CBSE Set Qa1 Accounts Sample Test Papers For Class 12th for students online
Accounts Class - XII
(CBSE)
You are on Set no 1 Answer 1 to 5
PART 'A' (Accounting III)
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 on drawings and debited with interest on capital salary etc. The final profit/loss is distributed in the agreed profit sharing ratio.
Q2) What are the alternatives
available to a company for the allotment of debentures when there is over-
subscription of debentures? (Marks 3)
Ans2) When there is over-subscription of debentures;
(i) The company may not allot any debenture to some applicant i.e. their
application money is refunded.
(ii) If the applicants have been allotted less number of debentures than they
applied for, the excess application money is adjusted towards allotment and
subsequent calls.
Q3) A and B were partners
sharing profits in the ratio of 3 : 2. They admitted X and Y as new partners. A
surrendered 1/3rd of his share in favour of X and B surrendered 1/4th of his
share in favour of Y. Calculate the new profit sharing ratio of A, B, X
and Y. (Marks 3)
Ans3) A's sacrifice = 1/3 x 3/5 = 3/15
B's sacrifice = 1/4 x 2/5 = 2/20
A's new share = 3/5 - 3/15 = 6/15
(Old share - sacrifice)
B's new share = 2/5 - 2/20 = 6/20
... New Profit sharing ratio :
A : B : X : Y
6/15 : 6/20 : 3/15 : 2/20
= 4 : 3 : 2 : 1
(X's share is equal to A's sacrifice)
(Y's share is equal to B's sacrifice)
Q4) A and B were partners in
firm sharing profits and losses equally. Their firm was dissolved on 15th March
1999, which resulted in a loss of Rs. 30,000.On that date the capital account of
A showed a credit balance of Rs. 20,000 and that of B a credit balance of Rs.
30,000. The cash account had a balance of Rs. 20,000. You are required to pass
the necessary journal entries for the (i) transfer of loss to the capital
accounts of the partners and (ii) making final payment to the partners. (Marks
4)
Ans4)
JOURNAL
| Date | Particulars | Lf | Dr. Amount | Cr. Amount |
| 15/3/99 | A's Capital A/c
...................Dr. B's Capital A/c................... Dr To Realisation A/c (Being the dissolution loss transferred to the partners in their profit sharing ratio) A's Capital A/c ...................Dr B's Capital A/c ...................Dr To Cash (Being the final payment made to partners) |
15000 15000 5000 15000 |
30000 20000 |
| Dr | Capital A/C | Cr. | |||
To Realisation (loss) To Cash (bf) |
A 15000 5000 20000 |
B 15000 15000 30000 |
By balance b/d | A 20000 20000 |
B 30000 30000 |
Q5) M and J are partners in a firm sharing profits in the ratio
of 3 : 2. They admitted R as a new partner. The new profit sharing ratio between
M, J and R will be 5 : 3 : 2. R brought Rs. 25,000 for his share of goodwill
premium. Pass the necessary journal entries for the treatment of goodwill?
(Marks 3)
Ans5) Working Notes :
M : J
Old Ratio = 3 : 2
M : J : R
New Ratio = 5 : 3 : 2
M's sacrifice = 3/5 - 5/10 = 1/10
J's sacrifice = 2/5 - 3/10 = 1/10
... Sacrificing Ratio = M : J
1 : 1
JOURNAL
| Date | Particulars | LF | Amt Dr | Amt Cr |
| Cash A/c...................
Dr To R's Capital A/c (Being cash brought in by R for his goodwill) R's capital A/c............ Dr To M's Capital A/c To J's Capital A/c (Being cash brought by R for goodwill divided in old partners in their sacrificing ratio i.e. 1 : 1) |
25000 25000 |
25000 12500 12500 |
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