CBSE Class 12 Accountancy Sample Paper 2018 Set 02

1. State the provisions of Partnership Act 1932, in the absence of a partnership deed regarding

(i) Interest on partner's drawings

(ii) Interest on advances. 

2. Why is gaining ratio calculated? 

3. H withdrew Rs 2,500 at the end of each month. The partnership deed provides for charging the interest on drawings@ 12% p.a. Estimate the amount of interest on drawings for the year ending 3Ist December 2006. 

4. If a vender has issued fully paid up shares of Rs. 2,25,000 in consideration of net assets of Rs 2,00,000, the balance of Rs 25,000 will be debited to which account? 

5. How is Debenture Redemption reserve closed? 

6. Why are " Reserves and Surplus" distributed at the time of reconstruction of the firm? 

7. A,B,C were partners in a firm sharing profits in the ratio of 3:2:I. They decided to share future profits in the ratio of 5:3:2. For this purposes the goodwill of the firm was valued at Rs 60,000. Pass an adjustment entry for the treatment of goodwill. 

8. Differentiate between dissolution of a partnership and dissolution of a partnershipfirm. 

9. A,B,C were partners. Their Capitals were A : Rs. 30,000; B : Rs. 20,000; C : Rs 10,000. According to the partnerships deed, they were entitled to an interest on capital @5% p.a. In addition, B was also entitled to draw a salary of 500 per month. C was entitled to a commission of 5% on the profit after charging interest on capital, but before charging the salary payable to B. The net profits for the year was Rs. 30,000, which was distributed in the ratio of their capitals without providing for any of the above statements. The profit were to be shared in the ratio 5:3:2. pass the necessary adjustment entry showing the working notes clearly. 

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