CBSE Class 12 Accountancy Sample Paper 2014 Set F

Part – A

Partnership, Share Capital and Debentures

1. The partnership deed is silent on payment of salary to partners. Amita, a partner, claimed that since she managed the business, she should get a monthly salary of Rs. 10,000. Is she entitled for the salary ? Give reason

2. Under what circumstance will the premium for goodwill paid by the incoming partner not be recorded in the books of accounts ?

3. Name the asset that is not transferred to the debit side of Realisation account, but brings

certain amount of cash against its disposal at the time of dissolution of the firm.

4. What is meant by private placement of shares ?

5. P, Q and R were partners in a firm sharing profits in the ratio of 5 : 4 : 3 respectively. Their capitals were Rs.50,000, Rs.40,000 and Rs. 30,000 respectively. State the ratio in which the goodwill of the firm, amounting to Rs. 6,00,000, will be adjusted in the capital accounts of the remaining partners on the retirement of Q.

6. At what rate interest on calls-in-advance is paid by the company according to Table A of Companies Act, 1956 ?

7. What is meant by Debenture?

8. A business earned average profits of Rs. 6,00,000 during the last few years.The normal rate of profits in the similar type of business is 10%. The total value of assets and liabilities of the business were Rs. 22,00,000 and Rs.5,60,000 respectively. Calculate the value of goodwill of the firm by super profit method if the goodwill is valued at 2 ½ years purchase of super profits.

9. Sargam Ltd. issued 1,00,000, 6% debentures of Rs. 10 each at a premium Rs. 2 per debenture on 1st April, 2012. The issue was fully subscribed. Interest will be paid at the end of each financial year. Pass necessary journal entries for the year 2012 – 13.

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