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

CBSE Class 12 Accountancy Question Paper Foreign 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 practised to get better marks in examinations.

 PART A

(Accounting for Partnership Firms and Companies)

1. 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.

2. 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.

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

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

5. 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.

6. 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.

7. C India Ltd. purchased machinery from B India Ltd. Payment to B India Ltd. was made as follows :

(i) By issuing 10,000 equity shares of RS  10 each at a premium of 20%.

(ii) By issuing 1000, 9% debentures of RS  100 each at a discount of 5%.

(iii) Balance by giving a bank draft of RS  37,000.

Pass necessary journal entries in the books of C India Ltd. for the purchase of machinery and payment to B India Ltd.

8. 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.

9 Gagan Ltd. is registered with an authorised capital of RS 15,00,00,000 divided into 1,50,00,000 equity shares of RS10 each. Subscribed and fully paid .up share capital of the company was RS 5,00,00,000. For providing employment to the local youth and for the development of rural areas of Jharkhand State, the company decided to set up a food processing unit in Hazaribagh. The company also decided to set up skill development centres at Ranchi, Hazaribagh and Ramgarh. To meet its new financial requirements the company decided to issue 2,00,000 equity shares of RS10 each and 2000, 12% debentures of RS1,000 each. The issue of shares and debentures was fully subscribed. A shareholder holding 500 shares failed to pay the final call of RS 3 per share. Show the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the Companies Act, 2013. Also, identify any two values that the company wants to propagate.

10. 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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