CBSE Sample Papers for Class 12 Accountancy Solved 2016 Set 12
(Accounting for Partnership Firms and Companies)
1.When application money is received, which account is credited by the company?
2.State any one difference between a revaluation account and realisation account.
3.R, S, T are partners in a firm. They do not have a partnership deed. R wants his son Z to join the business but S and T object to it. Is the claim of R valid?
4.Why is general reserve distributed among the old partners before a new partner is admitted?
5.P, Q and R are partners in a firm sharing profits in the ratio of 3:2:1. Q died, R the son of Q, is of the opinion that he is the rightful owner of his father’s share of profit, and the profits of the firm be shared between P and R equally. P does not agree. Settle the dispute between P and R according to the Indian Partnership Act.
6.Harish Ltd forfeited 40 shares of Rs 10 each (Rs 8 called up) issued to Mr Mohan on which he had paid Rs 2 per share. Pass the journal entry relating to forfeiture of shares.
7. ‘Interest on debentures has to be paid even if the company is not earning a profit’. Justify the above statement.
8. Amit and Vinod are partners in a firm sharing profits and losses egually. Amit has provided a capital of Rs 50,000 whereas, Vinod has provided Rs 10,000 only as capital. Vinod, however has provided 120,000 as a loan to the firm. There is no partnership agreement.. Vinod claims interest of Rs 1,200 but Amit does not agree to give any interest. Further Amit devotes time to the partnership business, therefore, claims salary but Vinod does not consent to pay salary.
(i)Which value has been affected by Amit not consenting to pay interest to Vinod?
(ii) Is Amit right in claiming salary for his effort?
9. Comprehensive Ltd was formed on 1st April, 2015 with an authorised capital of Rs 40,00,000 divided into equity shares of 110 each.
(i)The company issued 5,000 shares to its promoters as the remuneration of the services rendered by them at par.
(ii) Company also issued shares at 10% premium to Mr Rajesh for the purchase of assets of Rs 5,50,000 from him.
Pass the journal entries for purchase of assets and shares issued to promoters and Mr Rajesh.
Identify the value being shown by the company in issuing shares to promoters.
10. Khushi Ltd forfeited 300 shares of Rs 10 each of A, who had applied for 700 shares on account of non-payment of allotment money of Rs 5 (including premium of Rs 2) and first call of Rs 2 only, X 3 per share was received on application. These shares were re-issued as fully paid for ? 8 per share.Pass journal entries for forfeiture and re-issue of shares.
11. A, B and C are partners sharing profits and losses in the ratio of 4:3:1 respectively. B retires, selling his share of profit to A and C for Rs 8,100, Rs 3,600 being paid by A and Rs 4,500 being paid by C. The profit of the firm after B’s retirement is Rs 10,500. Distribute the above profit between A and C, showing how you arrive at the same.
12. The balance sheet of W, X and Y, who were sharing profits in the ratio of 7 : 4 : 3 respectively, as on 31st March, 2015 was as follows
X died on 30th June, 2015. The partnership deed provided for the following on the death of a partner
(i)Goodwill of the firm be valued at two years’ purchase of average profit for the last three years which were Rs 4,20,000.
(ii)X’s share of profit till the date of his death was to be calculated on the basis of sales. Sales for the year ended 31st March, 2015 amounted to Rs 27,00,000 and that from 1st April to 30th June, 2015 Rs 12,60,000. The profit for the year ended 31st March, 2015 was Rs 6,75,000.
(iii)Interest on capital was to be provided @ 8% per annum.
Prepare X’s capital account to be rendered to his executor.
13.Adi and Abhi are partners dealing in manufacturing of electric power saver machine, sharing profits and losses in the ratio of 3:2. In appreciation of the services of Siya who was in receipt of a salary of Rs 24,000 per annum and a commission of 5% of the net profit after charging such salary and commission, they took her into partnership from 1st April, 2014 giving her l/8th share of profits. The agreement provided that any excess over her former remuneration to which Siya becomes entitled will be borne by Adi and Abhi in the ratio of 2:3. The profits for the year ended 31st March, 2015 amounted to Rs 4,44,000.
Prepare the profit and loss appropriation account.
Identify the values highlighted in the above problem.
14.(i) XYZ Ltd decided to redeem its 1,250, 12% debentures of Rs 100 each. It purchased 850 debentures from the open market at Rs 96 per debenture. The remaining debentures were redeemed out of profit. The company has already made a provision for debenture redemption reserve in its books. Pass necessary journal entries in the books of the company for the above transactions.
(ii)Give the journal entries in each of the following cases
(a)A 15% debenture issued at Rs 95, repayable at Rs 105.
(b)A 14% debenture issued at Rs 105, repayable at Rs 110.
15.Y and Z who were sharing profits and losses in the ratio of 3:1 respectively, decided to dissolve the firm on 31st March, 2015.Complete the following realisation account, partners’ capital account and bank account.
16.Gandhi Ltd was registered with a capital of Rs 5,00,000 divided into 20,000 shares of Rs 25 each, payable as follows
Rs 2.50 per share on application, Rs 7.50 per share on allotment and the balance in two calls of Rs7.50 per share each. The company offered to the public for subscription 10,000 shares but applications were received for 10,500 shares.
Aryan applied for 400 shares, paid Rs 1,000 on application, but was allotted only 200 shares. Bharat applied for 800 shares, paid the full amount, Rs 20,000 of his share money on application, was allotted only 500 shares and the surplus money was returned to him.
Chaya applied for 1,000 shares paid her application and allotment money in order, paid Rs 2,000 on first call and did not pay for the second call at all.
Make journal entries to record the above transactions.
Foundation Ltd invited applications for 40,000 equity shares of Rs 50 each issued at a premium of Rs 10 per share. The amount was payable as follows
On application and allotment Rs 20 per share, balance (including premium) on first and final call.
Applications for 70,000 shares were received. Applications for 20,000 shares were rejected and pro-rata allotment was made to the remaining applicants.
First and final call was made and duly received except on 400 shares allotted to Saurabh and his shares were forfeited.Journalise the above transactions
17.Vishvesh and Yogesh are partners in a firm. They share profits and losses in the ratio of 3:2. Their balance sheet as at 31st March, 2015 was as under :
They admitted Nishant as a new partner on 1st April, 2015 on the following terms
(i)Nishant will bring in Rs 2,00,000 as capital and the necessary amount for goodwill.
(ii)The new profit sharing ratio among Vishvesh, Yogesh and Nishant will be 5 : 3 : 2.
(iii)The amount of goodwill is to be based on Nishant’s share in profits and capital contributed by him.
(iv)Stock to be depreciated by 10%.
(v)A provision for doubtful debts is to be only Rs 5,000.
(vi)Plant and machinery are to be depreciated by 5%.
Prepare the revaluation account, bank account, partners’ capital account and the balance sheet of the new firm.
Karan, Mayank and Sawant were carrying on partnership business sharing profits in the ratio of 3:2:1 respectively.
On 31st December, 2015, the balance sheet of the firm stood as follows
Mayank retired on the above mentioned date on the following terms
(i)Building to be appreciated by Rs 7,000.
(ii)Provision for doubtful debts to be made at 5% on debtors.
(iii)Goodwill of the firm is valued at Rs 18,000 and adjustment in this respect to be made in the continuing partners’ capital account without raising goodwill account.
(iv) Rs 3,000 to be paid to Mayank immediately and the balance in his capital account to be transferred to his loan account.
Prepare revaluation account, partners’ capital account and the balance sheet after Mayank’s retirement.
(Financial Statements Analysis)
18.A mutual fund company receives a dividend of Rs 7,00,000 on its investments, what type of activity is this while preparing cash flow statement?
19.Which activities result in changes in the size and composition of the owners’ capital and borrowings of the enterprise?
20.(i) Under what main heading and sub heading will you classify the following items in the balance sheet of a company as per Schedule III of Companies Act, 2013.
(a)Contingent liabilities and commitments
(b)Fixed deposits from the public
(c)Interest accrued and due on secured loans
(e)Advance recoverable in cash
(f)Forfeited shares account
(ii) State any one limitation of comparative statement.
21.The debt to equity ratio of a company is 2:1. State giving reasons, whether this ratio will increase or decrease or will have no change in each of the following cases
(i)Declaration of final dividend.
(ii)Sale of fixed asset (Book value Rs 40,000) at a loss of Rs 5,000.
(iii)Issue of bonus shares.
(iv)Redemption of debentures for cash.
22.Prepare common size statement of Profit and Loss from the following statement of profit and loss
23.From the following balance sheet of RS Ltd, prepare a cash flow statement
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