CBSE Class 12 Accountancy Boards 2020 Question Paper Set 01 Solved

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ACCOUNTANCY

1. In case the partners’ capitals are fixed, in which account will withdrawal of capital be recorded ? 
 
2. Meera, Myra and Neera were partners sharing profits in the ratio of 2 : 2 : 1. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1st April, 2019. Their Balance Sheet as on that date showed a balance of ₹ 45,000 in Advertisement Suspense Account. The amount to be debited respectively to the capital accounts of Meera, Myra and Neera for writing off the amount in Advertisement Suspense Account will be : 
(A) ₹ 18,000, ₹ 18,000 and ₹ 9,000
(B) ₹ 15,000, ₹ 15,000 and ₹ 15,000
(C) ₹ 21,000, ₹ 15,000 and ₹ 9,000
(D) ₹ 22,500, ₹ 22,500 and Nil
 
3. Mona and Tina were partners in a firm sharing profits in the ratio of 3 : 2. Naina was admitted with 1/6 th share in the profits of the firm. At the time of admission, Workmen’s Compensation Reserve appeared in the Balance Sheet of the firm at ₹ 32,000. The claim on account of workmen’s compensation was determined at ₹ 40,000. Excess of claim over the reserve will be : 
(A) Credited to Revaluation Account.
(B) Debited to Revaluation Account.
(C) Credited to old partner’s Capital Account.
(D) Debited to old partner’s Capital Account.
 
4. Diya, Riya and Tiya were partners sharing profits and losses in the ratio of 2 : 3 : 5. Tiya died on 28th November, 2019. Her share of profit was taken equally by Diya and Riya. Diya’s share of profit in the new firm will be _________ . 
 
5. X and Y were partners in a firm sharing profits in the ratio of 7 : 3. Z was admitted for 1/5 th share in the profits which he took 75% from X and remaining from Y. Calculate the sacrificing ratio of X and Y. 
 
6. Name an item that is never shown on the payment side of Receipts and Payments Account, but is shown on the debit side of the Income and Expenditure Account.
 
7. A, B and C were partners in a firm 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 his share of gain on revaluation was ₹ 2,50,000. C was paid ₹ 3,22,000 including his share of goodwill.
 
The amount credited to C’s capital account, on his retirement, for goodwill will be :
(A) ₹ 72,000
(B) ₹ 7,200
(C) ₹ 24,000
(D) ₹ 36,000
 
8. Rahul, Sahil and Jatin were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Rahul died on 15th October, 2017. At that time, the capitals of Sahil and Jatin after all the adjustments were ₹ 3,56,000 and ₹ 2,44,000 respectively. Sahil and Jatin decided to adjust their capital according to their new profit sharing ratio by opening current accounts.
Calculate the new capitals of Sahil and Jatin.
 
9. Sun and Star were partners in a firm sharing profits in the ratio of 2 : 1.
Moon was admitted as a new partner in the firm. New profit sharing ratio was 3 : 3 : 2. Moon brought the following assets towards his share of goodwill and his capital :
                          ₹
Machinery      2,00,000
Furniture       1,20,000
Stock            80,000
Cash             50,000
If his capital is considered as ₹ 3,80,000, the goodwill of the firm will be :
(A) ₹ 70,000
(B) ₹ 2,80,000
(C) ₹ 4,50,000
(D) ₹ 1,40,000
 
10. Rohan, Mohan and Sohan were partners sharing profits equally. At the time of dissolution of the partnership firm, Rohan’s loan to the firm will be :
(A) Credited to Rohan’s Capital Account.
(B) Debited to Realisation Account.
(C) Credited to Realisation Account.
(D) Credited to Bank Account.
 
11. Excess of issue price of a debenture over its face value is called ________ .
 
12. Which of the following statements does not relate to ‘Reserve Capital’ :
(A) It is part of uncalled capital of a company.
(B) It cannot be used during the lifetime of a company.
(C) It can be used for writing off capital losses.
(D) It is part of subscribed capital.
 
 
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