CBSE Class 12 Accountancy Question Paper 2020 Set 01

CBSE Class 12 Accountancy Question Paper 2020 Set A. Students can download the last year exams 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 (Partnership and Company Accounts)

1. Which of the following can be claimed by a partner even if there is no partnership deed?

a) Salary                                                    b) Interest on capital

c) Commission                                          d) Profit in equal ratio

2. Name the account which is opened to credit the share of profit of the deceased partner till the time of his death to his Capital Account.

a) Revaluation Account                                  b) Realisation Account

c) Profit & Loss Suspense Account               d) Profit & Loss Appropriation Account

3. At the time of retirement of Suman, the Balance Sheet of Suman, Meenakshi and Noya shows Workmen’s Compensation Fund of Rs. 60,000. Their profit sharing ratio is 3 : 2 : 1.How will be Workmen’s Compensation Fund claimed by partners?

a) Rs.60,000 to Suman only.

b) Rs.40,000 to Meenakshi and Rs.20,000 to Noya.

c) Rs.30,000 to Suman, Rs.20,000 to Meenakshi and Rs. 10,000 to Noya.

d) Rs. 30,000 each to Meenakshi and Noya.

4. Identify the correct statement regarding goodwill:

a) Goodwill is a current asset. b) Goodwill is a non-current asset.

c) Goodwill is an intangible non-current asset.

d) Goodwill will be recorded even if it is self generated.

5. At the time of forfeiture of shares, the share capital account is debited with

a) face value of share                             b) called up amount of forfeited shares

c) paid-up amount of forfeited shares     d) unpaid amount on forfeited shares

6. Mona, Nisha and Priyanka are partners in a firm. They contributed Rs.50,000 each as capital three years ago. At that time Priyanka agreed to look after the business as Mona and Nisha were busy. The profits for the past three years were Rs.15,000, Rs.25,000 and Rs.50,000 respectively. While going through the books of accounts Mona noticed that the profit had been distributed in the ratio of 1:1:2. When she enquired from Priyanka about this, Priyanka answered that since she looked after the business she should get more profit. Mona disagreed and it was decided to distribute profit equally retrospectively for the last three years.

a) You are required to make necessary corrections in the books of accounts of Mona, Nisha and Priyanka by passing an adjustment entry.

b) Identify the value which was not practiced by Priyanka while distributing profits.

7. Pass the necessary journal entries for issue of 1,000, 7% Debentures of Rs.100 each in the following cases:

a) Issued at 5% premium redeemable at a premium of 10%.

b) Issued at a discount of 5% redeemable at par.

8. Taneja Construction Ltd. has an outstanding balance of Rs.5,00,000/-, 7% debentures of Rs.100/- each redeemable at a premium of Rs.10%. According to the terms of redemption, the company redeemed 30% of the above debentures. Record the entries for redemption of debentures in the books of Taneja Constructions Ltd.

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