PRE BOARD EXAMINATION CLASS 12Th ACCOUNTANCY QUESTION PAPER

 Realizing the importance of education, at present, every country of the world wants to give better education to its citizens, for this, each country provides education to the students according to their own educational system, this is the reason that the educational growth of the students of each country.  In today's post we are going to inform you about a model question paper of pre board exam for class XII students of Madhya Pradesh state of India to be conducted before their main exam.  Indian students living in different countries of the whole world can also read this model question paper and can compare this model question paper with the education system of the country in which they reside, this question paper class XII  I would like that whoever is in the country of the world who is studying this form, then please what kind of model question paper is there in their country before or before the main examination of class XII.  Share This model question paper has been prepared for the students of class 12th Accountancy subject of Madhya Pradesh state, so let's read and practice it

PRE BOARD EXAMINATION-2022  

CLASS-12  

SUBJECT--ACCOUNTANCY  

TIME-3:00 HOURS MAXIMUM MARKS-80  ---------------------------------------------------------------------------------------------------------------------  Instructions:-  

1. All questions are Compulsory.  

2. Q.No. 1 to 5 are 32 Objective type questions, each carrying 1 mark, it contains  Choose the correct option 6 marks, Fill in the blank 7 marks, Match the Column  6 marks, answer in one word 7 marks, Ture/False 6 marks.  

3. Q.No. 6 to 15 are very short answer type questions, word limit of these questions  is 30 words and 2 marks are allotted to each question.  

4. Q.No. 16 to 19 are short answer type questions, word limit of these questions is  75 words and 3 marks allotted to each question.  

5. Q.No. 20 to 23 are analytical questions, word limit of these questions is 120  words and 4 marks allotted to each question.  

6. Q.No. 6 to 23 have internal options.  

7. No word limit regarding Numerical Questions.  

1. Choose the correct options – (1x6=6) I. Legacies should be treated as-  

(a) A Liability (b) Revenue Receipts  

(c) Capital Receipts (d) An Asset  

II. Entrance fees, unless mentioned clearly , is treated as –  

(a) A Capital Receipts (b) A Revenue Income  

(c) A Liability (d) None of these  

 III. In the absence of agreement partners have the right to receive –  

(a) Salary (b) Commission  

(c) Interest on capital (d) Profit  

 IV. The current account of the partners will always be –  

(a) Debit balance (b) Credit balance  

(c) Either of these (d) None of these  

 V. The cost of production will remain unchanged due to change in-  

(a) Wages (b) Carriage inward 

(c) Fuel (d) Selling Expenses  

 VI. Current liabilities and provisions in the balance sheet of the company will be shown   under the head –  

(a) Sundry Debtors (b) Share Premium  

(c) Sundry creditors (d) Discount on debentures  

2. Fill in the blanks - (1x7=7)  I. The actual value of goodwill can be known on the sale of ----------.  

II. A new partner can be admitted in the firm with the consent of -------------- .  III. The premium received on the issue of shares is ----------- profit of the company.  IV. The part of capital which is called only at the time of winding up of the company is called --------  capital. 

V. Common size statements are also called -------.  

VI. Dividend paid in the middle of a financial year is called -----------.  

VII. The Annual Report of the Company is issued for ---------.  

3. Match the columns -  

(1x6=6)  

Column (A) Column (B)  

I. Internal Liability (a) Third Party  

II. Individuals Only (b) Private Property  

III. First payment after dissolution of Firm (c) Can become a partner  IV. Personal Liability of the Partner (d) Foundation of the Company  V. Memorandum of association (e) Pro-rata allotment  

VI. Over-subscription (f) Partner's Loan  

4. Answer in one sentence - (1x7=7)  I. How do professional people keep their accounts?  

II. When is the weighted average method of computing goodwill used?  

III. Why is goodwill paid by the new partner?  

IV. Name the Debentures which can be converted into shares ?  

V. What is the period for payment of interest on debentures?  

VI. At which point is total cost equal to total sales?  

VII. What is the critical evaluation of financial statements called?  

5. State True / False - (1x6=6)  I. Receipt &Payment Account is not an index of financial position.  

II. Most transactions of non-profitable entities are credit.  

III. The retired partner receives his share in the goodwill of the firm.  

IV. A private company does not issue a prospectus.  

V. Increase in stock leads to decrease in liquidity ratio.  

VI. Cash flow statement includes both inflow and outflow of cash.  

6. What is meant by cash method of accounting?  

2 

 Or  

Write 4 items of income of non-profitable organizations.  

7. What is meant by partnership deed?  

2 

Or  

Write the definition of partnership as per Partnership Act, 1932.  

8. What is meant by Hidden Goodwill?  

2 

Or  

What is meant by reconstitution of partnership firm?  

9. What is meant by retirement of partners from the firm? 2 Or  

What is meant by representative of deceased partner?  

10. What is meant by Contingency dissolution of the firm? 2 Or  

What is meant by dissolution of firm by notice? 

11. Define company. 2 Or  

What is the minimum subscription?  

12. “The company is an artificial person created by law.” explain. 2 Or  

What is meant by forfeiture of shares?  

13. State the legal status of the debenture holder. 2 Or  

Why are debentures issued?  

14. What is meant by Analysis of Financial Statements? 2 Or  

What is meant by common size financial statement?  

15. Explain current ratio. 2 Or  

What is meant by debt-equty ratio?  

16. Write the difference between Receipt & Payment Account and Income & Expenditure   Account. 3 Or  

Prepare Receipts Payment Account for the year ending 31st March 2019-  

 Item Rs. Item Rs.  Opening balance 880 Subscriptions 7520  Entry Fee 860 Donations Received 1600  Rent Received 1050 Electricity charge 680  Tax 100 Salary 4300  Secretary's honorarium 500 Income on investment 590  Stationery 70 Sundry expenses 180  Insurance premium 60  

17. How is the amount due to retiring partner calculated? explain. 3 Or  

Differentiate between dissolution of partnership and dissolution of firm.  

18. Y Ltd. issued 20,000, 12% preference shares of Rs10 each to the public. The whole amount was  received in lump sum. Pass the Journal entries in the books of Y Ltd. 3 Or  

Explain the difference between equity share and preference share.  

19. Describe the limitations of financial statements? 3 Or  

Prepare a comparative statement of Profit &Loss from the following information:  Details 2016 2017  

sales 400000 700000  

Cost of Goods Sold 200000 400000  

Direct Expenses 40000 20000  

Indirect Expenses 30000 40000  

income tax 50% 50%  

20. State 4 rules which are applicable in the absence of Partnership Deed. 4 Or  

A and B are partners in a firm. Their capital as on 1st January 2017 was Rs 25000 and Rs. 20000  respectively. Interest on capital is to be allowed at 8% per annum and interest is charged at 12%  per annum on their drawings. A gave a loan of Rs 10000 to the firm on 1st July 2017 at the rate 

of 6% per annum. B is entitled to a salary of 5000 per year. Interest on their drawings are Rs.600  and Rs.500 respectively. Profit of the year before above noted adjustments is 25000 ended  31st December 2017. Prepare Profit and Loss Appropriation account.  

21. Calculate the amount of Goodwill as on 1st January 2019 on the basis of 2.5 year purchases of  average profit of last four years. The profit and loss of the previous years are as follows –  4  

Year Profit and Loss  

2015 30,000 (loss)  

2016 20,000 (profit)  

2017 28,000 (profit)  

2018 32,000 (profit)  

2019 40,000 (profit)  

Or  

Explain the various Occasions of reconstitution of a firm.  

22. X Ltd. forfeited 30 fully called up shares of Rs.10 each of a shareholder. The shareholder had  paid Rs.3 per share on the application but failed to pay Rs.4 per share on allotment and Rs.3 per  share on final call. Give journal entries for forfeiture of shares. 4 Or  

Describe the various types of debentures.  

23. What is Cash Flow Statement? State the objectives of preparing it. 4 Or  

Explain the objective and importance of accounting ratio.