CBSE Class 12 Accountancy Question Paper 2016 Set 03

CBSE Class 12 Accountancy Question Paper 2016 Set 3. 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.Tom and Harry were partners in a firm sharing profits in the ratio of 5 : 3. During the year ended  31.3.2015 Tom had withdrawn RS  40,000.  Interest on his drawings amounted to RS  2,000.

Pass necessary journal entry for charging interest on drawings assuming that the capitals of the  partners were fluctuating.             

2.State  the provisions  of Companies  Act,  2013 for the creation  of 'Debenture Redemption Reserve'.

3.Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis  of 'Economic Relationship'.

4 On 28.2.2016 the first call of RS 2 per share became due on 50,000 equity shares alloted by Kumar Ltd.   Komal a holder of 1000 shares did not pay the first call money. Kovil a  holder  of 750 shares paid the second and final call of RS 4 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.

5.P, Q and R were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admitted S as a new partner for 1/8 th share in the profits which he acquired 1/16th from P and   1/16th from Q.

Calculate new profit sharing ratio of P, Q, R and S.

6.A group of 40 people wants to form a partnership firm.  They want your advice regarding the maximum number of persons that can be there in a partnership firm and the name of the Act under whose provisions it is given.

7.K Ltd.  took over the  assets  of RS  15,00,000 and liabilities  of RS  5,00,000 of P Ltd. for a purchase consideration of RS  13,68,500.  RS  25,500 were paid by issuing a promissory note in favour of P Ltd.  payable after two months and the balance was paid by issue of equity shares of RS 100 each at a premium of 25.

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

8. To provide  employment  to  the  youth and to  develop  Baramula  district  of Jammu and Kashmir, Jyoti Power Ltd. decided to setup a power plant.  For raising funds the company  decided to issue 8,50,000 equity shares of RS 10 each at a premium of RS 3 per share.  The whole  amount was payable on application. Applications for 20,00,000 shares were received.   Applications for 3,00,000 shares were rejected  and shares were alloted to the remaining applicants on pro - rata basis. Pass necessary journal entries for the above transactions in the books of the company and identify  any two values which the company wants to propagate.

9. On 2.3.2016 L and B Ltd. issued 635, 9 debentures of RS  500 each. Pass necessary  journal  entries  for the  issue  of debentures  in  the  followingsituations :

(a) When debentures  were issued  at 5    discount,  redeemable  at 10 premium.

(b)When debentures  were issued  at 12    premium,  redeemable  at 6 premium

10. State any three circumstances other than (i) death of a partner, (ii) admission of a partner and (iii) retirement of a partner when need for valuation of goodwill of a firm may arise.

Please click below link CBSE Class 12 Accountancy Question Paper 2016 Set 3