CBSE Accountancy Class 12 Sample Paper 15 Page 1

Sample Paper 15
Accountancy (055)
Class XII Session 2025-26
Time : 3 Hours Max. Marks : 80
General Instructions :
1. This question paper contains 34 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) Computerised Accounting.
Students must attempt only one of the given options.
5. Question 1 to 16 and 27 to 30 carries 1 mark each.
6. Questions 17 to 20, 31 and 32 carries 3 marks each.
7. Questions from 21, 22 and 33 carries 4 marks each
8. Questions from 23 to 26 and 34 carries 6 marks each
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. Puneet, Rajat, and Sahil are partners sharing profits and losses in the ratio of 2 : 2 : 1. Sahil’s fixed
capital balance as on March 31, 2024, was `3,00,000. Which of the following transactions would
increase Sahil’s Fixed Capital balance?
(a) Additional capital introduced by Sahil (b) Interest on capital credited to Sahil
(c) Profit transferred to Sahil’s Current Account (d) Drawings made by Sahil

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Assertion (A) : New profit sharing ratio is calculated even for old partners at the time of admission
of a partner.
Reason (R) : A new partner acquires his share in profits from old partners, which reduces the old
partners’ share in 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 false.
(d) A is false, but R is true.

2. X, Y, and Z are partners sharing profits and losses in the ratio 4 : 3 : 1. Z was guaranteed a minimum
profit of `1,00,000 p.a. Any deficiency arising from this guarantee is to be borne by X and Y in the
ratio 2 : 1. For the year ended March 31, 2025, the firm incurred a loss of `1,60,000.
What is the total Deficiency that will be borne by X and Y, and how much will each partner bear?
(a) Total Deficiency `1,10,000; X `73,333 and Y `36,667
(b) Total Deficiency `1,20,000; X `70,000 and Y `50,000
(c) Total Deficiency `1,20,000; X `80,000 and Y `40,000
(d) Total Deficiency `1,00,000; X `66,667 and Y `33,333
Page 2 Sample Paper 15 Nodia app

3. Good Luck Textiles Limited is registered with a capital of 10,00,000 equity shares of `10 each. 6,00,000
equity shares were offered for subscription to public. Applications were received for 6,00,000 shares. All
calls were made and amount was duly received except final call of `2 on 80,000 shares. What will be
the amount of share capital shown in the balance sheet?
(a) `60,00,000 (b) `58,40,000
(c) `5,84,000 (d) `6,00,000

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7,000 shares allotted to Mr. Ankit, on which `90 each was called up and `70 paid, were forfeited and
reissued for `80 each as `90 paid-up. What amount will be transferred to the Capital Reserve Account?
(a) `4,20,000 (b) `2,10,000
(c) `1,40,000 (d) `1,20,000

4. Horizon Dynamics Ltd. acquired a business from Global Vision Corp. by taking over Assets of
`1,20,00,000 and Liabilities of `10,00,000. Horizon Dynamics paid a purchase consideration consisting
of 90,000, 12% Debentures of `100 each issued at a 5% premium, and a cheque for `20,50,000. Determine
the amount of Goodwill or Capital Reserve.
(a) Goodwill `10,00,000 (b) Capital Reserve `10,00,000
(c) Goodwill `5,00,000 (d) Capital Reserve `5,00,000

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Orion Ltd. purchased Furniture and paid `1,20,000 by cheque and issued 4,000 equity shares of `10
each at 75% premium. The purchase consideration will be :
(a) `1,80,000 (b) `1,90,000
(c) `2,00,000 (d) `2,10,000

5. Dev and Mohan were partners with capitals of `22,00,000 and `18,00,000 respectively. They admitted
Priya as a new partner for 1/4 share; Priya brings `15,00,000 as capital. The firm had Investments of
`2,20,000 and an Investment Fluctuation Reserve of `25,000. Dev took over 30% of the Investments at
`60,000 and the remaining Investments were valued at `1,20,000. By what amount will the Revaluation
Account be affected?
(a) Debited `15,000 (b) Credited `15,000
(c) Debited `40,000 (d) Credited `40,000

6. A firm’s financial summary for the year indicates a final profit of `80,000 after an allocation of `20,000
to its general reserve. This business holds total tangible assets valued at `12,00,000, and its outside
liabilities amount to `4,00,000. According to the capitalization of average profit method, the goodwill
of the firm has been valued at `2,00,000. Your task is to calculate and determine the Normal Rate of
Return (NRR) that was used in this valuation.
(a) 7% (b) 8%
(c) 9% (d) 10%

7. Badal and Deepesh are partners sharing profits and losses in the ratio 4 : 1. Samay was manager who
received the salary of `2,000 pm in addition to a commission of 5% on net profits after charging such
commission. Profit for the year is `3,39,000 before charging salary. What will be the total remuneration
of Samay ?
(a) `43,500 (b) `38,000
(c) `39,000 (d) `44,000
CBSE Accountancy Class 12 Sample Paper 15 Page 3

8. Jeet and Meet are partners sharing profits in the ratio of 3 : 1. They admit Abhijeet as a partner who
pays `8,000 as goodwill, the new profit sharing ratio being 2 : 1 : 1 among Jeet, Meet and Abhijeet.
The amount of goodwill will be credited to
(a) Only Meet (b) Only Jeet
(c) Jeet and Meet as `1,500 and `2,000 (d) `4,000 each

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Krish, Bhavish and Satish are partners in a firm sharing profits in ratio of 2 : 1 : 3. They decided to
share profits in ratio of 4 : 5 : 3. What was Krish’s gain/sacrifice?
(a) Gain 2/12 (b) Gain 2/6
(c) No gain/sacrifice (d) Sacrifice 2/6

9. Neha, a partner, took over Land worth `2,20,000 in part settlement of her loan of `2,50,000. The Land
was already transferred to the Realisation Account. How will it affect the Realisation Account?
(a) Realisation Account will be credited by `2,50,000
(b) Realisation Account will be credited by `30,000
(c) Realisation Account will be credited by `2,20,000
(d) No effect on Realisation Account

10. A and B are partners of a partnership firm sharing profits in the ratio of 3 : 2 respectively. C was
admitted for 1/5th share of profit. Machinery would be appreciated by 10% (book value `80,000) and
building would be depreciated by 20% (`2,00,000). Unrecorded debtors of `1,250 would be brought into
books now and a creditor amounting to `2,750 died and need not pay anything on this account. What
will be the profit/loss on revaluation?
(a) Profits `40,000 (b) Loss `40,000
(c) Profits `28,000 (d) Loss `28,000

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Aman and Bimal were partners sharing Profit & Loss in the ratio of 3 : 2. Their capital balances
were `8,00,000 and `4,00,000, respectively. The firm’s books showed a balance of General Reserve of
`3,00,000 and Deferred Revenue Expenditure of `1,50,000. They admitted Chetan into partnership for
a 1/5th share in future profits, for which he brought `4,00,000 as his capital. Determine the goodwill
amount that Chetan is required to bring into the firm (his share of the firm’s hidden goodwill).
(a) `50,000 (b) `2,50,000
(c) `75,000 (d) `1,00,000

11. Plant was appearing in the books at `7,50,000 which was undervalued by 25%. What amount will be
shown in the Balance Sheet of the reconstituted firm for plant?
(a) `9,00,000 (b) `10,00,000
(c) `8,00,000 (d) `7,00,000

From the given hypothetical situation, answer Q 12–14.

Phoenix Rising Corp. Ltd. issued 1,00,000; 10% Debentures of `100 each at a 5% Discount and to be
redeemed at a 15% premium at the end of 7 years. On the date of issue, the balance in the Securities
Premium Account was `16,00,000 and the balance in the Statement of Profit & Loss (Dr.) was
`8,00,000.

12. The loss on issue of debentures is to be written off as `______ out of Securities Premium and
`______ out of the Statement of Profit and Loss.
(a) `16,00,000; `4,00,000 (b) `5,00,000; `15,00,000
(c) `16,00,000; `0 (d) `8,00,000; `12,00,000
Page 4 Sample Paper 15 Nodia app

13. After writing off the total loss on the issue of debentures, the final balance in the Statement of Profit
and Loss will be a ______ balance of `______.
(a) Debit; `8,00,000 (b) Debit; `12,00,000
(c) Debit; `4,00,000 (d) Credit; `8,00,000

14. The Premium on Redemption of Debentures account will have a balance of `______ to be treated
as a ______ in the Balance Sheet at the end of the first year, as the debentures are due for
redemption after more than 12 months.
(a) `15,00,000; Non-Current Liability (b) `5,00,000; Current Liability
(c) `15,00,000; Current Liability (d) `5,00,000; Non-Current Liability

15. Sachin, Rahul, and Sourav were partners sharing profits and losses in the ratio 4 : 3 : 3. Their firm was
dissolved on March 31, 2024. On this date, the Balance Sheet showed the following items :
Assets : Building `5,00,000; Furniture `2,00,000; Stock `1,50,000; Goodwill `50,000; Cash `20,000.
Liabilities : Creditors `1,00,000; Loan from Sachin’s wife `40,000; Rahul’s Loan `80,000.
Assets realized at `8,40,000. Determine the amount of Realisation Gain/Loss.
(a) Realisation Gain `60,000 (b) Realisation Loss `40,000
(c) Realisation Loss `60,000 (d) Realisation Gain `40,000

16. Rohan, Priya, and Nitin were partners sharing profits and losses in the ratio of 2 : 2 : 1. Their books
showed Workmen Compensation Reserve of `1,80,000. Workmen Claim amounted to `1,20,000. How
will it affect the books of accounts at the time of dissolution of the firm?
(a) `60,000 will be distributed amongst partners.
(b) `1,80,000 will be credited to the Realisation Account, and `1,20,000 will be paid off.
(c) `1,20,000 will be credited to the Realisation Account, and `60,000 will be distributed amongst
partners.
(d) `1,20,000 will be credited to the Realisation Account and paid off.

17. Calculate the goodwill of a firm on the basis of two years purchases of the average profit of last four
years. Profits for the last four years ended 31st March were :
(`)
31.3.2019 30,600
31.3.2020 48,400
31.3.2021 46,600
31.3.2022 34,400
Additional Information :
(a) The closing stock for the year ended 31st March, 2021 was undervalued by `2,600.
(b) The cost of management expenses per annum `2,000 should be made for the purpose of goodwill
valuation.
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Tarun and Varun started a business on 1st April, 2021 and contribute the capital of `2,00,000 and
`1,50,000 respectively. On 1st July, 2021, Tarun gave a loan of `40,000 and Varun introduced a fresh
capital of `60,000. Profit for the year ended 31st March, 2022 was `75,800. There is no partnership
deed. Both Tarun and Varun expected interest @ 12% per annum on loan and additional capital
advanced by them. Varun also asked for a monthly salary of `2,000 as he spent additional over time
on regular basis.
Show the distribution of profit and prepare Profit and Loss Appropriation A/c. Justify your answer.
CBSE Accountancy Class 12 Sample Paper 15 Page 5

18. Raman, Sohan and Jagan are partners sharing profits in the ratio 5 : 4 : 1. Jagan died on 30th
November 2022. While settling his account, the assets and liabilities were reassessed as follows :
Book Value (`) Revalued at (`)
Land and Building 5,00,000 6,50,000
Debtors 70,000 55,000
Creditors 80,000 1,20,000
Pass journal entries to give effect to this revaluation of assets and liabilities and market value of
investment was decreased by `10,000.

19. Balram India Limited 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 were duly received.
Pass the necessary journal entries in the books of the company for the above transactions.

20. KGN Group Limited issued 10,000, 8% debentures of `100 each on 1st April 2022 redeemable at a
premium of 10% after 4 years. The issue was subscribed by 95%.
According to the terms of issue, interest on the debentures is payable half-yearly on 30th September
and 31st March.
A. What is nature of interest on debentures?
B. What journal entry will be passed for writing off the interest on debentures at the end of the year?
C. At the time of issue of debentures what amount will be credited to premium on redemption of
debenture A/c?

21. Ruby Ltd. was registered with an authorised capital of `60,00,000 divided into 3,00,000 shares of `20
each. The company offered and issued 1,20,000 shares at a premium of `5 per share, payable as : `8 on
application (including `2 premium), `11 on allotment (including `1 premium), and the balance on the
first and final call. A shareholder, Taran, holding 8,000 shares, failed to pay both the allotment and the
call money. Another shareholder, Veer, holding 4,000 shares, failed to pay the call money. All the shares
held by Taran were forfeited and of these, 5,000 shares were reissued at `24 per share as fully paid.
Show the Share Capital sub-head as it would appear in the Balance Sheet of Ruby Ltd. along with
Notes to Accounts as per the Companies Act, 2013.

22. Aalok, Sudhir and Kabir were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Their Balance
Sheet as at March 31, 2022 was as follows :
Balance Sheet
as at March 31, 2022
Liabilities Amount (`) Assets Amount (`)
Creditors 30,000 Land 80,000
Bills Payable 40,000 Building 55,000
Outstanding Expenses 25,000 Plant 1,00,000
General Reserve 30,000 Stock 40,000
Capital : Debtors 25,000
Aalok 50,000 Cash 5,000
Sudhir 60,000
Kabir 70,000 1,80,000
3,05,000 3,05,000
Page 6 Sample Paper 15 Nodia app

From 1st April, 2022 they decided to share profit in the ratio 1 : 2 : 3. For this purpose, it was agreed
that :
(a) The goodwill of the firm should be valued at `45,000.
(b) Land was undervalued by `20,000. Building was overvalued by 10%.
(c) Creditors amounting to `3,000 were not to be paid.
Partners decided to record the revised values in the books. However, they do not want to disturb the
reserve. You are required to record necessary journal entries for the above adjustment.

23. Extract of Financial statements of Sphere Ltd. are produced below.

Balance Sheet (Extract)

I- Equity & Liabilities Note no. 31-03-25 (`) 31-03-24 (`)

1. Shareholders’ Funds
(a) Share Capital 1 9,80,00,000 9,00,00,000
(b) Reserves & Surplus 2 90,00,000 70,00,000

Note No. 1
Share Capital 31-03-25 (`) 31-03-24 (`)
1. Authorised Share Capital
Equity shares of `10 each ----- -----
2. Issued Capital 9,80,00,000 9,00,00,000
Subscribed capital (Fully Paid) 9,80,00,000 9,00,00,000

Note 2 – Reserves and Surplus

31-03-25 (`) 31-03-24 (`)
Securities Premium 90,00,000 70,00,000

During the year Sphere Ltd. purchased the business of Global Enterprises with assets of `1,80,00,000
and liabilities of `90,00,000. With regards to the following additional Information :
1. During the year 40,000 Equity Shares were issued at a premium of `2.50 per share for cash.
2. Besides this no shares were issued as sweat equity, bonus or in any other form.
Give journal entries for issue of shares for cash and consideration other than cash. Also, prepare Share
Capital A/c and Securities Premium Account in the books of Sphere Ltd.

24. Anil, Bimal, and Chetan are partners sharing profits and losses in the ratio of 2 : 2 : 1. The firm closes
its books on 31st March every year. Partner Bimal died on 30th September, 2024. On that date, his
capital account showed a debit balance of `10,000. There was an accumulated debit balance of `50,000
in the Profit and Loss Account. The goodwill of the firm was valued at `4,50,000. Bimal’s share of
profit in the year of his death was to be calculated on the basis of the average profit of the last 4 years,
which was `1,00,000.
Pass the necessary journal entries in the books of the firm on Bimal’s death and prepare Bimal’s
Capital Account.
CBSE Accountancy Class 12 Sample Paper 15 Page 7

25. Jagan and Magan are partners in a firm sharing profits in the ratio of 4 : 1. On 31st March, 2022, their
Balance Sheet was as follows :

Balance Sheet of Jagan and Magan as on 31-03-2022

Liabilities Amount (`) Assets Amount (`)
Sundry Creditors 40,000 Bank 14,500
Provision for Bad Debts 4,000 Debtors 43,000
Outstanding Salary 6,000 Stock 40,000
Investment Fluctuation Reserve 10,000 Investment 80,000
Employee Provident Funds 15,000 Furniture 60,000
General Reserve 12,000 Building 36,000
Capital : Goodwill 6,000
Jagan 1,20,000 Advertisement Suspense A/c 7,500
Magan 80,000
2,00,000
2,87,000 2,87,000
On the above date, Dhavan was admitted for 1/4th share in the profits on the following terms :
(i) Dhavan brought `1,00,000 as his capital and `20,000 for his share of premium, half of which is
withdrawn by Jagan and Magan.
(ii) Stock will be reduced to `35,000 furniture will be depreciated by `7,000 and 30% appreciation will
be recorded in building.
(iii) Debtors `3,000 will be written off as bad debts and a provision of 5% will be created on debtors
for bad and doubtful debts.
(iv) Investments will be recorded at its market value of `65,000.
(v) Revaluation expenses of `3,500 will be paid by Jagan on behalf of the firm.
Prepare Revaluation Account and Partners’ Capital Accounts of the new firm.

O
Mahendra, Surendar and Rajendar were partners in a firm sharing profits in the ratio of 2 : 3 : 5. On
31.3.2022 their Balance Sheet was as follows :

Balance Sheet

Liabilities Amount Assets Amount

(`) (`)
Creditors 46,000 Furniture and Fixtures 55,000
Investment Fluctuation Reserve 15,000 Equipments 15,000
Workmen Compensation Reserve 10,000 Investments 25,000
Capitals : Machinery 18,000
Mahendra 50,000 Stock 12,000
Surendar 40,000 Debtors 30,000
Rajendar 20,000 1,10,000 Less : Provision for (3,000) 27,000
Doubtful Debts
Bank 29,000
1,81,000 1,81,000
Page 8 Sample Paper 15 Nodia app

On the above date, Mahendra retired and Surendar and Rajendar agreed to continue the business on
the following terms :
(i) Goodwill of the firm was valued at `48,000.
(ii) There was a claim of `4,000 for workmen’s compensation.
(iii) Market value of investment was `22,000.
Mahendra will be paid `3,200 through cheque and the balance will be transferred in his loan account.
The new profit sharing ratio between Surendar and Rajendar will be 3 : 2.
Prepare Partners’ Capital A/cs and Balance Sheet of the new firm.

26. A company was registered with nominal capital of `50,00,000 in equity shares of `100 each. 20,000
shares were issued to the public at a premium of `10 per share, payable as :
`30 on application
`35 on allotment (including `5 premium)
`25 on First call (including `5 premium)
The balance on Second and final call.
Applicants were received for 35,000 shares and Allotment was made as follows :
List I Applications for 5,000 shares were allotted in full.
List II Applications for 15,000 shares were allotted 5,000 shares on pro-rata basis.
List III Applications for 15,000 shares were allotted 10,000 shares on pro-rata basis.
Money overpaid on application was employed on account of sums due on allotment only. Any money
in excess to allotment was refunded.
Kailash (belonging to List III), holding 200 shares, failed to pay the allotment and first call. The
company forfeited his shares after the first call.
Sagar (belonging to List II) who applied 300 shares, failed to pay two calls and company forfeited his
share after the final call.
Of the shares forfeited 200 shares (including all of Sagar) were reissued to Pooja as `90 per share.
Prepare the cash book and pass necessary journal entries in the books of the company.
O
(i) Gujarat India Limited forfeited 400 shares of `100 each, issued at 10% premium (to be paid at
the time of allotment) for non-payment of allotment money of `30 (including premium) and first
call of `30 per share. The second and final call of `20 has not yet been called. Out of these, 160
shares were re-issued as `80 paid-up for `70 per share. Journalise.
(ii) Global Farm Limited issued 60,000 shares of `10 each at a premium of 10% payable as, `2 per
share on application, on allotment `5 (including premium) and `2 each on first and final call.
Applications were received for 90,000 shares. It was decided to :
(a) Refuse allotment to the applications for 10,000 shares.
(b) Allot 10,000 shares to R who had applied for similar number.
(c) Allot the remaining shares on pro-rata basis.
R failed to pay the allotment money. T who belonged to the category ‘c’ and had applied for 4,200
shares paid both the calls with allotment. Calculate the amount received on allotment.

PART-B
Analysis of Financial Statements (Option-I)
27. The following balances were extracted from the books of a company :

Particulars 31 March, 2025 31 March, 2024

Raw Material 45,000 55,000
Work in Progress 75,000 65,000
Finished Goods 1,20,000 1,10,000
CBSE Accountancy Class 12 Sample Paper 15 Page 9

Calculate the Change in Inventories to be shown in the Statement of Profit and Loss for the year ended
31 March, 2025.
(a) `10,000 (b) `(10,000)
(c) `20,000 (d) `(20,000)

28. 12% debentures of `6,00,000, current assets `3,00,000 and shareholder’s fund is `10,00,000. What is
the value of debt-equity ratio?
(a) 0.7 : 1 (b) 0.6 : 1
(c) 0.8 : 1 (d) 0.5 : 1

O
Assertion (A) : For calculating the Quick Ratio, Prepaid Expenses are not considered as part of Quick
Assets.
Reason (R) : Quick Assets are those current assets that can be converted into cash within a very short
period, and Prepaid Expenses represent expenses paid in advance for future use, not an amount to be
received as cash.
(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 false.
(d) A is false but R is true.

29. Proposed Dividend for the year ended March 31, 2025 and March 31, 2024 were `9,50,000 and `8,80,000
respectively. Shareholders finalized the dividend amount at `8,50,000 during the Annual General
Meeting (AGM) held in July 2024. Unclaimed dividend as at March 31, 2025 was `45,000.
Choose the correct option while preparing the Cash Flow Statement for the year ended March 31, 2025:
(a) Proposed Dividend added in Net Profit after tax will be `8,80,000 and outflow of Dividend paid
in financing activities will be `8,05,000.
(b) Proposed Dividend added in Net Profit after tax will be `8,50,000 and outflow of Dividend paid
in financing activities will be `8,05,000.
(c) Proposed Dividend added in Net Profit after tax will be `9,50,000 and outflow of Dividend paid
in financing activities will be `8,50,000.
(d) Proposed Dividend added in Net Profit after tax will be `8,50,000 and outflow of Dividend paid
in financing activities will be `8,50,000.

O
Provision for Tax for the year ended March 31, 2025 and March 31, 2024 were `10,00,000 and `9,20,000
respectively. During the year, Tax paid was `8,70,000. Determine the amount of Tax proposed during
the year by the firm.
(a) `9,50,000 (b) `10,00,000
(c) `9,20,000 (d) `8,70,000

30. Which of the following is an example of cash flow from Investing Activities for a non-financial company?
(a) Advances made by financial enterprise
(b) Cash advances and loans made to third party
(c) Cash advances and loans made by financial firms
(d) None of the above
Page 10 Sample Paper 15 Nodia app

31. From the following income statement, prepare a common size statement of profit and loss :

Particulars Amount (`)

Revenue from operations 25,38,000
(+) Other Incomes 38,000
Total Incomes 25,76,000
Expenses
Cost of Revenue from Operations 14,00,000
Operating Expenses 5,00,000
Tota Expenses 19,00,000
Profit before Tax 6,76,000
(–) Inocme Tax (3,38,000)
Profit after Tax 3,38,000

O
Find the heads and sub-heads under which the following items will appear in the balance sheet of a
company as per Schedule III, Part I of Companies Act, 2013 :
(a) Patent
(b) Advances for Purchase of Raw Materials
(c) Interest on Investments Accrued but Not Due
(d) Bank Overdraft
(e) Provision for Repair and Maintenance Expenses
(f) Salary Payable

32. (i) Give two examples of Other Current Assets shown in the Balance Sheet of a company.
(ii) Under which head and sub-head in the Statement of Profit and Loss will you classify the Discount
on Issue of Debentures written off?
(iii) Where will you disclose the amount of Securities Premium Reserve?

33. Quick Ratio of Venus Traders is 1.2 : 1. State with reasons whether the following transactions will
increase, decrease, or have no change on the ratio :
(a) Paid Trade Payables
(b) Bills Receivable is discounted at a bank
(c) Purchased a Long-term Investment for cash
(d) Stock of goods is sold for cash at a profit

O
Calculate the Gross Profit Ratio from the following information :
Revenue from Operations : `60,00,000
Purchases : `29,50,000
Carriage Inwards : `1,50,000
Employee Benefit Expenses : `6,00,000 (includes Wages of `5,00,000)
Opening Inventory : `12,00,000
Average Inventory : `18,00,000
CBSE Accountancy Class 12 Sample Paper 15 Page 11

34. Prepare a Cash Flow Statement from the following Balance Sheet of City India Limited

Balance Sheet of City India Limited

Particulars Note 31 March 2022 31 March 2021

No. (`) (`)
I. EQUITY AND LIABILITIES
1. Shareholder’s Funds :
(a) Share Capital 1 10,00,000 8,00,000
(b) Reserves and Surplus 2 7,50,000 50,000
2. Non-Current Liabilities
Long-term Borrowings 3 5,00,000 1,00,000
3. Current Liabilities
(a) Short term Borrowings 4 50,000 40,000
(b) Trade Payables 2,50,000 3,80,000
(c) Short-term Provisions (Provision for Tax) 80,000 65,000
(d) Other Current Liabilities 1,50,000 1,60,000
Total 27,80,000 15,95,000

II. ASSETS
1. Non-Current Assets :
Property, Plant and Equipments and Intangible Assets :
(a) Property, Plant and Equipments : Tangible Assets 5 12,80,000 8,20,000
(b) Intangible Assets (Goodwill) 1,60,000 ––
2. Current Assets :
(a) Short-term Investment (Marketable Securities) 2,90,000 1,60,000
(b) Inventories 4,10,000 2,80,000
(c) Trade Receivables 3,80,000 2,30,000
(d) Cash and Cash Equivalents 6 2,60,000 1,05,000
Total 27,80,000 15,95,000

Notes to Accounts :

Note Particulars 31st March 2022 31st March 2021

No. (`) (`)

1. Share Capital :
Equity Share Capital 7,00,000 4,00,000
10% Preference Share Capital 3,00,000 4,00,000
10,00,000 8,00,000
2. Reserves and Surplus :
General Reserve 3,00,000 1,00,000
Balance in Statement of Profit and Loss 4,50,000 (50,000)
7,50,000 50,000
Page 12 Sample Paper 15 Nodia app

3. Long-term Borrowings :
9% Debentures 5,00,000 1,00,000
4. Short-term Borrowings :
Bank Overdraft 50,000 40,000
5. Property, Plant and Equipments (Tangible Assets) :
Plant and Machine 2,30,000 1,20,000
Building 10,50,000 7,00,000
12,80,000 8,20,000
6. Cash and Cash Equivalents :
Cash in hand 80,000 40,000
Cash at Bank 1,80,000 65,000
2,60,000 1,05,000
Note : Dividend proposed for the year 2020-21 and for 2021-22 are `40,000 and `60,000 respectively.
Additional Information :
(a) Depreciation of `60,000 was provided on plant and machinery during the year.
(b) A machine costing `40,000 (accumulated depreciation provided thereon `24,000) was sold for
`8,000 during the year.
(c) New debentures were issued on 1st October, 2021
(d) Tax `60,000 was paid during the year.

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