Sample Paper – 2012 Class – XII Subject – Accountancy PART A: Accounting For Not-For-Profit Organisation, Partnership Firms & Company Accounts 1) What is meant by ‘Reserve Capital’? 2) What do you mean by ‘Honorarium’ in case of Not-For-Profit Organisation? 3) Will interest paid to a partner on loan be debited to Profit & Loss A/c or Profit & Loss Appropriation A/c? Give
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4) How does the factor ‘location’ affect the goodwill of a firm? 5) What is meant by ‘Reconstitution of firm’? 6) The Income & Expenditure A/c of Raj Club shows subscriptions for 2010 as Rs.70,000. Additional information:
a) Subscriptions for 2009 unpaid on 01/01/2010 was Rs.4,000, Rs.3,600 of which was received in 2010. b) Balance of subscription paid in advance on 01/01/2010 was Rs.1,700. c) Balance of subscription paid in advance on 31/12/2010 was Rs.900. d) Balance of subscription for 2010 unpaid on 31/12/2010 was Rs.3,500.
Determine the amount of subscription received in cash during the year 2010. 7)
Sunanda Ltd. issued 4,000 11 % Debentures of Rs100 each . Pass necessary journal entries for issue of Debentures in the following cases : a) When debentures are issued at par and redeemable at 5 % premium. b) When debentures are issued at 5 % premium and redeemable at par. c) When debentures are issued at 5 % premium and redeemable at 8 % premium. 3
8) State the provisions of Section 79 of the Company’s Act, 1956 regarding the issue of shares at discount.
9) Calculate the interest on drawings of Sunil @10% per annum for the year ended 31/03/11, in each of these cases: Case I – If he withdraws Rs.4,000 at the beginning of each month. Case II- If he withdraws Rs.,5,000 at the end of each quarter. 10) X,Y and Z are sharing in 2:2:1. Y dies on March 1 st,2011 and his share is taken over by X and Y in the ratio of 3:2. Profits up to December 31st, 2010 is Rs.50,000. Total goodwill of the firm on the date of his death is Rs.40,000....