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CBSE Class 12 Pre Board 2019 : Accountancy - Prelim 2 (St Xavier's Sr. Sec. School, Delhi)

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Pre Board Examination 2019 Std. 12 14-01-2019 Set 2 ACCOUNTANCY Max. Marks : 80 Time : 3 hrs. Part-A (Partnership and Company Accounts) 1. What is meant by unlimited liability of a partner? (1) 2. A partnership deed provides for the payment of interest on capital but there was a loss instead of profit during the year 2017-18. At what rate will the interest on capital be allowed? (1) 3. Give the journal entry to distribute Workmen Compensation Reserve of Rs. 70,000 at the time of retirement of H when there is a claim of Rs. 40,000 against it. The firm has three partners R, H and A. (OR) State any two features of partnership. (1) What do you meant by Honorarium ? (OR) What is meant by subscription? (1) Differentiate between called up share capital and paid up share capital . (OR) What is meant by participating preference share? (1) 4. 5. 6. Find the amount of Subscription transferred to Income & Expenditure Account from the following items for the year ending on 31st March, 2018: i) Subscriptions in arrears on 31st March, 2017 500 ii) Subscriptions received in advance on 31st March 2017 for 2017-18 1,100 iii) Total subscriptions received during 2017-18 (including Rs. 400 for 2016-17, Rs. 1,200 for 2018-19 and Rs. 300 for 2019-20) 35,400 iv) Subscriptions outstanding for 2017-18 400 (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. Pass journal entries regarding issue of 9% debentures in the following cases: a) 200 debentures of Rs. 150 each issued at 10% premium redeemable at Rs. 200 each. b) 200 debentures of Rs. 200 each issued at 10% discount redeemable at par. (3) How will the following balances be shown in the Balance Sheet of a Charitable Sports Club? (3) 8. Cash in Bank Match Fund 12,500 75,000 Investment of Match Fund 99,000 Distribution of the Prizes to Winner of the Match 3,000 Expenses relating to Match 10,500 Donations received for March Fund 30,000 9. Salaries Interest on the Investment Of Match Fund Interest on Investment of Permanent Fund 2,500 Permanent Fund Investment of Permanent Fund 1,20,000 1,20,000 7,500 12,000 A, B and C are partners with capitals Rs. 50,000, Rs. 30,000 and Rs. 20,000 respectively. According to partnership deed, interest on capital will be allowed @6% p.a. and interest on drawings will be charged @9% p.a. Partners divide profit in the ratio of 3:2:1. C will be given Rs. 5,000 as

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