SAMPLE QUESTION PAPER ACCOUNTANCY (055)

CLASS-XII 2016

Time allowed –Three hours

Max Marks 80

General Instructions:

1) This question paper contains two parts A and B.

2) Part A is compulsory for all.

3) Part B has two options-Financial statements Analysis and Computerized Accounting.

4) Attempt only one option of Part B.

5) All parts of a question should be attempted at one place.

 PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES Q1. A, B and C are the partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital balance  after  adjustments  regarding  Reserves,  Accumulated  profits/  losses  and  gain/loss  on revaluation was ₹2,50,000. C was paid ₹ 3,00,000 in full settlement. Afterwards D was admitted for 1/4th share . Calculate the amount of goodwill premium brought by D. Sol: Goodwill share of C= ₹ 3,00,000-₹ 2,50,000= ₹ 50,000 Firm’s Goodwill=₹ 50,000x10/2=₹ 2,50,000 D’s share in Goodwill=₹ 2,50,000x1/4=₹62,500 (1) Q2. A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of A and B were  ₹ 3,85,000 and ₹ 4,15,000 respectively.  C brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by C. Sol: Combined capital of A and B = ₹ 3,85,000+ ₹ 4,15,000=₹ 8,00,000 C’s Share= 1/5th of total capital Remaining share= 1-1/5=4/5 4/5=₹8,00,000 C’s capital=  8,00,000x5/4x1/5= ₹2,00,000 (1) Q3. A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is  2,50,000. The total interest on partner’s drawing is  4,000. A’s salary is  4,000 per quarter and B’s salary is  40,000 per annum.  Calculate the net profit/loss earned during the year. Sol. Net Profit during the year = Divisible profits + Salary to partners – Interest on Drawings = 2,50,000 + 16,000 + 40,000 – 4000 =  ₹ 3,02,000 (1) Q4. ABC Ltd. Purchased for cancellation its own 5,000, 9% Debentures of  100 each for  95 per debenture. The brokerage charges  15,000 were incurred.  Calculate the amount to be transferred to capital reserve. Sol.Amount paid for 5,000 Debentures= 4,75,000+15,000= ₹ 4,90,000 The nominal value of debentures to be redemption/cancelled=  ₹ 5,00,000 Amount of profit on redemption to be transferred to capital reserve= 5,00,000- 4,90,000= ₹10,000 (1)
 Q5. A Ltd forfeited a share of  100 issued at a premium of 20% for non-payment of first call of  30 per share and final call of  10 per share. State the minimum price at which this share can be reissued  Sol. Minimum price at which shares can be reissued =   100 – 60 = 40 (1) Q6. A group of 60 persons want to form a partnership business in India.  Can they do so?  Give reason in support of your answer. Sol. No, Maximum no. of partners as per The Companies  Misc. Rule, 2014 is 50 persons (1) Q7. Explain with an imaginary example how issue of debenture as collateral security is shown in the balance sheet of a company when it is recorded in the books of accounts. Sol. Alfa Ltd. obtained Loan of  1, 00,000 from Indian Bank and issued 1200, 10% Debentures of100 each as Collateral security.  (or any other example) Treatment:                              An extract of Balance sheet of Alfa Ltd. as  at ---------------- Notes to Accounts: (3) Note No Particulars 1 Long Term Borrowings Loan from Indian Bank 1200, 10% Debentures of  100 each issued as Collateral Security 1,20,000 Less: debenture Suspense                                                (1,20,000) 1,00,000         ------------ ₹ 1,00,000 Q8. Rekha, Sunita and Teena are partners in a firm sharing profits in the ratio of 3:2:1. Samiksha joins the firm. Rekha surrenders 1/4th of her share; Sunita surrenders 1/3rd of her share and Teena 1/5th of her share in favour of Samiksha. Find the new Profit sharing ratio. Sol. Rekha surrenders for Samiksha = ¼ *3/6 =3/24 Sunita surrenders for Samiksha = 1/3*2/6=2/18 Teena surrenders for Samiksha = 1/5*1/6=1/30 New share of Rekha = 3/6-3/24 =9/24 New share of Sunita = 2/6-2/18 =4/18 New share of Teena = 1/6-1/30 =4/30 Share of Samiksha = 3/24+2/18+1/30=97/360 New Ratio :- 9/24:4/18:4/30:97/360 135 :  80 :  48 : 97 (3)