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Accountancy
PRACTICE QUESTION PAPER
ACCOUNTANCY
CLASS-XII
Time : 3 Hours  Maximum Marks : 80
PART - A
Accounting For Partnership Firm & Companies 


Q.1. Partners are not entitled to receive …………. In the absence of partnership agreement: 
A. Salaries
B. Interest on capital
C. All the above
D. None 
1
Ans. C

Q.2 A, B and C are partners. The Firm had given a loan of ₹ 30,000 to b they decided to dissolve the firm. In the event of dissolution the loan will be settled by: 
A. Transferring it to the Debit side of Revaluation Account
B. Transferring it to the credit side of Realization A/C
C. Transferring it to the Debit side of B’S capital A/C
D. B paying A and C privately 
1
Ans. C

Q.3. Forfeited Shares A/C is Finally closed by transfer of its balance to
A. Securities Premium A/C
B. General Reserve
C. Both the above
D. Capital Reserve 
1
Ans. C

Q.4. Premium on redemption of Debenture A/C is ………… 
A. Assets
B. Liability
C. Expenses
D. Revenue 
1
Ans. B

Q.5. Differentiate between Capital Reserve and Revenue Capital 

1
Q.6. Shivansh and Amit were Partners sharing Profits and losses in the ratio of 2:3. On 1st April, 2014, they decided to admit pooja for 1/5th in the profit. They had a reserve of ₹ 25,000 which they wanted to show in their new Balance Sheet. Pooja agreed and the necessary adjustment were made in the Books. On 1st November, 2014 Amit met with an accident and died. Shivansh and pooja decided to admit Amit’s Daughter Riya in their Partnership who agreed to bring 3,00,000 as Capital. Calculate Amit’s Share in the Reserve on the date of Death  1
Ans. 12,000

Q.7. Give three items which appear on the Debit side of a Partner’s Current A/c

3
Q.8. A, B and C are partners sharing Profits and Losses in the ratio of 3 : 2 : 1. After the final Accounts have been prepared, It was discovered that Interest on Drawing had not been taken into consideration. The Interest on Drawing of partners amounted to A = 250, B = 180; C = 100.Give the necessary adjusting Journal Entry  3
Ans. A = Dr-15 ; B = Cr-3.33; C = Cr-11.67

Q.9. Sonu Ltd was registered with an authorized Capital of ₹10,00,000; divided into 1,00,000 Equity Shares of ₹10 each. Since the Economy was in robust Share, The Company decided to offer to the Public for Subscription. 30,000 Equity Shares @ ₹10 each at a premium of ₹20 per share. Applications for 28,000 shares were received and Allotment was made to all the applicants. All Call were made and duly received except the Final Call of ₹2 per share on 200 Shares. Show the Share Capital in the Balance Sheet of New Sonu Ltd as per schedule VI of the Companies Act-1956. Also prepare notes to Accounts for the same.

3
Q.10. Pass the Journal Entries to record the Issue of Debentures in the following cases: 
A. 10,000; 15% Debentures of ₹100 each issued at a discount of 5% and Redeemable at a premium of 5% after 5 Years.
B. 20,000; 15% Debentures of ₹100 each issued at a premium of 10% and redeemable at par after 6 years

3
Q.11. Ramu, Mohan and Rohan were Partners Sharing Profits and Losses in the ratio of 5 : 3 : 2 On 31st March, 2014 their Balance Sheet was as Under:  4

Rohan dies on 1st August, 2014. It was agreed that:
a. Goodwill of the firm is to be valued at ₹1,75,000
b. Machinery to be valued at ₹1,40,000; patents at ₹40,000; leasehold at ₹1,50,000 on this date
c. For the purpose of calculating S’S Share in the profit of 2014-15, the profit should be taken to have accrued on the same scale as in 2013-14 which were ₹75,000

Prepare Rohan’s Capital Account and Revaluation account

Ans. Profit on revaluation - 25,000

Q.12. Y and A share Profits in the ratio 3:2. Their drawing for one year were as follows:  4

Calculate interest on drawing @12% p.a for the year ended 31st December, 2013
Ans. Interest on Drawing Y = 163; A = 157

Q.13. (a) A Firm earned profit of 8,000; 10,000, 12,000 and 16,000 during 2010, 2011,2012 and 2013 respectively. The Firm has capital investment of 50,000. A fair rate of return on investment is 15% p.a. calculate Goodwill of the firm based on three years’s purchase of average Super Profit of last 4 years [ANS-12,000] [MARK-3] 3
Ans. 1200
(b) X and Y are equal Partners in a firm. They admit Z as a partner. X agree 1/4th of his share and Y gave 1/rd of his share to Z. Calculate New Ratio  3
Ans. 9 : 8 : 7 

Q.14. (a) Journalise the following transaction in the books of A2Z Ltd:
100 shares @ ₹100 each issued at a discount of 10% were forfeited for the non-payment of allotment money of ₹50 per share. The First & Final call on these shares at ₹20 per shares were not made. The forfeited shares were reissued for ₹7000 fully paid 
3
Ans. Capital Reserve = NIL

(b) A2Z LTD issued 6,00,000; 8% debentures of ₹100 each redeemable after 3 years either by draw of lots or by purchase in the open market. At the end of three year, Finding the market Prove of debentures at ₹95 per debenture, It purchased all its Debentures for immediate cancellation. Pass necessary Journal Entries for cancellation of Debentures assuming the company has sufficient balance in Debenture Redemption Reserve.

3
Q.15. Mohan, Rohan and sonu are in partnership sharing profits and losses in the ratio of 5 : 3 : 2. They are trading in readymade Garments for sports persons. They started facing problems due to change in Fashions and therefore agreed to dissolve the firm on 31st march,2014 when their Balance sheet stood as follows:

6
Balance Sheet as at 31st March 2014

They realized as follows: Land & Building = ₹70,000; marketable securities = ₹18,000; Sundry Debtors = ₹47,000; Stock = ₹30,000; Equipment = ₹22,240
Close the Books of the Firm and Prepare necessary Ledger Accounts
Ans. Realisation A/C= 8,360; Cash = 2,17,240; Capital = Mohan =48,220; Rohan = 68,952; Sonu = 20,068

Q.16. A and B are partners in a firm sharing Profits and losses in the ratio 3:1. They admit C for 1/4th share on 31st March,2014. When their Balance Sheet was as follows:  8
Balance Sheet As At 31st  March, 2014

The following Adjustment were agreed upon:
a. C brings in ₹1,600 as goodwill and proportionate Capital
b. Bad Debts amounted to ₹300
c. Market value of investment is ₹4,50
d. Liability on account of workmen’s compensation Reserve amounted to ₹200
Prepare Revaluation account and partner’s capital accounts.
Ans. Revaluation Loss-A=75; B=25; Capital Accounts = A-3945; B-3015- C-2320

Q.17. X Ltd Invited Applications For Issuing 2,00,000 Equity Shares of ₹10 Each. The Amount Was Payable As Follows:

On Application = ₹2: on allotment = ₹5 on ist & final Call = ₹3
Applications for 4,00,000 shares were received and allotment was made as follows:
6

All the shares were allotted on pro-rata basis and excess application money was adjusted towards sum due on Allotment. Priya who belonged to category-I and to whom 600 shares were allotted failed to pay the allotment money. Her shares were forfeited immediately after Allotment Money was not received. Riya who belonged to category-III and who had applied for 250 shares failed to pay the final call. Her shares were forfeited after the final call. The forfeited shares were re-issued @ ₹9 per shares fully paid up. Pass necessary journal Entries in the books of
X Ltd.
Ans. Transfer to capital Reserve = 1,680

Q.18. Ratio provides a ……………… measures of a Company’s performance and conditions: 
a. Definitive
c. Gross
c. Relative
d. Qualitative 
1
Ans. C

Q.19. While calculating Operating Net Profit ……….. will be added to net profit
a. Refund of tax
b. Dividend Received
c. Creation of General Reserve
d. Gain on sale of Assets 
1
Ans. C

Q.20. Under which head and sub-head will you show the following items in the Balance Sheet of a Company: 
a. Unclaimed Dividend
c. Preliminary Expenses
c. Debentures
d. Goodwill

4
Q.21. Prepare a comparative Income Statement From the following Information: 4

Q.22.

Calculate from the following Data:
a. Stock Turnover Ratio
b. Debtors Turn Over ratio

4

Q.23.

From the following balance Sheet of A2Z Ltd. as on 31.3.2011 and 2012 Prepare the cash Flow Statement:

8

Notes to accounts:

Additional expenses:

a. Machinery Whose Original Costs was 50,000 was sold for 10,000 during the year. Accumulated Depreciation on this machinery was 26,000
b. Depreciation on Machinery charged during the year 20,000
c. Dividend Paid during the year @ 10% on equity share capital
Ans. OP = 1,09,000; IA = (84,000); FA = (20,000)

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