CBSE Class 12 Accountancy Boards 2020 Question Paper Set 09 Solved

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Class 12 Accountancy Solved Question Papers: CBSE Class 12 Accountancy Boards 2020 Question Paper Set 09 Solved

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PART – A
(Accounting for Not-For-Profit-Organisations, Partnership Firms and Companies)
1. Disha and Abha were partners in a firm. Farad was admitted as a new partner for 1/5th share in the profits of the firm. Farad brought proportionate capital. Capitals of Disha and Abha after all adjustments were ₹ 64,000 and ₹46,000 respectively. Capital brought by Farad was :
(a) ₹22,000         (b) ₹27,500          (c) ₹55,000         (d) ₹28,000 
 
2. Which of the following is not a capital receipt ?
(a) Donations for tournament       (b) Donations for building fund
(c) Life membership fee               (d) Entrance fees
 
3. What is meant by ‘Authorised Capital’ ? 
 
4. Saurabh, Shirin and Somesh are partners in a firm sharing profits and losses in the ratio of 3:2:1. Somesh retires and the new profit sharing ratio between Saurabh and Shirin is 3:2. The gaining ratio between Saurabh and Shirin will be :
(a) 3:2         (b) 3:1         (c) 1:1          (d) 2:1 1
 
5. Mohit and Rohit were partners in a firm with capitals of ₹80,000 and ₹40,000 respectively. The firm earned a profit of ₹30,000 during the year.
Mohit’s share in the profit will be :
(a) ₹20,000        (b) ₹10,000          (c) ₹15,000          (d) ₹18,000 
 
6. In case of retirement of a partner, profit or loss on revaluation of assets and re-assessment of liabilities is distributed among _______ partners in _______ ratio.
 
7. Vanya Ltd. forfeited 20,000 equity shares of ₹100 each for non-payment of first and final call of ₹40 per share. The maximum amount of discount at which these shares can be re-issued will be :
(a) ₹8,00,000     (b) ₹12,00,000      (c) ₹20,00,000      (d) ₹20,000
 
8. _________ means any offer of securities to a select group of persons by a company other than by way of public offer.
 
9. Shahi Ltd. decided to redeem its 8,000, 11% debentures of ₹100 each at a premium of 10%. The minimum amount transferred to debenture redemption reserve will be :
(a) ₹8,00,000      (b) ₹4,00,000        (c) ₹2,00,000       (d) ₹2,20,000
 
10. Which of the following does not result into reconstitution of a firm ?
(a) Dissolution of partnership firm.
(b) Dissolution of partnership.
(c) Change in profit-sharing-ratio of existing partners.
(d) Death of partner.
 
11. Jaipur Club has a prize fund of ₹ 6,00,000. It incurs expenses on prizes amounting to ₹5,20,000. The expenses should be
(a) debited to income and expenditure account.
(b) presented on the asset side of the balance sheet.
(c) debited to income and expenditure account and presented on the asset side of the balance sheet.
(d) deducted from the prize fund on the liability side of the balance sheet.
 
12. No debenture redemption reserve is required for debentures issued by :
(a) manufacturing companies (b) infrastructure companies
(c) banking companies (d) trading companies
 
13. The portion of uncalled capital to be called only in the event of winding up of the company is called _________.
 
14. Kabir and Farid are partners in a firm sharing profits in the ratio of 3:1 on 1-4-2019 they admitted Manik into partnership for 1/4th share in the profits of the firm. Manik brought his share of goodwill premium in cash.
Goodwill of the firm was valued on the basis of 2 years purchase of last three years average profits. The profits of last three years were :
2016-17        ₹90,000
2017-18        ₹1,30,000
2018-19        ₹ 86,000
During the year 2018-19 there was a loss of ₹20,000 due to fire which was not accounted for while calculating the profit.
Calculate the value of goodwill and pass the necessary journal entries for the treatment of goodwill.
Raka, Seema and Mahesh were partners sharing profits and losses in the ratio of 5:3:2. With effect from 1st April, 2019, they mutually agreed to share profits and losses in the ratio of 2:2:1.
On that date, there was a workmen’s compensation fund of ₹90,000 in the books of the firm. It was agreed that :
 
(i) Goodwill of the firm be valued at ₹70,000.
(ii) Claim for workmen’s compensation amounted to ₹40,000.
(iii) Profit on revaluation of assets and re-assessment of liabilities amounted to ₹40,000.
Pass necessary journal entries for the above transactions in the books of the firm.
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