# Class 12 Accountancy Sample Paper Term 2 With Solutions Set A

Please refer to Class 12 Accountancy Sample Paper Term 2 With Solutions Set A below. These Class 12 Accountancy Sample Papers will help you to get more understanding of the type of questions expected in the upcoming exams. All sample guess papers for Accountancy Class 12 have been designed as per the latest examination pattern issued by CBSE. Please practice all Term 2 CBSE Sample Papers for Accountancy in Standard 12.

## Sample Paper Term 2 Class 12 Accountancy With Solutions Set A

1. Kapil purchased goods for Rs.21,000 from Gaurav on 1.2.2017 and accepted a bill of exchange drawn by Gaurav for the same amount. The bill was payable after one month. On 25.2.2017 Gaurav sent the  bill to his bank for collection. The bill was duly presented by the bank. Kapil dishonored the bill and the bank paid ₹100 as noting charges. Record the necessary journal entries for the above transactions in the books of Gaurav.

2. Calculate Net Sales and Gross Profit from the following information:Cost of Goods Sold is ₹2,00,000. Gross Profit is 20% on sales.

3. Define MIS.
Answer : MIS is a planned system of collecting, processing, storing and disseminating data in the form of information required to carry out the functions of management.

4. Rakesh keeps incomplete records of his business. He gives you the following information. Capital at the beginning of the year ₹8,00,000; capital at the end of the year ₹6,20,000, ₹2,50,000 was withdrawn by him for his personal use; as Rakesh needed money for expansion of his business, he asked his wife for help, his wife allowed him to sell her ornaments and invest that amount into the business which come to ₹30,000. Calculate his profit or loss for the year ended.

5. Calculate the amount of operating profit from the following balances: Net sales ₹5,00,000
Cost of goods sold ₹3,00,000
Operating Expenses ₹1,20,000
Answer : Operating Cost = Cost of Goods Sold + Operating Expenses
= 3,00,000 + 1,20,000
= 4,20,000
Operating Profit = Net Sales – Operating Cost
= 5,00,000 – 4,20,000
= 80,000

OR

6. Explain any 3 advantages of Computerised Accounting.
(i) Large volume of transactions
(ii) Scalability
(iii) Security
(iv) Timely Reporting
(v) Lower Cost
(vi) Less paperwork
(vii) Flexible
(viii) Queries
(ix) Accurate
(x) Updating
(xi) Financial Statements

7. Explain any 3 advantages of Customised Software.
(ii) They are available off-the-shelf
(iii) They are developed by a group of experienced professionals.
(iv) Softwares like any other product, requires maintenance They are used by a number of users.

OR

Compare Manual and Computerised Accounting on any 3 basis.
Answer : Comparison of Manual and Computerised Accounting on any 3 basis:
(i) Identifying financial transactions
(ii) Recording
(iii) Classification
(iv) Summarising
(vi) Grouping of Accounts
(vii) Financial Statements

8. On March 15, 2017 Ramesh sold goods for ₹8,000 to Deepak on credit. Deepak accepted a bill of exchange drawn upon him by Ramesh payable after three months. On April, 15 Ramesh endorsed the bill in favour of his creditor Poonam in full settlement of her debt of ₹8,250. On May 15, Poonam discounted the bill with her bank @ 12% p.a. On the due date Deepak met the bill. Record the necessary journal entries in the books of Ramesh, Deepak and Poonam.

9. Rectify the following errors identified in the books of Sunil. The Trial Balance showed ₹ 250 as debit excess. The difference has been posted to the Suspense Account.
(i) Total of debit side of Expenses Account has been cast in excess of ₹ 150.
(ii) One item of purchase of ₹ 25 has been posted from the Purchases Book to the Ledger as ₹ 350.
(iii) A cheque of ₹ 600 issued to the Supplier’s Account (shown under Sundry Creditors) towards his dues had been wrongly debited to the Purchases Account.
Pass the necessary Journal entries for correcting the above and prepare a Suspense Account.