CBSE Class 12 Accountancy Sample Paper 2019 Set 06

1. State any two cases of dissolution of partnership firm by the order of the Court (Sec.44). 

2. what is the provision in case of retirement of a partner, if firm is unable to pay the full amount due to retiring partner? 

3. How is new partner admitted to a partnership firm? 

4. Steffi and Sarapova were partners in a firm. They decided to admit Sania as a partner in the firm and Sania Brought Rs.40,00,000 as premium for goodwill in cash for 1/3rd share in profits. Pass journal entry for distribution of premium for goodwill. 

5. what do you mean by gaining ratio? 

6. Name the items appearing on the credit side of partners capital accounts in case of fluctuation method. 

7. List the contents of a partnership deed. 

8. The net profit of a firm for the year ended 31st December, 2012 has been duly distributed between its partners A and B in their agreed ratio 3 : 2 respectively. It was discovered on 10th Jan. 2013 that the under mentioned transactions were not recorded before distribution of Profits:

(i) Interest on A’s Capital – Rs.6,000 and interest on B’s Capital – Rs.4,000.

(ii) Interest on drawings @12% p.a. and drawings of A were Rs.2,000 in each month during the year. Pass an adjustment entry to rectify the above errors. 

9. Ramesh and Suresh are two partners deviding profits in the ratio of 2:1. Prithvi is admitted to the partnership. He paid 50,000 for Capital and for goodwill he was to bring in is 15,000. He is not in a position to bring in cash for goodwill. Journalise the transaction. 

10. Brahma, Vishnu and Mahesh are sharing profits in the ration of 5:3:2. They agree to share future profits in equal proportion w.e.f April 1, 2005. you are required to determine sacrificing ratio and the gaining ratio for Brahma, Vishnu and Mahesh . 

11. *Zenny and Zuzu were partners in a firm sharing profits in 7 : 3 ratio. They admitted Sudesh (without any premium for goodwill) for 20% share into partnership who has won 1st position in the national level Laughter competition. However Gogoi brought Rs.2,00,000 as Capital. Sudesh acquired his share equally from Zenny and Zuzu. You are required to

i. * Identify one value in admitting Mr. Sudesh into partnership. 

ii. Pass journal entry for capital brought in by new partner and calculate new profit sharing ratio. 

12. *ZaheerKhan, Ajay Jadeja and Chris Cairn entered into a partnership business of sports equipments on 1st January 2012 with the capitals of Rs.5,00,000 by each. Zaheer Khan also gave a loan of Rs.4,00,000 to the firm after 3 months of starting of their firm.. Partners decided to distribute Rs.1,00,000 sports items to 10 players of the city (In which firm is carrying its business activities) for representing the state in different national level sports competitions. After considering that expense but before considering any interest on loan given by Zaheer Khan the Profits were Rs.3,55,000. Following adjustments are also to be considered :

i. Interest on capital is to be allowed @4% p.a.

ii. Interest on drawings @6%p.a. Drawings were Ajay Jadeja-Rs.60,000 and Chris Cairns-Rs.40,000

iii. Ajay Jadeja is allowed a commission of 2% on sales. Sales for the year were Rs.20,00,000.

iv. 10% of the divisible profits is to be kept in a Reserve Account. You are Required:

a.* To state the value in forming the partnership firm and the value served by the partners by taking decision of distributing the sports items among players. 

b. Show the distribution of profit after considering above adjustments. 

13. A purchased B’s business with effect from 1st January 2004. The profits calculated by B’s business for the last three years are as follows: 2001 Rs 80,000 (including an abnormal of Rs 10,000), 2002 Rs 100,000 (charging as abnormal loss of Rs 20,000) 2003 Rs 90,000 (indicating Rs 10,000 as insurance premise on firm property now to be insured Calculate the value of firm’s goodwill on the basis of two year’s purchase of the average profits of the last three years.  

Please refer to attached file for CBSE Class 12 Accountancy Sample Paper 2019 Set F