CBSE Class 12 Accountancy Question Paper Solved 2019 Set J

CBSE Class 12 Accountancy Question Paper Solved 2019 Set J. Students can download the last year board exams 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 Not-for-Profit Organizations, Partnership Firms and Companies)

1. In the absence of provision in the partnership deed, in which ratio is the deficiency arising out of guarantee of profit to a partner borne by the  other partners ?

2. Differentiate between ‘Capital Reserve’ and ‘Reserve Capital’.

OR

What is meant by Preference Shares ?

3. In the absence of a partnership deed, in which ratio do the old partners  sacrifice their share of profit in case of admission of a new partner ?

OR

Give any two circumstances in which sacrificing ratio may be applied.

4. Varun and Arun are partners in a firm sharing profits and losses equally. On the date of dissolution of the partnership firm, Varun’s wife’s loan was Rs.  45,000, whereas Arun’s loan was Rs. 65,000. Which loan will be paid first and why ?

5. Why are adjustments for outstanding and prepaid expenses not recorded in Receipts and Payments Account ?

OR

Distinguish between ‘Receipts and Payments Account’ and ‘Income and Expenditure Account’ on the basis of ‘Depreciation’.

6. What is meant by ‘mutual agency’ in case of partnership ?

7. Nano Ltd. purchased assets of Dow Ltd. for Rs.  3,00,000. It also agreed to take over the liabilities of Dow Ltd. amounting to Rs.  50,000 for a purchase consideration of Rs. 2,75,000. The payment to Dow Ltd. was made by issue of 8% Debentures of Rs.  50 each at a premium of 10%. Pass necessary journal entries for the above transactions in the books of Nano Ltd.

OR

On 1st April, 2014, a limited company issued Rs. 4,00,000, 9% debentures at 93%, repayable by draw of lots in two equal instalments starting from 31st March, 2017. Prepare Discount o on Issue of Debentures Account from 1st April, 2014 to 31st March, 2016. 

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