CBSE Class-12 Question Papers for IOP/Comptt Examination 2017 :
Delhi Scheme, Accountancy
CBSE Class-12 Question Papers for IOP/Comptt Examination 2017 : Accountancy, Set -1
Time allowed : 3 hours
Maximum Marks : 80
General Instructions :
(i) This question paper contains two parts A and B.
(ii) Part A is compulsory for all.
(iii) Part B has two options : Option – I Analysis of Financial Statements and Option – II Computerized Accounting.
(iv) Attempt only one option of Part B.
(v) All parts of a question should be attempted at one place.
PART – A
(Accounting for Partnership Firms and Companies)
1. Why should a new partner contribute towards goodwill on his admission ?
2. X, Y and Z were partners sharing profits and losses in the ratio of 3 : 2 : 2. Z retired and the amount due to him was ₹ 85,000. He was paid ₹ 5,000 immediately. The balance was payable in three equal annual instalments carrying interest @ 6% p.a. Pass necessary journal entry for recording the same on the date of Z’s retirement.
3. State any one occasion for the dissolution of the firm on court’s orders.
4. Change in Profit Sharing Ratio amounts to dissolution of partnership or partnership firm ? Give reason in support of your answer.
5. In which ratio do the remaining partners acquire the share of profit of the retiring partner ?
6. What is meant by ‘Employee Stock Option Plan’ ?
7. The total capital of the firm of Sakshi, Mehak and Megha is ₹ 1,00,000 and the market rate of interest is 15%. The net profits for the last 3 years were ₹ 30,000; ₹ 36,000 and ₹ 42,000. Goodwill is to be valued at 2 years purchase of the last 3 years’ super profits. Calculate the goodwill of the firm.
8. Madhur Ltd. took over the assets of ₹ 3,90,000 and Liabilities of ₹ 40,000 of Rasova Ltd. for a consideration of ₹ 4,00,000. 20% was paid by a cheque and the balance by issue of fully paid equity shares of ₹ 100 each at a premium of 60%. Show necessary journal entries for these transactions in the books of Madhur Ltd.
9. Xansa Ltd. offered 22,000 equity shares of ₹ 100 each to the public at a premium of ₹ 20 per share. The amount per share was payable as ₹ 30 on application; ₹ 50 (including premium) on allotment; and the balance on first and final call. 20,000 shares
were subscribed by the public. All calls were made. A shareholder holding 1,000 shares failed to pay the first and final call money. His shares were forfeited. Show ‘Share Capital’ in the Balance Sheet of Xansa Ltd. Also, prepare ‘Notes to Accounts’.
10. Anuj, Manoj and Disha were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 1st April, 2016, the capitals of the partners were : ₹ 3,00,000; ₹ 2,00,000 and ₹ 1,00,000 respectively. The firm closes its books on 31st March every year. Disha died on 1st July, 2016.
(a) On Disha’s death the goodwill of the firm was valued at ₹ 30,000.
(b) Disha’s share of profit till the date of her death was calculated at ₹ 12,000.
Pass necessary journal entries in the books of the firm for the above on Disha’s Death.
11. Tvisha and Divya were partners in a firm carrying on a tiffin service in Hyderabad. Divya noticed that a lot of food is left at the end of the day. To avoid wastage, she suggested that the same may be distributed among the needy. Tvisha wanted it to be mixed with the food to be served the next day. Tvisha then gave a proposal that if her share in the profit is increased, she will not mind free distribution of left over food. Divya happily agreed. So, they decided to change their profit sharing ratio to 3 : 2 with immediate effect. On the date of change in the profit-sharing ratio, the goodwill of the firm was valued at ` 50,000.
(a) Pass the necessary adjustment entry for the treatment of goodwill.
(b) State any two values highlighted in the behavior of Tvisha and Divya.
12. Prayuj Ltd. forfeited 2,000 shares of ₹ 10 each, fully called up, on which they had received only ₹ 14,000. 50 of the forfeited shares were reissued for ₹ 9 per share fully paid up.
Pass necessary journal entries for forfeiture and re-issue of shares. Also prepare share forfeited account
13. (a) Journalise the following transaction at the time of issue of 12% debentures ; Nandan Ltd. issued ₹ 90,000, 12% debentures of ₹ 100 each at a discount of 5% redeemable at 110%. (b) Journalise the following transactions on redemption of debentures :
(i) Kipter Ltd. redeemed ₹ 1,90,000, 14% debentures of ₹ 100 each issued at par by converting them into equity shares of ₹ 10 each issued at a premium of 25%.
(ii) Rabtec Ltd. purchased its own 3,000, 12% Debentures of ₹ 100 each at ₹ 96 per debenture for immediate cancellation. Ignore entries for Debenture Redemption Reserve, Debenture Redemption Investments and Interest.
14. Give the necessary journal entries for the following transactions on dissolution of the firm of Aman and Rajat on 31st March, 2016, after the transfer of various assets (other than cash) and the third party liabilities to Realisation Account. They shared profits and losses in the ratio of 2 : 1.
(a) There was a bill of exchange of ₹ 10,000 under discount. The bill was received from Derek who became insolvent.
(b) Bills payable of ₹ 30,000 falling due on 30th April, 2016 were discharged at ₹ 29,550.
(c) Creditors of ₹ 30,000 took over stock of ₹ 10,000 at 10% discount and the balance was paid to them in cash.
(d) There was an old typewriter which had been written off completely. It was estimated to realize ₹ 600. It was taken away by Rajat at 25% less than the estimated price.
(e) Aman agreed to take over the responsibility of completing dissolution at an agreed remuneration of ₹ 1,000 and to bear all realization expenses. Actual realisation expenses ₹ 800 were paid by the firm.
(f) Loss on realization was ₹ 54,000.