CBSE Class 12 Accountancy Exam for Term 2 would be conducted on May 23, 2022. CBSE Class 10 and 12 exams are being conducted from April 26, 2022. CBSE had also released sample papers for each subject for both classes 10 and 12. The marking scheme of the subjects was also released which gives students information about the types of questions that would be asked and what would be the marks awarded per question.
Check these 2 and 3 marks questions apart from the CBSE Class 10, 12 sample papers released by the board.
CBSE Class 12 Accountancy (Term 2): Solve 2 & 3 Marks Questions
1. How would you account for subscriptions due to be received in the current year in the books of a non-profit organization?
2. The exclusive club has 1250 members each paying an annual subscription of Rs.150. During the year ended 31st March 2018, the club did not receive subscriptions from 45 members and received subscriptions in advance from 46 members for the year ending 31st March 2019. On 31st March 2017, the outstanding subscription was Rs.15,000 and the subscription received in advance was Rs.3000. Calculate the amount of subscription that will be debited to the Receipts and Payment Account for the year ended 31st March 2018.
3. From the following information calculate the amount of subscriptions outstanding for the year 2019-20. A club has 250 members each paying on annual redemption of Rs.1000 each.
The receipts and payment account for the year showed a sum of Rs.2,95,000 received as a subscription. The following additional information is provided:
- Subscription outstanding on 31st March 2019- Rs.60,000
- Subscription received in advance on 31st March 2020- Rs.50,000
- Subscription received in advance on 31st March 2019- Rs.12,000
4. From the following information calculate the number of medicines to be debited to the Income and Expenditure account of National Hospital for the year ended 31st March 2020
- Stock of medicines on 1-4-2019- Rs. 2,47,000
- Stock of medicines on 31-3-2020- Rs. 3 ,69,000
- Creditors of Medicines on 1-4-2019- Rs. 17,85,000
- Creditors of Medicine on 31-3-2020- Rs. 19,37,000
- Paid to creditors for medicines during the year ended 31-3-2020- Rs. 20,00,000
5. Janata Kalyan club has 1250 members each paying an annual subscription of Rs.150. During the year ended 31st March 2018, the club did not receive subscriptions from 45 members and received subscriptions in advance from 46 members for the year ending 31st March 2019. On 31st March 2017, the outstanding subscription was Rs.15,000 and the subscription received in advance was Rs.3000. Calculate the amount of subscription that will be debited to the Receipts and Payment Account for the year ended 31st March 2018.
6. Sam, Tom and Ram were partners in a firm sharing profits in the ratio 1:2:2. On 30th June 2020, Sam died and the new profit-sharing ratio was 3:2. On Sam’s death, the goodwill of the firm was valued at Rs 300000. Calculate the gaining ratio and give journal entries on the treatment of goodwill.
7. X, Y and Z are partners in firm sharing profits and losses in the ratio of 3:2:1 Z retires from the firm on 31st March 2019. On the date of Z's retirement, the following balances appeared in the books of the firm:
- General Reserve- ₹ 1,80,000
- Profit and Loss Account (Dr.)- ₹ 30,000
- Workmen Compensation Reserve- ₹ 24,000 which was no more required
- Employees' Provident Fund- ₹ 20,000.
- Pass necessary Journal entries for the adjustment of these items on Z's retirement
8. A and B are partners in firm sharing profits in the ratio of 3:2. Mrs A has given a loan of Rs.20,000 to the firm and the firm had also taken a loan of Rs. 10,000 from B. The firm was dissolved and its assets were realised for Rs.25,000. State the order of payment of Mrs A’s loan and B’s loan with reason, if there were no other creditors of the firm.
9. Give journal entries for the issue of debentures in the following conditions.
A) Issued 2,000, 12% debentures of Rs. 100 each at a discount of 2%, redeemable at par.
B) Issued 2,000, 12% debentures of Rs. 100 each at a premium of 5%, redeemable at a premium of 10%.
10. X Limited Issued 10,000, 12% debentures of Rs. 100 each payable Rs. 40 on application and Rs. 60 on the allotment. The public applied for 14,000 debentures. Applications for 9,000 debentures were accepted in full; applications for 2,000 debentures were allotted 1,000 debentures and the remaining applications, were rejected. All money was duly received. Journalize the transactions.