CBSE Class 12 Accountancy Boards 2020 Question Paper Set 04 Solved

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ACCOUNTANCY
1. Puneet and Deepak were in partnership sharing profits and losses in the ratio of 2 : 1. They admitted Manya as a new partner. Manya brought ₹ 1,00,000 as her share of goodwill premium, which was entirely credited to Puneet’s capital account. On the date of admission, goodwill of the firm was valued at ₹ 3,00,000. Calculate the new profit sharing ratio of Puneet, Deepak and Manya.
 
2. Which of the following is a capital receipt ?
(A) Subscriptions
(B) Sale of used sports material
(C) Endowment fund
(D) Entrance fees
 
3. Subscribed capital is : 
(A) That part of authorised capital which is issued to the public for subscription.
(B) That part of issued capital which has been actually subscribed by the public.
(C) That part of subscribed capital which has been called up on the shares.
(D) That part of subscribed capital which has not yet been called up on the shares.
 
4. Ashok and Sudha were partners in a firm sharing profits and losses in the ratio of 3 : 1. They admitted Bani as a new partner. Ashok sacrificed 1/4th of his share and Sudha sacrificed 1/4th of her share is favour of Bani.
Bani’s share in the profits of the firm will be :
(A) 5/8
(B) 1/8
(C) 1/4
(D) 7/16
 
5. Which of the following statements is not true for Receipts and Payments Account ?
(A) It is a summary of the Cash Book.
(B) It records receipts and payments of revenue nature only.
(C) The receipts and payments may relate to current, preceding, or succeeding accounting periods.
(D) Depreciation is not shown in it.
 
6. That part of the subscribed capital which has not yet been called is known as ___________ .
 
7. Rajat, Mishi and Tanvi were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Tanvi died on 31st October, 2019. According to the partnership agreement, her share of profits from the closure of last accounting year till the date of her death was to be calculated on the basis of aggregate profits of two completed years before death. Profits of the firm for the years ending 31st March, 2018 and 31st March, 2019 were ₹ 57,000 and ₹ 63,000 respectively. The firm closes its books on
31st March every year. Tanvi’s share of profits till the date of her death will be :
(A) ₹ 24,000
(B) ₹ 7,000
(C) ₹ 14,000
(D) ₹ 12,000
 
8. Excess value of net assets over purchase consideration at the time of purchase of business is :
(A) Credited to the Capital Reserve.
(B) Debited to the Goodwill Account.
(C) Credited to the General Reserve Account.
(D) Credited to the Vendor’s Account.
 
9. First call amount received in advance from the shareholders before it is actually called up by the directors is :
(A) Debited to calls-in-advance account.
(B) Credited to share allotment account.
(C) Debited to first call account.
(D) Credited to calls-in-advance account.
 
10. Premier Ltd. issued 2,000, 9% Debentures of ₹ 100 each at par, redeemable after five years at a premium of 10%. The minimum amount invested in Debenture Redemption Investments will be : 1
(A) ₹ 30,000
(B) ₹ 33,000
(C) ₹ 50,000
(D) ₹ 2,00,000
Please click on below link to download CBSE Class 12 Accountancy Boards 2020 Question Paper Solved Set D.

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Practice Exam Question Papers for Class 12 Accountancy CBSE Class 12 Accountancy Boards 2020 Question Paper Set 04 Solved

Download CBSE Class 12 Accountancy Boards 2020 Question Paper Set 04 Solved for Class 12 Accountancy

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Are the solutions for CBSE Class 12 Accountancy Boards 2020 Question Paper Set 04 Solved based on the official CBSE marking scheme?

Yes, the solutions for CBSE Class 12 Accountancy Boards 2020 Question Paper Set 04 Solved are prepared by subject matter experts as per official marking scheme. Class 12 students will understand the structure of answers and 'step-marks' methodology Accountancy.

How does solving CBSE Class 12 Accountancy Boards 2020 Question Paper Set 04 Solved help in preparing for the 2026 exams?

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