Get latest CBSE Class 12 Accountancy Sample Paper 2019-2020 with Marking Scheme. From the following table students may download CBSE Class 12 Accountancy Marking Scheme also. All of these previous year CBSE Class XII Accountancy Sample Paper are provided by Central Board of Secondary Education India.
CBSE Class XII Accountancy Sample Paper 2019-20
ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES
Q. 1. 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= 50,000×10/2= 2,50,000
D’s share in Goodwill= 2,50,000×1/4= 62,500
Q. 2. 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.
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
C’s capital= 8,00,000×5/4×1/5= 2,00,000
Q. 3. 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
Q. 4. 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
Q. 5. A Ltd forfeited a share of 100 issued at a premium of 20% for non-payment of first call of 30 per share and final call of 10 per share. State the minimum price at which this share can be reissued
Sol. Minimum price at which shares can be reissued = 100 – 60 = 40
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