(Download) CBSE Class-12 Sample Paper 2019-20 :
(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. How are the following items presented in financial statements of a Not-for- Profit organisation:-
(a) Tournament Fund- 80,000
(b) Tournament expenses-14,000
2. At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner, in absence of any agreement among partners, when (s)he opts for interest and not share of profit.
(a) 12% p.a.
(b) 8% p.a.
(c) 6% p.a.
3. State the order of payment of the following, in case of dissolution of partnership firm.
i. to each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner’ loan);
ii. to each partner proportionately what is due to him on account of capital; and
iii. for the debts of the firm to the third parties;
4. A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,000 respectively. They admitted C for 1/3rd share in the profits C brought proportionate amount of capital. The Capital brought in by C would be:
(a) ₹ 90,000
(b) ₹ 45,000
(c) ₹ 5,400
(d) ₹ 36,00
5. Amit, a partner in a partnership firm withdrew ₹ 7,000 in the beginning of each quarter. For how many months would interest on drawings be charged?
6. Ankit, Unnati and Aryan are partners sharing profits in the ratio of 5:3:2. They decided to share future profits in the ratio of 2:3:5 with effect from 1st April,2018. They had the following balance in their balance sheet, passing necessary Journal Entry: Particulars Amount(₹) Profit and loss Account (Dr) 60,500
7. A and B are partners in a firm. They admit C as a partner with 1/5th share in the profits of the firm. C brings ₹ 4,00,000 as his share of capital. Calculate the value of C’s share of Goodwill on the basis of his capital, given that the combined capital of A and B after all adjustments is ₹ 10,00,000
8. Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8:7:5. On 2 nd November 2018, Kavleen died. Kalveen’s share of profits till the date of her death was calculated at₹ 9,375. Pass the necessary journal entry.
9. A and B are partners in a firm sharing profits and losses in the ratio of 3:2.On 1st April, 2019 they decided to admit C their new ratio is decided to be equal. Pass the necessary journal entry to distribute Investment Fluctuation Reserve of₹ 60,000 at the time of C’s admission, when Investment appear in the books at₹ 2,10,000 and its market value is ₹1,90,000.
10. ‘Complete the following statement’ When a liability is discharged by a partner, at the time of dissolution, Capital Account is credited because ______________ .
11. A and B are in partnership sharing profits and losses in the ratio of 3:2. They admit C into partnership with 1/5th share which he acquires equally from A and B. Accountant has calculated new profit sharing ratio as 5:3:2. Is accountant correct?
12. Wellness Co. Ltd. has issued 20,000, 9% Debentures of ₹ 100 each at a premium of 10% on 1st April, 2018 redeemable as follows:
31st March, 2021 – 10,000 debentures
31st March, 2022 – 4,000 debentures
31st March, 2023 – balance debentures.
It transferred to Debentures Redemption Reserve the required amount as applicable rules of the Companies Act and Rules, 2014 on due date. How much amount will be transferred to General Reserve on 31st March, 2021
(a) ₹ 1,00,000
(b) ₹ 2,50,000
(c) ₹ 5,00,000
(d) ₹ 20,00,000
13. A portion of share capital that is reserved by the company and will be utilized only on the happening of winding up of the company is called __