(Accountancy) CBSE Class 12th Accountancy Exam Paper, 2004 (Delhi: Set - 3)
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Paper : CBSE Class 12th Accountancy Exam Paper, 2004 (Delhi: Set - 3)
General Instructions:
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This question paper contains three parts A, B and C
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Part-A is compulsory for all candidates.
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Candidates can attempt only one part of the remaining parts B and C.
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All parts of the questions should be attempted at one place.
PART – A : ACCOUNTING
Q. 1. What Is a ‘Joint Life Policy’? 2
Q. 2. State the purposes for which balance to the credit of Securities Premium Account can be used. 2
Q. 4. State the meaning of ‘Partly’ and ‘Fully’ Convertible Debentures. 2
Q. 5. The partners of a firm distributed
the profits-for the year ended 31st March, 2003, Rs. 75,000 In the ratio of 3 :
2 : 1 without providing for the following adjustments:
(i) A & B were entitled to a salary of Rs. 3,000 each per annum.
(ii) B was entitled to a commission of Rs. 5,000.
(iii) B & C had guaranteed a minimum profit of Rs. 30,000 p.a. to A.
(iv) Profits were to be shared in the ratio of 3 : 3 : 2.
Pass necessary journal entry for the above adjustments in the books of the firm.
3
Q. 7. (a) J & K are partners in a firm
sharing profits in the ratio of 2 : 3. L joins the firm. J surrenders 1/5th of
his share and K, 1/3rd of his share to L Find the new profit sharing ratio.
(b) F, Q & Rare equal partners in a firm. Goodwill has been valued at Rs.
36,000; On R’s retirement from the firm P and Q agree to share profits in the
ratio of 3 : 2.
Pass necessary journal entry for treatment of R’s share of Goodwill. 2+2=4
Q. 8. A &B were partners in a firm from 1-4-2001 with capitals of Rs. 60,000 and Rs. 40,000 respectively. They shared profits and losses in the ratio of 3 : 2. They carried on business for 2 years. In the first year they made a profit of Rs. 60,000 and in the 2 year ending 31st March 2003, they incurred a loss of Rs. 40,000. As the business was no longer profitable they decided to wind up. Creditors on that date were Rs. 20,000. The partners withdrew Rs. 7,000 each per year for their personal expenses. The assets realised Rs. 1,00,000. The expenses on realisation was Rs. 3,000. Prepare Realization Account and show your workings clearly. 4
Q. 10. P Ltd. issued 4,500 12% Debentures
of Rs. l00 each at a discount of 6% to be redeemed as follows:
1st year: NIL; 2nd year: NIL; 3rd year: Rs. 3,00,000; 4th year: Rs. 1,50,000.
Show the Discount on Issue of Debentures Account for the period of 4 years. 4
Q. 18. List any three objectives of analysing the financial statements. 3
Q. 19. Rs. 1,50,000 is the cost of goods sold, Inventory turnover 8 times; Stock at the beginning is 1.5 times more than the stock at the end. Calculate the values of Opening & Closing Stocks. 3