CBSE Class 12 Accountancy Question Paper 2017

Some CBSE Accountancy question papers 2017 solved for Class 12 are given below.

1. Explain, with reason, whether securities Premium Reserve can be used to write off Bad Debts.

Ans: Securities Premium Reserve cannot be used to write off bad debts. Securities Premium Reserve can be written off for the following purposes: 

• In granting non-issued shares to be allotted as fully paid bonus shares. 

• In cancelling preliminary expenses. 

• For buyback of shares Under Section 11 A. 

• In writing off the expenses, etc.

2. What do you mean by Cash Equivalent according to Accounting Standard 5? If the Current Ratio of a Company is 2: 1, then explain whether the Current Ratio will Improve or Decline, or Won't Change.

Ans: Cash and Cash Equivalents are short-term, highly liquid investments that are converted into cash without much effort. This includes money market funds, commercial papers, treasury bills, etc. 

• It will increase the number of debtors but reduce the number of bills receivable. So, current assets will remain the same. Thus, no change in the current ratio will be observed here. 

• The cash collected from debtors will rise for the bank/cash balance, but decrease the number of debtors. Hence, the total current assets remain unchanged. So, it is concluded that there will be no change in the current ratio.

3. As Per the Given Information Here Below, Find (Up to Two Decimal Places): 

1. Operating Ratio

2. Quick Ratio 

Where,

1. Net revenue from operations - Rs. 12,00,000 

2. Cost of revenue from the operation - Rs. 9,00,000 

3. Current Assets - Rs. 2,00,000 

4. Current Liabilities - Rs. 75,000 

Ans:

Operation ratio = Cost of revenue from operation/Net revenue from operations

Cost of revenue from operation/Net revenue from operations * 100

= 900000/1200000

900000/1200000 * 100 = 75%

Quick ratio = Current Assets/Current Liabilities

CurrentAssets/CurrentLiabilities = 200000 / 75000 = 2.67: 1

4. Describe the Differences Between a Company’s Balance Sheet and Firm’s Balance Sheet?

Ans: The balance Sheet is organized as per the Indian Companies Act, 2013, under Schedule III. On the other hand, the Balance Sheet is organized as per the Partnership Act, 1932. 

The particulars of Balance Sheet items are to be given in the Notes to Accounts in the Company's Balance Sheet, but there is no need to maintain Notes to Accounts in the firm's Balance Sheet.

5. Depict the Account Type That Is Prepared to Find the Profit/loss of the Joint Venture, When;

(a) One co-venture records all transactions.

(b) All co-ventures record their transactions.

Ans: 

(a) Joint Co-venture Account is the Personal Accounts of other Co-ventures.

(b) Memorandum Joint Venture Account is the Joint Venture with another Co-venture Account.

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Salient Features of CBSE Syllabus

Here are some points regarding the salient features of the CBSE syllabus.

1. This syllabus helps to make standardized textbooks for a better learning experience in a structured and controlled manner.

2. Till 8th grade, no child can fail.

3. Many competitive exams are following the CBSE syllabus alone.

4. The 10th-grade board exam is optional, and the 12th board exam is mandatory.

5. For students who look forward to making their careers in engineering or medical, the CBSE board is the best option to build their foundation.

6. CBSE covers all subjects in their syllabus to provide perfect knowledge for students.

7. The CBSE deals with streams like science, commerce, and arts.

With the ever-changing economic times, accountancy has become the most sought after subject in schools, especially higher secondary classes and colleges. Accountancy serves as a source of financial knowledge and expertise which has made itself indispensable in Class 12. CBSE Class 12 Accountancy covers topics on the basics of accounting and the different concepts related to accounting. 

At Vedantu, we provide CBSE Accountancy Class 12 answer keys which help the students in the preparation of the examinations. They give the students access to the possible questions which are needed to score well in the examination. Using previous years’ question papers helps the students to prioritise their tasks effectively. This gives them ample time to prepare for the more important questions in the examinations.  

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