000 respectively. They shared profits in the ratio of their fixed capitals. Harit died on 31st May 2020, whereas the firm closes its books of accounts on 31st March every year. According to their partnership deed, Harit’s representatives would be entitled to get the share in the interim profits of the firm on the basis of sales. Sales and profit for the year 2019-20 amounted to ₹8,00,000 and ₹2,40,000 respectively and sales from 1st April 2020 to 31st May 2020 amounted to ₹ 1,50,000. The rate of profit to sales remained constant during these two years. You are required to: (i) Calculate Harit’s share in profit. (ii) Pass journal entries to record Harit’s share in profit.

Ans. (Students do, it themselves), if you do not understand, then you can contact us in the comment

Question 6. Vedesh Ltd. purchased a running business of Vibhu Enterprises for a sum of ₹ 12,00,000. Vedesh Ltd. paid ₹ 60,000 by drawing a promissory note in favour of Vibhu Enterprises., ₹1,90,000 through bank draft and balance by issue of 8% debentures of ₹ 100 each at a discount of 5%. The assets and liabilities of Vibhu Enterprises consisted of Fixed Assets valued at ₹ 17,30,000 and Trade Payables at ₹ 3,20,000. You are required to pass necessary journal entries in the books of Vedesh Ltd. 

Ans.

In the Books of Vedesh Ltd. 

 Journal 

Working Note: 

Number of Debentures issued = 9,50,000 / 95 = 10,000 

If you want to see the sample paper issued by CBSE then click here

Business Studies Class 12th Term 2nd -2021-22 | Question-Answer