sample - kopykitab · class 12 sample question papers accountancy ... cash flow statement 20 8 50...

OSWAAL BOOKS“Oswaal House” 1/11, Sahitya Kunj, M.G. Road, AGRA-282002Ph.: 0562-2857671, 2527781, Fax : 0562-2854582, 2527784

email : [email protected], website : www.oswaalbooks.com

Published by :

Class 12

Sample Question

Papers

Accountancy

Strictly Based on Latest Syllabus Issued by CBSEfor 2015 Examination

*Solutions for SQP 6-10 can be downloaded from www.oswaalbooks.com

Includes Latest CBSE Sample Question Paper For March 2015 Exam.(Issued in November, 2014)

Our Distributors

© Publisher

Typeset by : R. N. GraphicsPrinted by : Aadhya Printers

09

09

CONTENTS

Syllabus - 2014-15 v - viii

Includes Latest CBSE Sample Paper for March, 2015 Exam.

(Issued in November, 2014) 9 - 24

1. Sample Question Papers (Solved)

Sample Question Paper 1 25 - 30





2. Self Assesment Papers (Unsolved)






3. Solutions






* SOLUTIONS for Sample Question Paper 6 to 10 can be downloaded from

www.OswaalBooks.com

( iii )

Believe in YourselfThis is the foremost barrier to be crossed for scoring high marks in exams. One needs to believe in his / her

ability to learn, memorize and reproduce what has been learnt. Exams are nothing but the test of our faith, confidence and knowledge.

Follow a Time – TableA well set time table allotting specific durations for studying, sleeping, playing/surfing the net and eating

can help every student a lot. Every above quoted thing has to be done every day. A proper schedule can help a student beat examination stress.

Set Every Day GoalsPreparations should be done every day to excel at the day of exams without depending upon any miracle

capsule to bail you out at the last moment. By setting everyday targets and goals, one can achieve incredible results in terms of efficiency and performance.

Health is wealth. This adage never fails. Only a sound body and sound mind can work effectively towards achieving any objective. Thus to sum up, healthy body is a mandate for rigorous mental exercise that comes up during examinations.

Practice DailyWe eat daily, we sleep daily, so why not study daily?

Regular practice in every subject will keep students close to a subject. If one avoids any subject for more than three days in a go, he/she is bound to lose interest in it.

Take care of your Health

1.TIPS N

How to Score

2.

3.

Your Elixir of Positivity & Confidence Positivity and confidence can do wonders to your grades,

far more than you can think. By studying from Oswaal Sample Question papers, you develop confidence in yourself which makes you positive and hence gives you the winners advantage!! A bunch of important questions along with their systematic presentation helps you tremendously in studying effectively.

OSWAAL - Your Planner For Examination PreparationsYou must make a schedule for your studies followed by

strict implementation of that schedule. Oswaal SQP's give you questions on the important topics or topics which need more practice or time. Oswaal SQP's include last year exam questions as well as sample papers for the proper schedule of your study. You may also study with your friends and make the entire learning process fun!!

OSWAAL - Your Confidence Booster Just before the ExamOne should never try to read, study or cram anything new

just before the beginning of your exam. You can just open your Oswaal SQP's and read through the answers highlighted by you a night before for the last time and then put away all your books. This gives you a new wave of confidence just before the commencement of your exam!

OSWAAL

4.

5.

High in your Examination?

How to get 6.

7.

8.

9.

10.

1.

2.

3.

Playing games – both the indoors and outdoors, help in inculcating a practical approach towards dealing with a problem along with beating the examination stress.

PresentationTill now we have discussed the pre-exam tips.

This is a crucial tip while writing the examinations. A systematic and neat display of answers can boost your chances of scoring high.

Time ManagementYou need to manage time not only during

exam preparations, but also at the time of solving the Question paper. Carrying a wrist watch during exams is an excellent way to manage time well. You should also try to save some time at the end of the paper to recheck the answers.

Sleep WellA sound sleep a night before exam helps us

relax and rejuvenates our mind. The tired brain needs and we need to understand the needs of our brain, only then we will be able to make the most out of it especially during examinations.

Relax YourselfThis is last but not the least. Relaxing is

like meditating. When we are relaxed we are the most efficient in reproducing what we have learnt.

Play Games

The 'OSWAAL' Advantage?

( v )

SYLLABUSAccountancy (Code No. 055)

Class–XII (2014-15)One Paper Theory: 80 Marks

3 Hours

Units Periods Marks

Part A Accounting for Partnership Firms and Companies

Unit 1. Accounting for Partnership Firms 90 35

Unit 2. Accounting for Companies 60 25

150 60

Part B Financial Statement Analysis

Unit 3. Analysis of Financial Statements 30 12

Unit 4. Cash Flow Statement 20 8

50 20

Part C Project Work 40 20

Project work will include:

Project File: 4 Marks

Written Test: 12 Marks (One Hour)

Viva Voce: 4 Marks

OR

Part B Computerized Accounting

Unit 3. Computerized Accounting 60 20

Part C Practical Work 26 20

Practical work will include:

File 4 Marks

Practical Examination 12 Marks (One Hour)

Viva Voce 4 Marks

Part A: Accounting for Partnership Firms and Companies 60 Marks 150 PeriodsUnit 1: Accounting for Partnership Firms

• Partnership: features, Partnership deed.

• Provisions of the Indian Partnership Act 1932 in the absence of partnership deed.

• Fixed v/s fluctuating capital accounts.Preparation of Profit & Loss Appropriation account- divi-sion of profit among partners, guarantee of profits.

• Past adjustments (relating to interest on capital, interest on drawing, salary and profit sharingratio).

• Goodwill: nature, factors affecting and methods of valuation - average profit, super profit andcapitalization.

Scope: Interest on partner’s loan is to be treated as a charge against profits.

Accounting for Partnership firms - Reconstitution and Dissolution.

• Change in the Profit Sharing Ratio among the existing partners - sacrificing ratio, gaining ratio.Accounting for revaluation of assets and re-assessment of liabilities and treatment of reserves andaccumulated profits.

• Admission of a partner - effect of admission of a partner on change in the profit sharing ratio,treatment of goodwill (as per AS 26), treatment for revaluation of assets and re - assessment ofliabilities, treatment of reserves and accumulated profits, adjustment of capital accounts andpreparation of balance sheet.

• Retirement and death of a partner: effect of retirement /death of a partner on change in profitsharing ratio, treatment of goodwill (as per AS 26), treatment for revaluation of assets and re -assessment of liabilities, adjustment of accumulated profits and reserves, adjustment of capitalaccounts and preparation of balance sheet. Preparation of loan account of the retiring partner.

– Calculation of deceased partner’s share of profit till the date of death. Preparation of deceasedpartner’s capital account, executor’s account and preparation of balance sheet.

• Dissolution of a partnership firm: types of dissolution of a firm. Settlement of accounts - prepara-tion of realization account, and other related accounts: Capital accounts of partners and Cash/Bank A/c

(excluding piecemeal distribution, sale to a company and insolvency of partner(s)).

Note:

(i) If value of asset is not given, its realised value should be taken as nil.

(ii) In case, the realisation expenses are borne by a partner, clear indication should be given regardingthe payment thereof.

(iii) Workmen Compensation Fund is to be discussed.

Unit -2 Accounting for Companies

Accounting for Share Capital

• Share and share capital: nature and types.

• Accounting for share capital: issue and allotment of equity shares, private placement of shares,Public subscription of shares - over subscription and under subscription of shares; Issue at parand at premium and at discount, calls in advance and arrears (excluding interest), issue of sharesfor consideration other than cash.

• Accounting treatment of forfeiture and re-issue of shares.

• Disclosure of share capital in company’s Balance Sheet.

Accounting for Debentures

• Debentures: Issue of debentures at par, at a premium and at a discount. Issue of debentures forconsideration other than cash; Issue of debentures with terms of redemption; debentures as collat-eral security-concept, interest on debentures.

• Redemption of debentures: Lump sum, draw of lots and purchase in the open market (excludingexinterest and cum-interest). Creation of Debenture Redemption Reserve.

Part B: (i) Financial Statement Analysis 20 Marks 50 PeriodsUnit 3: Analysis of Financial Statements

• Financial statements of a company: Statement of Profit and Loss and Balance Sheet in the pre-scribed form with major headings and sub headings (as per Schedule VI to the Companies Act,1956).

Scope: Exceptional Items, Extraordinary Items and Profit (loss) from Discontinued Operations areexcluded.

• Financial Statement Analysis: Objectives and limitations.

• Tools for Financial Statement Analysis: Comparative statements, common size statements, cashflow analysis, ratio analysis.

• Accounting Ratios: Objectives, classification and computation.

Liquidity Ratios: Current ratio and Quick ratio.

Solvency Ratios: Debt to Equity Ratio, Total Asset to Debt Ratio, Proprietary Ratio and Interest Cover-age Ratio.

Activity Ratios: Inventory Turnover Ratio, Trade Receivables Turnover Ratio, Trade Payables TurnoverRatio and Working Capital Turnover Ratio.

Profitability Ratios: Gross Profit Ratio, Operating Ratio, Operating Profit Ratio, Net Profit Ratio andReturn on Investment.

Scope: As ratio analysis is a managerial tool, for the computation of profitability ratios, relevant informationshould be specified whether it is a part of Statement of Profit and Loss as per Schedule VI or not.

( vi )

Unit 4: Cash Flow Statement

• Meaning, objectives and preparation (as per AS 3 (Revised) (Indirect Method only)

Scope:

(i) Adjustments relating to depreciation and amortisation, profit or loss on sale of assets including invest-ments, dividend (both final and interim) and tax.

(ii) Bank overdraft and cash credit to be treated as short term borrwings.

(iii) Current Investments to be taken as Marketable securities unless otherwise specified.

PROJECT WORK 20 Marks 40 PeriodsKindly refer to the Guidelines published by the CBSE.

OR

Part B: Computerised Accounting 20 Marks 60 PeriodsUnit 3: Computerised Accounting

Overview of Computerised Accounting System.

• Introduction: Application in Accounting.

• Features of Computerised Accounting System.

• Structure of CAS.

• Software Packages: Generic; Specific; Tailored.

Accounting Application of Electronic Spreadsheet.

• Concept of Electronic Spreadsheet.

• Features offered by Electronic Spreadsheet.

• Application in Generating Accounting Information - Bank Reconciliation Statement; Asset Ac-counting; Loan Repayment of loan schedule, Ratio Analysis

• Data Representation- Graphs, Charts and Diagrams.

Using Computerized Accounting System.

• Steps in installation of CAS, codification and Hierarchy of account heads, creation of accounts.

• Data: Entry, Validation and Verification.

• Adjusting entries, preparation of balance sheet, profit and loss account with closing entries andopening entries.

• Need and security features of the system.

Database Management System (DBMS)

• Concept and Features of DBMS.

• DBMS in Business Application.

• Generating Accounting Information - Payroll.

Part C : Practical Work 20 Marks 26 PeriodsPlease refer to the guidelines published by CBSE.

Prescribed Books:

Financial Accounting -I Class XI NCERT Publication

Accountancy -II Class XI NCERT Publication

Accountancy -I Class XII NCERT Publication

Accountancy -II Class XII NCERT Publication

( vii )

( viii )

SAMPLE QUESTION PAPER(Issued by CBSE in November 2014)

Accountancy (055)Class XII (2014-15)

Max. Marks : 80 Time : 3 Hrs.

General Instructions :

1. This question paper contains two parts A and B. 2. Part A is compulsory for all.3. Part B has two options-Financial Statement Analysis and Computerized Accounting. 4. Attempt only one option of Part B.5. All parts of a question should be attempted at one place.

PART A : ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES

1. Any change in the relationship of existing partners which results in an end of the existing agreement and enforces making of a new agreement is called :

(a) Revaluation of partnership. (b) Reconstitution of partnership. (c) Realization of partnership. (d) None of the above. 1 2. Karan, Nakul and Asha were partners in a firm sharing profits and losses in the ratio 3 : 2 : 1. At the

time of admission of a partner, the goodwill of the firm was valued at ` 2,00,000. The accountant of the firm passed the entry in the books of accounts and thereafter showed goodwill at ` 2,00,000 as an asset in the Balance Sheet. Was he correct in doing so? Why? 1

3. Anu, Bina and Charan are partners. The firm had given a loan of ` 20,000 to Bina. They decided to dissolve the firm. In the event of dissolution, the loan will be settled by :

(a) Transferring it to debit side of Realization account. (b) Transferring it to credit side of Realization account. (c) Transferring it to debit side of Bina’s capital account. (d) Bina paying Anu and Charan privately. 1 4. Differentiate between ‘Capital Reserve’ and ‘Reserve Capital’. 1 5. Metacaf Ltd. issued 50,000 shares of ` 100 each payable ` 20 on application (on 1st May 2012); ` 30 on

allotment (on 1st January 2013); ` 20 on first call (on 1st July 2013) and the balance on final call (on 1st February 2014). Shankar, a shareholder holding 5,000 shares did not pay the first call on the due date. The second call was made and Shankar paid the first call amount along with the second call. All sums due were received.

Total amount received on 1st February was : (a) ` 15,00,000 (b) ` 16,00,000 (c) ` 10,00,000 (d) ` 11,00,000 1 6. Abha and Beena were partners sharing profits and losses in the ratio of 3 : 2. On April 1st 2013, they

decided to admit Chanda for 1/5th share in the profits. They had a reserve of ` 25,000 which they wanted to show in their new Balance Sheet. Chanda agreed and the necessary adjustments were made

sample - kopykitab · class 12 sample question papers accountancy ... cash flow statement 20 8 50...

Documents