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Class 12 Accounts Sample Paper Term 2
Class 12 Accounts Sample paper Term 2: Central Board of Secondary Education is conducting CBSE Term 2 Exam for Class 10 and 12 for the academic year 2021-22 from 26th April 2022 onwards. The students who have appeared in Term 1 and going to appear in the Term 2 exam must solve the CBSE Term 2 Sample Paper for Accountancy given on this page to assess their preparation. The CBSE Term 2 exam pattern will be the same as CBSE Term 2 Sample Paper. Thus, by solving CBSE Term 2 Sample Paper for Accountancy students will get inside about the CBSE Term 2 Exam. As the exam is heading, the students must consolidate their preparation by practicing questions and revising concepts.
Check Here: Class 12 Accountancy Term 2 Answer Key for Set-1,2,3,4
Check Here: CBSE Term 2 Datesheet 2022
Class 12 Accounts Term 2 Sample Paper with Solutions
Sample paper Class 12 Accountancy Term 2
In this article, we have covered the CBSE Term 2 Sample Paper for Accountancy. The students must solve CBSE Term 2 Sample Paper for Accountancy paper given on this page and bookmark this page to get all the latest updates from CBSE regarding CBSE Term 2 Exam and CBSE Term 1 Result.
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CBSE Term 2 Sample Paper Class 12 Accountancy: Exam Pattern
Central Board of Secondary Education is all set to conduct CBSE Term 2 Examination and preparing for any examination exam pattern is a must. CBSE Term 2 Accountancy Sample Paper consists of two parts namely Part A and Part B. Part A is compulsory for all the students while Part B is optional. There are two parts of Part B i.e. ( i ) Analysis of Financial Statements and (ii) Computerized Accounting. The students can attempt any one of the parts from Part B. The questions paper has three types of questions:
Type 1: In type 1, very short answer type questions will be asked. Each question carries 2 marks.
Type 2: In type 2, short answer-type questions will be asked. Each question carries 3 marks.
Type 3: In type 3, long answer-type questions will be asked. Each question carries 5 marks.
Class 12 Accountancy Term 2 Sample Paper 2021-22 with PDF Solutions
- 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 |
| 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 |
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 |
Alternative Solution:
Stock of Medicines A/c
| Particulars | Amount(₹) | Particulars | Amount(₹) |
| Balance b/d Bank A/c Creditors A/c | 15,00,000 2,00,000 6,00,000 | Income and Expenditure A/c Balance c/d | 13,00,000 10,00,000 |
| 23,00,000 | 23,00,000 |
- Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ based on:
(i) Settlement of assets and liabilities
(ii) Economic relationship
| 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 continues, though in a changed form. | Economic relationship between the partners comes to an end. |
- 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.
JOURNAL ENTRY
| Date | Particulars | L.F. | Dr. Amount | Cr. Amount |
| Suresh’s Capital A/c Dr. Tushar’s Capital A/c Dr. Ramesh’s Capital A/c (Being goodwill adjusted) | 23,760 15,840 | 39,600 |
Working Note: Ramesh’s share of Goodwill= ₹2,90,000 – ₹2,50,400 = ₹39,600
- 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 on 1st April 2020 amounted to ₹ 16,000.
(iii) During the year 2020-21, 10 members made 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.
Calculation of amount of Subscription received during the year 2020-21
| Particulars | Amount(₹) |
| Subscription credited to Income & Expenditure A/c
Add : Outstanding for 2019-20 Less:Outstanding for 2020-21 For 10 members (10 x 3000 – 26,000) 4,000 For 8 members (8 x3000) 24,000 Less : Advance during 2019-20 Add : Advance during 2020-21 Amount of subscription Received During the Year |
3,00,000
16,000 (28,000) (36,000) 15,000 2,67,000 |
OR
Following information is given by Alchemy Medical College, Library department for the year 2020-21.
| Particulars | Amount (₹) |
| Books and Journals Fund as on 1.4.2020
7% Books and Journals Fund Investments as on 1.4.2020 Interest on Books and Journals Fund Investments Donations for Books and Journals Books Purchased General Fund as on 1.4.2020 |
4,50,000
4,00,000 13,000 20,000 70,000 10,00,000 |
Show the accounting treatment of the above-mentioned items in the Balance Sheet of the Alchemy Medical College as at 31st March,2021.
| An Extract of Balance Sheet as at 31st March, 2021 | |||
| Liabilities | ₹ | Assets | ₹ |
| General Fund 10,00,000
Add: Books and Journals Fund 70,000 Books & Journals Fund 4,50,000 Add : Donations for Books & Journals 20,000 Interest on Books & Journals Investment 13,000 Accrued Interest 15,000 28,000 Less : Books purchased 70,000 |
10,70,000
4,28,000 |
7% Books & Journals Fund Investment
Accrued Interest on Books and Journals Fund Investment Books |
4,00,000
15,000 70,000 |
Working Note: Interest on Books and Journals Investments = 4,00,000 x 7/100 = 28,000
Accrued Interest = 28,000 – 13,000= 15,000
- 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 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 entry to record Harit’s share in profit.
(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
Alternative: Harit’s Share of Profit = 2,40,000/8,00,000 X 1,50,000 X 1/6=₹7,500
Journal
| Date | Particulars | L.F. | Dr. Amount (₹) | Cr. Amount (₹) |
| Profit & Loss Suspense A/c
To Harit’s Current A/c (Being Harit’s share in profit transferred to his current account) |
7,500 | 7,500 |
- 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.
In the Books of Vedesh Ltd. Journal
| Date | Particulars | L.F. | Dr. Amount (₹) | Cr. Amount (₹) |
| Fixed Assets A/c Dr.
To Trade Payables A/c To Vibhu Enterprises To Capital Reserve A/c (Being assets purchased and liabilities taken over of Vibhu Enterprises) ___________________________________Vibhu Enterprises Dr. Discount on Issue of Debentures A/c Dr. To Bills Payable A/c To Bank A/c To 8% Debentures A/c (Being issue of bank draft, acceptance of bill and issue of 8% debentures in settlement of purchase consideration} |
17,30,000
12,00,000 50,000 |
3,20,000 12,00,000 2,10,000 60,000 1,90,000 10,00,000 |
Working Note: Number of Debentures issued = 9,50,000 / 95
= 10,000
OR
Youth Ltd. took a loan of ₹ 15,00,000 from State Bank of India against the security of tangible assets. In addition to principal security, it issued 10,000 11% debentures of ₹ 100 each as collateral security. Pass necessary journal entries for the above transactions, if the company decided to record the issue of 11% debentures as collateral security and show the presentation in the Balance Sheet of Youth Ltd.
In the Books of Youth Ltd. Journal
| Date | Particulars | L.F. | Dr. Amount (₹) | Cr. Amount (₹) |
| Bank A/c Dr.
To Bank Loan A/c (Being Loan taken from State Bank of India) Debenture Suspense A/c Dr. To 11% Debentures A/c (Being 11% debentures deposited as collateral security) |
15,00,000
10,00,000 |
15,00,000 10,00,000 |
Balance sheet of Youth Ltd. (An extract)
| Particulars | Note No. | Amount (₹) |
| I. Equity and Liabilities | ||
| 1. Non-current Liabilities | ||
| Long term borrowings | 1 | 15,00,000 |
Notes to Accounts:1
| Particulars | Amount (₹) |
| I. Long term borrowings | |
| Secured Loan from State Bank of India | 15,00,000 |
| 10,000, 11% debentures of ₹100 each 10,00,000 | |
| Less: – Debenture Suspense 10,00,000 | NIL |
| (deposited as collateral security) | 15,00,000 |
- Madhav, Madhusudan and Mukund were partners in Jaganath Associates. They decided to dissolve the firm on 31st March 2021. Pass necessary journal entries for the following transactions after various assets (other than cash) and third-party liabilities have been transferred to realization account:
(i) Old machine fully written off was sold for ₹ 42,000 while a payment of ₹ 6,000 is made to bank for a bill discounted being dishonoured.
(ii) Madhusudan accepted an unrecorded asset of ₹80,000 at ₹75,000 and the balance through cheque, against the payment of his loan to the firm of ₹1,00,000.
(iii) Stock of book value of ₹30,000 was taken by Madhav, Madhusudan and Mukund in their profit sharing ratio.
(iv) The firm had paid realization expenses amounting to ₹5,000 on behalf of Mukund.
(v) There was a vehicle loan of ₹ 2,00,000 which was paid by surrender of asset to the bank at an agreed value of ₹ 1,40,000 and the shortfall was met from firm’s bank account.
Books of Jaganath Associates
| Date | Particulars | L.F. | Dr. Amount(₹) | Cr. Amount(₹) |
| 31.03.2021 | Bank A/c Dr.
To Realization A/c (Being old machinery realised) Realization A/c Dr. To Bank A/c (Being payment made to bank for bill discounted) |
42,000
6,000 |
42,000
6,000 |
|
| 31.03.2021 | Madhusudan’s Loan A/c Dr.
To Realisation A/c To Bank A/c (Being payment made against Madhusudan’s loan through an unrecorded asset and cheque) |
1,00,000 | 75,000 25,000 | |
| 31.03.2021 | Madhav’s Capital A/c Dr. Madhusudan’s Capital A/c Dr. Mukund’s Capital A/c Dr.
To Realisation A/c (Being unrealized stock taken by partners in their profit sharing ratio) |
10,000 10,000 10,000 | 30,000 | |
| 31.03.2021 | Mukund’s Capital A/c Dr.
To Bank A/c (Being realization expenses paid on behalf of Mukund) |
5,000 | 5,000 | |
| 31.03.2021 | Realization A/c Dr.
To Bank A/c (Being payment of vehicle loan made) |
60,000 | 60,000 |
OR
Gini, Bini and Mini were in partnership sharing profits and losses in the ratio of 5:2:2. Their Balance Sheet as at 31st March, 2021 was as follows:
Balance Sheet as at 31st March,2021
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Sundry Creditors
Bank Overdraft Workmen’s Compensation Reserve Capitals: Gini 4,60,000 Bini 3,00,000 Mini 2,90,000 |
56,500
61,500 32,000 10,50,000 |
Cash
Debtors 38,000 Less: Provision For Doubtful Debts (2,300) Inventories Machinery Furniture Building Goodwill |
1,17,300
35,700 1,34,000 1,00,000 1,80,000 5,70,000 63,000 |
| 12,00,000 | 12,00,000 |
On 31st March, 2021, Gini retired from the firm. All the partners agreed to revalue the assets and liabilities on the following basis: (i) Bad debts amounted to ₹ 5,000. A provision for doubtful debts was to be maintained at 10% on debtors.
(ii) Partners have decided to write off existing goodwill.
(iii)Goodwill of the firm was valued at ₹ 54,000 and be adjusted into the Capital Accounts of Bini and Mini, who will share profits in future in the ratio of 5:4.
(iv)The assets and liabilities valued as: Inventories ₹1,30,000; Machinery ₹ 82,000; Furniture ₹1,95,000 and Building ₹ 6,00,000.
(v) Liability of ₹23,000 is to be created on account of Claim for Workmen Compensation.
(vi)There was an unrecorded investment in shares of ₹ 25,000. It was decided to pay off Gini by giving her unrecorded investment in full settlement of her part payment of ₹ 28,000 and remaining amount after two months. Prepare Revaluation Account and Partners’ Capital Accounts as on 31st March, 2021.
REVALUATION A/C
| Particulars | Amount(₹) | Particulars | Amount(₹) |
| To Baddebt A/c
To Provision for doubtful debts A/c To Inventories A/c To Machinery A/c To Partner’s Capital A/c: Gini 25,000 Bini 10,000 Mini 10,000 |
2700
3300 4000 18000 45,000 |
By Furniture A/c
By Building A/c By Investment A/c |
15,000
30,000 28,000 |
| 73,000 | 73,000 |
Partner’s Capital A/c
| Particulars | Gini | Bini | Mini | Particulars | Gini | Bini | Mini |
| To Goodwill A/c
To Gini’s Capital A/c To Investment A/c To Gini’s Loan A/c To Balance c/d |
35,000
28,000 4,57,000 |
14,000
18,000 |
14,000
12,000 |
By Balance b/d
By Workmen Compensation Reserve A/c By Bini’s Capital A/c By Mini’s Capital A/c By Revaluation A/c |
4,60,000 3
5,000 18,000 12,000 25,000 |
3,00,000
2,000 10,000 |
2,90,000
2,000 10,000 |
| 5,20,000 | 3,12,000 | 3,02,000 | 5,20,000 | 3,12,000 | 3,02,000 |
- Yogadatra Ltd. (pharmaceutical company) appointed marketing expert, Mr. Kartikay as the CEO of the company, with a target to penetrate their roots in the rural regions. Mr. kartikay discussed the ways and means to achieve target of the company with financial, production and marketing departmental heads and asked the finance manager to prepare the budget. After reviewing the suggestions given by all the departmental heads, the finance manager proposed requirement of an additional fund of ₹52,50,000. Yogadatra Ltd. is a zero-debt company. To avail the benefits of financial leverage, the finance manager proposed to include debt in the capital structure. After deliberations, on April1,2020, the board of directors had decided to issue 6% Debentures of ₹100 each to the public at a premium of 5%, redeemable after 5 years at ₹110 per share. You are required to answer the following questions:
(i) Calculate the number of debentures to be issued to raise additional funds.
(ii) Pass Journal entry for the allotment of debentures.
(iii)Pass Journal entry to write off loss on issue of debentures. (iv)Calculate the amount of annual fixed obligation associated with debentures.
(v) Prepare Loss on Issue of Debentures Account.
(i) Number of Debentures to be issued = 52,50,000/105 = 50,000
(ii) In the Books of Yogadatra Ltd
| Date | Particulars | L.F. | Dr. Amount (₹) | Cr. Amount (₹) |
| 2020 April 1 | Debenture Application & Allotment A/c Dr.
Loss on Issue of Debentures A/c Dr. To 6% Debentures A/c To Securities Premium Reserve A/c To Premium on Redemption of Debentures A/c (Being allotment of debentures made) |
52,50,000 5,00,000 | 50,00,000 2,50,000 5,00,000 |
(iii) Journal
| Date | Particulars | L.F. | Dr. Amount (₹) | Cr. Amount (₹) |
| 2021 March 31 | Securities Premium Reserve A/c Dr. Statement of Profit & Loss Dr.
To Loss on Issue of Debentures A/c (Being Loss on Issue of Debentures A/c written off) |
2,50,000 2,50,000 | 5,00,000 |
(iv) Interest on 6% debentures = 50,00,000 x 6 /100 = ₹3,00,000 (v) Loss on Issue of Debentures A/c
| Date | Particulars | Amount (₹) | Date | Particulars | Amount (₹) |
| 1.4.20 | To Premium on Redemption of Debentures A/c | 5,00,000 | 31.3.21 | By Securities Premium Reserve A/c
By Statement of Profit & Loss A/c |
2,50,000
2,50,000 |
| 5,00,000 | 5,00,000 |
- From the following Receipts and Payments Account and additional information provided by Ramanath Club, Prepare Income and Expenditure Account for the year ending on 31st March 2021.
Receipts and Payments Account
for the year ending 31st March, 2021
| Receipts | Amount (₹) | Payments | Amount(₹) |
| To Balance b/d
To Subscription To Entrance Fee To Locker rent To Interest on 8% govt. Securities To Revenue from refreshment To Sale of old newspapers To Sale of furniture (Book value: ₹ 11,000) |
48,000 95,000 1,56,000 50,000 5,400
52,000 4,600 12,000 |
By Salaries and Wages: 2019-20 10,600
2020-21 1,03,200 By Sundry expenses By Refreshment expenses By Telephone bill By Rent & Rates By Library Book By 8% Govt. Securities By Honorarium to Secretary By Balance c/d |
1,13,800
47,000 60,400 5,000 24,000 25,000 30,000 5,000 1,12,800 |
| 4,23,000 | 4,23,000 |
Additional Information:
(i) Subscription received during the year includes ₹ 25,000 as donation for Building.
(ii)Telephone bill unpaid as on March 31, 2020 was ₹ 4,000 and on March 31, 2021 ₹ 2,600.
(iii) Value of 8% Government Securities on March 31, 2020 was ₹ 80,000.
(iv)Additional Government Securities worth ₹ 30,000 were purchased on March 31, 2021.
Income & Expenditure A/c
For the year ended March 31, 2021
| Expenditure | ₹ | Income | ₹ |
| To Salary and Wages
To Sundry Expenses To Refreshment Expense To Telephone Bill 5,000 Add : O/S for 2020-21 2,600 Less : O/S for 2019-20 4,000 To Rent and Rates To Honorarium to Secretary To Surplus(Excess of Income over Expenditure) |
1,03,200 47,000 60,400
3,600 24,000 5,000 96,800 |
By Subscription 95,000
Less: Donations for Building 25,000 By Entrance Fee By Locker Rent By Interest on 8% Govt. Securities 5,400 Add: Accrued Interest 1,000 By Revenue from Refreshment By Sale of old Newspapers By Profit on Sale of Furniture |
70,000 1,56,000 50,000
6,400 52,000 4,600 1,000 |
| 3,40,000 | 3,40,000 |
- What do you understand by terms ‘primary key’ and ‘secondary key’ in a database?
A primary key is a field that identifies each record in a database table admitting that the primary key must contain its UNIQUE values. A secondary key shows the secondary value that is unique for each record. It can be used to identify the record and it is usually indexed. It is also termed as Alternate key.
- State any three features of computerized accounting system.
Simple and Integrated: It helps all businesses by automating and integrating all the business activities. Such activities may be sales, finance, purchase, inventory, and manufacturing etc. It also facilitates the arrangement of accurate and up-to-date business information in a readily usable form.
Accuracy & Speed: Computerised accounting has customized templates for users which allows fast and accurate data entry. Thus, after recording the transactions it generates the information and reports automatically.
Scalability: It has the flexibility to record the transactions with the changing volume of business.
Or
State any three advantages of computerized accounting system.
Advantages of Computerised Accounting
- Better Quality Work: The accounts prepared with the use of computerized accounting system are usually uniform, neat, accurate, and more legible than a manual job.
- Lower Operating Costs: Computer is a reliable and time-saving device. The volume of job handled with the help of computerized system results in economy and lower operating costs. The overall operating cost of this system is low in comparison to the traditional system.
- Improves Efficiency: This system is more efficient in comparison to the traditional system. The computer makes sure speed and accuracy in preparing the records and accounts and thus, increases the efficiency of employees.
- Name and explain the function which returns the future value of an investment which has constant payment and interest.
PMT: The PMT function calculates the periodic payment for an annuity assuming equal payments and a constant rate of interest. The syntax of PMT function is as follows: =PMT (rate, nper, pv, [fv], [type]) where Rate is the interest rate per period, Nper is the number of periods, Pv is the present value or the amount the future payments are worth presently, future value or cash balance that after the last payment is made (a future value of zero when we omit this optional argument) Type is the value 0 for payments made at the end of the period or the value 1 for payments made at the beginning of the period. The PMT function is often used to calculate the payment for mortgage loans that have a fixed rate of interest.
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