CBSE Class 12 Accountancy Question Paper 2015 with Answers (Reval) Delhi Set 03

CBSE Class 12 Accountancy Question Paper 2015 Delhi Set 3 with Answers (Reval). 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 

(Accounting for Partnership Firms and Companies) 

1. On the retirement of Hari from the firm of ‘Hari, Ram and Sharma’ the balance-sheet showed a debit balance of ` 12,000 in the profit and loss account. For calculating the amount payable to Hari this balance will be transferred 

(a) to the credit of the capital accounts of Hari, Ram and Sharma equally 

(b) to the debit of the capital accounts of Hari, Ram and Sharma equally 

(c) to the debit of the capital accounts of Ram and Sharma equally 

(d) to the credit of the capital accounts of Ram and Sharma equally 

2. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3 : 2 : 2. On 23rd January, 2015 Verma died. Verma’s share of profit till the date of his death was calculated at Rs.2,350. Pass necessary journal entry for the same in the books of the firm. 

3. Give the meaning of forfeiture of shares. 

4. Joy Ltd. issued 1,00,000 equity shares of  Rs.10 each. The amount was payable as follows : 

On application – Rs.3 per share. 

On allotment – Rs.4 per share. 

On 1st and final call – balance 

Applications for 95,000 shares were received and shares were allotted to all the applicants. Sonam to whom 500 shares were allotted failed to pay allotment money and Gautam paid his entire amount due including the amount due on first and final call on the 750 shares allotted to him along with allotment. The amount received on allotment was 

(a) Rs. 3,80,000 

(b) Rs. 3,78,000 

(c) Rs.3,80,250 

(d) Rs.4,00,250 

5. In the absence of partnership deed the profits of a firm are divided among the partners : 

(a) In the ratio of capital 

(b) Equally 

(c) In the ratio of time devoted for the firm’s business 

(d) According to the managerial abilities of the partners 

6. A, B, C and D were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On 1-1-2015 they admitted E as a new partner for 1 10 share in the profits. E brought Rs.10,000 for his share of goodwill premium which was correctly recorded in the books by the accountant. The accountant showed goodwill at Rs.1,00,000 in the books. Was the accountant correct in doing so ? Give reason in support of your answer. 

7. Securities premium can also be utilized for three other purposes besides (i) ‘Issuing fully paid bonus shares’ and (ii) ‘Buy back of shares’. State those purposes. 

8. On 1-4-2013 Jay and Vijay, entered into partnership for supplying laboratory equipments to government schools situated in remote and backward areas. They contributed capitals of Rs.80,000 and Rs.50,000 respectively and agreed to share the profits in the ratio of 3 : 2. The partnership deed provided that interest on capital shall be allowed at 9% per annum. During the year the firm earned a profit of Rs.7,800. Showing your calculations clearly, prepare ‘Profit and Loss Appropriation Account’ of Jay and Vijay for the year ended 31-3-2014.

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