cbseacademic.nic.in XII STD Accountancy Sample Question Paper 2017-18 : CBSE Academic

Name of the Board : CBSE Academic
Class : XII STD
Document Type : Sample Question Paper
Subject : Accountancy
Year : 2017-18
Website : http://cbseacademic.nic.in/SQP_CLASSXII_2017_18_final.html
Download Sample Question Paper : https://www.pdfquestion.in/uploads/22278-Accountancy.pdf

CBSE Accountancy Sample Question Paper

General Instructions :
1) This question paper contains two parts- A and B.
2) Part A is compulsory for all.

Update : CBSE Class XII Accountancy Sample Question Paper 2019-20 : www.pdfquestion.in/34561.html

3) Part B has two options- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’.
4) Attempt any 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)
1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively. 1
Solution : Individually: Partners ½
Collectively : Firm ½

2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the net amount of Profit / Loss transferred to the capital accounts of A and C.1
Solution : Net Amount of Loss transferred to:
A’s Capital Account : Rs. 87,000 ½
C’s Capital Account : Rs. 29,000 ½

3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing ratio. 1
Solution : Ratio of H, P and S is 4 : 3 : 3
H’s Gain = 3/10 X 20 /100 = 3 /50
H’s new share = H’s old share + H’s Gain = 4/10 + 3/50 = 23/50 ½
S’s Gain = 3/10 X 80 /100 = 12 /50
S’s new share = S’s old share + S’s Gain = 3/10 + 12/50 = 27/50 ½ New Profit sharing Ratio of H and S is 23 : 27

4. How is dissolution of partnership different from dissolution of partnership firm? 1
Solution : In case of dissolution of partnership, the firm continue to do business but with a changed agreement. In case of dissolution of partnership firm, the firm ceases to exist, the assets of the firm are realised and its liabilities are discharged. 1

5. Why are irredeemable debentures also known as perpetual debentures?1
Solution : Irredeemable debentures are called perpetual debentures because these are not repayable during the life span of the company. 1

6. Distinguish between shares and debentures on the basis of convertibility.1
Solution : Shares cannot be converted into debentures or any other security whereas the debentures can be converted into shares or new debentures if the terms so provide. 1

7. K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India @ 9 % interest. The company issued Rs. 15,00,000, 9 % debentures of Rs. 100/- each, in favour of State Bank of India as collateral security.

Pass necessary Journal entries for the above transactions
(i) When company decided not to record the issue of 9 % Debentures as collateral security.
(ii) When company decided to record the issue of 9 % Debentures as collateral security.

8. P, Q and R were partners sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on March 31 every year. On June 30, 2017, R died. The following information is provided on R’s death:
(i) Balance in his capital account in the beginning of the year was Rs. 6,50,000.
(ii) He withdrew Rs. 60,000 on May 15, 2017 for his personal use.

On the date of death of a partner the partnership deed provided for the following :
(a) Interest on capital @ 10 % per annum.
(b) Interest on drawings @ 12 % per annum.

(c) His share in the profit of the firm till the date of death, to be calculated on the basis of the rate of Net Profit on Sales of the previous year, which was 25 %. The Sales of the firm till June 30, 2017 were Rs. 6,00,000. Prepare R’s Capital Account on his death to be presented to his executors

9. M M Limited is registered with an Authorised capital of Rs. 200 Crores divided into equity shares of Rs. 100 each. On 1st April 2016 the Subscribed and Called up capital of the company is Rs. 10,00,00,000.

The company decided to help the unemployed youth of the naxal affected areas of Andhra Pradesh, Chhattisgarh and Odisha by opening 100 ‘Skill Development Centres’. The company also decided to provide free medical services to the villagers of these states by starting mobile dispensaries.

To meet the capital expenditure of these activities the company further issued 1,00,000 equity shares during financial year 2016-17. These shares were fully subscribed and paid. Present the share capital of the company in its Balance Sheet. Also identify any two values that the company wants to propagate.

10. V K Limited purchased machinery from Modern Equipment Manufacturers Limited. The company paid the vendors by issue of some equity shares and debentures and the balance through an acceptance in their favour payable after three months.

The accountant of the company, while Journalising the above mentioned transactions, left some items blank.