CBSE Class 12 Accountancy 2017 board exam question paper (All India, Set – 1) is available for download in PDF format. Students can download the complete question paper with the help of link available at the end of this article. The paper was held on 29th March 2017) from 10:30 AM to 1:30 PM. The duration of the paper was 3 hours and it carried 80 marks.
General Instructions for the Paper:
Some sample questions from the question paper:
Question 1: Distinguish between ‘Fixed Capital Account’ and ‘Fluctuating Capital Account’ on the basis of credit balance.
Question 2: A and B were partners in a firm sharing profits and losses in the ratio of 5 : 3. They admitted C as a new partner. The new profit sharing ratio between A, B and C was 3 : 2 : 3. A surrendered (1/5)th of his share in favour of C. Calculate B’s sacrifice.
Question 3: P and Q were partners in a firm sharing profits and losses equally. Their fixed capitals were Rs. 2,00,000 and Rs. 3,00,000 respectively. The partnership deed provided for interest on capital @ 12% 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.
Question 4: X Ltd. invited applications for issuing 500, 12% debentures of Rs. 100 each at a discount of 5%. These debentures were redeemable after three years at par. Applications for 600 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 application.
Question 5: Z Ltd. forfeited 1,000 equity shares of Rs. 10 each for the non-payment of the first call of Rs. 2 per share. The final call of Rs. 3 per share was yet to be made.
Calculate the maximum amount of discount at which these shares can be reissued.
Question 6: Durga and Naresh were partners in a firm. They wanted to admit five more members in the firm. List any two categories of individuals other than minors who cannot be admitted by them.
Question 7: BPL Ltd. converted 500, 9% debentures of Rs. 100 each issued at a discount of 6% into equity shares of Rs. 100 each issued at a premium of Rs. 25 per share. Discount on issue of 9% debentures has not yet been written off. Showing your working notes clearly, pass necessary journal entries for conversion of 9% debentures into equity shares.
Question 8: Kavi, Ravi, Kumar and Guru were partners in a firm sharing profits in the ratio of 3 : 2 : 2 : 1. On 1.2.2017, Guru retired and the new profit sharing ratio decided between Kavi, Ravi and Kumar was 3 : 1 : 1. On Guru’s retirement the goodwill of the firm was valued at Rs. 3,60,000. Showing your working notes clearly, pass necessary journal entry in the books of the firm for the treatment of goodwill on Guru’s retirement.
Question 9: Disha Ltd. purchased machinery from Nisha Ltd. and paid to Nisha Ltd. as follows :
(i) By issuing 10,000, equity shares of Rs. 10 each at a premium of 10%.
(ii) By issuing 200, 9% debentures of Rs. 100 each at a discount of 10%.
(iii) Balance by accepting a bill of exchange of Rs. 50,000 payable after one month.
Pass necessary journal entries in the books of Disha Ltd. for the purchase of machinery and making payment to Nisha Ltd.
Question 10: Ganesh Ltd. is registered with an authorised capital of Rs. 10,00,00,000 divided into equity shares of Rs. 10 each. Subscribed and fully paid up capital of the company was Rs. 6,00,00,000. For providing employment to the local youth and for the development of the tribal areas of Arunachal
Pradesh the company decided to set up a hydro power plant there. The company also decided to open skill development centres in Itanagar, Pasighat and Tawang. To meet its new financial requirements, the company decided to issue 1,00,000 equity shares of Rs. 10 each and 1,00,000, 9% debentures of Rs. 100 each. The debentures were redeemable after five years at par. The issue of shares and debentures was fully subscribed. A shareholder holding 2,000 shares failed to pay the final call of Rs. 2 per share.
Show the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the Companies Act, 2013. Also identify any two values that the company wishes to propagate.