CBSE Set Qa6a Accounts Sample Test Papers For Class 12th for students online

Accounts Class - XII (CBSE) 
You are on Set no 2 Answer 1 to 17
(Only those questions are given which are different from Set I)

PART - A (ACCOUNTING III)

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)

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)

Ans15) Calculation of profit made during the year :

Profit and loss A/c
for the year ending

Cash from operations :