CBSE Class 12 Accountancy Sample Paper 2017 Set A

1. What do you mean by 'Mutual Agency' relationship according to Indian Partnership Act 1932?

2. A is a partner in a firm. A's drawings during the year 2014-15 were as follows: Accounts are closed on 31st March every year. Calculate interest on drawing @12% p.a.

3. When the partner's capitals are fixed , where Will the drawings made by a partner be recorded?

4. Apart from location and profitability, list any two other factors affecting Goodwill of a firm.

5. What is a Debenture? 

6. What is meant by Employees stock option plan? 

7. What is Zero coupon bond? 

8. Can 'Securities premium Reserve' be used as working capital? Give reason in support of your answer.

9. Partner B is retired from the partnership firm and his loan is amounted to 30,000 on 3Pt March 2012 , payable in three equal annual instalments with interest @ 12% per annum. Prepare loan account till it is finally written off.

10. Pink, Black and White are partners sharing 5:3:2. White is guaranteed a minimum amount of 10,000 as share of profit every year. Any deficiency shall be met by Black. The profit for the year ending 31st March 2015 was 60,000. Prepare profit & loss appropriation account and pass entries.

11. A, B and C were partners in a firm.On 1st January 2013, their capitals stood at 50,000, 25,000 and25,000 respectively. As per the provisions of the partnership deed:

a) C was entitled for a salary of 1,500 per month.

b) Partners were entitled to interest on capital@ 5% p.a.

c) Profits were to share in the ratio of capitals.

The net profit during the year 2013 of 45,000 was divided equally without providing for the above items. Pass an adjustment entry.

12. Srikant and Raman are partners in a firm sharing profits and losses in the ratio of 3:2. They decide to admit Venkat into partnership with 1/3 share in the profits. Venkat brings in 30,000 as his capital. He also promises to bring in the necessary amount for his share of goodwill. On the date of admission, the goodwill has been valued at 24,000 and the goodwill account already appears in the books at 12,000. Venkat brings in the necessary amount for his share of goodwill and agrees that the existing goodwill account be written off. Record the necessary journal entries in the books of the firm.

13. Crompton Ltd. grants options to subscribe 1000 shares of 10 each at a price of 30 per share to each of its employees numbering 100. Vesting period being 3 years .Fair (Market) price of the share as on the grant date was 45.Employees numbering 75 exercised the option by the exercised date. Pass the necessary journal entries.

14. Apple, Mango and Banana were partners sharing profits and losses in the 4 ratio of 2:2:1. They decided to share future profits in the ratio of 3:1:1. With effect from 1.4.2015. They decided to record the effect of the following without effecting there book values. 

a) General Reserve 2,40,000

b) Advertising suspense A/c 1,20,000

Pass necessary journal Entry.

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