CBSE Class 12 Accountancy Question Paper All India with Answers 2017 Set 03

CBSE Class 12 Accountancy Question Paper All India with Answers 2017 (3). 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. P and Q were partners in a firm sharing profits and losses equally. Their fixed capitals were RS 2,00,000 and RS 3,00,000 respectively. The partnership deed provided for interest on capital @ 12% 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.

2. X Ltd. invited applications for issuing 500, 12% debentures of RS 100 each at a discount of 5%. These debentures were redeemable after three years at par. Applications for 600 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 application

3. 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.

4. 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.

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

6. 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.

7. Kavi, Ravi, Kumar and Guru were partners in a firm sharing profits in the ratio of 3 : 2 : 2 : 1. On 1.2.2017, Guru retired and the new profit sharing ratio decided between Kavi, Ravi and Kumar was 3 : 1 : 1. On Guru's retire’ent the goodwill of the firm was valued at RS 3,60,000. Showing your working notes clearly, pass necessary journal entry in the books of the fir’ for the treatment of goodwill on Guru's retirement.

8. 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.

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