CBSE Class 12 Accountancy Question Paper 2015 Foreign Set 1 with Answers (Reval)

CBSE Class 12 Accountancy Question Paper 2015 Foreign Set 1 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.In the absence of partnership agreement, interest on drawings of a partner is charged :

(i) at 6% per annum.

(ii) at 9% per annum.

(iii) at 12% per annum.

(iv) no interest is charged.

2. Kamal and Vimal were partners in a firm sharing profits in the ratio of 3 : 2. Ghosh was admitted as a new partner for 5 1 share in the profits. On Ghosh’s admission the Balance Sheet of the firm showed a credit balance of Rs.10,000 in its Profit and Loss Account which was debited by the accountant of the firm in the accounts of Kamal and Vimal. Did the accountant give correct treatment to the balance of Profit and Loss Account ? If ‘yes’ give the reason and if ‘not’ give the correct treatment.

3. Anurag and Bhawana entered into partnership on 1.4.2014. On 1.1.2015 they admitted Monika as a new partner for th 10 3 share in the profits which she acquired equally from Anurag and Bhawana. The new profit sharing ratio of Anurag, Bhawana and Monika was 4 : 3 : 3. Calculate the profit sharing ratio of Anurag and Bhawana at the time of forming the partnership.

4. Deepak, Farukh and Lilly were partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 28.2.2015 Farukh retired from the firm. On Farukh’s retirement there was a balance of Rs.12,000 in Workmen’s Compensation

Reserve which was no more required. On Farukh’s retirement this amount will be :

(a) Debited to the Capital accounts of all the partners in their profit sharing ratio.

(b) Credited to the Capital accounts of all the partners in their profit sharing ratio.

(c) Credited to the Capital accounts of Deepak and Lilly in their profit sharing ratio.

(d) Credited to the Capital account of Farukh.

5. Give the meaning of forfeiture of shares.

6. ‘Samta Limited’ invited applications for issuing 6,750 equity shares of Rs.10 each. The amount was payable as follows :

On application – Rs.3 per share

On allotment – Rs.5 per share

On first and final call – Rs. 2 per share

The issue was fully subscribed. Subhash applied for 250 shares and paid his entire share money with application. Moti applied for 175 shares and paid allotment money also with application. The amount received with applications was :

(a) Rs.16,750

(b) Rs.16,000

(c) Rs.19,250

(d) Rs. 22,875

7. State any three purposes other than ‘buy-back of shares’ for which securities premium can be utilized.

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