CBSE Class 12 Accountancy Question Paper 2020 Set 02

CBSE Class 12 Accountancy Question Paper 2020 Set B. Students can download the last year board 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. What will be the rate of interest on the drawings if a partner makes drawings of equal amount on the last day of every month of a year?

a) 6%                                                            b) 7.5%

c) 5.5%                                                         d) 4.5% 

2. Treatment of goodwill among the partners is not required when there is _________________.

a) dissolution of firm                                     b) change in profit sharing ratio

c) admission of a partner                               d) retirement of a partner

3. Mention the liability which is transferred to Realisation Account but does not require cash payment. 

a) Contingent liability                                    b) Partner’s Loan

c) Investment Fluctuation Fund                      d) Partner’s capital

4. Ajit, Nitin and Gaurav are partners sharing profits and losses in the ratio of 5 : 3 : 2. Ajit retires and remaining partners agree to share future profits the ratio of 3 : 2. What will be the gaining ratio of remaining partners? 

a) 5 : 2 

b) 3 : 2 

c) 5 : 3 

d) 1 : 1

5. According to Companies Act 2013, a company can issue its equity shares on discount only to its __________________. 

a) existing shareholders                                             b) debenture holders

c) new shareholders                                                  d) employees

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 the 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. 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. 

8. 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.

9. Naresh, David and Aslam are partners sharing profits in the ratio of 5:3:7. On April 1st, 2012, Naresh, gave a notice to retire from the firm, David and Aslam decided to share future profits in the ratio of 2:3. The adjusted capital accounts of David and Aslam show a balance of Rs. 33,000/- and Rs. 70,500/- respectively. The total amount to be paid to Naresh is Rs.90,500/-. This amount is to be paid by David and Aslam in such a way that their capitals become proportionate to their new profit sharing ratio. Pass necessary journal entries for the above transactions in the books of the firm. Show your working clearly. 

10. The authorized capital of Suhani Ltd. is Rs. 45,00,000/- divided into 30,000 shares of Rs.150/- each at a premium of Rs.10/- per share. The amount was payable as follows

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