CBSE Class-12 Question Papers for IOP/Comptt Examination 2017
All India Scheme, (Accountancy)
CBSE Class-12 Question Papers for IOP/Cmptt Examination : Accountancy (Set-1)
Time allowed : 3 hours
Maximum Marks : 80
PART – A
(Accounting for Partnership Firms and Companies)
1. What is meant by ‘Hidden Goodwill’ ?
2. Akash, Naveen and Zaid are partners sharing profits in the ratio of 3:2:2. Zaid died on 1st September, 2016. The total amount owed by the firm to his executors was ₹ 60,000. The firm decided to pay him in three equal annual instalments carrying interest @6% p.a. beginning with 1st September, 2017. Pass the journal entry for recording the above transaction on the date of Zaid’s death.
3. Differentiate between dissolution of partnership and dissolution of a partnership firm on the basis of ‘continuity of business’.
4. Does the change in profit sharing ratio result into dissolution of the partnership firm ? Give reason in support of your answer.
5. State the ratio in which the partners share the gain or loss on revaluation of assets and liabilities.
6. What is meant by ‘Private Placement of Shares’ ?
7. The total capital of the firm of Saurabh, Mohit and Nikhil was ₹ 1,00,000. The net profits for the last 3 years were : 2013-14 ₹ 40,000; 2014-15 ₹ 46,000 and 2015-16 ₹ 52,000. There was an abnormal loss of ₹ 3,000 in 2014-15. Goodwill of the
firm was to be valued at 2 years purchase of the average profits of last three years. Calculate the goodwill of the firm.
8. Sico Ltd. took over the assets of ` 4,80,000 and liabilities of ₹ 80,000 of Mittal Ltd. for a consideration of ₹ 3,20,000. ₹ 20,000 were paid by an acceptance in favour of Mittal Ltd. payable after 3 months and the balance by issue of fully paid up 8% Preference Shares of ₹ 100 each at a premium of 50%. Pass the necessary journal entries for the above transactions in the books of Sico Ltd.
9. Kansa Ltd. offered 32,000 equity shares of ₹ 100 each to the public at a premium of ₹ 20 per share. The amount was payable as : ₹ 20 on application; ₹ 40 (including premium) on allotment; and the balance on first and final call. 30,000 shares were
subscribed by the public. All the money was duly received except from a shareholder holding 4,000 shares who failed to pay the first and final call money. His shares were forfeited. Show ‘Share Capital’ in the Balance Sheet of Kansa Ltd. Also prepare ‘Notes to Accounts’.
10. Farhan, Hina and Dolly are partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 1st April, 2016 the capitals of the partners were : ₹ 5,00,000; ₹ 3,00,000 and ₹ 2,00,000 respectively. The firm closes its books on 31st March every year. Dolly died on 5th April, 2016. On that date :
(a) Goodwill of the firm was valued at ₹ 30,000; and
(b) Dolly’s share of profit till the date of her death was calculated as ₹ 200. Prepare Dolly’s Capital A/c to be rendered to her executors.
11. Bhavya and Naman were partners in a firm carrying on a tiffin service in Hyderabad. Bhavya noticed that a lot of food is left at the end of the day. To avoid wastage she suggested that it be distributed to the needy; Naman wanted that it should be mixed with the food being served the next day. Naman then gave a proposal that if his share in the profit is increased, he will not mind free distribution of left over food. Bhavya happily agreed. So, they decided to change their profit sharing ratio to 1 : 2 with immediate effect. On that date revaluation of assets and reassessment of liabilities was carried out that resulted into a gain of ₹ 18,000. On that date the goodwill of the firm was valued at ₹ 1,20,000.
(a) Pass necessary journal entries for the above in the books of the firm.
(b) State any two values highlighted in the above para.
12. Cemto Ltd. forfeited 6,000 shares of ₹ 10 each issued at a premium of ₹2 per share for the non-payment of final call of ₹ 3 per share. 300 of the forfeited shares were reissued for ₹ 8 per share as fully paid up. Pass necessary journal entries for the forfeiture and re-issue of shares. Also prepare share forfeited account.