CBSE Class 12 Accountancy Sample Paper 2019 Solved Set B

PART ‘A’

1. Alka, Barkha and Charu are partners in a firm having no partnership agreement. Alka, Barkha and Charu contributed `2,00,000, `3,00,000 and `1,00,000 respectively. Alka and Barkha desire that the profits should be divided in the ratio of capital contribution. Charu does not agree to this. Is Charu correct? Give reason. 

2. Pawan and Jayshree are partners. Bindu is admitted for 1/4th share. State the ratio in which Pawan and Jayshree will sacrifice their share in favour of Bindu? 

3. State any two occasions on which a firm may be reconstituted. 

4. When is ‘Partner’s Executers’ Account prepared? 

5. What is the maximum amount of discount at which forfeited shares can be re-issued? 

6. Give the meaning of ‘Subscribed and fully paid-up capital’. 

7. State an exception to the creation of Debenture Redemption Reserve as per SEBI Guidelines. 

8. A, B and C are partners in a firm. They had omitted interest on capital @10% p.a. for three years ended 31st March, 2013. Their fixed capitals on which interest was to be calculated throughout were:

A `1,00,000

B ` 80,000

C ` 70,000

Give the necessary adjusting journal entry with working notes.

9. On 1st April, 2011, Rhythm Limited issued 1,000 10% debentures of `500 each at par. Debentures were redeemable after 7 years. However, the company gave an option to debenture holders to get their debentures converted into equity shares of `100 each at a premium of `25 per share anytime after the expiry of one year. Shivansh, holder of 200 debentures, informed on April 1, 2013 that he wanted to exercise the option of conversion of debentures into equity shares. The company accepted his request and converted debentures into equity shares. Pass necessary journal entries to record the issue of debentures on April 1, 2011 and conversion of debentures on April 1, 2013. 

10. Pass necessary journal entries for ‘issue of debentures’ for the following:

(i) Jain Ltd. issued 750, 12% Debentures of `100 each at a discount of 10% redeemable at a premium of 5%.

(ii) Sohan Ltd. issued 800, 9% Debentures of `100 each at a premium of `20 per Debenture redeemable at a premium of `10 per Debenture. 

11. Shabir and David were partners in a firm supplying school uniforms. They shared profits in the ratio of 4:3. Their capitals as on 1st April, 2013 were `1,00,000 and `50,000 respectively. On this date Shabir suggested David to start supplying low cost school uniforms to the students who belonged to low income group and admitted to the privateschools of the city as per the provisions of Rights to Education Act 2009. David agreed and requested to admit into the firm his friend Charu, a specially abled unemployed person having good knowledge of cost-reduction methods. However, it was agreed that Charu will not contribute any capital. Shabir agreed to it. They were in need of more capital. Shabir, therefore persuaded a rich friend of his, Rafiq, to be a partner.

1. Rafiq contributed `7,00,000 in cash, delivery van of `2,75,000 and furniture of `25,000 as his capital.

2. The new profit sharing ratio will be 3:2:1:1

(a) Identify any four values which the partners want to communicate to the society.

(b) Pass necessary journal entry for capital contributed by Rafiq in the form of cash and assets. 

12. A, B and C are partners sharing profits in the ratio of 5:3:2. Their Balance-Sheet as on March 31st, 2013 was as follows: Balance-sheet of A,B & C as at March 31st , 2013 C retired on the above date and it was agreed that:

(i) C’s share of Goodwill was `8,000;

(ii) 5% provision for doubtful debts was to be made on debtors;

(iii) Sundry creditors were valued `4,000 more than the book value.

Pass necessary journal entries for the above transactions on C’s retirement.  13. Raghav limited purchased a running business from Krishna Traders for a sum of `15,00,000. `3,00,000 were paid by cheque and for the balance Raghav Ltd. issued equity shares of `100 each at a premium of 20%.

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