CBSE Class 12 Accountancy Question Paper 2006 Set 03

CBSE Class 12 Accountancy Question Paper 2006 (3). 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.

Q. 1. List any four features of partnership.

Q. 2. What is meant by preferential allotment of shares?

Q. 3. K Ltd. purchased building for Rs. 6, 60,000 from Z Ltd. Half the payment was made in cash and  for the remaining half K Ltd. issued equity shares of Rs. 100 each at a premium of 10% in favour of Z Ltd. Pass the necessary journal entry only for the issue of equity shares.

Q. 4. Ekta Ltd. issued 60,000, 9% debentures of Rs. 100 each redeemable at a premium of 10% after three years. Pass the necessary journal entries for the issue of 9% debentures.

Q. 5. Karim and Karan were partners in a firm sharing profits in 1: 4 ratios. Their fixed capitals were Rs. 7, 00,000 and Rs. 21, 00,000 respectively. For the year ended 31.3.2005 interest on capital @ 12%p.a. was omitted. Pass necessary adjustment entry for the same.

Q. 6. Explain any three types of debentures in brief.

Q. 7. Why is it necessary to revaluate the assets and reassess the liabilities on the reconstitution of a partnership firm ? Give the necessary journal entries for increase in the value of assets and increase in the value of liabilities at the time of revaluation.

Q. 8. Gumnam Ltd. has 80,000, 8% debentures of Rs. 100 each due for redemption on March 31,2006. Assume that Debenture Redemption Reserve has a balance of Rs. 38, 00,000 on that date.Record necessary entries at the time of redemption of debentures.

Q. 9. Mohan Limited forfeited the following equity shares of Rs. 10 each issued at a premium of Rs.2 per share:

i. 700 shares issued to X for the non-payment of 2nd and final call of Rs. 3 per share.

ii. 500 shares issued to Z for the non-payment of 1st call of Rs. 2 per share and 2nd and final call of Rs. 3 per share.The forfeited shares were reissued to Y for Rs. 11 per share fully paid.Pass entries to record the forfeiture and re-issue of shares.

Q. 10. X, Y and Z are partners in a firm sharing profits in the ratio of 3 : 1 : 1 respectively. Record necessary journal entries for the following transactions at the time of the dissolution of the firm:

i. Realisation expenses amounting to Rs. 5,000 have to be borne by Mr. X, one of the partners.

ii. Deferred revenue advertising expenditure appeared at Rs. 50,000.

iii. Profit and Loss-A/c was appearing on the Asset side of Balance Sheet at Rs. 70,000.

iv. An unrecorded liability of Rs. 6,000 was also to be taken into consideration.

Q. 11. Alka Ltd. invited applications for 60,000 equity shares of Rs. 50 each issued at a premium of Rs. 10 per share. The amount was payable as follows:On application and allotment Rs. 20 per share, Balance (including premium) on first and final call.Applications for 80,000 shares were received. Applications for 5,000 shares were rejected and prorate allotment was made to the remaining applicants. All calls were made and were duly received except the first and final call on 600 shares which were allotted to M. His shares were forfeited. The forfeited shares were re-issued at Rs. 60 fully paid up.Pass necessary journal entries in the books of Alka Ltd.

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