CBSE Class 12 Accountancy Boards 2021 Sample Paper Solved

Accountancy
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Part- A
(Accounting for Not for Profit organizations, Partnership firms and Companies)
 
1 Which of the following items is not dealt through Profit and Loss Appropriation Account?
 
a. Interest on Partner’s Loan
 
b. Partner’s Salary
 
c. Interest on Partner’s Capital
 
d. Partner's Commission
 
2 For which of the following situations, the old profit sharing ratio of partners is used at the time of admission of a new partner?
 
a. When new partner brings only a part of his share of goodwill.
 
b. When new partner is not able to bring his share of goodwill.
 
c. When, at the time of admission, goodwill already appears in the balance sheet.
 
d. When new partner brings his share of goodwill in cash.
 
3 Reserve Capital is not a part of:
 
(a) Authorized Capital (b) Subscribed capital (c) Unsubscribed capital (d) Issued Share Capital
 
4 Sports Star Charitable club has income of ` 16,000 and ‘deficit’ debited to capital fund of ` 4,300 for the year 2019-20, then expenditure for the year 2019-20 is:
 
(A) ` 11,700 (B) ` 4,300 (C) ` 20,300 (D) None of these
 
5 At the time of dissolution of partnership firm, journal entry for the settlement of loan advanced by the firm to
 CBSE Class 12 Accountancy Boards 2021 Sample Paper Solved
6 A company forfeited 4,000 shares of `10 each on which application money of `3 has been paid. Out of these 2,000 shares were reissued as fully paid up and `4,000 has been transferred to capital reserve. Calculate the rate at which these shares were reissued.
a. `10 Per share
b. ` 9 Per share
c. `11 Per share
d. `8 Per share
 
7 On the basis of the following data, how much final payment will be made to a partner on firm’s dissolution? Credit balance of capital account of the partner was `50,000. Share of loss on realization amounted to `10,000. Firm’s liability taken over by him was for `8,000.
a. `32,000
b. `48,000
c. `40,000
d. `52,000
CBSE Class 12 Accountancy Boards 2021 Sample Paper Solved
 
9 Rex, Tex and Flex are partners in a firm in the ratio of 5:3:2. As per their partnership agreement, the share of deceased partner is to be calculated on the basis of profits and turnover of previous accounting year.
Tex expired on 31st December 2019. Turnover till the date of death was `18,00,000.
Their profits and turnover for the year 2018-19 amounted to `4,00,000 and `20,00,000 respectively.
An amount of `____________will be given to his executors as his share of profits till the date of death.
 
10 Retirement or death of a partner will create a situation for the continuing partners, which is known as:
A. Dissolution of Partnership
B. Dissolution of partnership firm
C. Winding up of business
D. None of the above
 
11 A, B and C are partners. C expired on 18th December 2019 and as per agreement surviving partners A and B directed the accountant to prepare financial statements as on 18th December 2019 and accordingly the share of profits of C (deceased partner) was calculated as `12,00,000. Which account will be debited to transfer C’s share of profits:
a. Profit and Loss Suspense Account.
b. Profit and loss Appropriation Account.
c. Profit and loss Account.
d. None of the above.
 
12 E, F and G are partners sharing profits in the ratio of 3:3:2. As per the partnership agreement, G is to get a minimum amount of `80,000 as his share of profits every year and any deficiency on this account is to be personally borne by E. The net profit for the year ended 31st March, 2020 amounted to `3,12 ,000. Calculate the amount of deficiency to be borne by E?
a. `1,000
b. `4,000
c. `8,000
 
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Exam Preparation Sample Paper for Class 12 Accountancy CBSE Class 12 Accountancy Boards 2021 Sample Paper Solved

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