CBSE Class 12 Accountancy Sample Paper 2018 (3)

CBSE Class 12 Accountancy Sample Paper 2018 (3). It’s always recommended to practice as many sample papers as possible before the examinations. Students can download the sample papers and also question papers of previous years to practice and score better marks in examinations. Refer to other links too for more sample papers.


(Accountancy for Partnership firm and Companies)

1. State the need for treatment of goodwill or admission of a partner. (1)
2. What is meant by under-subscription? (1)
3. Give the meaning of Bond. (1)
4. State any one difference between fixed capital accounts and fluctuating capital of partners. (1)
5. What is meant by Sacrificing ratio? (1)
6. What is meant by Authorised capital of a company? (1)
7. What is meant by Dissolution by Notice? (1)
8. Hemant and Dinesh are partners sharing Profit & Losses in the ratio of 3:2 respectively. They admit Ansh as partner with 1/6th share in the profit of the firm. Hemant personally guaranteed that Ansh’s share of profit would not be less than Rs. 60,000 in any year. The net profit of the firm for the year ending 31st March 2014 was Rs. 1,80,000. Prepare Profit & Loss Appropriation Account. (3)
9. Kashish ltd issued Rs. 3,50,000, 12% debentures of Rs. 100 each at a premium of 10% repayable at premium of 20%. Pass necessary Journal entries at the time of issue of debentures.(3)
10. P ltd. Redeemed 4,000 8% Debentures of Rs. 100 each which were issued at par by converting them into equity shares of Rs. 100 each issued at a premium of 25%.
Pass necessary journal entries in the books of P ltd. (3)
11. (a) P, Q and R are partners sharing profit in the ratio of 6:5:4 respectively. R retired surrendering 1/4th of his share in favour of P and remaining in favour of Q. Calculate the new profit sharing ratio of P and Q.
(b) X, Y and Z are partners sharing profit in the ratio of 4:3:3 respectively. Z retire and his share was taken over by the remaining partners equally. Calculate gaining ratio of X and Y.
12. S ltd. Was registered with an authorized capital of Rs. 10,00,000 divided into equity share of Rs.10 each. The company invited appllications for the issue of 50,000 shares. Applications for 48,000 share were received. All calls were made and were dulyreceived except the final call of Rs. 2 per share as 1000 shares. All these shares were forfeited and later on re-issued at Rs. 9,000 as fully paid.
(i) Show how share capital will appear in the Balance Sheet of B ltd. As per schedule VI Part I
of the companies Act 1956.
(ii) Also prepare Notes to Accounts for the same. (4)
13. Sahaj Ltd. Purchased a running business from G ltd. For a sum of Rs. 9,00,000 payable by issue of equity shares of Rs. 100 each at a premium of Rs. 20 per share. The assets and liabilities consisted of the following:
Plant 1,75,000 land 3,00,000 Stock 2,25,000 and creditors Rs. 50,000
Pass necessary Journal entries in the books of X Ltd. For the above transactions. (4)
14. Gunjan and Akansha were partners in a firm sharing profit in the ratio of their capitals Rs.1,60,000 and Rs. 1,00,000 respectively. They admitted Seema in the firm on Jan 1, 2014 as a new partner for 1/4th share in the future profit. Seema brought Rs. 1,20,000 as her capital.
Calculate the value of goodwill of the firm and record the necessary journal entries on Seema’s admission. (4)
15. Nikhil, Rishabh and Jagat were partners. They started a business in one of the remote tribal areas of North-east India. They were interested in the development of the tribal community by providing good education and health.
On 31st March 2014 Nikhil, Rishabh and Jagat had capital of Rs. 6,00,000; Rs. 4,00,000 and Rs. 2,00,000 respectively. The partnership deed provided that interest on capital will be allowed @ 6% p.a. Drawing for the year were Nikhil Rs. 40,000; RishabhRs. 30,000; and JagatRs. 10,000. It was found that the interest on capital for the year ended 31st March 2013 was not allowed. The profit earned by the firm for the year ended 31st March 2014 were Rs. 3,60,000. Showing your workings clearly, pass necessary adjustment entry. Also identify any two values highlighted in the above question.
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