CBSE Class 12 Accountancy Question Paper 2021 Set 02 Solved

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Previous Year Papers: Class 12 Accountancy (CBSE)

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Accountancy Class 12 Question Paper PDF with Solutions

PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES
 
1 A and B are partners sharing profit and losses in the ratio of 2:3. C is admitted for 1/5th share in the profits of the firm. If C gets it wholly from A, Calculate the new profit sharing ratio after C‟s admission.
 
SOL :1:3:1
 
2 A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of A and B were ` 3,85,000 and ` 4,15,000 respectively. C brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by C.
 
Sol: Combined capital of A and B = ` 3,85,000 + ` 4,15,000 = ` 8,00,000 C’s Share= 1/5th of total
capital
Remaining share = 1-1/5=4/5 4/5 = ` 8,00,000
C’s capital = ` 8,00,000x5/4x1/5 = ` 2,00,000
 
3 A, B and C were partners sharing profits in the ratio of 5:3:2. B retires on January 1, 2018 with A and C agreeing to share the profits in future in the ratio of 6:4. Find the gaining ratio.
 
Sol. Gaining Ratio = New Ratio – Old Ratio
A's Gaining Ratio = 6/10-5/10 = 1/10
C's Gaining Ratio = 4/10-2/10=2/10
Gaining Ratio = 1:2
 
4 How is dissolution of partnership different from dissolution of partnership firm?
 
Sol: In case of dissolution of partnership, the firm continue to do business but with a changed agreement. In case of dissolution of partnership firm, the firm ceases to exist, the assets of the firm are realised and its liabilities are discharged.
 
5 ABC Ltd. Purchased for cancellation its own ` 5,000, 9% Debentures of 100 each for 95 per debenture. The brokerage charges 15,000 were incurred. Calculate the amount to betransferred to capital reserve.
 
Sol. Amount paid for ` 5,000 Debentures= ` 4,75,000 + ` 15,000 = ` 4,90,000 The nominal value
of debentures to be redemption/cancelled = ` 5,00,000
Amount of profit on redemption to be transferred to capital reserve = ` 5,00,000 - ` 4,90,000= 10,000
 
6 ABC Ltd., in order to retain high caliber employees or to give them a belongingness, company has offered a choice to the whole time directors, officers and employees, the right to purchase or subscribe at a future date, the securities or equity shares offered by the company at a pre-determined rate. State what type of plan ABC Ltd, has implemented here.
 
Sol: Employee Stock Option Scheme
 
7 Saurabh, Viktram and Kanth were partner in the firm. Vikram retired on March31st, 2016. All revaluation and goodwill adjustments were made and his claim came to be ` 3,20,000. The amount has been transferred to Vikram's Loan a/c.The amount is paid in four equal installments plus interest @12%.

Prepare Vikramloan a/c for first three years.

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