# CBSE Class 12 Accountancy Question Paper 2021 Set C Solved

Read and download CBSE Class 12 Accountancy Question Paper 2021 Set C Solved designed as per the latest question paper pattern and Class 12 examination guidelines issued by CBSE, NCERT and KVS. The past year Question Papers for Class 12 Accountancy have been provided with solutions which will help students to assess their performance and find out topics in Accountancy grade 12 which they need to improve to get better marks in Standard 12 exams. After solving these last year papers also refer to solved Sample Papers for Class 12 Accountancy available on our website to build strong understanding of the subject

## Accountancy Question Paper Class 12 2021

Students can refer to the below Class 12 Accountancy Question Paper designed to help students understand the pattern of questions that will be asked in Grade 12 exams. Please download CBSE Class 12 Accountancy Question Paper 2021 Set C Solved

### Accountancy Class 12 Question Paper 2021

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.

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.

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.

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