Some sample questions from CBSE Class 12th Accountancy Question Paper (Set-1) are given here
Q. What is meant by issue of debentures as a collateral security?
Q. What rate of interest the company pays on calls - in advance if, it has not prepared its own Articles of Association’
Q. Give the journal entry to distribute workman compensation Reserve' of Rs. 60,000 at the time of retirement of sajjan. when there is no claim against it.The firm has three partners Rajat, Sajjan and Kavita
Q. What is meant by ‘securities premium’?
Q. Name the account which is opened to credit the share of profit of the deceased partner. till the time of his death to his capital account.
Q. State the ratio in which the partners share profits or losses on revaluation on of assets and liabilities, when there is a change in profit sharing ratio amongst existing partner?
Q. When the partner capitals are fixed. where the drawings made by a partner will be recorded?
Q. Pass the necessary journal entries for the issue of debentures in the following cases:
(a) Rs. 30,000. 12% debentures of Rs. 100 each issued at a discount of 5% redeemable at par.
(b) Rs.60.000, 12% debentures of RS. 100 each issued at a discount or 5% redeemable at Rs 105.
Q. Mona, Nisha and Priyanka are partners in a firm. They contributed Rs. 50.000 each as capital three years ago. At that time Priyanka agreed to look after the business as Mona and Nisha were busy. The profits for the past three years were Rs. 15,000, ‘Rs.25,000 and Rs. 50.000 respectively. while going through the books of accounts Mona noticed that the profit had been distributed in the ratio of 1 : 1 : 2. When she enquired from Priyanka about this, Priyanka answered that since she looked after the business she should get more profit. Mona disagreed and it was decided to distribute profit equally retrospectively for the last three years.
(a) You are required to make necessary corrections in the books of accounts of Mona, Nisha and Priyanka by passing an adjustment entry.
(b) Identify the value which was not practiced by Priyanka while distributing profits.
Q.Dhara Constrictions Ltd. had an outstanding balance of Rs.750,000. 8% debentures of Rs.150 each redeemable at a premium of 5%. According to the terms of redemption the company redeemed 25% of the above debentures by coverting them into shares of Rs. 10 each at premium or 50%. Record the entries for redemption of debentures in the books of Dhara Constructions Ltd.