CBSE Accountancy Class 12 Sample Paper 2 Page 1

Sample Paper 2
Accountancy (055)
Class XII Session 2024-25
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. Vinod, Suresh and Mohit are partners sharing profits in the ratio of 3 : 3 : 2. As per the partnership
agreement, Mohit is to get a minimum amount of `8,000 as his share of profits every year and any deficiency
on this account is to be personally borne by Vinod. The net profit for the year ended 31st March, 2021
amounted to `31,200. Calculate the amount of deficiency to be borne by Vinod.
(a) `800 (b) `200
(c) `100 (d) `400

2. Assertion (A): At the time of a change in profit-sharing ratio, it is important to determine the sacrificing
ratio and gaining ratio.
Reason (R): At the time of a change in profit-sharing ratio, the gaining partner compensates the sacrificing
partner by paying them a proportionate amount of goodwill.
(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.

3. The ‘share of premium for goodwill’ brought in by the new partner is divided in ______.
(a) old ratio (b) sacrificing ratio
(c) new ratio (d) None of these

O
Calculate the total amount of interest payable for the financial year 2021 on 6% debentures issued by the
company. The total value of the debentures issued is `20,00,000, consisting of 20,000 debentures of `100
each. The interest is to be calculated based on the nominal value of the debentures at the stated rate of 6%
per annum. Choose the correct interest amount from the options provided below:
(a) `12,000 (b) `12,00,000
(c) `1,60,000 (d) `1,20,000
Page 2 Sample Paper 2 CBSE Accountancy Class 12

4. At the time of dissolution of a partnership firm, Jhunjhun, one of the partners, personally paid off a firm’s
loan amounting to `1,00,000 from his own resources. This transaction needs to be recorded appropriately
in the firm’s books of accounts. Which journal entry correctly reflects this transaction?
(a) Realisation A/c Dr 1,00,000
To Jhunjhun’s Capital A/c 1,00,000
(b) Jhunjhun’s Capital A/c Dr 1,00,000
To Realisation A/c 1,00,000
(c) Realisation A/c Dr 1,00,000
To Loan A/c 1,00,000
(d) None of the above

O
Ram and Shyam were partners sharing profits and losses in the ratio of 4:3. Their balance sheet shows
machinery at `2,10,000. They admitted Mohan as a new partner for 1/5th share. In additional information,
it is given that machinery is undervalued by 25%. The share of gain/loss of revaluation of Shyam is
______ and current value of the machinery shown in the new balance sheet is ______.
(a) Gain `21,000, Value `2,80,000 (b) Loss `17,500, Value `2,50,000
(c) Gain `24,500, Value `3,00,000 (d) Gain `30,000, Value `2,80,000

5. The profit earned by a firm after retaining `30,000 to its reserve was `1,50,000. The firm had total tangible
assets worth `20,00,000 and outside liabilities `6,00,000. The value of the goodwill as per capitalization of
average profit method was `1,00,000. Determine the rate of Normal Rate of Return (NRR).
(a) 10% (b) 12%
(c) 8% (d) 15%

6. Supreme Technologies Limited invited applications for issuing 600, shares of `100 each at a premium of
`50 per share. The full amount was payable on application. Applications were received for 800 shares.
Applications for 200 shares were rejected and application money was refunded. Shares were allotted to the
remaining applicants. Journal entry for adjusting the application money received in the books of Supreme
Technologies Limited is as follows
Share Application and Allotment A/c Dr A
To Share Capital A/c B
To Securities Premium Reserve A/c C
To Bank A/c D
Here A, B, C, D are
(a) `60,000, `30,000, `15,000, `15,000 respectively
(b) `60,000, `15,000, `15,000, `30,000 respectively
(c) `1,20,000, `30,000, `30,000, `60,000 respectively
(d) `1,20,000, `60,000, `30,000, `30,000 respectively

O
A firm having the assets of `2,00,000 and liabilities of `84,000 earns the annual profit of `18,000. The
rate of normal profit being 12%, the amount of goodwill by capitalisation of super profit method, will be
______.
(a) `34,000 (b) `4,080
(c) `13,290 (d) `36,000

7. On 1st January 2020, a company took a loan of `50,00,000 on the security of machinery and equipment.
This loan was further secured by the issue of 25,000, 10% Debentures of `100 each as collateral security.
On 31st December 2023, the company defaulted on repayment of the principal amount of this loan.
Consequently, on 1st January 2024, the machinery and equipment were taken over and sold by the bank for
`40,00,000. For the balance amount, debentures were sold in the market on 1st February 2024. From which
date would the interest on debentures become payable by the company?
(a) 1st January 2020 (b) 31st December 2023
(c) 1st January 2024 (d) 1st February 2024
CBSE Accountancy Class 12 Sample Paper 2 Page 3

8. Mohan, a partner, took over Furniture worth `70,000 in full settlement of his loan of `80,000. The Furniture
had already been transferred to the Realisation Account. How will it affect the Realisation Account?

(a) Realisation Account will be credited by (b) Realisation Account will be credited by
`80,000 `10,000
(c) Realisation Account will be credited by (d) No effect on Realisation Account
`70,000

O
Ravi, Sohan, and Ramesh were partners sharing profits and losses in the ratio of 4:3:3. Their books showed
Workmen Compensation Reserve of `80,000. Workmen Claim amounted to `50,000. How will it affect the
books of accounts at the time of dissolution of the firm?
(a) Only `30,000 will be distributed amongst partners’ capital accounts.
(b) `80,000 will be credited to the Realisation Account, and `50,000 will be paid off.
(c) `50,000 will be credited to the Realisation Account, and `30,000 will be distributed amongst partners.
(d) Only `50,000 will be credited to the Realisation Account and paid off.

9. Aman, Bina, and Chitra are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their fixed capital
balances are `6,00,000, `4,00,000, and `2,00,000, respectively. For the year ended March 31, 2024, profits of
`90,000 were distributed without providing for Interest on Capital @ 12% p.a., as per the partnership deed.
While passing an adjustment entry, which of the following is correct?
(a) Chitra will be credited by `3,000 (b) Chitra will be debited by `3,000
(c) Chitra will not require any adjustment. (d) Chitra will be credited by `6,000

10. Ganesh and Rakesh are partners sharing profits in the ratio of 2 : 3. Their balance sheet shows machinery
at `1,00,000; stock at `40,000 and debtors at `80,000. Mukesh is admitted and new profit sharing ratio
is agreed at 6 : 9 : 5. Machinery is revalued at `70,000 and a provision is made for doubtful debts @ 5%.
Ganesh’s share in loss on revaluation amount to `10,000. Revalued value of stock will be
(a) `30,000 (b) `49,000
(c) `31,000 (d) `50,000

11. On the reconstitution of a partnership firm, it becomes necessary to address any deferred revenue expenditure
that is appearing in the Balance Sheet. This expenditure represents costs that have been incurred but
not yet fully written off in the firm’s financial records. How should such deferred revenue expenditure
be accounted for during the process of reconstitution? Select the correct accounting treatment from the
options provided below:
(a) It is realised in cash.
(b) It is debited to the Revaluation Account.
(c) It is debited to the Partners’ Capital Accounts in the old profit-sharing ratio.
(d) It is credited to the Partners’ Capital Accounts in the new profit-sharing ratio.

12. Private Placement refers to:

(i) Issuance of shares to the public.
(ii) Issuance of shares to selected individuals or institutions.
(iii) Issuance of shares only to employees.
Which of the following is correct?
(a) Only (i) is correct (b) Only (ii) is correct
(c) Both (i) and (ii) are correct (d) All are correct

13. 3,000 shares allotted to Mr. Arjun, on which `100 each was called up and `70 paid, were forfeited and
reissued for `85 each as `100 paid-up. What amount will be transferred to the Capital Reserve Account
(a) `1,65,000 (b) `1,20,000
(c) `45,000 (d) `90,000
Page 4 Sample Paper 2 CBSE Accountancy Class 12

14. Ravi, Aman, and Kunal were partners sharing profits and losses in the ratio of 5:3:2. W.e.f. April 1, 2024,
they decided to change their profit-sharing ratio to 4:4:2. The balances in their books include General
Reserve `1,50,000 and Profit and Loss (Dr.) `90,000. At the time of reconstitution of the firm, how much
will Aman be credited?
(a) `18,000 (b) `24,000
(c) `15,000 (d) `30,000

15. Amit, Sameer, and Rajesh were partners sharing profits and losses in the ratio of 5:3:2. Their capital
balances as on March 31, 2024, were `4,00,000, `3,00,000, and `2,00,000, respectively. On the same date,
they admitted Nikhil as a new partner for a 25% share. Nikhil was to bring `90,000 for his share of goodwill
and 1/4 of the combined capital of all the partners of the new firm. What will be the amount of capital
brought in by Nikhil on his admission as a new partner?
(a) `3,30,000 (b) `3,00,000
(c) `3,25,000 (d) `2,75,000

O
X, Y, and Z were partners sharing profits and losses in the ratio of 5:3:2. Z passed away on December 31,
2023, and the total amount payable to Z’s executors was `12,00,000. Z’s executors were paid `2,00,000
immediately, and the balance was to be paid in four equal annual installments along with interest at 12%
p.a. Calculate the total amount of interest to be credited to Z’s executor’s account for the year ended March
31, 2024.
(a) `90,000 (b) `72,000
(c) `30,000 (d) `84,000

16. Krish, Laksh, and Jay are partners in a business, contributing capitals of `1,00,000, `75,000, and `50,000,
respectively. The partners share profits and losses in a fixed ratio. However, due to Jay’s decision to retire
from the partnership, his share in the firm is to be acquired by the remaining partners, Krish and Laksh,
in the ratio of 5:3. Based on this arrangement, calculate the new gaining ratio of Krish and Laksh.
(a) 2 : 2 (b) 5 : 3
(c) 3 : 2 (d) None of these

17. Arun, Tarun and Pawan are in partnership sharing profits in the ratio of 4 : 3 : 1. Tarun takes retirement on
30th June, 2019. The firm’s profits for various years were : 2014 (profits `3,24,444), 2015 (profits `80,000),
2016 (profits `10,000), 2017 (losses `10,000), 2018 (profits `40,000) and 2019 (profits `50,000).
Arun and Pawan decided to share future profits in the ratio of 3 : 2. Goodwill is to be valued on the basis
of 2 years’ purchase of average profit of 4 completed years immediately preceding the year of retirement of
a partner. Pass the journal entry to record Tarun’s share of goodwill.

18. Ajanta Engineering Limited invited applications for 4,000 equity shares of `10 each at the issue price of
`10. The amount payable along with application is `10. This issue was fully subscribed. Give the journal
entries for the above transactions.
O
A company issued 8,000, 10% debentures of `100 each, payable `20 on application and the remaining
amount on allotment. The debentures are redeemable after 5 years. All the debentures were applied for and
allotted. All money was received. Give the journal entries.

19. Calculate the value of goodwill by super profit method, when goodwill is to be valued at 2.5 years’ purchase
of the average profits of the last 3 years. Profits of the previous 5 years are given below
2019 – `60,000, 2018 – `40,000, 2017 – `1,10,000
2016 – `40,000, 2015 – `30,000
Capital investment of the firm is `1,00,000 and having rate of return is 20%.

O
Parth and Rajiv are partners sharing profits and losses in the ratio of 3 : 1. Their capitals at the end of
the financial year 2017-2018 were `1,50,000 and `75,000. During the year 2017-2018, Parth’s drawings were
`20,000 and the drawings of Rajiv were `5,000. Profit before charging interest on capital for the year was
`16,000 which was duly credited to their accounts. Rajiv had brought additional capital of `16,000 on 1st
October, 2017. Calculate interest on capital @ 12% per annum for the year 2017-2018.
CBSE Accountancy Class 12 Sample Paper 2 Page 5

20. United India Limited purchased machinery from Berger Technologies Limited for `10,00,000 to start a
business of manufacturing low cost school dresses for children belonging to low income group. It made the
payment as follows
`2,00,000 by cheque,
5,000, 10% preference shares of `100 each at par, and 3,000, 10% debentures of `100 each at par.
You are required to pass the journal entries for the transactions.

21. Samay and Dev are partners in a firm sharing profit and loss equally. On 1st April, 2021, the capital of
the partners were `4,00,000 and `3,00,000 respectively. The profit and loss appropriation account of the
firm showed a net profit of `7,74,000 for the year ended 31st March, 2022. The terms of partnership deed
provided the following
(i) Transfer 10% of distributable profits to reserve fund.
(ii) Interest on capitals @ 6% per annum.
(iii) Interest on drawings @ 6% per annum. Drawings being Samay `80,000 and Dev `60,000.
(iv) Samay is entitled to a rent of `2,000 per month for the use of premises by the firm. It is paid to him
by cheque at the end of every month.
Prepare profit and loss appropriation, account for the year ended 31st March, 2022.

22. Daksh and Kavya are partners in a firm sharing profits in the ratio of 2 : 3. The balance sheet of the firm
as on 31st March, 2021 is given below
Balance Sheet
as at 31st March, 2021
Liabilities Amount Assets Amount
(`) (`)
Creditors 6,20,000 Bills Receivable 3,60,000
Bills Payable 1,80,000 Stock 16,00,000
Capital A/cs Machinery 18,40,000
Daksh 16,00,000 Land and Building 10,00,000
Kavya 24,00,000 40,00,000
48,00,000 48,00,000
The partners decided to share profits in equal ratio with effect from 1st April, 2021. The following
adjustments were agreed upon
(i) Land and building was valued at `16,00,000 and machinery at `16,40,000 and were to appear at
revalued amounts in the balance sheet.
(ii) The goodwill of the firm was valued at `80,000 but it was not to appear in books.
Prepare revaluation account, partners’ capital account and balance sheet.

23. Johnson Textiles and Industries Limited invited applications for issuing 75,000 equity shares of `100 each
at a premium of `30 per share. The amount was payable as follows
On application and allotment – `85 per share (including premium)
On first and final call – the balance account
Applications for 1,27,500 shares were received. Applications for 27,500 shares were rejected and shares were
allotted on pro-rata basis to the remaining applicants. Excess money received on application and allotment
was adjusted towards sum due on first and final call. The calls were made.
A shareholder, who applied for 1,000 shares, failed to pay the first and final call money. His shares were
forfeited. All the forfeited shares were re-issued at `150 per share fully paid-up.
Pass necessary journal entries for the above transactions in the books of Johnson Textiles and Industries Limited
O
Zigzak Technologies Limited has been registered with an authorised capital of `2,00,000 divided into 2,000
shares of `100 each of which 1,000 shares were offered for public subscription at a premium of `5 per share
payable as under
On application `10; on allotment `25 (including premium); on first call `40 and on final call `30.
Applications were received for 1,800 shares of which applications for 300 shares were rejected outright,
the rest of the applications were allotted 1,000 shares on pro-rata basis. Excess application money was
transferred to allotment.
Page 6 Sample Paper 2 CBSE Accountancy Class 12

All the money were duly received except from Naveen, a holder of 200 shares, who failed to pay allotment
and first call money. His shares were later on forfeited and re-issued to Sohan at `60 per share, as `70 paid-
up. Final call has not been made.
Record necessary journal entries.

24. Geeta, Sita and Reeta are partners with profit sharing ratio of 2 : 2 : 1. Their balance sheet is given below

Balance Sheet
as at 31st December, 2021
Liabilities Amount Assets Amount
(`) (`)
Creditors 1,00,000 Bank 60,000
Bills Payable 70,000 Debtors 52,000
Reserve Fund 40,000 (–) Provision for (2,000) 50,000
Doubtful Debts
Workmen Compensation Fund 30,000 Building 2,00,000
Profit and Loss 20,000 Furniture 1,30,000
Provident Fund 20,000 Investment 30,000
Capital A/cs Prepaid Insurance 10,000
Geeta 80,000 Goodwill 20,000
Sita 80,000
Reeta 60,000 2,20,000
5,00,000 5,00,000
Additional Information
(i) Sangeeta comes as a new partner and brings `66,750 as capital and his share of goodwill in cash.
(ii) New ratio is 3 : 3 : 2 : 2.
(iii) Goodwill of the firm is `50,000.
(iv) Prepaid insurance is no more required.
(v) Provision for doubtful debts is to be increased to `5,000.
(vi) Investment is valued at `20,000 and is taken over by Geeta.
(vii) Furniture valued at `1,00,000.
(viii) Building valued at 120%.
Prepare necessary accounts and balance sheet.
O
Aryan, Shyam and Dalbir are partners with ratio of 5 : 3 : 2.

Balance Sheet
as at ...
Liabilities Amount Assets Amount
(`) (`)
Creditors 1,00,000 Cash in Hand 40,000
Expenses Owing 20,000 Debtors 60,000
Reserve Fund 30,000 Building 1,00,000
Workmen Compensation Fund 10,000 Bills Receivable 40,000
Capital A/cs Goodwill 20,000
Aryan 60,000 Profit and Loss 30,000
Shyam 60,000 Patents 30,000
Dalbir 40,000 1,60,000
3,20,000 3,20,000
CBSE Accountancy Class 12 Sample Paper 2 Page 7

Additional Information
(i) Aryan takes retirement.
(ii) New ratio of Shyam and Dalbir is 1 : 1 and goodwill of the firm is valued at `60,000.
(iii) Expenses owing increased by `10,000.
(iv) Creditors increased to `1,05,000.
(v) `10,000 bills receivable dishonoured and are not recoverable.
(vi) Patents are now value less.
(vii) `20,000 unrecorded investment brought into books.
(viii) `10,000 paid to Aryan in cash and balance is transferred to his loan account. Prepare necessary
accounts and balance sheet.

25. Nikita Services Private Limited issued 50,000, 10% debentures of `100 each at 10% premium to the public
on 1st April, 2019, which are redeemable after 5 years of issue at a premium of 20%. Pass journal entry for
the issue of debentures, for writing-off ‘loss on issue of debentures’ in the same year of issue and prepare
‘loss on issue of debenture account’ also.

26. PQRI Ltd. provides the following extract from its Balance Sheet as on 31.03.2024, prepared as per Schedule
III of the Companies Act, 2013:
Balance Sheet (Extract)
as at 31 March, 2024
I- Equity & Liabilities Note no. 31.3.2023 31.3.2024
1. Shareholders’ Funds
(a) Share Capital 1 38,20,000 52,80,000
(b) Reserves & Surplus 2 1,50,000 2,90,000

Note 1 (as at 31.03.2023)

Share Capital
1. Authorised Share Capital 1,00,00,000
10,00,000 Equity Shares of `10 each

2. Issued Share Capital

4,00,000 Equity Shares of `10 each 40,00,000

3. Subscribed Share Capital

(a) Subscribed & Fully Paid 37,50,000
3,75,000 shares @ `10
(b) Subscribed but not fully paid 50,000
5,000 shares @ `10
Less : Calls in arrears (5,000 × `2) –10,000
37,90,000

Note 1 (as at 31.03.2024)

Share Capital
1. Authorised Share Capital 1,00,00,000
10,00,000 Equity Shares of `10 each

2. Issued Share Capital

5,20,000 Equity Shares of `10 each 52,00,000
(Of these, 50,000 shares were issued to a supplier for machinery)
Page 8 Sample Paper 2 CBSE Accountancy Class 12

3. Subscribed Share Capital

(a) Subscribed & Fully Paid 51,50,000
5,15,000 shares @ `10
(b) Subscribed but not fully paid 50,000
5,000 shares @ `10
Less : Calls in arrears (5,000 × `2) –10,000
51,90,000

Note 2 – Reserves and Surplus:

31.03.2023 31.03.2024
Capital Reserve Nil 60,000
Securities Premium 1,50,000 2,30,000
Additional Information :
• During the year 2024–25, PQRI Ltd. purchased machinery worth `6,50,000. The supplier agreed to
receive `5,00,000 in shares at par and the balance `1,50,000 in cash.
• After this transaction, the Securities Premium increased by `80,000 (from `1,50,000 to `2,30,000) due
to shares issued for cash.
• On April 1, 2025, the company forfeited all the shares on which calls remained in arrears.
• Subsequently, 2,500 of these forfeited shares were reissued at a premium.
(i) What is the total face value of all shares issued by the company during the financial year 2024-25?
(a) `14,00,000 (b) `12,00,000
(c) `13,00,000 (d) `15,00,000
(ii) At what price per share were the shares issued for cash during the year 2024-25 (considering that
50,000 shares were issued at par to the supplier)?
(a) `10 (b) `10 + `1.60 premium
(c) `12 (d) `11.14
(iii) Upon forfeiting all the defaulting shares on April 1, 2025, what amount will be credited to the Share
Forfeiture Account?
(a) `50,000 (b) `40,000
(c) `60,000 (d) `10,000
(iv) After the forfeiture of these shares, what will be the total number of shares that remain issued as on
April 1, 2025?
(a) 5,20,000 shares (b) 5,15,000 shares
(c) 5,10,000 shares (d) 5,00,000 shares
(v) If 2,500 of the forfeited shares are reissued at `13 each, what will be the revised amounts of Securities
Premium and Capital Reserve after the reissue?
(a) Securities Premium: `2,42,500, Capital Reserve: `70,000
(b) Securities Premium: `2,38,000, Capital Reserve: `70,000
(c) Securities Premium: `2,37,500, Capital Reserve: `80,000
(d) Securities Premium: `2,30,000, Capital Reserve: `1,00,000
(vi) What will be the amount under “Subscribed and Fully Paid” after the reissue of these 2,500 shares?
(a) `51,75,000 (b) `52,00,000
(c) `51,50,000 (d) `52,25,000

PART-B
Analysis of Financial Statements (Option-I)
27. Financial statements of a company include the Statement of Profit and Loss and the ______ prepared
in the prescribed form under Schedule III of the Companies Act, 2013.
(a) Trial Balance (b) Balance Sheet
(c) Cash Flow Statement (d) Income Statement
CBSE Accountancy Class 12 Sample Paper 2 Page 9

O
The formula for the Current Ratio is ______.
(a) Current Assets ÷ Current Liabilities (b) Total Assets ÷ Total Liabilities
(c) Current Liabilities ÷ Current Assets (d) Quick Assets ÷ Current Liabilities

28. As on 31.03.2024, the following information of Alpha Manufacturing Ltd. is available:

Net Profit Ratio: 35%
Operating Profit Ratio: 45%
On 1st April 2024, it was discovered that dividend income of Rs. 1,00,000 received from a long-term
investment during the financial year 2023-24 had not been recorded. After rectifying this omission, what
will be the effect on the Net Profit Ratio and the Operating Profit Ratio?
(a) Net Profit Ratio will increase and Operating Profit Ratio will decrease
(b) Both Net Profit Ratio and Operating Profit Ratio will increase
(c) Net Profit Ratio will increase and Operating Profit Ratio will remain unchanged
(d) Net Profit Ratio will remain unchanged and Operating Profit Ratio will increase

29. While preparing the Cash Flow Statement using the indirect method, which of the following item(s) will
be added to the net profit?
(i) Depreciation expense
(ii) Profit on sale of equipment
(iii) Decrease in accounts payable
(iv) Amortization of intangible assets
(a) Only (i) and (iv) (b) Only (i) and (ii)
(c) Only (ii) and (iii) (d) Only (iii) and (iv)

O
Which of the following statements is correct?
(a) Cash flow statement is not a replacement of fund flow statement
(b) Cash flow statement is a substitute of income statement
(c) Cash flow statement records only cash items
(d) Cash flow statement records only cash equivalents items

30. Statement-I : ‘Alpha Ltd.’ is engaged in the business of manufacturing furniture. During the current
year, the company sold an old machine for `5,00,000, resulting in a profit of `50,000. It also declared a
final dividend of `2,00,000 and paid it to its shareholders. The company also issued equity shares worth
`10,00,000 for expanding its operations. The Net Profit of the company for the year was `12,00,000.
The cash flow from investing, financing, and operating activities based on the above will be `4,50,000
(Investing), `8,00,000 (Financing), and `11,50,000 (Operating), respectively.
Statement-II : ‘Beta Ltd.’ purchased new machinery worth `8,00,000 during the year. Depreciation of
`1,00,000 was charged on existing machinery. The company also paid `1,50,000 as tax for the year. As per
AS 3 (Revised), depreciation is a non-cash expense, and the payment of tax is included in cash outflow
from operating activities.
(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. 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) Machinery
(b) Advances given for purchase of land
(c) Prepaid Insurance
(d) Bank Overdraft
(e) Provision for Warranty Expenses
(f) Outstanding Salary
Page 10 Sample Paper 2 CBSE Accountancy Class 12

32. Complete the Comparative Statement of Profit and Loss based on the data provided:

Particulars 2022-23 2023-24 Absolute Change % Change

Revenue from Operations 12,00,000 15,00,000 ? ?
Less: Employees Benefit Expenses 5,00,000 ? ? 20%
Less: Other Expenses 1,50,000 ? (50,000) ?
Profit before Tax 5,50,000 ? ? 45.45%
Tax @ 30% ? ? 45,000 ?
Profit after Tax 3,85,000 ? 1,40,000 ?

33. Calculate the Gross Profit Ratio from the following information:
Revenue from Operations: `15,00,000
Purchases: `7,00,000
Carriage Inwards: `50,000
Employee Benefit Expenses: `1,50,000 (includes Wages of `1,00,000)
Opening Inventory: `1,00,000
Average Inventory: `1,50,000

O
Profit after tax amounted to `8,00,000, and the tax rate was 20%. If earnings before interest and tax were
`14,00,000 and the nominal value of debentures was `25,00,000 (assuming the only debt of the company),
determine the rate of interest on debentures.

34. Jaya an alumni of Apex School initiated her startup Super Moon Private Limited in 2020. The net profit
after tax of Super Moon Private Limited for the year ended 31st March, 2020 was `3,40,000. Following is
the extract of Balance Sheet of Super Moon Private Limited as at 31st March, 2020

Particulars 31 March 2020 (`) 31 March 2019 (`)

Inventories 69,000 72,000
Trade Receivables 94,000 61,000
Prepaid Expenses 14,000 3,000
Trade payables 82,000 78,000
Provision for Tax 13,000 19,000
Depreciation charged on plant and machinery `49,000, insurance claim received `20,000 and gain on sale
of investments of `8,000 appeared in the statement of profit and loss for the year ended 31st March, 2020.
You are required to
(i) Calculate net profit before tax and extraordinary items.
(ii) Calculate operating profit before working capital changes.
(iii) Calculate cash flow from operating activities.

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