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RBSE 12th Accountancy Model Paper Set 1 with Answers in English 

April 8, 2022 by Prasanna Leave a Comment

Students must start practicing the questions from RBSE 12th Accountancy Model Papers Set 1 with Answers in English Medium provided here.

RBSE Class 12 Accountancy Model Paper Set 1 with Answers in English

Time: 2:45 Hours
Maximum Marks: 80

General Instructions for the Examinees:

  • Candidate must first write his/her Roll No. on the question paper compulsorily.
  • All the questions are compulsory.
  • Write the answer to each question in the given answer-book only.
  • For questions having more than one part the answers to those parts must be written together in continuity.
  • If there is any error/difference/contradiction in Hindi & English version of the question paper, the question of the Hindi version should be treated valid.

Section – A

Question 1.
Multiple Choice Questions [1 × 12 = 12]

(i) Which of the following is not a revenue receipt? [1]
(a) Donations for Tournament
(b) Government Grants
(c) Subscriptions
(d) Entrance Fees
Answer:
(a) Donations for Tournament

(ii) Vidit and Seema were partners in a firm sharing profits and losses in the ratio of 3 : 2.
Their capital was ₹ 1,20,000 and ₹ 2,40,000, respectively. They were enititled to interest on capital @ 10% p.a. The firm earned a profit of ₹ 18,000 during the year. The interest on Vidit’s capital will be: [1]
(a) ₹ 12,000
(b) ₹ 10,800
(c) ₹ 7,200
(d) ₹ 6,000
Answer:
(d) ₹ 6,000

(iii) Anita and Babita were partners sharing profits and losses in the ratio of 3 : 1. Savita was admitted for 1/5th share in the profits. Savita was unable to bring her share of goodwill premium in cash. The journal entry recorded for goodwill premium is given below:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 1
The new profit sharing ratio of Anita, Babita and Savita, will be: [1]
(a) 41 : 7 : 12
(b) 13 : 12 : 10
(c) 3 : 1 : 1
(d) 5 : 3 : 2
Answer:
(a) 41 : 7 : 12

(iv) Which of the following statements does not relate to ‘Reserve Capital’: [1]
(a) It is part of uncalled capital of a company.
(b) It cannot be used during the lifetime of a company.
(c) It can be used for writing off capital losses.
(d) It is part of subscribed capital.
Answer:
(c) It can be used for writing off capital losses.

(v) Own debentures are those debentures of the company which: [1]
(a) The company allots to its own promoters.
(b) The company allots to its Director.
(c) The company purchases from the marked and keeps them as investments.
Answer:
(b) The company allots to its Director.

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

(vi) Profit on cancellation of own debentures is transferred to: [1]
(a) Statement of profit and loss
(b) Debenture redemption reserve
(c) Capital reserve
Answer:
(b) Debenture redemption reserve

(vii) Debentureholders are: [1]
(a) Owners of the company
(b) Debtors of the company
(c) Creditors of the company
(d) None of these
Answer:
(c) Creditors of the company

(viii) M Limited issued its debenture on 20% premium. If the face value of each debenture is ₹ 1,000, the amount of premium per share will be: [1]
(a) ₹ 10
(b) ₹ 20
(c) ₹ 100
(d) ₹ 50
Answer:
(c) ₹ 100

(ix) Under ‘which of the following heads/sub-heads are forfeited shares presented in the
Balance Sheet of a company? [1]
(a) Reserves and Surplus
(b) Share Capital
(c) Other Long-term Liabilities
(d) Other Current Liabilities
Answer:
(b) Share Capital

(x) Which of the following is not a limitation of‘Financial Statements Analysis’? [1]
(a) It is affected by personal bias.
(b) Inter-firm comparative study possible
(c) Lack of qualitative analysis
(d) Ignore price level changes.
Answer:
(b) Inter-firm comparative study possible

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

(xi) Which of the following is a tool of Financial Statements Analysis? [1]
(a) Balance Sheet
(b) Cash Flow Statement
(c) Statement of Profit and Loss
(d) All of the above
Answer:
(b) Cash Flow Statement

(xii) Stock turnover ratio of a concern is 6 times. This expression of the ratio is: [1]
(a) Pure ratio
(b) Rate ratio
(c) In the form of the percentage
(d) None of these
Answer:
(b) Rate ratio

Question 2.
Fill in the blanks [1 × 6 = 6]
(i) In the absence of partnership deed, profits and losses should be distributed …………………… . [1]
Answer:
equally

(ii) ………………….. shares carry a fixed rate of dividend every year. [1]
Answer:
Preference

(iii) Debentures cannot be redeemed at a …………………. . [1]
Answer:
discount

(iv) Loss on issue of debentures account is a …………………… loss. [1]
Answer:
revenue

(v) Trade receivables consist of ………………… and ……………… . [1]
Answer:
Bills receivables, Sundry debtors

(vi) Ratio is a/an ………………… expression of relationship between two inter dependent or
related items. [1]
Answer:
Arithmetical.

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

Question 3.
Very Short Answer Type Questions [1 × 12 = 12]

(i) What do you understand by legacies? [1]
Answer:
When the amount is received by an organisation from a deceased person, it is called legacies. It is a capital receipt and is shown in liabilities side of balance sheet.

(ii) X and Y were partners in a firm sharing profits in the ratio of 7 : 3. Z was admitted for 1/5th share in the profits which he took 75% from X and remaining from Y. Calculate the sacrificing ratio of X and Y. [1]
Answer:
3 : 1.

(iii) What is discount on issue of debentures? [1]
Answer:
When the debentures are issued at price less than their face value, the difference between the face value and issue price of debentures is termed as discount on issue of debentures.

(iv) What is meant by premium on redemption of debentures ? [1]
Answer:
When debentures are issued on such condition that the debentures will be redeemed at a price above their face value, in this condition, the difference between the redemption value and face value of the debentures is termed as premium on redemption of debentures.

(v) How debentures are different from shares ? Give two points. [1]
Answer:

  1. Shares are owned capital of a company, while debentures are borrowed capital of a company.
  2. Dividend is paid on shares at a tentative rate, while interest is paid on debentures at a feed rate.

(vi) What is meant by redemption of debentures? [1]
Answer:
The repayment of debenture money after a fixed period of time is called redemption of debentures.

(vii) Can a company purchase its own debentures? [1]
Answer:
Yes, a company can purchase its own debentures from the open market by paying a certain sum of money.

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

(viii) What is meant by redemption of debentures by conversion ? [1]
Answer:
Debentures can also be redeemed by converting them into shares or into new debentures. This option is picked up by the debentureholders in case they consider it beneficial for them. The new shares can be issued at par, premium or at discount.

(ix) List any two items other than cash in hand and cheques in hand that are presented under the sub-heading ‘Cash and Cash Equivalent in the Balance Sheet of a company. [1]
Answer:
Any two of the following:

  1. Balance with banks,
  2. Bank drafts in hand,
  3. Current Investments,
  4. Treasury Bills,
  5. Commercial Papers
  6. Preference shares redeemable within three months from the date of purchase.

(x) Distinguish between vertical and horizontal analysis of financial data. [1]
Answer:
Distinguish between vertical horizontal analysis

Horizontal Analysis Vertical Analysis
It refers to the comparison of items of the financial statement of one period with another period. It refers to the comparison of items of the financial statements to the common items for the same period.

(xi) State the meaning of analysis and interpretation. [1]
Answer:
Analysis and interpretation refer to the systematic and critical examination of the financial statement figures. Analysis means to use various tools and techniques on financial statements in order to find out the meaningful information and interpretation means to examine the relationship between various figures of financial statements.

(xii) The total debtors of X Ltd. were ₹ 9,00,000. It had created a provision of 10% for bad and doubtful debts. What amount of debtors will be used for calculating the ‘Trade Receivables Turnover Ratio’? [1]
Answer:
₹ 9,00,000.

Section – B

Short Answer Type Questions [2 × 13 = 26]

Question 4.
How would you treat the following items in case of a ‘not-for-profit’ organisation?
Prize Fund ₹ 22,000. Interest on prize fund investments ₹ 3,000. Prizes given ₹ 5,000. Prize fund investments ₹ 18,000. [2]
Answer:
There is a specific fund. The accounting treatment is as under:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 2

Question 5.
On March 31, 2017 after the closure of accounts, the capital of Mountain, Hill and Rock stood in the books of the firm at ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000, respectively. Subsequently, it was discovered that the interest on capital @ 10% p.a. had been omitted. The profit for the year amounted to ₹ 1,50,000 arid the partners’ drawings had been Mountain : ₹ 20,000. Hill ₹ 15,000 and Rock ₹ 10,000.
Calculate interest on capital. [2]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 3
Calculation of Interest on Capital:
Mountain = ₹ 3,70,000 × \(\frac{10}{100}\) = ₹ 37,000
Hill = ₹ 2,65,000 × \(\frac{10}{100}\) ₹ 26,500
Rock = ₹ 1,60,000 × \(\frac{10}{100}\) = ₹ 16,000

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

Question 6.
A firm’s profit for the last three years are ₹ 5,00,000; ₹ 4,00,000 and ₹ 6,00,000. Calculate the value of firm’s goodwill on the basis of four years’ purchase of the average profits for the last three years. [2]
Answer:
Average profit = \(\frac{\text { Total Profit }}{\text { Number of Years }}\)
= \(\frac{₹ 5,00,000+₹ 4,00,000+₹ 6,00,000}{3}\)
= \(\frac{15,00,000}{3}\) = ₹ 5,00,000
Goodwill = Average profit × Number of Years’ Purchase
= ₹ (5,00,000 × 4)
= ₹ 20,00,000

Question 7.
A firm’s profits during 2013,2014, 2015 and 2016 were ₹ 16,000; ₹ 20,000; ₹ 24,000 and ₹ 32,000 respectively. The firm has capital investment of ₹ 1,00,000. A fair rate of return on investment is 18% p.a. Compute goodwill based on three years’ purchase of the average super profits for the last four years. [2]
Answer:
Average profit = \(\frac{\text { Total Profit }}{\text { Number of Years }}\)
= \(\frac{16,000+20,000+24,000+32,000}{4}\)
= \(\frac{92,000}{4}\) = ₹ 23,000
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 4
= 1,00,000 × \(\frac{18}{100}\) = ₹ 18,000
Super Profit = Average Profit – Normal Profit
= ₹ (23,000 – 18,000) = ₹ 5,000
Goodwill = Super Profit × Number of Years’ Purchase
= ₹ (5,000 × 3) = ₹ 15,000

Question 8.
On April 01, 2019, a limited company was incorporated with an authorised capital of ₹ 40,000 divided into shares of ₹ 10 each. It offered to put for subscription of 3,000 shares payable as follows:
On Application – ₹ 3 per share
On Allotment – ₹ 2 per share
On First Call (One month after allotment) – ₹ 2.50 per share
On Second and Final Call – ₹ 2.50 per share

The shares were fully subscribed for by the public and application money duly received on April 15, 2019. The directors made the allotment on May 1, 2010.
How will you record the share capital transactions in the books of a company the amounts due have been duly received, if the company maintains the combined account for application and allotment? [2]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 5

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

Question 9.
A company issued 20,000 equity shares of ₹ 10 each payable ₹ 3 on application, ₹ 3 on allotment, ₹ 2 on first call and ₹ 2 on second and the final call. The allotment money was payable on or before May 01, 2015; first call money on or before August Ist, 2015; and the second and final call On or before October Ist, 2015; ‘X’, whom 1,000 shares were allotted, did not pay the allotment and call money; ‘Y, an allottee of600 shares, did not pay the two calls; and ‘Z’, whom 400 shares were allotted, did not pay the final call. Pass journal entries and prepare the balance sheet of the company. [2]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 6
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 7
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 8
Notes to Accounts:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 9

Question 10.
Alfa Company Ltd. issued 10,000 shares of ₹ 10 each for cash payable ₹ 3 on application, ₹ 3 on allotment and the balance in two equal instalments. The allotment money was payable on or before March 31, 2015 ; the first call money on or before 30 June, 2015 ; and the final call money on or before August 31. 2015. Mr. ‘A’, to whom 600 shares were allotted, paid the entire remaining face value of shares allotted to him on allotment. Record journal entries in company’s books and also exhibit the share capital in the balance sheet on the date. [2]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 10
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 11
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 12

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

Question 11.
M Ltd. issued 10,000, 8% debentures of ₹ 100 each at a premium of 10% on 1.1.2019. It purchased sundry assets of the value of ₹ 2,50,000 and took over the liabilities of ₹ 60,000 and issued 8% debentures at a discount of 5% to the vendor. On the same date, it took loan from the Bank of ₹ 1,00,000 and issued 8% debentures as Collateral Security. Record the necessary journal entries in the books of M Ltd. Ignore interest. [2]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 13

Question 12.
On 1.4.2019, Fast Computers Ltd. issued 20,00,000, 6% debentures of ₹ 100 each at a discount of 4%, redeemable at a premium of 5% after three years. The amount was payable as follows :
On application: ₹ 50 per debenture, Balance on allotment. Record the necessary journal entries for issue of debentures. [2]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 14
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 15

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

Question 13.
Under which heads, will you show the following items in the Balance Sheet of a company?
(1) Money received against share warrants,
(2) Provision for provident fund,
(3) Sundry debtors and B/R,
(4) Loan repayable on demand. [2]
Answer:

Items Main Heading (Equity & hab.) Sub-Heading
1. Money against Share Warrants Shareho’ders’ Funds –
2. Provision for  provident Fund Non-current Liabilites Long-term Provision
3. Sundry Debtors and Bills Receivable Current Assets Trade Receivables
4. Loan Repayable on Demand Current Liabilites –

Question 14.
From the following particulars, prepare comparative statement of profit and loss of Narang Colour Ltd. for the year ended March 31,2016 and 2017.

Particulars Note. No. 2016-17 2015-16
1. Revenue from operations 40,00,000 35,00,000
2. Other income 50,000 50,000
3. Cost of Material consumed 15,00,000 18,00,000
4. Changes in inventories of finished goods 10,000 (15,000)
5. Employee benefit expenses 2,40,000 2,40,000
6. Depreciation and amortisation 25,000 22,500
7. Other expenses 2,66,000 3,02,000
8. Profit 20,09,000 12,00,500

Notes to Accounts:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 16
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 17

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

Question 15.
Current Ratio is 3.5 : 1. Working Capital is ₹ 90,000. Calculate the amount of Current Assets and Current Liabilities. [2]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 18
Current Assets = 3.5 × Current Liabilities
Working Capital = Current Assets – Current Liabilities
Current Assets – Current Liabilities = ₹ 90,000
3.5 × Current Liabilities – Current Liabilities = ₹ 90,000
2.5 × Current Liabilities = ₹ 90,000
Current Liablities = ₹\(\frac{90,000}{2.5}\) = ₹ 36,000
Current Assets = 3.5 × Current Liabilities

Question 16.
Shine Limited has a current ratio 4.5 : 1 and quick ratio 3 : 1; if the inventory is 36,000, calculate Current Liabilities and Current Assets. [2]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 19
Quick Assets = 3 × Current Liabilities
Quick Assets = Current Assets – Inventory
Quick Assets = Current Assets – ₹ 36,000
3 × Current Liabilities = 4.5 × Current Liabilities – ₹ 36,000
4.5 × Current Liabilities – 3 × Current Liabilities = ₹ 36,000
1.5 × Current Liabilities = ₹ 36,000
Current Liabilities = ₹ \(\frac{36,000}{1.5}\) = ₹ 24,000
Current Assets = 4.5 × Current Liabilities = 4.5 × ₹ 24,000 = ₹ 1,08,000

Section – C

Question 17.
The Receipt and Payment account of Harimohan charitable institution is given: [3]
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 20
Prepare the Income and expenditure account for the year ended on March 31,2015 after considering the following:
(i) Liabilities to be provided for are: Rent ₹ 800; Salaries ₹ 1,200; Advertisement ₹ 200.
(ii) ₹ 2,000 due for interest on investment was not actually received.
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 21

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

Question 18.
The net profit of X, Y and Z for the year ended March 31,2016 was ₹ 60,000 and the same was distributed among them in their agreed ratio of 3 : 1 : 1. It was subsequently discovered that the under mentioned transactions were not recorded in the books:
(i) Interest on capital @ 5% p.a.
(ii) Interest on drawings amounting to X ₹ 700, Y ₹ 500 and Z ₹ 300.
(iii) Partners’ salary : X ₹ 1,000, Y ₹ 1,500 p.a.
The capital accounts of partners were fixed as : X ₹ 1,00,000, Y ₹ 80,000 and Z ₹ 60,000. Record the adjustment entry. [3]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 22
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 23
Working Notes:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 24

Question 19.
Singh, Gupta and Khan are partners in a firm sharing profits in 3 : 2 : 3 ratio. They admitted Jain as a new partner. Singh surrendered 1/3 of his share in favour of Jain, Gupta surrendered 1/4 of his share in favour of Jain and Khan surrendered 1/5 in favour of Jain. Calculate new profit sharing ratio. [3]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 25

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

Question 20.
You are able to collect the following information about a company for two years: [3]

2015-16 2016-17
Trade receivables on April 01 ₹ 4,00,000 ₹ 5,00,000
Trade receivables on Mar. 31 – ₹ 5,60,000
Stock in trade on Mar. 31 ₹ 6,00,000 ₹ 9,00,000
Revenue from operations (gross profit is 25% on cost of revenue from operations) ₹ 3,00,000 ₹ 24,00,000

Calculate Inventory Turnover Ratio and Trade Receivables Turnover Ratio.
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 26
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 27
= \(\frac{3,00,000}{(100+25)}\) × 100
= \(\frac{3,00,000}{125}\) × 100
= ₹ 6,00,000
Inventory Turnover Ratio = \(\frac{2,40,000}{6,00,000}\)
= 0.4 : 1 or 0.4 times

(ii)
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 28
= ₹\(\frac{10,60,000}{2}\) = ₹ 5,30,000
Trade Receivables Turnover Ratio = \(\frac{24,00,000}{5,30,000}\)
= 4.5 : 1 or 4.5 times

Section – D

Question 21.
Badal and Bijli were partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2019 was as follows:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 29
Raina was admitted on the above data as a new partner for 1/6th share in the profits of the firm. The terms of agreement were as follows :
(i) Raina will bring ? 40,000 as her capital and capitals of Badal and Bijli will be adjusted on the basis of Raina’s capital by opening current accounts,
(ii) Raina will bring her share of goodwill premium for ₹ 12,000 in cash.
(iii) The building was overvalued by ₹ 15,000 and stock by ₹ 3,000.
(iv) A provision of 10% was to be created on debtors for bad debts.
Prepare the Revaluation Account and Current and Capital Accounts of Badal, Bijli and Raina. [4]
Or
Madhuri and Arsh were partners in a firm sharing profits and losses in the ratio of 3 :1. Their Balance Sheet as at 31st March, 2019, was as follows:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 30
On 1st April, 2019, they admitted Jyoti into partnership for 1/4th share in the profits of the firm. Jyoti brought proportionate capital and ₹ 40,000 as her share of goodwill premium.
The following terms were agreed upon :
(i) Provision for doubtful debts was to be maintained at 10% on debtors.
(ii) Stock was undervalued by ₹ 10,000.
(iii) An old customer whose account was written off as bad, paid ₹ 15,000.
(iv) 20% of the investments were taken over by Arsh at book value.
(v) Claim on account of workmen’s compensation amounted to ₹ 70,000.
(vi) Creditors included a sum of ₹ 27,000 which was not likely to be claimed.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of thereconstituted firm. [4]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 31

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

Question 22.
Kishna Ltd. issued 15,000 shares of ₹ 100 each at a premium of ₹ 10 per share, payable as follows:
On application – ₹ 30
On allotment – ₹ 50 [including premium]
On first and final call – ₹ 30
All the shares subscribed and the company received all the money due, with the exception of the allotment and call money of 150 shares. These shares were forfeited and reissued to Neha as fully paid share at an issue price of ₹ 120.
Give journal entries in the books of the company. [4]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 32
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 33

RBSE 12th Accountancy Model Paper Set 1 with Answers in English

Question 23.
G Ltd. issued 5,00,000, 12% debentures of ₹ 100 each on April 1, 2013 redeemable at par on July 1, 2017. The company received applicants for 6,00,000 debentures and the allotment was made to all the applications on pro-rata basis. The debentures were redeemed on due date. How much amount of Debenture Redemption Reserve is to be created before the redemption is carried out? Also record necessary journal entries regarding issue and redemption of debenture. Ignore tax deducted at source. [4]
Or
A, Ltd. issued 4,000. 9% debentures of ₹ 100 each on the following terms :
₹ 20 on Application;
₹ 20 on Allotment;
₹ 30 on First call; and
₹ 30 on Final call.
The public applied for 4,800 debentures. Applications for 3,600 debentures were accepted in full. Applications for 800 Debentures were allotted 400 debentures and applications for 400 debentures were rejected. All money call and duly received. Record necessaiy journal entries. [4]
Answer:
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 34
RBSE 12th Accountancy Model Paper Set 1 with Answers in English 35

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