Download CBSE Class 12 Accountancy Sample Paper 2019 in PDF format along with its answers and latest marking scheme. CSBE has recently released Sample Papers for Science, Commerce and other subjects of Class 12th. This Sample Paper is based on latest CBSE Class 12 Syllabus and essential for the preparation of CBSE Class 12 Board Exam 2019.
Preview: CBSE Class 12 Accountancy Sample Paper 2019
• Time Allowed: 3 Hours
• Maximum Marks: 80
(1) This question paper contains two parts- A and B.
(2) All parts of a question should be attempted at one place.
Part – A
Accounting for Not-for-Profit Organizations, Partnership Firms and Companies
Question1. Land and Building (book value) ₹ 1,60,000 sold for ₹ 3,00,000 through a broker who charged 2% commission on the deal. Journalise the transaction, at the time of dissolution of the firm.
Cash A/c Dr.
To Realisation A/c
(Being land and building sold through broker, paid 2% of realisable value to broker)
Question2. Why is it necessary to revalue assets and liabilities of a firm in case of admission of a partner?
It is necessary to revalue assets and liabilities of a firm in case of admission of a partner so that the incoming partner is neither put to an advantage nor to disadvantage due to change in the market value of assets and liabilities.
Question2. State any two reasons for the preparation of ‘Revaluation Account’ at time of admission of a partner.
Two reasons for preparation of 'Revaluation Account' at time of admission of a partner are:-
(i) To record the effect of revaluation of assets and liabilities.
(ii) To ensure that the profits or losses on revaluation of assets and liabilities may be divided amongst the old partners.
Question3. State the basis of accounting on which “Receipt and Payment Account” is prepared in case of Not-for Profit Organisation.
“Receipt and Payment Account” in case of Not-for-Profit Organisation is prepared on Cash Basis of Accounting.
Question3. What will be the treatment of ‘Subscription received in advance’ during the current year in the Balance Sheet of a Not-For-Profit Organisation?
Subscription received in advance during the current year is recorded on the liability side of current year’s Balance Sheet.
One of the partners in a partnership firm has withdrawn ₹ 9,000 at the end of each quarter, throughout the year. Calculate interest on drawings at the rate of 6% per annum.
Interest on drawings = ₹ 9,000 × 4 × (6/100) × (4.5/12)
Interest on drawings = ₹ 810
A, B and C are partners in a firm sharing profit and losses in the ratio of 3:2:1. B died on 1st April, 2018. C, son of B, is of the opinion that he is the rightful owner of his father’s share of profits, and the profits of the firm should be now shared between A and C equally. A does not agree. Settle the dispute between A and C by giving reason.
C is not correct in his claim, unless agreed; new profit sharing ratio of the continuing partners remains same as their old profit- sharing ratio i.e. 3:1.
All the questions are available in PDF of the Sample Paper.