CBSE Class 12 Accountancy Sample Paper 2017 Set B

Part -A

Partnership and Company Account

1. What share of profit would a 'sleeping partner', who has contributed 75% of the total 1 capital, get in the absence of a deed?

2. Define 'Goodwill'. 

3. A business has earned average profit of Rs.2,00,000 during the last few years and the normal rate of return in similar business is 1O%.Find out the value of goodwill by

(i) Capitalisation of Super Profit Method

(ii)Super Profit Method if the goodwill is valued at 3 years' purchase of super profits.

The assets of the business were Rs.22,00,000 and its external liabilities Rs.3,60,000.

4. Karl, Lance and Mark are partners sharing profits and losses in the ratio 3:2:1. They  admit Ned for 116th share. It is agreed that Mark would retain his original share. Calculate the new ratios and sacrificing ratios.

5. Sam, Tom and Ron are partners in a firm. On lst April, 2013, their capital accounts  stood at Rs.4,00,000, Rs.3,00,000, and Rs.2,00,000 respectively. They shared profits and losses in the ratio 5:3:2. Partners are entitled to interest on capital @10%p.a and salary to Tom and Ron @ Rs.2,000p.m and Rs.3,000 per quarter respectively as per provisions ofthe partnership deed.Tom's share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of Rs.50,000 p.a. Any deficiency arising on account shall be met by Ron. The profits of the firm for the year ended 31st March, 2012 amounted to Rs.2,00,000. Prepare Profit & Loss Appropriation ale for the year ended 31st March, 2012.

6. On March 31\2013 after the close of books of accounts, the capital accounts of Hail, Storm and Snow stood at Rs. 24,000, Rs. 20,000 and Rs. 12,000 respectively. The profits for the year Rs. 36,000 was distributed equally. Subsequently it was discovered that interest on capital@5% p.a had been omitted. The profit sharing ratio was 1:2:2. Pass an adjustment journal entry. 

7. Long and Short are partners in a firm sharing profits and losses in the ratio 3:2. They admit Wide as a new partner for 1/Sth share. The goodwill of the firm is valued at Rs.20,000. Wide brings in 60% of his share of goodwill and Rs.SO,OOO as his capital in cash. The amount of goodwill brought in cash is withdrawn by the concerned partners to the extent of 30% of what is credited to them. Goodwill appears in the books at Rs.l5,000. The profits for the first year of new partnership amounted to Rs.30,000. Give necessary journal entries to adjust goodwill and to distribute profits.

8. On 1st April, 2014 Amy, Brij and Cait started a business in partnership and 8 contributed Rs. 1,00,000, Rs. 80,000 and Rs. 60,000 respectively, as their capitals. They agreed to share profits and losses in the ratio of 3:2:1 after allowing interest on capital @ 10% p.a. and charging interest on drawings @ 12% p.a. The drawings of the partners during the year ended 31st March, 2015 were Amy Rs 12,000, Brij Rs.15,000 and Cait Rs. 6,000. Cait, being the active partner was also entitled to a salary of Rs. 1,000 per month.The actual profit before interest and salary amounted toRs. 70,000.Prepare Profit and Loss Appropriation Account and the Partners Capital Accounts.

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