CBSE Class 12 Accountancy Sample Paper 2020 Set 05 Solved

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

 PART A

Accounting for Partnership Firm and Companies

1 A and B were partners in a firm sharing profits and losses equally .C is admitted with 1/4th share in profits of the firm. He brings in Rs.2,50,000 as his share in capital. The value of total assets of the firm is Rs.19,40,000 and outside liabilities are valued at Rs.13,00,000 on that date. The amount of goodwill to be brought in by C is:-

(a) Rs.8,00,000

(b) Rs.6,20,000

(c) Rs.1,60,000

(d) Rs.40,000

2 Which of the following is not a conditions that must be fulfilled by a company to issue share at a discount as per section 79

a) The shares are of a class already issued

b) Atleast two years must have elapsed since the company became entitled to commence business.

c) Issue of shares is authorised by a resolution passed by the company in its general meeting and sanctioned by the central govt.

d) Resolution should specify the max rate of discount at which the shares are to be issued.

3 A and B were partners in a firm sharing profits and losses equally. Their firm was dissolved on 15th March 2014 which resulted in a loss of Rs.30,000. On that date the capital account of A showed a credit balance of Rs.20,000 and that of B a credit balance of Rs.30,000. The cash account had a balance of Rs.20,000. The journal entries for making final payment to the partners will be:-

(a) A’s capital a/c              Dr.15,000

   B’s capital a/c               Dr.15,000

                   To cash a/c 30,000

(b) A’s capital a/c              Dr. 5,000

B’s capital a/c                  Dr 15,000

                   To cash a/c 20,000

(c) A’s capital a/c             Dr.20,000

B’s capital a/c                  Dr.30,000

                 To cash a/c 50,000

(d) A’s capital a/c             Dr.15,000

B’s capital a/c                 Dr.15,000

To realisation a/c 30,000

4 A and B were partners sharing profits and losses in the ratio of 3:2. On April 1st 2013,they decided to admit C for 1/5th share in the profits. They had a reserve of Rs.25,000 which they wanted to show in their new balance sheet. C agreed and the necessary adjustments were made in the books. On October 1st 2013, A met with an accident and died. B and C decided to admit A’s daughter F in their partnership , who agreed to bring Rs.2,00,000 as capital. Calculate A’s share in the reserve on the date of her death.

5 X and Y are partners sharing profits in the ratio of 2:1.They admit Z into partnership for 1/4^th share for which he brings in Rs.20,000 as his share of capital. Hence on the basis of new profit sharing ratio , the adjusted capitals of X and Y will be:

(a) Rs.40,000 & Rs.20,000 resp

(b) Rs.32,000 & Rs.16,000 resp

(c) Rs.60,000 & Rs.30,000 resp

(d) Rs.35,000 & Rs.25,000 resp

6 X Ltd. made an issue of 2,000 , 15% debentures of 100 each .During 2013-14 , the company purchased for cancellation Rs.40,000 debentures at Rs.95 and Rs.10,000 debentures at Rs.98.

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