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CBSE XII Pre Boards 2015 : ACCOUNTANCY with Answers (KV Chennai)

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KENDRIYA VIDYALAYA SANGATHAN, CHENNAI REGION CLASS XII-COMMON PRE BOARD EXAMINATION-2014-2015 SUBJECT:ACCOUNTANCY TIME ALLOTTED: 3 HOURS MAX.MARKS:80 General Instructions: I. This question paper contains two parts A and B ii. All parts of questions should be attempted at one place. iii. Marks are indicated against each question. PART-A (PARTNERSHIP AND COMPANY ACCOUNTS) G D P C A (1) 2. State the formula for valuation of Goodwill on the basis of Capitalization of Average Profits (1) 3. How do you treat the Goodwill appearing in Balance sheet when a partner retires from the firm? (1) H Partnership firm? B S e time of Dissolution of (1) 5. Distinguish between Capital Reserve and Reserve Capital. (1) 6. What do you mean by Participating Preference shares? (1) 7. X Ltd. issued 50,000, 10% Debentures of Rs.100/- each on 1st April 2013 redeemable at par on 30th June 2014. How much amount of Debenture redemption reserve is to be created before the redemption is carried out as per SEBI guidelines? (1) 8. Bat and Ball are partners sharing the profits in the ratio of 2:3 with capitals of Rs.1,20,000 and Rs.60,000 respectively. On 1st October 2013, Bat and Ball granted loans of Rs.2,40,000 and Rs.1,20,000 respectively to the firm. The losses for the year ended 31st March, 2014 before any interest amounted to Rs.9,000. Show the distribution of profit or Loss. (3) 9. Pass Journal entries to record the following issues. (a) E Ltd. issues Rs.60,00,000, 12% Debentures of Rs.100 each at a discount of 5% repayable at a premium of 10% at the end of 5 years. (b) F Ltd. issues Rs.7,00,000, 12% Debentures of Rs.100 each at premium of 5% redeemable at 110% at the end of 10 years. (3) 10. India textiles corporation Ltd. has outstanding Rs.50,00,000, 9% Debentures divided into debenture of Rs.100 each due for redemption on 31st March, 2012. Pass Journal entries regarding redemption assuming that there is a balance of Rs.3,00,000 in Debenture Redemption Reserve on the date of redemption. (3) 11. State the purposes for which Securities Premium Reserve can be utilized? 1 (4)

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