Guess Paper – 2012

Class – XII

Time: 3 hrs. Total Marks: 80

General Instructions;-

• Marks are indicated against each question.
• Use of calculator is not permitted.
• Please Check that this Question paper contains 4 Printed Pages and 23 Questions.
• Write down the serial number of the question before attempting it.

Part A:  Accounting For Non-Profit Organizations, Partnership Firms and Companies

Question 1. In what proportion is the goodwill, brought in by new partner, credited to old partners? Why?

Question 2. ‘The income and expenditure account is summarized cash book.’ Explain the statement.

Question 3. A and B are partners in a firm without any partnership deed. A wants the profits to be shared in the capital ratio but B wants to share the profits in the ratio 2:1. How will you solve the dispute between them?

Question 4. Shree and Jaya are partners without partnership deed. Anu is admitted for 1/4th share. What is the ratio in which Shree and Jaya will sacrifice their share in favour of Anu?

Question 5. What do you mean by forfeiture of shares?

Question 6. Distinguish between a share and a debenture.

Question 7. Priya Ltd. purchased 2,000, 7.5% own debentures of Rs.100 each at Rs.97 each for immediate cancellation. Pass necessary journal entries.

Question 8. A, B and C are partners sharing profits in the ratio 5:3:2. The firm closes its books every year on 31st March. On 31st January, 2011 A died. On A’s death goodwill of the firm is valued at Rs. 40,000. A’s share of profit for the year of death was to be calculated on the basis of last year’s profit which was Rs. 29,000. B and C have decided to share profits equally in future. Pass necessary journal entries.

Question 9. ABG Ltd. took over the assets of Rs.60,000 and liabilities of Rs.5,000 of GG Ltd. for purchase consideration of Rs.57,000 payable Rs.12,000 in cash and balance by issue of equity of shares of Rs.10 each at 10% discount. Pass Journal entries in the books of ABG Ltd.