CBSE Class 12 Accountancy Question Paper Foreign with Answers 2017 Set 01

CBSE Class 12 Accountancy Question Paper Foreign with Answers 2017 (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.

PART A

(Accounting for Partnership Firms and Companies)

1.  State the two situations in which interest on partners capital is generally provided.

2.  Reena and Raman are partners in a firm sharing profits in the ratio of 4 : 3. They admitted Roma as a new partner. The new profit sharing ratio between Reena, Raman and Roma was 3 : 2 : 2. Raman surrendered 1/3rd of his share in favour of Roma. Calculate Reenas sacrifice.

3.  Suman and Sudha were partners in a firm sharing profits equally. Their fixed capitals were RS 50,000 and RS 25,000 respectively. The partnership deed provided interest on capital at the rate of 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.

4.  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.

5.  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.

6.  List the categories of individuals other than the minors who cannot become the members of a partnership firm.

7. Raj Motors Ltd. converted its 400, 12% debentures of RS 100 each issued at a discount of 6% into equity shares of RS 10 each issued at a premium of 25%. Discount on issue of 12% debentures had not yet been written off. Showing your working notes clearly, pass necessary journal entries for the above transactions in the books of Raj Motors Ltd.

8.  P, Q, R and S were partners in a firm sharing profits in the ratio of 5 : 3 : 1 : 1. On 1st January, 2017, S retired from the firm. On S as retirement the goodwill of the firm was valued at RS 4,20,000. The new profit sharing ratio between P, Q and R will be 4 : 3 : 3. Showing your working notes clearly, pass necessary journal entry for the treatment of goodwill in the books of the firm on S as retirement.

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