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) 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 effect of revaluation of assets and
liabilities. Realisation records the realisation of various assets and
liabilities.
(iii) As a result of revaluation, assets and liabilities are revalued and not
closed down. Whereas as a result of realisation, the assets and liabilities
accounts are closed.
Q2) Can forfeited shares be
issued at a discount? If so, to what extent? (Marks 3)
Ans2) The forfeited shares can be reissued at a discount. However, the
discount on the reissue of such shares cannot exceed the amount earlier
forfeited on such shares, i.e. amount received on re-issue plus the amount
already received on forfeited shares should not be less than the paid up value
of shares.
Q3) Ashoka Ltd. purchased
machinery costing Rs. 1,35,000. It was agreed that the purchase consideration be
paid by issuing 12% debentures of Rs. 100 each. Assume debentures have been
issued (i) at par and (ii) at a discount of 10%. Give necessary journal entries.
(Marks 3)
Ans3) Working Notes :
No. of debentures = 135000/90
= 1500
Ashoka Ltd.
Journal
| Date | Particulars | LF | Amt (Dr) | Amt (Cr) |
(i) (ii) |
Machinery
A/c Dr To Vendors (Being machinery purchased) Vendors Dr To 12% Debentures (Being 1350, 12% Debentures of 100 each issued at par in lieu of purchase consideration) Vendors Dr Discount on Issue of Dbs Dr To 12% Debentures (Being 1500, 12% Debentures of 100 each issued at 10% discount to the vendors) |
135000 135000 135000 15000 |
135000 135000 150000 |
Q4) X, Y and Z are partners in a firm sharing profits and
losses in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 3,00,000, Rs.
2,00,000 and Rs. 1,00,000 respectively. For the year 1996 interest on capital
was credited to them @ 10% p.a. instead of 8% p.a.. Showing your working notes
clearly, pass the necessary adjusting journal entry. (Marks 4)
Ans4) Working Notes
|
X
|
Y
|
Z
|
|
| Interest
wrongly credited (@10%) Interest to be credited (@8%) Excess Credit of interest |
30000 24000 6000 |
20000 16000 4000 |
10000 8000 2000 |
Thus, the profit will now increase by 12000.
Thus, this will be divided among the partners.
Adjustment table
|
X
|
Y
|
Z
|
|
| To be debited by |
6000
|
4000
|
2000
|
| To be credited by |
6000
|
3600
|
2400
|
| - |
400 (Dr)
|
400 (Cr)
|
Adjusting Journal
| Date | Particulars | LF | Amt (Dr) | Amt (cr) |
| Y's Capital A/c
Dr To Z's Capital A/c (Being excess interest charged now adjusted) |
400 | 400 |
Q5) A, B and C were partners in a firm sharing profits in
proportion of their capitals which were Rs. 4,00,000, Rs. 3,00,000 and Rs.
2,00,000 respectively. They had a joint life policy of Rs. 2,70,000 on which the
annual premium paid was considered as an expense. On 1.1.1996, B died. On that
date there was a debit balance of Rs. 90,000 in their Profit and Loss Account.
Pass necessary journal entries on B's death. (Marks 4)
Ans5)
JOURNAL
| Date | Particulars | LF | Amt (Dr) | Amt (Cr) |
| Joint Life
Policy A/C ........................Dr. To A's Capital A/c To B's Capital A/c To C's Capital A/c (Being amount of joint life policy transferred to the capital accounts of partners in their profit sharing ratio) B's Capital A/c ................................Dr. To P/L A/C (Being the B's share of loss transferred to his capital A/c) B's Capital A/C ...............................Dr. To B's Executors' A/C (Being the total amount due to B transferred to his Executors' A/C) |
270000 30000 360000 |
120000 90000 60000 30000 360000 |
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