CBSE Class 12 Accountancy Sample Paper 2018 Set 06

1. Any change in the relationship of existing partners which results in an end of the existing agreement and enforces making of a new agreement is called
(a) Revaluation of partnership.
(b) Reconstitution of partnership.
(c) Realization of partnership.
(d) None of the above. (1)

2. Karan, Nakul and Asha were partners in a firm sharing profits and losses in the ratio 3:2:1. At the time of admission of a partner, the goodwill of the firm was valued at Rs 2,00,000. The accountant of the firm passed the entry in the books of accounts and thereafter showed goodwill at Rs 2,00,000 as an asset in the Balance Sheet. Was he correct in doing so? Why? 

3. Anu, Bina and Charan are partners. The firm had given a loan of Rs 20,000 to Bina. They decided to dissolve the firm. In the event of dissolution, the loan will be settled by:
(a) Transferring it to debit side of Realization account.
(b) Transferring it to credit side of Realization account.
(c) Transferring it to debit side of Bina’s capital account.
(d) Bina paying Anu and Charan privately. (1)

4. Differentiate between ‘Capital Reserve’ and ‘Reserve Capital’. 

5. Metacaf Ltd. issued 50,000 shares of Rs 100 each payable Rs 20 on application (on 1st May 2012); Rs 30 on allotment (on 1st January 2013); Rs 20 on first call (on 1st July 2013) and the balance on final call (on 1st February 2014). Shankar, a shareholder holding 5,000 shares did not pay the first call on the due date. The second call was made and Shankar paid the first call amount along with the second call. All sums due were received.
Total amount received on 1st February was:
(a) Rs 15,00,000
(b) Rs 16,00,000
(c) Rs 10,00,000
(d) Rs 11,00,000