CBSE Class 12 Accountancy Question Paper 2006 Set 02

CBSE Class 12 Accountancy Question Paper 2006 (2). 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. How would you calculate interest on drawings of equal amounts drawn on the 1st day of every month?

Q. 2. What is meant by Calls in Advance?

Q. 3. What is meant by forfeiture of shares?

Q. 4. What does an Irredeemable Debenture mean?

Q. 5. On March 31, 2005 after the close of books of accounts, the capital accounts of A, B and C stood at Rs. 24,000; Rs. 20,000 and Rs. 12,000 respectively. The profit for the year Rs. 36,000 was distributed equally. Subsequently it was discovered that interest on capital @ 5% p.a. had been omitted. The profit sharing ratio was 2: 2: 1. Pass an adjustment journal entry.

Q. 6. Mona Ltd. acquired assets of Rs. 50 lakhs and took over creditors of Rs. 5 lakhs from Ram Enterprises. Mona Ltd. issued 8% Debentures of Rs. 100 each at a premium of 25% as purchase consideration. Record necessary journal entries in the books of Mona Ltd .

Q. 7.i. A and B are partners in a firm sharing profits in the ratio of 3: 2. C is admitted as a partner. A and B surrender 1/2 of their respective share in favour of C. Find the new profit sharing ratio and also the sacrificing ratio.

ii. C is to bring his share of premium for goodwill in cash. The goodwill of the firm is estimated at Rs. 40,000. Pass necessary entries for the record of goodwill in the above case.

Q. 8. The partnership between M and N was dissolved on March 3, 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 M, and N owed to the firm Rs. 50,000. Creditors on that date were Rs. 3, 00, 000. The assets realised Rs. 5, 80,000 exclusive of what was owed by N. Find the profit or loss on realisation.

Q. 9. Y Ltd. forfeited 1,500 shares of Rs. 10 each (Rs. 7 called up) for the non- payment of the allotment money of Rs. 4 per share including Re. 1 as premium. Of these 1,000 shares were re-issued to Mat Rs. 6 per share as Rs. 7 called up. Journalise the above transactions in the books of Y Ltd.

Q. 10. Z Ltd. issued 12% debentures of Rs. 100 each valued at Rs. 4, 00,000 at a discount of 6%,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. A Ltd. issued 20,000 equity shares of Rs. 10 each at a discount of Re. 1 payable as Rs. 3 on application, Rs. 3 on allotment (after discount) and Rs. 3 on call. The issue was oversubscribed to the extent of 15,000 shares, and the allotment was done as follows:

i. Applicants of 5,000 shares were given full allotment,

ii. Other applicants of shares were allotted shares on a pro-rata basis. The excess application money received was to be adjusted against allotment only. All moneys due were received with the exception of the call money on 600 shares. Pass necessary journal entries to record the above transactions.

Q. 12. Rohit Ltd. purchased for cancellation 1000 of its own 8% debentures of Rs. 250 each at Rs. 200 per debenture. The Board of Directors have also decided to transfer the required amount to Debenture Redemption Reserve Account. Journalise the transactions in the books of Rohit Ltd. 

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