CBSE Class 12 Accountancy Question Paper All India with Answers 2017 Set 01

CBSE Class 12 Accountancy Question Paper All India with Answers 2017 (1). Students can download the last year 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

(Accounting for Partnership Firms and Companies)

1. Distinguish between "Fixed Capita‘ Account" and "Fluctuating Capital Account" on the basis of credit balance.

2. A and B were partners in a firm sharing profits and losses in the ratio of 5 : 3. They admitted C as a new partner. The new profit sharing ratio between A, B and C was 3 : 2 : 3. A surrendered 5 1 th of his share in favour of C. Calculate B's sacrifice.

3. P and Q were partners in a firm sharing profits equally. Their fixed capitals were RS 1,00,000 and RS 50,000 respectively. The partnership deed provided for interest on capital at the rate of 10% per annum. For the year ended 31st march, 2016 the profits of the firm were distributed without providing interest on Capital. Pass necessary adjustment entry to rectify the error.

4. X Ltd. invited applications for issuing 1000, 9% debentures of RS 100 each at a discount of 6%. Applications for 1,200 debentures were received. Pro-rata allotment was made to all the applicants. Pass necessary Journal Entries for the issue of debentures assuming that the whole amount was payable with applications.

5. Z Ltd. forfeited 1000 equity shares of RS 10 each for the non-payment of the final call of RS  2 per share. Calculate the maximum amount of discount at which these shares can be reissued.

6. Durga and Naresh were partners in a firm. They wanted to admit five more members in the firm. List any two categories of individuals other than minors who cannot be admitted by them.

7. Disha Ltd. purchased machinery from Nisha Ltd. and paid to Nisha Ltd. as follows :

(i) By issuing 10,000, equity shares of RS 10 each at a premium of 10%.

(ii) By issuing 200, 9% debentures of RS 100 each at a discount of 10%.

(iii) Balance by accepting a bill of exchange of RS 50,000 payable after one month.

Pass necessary journal entries in the books of Disha Ltd. for the purchase of machinery and making payment to Nisha Ltd.

8. Ganesh Ltd. is registered with an authorised capital of RS 10,00,00,000 divided into equity shares of RS 10 each. Subscribed and fully paid up capital of the company was RS 6,00,00,000. For providing employment to the local youth and for the development of the tribal areas of Arunachal Pradesh the company decided to set up a hydro power plant there. The company also decided to open skill development centres in Itanagar, Pasighat and Tawang. To meet its new financial requirements, the company decided to issue 1,00,000 equity shares of RS 10 each and 1,00,000, 9% debentures of RS 100 each. The debentures were redeemable after five years at par. The issue of shares and debentures was fully subscribed. A shareholder holding 2,000 shares failed to pay the final call of RS 2 per share. Show the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the Companies Act, 2013. Also identify any two values that the company wishes to propagate.

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