CBSE Class 12 Accountancy 2017 board exam question paper is available for download in PDF format. With this article, students can download the complete question paper with the help of link available at the end of this article.
About CBSE Class 12 Accountancy Board Exam 2017 Question Paper
CBSE Class 12 Accountancy board exam was held on 29th March from 10.30 A.M. to 1.30 P.M. In this paper, there are total 23 questions totaling to 80 marks. There are two section in the paper, section A and section B.
Find more about CBSE Class 12 Accountancy Question Paper 2017 from the article given below
Some randomly selected questions from the paper
Q. Gupta and Sharma were partners in a firm. They wanted to admit two more members in the firm. List the categories of individuals other than minors who cannot be admitted by them.
Q. Y Ltd. forfeited 100 equity shares of Rs. 10 each for the non-payment of first call of Rs. 2 per share. The final call of Rs.2 per share was yet to be made. Calculate the maximum amount of discount at which these shares can be re-issued.
Q. A and B were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted C as a new partner. The new profit sharing ratio between A, B and C was 3 : 2 : 2. A surrendered 1/4 of his share in favour of C. Calculate B's Sacrifice
Q. P and Q were partners in a firm sharing profits equally. Their fixed capitals were Rs. 1,00,000 and Rs. 50,000 respectively. The partnership deed provided for interest on capital at the rate of 10% per annum. For the year ended 31st March, 2016 the profits of the firm were distributed without providing interest on Capital. Pass necessary adjustment entry to rectify the error.
Q. X Ltd. invited applications for issuing 1000, 9% debentures of Rs. 100 each at a discount of 6%. Applications for 1,200 debentures were received. Pro-rata allotment was made to all the applicants. Pass necessary Journal Entries for the issue of debentures assuming that the whole amount was payable with applications.
Q. Does partnership firm has a separate legal entity? Give reason in support of your answer.
Q. XXL Ltd. converted its 500, 9% debentures of Rs. 100 each issued at a discount of 8% into equity shares of Rs.10 each issued at a premium of 25%. Discount on issue of debentures has not yet been written off. Showing your workings clearly pass necessary Journal Entries on conversion of 9% debentures into equity shares.
Q. A, B, C and D were partners in a firm sharing profits in 3 : 3 : 3 : 1 ratio. On 31st January, 2017 D retired. A, B and C decided to share future profits in the ratio of 5 : 1 : 1. On D's retirement the goodwill of the firm was valued at Rs. 4,90,000. Showing your working notes clearly pass necessary Journal Entry for the treatment of goodwill in the books of the firm on D's retirement.
Q. Akash Ltd. is registered with an authorized Capital of Rs. 8,00,00,000 divided into equity shares of Rs. 10 each. Subscribed and fully paid up share capital of the company was Rs. 4,00,00,000. For providing employment to the local youth and for the development of the rural areas of the Jammu and Kashmir State the company decided to set up a food processing unit in Anantnag district. The Company also decided to open skill development centres in Ladakh, Srinagar and Punch. To meet its new financial requirements the company decided to issue 1,00,000 equity shares of Rs.10 each and 10,000. 9% debentures of Rs. 100 each. The debentures were redeemable after five years. The issue of equity shares and debentures was fully subscribed. A shareholder holding 1,000 shares failed to pay the final call of Rs. 2 per share.
Present the share capital in the Balance Sheet of the company as per the provisions of Schedule 11.1 of the Companies Act, 2013. Also, identify any two values that the company wishes to propagate.
Q. Z Ltd. purchased machinery from K Ltd. Z Ltd. paid K Ltd as follows:
(i) By issuing 5,000 equity shares of Rs. 10 each at a premium of 30%.
(ii) By issuing 1000, 8% Debentures of Rs. 100 each at a discount of 10%.
(iii) Balance by giving a promissory note of Rs. 48,000 payable after two months.
Pass necessary journal entries for the purchase of machinery and payment to K Ltd. in the books of Z Ltd.