CBSE Class 12 Accountancy Sample Paper 2020 Solved Set B. CBSE issues sample papers every year for students for Class 12 board exams. Students should solve the CBSE issued sample papers to understand the pattern of the question paper which will come in class 12 board exams this year. The sample papers have been provided with marking scheme. It’s always recommended to practice as many CBSE sample papers as possible before the board examinations. Sample papers should be always practiced in examination condition at home or school and the student should show the answers to teachers for checking or compare with the answers provided. Students can download the sample papers in pdf format free and score better marks in examinations. Refer to other links too for latest sample papers.
1. The business run by a Joint Hindu Family consists of two or more members, but it is not a partnership. Why?
2. 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?
3. A, B and C are in partnership sharing profits 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.
4. 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.
5. X Ltd. made pro rata allotment of shares of Rs. 50each 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?
6. Define Reserve Capital.
7. 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.
8. Ankur is a partner in a firm. During the year he had withdrawn Rs. 48,000 evenly through out the year on 1st 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 “issue of bonus shares” for which securities premium can be utlilised.
10. Rhea, Leena and Raman were partners sharing profits in the ratio of 5:3:2. On 31st March, 2015, it was decided that Leena should be given more profits as per her contribution towards the business. Hence Rhea and Raman decided to surrender 1/3 rd of their shares respectively towards Leena.
On this date, Building ( book value 18,00,000) was found to be undervalued by 10 % ; Profit and Loss A/c (Dr. Balance) appeared in the books at 1,00,000; Machinery (book value 2,50,000)
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