CBSE Class 12 Accountancy Sample Paper 2019 Set 05

Part - A

1. When the partner capitals are fixed, where the drawings made by a partner will be recorded?

2. State the ratio in which the partners share profits or losses on revaluation of assets and liabilities, when there is a change in profit sharing ratio amongst existing partners?

3. Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his capital account.

4. Give the journal entry to distribute ‘Workmen Compensation Reserve’ of Rs. 60,000 at the time of retirement of Sajjan, when there is no claim against it. The firm has three partners Rajat, Sajjan and Kavita.

5. What is meant by securities premium?

6. What rate of interest the company pays on calls in advance if, it has not prepared its own Articles of Association?

7. What is meant by issue of debentures as a collateral security? 

8. Mona, Nisha and Priyanka are partners in a firm. They contributed Rs. 50,000 each as capital three years ago. At that time Priyanka agreed to look after the business as Mona and Nisha were busy. The profits for the past three years were Rs. 15,000, Rs. 25,000 and Rs. 50,000 respectively. While going through the books of accounts Mona noticed that the profit had been distributed in the ratio of 1:1:2. When she enquired from Priyanka about this. Priyanka answered that since she looked after the business she should get more profit. Mona disagreed and it was decided to distribute profit equally retrospectively for the past three years.

i) You are required to make necessary corrections in the books of accounts of Mona, Nisha and Priyanka by passing an adjustment entry.

ii) Identify the value which was not practiced by Priyanka while distributing profits.

9. Pass the necessary journal entries for issue of 1,000, 7% Debentures of Rs. 100 each in the following cases:

i) Issued at 5% premium redeemable at a premium of 10%

ii) Issued at discount of 5% redeemable at par. 

10. Taneja Constructions Ltd has an outstanding balance of Rs. 5,00,000, 7% Debentures of Rs. 100 each redeemable at a premium of 10%. According to the terms of redemption, the company redeemed 30% of the above debentures by converting  them into shares of Rs. 50 each at a premium of 20%. Record the entries for redemption of debentures in the books of Taneja Constructions Ltd.

11. Abhay and Beena are partners in a firm. They admit Chetan as a partner with 1/4th share in the profits of the firm. Chetan brings Rs. 2,00,000 as his share of capital. The value of the total assets of the firm is Rs.5,40,000 and outside liabilities are valued at Rs.1,00,000 on that date. Give necessary entry to record goodwill at the time of Chetan’s admission. Also show your working notes.

12. Naresh, David and Aslam are partners sharing profits in the ratio of 5 : 3 : 7. On April 1st, 2012. Naresh gave a notice to retire from the firm. David and Aslam decided to share future profits in the ratio of 2 : 3. The adjusted capital accounts of David and Aslam show a balance of Rs. 33,000 and Rs. 70,500 respectively. The total amount to be paid to Naresh is Rs. 90,500. This amount is to be paid by David and Aslam in such a way that their capital become proportionate to their new profit sharing ratio. Pass necessary journal entries for the above transactions in the books of the firm. Show your working clearly.

13. Madhav Ltd. Issued fully paid equity shares of Rs. 80 each at a discount of Rs. 5 per  share for the purchase of a running business from Gupta Bros. for a sum of Rs.15,00,000 The assets and liabilities consisted of following:

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