CBSE Class-12 Compartment Exam 2019 : Question Paper-Accountancy
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 – Analysis of Financial Statements and Computerised Accounting.
(iv) Attempt only one option of Part B.
(v) All parts of a question should be attempted at one place.
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies)
1. What is meant by over subscription of shares ?
What is meant by ‘par value’ of a share ?
2. A, B and C were partners sharing profits in the ratio of 5 : 4 : 3. They decided to change their profit sharing ratio to 2 : 2 : 1 w.e.f. 1st April, 2019. On that date, there was a balance of < 3,00,000 in General Reserve and a debit balance of < 4,80,000 in the Profit and Loss Account. Pass necessary journal entries for the above on account of change in the profit sharing ratio.
3. Raj and Seema started a partnership firm on 1st July, 2018. They agreed that Seema was entitled to a commission of 10% of the net profit after charging Raj’s salary of < 2,500 per quarter and Seema’s commission. The net profit before charging Raj’s salary and Seema’s commission for the year ended 31st March, 2019 was < 2,27,500. Calculate Seema’s commission.
4. How are general donations treated while preparing financial statements of a not-for-profit organisation ?
What is meant by ‘life membership fee’ ?
5. At the time of admission of a partner, who decides the share of profit of the new partner out of the firm’s profit ?
At the time of retirement, how is the new profit sharing ratio among the remaining partners calculated ?