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CBSE Class 12 Pre Board 2021 : Accountancy - with ANSWERS / MARKING SCHEME (Kendriya Vidyalaya (KV), Kanpur Cantt)

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KENDRIYA VIDYALAYA KANPUR CANTT S1 PRE BOARD EXAM 2020-21 CLASS XII ACCOUNTANCY TIME ALLOWED: 3 HOURS MAXIMUM MARKS: 80 GENERAL INSTRUCTIONS: This question paper contains Two parts A& B. Both the parts are compulsory for all. All parts of questions should be attempted at one place. Write your name, roll number, class and section at the top. After completion of Paper, make its PDF and submit on Google Classroom. Q.No. 1 2 3 4 5 6 7 8 9 PART A (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) How are the following items presented in financial statements of a Not-for-Profit organisation:(a) Prize Fund- 80,000 (b) Prize expenses- 14,000 When a new partner is admitted, he is entitled to share of (a) past profits. (b) present profits. (c) future profits. (d) reserve appearing in the balance sheet of the firm. State the order of payment of the following, in case of dissolution of partnership firm. i. to each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan); ii. to each partner proportionately what is due to him on account of capital; and iii. for the debts of the firm to the third parties; Rakesh and Ashok earned a profit of Rs.5,000. They employed capital for Rs.25,000 in the firm. It is expected that the average rate of profit is 15% of the capital. Calculate amount of goodwill if goodwill is valued at three years purchase of super profit. Goyal, a partner in a partnership firm withdrew 9,000 at the end of each quarter. For how many months would interest on drawings be charged? Gaining ratio is calculated at the time of (a) retirement of a partner only. (b) death of a partner only. (c) admission of a partner only. (d) change in profit-sharing ratio/retirement/death of a partner. The capital of A and B are Rs. 50,000 and Rs. 40,000. To Increase the Capital base of the firm to Rs. 1,50,000, they admit C to join the firm; C is required to Pay a sum of Rs. 70,000, what is the amount of premium of goodwill? A, B and C were partners in a firm sharing profit and loss in the ratio of 8:7:5. On 2ndNovember 2018, C died. C s share of profits till the date of her death was calculated at 18,750. Pass the necessary journal entry. P and Q are partners in a firm sharing profits and losses in the ratio of 3:2.On 1stApril, 2019 they decided to admit R their new ratio is decided to be equal. Pass the necessary journal entry to distribute Investment Fluctuation Reserve of 60,000 at the time of R s admission, when Investment appear in the books at 1,10,000 and its market value is 90,000. Marks 1 1 1 1 1 1 1 1 1

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