1. Riva, Meetu and Asha were partners in a firm sharing profit and losses in the ratio of 1 : 2 : 3. Meetu died on 31st July, 2019. According to the partnership agreement, her share of profit 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 her death. Profits of the firm for the years ending 31st March, 2018 and 31st March, 2019 were ₹ 46,000 and ₹ 44,000 respectively. The firm closes its books on
31st March every year. Meetu’s share of profit till the date of her death will be :
(A) ₹ 20,000
(B) ₹ 5,000
(C) ₹ 10,000
(D) ₹ 45,000
2. 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.
3. 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.
4. Supreme Ltd. issued 1,000, 11% 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 :
(A) ₹ 25,000
(B) ₹ 27,500
(C) ₹ 16,500
(D) ₹ 15,000
5. Fill in the blanks for the transaction ‘Interest on drawings’ ₹ 4,000. 1
Date Particulars L.F. Dr. Cr.
......................... Dr. 4,000
To ............................. 4,000
(Being Interest on drawings charged)
6. On 1st April, 2018, Queens Club had a Prize Fund of ₹ 4,00,000. During the year it incurred expenses on prizes amounting to ₹ 4,30,000. The balance of Prize Fund in the Balance Sheet as on 31st March, 2019 will be :
(A) ₹ 30,000
(B) ₹ 4,00,000
(C) (₹ 30,000)
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