CBSE Class 12 Accountancy Sample Paper 2015 Set D

PART A – ACCOUNTANCY FOR PARTNERSHIP

1. What is the minimum amount of the discount at which forfeited shares can be re-issued? 

2. What is the procedure of treatment of losses in case of dissolution of the firm under section 48? 

3. Name the method of redemption of debenture which does not involve outflow of cash. 

4. A and B are partners. C is admitted for ¼ share. What is the ratio in which A and B will sacrifice their share in favour of C? 

5. How the Debenture Redemption Reserve Account is closed? 

6. If equal amount is drawn at the end of each quarter, for what period the interest or total drawings will be calculated? 

7. If a retiring partner is not paid immediately on retirement, how should his account be shown in subsequent balance sheet? 

8. Pass journal entries for the following transactions in the books of Jai Hind Ltd. 

a) Redeemed 800, 12% Debentures of Rs 100 each by converting them in shares of Rs 100 each issued at 25% premium.

b) Company had a balance of 6,00,000, 12% debentures. Out of these 25% debentures were redeemed by draw of lots at a premium of 25%.

9. Ravi and Kishan were partners in a firm sharing profits in the ratio of 5:3 their fixed capitals on 1.4.2010 were Ravi Rs. 60,000 and Kishan Rs. 80,000 they agreed to allow interest on Capital @12% per annum and to charge on drawing @15% per annum. The profit of the firm for the year ended 31.3.2011 before all the above adjustments were Rs. 12,600. The drawing made by Ravi were Rs. 2,000 and by Kishan Rs. 4,000 during the year. Prepare Profit and Loss appropriation Account of Ravi and Kishan. Show your calculations clearly. The Interest on Capital will be allowed even if the firm incurs losses. (3)

10. Lara Ltd. Issued 2,000, 9% Debentures of Rs. 100 each, payable as follows: 

On Application Rs. 20

On Allotment Rs. 20

On First Call Rs. 30

On Final Call Rs. 30

The public applied for 2,400 debentures. Applications for 1,800 debentures were accepted in full.Applications for 400 debentures were allotted 200 debentures and applications for 200 debentures were rejected. Pass the necessary journal entries.

11. Javed and Salim were partners in a jewellery business in the ratio of 4:3. But due to lack of creative designing in the Jewellery they were not earning the profits according to their investments. Nikhil suggested to take Om as a partner as he has done the latest jewellery designing course and was good in designing. But they were afraid that due to not having sufficient profit Om will not join their business

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