Exam (elaborations) Accountancy

FIRST PRE BOARD – 2022-23
SUBJECT: ACCOUNTANCY (055)
CLASS XII
TIME ALLOWED : 3 HRS MAX. MAKS- 80
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GENERAL INSTRUCTIONS:
1. This question paper contains 34 questions. All questions are compulsory.
2. This question paper is divided into two parts, Part A and B..
3. Question 1 to 16 and 27 to 30 carries 1 mark each.
4. Questions 17 to 20, 31and 32 carries 3 marks each.
5. Questions from 21, 22 and 33 carries 4 marks each
6. Questions from 23 to 26 and 34 carries 6 marks each
7. There is no overall choice. However, an internal choice has been provided in 7
questions of one mark, 2 questions of three marks,1 question of four marks and 2
questions of six marks.
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Part A : Accounting for Partnership firms and Companies
1. A and B are partners in the ratio of 3:1.C was admitted for 1/5th share and he
could not bring his share of goodwill. Goodwill of the firm is valued at Rs.. 1,00,000.
Journal entry to be recorded for premium of goodwill will be :-
a). Premium for Goodwill A/c 1,00,000
Dr
To A’s Capital A/c 75.000
To B’s Capital A/c 25.000
b). C’s Current A/c Dr 1,00,000
To A’s Capital A/c 75.000
To B’s Capital A/c 25.000
c). C’s Current A/c Dr 20,000
To A’s Capital A/c 10.000
To B’s Capital A/c 10.000

, d). C’s Current A/c Dr 20.000
To A’s Capital A/c 15.000
To B’s Capital A/c 5.000
(1)


2. Assertion (A): it is right of the new partner on the firm’s Assets and
Liabilities.Reason (R): Old partners of the firm sacrifice some profit according to the
new profit sharing ratio in favour of incoming partner.
a) Both A and R are true and R is the correct explanation of A.
b) Both A and R are true but R is not the correct explanation of A.
c) A is true but R is false
d) A is false but R is true. (1)




3. Excellent Ltd. company forfeited 1,000 shares of Rs. 10 each, Rs. 7 being called up
for non- payment of Rs. 2 on first call. All these shares were reissued at Rs. 5 per
share. What amount will be debited to share forfeiture account ?

a) Rs 2,000 b) Rs 5,000
c) Rs 7,000 d) Rs 10,000 (1)

OR
While issuing ___________ type of Debentures, company doesn’t give any
undertaking for the repayment of money borrowed by issuing such
debentures.
a) Zero Coupon Rate Debentures b) Non-Convertible Debentures
c) Secured Debentures d) Non-Redeemable Debentures




4. Mr. Aditya, a partner withdrew Rs.5,000 in the beginning of each quarter @ 8% p.a.
interest on drawings for the year ended 31 st March 2022.

, a) Rs. 600 b) Rs. 1,000
c) Rs. 1,200 d) Rs. 2,000 (1)
OR
A partner withdrew Rs. 4,000 per month from 1st July, 2021, in the beginning of every
month and
interest on drawings was calculated asRs.1,500 at the end of accounting year 31
March 2022. What is the rate of interest on drawings charged?
a) 6% p.a.
b) 8% p.a.
c) 10% p.a.
d) 12% p.a.


5. Capital employed by a partnership firm is Rs 10,00,000. Its average profit is Rs
1,20,000. The normal rate of return in similar type of business is 10%. What is the
amount of super profit ?

a) Rs 12,000 b) Rs 20,000
c) Rs 1,00,000 d) Rs 1,12,000 (1)




6. A Limited issued 30,000; 11% Debentures of Rs. 100 each issued at a premium of
20% redeemable at a premium of 5% redeemable after 5 years. Calculate the amount
payable as premium on redemption of debentures?
a) 1,50,000 b) 6,00,000
c) 7,50,000 d) 4,00,000 (1)
OR
Amar Ltd. issued 30,000, 10% Debentures of Rs.100 each at certain rate of discount
and were to be redeemed at 20% premium. Existing balance of Securities Premium
before issuing of these debentures wasRs.12,00,000 and after writing off Loss on Issue
of Debentures, the balance in Securities Premium wasRs.3,00,000. At what rate of
discount, these debentures were issued?