CBSE Class 12 Accountancy Boards 2020 Question Paper Set 03 Solved

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CBSE Class 12 Accountancy Exam Question Papers

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ACCOUNTANCY
1. Srishti, Nitya and Anand were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Srishti retired from the firm selling her share of profits to Nitya and Anand in the ratio of 2 : 1. The new profit sharing ratio between Nitya and Anand will be :
(A) 3 : 2
(B) 17 : 11
(C) 2 : 1
(D) 19 : 11
 
2. Which of the following is not a revenue receipt ?
(A) Donations for Tournament
(B) Government Grants
(C) Subscriptions
(D) Entrance Fees
 
3. Nominal share capital is :
(A) That part of authorised capital which is issued by the company.
(B) The amount of capital which is actually applied by prospective shareholders.
(C) The amount of capital which is paid by the shareholders.
(D) The maximum amount of share capital that a company is authorised to issue.
 
4. Aditya and Shiv were partners in a firm with capitals of ₹ 3,00,000 and ₹ 2,00,000, respectively. Naina was admitted as a new partner for 1/4th share in the profits of the firm. Naina brought ₹ 1,20,000 for her share of goodwill premium and ₹ 2,40,000 for her capital. The amount of goodwill premium credited to Aditya will be :
(A) ₹ 40,000
(B) ₹ 30,000
(C) ₹ 72,000
(D) ₹ 60,000
 
5. Distinguish between Income and Expenditure Account and Receipts and Payments Account on the basis of ‘Nature of items’.
 
6. Vidit and Seema were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their capitals were ₹ 1,20,000 and ₹ 2,40,000, respectively.
They were entitled to interest on capitals @ 10% p.a. The firm earned a profit of ₹ 18,000 during the year. The interest on Vidit’s capital will be :
(A) ₹ 12,000
(B) ₹ 10,800
(C) ₹ 7,200
(D) ₹ 6,000
 
7. At the time of admission of a new partner in the firm, the new partner compensates the old partners for their loss of share in the super-profits of the firm for which he brings in an additional amount which is known as ___________ .
 
8. Pragya Ltd. forfeited 8,000 equity shares of ₹ 100 each issued at a premium of 10% for non-payment of first and final call of ₹ 30 per share.
The maximum amount of discount at which these shares can be reissued will be :
(A) ₹ 80,000
(B) ₹ 3,20,000
(C) ₹ 5,60,000
(D) ₹ 2,40,000
 
9. What is meant by ‘Issue of Debentures as a Collateral Security’ ?
 
10. Utsav Ltd. decided to redeem its 4,000, 9% Debentures of ₹ 100 each which were issued at a discount of 8%, and were redeemable at a premium of 10%. The amount transferred to Debenture Redemption Reserve will be :
(A) ₹ 4,00,000
(B) ₹ 2,00,000
(C) ₹ 1,10,000
(D) ₹ 1,00,000
 
11. ‘Interest paid on debentures is a charge against the profits of the company.’ Is this statement correct ? Give reason in support of your answer.
 
12. From the given extracts obtained from the Receipts and Payments Account of Cheema Club for the year ended 31st March, 2019 and additional information, calculate the amount of subscription in arrears as on 31st March, 2019.
 
  Subscriptions Received     ₹
      2017 - 18               10,000
      2018 - 19               1,20,000
      2019 - 20               7,000
Additional Information :
The Club had 130 members paying an annual subscription of ₹ 1,000 each. Subscriptions in arrears at the beginning of the year were ₹ 16,000.
10 members paid subscriptions for 2018 - 19 in 2017 - 18.
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