CBSE 12th Accountancy Study Materials & Expected Questions 2014

After conducting the economics exam successfully, CBSE going to conduct exam for subject Accountancy for commerce stream on 1^st of April, 2014. As this subject is also known as language of finance so useful in business foundation. All business work require accountancy to function smoothly. It is a necessary part of the commerce stream students.

Around 11 Lakh students have registered them self to appear in the Central Board of Secondary Education (CBSE) for class 12th examination.

Important Topics From Syllabus of Accountancy :

Fundamentals of Partnership, Admission of a Partner, Retirement and Death of a Partner, Dissolution of Partnership, Company Accounts Issue of Shares, Company Accounts Issue of Debentures, Financial Statements and Analysis of Financial Statements, Tools of Financial Analysis Accounting Ratios, Cash Flow Statement, Cash Flow Statements, Accounting from Incomplete Records, Insurance Claims, Accounting in Computerized Environment, Investment Accounts, Average Due Date, super profit, and capitalization, salary profit ratio. These topics cover almost 85% of the question from CBSE question paper. Students are advised to read according to the given topic to score better in examination.

Marking Scheme :

PART A: Accounting for Partnership Firms and Companies

1. Accounting for Partnership Firms - Fundamentals                                           10 marks

2. Accounting for Partnership Firms - Reconstitution and Dissolution        25 marks

3. Accounting for Share Capital                                                                                      18 marks

4. Accounting for Debuntures                                                                                         7 marks

AND

PART B: Financial Statement Analysis

1. Analysis of Financial Statements                  12 marks

2. Cash Flow Statement                                          8 marks

3. Project work                                                          20 marks

OR

PART C: Computerized Accounting

1. Overview of Computerized Accounting System                   4 marks

2. Accounting Applications of Electronic Spreadsheet          6 marks

3. Using Computerized Accounting System                                 4 marks

4. Data Base Management System                                                    6 marks

Practical Work                                                                                          20 marks

Some Important Questions :

1. When the partner capitals are fixed, where the drawings made by a partner will be recorded?

2. State the ratio in which the partners share profits or losses on revaluation of assets and liabilities, when there is a change in profit sharing ratio amongst existing partners?

3. Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his capital account.

4. Give the journal entry to distribute ‘Workmen Compensation Reserve’ of Rs. 60,000 at the time of retirement of Sajjan, when there is no claim against it. The firm has three partners Rajat, Sajjan and Kavita.

5. What is meant by securities premium?

6. Mona, Nisha and Priyanka are partners in a firm. They contributed Rs. 50,000 each as capital three years ago. At that time Priyanka agreed to look after the business as Mona and Nisha were busy. The profits for the past three years were Rs. 15,000, Rs. 25,000 and Rs. 50,000 respectively. While going through the books of accounts Mona noticed that the profit had been distributed in the ratio of 1:1:2. When she enquired from Priyanka about this. Priyanka answered that since she looked after the business she should get more profit. Mona disagreed and it was decided to distribute profit equally retrospectively for the past three years.

i) You are required to make necessary corrections in the books of accounts of Mona, Nisha and Priyanka by passing an adjustment entry. ii) Identify the value which was not practiced by Priyanka while distributing profits.

7. Abhay and Beena are partners in a firm. They admit Chetan as a partner with 1/4^th share in the profits of the firm. Chetan brings Rs. 2,00,000 as his share of capital. The value of the total assets of the firm is Rs.5,40,000 and outside liabilities are valued at Rs.1,00,000 on that date. Give necessary entry to record goodwill at the time of Chetan’s admission. Also show your working notes.

8. Moneyplus Company issued for public subscription 75,000 shares of the value of Rs.10 each at a discount of 10% payable as follows:

Rs.2 per share on application, Rs.3 per share on allotment and Rs.4 per share on call. The Company received application for 1,50,000 shares. The allotment was done as under:

i) Applicants of 15,000 shares were allotted 5,000 shares.

ii) Applicants of 70,000 shares were allotted 40,000 shares.

iii) Remaining applicants were allotted 30,000 shares.

Money in excess to allotment was returned. Hari, a shareholder who had applied for 3,500 shares out of group B failed to pay allotment and call money. Rohan, a shareholder who was allotted 3,000 shares paid the call money along with the allotment. Rohan also belonged to group B. Pass necessary journal entries to record the above transactions in the books of the company. Show your working notes clearly.

9. Under which type of activity will you classify Dividend received by a finance company?

10. What is meant by cash from operating activity?

11. State any one objective of financial statement analysis.

12. Under what heads and sub-heads the following items will appear in the Balance Sheet of a company as per revised schedule Vi, Part I of companies Act 1956.

i) Premium on redemption of debentures

ii) Loose tools

iii) Balances with banks

13. (a) Compute ‘Working Capital Ratio” from the following information: Cash revenue from operations Rs. 1,30,000; Credit revenue from operations Rs. 3,80,000; Revenue from operations returns Rs.10,000; Liquid assets Rs. 1,40,000; Current liabilities Rs. 1,05,000 and inventory Rs. 90,000.

(b) Calculate Debt Equity Ratio from the following information: Total Assets Rs.3,50,000; Total Debt Rs, 2,50,000; Current Liabilities Rs. 80,000.

CBSE Recommended  NCERT Text Books for Accountancy for students to score better.

Study Tips for Students :

Read the NCERT text book carefully.

Practisce the entire business question and numerical nicely.

Try to identify weak topics and read that topic.

Try to read scoring topics and revise at least twice.

Make a routine for reading every topics from syllabus.

Click Here for Economics Study Materials 2014

Visit our website regularly for more updates related to examination, for support like us on Facebook and follow our website for all Hall ticket and Admit cards details.