(Download) CBSE Class-12 Sample Paper (Accountancy) 2015
Part A : Accounting for Partnership Firms and Companies 60 Marks 150 Periods
Unit 1: Accounting for Partnership Firms
Partnership: features, Partnership deed.
Provisions of the Indian Partnership Act 1932 in the absence of partnership deed.
Fixed v/s fluctuating capital accounts. Preparation of Profit & Loss Appropriation account- division of Profit among partners, guarantee of profits.
Past adjustments (relating to interest on capital, interest on drawing, salary and profit sharing ratio).
Goodwill: nature, factors affecting and methods of valuation - average profit, super profit and capitalization.
Scope : Interest on partner’s loan is to be treated as a charge against profits.
Accounting for Partnership firms - Reconstitution and Dissolution.
Change in the Profit Sharing Ratio among the existing partners - sacrificing ratio, gaining ratio. Accounting for revaluation of assets and re-assessment of liabilities and treatment of reserves and Accumulated profits.
Admission of a partner - effect of admission of a partner on change in the profit sharing ratio, treatment of goodwill (as per AS 26), treatment for revaluation of assets and re - assessment of liabilities, treatment of reserves and accumulated profits, adjustment of capital accounts and preparation of balance sheet.
Retirement and death of a partner: Effect of retirement /death of a partner on change in profit sharing Ratio, treatment of goodwill (as per AS 26), treatment for revaluation of assets and re - assessment of Liabilities, adjustment of accumulated profits and reserves, adjustment of capital accounts and preparation of balance sheet. Preparation of loan account of the retiring partner.
– Calculation of deceased partner's share of profit till the date of death. Preparation of deceased Partner’s capital account, executor's account and preparation of balance sheet.Dissolution of a partnership firm: types of dissolution of a firm. Settlement of accounts - preparation of
Realization account, and other related accounts: Capital accounts of partners and Cash/Bank A/c (Excluding piecemeal distribution, sale to a company and insolvency of partner(s)).
Note:
(i) If value of asset is not given, its realized value should be taken as nil.
(ii) In case, the realization expenses are borne by a partner, clear indication
should be given regarding the payment thereof.