CBSE 2016 Accountancy Question Paper for Class 12

About this paper

This is the CBSE Class 12 Accountancy question paper code 67/1 (Series ONS, Set 1) from the 2016 board examination, printed in both Hindi and English. It carries 80 marks over three hours and has 23 questions. Part A, on partnership firms and company accounts, is compulsory. Part B offers a choice between Analysis of Financial Statements and Computerised Accounting, and you attempt only one. Two questions ask you to identify values: a share issue by Jyoti Power Ltd. for a power plant in Baramula, Jammu and Kashmir, and a comparative statement of profit and loss for Moon India Ltd. The two 8-mark questions, on a share issue and on reconstituting a firm, each have an OR choice. This copy has the questions only, without answers.

Exam

CBSE Class 12

Subject

Accountancy

Year

2016

Paper code

67/1

Maximum marks

80

Time allowed

3 hours

Questions

23

Pages

29

Answers included

No, questions only

Paper pattern

• Part A

  60 marks

  Accounting for Partnership Firms and Companies, Questions 1–17: six 1-mark, four 3-mark, two 4-mark, three 6-mark and two 8-mark questions; OR choice in Questions 16 and 17

• Part B

  20 marks

  Questions 18–23, attempt one option: Analysis of Financial Statements (ending with a cash flow statement) or Computerised Accounting (covering data processing, Tally, DBMS and Excel payroll formulae); each has two 1-mark, three 4-mark and one 6-mark question

Topics covered

• Partnership fundamentals and interest on drawings
• Valuation of goodwill
• Admission of a partner
• Change in profit-sharing ratio
• Death of a partner
• Dissolution of a partnership firm
• Issue, forfeiture and reissue of shares
• Issue and redemption of debentures
• Comparative statements and accounting ratios
• Cash flow statement
• Computerised accounting and DBMS

Questions from this paper

1. A group of 40 people wants to form a partnership firm. What is the maximum number of persons that can be in a partnership firm, and under which Act is this limit given?
2. State any three circumstances, other than the death, admission or retirement of a partner, when the need to value the goodwill of a firm may arise.
3. On 1.4.2013 JJJ Ltd. had ₹1,00,00,000 of 10% debentures of ₹100 each outstanding. On 1.4.2014 it bought 30,000 of its own debentures in the open market at ₹99 each and cancelled them; on 28.2.2015 it redeemed debentures of ₹50,00,000 at par by draw of a lot; and on 31.1.2016 it bought the remaining debentures for ₹19,99,000 for immediate cancellation. Pass the journal entries, ignoring interest and debenture redemption reserve.
4. Manav, Nath and Narayan share profits in the ratio 1 : 2 : 1 and close their books on 31st March. Nath died on 30th September 2015, when his capital account had a debit balance of ₹5,000 and the profit and loss account a debit balance of ₹30,000. Goodwill was valued at ₹3,80,000, and his share of profit is based on the average profit of the last 5 years, ₹90,000. Pass the journal entries on Nath's death.
5. Calculate the inventory turnover ratio: revenue from operations ₹16,00,000, average inventory ₹2,20,000, gross loss ratio 5%.
6. Explain any four advantages of a Database Management System (DBMS).