CBSE Class -XII
Accounts Sample Paper Set II

Q1) A and B are partners sharing profits in the ration of 4 : 3. C is admitted as a partner. The new profit-sharing ration is 3 : 2 : 1. Find out the sacrificing ratio. (Marks 2)
Ans1) 
A : B : C
3 : 2 : 1 New Ratio
Old ratio = A : B
4 : 3
A’s sacrifice = A’s old share - A’s new share
= 4/7 - 3/6 = 3/42
B’s sacrifice = 3/7 - 2/6 = 4/42
Thus, the sacrificing ratio = A : B
= 3 : 4

Q3) Define partnership. In the absence of Partnership Deed, what are the rules regarding :
(i) Profit-sharing ratio. (ii) Interest on drawings, (iii) Interest on Capital, (iv) Interest on loan given by a partner. (Marks 3)
Ans3) 
Partnership is defined as -
The relationship between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all.
In the absence of the information, the following rules will apply,
1. Profit sharing ratio : this will be equal for all the partners.
2. Interest on drawings : No interest is charged on drawings.
3. Interest on capital : No interest is paid on capital.
4. Interest on loan given by partners : Interest @ 6% p.a. will be given to the partners on their loans.

Q4) Mention the items that may appear on the credit side of the capital account of a partner when the capitals are fluctuating.
Ans4) 
The following items may appear on the credit of the capital account of a partner when the capital accounts are fluctuating :
(i) Opening balance of capital (Cr.),
(ii) Share of profit,
(iii) Interest on capital,
(iv) Salary (if allowed),
(v) Goodwill,
(vi) Share of general reserve.

Q6) Name the major headings under which the liabilities and the assets sides of a company’s Balance Sheet is organised and presented. (Marks 5)
Ans6)

Major Headings of Liabilities
1. Share Capital
2. Reserve and Surplus
3. Secured Loans
4. Unsecured Loans
5. Current Liabilities and Provisions

Major Headings of Assets
1. Fixed Assets
2. Investments
3. Current Assets, Loans of Advances
4. Miscellaneous Expenses
5. Profit and Loss Account (Debit balance)

PART - B (Analysis of financial statements)

Q10) From the following information, calculate Debtors Turnover Ratio and Average Collection Period.
Opening Debtors Rs. 37,000
Closing Debtors Rs. 43,000
Sales Rs. 6,00,000
Cash Sales Rs. 80,000
Ans10) 
Debtors Turnover Ratio = Net Credit Sales
Average Debtors
Average Debtors = Opening Debtors + Closing Debtors
2
= 37000 + 43000
2
= 40000
Net Credit Sales = Sales - Cash Sales
= 600000 - 80000
= 520000
… Debtors Turnover Ratio = 520000
40000
= 13 times.
Average collection period = 365 days
Drs Turnover
= 365/13 = 28 days

Q15) Calculate Cash from operations from the following information: (Marks 5)

1994 (Rs.) 1995 (Rs.)
Stock 60,000 50,000
Debtors 25,000 23,000
Creditors 32,000 28,000
Expenses Outstanding 3,500 4,500
Bills Payable 35,000 22,000
Accrued Income 8,000 9,000
Profit and Loss A/c 80,000 90,000

Ans15) 
Calculation of profit made during the year :

Profit and loss A/c
for the year ending

To balance c/d

90000
_____
90000

By Balance b/d
By Profit during the year

80000
10000
90000