Guess Paper – 2009-10
Class – XII
Subject – Accountancy

Time : 3 hrs M.M. : 80

General Instructions :

1.All questions are compulsory.
2.Give working wherever necessary.
3.All parts of the same question are to be attempted at one place.
4.Marks are indicated against each question.

Part A – Partnership and Company

Q.1 Define Sacrificing Ratio.
Q.2 How is ‘Specific Donation’ dealt in case of not for profit organization?
Q.3 How is share of profit of a deceased partner calculated on the basis of last year’s profit?
Q.4 C, D and E are partners. ‘C’ withdrawn Rs 1,20,000 during the year. Calculate Interest on Drawing @ 12% p.a.
Q.5 What is Reserve Capital?

Q.6 Shiv Traders purchased machinery costing Rs 3,70,000 from Parvati Traders. In consideration they accepted a Bill Payable for Rs 40,000 for three months and for remaining amount they issued fully paid equity shares of Rs 100 each at a premium of 10%.
Pass Journal entries in the books of Shiv Traders.

Q.7 State any three ways in which the securities Premium amount can be utilized

Q.8 Rita, Sita and Gita are partners in a firm sharing profits and losses in the ratio of 2:1:2. Their capitals were fixed at Rs 3,00,000, Rs 1,00,000 and Rs 2,00,000 respectively. For the year 2007 interest on capital was credited to them @ 9 % p.a. instead od 10% p.a. The profits for the year before charging interest was Rs 2,50,000.  Give the necessary adjustment entry.

Q.9 A,B and C are partners in a firm sharing profits in the ratio of 3:2:1. With effect from 1.1.2007 they agreed to share profits equally. For this purpose, the goodwill of the firm was valued at Rs 84,000. Pass the necessary journal entry for the treatment of goodwill. .. [..]

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