CBSE Class 12 Accountancy Question Paper 2021 Set 04 Solved

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PART A: ACCOUNTING FOR PARTNERSHIP FIRMS,NOT-FOR PROFIT ORGANISATIONS AND COMPANIES
 
1 What do you understand by the terms legacy and honorarium? 
 
2 A and B are partners sharing profits and losses in the ratio of 3:2. Their capital accounts showed balances of ₹1,50,000 and ₹2,00,000 respectively on April 01, 2017. Show the treatment of interest on capital for the year ending March 31, 2018, if partnership deed provides for interest on capital @8% p.a. and the firm incurred a loss of ₹10,000 during the year.
 
OR
 
State two situations in which interest on partners’ capital is provided.
 
3 Mohan and Shyam are equal partners in a firm. State with reason whether the claim is valid if the partnership agreement is silent and Mohan is an active partner. He wants a salary of ₹10,000 per year.
 
OR
 
One of the partners in a partnership firm has withdrawn₹9,000 at the end of each quarter, throughout the year. Calculate the interest on drawings at the rate of 6% per annum.
 
4 How is dissolution of partnership different from dissolution of partnership firm?
 
5 How much Debenture Redemption Reserve is required in case of fully convertible debentures as per the provision of section 71 (4) of the Companies Act, 2013 read with Rule 18(7) of the Companies (Share Capital and Debentures) Rules 2014.
 
6 Define Debentures.
 
OR 
7 What is the nature of interest on debenture?
CBSE Class 12 Accountancy Question Paper 2021 Set D Solved 1
 
8 XYZ Ltd. was registered with an authorized capital of ₹ 5,00,000 divided into 50,000 equity shares of₹ 10 each. Since the economy was in robust shape, the company decided to offer to the public for subscription 30,000 equity shares of ₹ 10 each at a premium of ₹ 20 per share. Applications for 28,000 shares were received and allotment was made to all the applicants. All calls were made and duly received except the final call of ₹ 2 per share on 200 shares.
Show the ‘Share Capital’ in the Balance Sheet of the company as per the Companies Act 2013. Also prepare Notes to Accounts for the same.
 
9 Summer Ltd. had issued 40,000, 8% Debentures of ₹ 100 each. Redeemable on 31st March 2017. It was decided to invest 15% of the face value of debentures to be redeemed towards Debenture Redemption Investment on 30th April 2016. Investments were encashed and Debentures were redeemed on due date. Record the necessary journal entries during 2016 and 2017 for redemption of debentures.
 
OR
 
What do you mean by Debenture Issued as Collateral Security? Explain with an example.
 
10 Give journal entries for the Issue of Debentures in the following conditions:-
a) Issued 2,000, 12% debentures of ₹ 100 each at a discount of 2%, redeemable at a premium of 5%.
b) Issued 2,000, 12% debentures of ₹ 100 each at a premium of 5%, redeemable at a premium of 10%
 
11 Capital employed in a business is ₹2,00,000. The normal rate of return on capital employed is 15%. During the year 2018 the firm earned a profit of ₹48,000. Calculate goodwill on the basis of 3 years purchase of super profit?
 
12 Nair, Seerat and Hina were partners in firm manufacturing blankets. They were sharing profits in the ratio 5:3:2. Their capitals on 1st April 2017 were ₹ 2,00,000; ₹3,00,000 and ₹ 6,00,000 respectively. After the floods in Kerala, all partners decided to help the flood victims personally For this Nair withdrew ₹10,000 from the firm on 1st September 2017. Seerat, instead of withdrawing cash from the firm took blankets amounting to ₹ 12,000 from the firm and distributed to the flood victims. On the other hand, Hina withdrew ₹ 2,00,000 from her capital on 1st January, 2018 and set-up a centre to provide medical facilities in the flood affected area.
 
The partnership deed provides for charging interest on drawings @ 6% p.a. After the final accounts were prepared, it was discovered that interest on drawings had not been charged.
 
Give the necessary adjusting journal entry and show the working notes clearly. Also state any two values that the partners wanted to communicate to the society.
 
13 R, S and H were partners in a firm sharing profits in the ratio 7:2:1 respectively. Their fixed capitals were R- ₹ 3,00,000; S ₹ 2,00,000 and H ₹ 1,00,000. The partnership deed provided for the following for the division of profit.
 
i) 10% of the trading profits will be transferred to reserve account.
ii) H was guaranteed a profit of ₹ 50,000. Any loss because of guarantee to H will be shared by R and S equally.
 
The trading profit of the firm for the year ended 31st March 2017 was ₹ 2,00,000. Prepare Profit and Loss Appropriation account and Current account for the partners for the year ended 31st March 2017.
 
14 A limited company issued ₹ 1,00,000, 9% Debentures of ₹ 100 each at a discount of 6% on 1st April, 2016. These debentures are to be redeemed equally in 5 annual installments starting from 31st March, 2017. Discount on Issue of Debentures is written off from Statement of Profit and Loss. Show your working clearly and prepare Discount on Issue of Debenture account till it is finally written off.


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