CBSE Class 12 Accountancy Sample Paper 2018 Set 05

Accountancy
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 Part A
(Accounting for Partnership Firms & Companies)
 
1. In the absence of partnership deed the profits of a firm are divided among the partners :
(a) In the ratio of capital
(b) Equally
(c) In the ratio of time devoted for the firm's business
(d) According to the managerial abilities of the partners 1 A, B, C and D were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On
1-1-2015 they admitted E as a new partner for 1/10 share in the profits. E brought Rs 10,000 for his share of goodwill premium which was correctly recorded in the books by the accountant. The accountant showed goodwill at Rs 1,00,000 in the books. Was the accountant correct in doing so ? Give reason in support of your answer.
 
3. On the retirement of Hari from the firm of 'Hari, Ram and Sharma' the balance sheet showed a debit balance of Rs 12,000 in the profit and loss account. For calculating the amount payable to Hari this balance will be transferred 
(a) to the credit of the capital accounts of Hari, Ram and Sharma equally
(b) to the debit of the capital accounts of Hari, Ram and Sharma equally
(c) to the debit of the capital accounts of Ram and Sharma equally
(d) to the credit of the capital accounts of Ram and Sharma equally

4. Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3 : 2 : 2. On 23rd January, 2015 Verma died. Verma's share of profit till the date of his death was calculated at Rs 2,350. Pass necessary journal entry for the same in the books of the firm. 

5. Give the meaning of forfeiture of shares.

6. Joy Ltd. issued 1,00,000 equity shares of Rs 10 each. The amount was payable as follows:
On application - Rs 3 per share.
On allotment - Rs 4 per share.
On 1st and final call - balance
Applications for 95,000 shares were received and shares were allotted to all the applicants. Sonam to whom 500 shares were allotted failed to pay allotment money and Gautam paid his entire amount due including the amount due on first and final call on the 750 shares allotted to him along with allotment. The amount received on allotment was
(a) Rs 3,80,000
(b) Rs 3,78,000
(c) Rs 3,80,250
(d) Rs 4,00,250 
 
7. State any three purposes other than 'issue of bonus shares' for which securities premium can be utilized. 

8. On 1-4-2013 Jay and Vijay, entered into partnership for supplying laboratory equipments to government schools situated in remote and backward areas. They contributed capitals of Rs 80,000 and Rs 50,000 respectively and agreed to share the profits in the ratio of 3 : 2. The partnership deed provided that interest on capital shall be allowed at 9% per annum. During the year the firm earned a profit of Rs 7,800. Showing your calculations clearly, prepare 'Profit and Loss Appropriation Account' of Jay and Vijay for the year ended 31-3-2014. 3

9. 'Tractors India Ltd.' is registered with an authorized capital of Rs 10,00,000 divided into 1,00,000 equity shares of Rs 10 each. The company issued 50,000 equity shares at a premium of Rs 5 per share. Rs 2 per share were payable with application, Rs 8 per share including premium on allotment and the balance amount on first and final call. The issue was fully subscribed and all the amount due was received except the first and fmal call money on 500 shares allotted to Balaram. Present the 'Share Capital' in the Balance Sheet of 'Tractors India Ltd.' as per Schedule VI Part I of the Companies Act, 1956. Also prepare Notes to Accounts for the same. 

10. 'Sangam Woollens Ltd.'! Ludhiana, are the manufacturers and exporters of woollen garments. The company decided to distribute free of cost woollen garments to 10 villages of Lahaul and Spiti District of Himachal Pradesh. The company also decided to employ 50 young persons from these villages in its newly established factory. The company issued 40,000 equity shares of Rs 10 each and 1,000 9% debentures of Rs 100 each to the vendors for the purchase of machinery of Rs 5,00,000. Pass necessary Journal Entries. Also identify anyone value that the company wants to communicate to the society.
 
 
Please click the link below to download CBSE Class 12 Accountancy Sample Paper 2018 Set E

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CBSE Class 12 Accountancy Sample Paper 2018 Set 05 & Sample Question Papers for Class 12 Accountancy

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