CBSE Class 12 Accountancy Question Paper Foreign 2013 Set 03

CBSE Class 12 Accountancy Question Paper - Foreign 2013 (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.

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

2. 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.

3. 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%.

4. State any four essential features of partnership. 2

5. List any three points of distinction between fixed charge and floating charge Debentures. 3

6. 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.

7. 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.

8. On 31.3.2004 W Ltd. had the following balances in its books : 9% Debentures Rs. 6,00,000 Debenture Redemption Reserve Rs. 2,00,000 On that date the company decided to transfer Rs. 1,00,000 to Debenture Redemption Reserve and redeemed Rs. 3,00,000 worth of Debentures. Pass necessary journal entries in the books of the company.

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

10. 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.

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