CBSE Class 12 Accountancy Question Paper 2006 (1)

CBSE Class 12 Accountancy Question Paper 2006 (1). Students can download the last year question papers using the link below. Free download of examination question papers with solutions.Last 10 year question papers should be practised to get better marks in examinations.

PART - A

Q. 1. What is meant by Guarantee of profit to a partner?

Q. 2. What is meant by Authorised Capital of a company?

Q. 3. What is an Escrow account?

Q. 4. What is meant by a Debenture?

Q. 5. A, B & C entered into a partnership on October 1, 2004 to share profits and losses in the ratio of 3:2: 1. A, however personally guaranteed that C’s share of profit after charging interest on capitals at 5% p.a. would not be less than Rs. 30,000/- in any year. The capital contributions were A: Rs. 3 lakhs,B Rs. 2 lakhs and C: Rs. 1 lakh. The profits for the period ended March 31, 2005 were Rs. 1,20,000/-Show the distribution of profits:

Q. 6. Romi Ltd. acquired assets of Rs. 20 lakhs and took over creditors of Rs. 2 lakhs from Kapil Enterprises.Romi Ltd. issued 8% debentures of Rs. 100 each at par as purchase consideration.Record necessary journal entries in the books of Romi Ltd.

Q. 7.i. A, B & C are partners in a firm sharing profits in the ratio of 4:3: 1. A retires and his share is taken up by B and C equally. Find the new profit sharing ratio and the gaining ratio.

ii. The good will of the firm is valued at Rs. 16,000. No goodwill account appears in the books.

Pass necessary journal entry for recording the goodwill in the above mentioned case.

Q. 8. The partnership between A & B was dissolved on March 31, 2005. Their capitals on that date were Rs. 1,70,000 and Rs. 30,000 respectively. Rs. 1,00,000 was owed by the firm to A, and B owed to the firm Rs. 20,000. Creditors on that date were Rs. 2,00,000. The assets realised Rs. 4,50,000 exclusive of what was owed by B. Find the profit or loss on realisation.

Q. 9. X. Ltd. forfeited 1000 shares of Rs. 10 each (Rs. 8 called up) for the non payment of the allotment money of Rs. 5 per share including Rs. 2 as premium. Of these 800 shares were re-issued to S at Rs. 7 per share as Rs. 8 called up. Journalise the above transactions in the books of X Ltd.

Q. 10. F Ltd. issued 12% debentures of Rs. 100 each valued at Rs. 3,00,000 at a discount of 4%,repayable at par in equal proportions at the end of the 2nd, 4th and 6th year. Calculate the amount of discount to be written off at the end of each year and prepare ‘discount on issue of debentures account’. 

Q. 11. Anirudh Ltd. has 4,000,8% debentures of Rs. 100 each due for redemption on March 31,2005.The company has a debenture redemption reserve of Rs. 1,50,000 on that date. Assuming that no interest is due record the necessary journal entries atthe time of redemption of debentures.  

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