CBSE 2017 Accountancy Question Paper for Class 12

About this paper

This is the CBSE Class 12 Accountancy question paper code 67/3 (Series GBM, Set 3) from the 2017 board examination, printed in both Hindi and English. It carries 80 marks and has 23 questions. Part A, on partnership firms and companies, is compulsory, and Part B lets you choose between Analysis of Financial Statements and Computerised Accounting. Notable questions include completing a deceased partner's capital account left unfinished by the firm's accountant, a set of six dissolution-expense cases, and a value-based question on Ganesh Ltd.'s hydro power plant and skill development centres in Arunachal Pradesh. The two 8-mark questions each have an OR choice. This copy has the questions only, without answers.

Exam

CBSE Class 12

Subject

Accountancy

Year

2017

Paper code

67/3

Maximum marks

80

Questions

23

Pages

24

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 queries, database reports, account groups and spreadsheet errors); each has two 1-mark, three 4-mark and one 6-mark question

Topics covered

• Partnership fundamentals and past adjustments
• Change in profit-sharing ratio
• Admission of a partner
• Retirement and death of a partner
• Dissolution of a partnership firm
• Issue, forfeiture and reissue of shares
• Issue and conversion of debentures
• Financial statements of a company (Schedule III)
• Accounting ratios
• Cash flow statement
• Computerised accounting

Questions from this paper

1. P and Q share profits equally, with fixed capitals of ₹2,00,000 and ₹3,00,000. The deed allows interest on capital at 12% per annum, but the profits for the year ended 31st March 2016 were distributed without it. Pass the adjustment entry to rectify the error.
2. Z Ltd. forfeited 1,000 equity shares of ₹10 each for non-payment of the first call of ₹2 per share; the final call of ₹3 per share was yet to be made. Calculate the maximum discount at which these shares can be reissued.
3. On 1.4.2015 MKM Ltd. issued 12,000 11% debentures of ₹100 each at a discount of 8%, redeemable at a premium of 10% after three years. Interest is payable on 30th September and 31st March, and tax is deducted at source at 10%. Pass the journal entries for the issue and for debenture interest for the year ended 31.3.2016.
4. Will a net decrease in working capital (other than cash and cash equivalents) increase, decrease or not change the cash flow from operating activities? Give a reason.
5. The proprietary ratio of M Ltd. is 0.80 : 1. State with reasons whether obtaining a bank loan of ₹2,00,000 payable after five years will increase, decrease or not change the ratio.
6. Explain any four sub-groups of the account group 'Profit and Loss'.