CBSE Half Yearly Sample Paper 2020 Accountancy for class 12
Class- XII (Commerce)
Subject: Accountancy
Time: 3 Hrs. Maximum Marks: 80
Attempt all questions:
- Do all firms of business organisations prepare the P/L Appropriation A/c, give reason? 2
- In the absence of any provision in the partnership deed, at what rate is a working partner entitled for remuneration? 2
- What share of profits would a “Sleeping Partner”, who has contributed 75% of the total capital,get in the absence of partnership deed? 2
- A and B are partners with capitals of Rs.90,000 and Rs.1,00,000 respectively. They decide to admit C into the partnership for 1/4th share in the future profits. C is to bring in a sum of Rs.80,000 as his capital. Calculate the amount of goodwill. 6
- Briefly explain the Super Profit Method of valuation of goodwill. 6
- Saloni and Shrishti were partners in a firm sharing profits in the ratio of 7 : 3. Their capitals were Rs 2,00,000 and Rs 1,50,000 respectively. They admitted Aditi on 1st April, 2013 as a new partner for 1/6th share in future profits. Aditi brought Rs 1,00,000 as her capital. Calculate the value of goodwill of the firm and record necessary journal entries for the above transaction on Aditi’s admission. 6
- Satnam and Qureshi after doing their MBA decided to start a partnership firm to manufacture ISI marked electronic goods for economically weaker section of the society. Satnam also expressed his willingness to admit Juliee as partner without capital who is specially abled but a very creative and intelligent friend of him. Qureshi agreed to this. They formed a partnership on 1st April 2012 on the following terms :
(i) Satnam will contribute Rs 4,00,000 and Qureshi will contribute Rs 2,00,000 as capitals.
(ii) Satnam, Qureshi and Juliee will share profits in the ratio of 2 : 2 : 1.
(iii) Interest on capital will be allowed @ 6% p.a.
Due to shortage of capital Satnam contributed Rs 50,000 on 30th September, 2012 and Qureshi contributed Rs 20,000 on 1st January, 2013 as additional capitals in firm. The profit of the firm for the year ended 31st March, 2013 was Rs 3,38,800. Prepare Profit & Loss Appropriation Account for the year ending 31st March, 2013. 8
- Calculate the interest on drawings of Mr. Siddhant @ 10% p.a. for the year ended 31st March, 2014 in each of the following cases:
Case 1. If he withdrew Rs. 6,000 in the beginning of each quarter.
Case 2. If his drawings during the year was Rs. 30,000.
Case 3. If he withdrew Rs. 9,000 during the middle of every month. 6
- What is meant by partnership? Distinguish between Fixed and Fluctuating Capitals. 6
- X, Y and Z were partners in a firm. Their capitals on 1.4.2012 were : X Rs.2,00,000; Y Rs.2,50,000 and Z Rs.3,00,000. The partnership deed provided for the following:
(i) They will share profits in the ratio of 2:3:3.
(ii)X will be allowed a salary of Rs.12,000 per annum.
(iii) Interest on capital will be allowed @12% p.a.
During the year X withdrew Rs.28,000; Y Rs.30,000 and Z Rs.18,000. For the year ended 31.3.2013 the firm earned a profit of Rs.5,00,000. Prepare Profit & Loss Appropriation A/c and Partners Capital A/cs. 12
- Annu and Mannu are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31st March 2009 was as follows:
| Liabilities | Amount
Rs |
Assets | Amount
Rs |
|
| Sundry Creditors
General Reserve Investment Fluctuation Fund Capitals : Annu 1,19,000 Mannu 1,12,000 |
56,000
10,000 4,000
2,31,000 |
Cash in hand
Debtors 42,000 Less : Provision 7,000 Investments (Market Price 19,000) Buildings Plant and Machinery |
77,000
35,000 21,000 98,000 70,000 |
|
| 3,01,000 | 3,01,000 | |||
Sonu was admitted on that date for 1/4th share of profit on the following terms:
(a) Sonu will bring Rs.56,000 as his share of capital.
(b) Goodwill of the firm is valued at Rs.84,000 and Sonu will bring his share of goodwill in cash.
(c) Plant and Machinery appreciated by 20% and all debtors were good.
(d) There was a liability of Rs.9,800 included in creditors which was not likely to arise.
(e) New profit sharing ratio will be 2 : 1: 1.
(f) Capital of Annu and Mannu will be adjusted on the basis of Sonu’s share of capital and any excess or deficiency will be made by withdrawing or bringing in cash by the concerned partners as the case may be.
Partners have decided to contribute some part of profit for the education of economically backward
section of the society. Prepare Revaluation A/c, Partners Capital A/c and Balance Sheet of new firm. 12
- K. Sales Company Ltd. issued a prospectus inviting applications for 1,00,000 shares of Rs. 10 each
at a premium of Rs. 2.50 per share payable as follows:
On Application Rs. 5.00
On Allotment Rs. 5.00 (including Premium)
On First Call Rs. 2.50
The Company received applications for 1,50,000 shares, allotment was made on Pro-rata basis. Over
subscribed money received on application was adjusted with the amount due on allotment.
Mr. Hemant to whom 200 shares were alloted failed to pay the allotment money and the First Call, his
shares were forfeited after the first call. Later on the shares were re-issued to Mohan as fully paid for Rs.
9/- per share.
Pass journal entries in the books of Company, for recording the above transactions. 12