GUESS PAPER – 2008

CLASS – XII

SUBJECT – ACCOUNTANCY

(SET-1)

Time-3 hrs.                                     Max.Marks-80

Part-A Partnership and Company Accounts

Q.1.What is the nature of Receipt and Payment Account?

01

Q.2.How will you calculate interest on the drawings of equal amounts on the

last 01

Day of every month of a calendar year?

Q.3.Name the account which shows the Surplus/Deficit of a Non-Profit

Organization:.01

Q.4. What do you mean by issue of Debentures for consideration other than

cash? 01

Q.5. Give two circumstances in which gaining ratio may be utilized.

01

Q.6. the Income & Expenditure account shows amount of subscription of A

Club 03

for 2007 as Rs. 25320.Additional Information given is as follows:

Subscription Received:

2006 480

2008 960

There are 900 members each paying annual subscription of Rs.30;Rs.540 were

in arrears for 2006 at the beginning of 2007.Calculate the amount of

subscription received during 2007.

Q.7: Name the various methods of Redemption of Debentures: 03

Q.8.A Company issued 15000 fully paid up shares of Rs.100 each for the

purchase of the following assets and liabilities from G ltd.:

Plant 350000, Stock in trade 450000, Land and buildings 600000 , Sundry

Creditors 100000. You are required to pass the necessary journal entries. 03

Q.9.A,B and c were partners in a firm. On 1st Jan.05 their capitals

stood at Rs.50000,Rs.25000 and Rs.25000 res. As per the provisions of the

partnership deed: 04

(a) C was entitled for a salary of Rs.1500 per month.

(b) Partners were entitled to interest on capital @5% per annum.

(c) Profits were to be shared in the ratio of capitals.

The net profit during the year 2005 of Rs. 45000 was divided equally without

providing for the above items.pass an adjustment entry to rectify the above

error.

Q.10. P,Q and r are partners sharing profits equally. They decided that in future

R would get 1/5th share in profits. On the day of the change , goodwill of the

firm is valued at Rs. 300000. Give Journal entries arising on account of the

change in the profit sharing ratio under the following cases when: 04

(a) Adjustment is made without opening the Goodwill Account.

(b) Goodwill is raised in the books of the firm at full but written off

immediately.

Q.11. X ltd. Offered 50000 shares of Rs.10 each at Rs.12 (at a premium of Rs. 2

per share) payable as follows: 04

Rs. 3 on application; Rs.4 on allotment; Rs. 2 on 1st call ; and Rs. 3 on final call.

The public applied for 65000 shares . applications for 40000 shares were

accepted in full;10000 shares were allotted to applicants of 20000 shares and

applicants for 5000 shares were rejected. All money was duly received except

the first call on 1000 shares and final call on 1500 shares.

Make the necessary entries.

Q.12. (a) G ltd. Has 20000,7% debentures of 100Rs. Each due for redemption

on 31.03.06. There is a balance of Rs.350000 in DRR account on the date of

redemption. Record necessary entries at the time of redemption of Debentures.

(b)Pass necessary Journal entries in the books of the company in the following

cases for redemption of 500,12% debentures of Rs.50 each issued at par:

(a) Debentures redeemed at par by conversion into 10% preference shares of

Rs.100 each.

(b) Debentures redeemed at a premium of 12% by conversion into equity shares

issued at par.

(c) Debentures redeemed at a premium of 14% by conversion into equity shares

issued at a discount of 5%. 06

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