CBSE Guess Paper 2011 | Class- XII Accountancy

CBSE Guess Paper: 2011
Class- XII
(Accountancy)

SET - 1

PART A
(PARTNERSHIP & COMPANY ACCOUNTS)

Q1. What is the nature of Receipts & Payments Account? (1 Mark)

Q2. A and B are partners sharing profits in the ratio of 2:1. C is admitted for 1/4th share. Calculate new and sacrificing ratio. (1 Mark)

Q3. Name the two items that would appear in credit side of Partner’s Capital account when capitals are fixed. (1 Mark)

Q4. How is provision for doubtful debt treated at the time of dissolution of firm? (1 Mark)

Q5. State any two purposes for which Securities Premium A/c can be utilized. (1 Mark)

Q6. How will you deal with the Donation while preparing the final accounts for the year ending on 31/3/08 in each of the following cases: (3 Mark)

(a) During the year 2007-08, donation received Rs.50,000 and it is treated as capital item as per the policy of the club.

(b) During the year 2007-08, donation received Rs.50,000 and 60% of the donation is to be capitalized as per the policy of the club.

Q7. 500 shares of Rs.100 each issued at a discount of 10% were forfeited for non-payment of allotment money of Rs.50 per share. The first and final call of Rs.10 per share on these shares was not made. The forfeited shares were reissued at Rs.80 per share fully paid up. Journalise.(3 Mark)

Q8. A company redeemed its Rs.2,00,000 debentures at 10% premium out of profits. The company has sufficient profits for the purpose. Pass necessary journal entries.(3 Mark)

Q9. A, B and C are partners sharing profits and losses in the ratio 5:3:2. Their capital on 1/1/09 were Rs.1,00,000, Rs.80,000 and Rs.60,000 respectively. They withdrew Rs.500 each on first day of every month. According to their partnership agreement they are allowed interest on capital @ 5% and charged interest on drawings @ 6% per year. The profits for the year 2009 as per Profit and Loss A/c amounted to Rs.1,50,000 out of which Rs.10,000 were transferred to General Reserve. A and B were entitled to a salary of Rs.2,500 and Rs.2,000 per year and C is entitled to a commission of 5% on net divisible profit after charging such commission. Prepare Profit and Loss Appropriation A/c and show your workings clearly. (4 Mark)

Q10. P, Q and R were 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 1/4/2009. They decided to record the effect of the following without affecting the book value of Profit & Loss A/c (Cr.) Rs.24,000 and Advertisement Suspense A/c Rs.12,000. Pass the necessary adjusting entry. (4 Mark)

Q11. XYZ Ltd. purchased sundry assets worth Rs.3,81,000 and assumed liabilities of Rs.81,000 from ABC Ltd. The purchase consideration was agreed at Rs.2,80,000. The amount was to be paid by 8%debentures of Rs.100 each at a premium of 25%. Give necessary journal entries. (4 Mark)

Q12. X Ltd. Issued 2,00,000 shares of Rs.10 each payable as Rs.2.50 on application (on 1/1/09), Rs.2.50.on allotment ( on 1/4/09), Rs.3 on first call ( on 1/7/09) and Rs.2 on second & final call (on 1/10/03). All the shares were subscribed and all the sums were duly received. Amit, a shareholder, who had 1,000 shares paid the amount of first and second calls with the allotment.Whereas Sumit, another shareholder, paid the amount of first call with the second call. Company adopted Table A for interest on calls in arrears and calls in advance. Pass necessary journal entries. (6 Mark)

Q13. From the following Receipts & Payments A/c of a club and adjustments prepare Income & Expenditure A/c and Balance Sheet as on 31/12/09: (6 Mark)

Receipts	Rs.	Assets	Rs.
To balance b/d	1,90,000	By salaries	3,30,000
To Subscriptions	6,60,000	By sports equipment	4,00,000
To interest on investments @8%p.a. for full year	40,000	By balance c/d	1,60,000
	8,90,000		8,90,000

Additional information:

The club had received Rs.20,000 for subscription in 2008 for the year 2009.
Salaries had been paid for 11 months only.
Stock of sport equipment on 31/12/08 was Rs.3,00,000 and on 31/12/09 Rs.6,50,000.