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CBSE Pre Board Class 12 2016 : Accountancy (Kendriya Vidyalaya (KV) No. 1, Salt Lake)

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SAMPLE QUESTION PAPER ACCOUNTANCY (055) CLASS-XII 2016 Time allowed Three hours Max Marks 80 General Instructions: 1) This question paper contains two parts A and B. 2) Part A is compulsory for all. 3) Part B has two options-Financial statements Analysis and Computerized Accounting. 4) Attempt only one option of Part B. 5) All parts of a question should be attempted at one place. PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES Q1. Q2. A, B and C are the partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital balance after adjustments regarding Reserves, Accumulated profits/ losses and gain/loss on revaluation was 2,50,000. C was paid 3,00,000 in full settlement. Afterwards D was admitted for 1/4th share . Calculate the amount of goodwill premium brought by D. Sol: Goodwill share of C= 3,00,000- 2,50,000= 50,000 Firm s Goodwill= 50,000x10/2= 2,50,000 D s share in Goodwill= 2,50,000x1/4= 62,500 A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of A and B were 3,85,000 and 4,15,000 respectively. C brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by C. (1) (1) Sol: Combined capital of A and B = 3,85,000+ 4,15,000= 8,00,000 C s Share= 1/5th of total capital Remaining share= 1-1/5=4/5 4/5= 8,00,000 C s capital= 8,00,000x5/4x1/5= 2,00,000 Q3. Q4. A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is 2,50,000. The total interest on partner s drawing is 4,000. A s salary is 4,000 per quarter and B s salary is 40,000 per annum. Calculate the net profit/loss earned during the year. Sol. Net Profit during the year = Divisible profits + Salary to partners Interest on Drawings = 2,50,000 + 16,000 + 40,000 4000 = 3,02,000 ABC Ltd. Purchased for cancellation its own 5,000, 9% Debentures of 100 each for 95 per debenture. The brokerage charges 15,000 were incurred. Calculate the amount to be transferred to capital reserve. Sol.Amount paid for 5,000 Debentures= 4,75,000+15,000= 4,90,000 The nominal value of debentures to be redemption/cancelled= 5,00,000 Amount of profit on redemption to be transferred to capital reserve= 5,00,000- 4,90,000= 10,000 (1) (1)

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CBSE Pre Board Class 12 2016 : Accountancy (Kendriya Vidyalaya (KV) No. 1, Salt Lake)
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