CBSE Class 12 Accountancy Question Paper Delhi with Answers 2017 Set 03

CBSE Class 12 Accountancy Question Paper Delhi 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 practiced to get better marks in examinations.

PART – A

(Accounting for Partnership Firms and Companies)

1. Y Ltd. forfeited 100 equity shares of Rs.10 each for the non-payment of first call of  Rs. 2 per share. The final call of Rs. 2 per share was yet to be made.

Calculate the maximum amount of discount at which these shares can be re-issued.

2. 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.

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 31^st march, 2016 the profits of the firm were distributed without providing interest on Capital.

Pass necessary adjustment entry to rectify the error.

4. 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.

5. 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.

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

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