CBSE Class 12 Accountancy Answer Key 2021 released, check paper analysis here

Experts have released the CBSE 12th Term 1 answer key 2021 for Accounts exam. Students can use it to calculate their probable score. Check the answer key and exam analysis here

The Central Board of Secondary Education (CBSE) conducted the Class 12 Accountancy exam today, i.e. December 13, 2021 between 11:30 am and 1 pm. The board will release the CBSE Class 12 answer key 2021 for the paper soon on its official website. Till then, students can use the answer key of Class 12 Accounts CBSE by experts here.

Students can use this answer key to calculate their probable score in Class 12 Accounts exam. The answer key of Class 12 Accounts CBSE as provided by experts is given below:

CBSE 12th Accountancy Answer Key for Set 4 – 067/2/4

Q1. The partnership deed should be properly drafted and prepared as per the provision of _____ and preferably registered with the ____
Ans. Stamp Act, Registrar with firms

Q2. A Ltd forfeited a share of Rs. 100 issued at a premium of 20% for non-payment of first call of Rs. 30 per share and final call of Rs. 10 per share. The minimum price at which this share can be reissued is ____
Ans. Rs. 40 per share

Q3. The difference between the fixed capital method and fluctuating capital method of maintaining partner’s capitals is whether or not the transactions other than _____ are recorded in the capital accounts of the partners.
Ans. Both (a) and (b)

Q4. R, S and T were partners sharing profit and losses in a ratio of 5: 3: 2. On 31st March 2021, their books reflected a net profit of Rs. 3,10,000/-. As per the term of the partnership deed they were entitled for interest on Capital which amounted to Rs. 90,000/-, Rs. 60,000/- and Rs. 30,000/- respectively, S and T. Beside this the annual salary of 60,000/- each payable to R and S. The ratio in which the profits would appropriated is-
Ans. 5:3:2

Q5. X and Y were partner sharing profits in the ratio of 3:2. Z was admitted as a new partner for 1/5th share. X sacrified 3/20 from his share and Y sacrificed 1/20 from his share in favor of Z, the new profit sharing ratio would be
Ans. 9:7:4

Q6. Lata Ltd forfeited Maya’s shares. Maya who had applied for 600 shares of Rs. 10 each and was allotted 400 shares failed to pay allotment money of Rs. 4 per share including premium of Rs. 2. She had paid only the application money of Rs. 2 per share. The first call and final call was not yet called. The Journal entry for the forfeiture of shares by opening calls in arrears account will be:
Ans. Correct option is (b)

Q7. Sushila Ltd. has an “Authorized Capital” of Rs. 10,00, 000/- divided into equity shares of Rs. 10 each. Subscribed and fully paid up share capital of the company was Rs. 4,0,000/-. To meet its new financial requirement, the company issued Rs. 20,000/-  equity shares of Rs. 10 each. Amount per share was payable as Rs. 3 on application, Rs. 3 on allotment; Rs. 2 on the first call and Rs. 2 on the second and the final call. The Issue was fully subscribed. The allotment money was payable on or before May 1, 2020; the first call money was due on August 1, 2020, and the final call money was due on October 2020. X whom 1000 shares were allotted did not pay the allotment and both calls; Y an allottee 600 shares; did not pay you calls, and Z whom 300 shares were allotted did not pay the final call. Subscribed capital presented in the balance sheet of the company as per schedule III and I of the companies act, 2013 will be:
Ans. Rs. 6,00,000

Q35. Correct option is (c)

CBSE Class 12 Accounts Exam Analysis

According to Dr. C.S. Nair, Dean Skills & Capacity Building, Silverline Prestige School, Ghaziabad, "Students were of the view that few questions were on the tougher side. Overall they found it tough. Instructions regarding the paper were not clear. One of the questions had incorrect options. Students found the paper a bit lengthy. Leaving a few questions, the rest of the paper was average."

CBSE 12^th Term 1 Accounts Exam Highlights

• The exam is of 1 hour 30 minutes duration. It began at 11:30 am and go on till 1 pm.
• The paper includes all MCQs with no provision of negative marking.
• CBSE is holding the board exams in OMR sheets for the first time this academic session.
• Students are required to darken the correct option using a black or blue point pen only. Use of pencil is not allowed during exams.

The board is expected to release the CBSE Class 12 Result 2021 in January 2022 on the official website. Students must note that the board will not conduct any re-test or compartment exams after the Term 1 results are announced. These will be held only after the Term 2 result is released.

Disclaimer: The answer keys provided above have been provided by experts. Shiksha.com is not responsible for any discrepancy in the options above. Students must consult their subject teachers to confirm for the accuracy of answers.

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