RBSE Class 12 Accountancy Board Paper 2018 English Medium

RBSE Class 12 Accountancy Board Paper 2018 English Medium are part of RBSE Class 12 Accountancy Board Model Papers. Here we have given Rajasthan RBSE Class 12 Accountancy Board Paper 2018 English Medium.

Board	RBSE
Textbook	SIERT, Rajasthan
Class	Class 12
Subject	Accountancy
Paper Set	Board Paper 2018
Category	RBSE Model Papers

Rajasthan RBSE Class 12 Accountancy Board Paper 2018 English Medium

Time: 3.15 Hours
Maximum Marks: 80

General Instructions to the Examinees

1. Candidate must write his/her Roll No. on the question paper compulsorily.
2. All the questions are compulsory.
3. Write the answer to each question in the given answer book only.
4. The questions that have internal sections, write their answers together in continuity.
5. I. The questions are divided into two sections- A and B.
   II. Section A is compulsory for all.
   III. Section B has two parts, and each part has seven questions. Candidate has to answer all the seven questions of either of the part.

6. Section	Question no	Marks per Questions
   A	1-8	1
   	9-14	2
   	15-21	4
   	22-33	6

   And

   Section	Question no	Marks per Questions
   B	24-25	1
   	26-27	2
   	28-29	4
   	30	6

7. Question number 22 (Section A) and 30 (Section B) have internal choices.

Section – A

Question 1.
What is the maximum limit on number of partners in a firm? [1]

Question 2.
At the time of retirement of a partner, the value of plant is shown as ₹ 50,000. Its value has to be increased by ₹ 5000. Prepare Journal entry for it. [1]

Question 3.
At the time of retirement of a partner, at which value Joint Life Policy Account is Shown in Balance Sheet. When partners decide to show it in the books. [1]

Question 4.
Write down the name of methods from which share of profit of a deceased partner is calculated during the accounting year up to the date of the death of a partner. [1]

Question 5.
At the time of dissolution a liability which is shown in the books, write entry which is made for it? [1]

Question 6.
Write down the rate of interest, which is given on calls-in-advance, when table F applies. [1]

Question 7.
One 12% debenture of ₹ 100 is issued at ₹ 110, which is redeemable at ₹ 120. Prepare a Journal entry for issuance of debenture. (Narration is not required) [1]

Question 8.
A co-venture sold the goods on credit and received a bill, which is discounted by bank, in which account he will show the discount on bill charged by the bank in his books. When each venturer incorporates his own transactions. [1]

Question 9.
A and B are partners sharing profit in the ratio of 3 : 2. At the time of admission of C for 1/4 Share, worksmen compensation reserve account is shown for ₹ 10,000 in liability side. Give the accounting entry for it, at the time of admission, if no other information is given. (Narration is not required). [2]

Question 10.
Write any four differences between joint venture and partnership. [2]

Question 11.
When goods are consigned at invoice price, give four journal entries which is shown in the books of consignor to abolish the effect of profit element invoice price. (Narration is not required). [2]

Question 12.
A consigned goods of ₹ 60,000 at invoice price. Consignee sold half of goods at ₹ 30,000 and remaining goods for ₹ 40,000. He is entitled 5% general commission and 20% over-riding commission. Calculate the amount of general and overriding commission. [2]

Question 13.
While preparing Receipts and Payment Accounts where the following items are shown in this account. [2]
1. Outstanding salary of the current year
2. Amount received on sale of fixed assets.
3. Books purchased in cash
4. Interest earned on investment during the year which is still due.

Question 14.
While preparing Income and Expenditure Account and Balance Sheet, where the following items will be shown [2]
1. Receiving from the legacy
2. Entrance fees

Question 15.
Rashmi and Pintu are partners in a firm with capital of ₹ 50000 and ₹ 30000 respectively. The trading profit for the year ended 31st March 2017 amounted to ₹ 49,200 before considering the following.
(i) Interest on capital is to be allowed @ 5% per annum.
(ii) Rashmi is allowed 2% commission on sales. Sales was ₹ 2.00,000.
(iii) Pintu is allowed commission @ 10% on divisible profits (before charging his commission and reserve).
(iv) It is decided to transfer 10% of divisible profit to reserve account.
(v) Rashmi had advanced a loan of ₹ 20,000 to firm on 1.4.2016. Prepare profit and loss account (If necessary) and profit and loss appropriation account for the year ending 31st March 2017. [4]

Question 16.
P, Q and R are the partners in a firm sharing profit in the ratio of 2:2:1. The firm had taken a Joint life Policy for ₹ 1,00,000 on the lives of all the partners on 1.4.2013. The surrenders value of policy is as under : on 31.3.2014. Nil; 31.3.2015 ₹ 3,000, 31.3.2016 ₹ 8,000 and on 31.3.2017 ₹ 10,000. The firm pays ₹ 7,000 annual premium every year on 1st April. If premium is treated as investment and Q died on 1.7.2017. Prepare a Joint Life Policy Account for all the years. [4]

Question 17.
R, S and T are partners in a firm. Balance Sheet as on 31st March 2017 of the firm is as follows [4]

The firm is dissolved on 31st March 2017 due to T because insolvent. Nothing is realised from T. ₹ 40,000 is realised from the assets of the firm. Prepare necessary accounts on dissolution, when Garner Vs Murray rule applies. Loss on realisation is not brought in cash by the partners.

Question 18.
Under which head and sub-head will you show the following items in the Balance Sheet of a Company? [4]
(i) Unclaimed dividend
(ii) Securities Premium
(iii) Proposed dividend
(iv) Acceptances
(v) Debentures
(vi) Call in Advance
(vii) Provision for Tax
(viii) Pre-Paid Ensurance.

Question 19.
‘K’ and ‘V’ entered into joint venture to purchase and sales of goods, sharing profit in equal ratio. ‘K’ purchase goods for ₹ 40,000. ‘V’ also purchased goods for ₹ 60,000. ‘K’ sold part of goods for ₹ 45,000 and ‘V’ sold part of goods for ₹ 70,000. Remaining goods are taken by ‘K’ for ₹ 8,000. Each venturer records his own transactions only. Prepare necessary accounts in the books of both venturers and also prepare necessary account to calculate the profit and loss of Joint venture transactions. [4]

Question 20.
Karan sent 100 cycles to Sweeti @ ₹ 2,000 per cycle on consignment. On the way 10 cycles are destroyed and 1/4 of the purchase price is received from them. Consignee sold 70 cycles @ ₹ 2,500 per cycle and paid octroi ₹ 1,800 and selling expenses ₹ 2,000 after receiving the goods. ₹ 10,000 is realised from insurance company for loss. Calculate value of abnormal loss and unsold stock. Consigner paid ₹ 5,000 for consignment expenses. [4]

Question 21.
From the following information, calculate the amount which will be shown in Income and Expenditure Account for the year ending 31st March 2017 and in Balance Sheet on that date for sports events. [4]

Question 22.
A and B are sharing profit in the ratio of 2 : 1. The Balance sheet as on 31st March 2017 is as follows [6]

They admitted C into partnership on 1 st April, 2017. New profit sharing ratio will be 3 : 2 : 1. C brings in proportionate capital after the following adjustments:
1. C brings ₹ 10,000 in cash as his share of Goodwill.
2. Building is valued at ₹ 35,000.
3. There is an old typewriter valued ₹ 2,000. It does not appear in the books of the firm. It is now to be recorded.
4. Patents are valueless.
Prepare Revaluation Account, Partners Capital A/c and the Balance Sheet of new form.

OR
X, Y, and Z sharing profits in the ratio of 3 : 2 : 1. The Balance Sheet as on 31st March, 2017 is as follows :

Z retires on the above date and the new profit sharing ratio between remaining partners will be 5 : 4. Following terms were agreed :
1. Machinery is reduced by 10%.
2. Stock is reduced to ₹ 28,000
3. X and Y agreed that their capitals will be adjusted in their new profit sharing ratio, by bringing in or paying cash to the partners.
4. Goodwill of the firm is valued as ₹ 54,000 and adjustment in this respect be made without raising Goodwill A/c.
5. Z is paid ₹ 8,000 on the date of retirement in cash and the remaining amount is transferred to his loan account.
From the above information, prepare Revaluation Account, Capital Accounts and new Balance Sheet.

Question 23.
R Ltd. issued f 20,000 equity shares of ₹ 100 each at ₹120 per share. Amount is payable : on application ₹ 10 per share, on allotment ₹ 40 per share (including premium) remaining with first and final call.
Over payments on application were to be applied towards sums due on allotment and first and final call. Where no allotment was made, money was to be refunded in full.
Application for ₹ 33,000 shares were received. Applicants for ₹ 12,000 shares were alloted only ₹ 2,000 shares and applicants for ₹ 3,000 shares was refunded their amounts in full. Full allotment was made to remaining applicants. All the money due was received in full within time.
Make all the journal entries to record the above transactions in the books of company. (Narration is not required) [6]

Section – B

Section B has two parts. Each part has seven questions. Candidates has to solve seven questions of any one part.

Question 24.
State, any two differences between Horizontal analysis and Vertical analysis. [1]

Question 25.
If current liability is ₹ 1,50,000, and current ratio is 3 : 1, then calculate current assets. [1]

Question 26.
Following are the information with regard to revenue from operations. Taking base 2012-13, upto 2016-17 calculate trend percentage for measuring the changes. (₹ in Lakhs) [2]

Year	2012-13	2013-14	2014-15	2015-16	2016-17
Revenue from operations	20	22	25	28	30

Question 27.
The following balances are extracted from the books of X Ltd. on 31st March, 2017. Calculate Trade receivables Turnover ratio. Total gross revenue from operations ₹ 2,00,000; cash revenue from operations ₹ 30,000; Revenue from operations return ₹ 10,000, opening debtors ₹ 50,000; closing debtors ₹ 30,000. [2]

Question 28.
Income statement (statement of profit and loss) for the year ending 31st March, 2016 and 2017 of C Ltd. are given below. Prepare common size Income statement. [4]

Question 29.
Write any four ethics in Accountancy. [4]

Question 30.
From the following information, calculate the amount which will be shown in Income and Expenditure Account for the year ending 31st March 2017 and in Balance Sheet on that date for sports events. [6]
OR
From the following information, calculate current ratio, quick ratio, Debt equity ratio proprietary ratio and solvency ratio.
Current liabilities ₹ 1,00,000; Capital ₹ 5,00,000; General reserve ₹ 1,00,000; Credit Balance of P & L Account ₹ 1,00,000; 10% Debentures ₹ 3,00,000; Non current Assets ₹ 7,00,000; Stock ₹ 2,00,000, Trade receivables ₹ 1,50,000; Cash and cash equivalents ₹ 50,000.

Answers

Answer 1:
50 Partners.

Answer 2:

Plant A/C                               Dr	5000
To revaluation A/c (being value of plant increased)		5000

Answer 3:
At the surrender value.

Answer 4:

1. On time basis
2. On the basis of turnover.

Answer 5:

Realization A/c                          Dr

To cash A/c (un recorded liabilities paid off)

Answer 6:
12%.

Answer 7:

Bank A/C                              Dr	110
To debentures A/C To securities premium A/C		100 10

Answer 8:
In joint venture with co-ventures A/C.

Answer 9:

Workmen compensation reserve A/C  Dr	10000
To A’s capital A/C To B’s capital A/C

Answer 10:

S. No	Basis of difference	Joint Venture	Partnership
1	Name	There is no need for firm’s name.	A partnership firm always has a name.
2	Objective	The objective of a joint venture is to continue its business for a limited time or limited work.	Partnership is established to work on a continuous basis.
3	Registration	Registration is not compulsory.	Registration is compulsory in partnership.
4	Act of governance	No specific act is there.	Partnership firms are governed by the Indian Partnership Act, 1932.

Answer 11:

Unrealized profit included in goods sent on consignment Goods sent consignment A/C     Dr To consignment A/c

Unrealized profit included in opening stock reserve A/c                                                        Dr To consignment A/c

Unrealized profit included in closing stock Consignment A/c                                                Dr To Stock reserve A/c

Unrealized profit included in abnormal loss Consignment A/c                                               Dr To Abnormal loss A/c

Answer 12:

1. 5% general commission on invoice price
   \(60,000 \times \frac{5}{10}=3,000 /-\)
2. 20% overriding commission
   \((70,000-60,000) \times \frac{20}{100}= 1,000 /-\)

Answer 13:

1. Outstanding salary of the current account- No account
2. The amount received on the sale of permanent asset should be shown in the debit side.
3. Book purchase cash should be shown in the credit side.
4. Interest earned on investment in the current year which is owed, its receipt and payment is not shown in the accounts.

Answer 14:

1. When the amount withdrawn from the will is lessened, in income and expense account in deposit and if the amount is big it will be shown in the liability part of the statement,
2. Entrance fees will be shown in the income part of the income expense account.

Answer 15:

Answer 16:

Answer 17:

Answer 18:

Items		Main Heading	Sub-heading
(i)	Unclaimed dividend	Current Liabilities	Other Current Liabilities
(ii)	Secured Premium	Shareholder’s Fund	Reserves & Surplus
(iii)	Proposed Dividend	Current Liabilities	Short-term borrowings
(iv)	Approvals	Current Liabilities	Other liabilities
(v)	Borrowings	Non-Current Liabilities	Long term loans
(vi)	Call in Advance Demand	Shareholder’s Fund	Reserves & Surplus
(vii)	Provision for tax	Current Liabilities	Short-term Provision
(viii)	Pre-insurance	Current assets	Other current assets

Answer 19:

Answer 20:

Answer 21:

Answer 22:

Working notes :
1. Sacrificing Ratio = Old Profit Sharing Ratio – New Profit Sharing Ratio
\(A=\frac{2}{3}-\frac{3}{6}=\frac{1}{6}, B=\frac{1}{3}-\frac{2}{6}= nil\)

2. Adjustment of capital = Total adjustment capital of’A’ and ‘B’ = 54000 + 32000 = ₹ 86,000
Share in profit of’A’ and ‘B’ = \(\frac{5}{6}\)
Total Capital of Firm = \(86000 \times \frac{6}{5}\)= \(86000 \times \frac{6}{5}\) 1,03,200
‘C’s capital = \(1,03,200 \times \frac{1}{6}\) = ₹ 17,200

OR

Answer 23:

Category	App Received	Shares Allotted	Amount Received	App. Money Trans	Excess Money Trans	Allot. due	Received on Allot	First call due	first call Received	Final call
Full Allotment	18000	18000	180000	180000	–	720000	720000	630000	630000	630000
Applying for	12000	2000	120000	20000	100000	80000	–	70000	50000	70000
Refund	3000	Nil	30000	Returned	–	–	–	–	–	–

 

Date	Particulars	L.F.	Amount Dr (₹)	Amount Cr (₹)
	Bank A/c                                   Dr.		3,30,000
	To Equity Share App. A/c.			3,30,000
	Equity Share App. A/c              Dr.		2,00,000
	To Equity Share Cap. A/c			2,00,000
	Equity Share App .A/c              Dr.		30,000
	To Bank A/c			30,000
	Equity Share All. A/c                 Dr.		8,00,000
	To Equity Share Capital A/c To Securities Premium A/c			4,00,000 4,00,000
	Bank A/c                                   Dr. Equity Share App .A/c              Dr.		7,20,000 80,000
	To Equity Share All. A/c			8,00,000
	Equity Share First Call A/c        Dr.		7,00,000
	To Equity Share Cap. A/c			7,00,000
	Bank A/c                                   Dr. Equity Share App. A/c              Dr.		6,80,000 20,000
	To Equity Share First Call A/c			7,00,000
	Equity Share Final Call A/c       Dr.		7,00,000
	To Equity Share Capital A/c			7,00,000
	Bank A/c                                   Dr.		7,00,000
	To Equity Share Final Call A/c			7,00,000

Answer 24:

S.No.	Basis of Difference	Horizontal analysis	Vertical Analysis
1.	Period	It requires comparitive financial statements of two or more accounting periods. ,	It requires a statement of one accounting period.
2.	Usefulness	It is generally used for time series analysis.	It is generally used for cross- sectional analysis

Answer 25:
Current Ratio = \(\frac{\text { Current Assets }}{\text { Current Liabilities }}=\frac{3}{1}\)
So Current assets = ₹ 1,50,000 × 3 = ₹ 4,50,000

Answer 26:
Operation :- Statement Showing Trend of Revenue from operation

Year	Income Operation	Increment/Decrement than the base year	Increase/decrease than the base year (in per cent)
2012-13	20	–	–
2013-14	22	2	10%
2014-15	25	5	25%
2015-16	28	8	40%
2016-17	30	10	50%

Answer 27:

Answer 28:

Answer 29:
Various sources of Ethics: American ethics specialists George and John steever have stated the following ethics in Accountancy

1. Philosophical System- Since ancient times, scholars have developed many philosophical systems of life and duty. These systems show different dimensions of ethical behaviour.
2. Law System- The legal system of any country guides human behaviour in the society. Therefore, the rules of law are binding on the society.
3. Religion – Every religion gives an expression of ethical behaviour to its followers. These teachings are considered as a very important and encouraging factor for ethical behaviour.
4. Genetic Heritage – Biological evidences from the research done in modem Science suggest that the virtue of goodness, which is related to the moral conduct of a person, is his/her genetic heritage.

Answer 30:

OR

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