» Accounts -1999 -Set II:: CBSE


CBSE » CBSE > Class XII Sample Question Papers, Accounts > Accounts -1999 -Set II Accounts -1999 -Set II Filed under: Class XII Sample Question Papers Accounts Q1) List any two items appearing on the credit side of a partner’s current account. (Marks 2) Ans1) (i) Interest on partner’s capital. (ii) Partner’s share of profit. Q2) On April 1st, 1998 an existing firm had assets of Rs. 75,000/- including cash of Rs. 5,000/-. The partner’s capital account showed a balance of Rs. 60,000/- and reserve constituted the rest. If the normal rate of return is 20% and the goodwill of the firm is valued at Rs. 24,000/- at 4 year purchase of super profits, find the average profits of the firm. (Marks 3) Ans2) Goodwill = super profits x 4 year purchase 24000 = super profits x 4 super profits = 6000 Normal profits = Capital employed x Normal rate of return = 75000 x 20/100 = 15000 (…Capital employed = Assets of the firm = 75000) …Average profit = Normal profit + Super profit = 15000 + 6000 Average profit = Rs. 21000 Q4) (a) A and B are partners in a firm sharing profits equally. They had advanced to the firm a sum of Rs. 30,000/- as a loan in their profit sharing ratio on July 1st, 1998. The partnership deed is silent on the question of interest on loan from partners. Compute the interest payable by the firm to the partners, assuming the firm closes its books on December 31st. (Marks 3) (b) A, B and C are partners sharing profits in the ratio of 5 : 4 : 1. C is given a guarantee that his share of profits in any given year would be Rs. 5000/-. Deficiency, if any, would be borne by A and B equally. The profits for the year 1998 amounted to Rs. 40000/-. Pass necessary entries in the books of the firm. (Marks 3) Ans4) (a) According to the provisions of the Indian Partnership Act, 1932, interest @ 6% p.a. is payable to the partners on the loan advanced by them to the firm. Total loan = 30000 A’s share of loan = 30000 x 1/2 = 15000 B’s share of loan = 15000 … Interest on A’s loan = 15000 x 6/100 x 6/12 = 450 Interest on B’s loan = 15000 x 6/100 x 6/12 = 450 … Total Interest payable by firm = 450 + 450 = Rs. 900 (b) Working Notes : C’s share in profit = 1/10 x 40000 = 40000 C’s guarantee = 5000 C’s deficiency = 5000 - 4000 = 1000 The deficiency is to be borne equally by A and B. A’s share of profit = 5/10 x 40000 = 20000 Less : C’s guarantee 500 A’ profit = 19500 B’s share of profit = 4/10 x 40000 = 16000 Less: C’s guarantee 500 B’s profit = 15500 Pages: 1 2 3

Accounts -2000-Set II

Q9) X, Y and Z were partners in a firm sharing profits in the proportions of 1/2, 1/3 and 1/6 respectively. The Balance Sheet of the firm on 31st March 1998 was as follows: Liabilities .....

PART 'A' (Accounting III) Q2) What are the alternatives available to a company for the allotment of debentures when there is over-subscription of debentures? (Marks 3) Ans2) In case of over-subscription of shares : (i) The company may reject same applications, i.e the application money received is returned back. (ii) It may not .....

Accounts-1996-Set II

Q1) A and B are partners sharing profits in the ration of 4 : 3. C is admitted as a partner. The new profit-sharing ration is 3 : 2 : 1. Find out the sacrificing ratio. (Marks 2) Ans1) A : B : C .....

Accounts -2000-Set I

Q1) Why is 'Profit and Loss Appropriation Account' prepared? (Marks 3) Ans1) Profit and Loss Appropriation Account is prepared to show how the net profit have been distributed among the partners. The account is credited with net profit or debited with net loss to begin with and further credited with Interest .....

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Accounts-1998-Set I

Q 1 What is meant by goodwill? Name any two methods of valuation of goodwill. (Marks 2) Ans 1 Goodwill : Goodwill is the advantage of good name, relations of a business. It is the attractive force that brings in customers. It distinguishes an established business from a new .....

Accounts -1997-Set I

Q1) Give any three points of distinction between revaluation account and realisation account. (Marks 3) Ans1) Revaluation and Realisation account : (i) Revaluation is prepared at the time of admission, retirement and death of a partner. Realisation is prepared at the time of dissolution of the firm. (ii) Revaluation is prepared record the .....

Accounts-1996-Set I

Q 1) Define Partnership. State the main provisions of the Partnership Act relating to partnership accounts in the absence of partnership deed. (Marks 3) Ans. 1) Partnership : The relationship between persons who have agreed to share the profits of a business carried on by all or any one of .....

Accounts -1997-Set II

Q2) Give any three characteristics of partnership. (Marks 3) Ans2) Three characteristics of partnership : 1) There must be an agreement entered into by one or more persons. 2) There must be lawful business. 3) Business must be carried on by all or any of them acting for all. Q4) A, B and C were .....