Name of the Board : CBSE Academic
Class : XII STD
Document Type : Sample Question Paper
Subject : Accountancy
Year : 2016 – 2017
Website : http://cbseacademic.in/SQP_CLASSXII_2016_17.html
Download Sample Question Paper : https://www.pdfquestion.in/uploads/10018-Accountancy.pdf
Accountancy Sample Question Paper :
Subject Code : (055)
Time allowed : Three hours
Maximum Marks : 80
Related : CBSE Academic Class XII English Core Sample Question Paper : www.pdfquestion.in/8036.html
General Instructions :
1) This question paper contains two parts A and B.
2) Part A is compulsory for all.
3) Part B has two options – Financial Statements Analysis and Computerized Accounting.
4) Attempt only one option of Part B.
5) All parts of a question should be attempted at one place.
Part A: Accounting For Partnership Firms And Companies
Q1. A, B and C are partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital balance after adjustments regarding reserves, accumulated profits/ losses and gain/loss on revaluation was `2,50,000. C was paid `3,00,000 in full settlement. Afterwards D was admitted for 1/4th share. Calculate the amount of goodwill premium brought by D.
Q2. A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of A and B were `3,85,000 and `4,15,000 respectively. C brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by C.
Q3. A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is `2,50,000. The total interest on partner’s drawing is `4,000. A’s salary is `4,000 per quarter and B’s salary is `40,000 per annum. Calculate the net profit/loss earned during this year.
Q4. ABC Ltd. purchased for cancellation its own 5,000, 9% Debentures of `100 each for `95 per debenture. Brokerage charges `15,000 were incurred. Calculate the amount to be transferred to capital reserve.
Q5. When can shares held by a shareholder be forfeited?
Q6. A partnership firm has 50 members. All the partners have agreed to admit Ram and Mohan as new partners. Can Ram and Mohan be admitted? Give reason in support of your answer.
Q7. Explain with an imaginary example how issue of debenture as collateral security is shown in the balance sheet of a company when it is recorded in the books of accounts.
Q8. Rekha, Sunita and Teena are partners in a firm sharing profits in the ratio of 3:2:1. Samiksha joins the firm. Rekha surrenders 1/4th of her share; Sunita surrenders 1/3rd of her share and Teena surrenders1/5th of her share in favour of Samiksha. Find the new Profit sharing ratio.
Q9. King Ltd took over assets of 25,00,000 and liabilities of 6,00,000 of Queen Ltd. King Ltd paid the purchase consideration by issuing 10,000 equity shares of 100each at a premium of 10% and 11,00,000 by a Bank Draft.
Q10. ABC Ltd was a cloth manufacturing company located in Delhi. Being a socially aware organization they wanted to set up a manufacturing plant in a backward area of Kashmir to provide employment to the local people. On July 17, 2014 a flood had hit the entire state of Jammu & Kashmir causing massive destruction and loss.
The company wanted to help the people, so they decided to raise funds through issue of 50,000 Equity shares of 50 each to set up the plant in the rural area of Kashmir.Pass necessary Journal entries for the issue of shares and identify any two values that the company wanted to communicate to the society.
ABC LTD. JOURNAL:
Values which the Company wants to communicate to the Society:
(i) Discharge of Social Responsibility.
(ii) Generation of employment opportunities.
(iii) Helping the needy people
(iv) Sympathy for poor.
Q11. A,B,C and D were partners sharing profits in the ratio of 1:2:3:4. D retired and his share was acquired by A and B equally. Goodwill was valued at 3 years’ purchase of average profit of last 4 years, which was 40,000. General Reserve showed a balance of 1,30,000 and D’s Capital in the Balance Sheet was 3,00,000 at the time of D’s retirement.You are required to record necessary Journal entries in the books of the firm and prepare D’s capital account on his retirement.
Q12 Kavita, Meenakshi and Gauri are partners doing a paper business in Ludhiana. After the accounts of partnership have been drawn up and closed, it was discovered that for the years ending 31st March 2013 and 2014, interest on capital has been allowed to partners @ 6% p.a. although there is no provision for interest on capital in the partnership deed. Their fixed capitals were 2,00,000; 1,60,000 and 1,20,000 respectively. During the last two years they had shared the profits as under:
Year Ratio
31 March 2013 3:2:1
31 March 2014 5:3:2
You are required to give necessary adjusting entry on April 1, 2014.