CBSE Class 12 Accountancy Sample Paper 2020 Set 01 Solved

CBSE Class 12 Accountancy Sample Paper 2020 Solved Set A. 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.

1 X Ltd. made pro rata allotment of shares of Rs. 50 each issued at par in the ratio of 5:4. Ram failed to pay allotment money and his shares were forfeited. 3/4th of the forfeited shares were reissued for Rs. 4,020 with maximum permissible discount of Rs. 1,980 as fully paid. How many shares were allotted to Ram? 

2 X, Y and Z are partners in a firm sharing profits and losses in the ratio of 3:2:1. They decided to admit A, their landlord as a partner in the firm. The accountant of the firm passed the entry of rent paid for the building to A in Profit and Loss appropriation account. Is he correct in doing so? Give reason in support of your answer.

3 X, Y and Z were close friends. They decided to form partnership business of manufacturing stuffed toys, For this purpose, they registered their partnership firm and drafted a comprehensive partnership deed. Identify the values involved in the case.

4 Parag and Sachin are partners sharing profits in the ratio 3:2. Ragini is admitted with 1/5th share and brings in Rs. 84,000 as her share of goodwill which is credited to the capital accounts of Parag and Sachin respectively with Rs. 63,000 and Rs. 21,000. What will be the new profit sharing ratio of partners?

5 The business run by a Joint Hindu Family consists of two or more members, but it is not a partnership. Why?

6 Distinguish between Reserve Capital and Capital Reserve.

7 A, B and C are in partnership sharing profit in the ratio 3:2:1. The partnership deed provides that B to get minimum profit of Rs.25,000. The profit earned by the firm after all the necessary distribution is Rs. 60,000. The guarantors will share the deficit in equal ratio. Calculate the deficit amount to be borne by A.

8 Ankur a partner in a firm. During the year he had withdrawn Rs. 48,000 evenly through out the year on last date of every month. As per the deed interest on drawings is 6%p.a. Accountant of the firm calculated the interest on drawing as Rs. 2,880. But Ankur is of the view that accountant has wrongly calculated the interest on drawing.

Who is correct? And what is correct amount of interest on drawing?

9 State any three purposes other than “buy back of own shares” for which securities premium can be utlilised.

10 M, S and N are partners sharing profits and losses equally. Goodwill already appeared in the books at Rs.45,000. On 1.4.2015 N retires from the firm and on the same day a new partner K is admitted for 1/6th share. New profit sharing ratio between M, S and K will be 3:2:1. 

Please click the link below to download CBSE Class 12 Accountancy Sample Paper 2020 Solved Set A