CBSE Class 12 Accountancy Question Paper 2021 Set 03 Solved

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Official CBSE Exam Papers for Class 12 Accountancy

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Solved Previous Year Papers for Accountancy

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PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES
 
1 A group of 40 people want to form a partnership firm. They want your advice regarding maximum number of persons that can be there in a partnership firm and the name of the Act under which provision it is given.
 
Sol: Maximum number of persons required to form a partnership firm is 50 according to Companies Act, 2013.
 
2 A,B and C are partners sharing profit and loss in the ratio of 2:5:5 form lstJan,2018,they decided to share profit and loss in the ratio of 3:5:7. On that date General Reserve shown in the books at `48, 000. Pass journal entry.
 
Date            Particulars                                    L.F.             Dr. (`)         Cr. (`)
 
2018         General Reserve A/cDr.                                    48,000
Jan
1                        To A’s Capital                                                            8,000
                          To B’s Capital                                                           20,000
                          To C’s Capital
    (Adjustment of Goodwill due change in old
     profit sharing ratio 2:5:5)                                                               20,000
 
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 What is meant by issue of debentures as collateral security?
 
Issue of debentures as collateral security means issue of debentures as a subsidiary or secondary security. Collateral security means additional security i.e. in addition to the principal security and it is only to be realized when the principal security fails to pay the amount of the loan.
 
6 Distinguish between Reserve Capital and Capital Reserve.

CBSE Class 12 Accountancy Question Paper 2021 Set C Solved 1

7 White Ltd. issued ` 8,00,000, 8% Debentures of ` 100 each redeemable at a premium of 20%. According to the terms of redemption, the company redeemed 25% of the above debentures by converting them in to Equity shares of ` 100 each issued at a premium of 25%. Pass Journal entries regarding conversion of debentures.

CBSE Class 12 Accountancy Question Paper 2021 Set C Solved 2

CBSE Class 12 Accountancy Question Paper 2021 Set C Solved 3

8 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.
CBSE Class 12 Accountancy Question Paper 2021 Set C Solved 4


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