CBSE Class 12 Accountancy Question Paper Delhi with Answers 2017 Set 02

CBSE Class 12 Accountancy Question Paper Delhi with Answers 2017 (2). 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. Gupta and Sharma were partners in a firm. They wanted to admit two more members in the firm. List the categories of individuals other than minors who cannot be admitted by them.

2. Y Ltd. invited applications for issuing 2000, 9% debentures of RS  100 each at a discount of 10%. The whole amount was payable at the time of application. Applications for 2400 debentures were received and pro-rata allotment was made to all the applicants. Pass necessary journal entries for the issue of debentures.

3. A and B were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted C as a new partner. The new profit sharing ratio between A, B and C was 3 : 2 : 2. A surrendered ¼ of his share in favour of C. Calculate B’s Sacrifice.

4. 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.

5. 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.

6. Does partnership firm has a separate legal entity ? Give reason in support of your answer.

7. XXL Ltd. converted its 500, 9% debentures of RS 100 each issued at a discount of 8% into equity shares of RS 10 each issued at a premium of 25%. Discount on issue of debentures has not yet been written off. Showing your workings clearly pass necessary Journal Entries on conversion of 9% debentures into equity shares.

8. A, B, C and D were partners in a firm sharing profits in 3 : 3 : 3 : 1 ratio. On 31st January, 2017 D retired. A, B and C decided to share future profits in the ratio of 5 : 1 : 1. On D’s retirement the goodwill of the firm was valued at RS 4,90,000. Showing your working notes clearly pass necessary Journal Entry for the treatment of goodwill in the books of the firm on D’s retirement.

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