(Download) CBSE Class-12 Sample Paper 2017-18 : Accountancy

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- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’.
4) Attempt any 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)

1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively. 1
Solution: Individually: Partners ½
Collectively: Firm ½

2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the net amount of Profit / Loss transferred to the capital accounts of A and C.1
Solution: Net Amount of Loss transferred to:
A’s Capital Account: Rs. 87,000 ½
C’s Capital Account: Rs. 29,000 ½

3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing ratio. 1
Solution: Ratio of H, P and S is 4 : 3 : 3
H’s Gain = 3/10 X 20 /100 = 3 /50
H’s new share = H’s old share + H’s Gain
= 4/10 + 3/50 = 23/50 ½
S’s Gain = 3/10 X 80 /100 = 12 /50
S’s new share = S’s old share + S’s Gain
= 3/10 + 12/50 = 27/50 ½
New Profit sharing Ratio of H and S is 23 : 27

4. How is dissolution of partnership different from dissolution of partnership firm? 1
Solution: In case of dissolution of partnership, the firm continue to do business but with a changed agreement. In case of dissolution of partnership firm, the firm ceases to exist, the assets of the firm are realised and its liabilities are discharged. 1

5. Why are irredeemable debentures also known as perpetual debentures?1
Solution: Irredeemable debentures are called perpetual debentures because these are not repayable during the life span of the company. 1

6. Distinguish between shares and debentures on the basis of convertibility.1
Solution: Shares cannot be converted into debentures or any other security whereas the debentures can be converted into shares or new debentures if the terms so provide. 1

7. K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India @ 9 % interest. The company issued Rs. 15,00,000, 9 % debentures of Rs. 100/- each, in favour of State Bank of India as collateral security. Pass necessary Journal entries for the above transactions:
(i) When company decided not to record the issue of 9 % Debentures as collateral security.
(ii) When company decided to record the issue of 9 % Debentures as collateral security.

Solution: (i)   K K Limited

Journal

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