CBSE Class 12 Accountancy Sample Paper 2017 Set D

PART A

ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES

Q1. A, B and C are the partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital balance after adjustments regarding Reserves, Accumulated profits/ losses and gain/loss on revaluation was RS. 2,50,000. C was paid  RS.3,00,000 in full settlement. Afterwards D was admitted for 1/4thshare . Calculate the amount of goodwill premium brought by D. 

Sol: Goodwill share of C=  RS. 3,00,000 -  RS. 2,50,000 =  RS. 50,000

Firm’s Goodwill=  RS. 50,000x10/2=  RS. 2,50,000

D’s share in Goodwill=  RS. 2,50,000x1/4 =  RS. 62,500

Q2. A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of A and B were  RS. 3,85,000 and  RS. 4,15,000 respectively. C brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by C. 

Sol: Combined capital of A and B =  RS. 3,85,000 +  RS. 4,15,000 =  RS. 8,00,000 C’s Share= 1/5th of total capital

Remaining share = 1-1/5=4/5 4/5 =  RS. 8,00,000

C’s capital =  RS. 8,00,000x5/4x1/5 =  RS. 2,00,000

Q3. A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is  RS. 2,50,000. (1) The total interest on partner’s drawing is  RS. 4,000. A’s salary is  RS. 4,000 per quarter and B’s salary is  RS. 40,000 per annum. Calculate the net profit/loss earned during the year.

Sol. Net Profit during the year = Divisible profits + Salary to partners – Interest on Drawings

=  RS. 2,50,000 +  RS. 16,000 +  RS. 40,000 –  RS. 4000 =  RS. 3,02,000

Q4. ABC Ltd. Purchased for cancellation its own RS. 5,000, 9% Debentures of 100 each for 95 per debenture. The brokerage charges 15,000 were incurred. Calculate the amount to be transferred to capital reserve. 

Sol. Amount paid for  RS. 5,000 Debentures=  RS. 4,75,000 +  RS. 15,000 =  RS. 4,90,000 The nominal value of debentures to be redemption/cancelled =  RS. 5,00,000 Amount of profit on redemption to be transferred to capital reserve =  RS. 5,00,000 - RS. 4,90,000= 10,000

Q5. A Ltd forfeited a share of 100 issued at a premium of 20% for non-payment of first call of 30 per share and final call of 10 per share. State the minimum price at which this share can be reissued.

Sol. Minimum price at which shares can be reissued = 100 – 60 = 40

Q6. A group of 60 persons want to form a partnership business in India. Can they do so? Give reason in support of your answer.

Sol. No, Maximum no. of partners as per The Companies Misc. Rule, 2014 is 50 persons.

Please click the link below to download CBSE Class 12 Accountancy Sample Paper 2017 Set D