CBSE Class 12 Accountancy Question Paper 2007 (3)

CBSE Class 12 Accountancy Question Paper 2007 (3). Students can download the last year question papers using the link below. Free download of examination question papers with solutions.Last 10 year question papers should be practised to get better marks in examinations.

PART-A

1.List any four essential features of partnership.

2. Give the meaning of ‘Reserve Capital’.

3. What is meant by ‘Preferential Allotment of Shares’ ?

4. Define a ‘Debenture’.

5. A, B and C were partners in a firm sharing profits in 2 : 3 : 5 ratio. A was guaranteed a minimum profit of Rs. 1,00,000. Any deficiency on this account was to be borne by C.The net profit of the firm for the year ended 31.3.2006 was Rs. 4,50,000. Prepare Profit and Loss Appropriation Account of A, B and C for the year ended 31.3.2006.

6. A Ltd. issued 10,000 7% debentures of Rs. 100 each. Pass the necessary journal entries for issue of debentures in the following cases : 

(a) When debentures are issued at par and are redeemable at 5% premium.

(b) When debentures are issued at 5% premium and are redeemable at par.

(c) When debentures are issued at 5% premium and are redeemable at 5% premium.

7. X, Y and Z are partners in a firm sharing profits in the ratio of 4 : 3 : 3. They admitted P as a new partner. X, Y and Z each surrendered l/3rd of his share in favour of P.

Calculate the new profit sharing ratio of X, Y, Z and P.

8. P, Q and R were partners in a firm sharing profits in 7 : 8 : 5 ratio. Their firm was dissolved on 28.2.2007. After transfer of assets (other than cash) and outsider’s liabilities to ‘Realisation Account’, the following transactions took place :

(i) Debtors with Rs. 9,000 paid Rs. 8,900 in full settlement of their claim.

(ii) Creditors Rs. 6,000 were paid Rs. 5,500 in full settlement of their claim.

(iii) Expenses of realisation Rs. 900 were paid by P.

(iv) Loss on realisation was Rs. 15,000.

Pass necessary journal entries for the above transactions in the books of P, Q and R.

9. Dhyey Ltd. redeemed Rs. 30,00,000, 8% debentures issued at a premium of 5% as follows. Rs. 12,00,000, 8% debentures were converted into equity shares of Rs. 100 each issued at a premium of Rs. 25 per share and the balance by converting them into 8% preference shares of Rs. 100 each issued at a discount of Rs. 10 per share.

Pass necessary journal entries in the books of the company. Show your workings clearly.

Please click the link below to download pdf file of CBSE Class 12 Accountancy Question Paper 2007 (3).