CBSE Class 12 Accountancy Sample Paper 2014 Set 08

Q.1 State the ratio in which the partners share the accumulated losses when there is change in profit sharing ratio among existing partners if they want to distribute accumulated losses. 

Q.2 Give journal entry to distribute ‘workman compensation reserve’ of Rs.90, 000 at the time of retirement of Rajvi when there is a claim of Rs.30,000 against it. The firm had three partners Sukhi, Khushi & Rajvi 

Q.3 If partner’s capitals are fixed, where will you record interest on loan to partners?

Q.4 How will you calculate interest on drawings in the case when partners with draw uneven amount on different dates? 

Q.5 If a company has invited applications for 1, 00,000 equity share of Rs.10 each but applications

for 1, 70,000 share were receive. Name the kind of subscription.

Q.6 Can a company reissue shares (already forfeited) at discount? If yes, then up to what extent?

Q.7 How does a company maximize its share capital by using the amount of securities premium?

Q.8 Why dose a company transfer the profit on reissue of forfeited shares into capital reserve a/c?

Q.9 A, B, and C are partners in a firm. They contributed Rs.1,50,000 each as capital three years ago. At that time C agreed to look after the business as A & B were busy. The profits for the past three years were Rs.90,000, Rs. 60,000, & Rs.1,20,000 respectively. While going through the books of account, A noticed that profit had been distributed in 1:1:2 ratio when he inquired from C about this, C answered that since he looked after the business he should get more profit. A disagreed and it was decided to distribute profits equally with retrospective effect for the last three years.

(i) You are required to make necessary corrections in the books of accounts of A,B, & C by passing an adjustment entry.

Please click the below link to access CBSE Class 12 Accountancy Sample Paper 2014 Set H