CBSE Class 12 Accountancy Sample Paper with Marking Scheme 2014 Set 02

Accountancy
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1. State the basis of accounting, on which a Receipts and Payments account is prepared in case of a not for profit organization.

2. What is meant by “Unlimited liability of a Partner” ?

3. State the need for treatment of Good will on admission of a Partner.

4. What are Preliminary expenses?

5. How does the factor “location” affect the goodwill of a firm?

6. From the following information, calculate the amount of subscriptions outstanding for the year 2008-09.

A club has 250 members each paying an annual subscription of Rs. 1,000. The Receipts & Payments account for the year showed a sum of Rs. 2,65,000 received  as subscriptions. The following additional information is provided.

                                                                                       Rs.

Subscriptions Outstanding on 31st March, 2008                 40,000

Subscriptions Received in advance on 31st March, 2009     30,000
 
Subscriptions Received in advance on 31st March, 2008     12,000
 
7. S.S.S. Ltd., has a paid up share capital of Rs. 60,00,000 and a balance of Rs.15,00,000 in the Securities Premium Account. The company management do not want to carryover this balance. State the ‘purposes for which this balance can be utilized.
 
8. DN Ltd., issued 50,000 shares of Rs. 10 each at a discount of 10% payable as Rs. 2 per share on application, Rs. 3 on allotment and Rs. 2 each on first and final call. Applications were received for 70,000 shares. It was decided that (a) refuse allotment to the applicants for 10,000 shares (b) allot 20,000 shares to Mohan who had applied for similar number and (c) allot the remaining shares on pro-rata basis. Mohan failed to pay the allotment money and Sohan who belonged the category ‘c’ and was allotted 3,0,00 shares paid both the calls with allotment. Calculate the amount received on allotment.
 
9. A, B & C were partners. Their capitals were Rs. 30,000; Rs. 20,000 and Rs.10,000 respectively, According to the partnership deed they were entitled to an interest on capital at 5% p.a. In addition B was also entitled to draw a salary of
Rs. 500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capital, but before charging the salary payable to B. The net profits for the year were Rs. 30,000, distributed in the ratio of their capitals
without providing for any of the above adjustments. The profits were to be shared in the ratio of 2:2: 1. Pass the necessary adjustment entry showing the workings clearly.
 
10. A, Band C were partners sharing profits in the ratio of 6:4:5. Their capitals were A Rs. 1,00,000, B - Rs. 80,000 and C - Rs. 60,000. On 1st April 2009, B retired from the firm and the new profit sharing ratio between A and C was decided as 11 :4. On B’s retirement the goodwill of the firm was’ valued at Rs. 1,80,000. Showing your calculations clearly’ pass necessary journal entry for the treatment of-goodwill on B’s retirement.
 
11. X Ltd., had Rs. 8,00,000, 9% debentures due to be redeemed out of profits on 1st Oct, 2009 ,at a premium of 5%. The company had a :Debenture, Redemption Reserve of Rs. 4,14,000. Pass necessary journal entries at the time of redemption.



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Exam Preparation Sample Paper for Class 12 Accountancy CBSE Class 12 Accountancy Sample Paper with Marking Scheme 2014 Set 02

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