CBSE Class 12 Accountancy Question Paper 2007 (1)

CBSE Class 12 Accountancy Question Paper 2007 (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 

1. List any four items which can be credited to the Capital Account of a partner when the Capital Account is fluctuating. 

2. State the conditions according to Sec. 79 of Company Act 1956 for the issue of shares at discount. 

3. What is meant by ‘Preferential Allotment of Shares’ ? 

4. Give the meaning of a Debenture. 

5. Ram and Shyam were partners in a firm sharing profits in the ratio of 3 : 5. Their Fixed Capitals were: Ram Rs. 5,00,000 and Shyam Rs. 9,00,000. After the accounts of the year had been closed, it was found that interest on capital at 10% per annum as provided in the partnership agreement has not been credited to the Capital Accounts 

of the partners. Pass a necessary entry to rectify the error. 

6. AB Ltd. issued 5,00,000, 7% debentures of Rs. 50 each. Pass necessary journal entries in the books of the company for the issue of debentures when debentures were : 

(i) Issued at par, redeemable at 8% premium, 

(ii) Issued at 4% premium redeemable at 5% premium,

(iii) Issued at 5% premium redeemable at par.  

7. Hari, Ravi and Kavi were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admitted Guru as a new partner for l/7th share in the profits. The new profit sharing ratio will be 2 : 2 : 2 : 1 respectively. Guru brought Rs. 3,00,000 for his capital and Rs.45,000 for his l/7th share of goodwill. Showing your working clearly, pass necessary journal entries in the books of the firm for the above mentioned transactions. 

8. Chander and Naresh were partners in a firm sharing profits in 3 :2 ratio. On 28.2.2007 their firm was dissolved. After the transfer of various assets (other than cash) and third party liabilities to Realisation Account, the following transactions took place : 

(i) An unrecorded asset costing Rs. 9,000 was taken over by Chander for Rs. 7,800. 

(ii) Creditors Rs. 47,500 were paid Rs. 45,000 in full settlement of their claim, 

(iii) Expenses of realisation Rs. 1,200 were paid by Naresh. 

(iv) Loss on dissolution was Rs. 3,400. 

Pass necessary journal entries for the above transactions in the books of the firm.

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