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CBSE Class 12 Pre Board 2019 : Accountancy - Prelim 1 (St Xavier's Sr. Sec. School, Delhi)

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Pre Board Examination 2019 Std. 12 14-01-2019 Set 1 Max. Marks : 80 Time : 3 hrs. ACCOUNTANCY Part-A (Partnership and Company Accounts) 1. 2. 3. 4. 5. P, Q and R are running a partnership firm. P is entitled to a commission of 5% of net profit. Pass the necessary journal entry/entries for recording this commission in the book if profit for the year amounted to Rs. 5,00,000. (1) Raju and Vinod decided to admit Mr. Rajan as a new partner in their firm. He is required to bring Rs. 10,000 as capital and Rs. 2,000 towards goodwill. What right can a new partner acquire by contributing towards capital and goodwill? (1) State any two occasions when reconstitution of partnership firm takes place. (OR) State any two features of partnership. (1) What is meant by Fund Based Accounting? (OR) What is meant by subscription? (1) On 1st April 2017, X Ltd. Issued Rs. 10,00,000, 12% debentures at a discount of 10% redeemable at a premium of 5%. Interest is payable half yearly on 30th June and 31st December, every year. What amount would be shown as interest accured and due in the Company s Balance Sheet as at 31st March 2018? Under which head will it be shown? (OR) What is meant by participating preference share? (1) 6. On 1st April, 2016, Kaya Ltd. was formed with an authorised capital of 4,00,000 equity shares of Rs.10 each. The company issued prospectus inviting applications for 3,80,000 equity shares. The company received applications for 3,60,000 equity shares. During first year, Rs.8 per share were called. Diksha holding 3,000 shares and Mohita holding 6,000 shares did not pay the first call of Rs.2 per share. Mohita s shares were forfeited after the first call and later on 5,000 of the forfeited shares were reissued at Rs.6 per share, Rs.8 called up. (a) Show Share Capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. (b) Also, prepare Notes to Accounts . (OR) Jain Motors Ltd. converted its 200, 8% debentures of Rs.100 each issued at a discount of 6% into equity shares of Rs.10 each issued at a premium of 25%. Discount on issue of 8% debentures has not yet been written off. Showing your working notes clearly. Pass necessary journal entries on conversion of 8% debentures into equity shares. (3) 7. Complete the following journal entries: Journal in the books of MPQ Ltd. Date Particulars Assets A/c Dr. Goodwill A/c Dr. To Liabilities A/c To PQR Ltd. (For the purchase of business of PQR Ltd.) Dr. Discount on issue of Debentures A/c Dr. To Bills Payable A/c To 6% Debentures A/c (For 10% of the purchase consideration paid through bill and for the rest issued 6% debentures of Rs.100 each at a discount of 4%) (3) Dr. (Rs.) 30,00,000 5,00,000 Cr. (Rs.) 32,00,000

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