CBSE Class 12 Accountancy Sample Paper 2010 Set G

Part – A

Partnership, Share Capital and Debentures

1. List two items that may appear on the credit side of a Partner’s Fixed Capital Account. 

2. Give two circumstances in which sacrificing ratio may applied. 

3. What is meant by Private Placement of Shares?

4. What is meant by issue of shares for consideration other than cash? 

5. What is meant by issue of Debentures as Purchase Consideration? 

6. X, Y and Z are partners in a firm having fixed capitals of Rs.40,000; Rs.20,000 and Rs.25,000 respectively sharing profits as 7 : 6 : 4. The rate of interest on capital was agreed at 10% p.a., but was wrongly credited to them as 12% p.a. Give necessary adjustment entry. 

7. Bharti Limited issued 10,000, 15% Debentures of Rs.100 each at par, redeemable after 10 years. The debenture holders are given an option that they may get their debentures redeemed anytime after 4 years @ Rs.110 per debenture. A debenture holder holding 300 debentures exercised his option. Pass necessary journal entries to record the issue and redemption of debentures.

8. Pass necessary Journal entries for the issue of 11% Debentures in the following cases: 

(a) 200 Debentures of Rs.150 each issued at 10% premium redeemable at Rs.200 each.

(b) 200 Debentures of Rs.200 each issued at a discount of 10% redeemable at par.

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