CBSE Class 12 Accountancy Sample Paper 2015 Set 08

Part – A

Accounting for partnership firms and Companies

1.Under what circumstances the fixed capital of partnership firm changes?

2.P and J are partners. They admitted B for 1/4th share. What is the ratio in which P and J will sacrifice their share in favour of B? 

3.State any two occasions on which a firm may be reconstituted. 

4.When is ‘Partner’s Executors’ Account prepared? 

5.What is the maximum amount of discount at which forfeited shares can be reissued? 

6.What is meant by ‘Minimum Subscription’? 

7.What is meant by ‘Debentures issued as collateral security’? 

8.A, B and C are partners in a firm. They had omitted interest on capital @ 10% p.a. for three years ended 31st March, 2012. Their fixed capitals on which interest was to be calculated throughout were: A - 1,00,000; B - 80,000; C - 70,000.Give the necessary adjusting entry with working notes.

9.X Ltd. had issued 10,000, 12% debentures in 2009, each 100, interest payable on 30th September and 31st March each year, till the date of redemption. It redeemed, 1,000 debentures by paying back the money on 31st March, 2012. on the same date, it also converted 2,000 debentures into 20,000 equity shares of 10 each at par.Give journal entries for recording these transactions on 31st March 2012 in the books of X Ltd. 

10.What journal entries will be made at the time of issue of debentures in the following cases:

(i)A company issued 40,000, 12% debentures at a premium of 10% redeemable at premium of 5%.

(ii)A company issued 40,000, 12% debentures at a premium of 5% redeemable at par.

(iii)A company issued 40,000, 12% debentures at par redeemable at 10% premium. 

11.Shabir and David were partners in a firm supplying school uniform. They share profits in the ratio of 4:3. Their capitals as on 1st April, 2011 were 1,00,000 and 50,000 respectively. On this date Shabir suggested David to start supplying low cost school uniforms also to the students who belong to low income group and have been admitted to the private schools of the city as per the provisions of Right to Education Act 2009. David agreed and requested to admit his friend Charu, a visually handicapped unemployed person into the firm; however Charu will not contribute any capital. Shabir agrees to it. They were in need of more capital. Shabir, therefore persuaded a rich friend of his, Rafiq, who hailed from Assam to be a partner.

(i)Rafiq contributed 7,00,000 in cash, Delivery Van of 2,75,000 and Furniture of 25,000 as capital.

(ii)The new profit sharing ratio is 3:2:1:1.

(a)Identify any four values which according to you motivated them to form the partnership firm.

(b)Calculate Sacrificing ratio and pass necessary journal entry. 

Please refer to attached file for CBSE Class 12 Accountancy Sample Paper 2015 Set H