CBSE Class 12 Accountancy Question Paper - Foreign 2013 (1)

CBSE Class 12 Accountancy Question Paper - Foreign 2013 (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.

1. Vinod Ltd. issued 1,000, 7% Debentures of Rs. 1,000 each at a discount of 5%. Pass necessary journal entries for the issue of Debentures in the following cases :

(i) When the Debentures were redeemable at par.

(ii) When the Debentures were redeemable at a premium of 6%.

2. On 1.3.2005 Sen Ltd. converted 900, 6% Debentures of Rs. 100 each into 7% Preference shares of Rs. 100 each. The Preference shares were issued at a discount of 10%. Pass necessary journal entries in the books of the company.

3. State any four essential features of partnership. 

4. G.M. Ltd. did not receive the first call on 2,700 Equity shares @ Rs. 3 per share which was due on 1.1.2005. This amount was received on 1.2.2005. Open calls in arrears account and record the above transactions in the book of the company on 1.1.2005 and 1.2.2005.

5. A, B and C are partners in a firm sharing profits in the ratio of 2 : 2 : 1. C is guaranteed a minimum amount of Rs. 10.000 as his share of profit every year. Deficiency if any, on that account shall be borne by B. The profits for two years ending 31.3.2003 and 31.3.2004 were Rs. 50,000 and Rs. 60,000 respectively.

6. List any three points of distinction between fixed charge and floating charge Debentures.

7. Explain briefly the meaning of ‘over-subscription’ and ‘under-subscription’. 

8. Give necessary journal entries in each of the following alternative cases : 

(i) Expenses of realisation amounted Rs. 7,400.

(ii) Expenses of realisation Rs. 7,400 were paid by Ravi, a partner.

(iii) Realisation expenses were to be borne by Deepak, a partner, for which he was allowed a commission of 2% of net cash realised from dissolution. The net cash realised from dissolution was Rs. 1,00,000 and actual realisation expenses were Rs. 7,400.

(iv) Expenses of realisation Rs. 7,400 were to be borne by Khan, a partner. Khan used firm’s cash for paying these expenses.

9. What is meant by reconstitution of partnership ? List the occasions on which a partnership is reconstituted. 

10.On 1.4.2000 J Ltd. issued Rs. 2,00,000 8%Debentures at a discount of 3%.The Debentures were redeemable as under :Rs. 80,000 on 31.3.2002

Rs. 40,000 on 31.3.2003

Remaining on 31.3.2004,Prepare ‘Discount on Issue of Debentures Account’. Show your calculations also.

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