CBSE Class 12 Accountancy Question Paper 2016 Set 1 Foreign

CBSE Class 12 Accountancy Question Paper 2016 Set 1 Foreign.The 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.

Accountancy

1.Name the Act that provides for the maximum number of partners in a partnership firm.What is the maximum number of partners that a partnership firm can have ?

2.Ram, Mohan and Sohan were partners in a firm sharing profits in the ratio of 5:3:2. They admitted Hari as a new partner for 1/5 th share in the profit which he acquired from Ram and Mohan in the ratio of 3:2. Calculate, the new profit sharing ratio of Ram, Mohan, Sohan and Hari. 

3.Distinguish between ‘Dissolution of partnership’ and ‘Dissolution of partnership firm’ on the basis of court’s intervention.

4.State the provisions of Companies Act, 2013 for the creation of ‘Debenture Redemption  Reserve’.

5.On 15-1-2016 the first call of Rs. 4 per share became due on 10000 equity shares issued by New India Ltd. Aman a holder of 500 shares did not pay the first call money. Shanti a shareholder holding 600 shares paid the second and final call of Rs. 3 per share alongwith the first call. Pass the necessary journal entry for the amount received by opening ‘Calls-in-arrears’ and ‘Calls-in-advance’ account in the books of the company.

6. A and B were partners in a firm sharing profits in the ratio of 4:5. During the year ended 31-3-2015 A withdrew Rs.19,000. Interest on A’s drawings was Rs. 700. Pass necessary Journal entry for charging interest on A’s drawings assuming that the capitals of the partners were fixed.

7. TRK Ltd. issued 767, 9% debentures of RS 100 each on 1-1-2016. Pass necessary journal entries for the issue of debentures in the following situations :

(a) When debentures were issued at a discount of 3% and were redeemable at a premium of 7%.

(b) When debentures were issued at a premium of 4% and were redeemable at a premium of 9%.

8. Why should assets and liabilities be revalued on the reconstitution of a partnership firm ? Explain briefly giving examples

9. ‘B’ Ltd. took over the assets of RS 14,00,000 and liabilities of RS 4,00,000 of C Ltd. for a purchase consideration of RS 9,19,000. RS 17,000 were paid by a bank draft in favour of C Ltd. and the balance was paid by issue of equity shares of RS 10 each at a premium of 10% in favour of C Ltd. Pass necessary journal entries for the above transactions in the books of B Ltd.

10. To provide employment to the youth and to develop a backward area of Jharkhand which is near one of the coal mines, Thermal Power Energies Ltd. decided to set-up a Thermal Power Plant of 500 mega watt capacity. The company decided to issue 10,00,000 equity shares of RS 10 each at a premium of 70% to finance the project. Applications for 17,00,000 shares were received. Applications for 5,00,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The whole of share money was payable on application. Pass necessary journal entries for the above transactions in the books of the company and identify any two values which the company wants to convey to the society.

Please click below link CBSE Class 12 Accountancy Question Paper 2016 Set 1 Foreign