Commerce Exam  >  Commerce Notes  >  Crash Course of Accountancy - Class 12  >  Cbse Past Year Paper- 2015

Cbse Past Year Paper- 2015 | Crash Course of Accountancy - Class 12 - Commerce PDF Download

Download, print and study this document offline
Please wait while the PDF view is loading
 Page 1


CBSE PAST YEAR PAPER 
 
1 
CBSE All India Previous Year 2015 
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) Part B has two options-Financial statement Analysis and Computerised Accounting. 
4) Attempt only one option of Part B. 
5) All parts of a question should be attempted at one place. 
Section A 
i. This section consists of 18 questions. 
ii. All the questions are compulsory. 
iii. Question Nos. 1 to 6 are very short-answer questions carrying 1 mark each. 
iv. Question Nos. 7 to 10 carry 3 marks each. 
v. Question Nos. 11 and 12 carry 4 marks each. 
vi. Question Nos. 13 to 15 carry 6 marks each. 
vii. Question Nos. 16 and 17 carry 8 marks each. 
Section B 
i. This section consists of 6 questions. 
ii. All questions are compulsory 
iii. Question Nos. 18 and 19 are very short-answer questions carrying 1 mark each. 
iv. Question Nos. 20 to 22 carry 3 marks. 
v. Question No. 23 carries 6 marks. 
Q1 : 
In the absence of Partnership Deed, interest on loan of a partner is allowed : 
(i) at 8% per annum. 
(ii) at 6% per annum. 
(iii) no interest is allowed. 
(iv) at 12% per annum. 
 
Answer : 
In absence of Partnership Deed, interest on loan of a partner is allowed at the rate of 6% per annum. 
Hence, the correct answer is option (ii). 
Q2 : 
Geeta, Sunita and Anita were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 1.1.2015 they admitted Yogita as a 
new partner for 1/10
th
 share in the profits. On Yogita's admission, the Profit and Loss Account of the firm was showing a 
debit balance of Rs 20,000 which was credited by the accountant of the firm to the capital accounts of Geeta, Sunita and 
Anita in their profit sharing ratio. Did the accountant give correct treatment ? Given reason in support of your answer. 
 
Answer : 
Here, the treatment of Profit and Loss A/c (Dr.) is incorrect. Because, debit balance of Profit and Loss A/c represents the 
loss to the firm. Therefore, at the time of admission of Yogita, it must be divided among the old partners i.e. Geeta, Sunita 
and Anita in their old profit sharing ratio i.e. 5 : 3 : 2. Thus, it should be debited and not credited to the capital accoun ts of 
Geeta, Sunita and Anita.  
Q3 : 
On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the : 
(i) Debit of Profit and Loss Account. 
(ii) Credit of Profit and Loss Account. 
(iii) Debit of Profit and Loss Suspense Account 
(iv) Credit of Profit and Loss Suspense Account 
 
Answer : 
On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the debit of Profit 
and Loss Suspense Account. 
Hence, the correct answer is option (iii). 
Q4 : 
Anant, Gulab and Khushbu were partners in a firm sharing profits in the ratio of 5 : 3 : 2. From 1.4.2014, they decided to 
share the profits equally. For this purpose the goodwill of the firm was valued at Rs 2,40,000. 
Page 2


CBSE PAST YEAR PAPER 
 
1 
CBSE All India Previous Year 2015 
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) Part B has two options-Financial statement Analysis and Computerised Accounting. 
4) Attempt only one option of Part B. 
5) All parts of a question should be attempted at one place. 
Section A 
i. This section consists of 18 questions. 
ii. All the questions are compulsory. 
iii. Question Nos. 1 to 6 are very short-answer questions carrying 1 mark each. 
iv. Question Nos. 7 to 10 carry 3 marks each. 
v. Question Nos. 11 and 12 carry 4 marks each. 
vi. Question Nos. 13 to 15 carry 6 marks each. 
vii. Question Nos. 16 and 17 carry 8 marks each. 
Section B 
i. This section consists of 6 questions. 
ii. All questions are compulsory 
iii. Question Nos. 18 and 19 are very short-answer questions carrying 1 mark each. 
iv. Question Nos. 20 to 22 carry 3 marks. 
v. Question No. 23 carries 6 marks. 
Q1 : 
In the absence of Partnership Deed, interest on loan of a partner is allowed : 
(i) at 8% per annum. 
(ii) at 6% per annum. 
(iii) no interest is allowed. 
(iv) at 12% per annum. 
 
Answer : 
In absence of Partnership Deed, interest on loan of a partner is allowed at the rate of 6% per annum. 
Hence, the correct answer is option (ii). 
Q2 : 
Geeta, Sunita and Anita were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 1.1.2015 they admitted Yogita as a 
new partner for 1/10
th
 share in the profits. On Yogita's admission, the Profit and Loss Account of the firm was showing a 
debit balance of Rs 20,000 which was credited by the accountant of the firm to the capital accounts of Geeta, Sunita and 
Anita in their profit sharing ratio. Did the accountant give correct treatment ? Given reason in support of your answer. 
 
Answer : 
Here, the treatment of Profit and Loss A/c (Dr.) is incorrect. Because, debit balance of Profit and Loss A/c represents the 
loss to the firm. Therefore, at the time of admission of Yogita, it must be divided among the old partners i.e. Geeta, Sunita 
and Anita in their old profit sharing ratio i.e. 5 : 3 : 2. Thus, it should be debited and not credited to the capital accoun ts of 
Geeta, Sunita and Anita.  
Q3 : 
On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the : 
(i) Debit of Profit and Loss Account. 
(ii) Credit of Profit and Loss Account. 
(iii) Debit of Profit and Loss Suspense Account 
(iv) Credit of Profit and Loss Suspense Account 
 
Answer : 
On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the debit of Profit 
and Loss Suspense Account. 
Hence, the correct answer is option (iii). 
Q4 : 
Anant, Gulab and Khushbu were partners in a firm sharing profits in the ratio of 5 : 3 : 2. From 1.4.2014, they decided to 
share the profits equally. For this purpose the goodwill of the firm was valued at Rs 2,40,000. 
CBSE PAST YEAR PAPER 
 
2 
Pass necessary journal entry for the treatment of goodwill on change in the profit sharing ratio of Anant, Gulab and 
Khushbu. 
 
Answer : 
  Journal 
Date Particulars L.F. 
Debit Amount 
Rs 
Credit 
Amount 
Rs 
            
  Gulab’s Capital A/c Dr.   8,000   
  Khushbu’s Capital A/c Dr.   32,000   
     To Anant’s Capital A/c        40,000 
  (Gulab and Khushbu, being the gaining 
partners compensated Anant for his 
share of sacrifice) 
        
            
            
 
Working Notes: 
WN1 Calculation of Sacrificing Ratio 
 
WN2 Adjustment of Goodwill 
 
 
Gulab and Khushbu, being the gaining partner will pay Anant, a sacrificing partner in the ratio of their gain i.e. 1 : 4. 
 
Q5 : 
Give the meaning of forfeiture of shares. 
 
Answer : 
Cancellation of shares on non-payment of due calls is known as forfeiture of shares. 
Q6 : 
Nirman Ltd. issued 50,000 equity shares of Rs 10 each. The amount was payable as follows : 
On application  Rs 3 per share 
On allotment  Rs 2 per share 
On first and final call  The balance 
 
Applications for 45,000 shares were received and shares were allotted to all the applicants. Pooja, to whom 500 shares 
were allotted, paid her entire share money at the time of allotment, whereas Kundan did not pay the first and final call on 
his 300 shares. The amount received at the time of making first and final call was : 
Page 3


CBSE PAST YEAR PAPER 
 
1 
CBSE All India Previous Year 2015 
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) Part B has two options-Financial statement Analysis and Computerised Accounting. 
4) Attempt only one option of Part B. 
5) All parts of a question should be attempted at one place. 
Section A 
i. This section consists of 18 questions. 
ii. All the questions are compulsory. 
iii. Question Nos. 1 to 6 are very short-answer questions carrying 1 mark each. 
iv. Question Nos. 7 to 10 carry 3 marks each. 
v. Question Nos. 11 and 12 carry 4 marks each. 
vi. Question Nos. 13 to 15 carry 6 marks each. 
vii. Question Nos. 16 and 17 carry 8 marks each. 
Section B 
i. This section consists of 6 questions. 
ii. All questions are compulsory 
iii. Question Nos. 18 and 19 are very short-answer questions carrying 1 mark each. 
iv. Question Nos. 20 to 22 carry 3 marks. 
v. Question No. 23 carries 6 marks. 
Q1 : 
In the absence of Partnership Deed, interest on loan of a partner is allowed : 
(i) at 8% per annum. 
(ii) at 6% per annum. 
(iii) no interest is allowed. 
(iv) at 12% per annum. 
 
Answer : 
In absence of Partnership Deed, interest on loan of a partner is allowed at the rate of 6% per annum. 
Hence, the correct answer is option (ii). 
Q2 : 
Geeta, Sunita and Anita were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 1.1.2015 they admitted Yogita as a 
new partner for 1/10
th
 share in the profits. On Yogita's admission, the Profit and Loss Account of the firm was showing a 
debit balance of Rs 20,000 which was credited by the accountant of the firm to the capital accounts of Geeta, Sunita and 
Anita in their profit sharing ratio. Did the accountant give correct treatment ? Given reason in support of your answer. 
 
Answer : 
Here, the treatment of Profit and Loss A/c (Dr.) is incorrect. Because, debit balance of Profit and Loss A/c represents the 
loss to the firm. Therefore, at the time of admission of Yogita, it must be divided among the old partners i.e. Geeta, Sunita 
and Anita in their old profit sharing ratio i.e. 5 : 3 : 2. Thus, it should be debited and not credited to the capital accoun ts of 
Geeta, Sunita and Anita.  
Q3 : 
On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the : 
(i) Debit of Profit and Loss Account. 
(ii) Credit of Profit and Loss Account. 
(iii) Debit of Profit and Loss Suspense Account 
(iv) Credit of Profit and Loss Suspense Account 
 
Answer : 
On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the debit of Profit 
and Loss Suspense Account. 
Hence, the correct answer is option (iii). 
Q4 : 
Anant, Gulab and Khushbu were partners in a firm sharing profits in the ratio of 5 : 3 : 2. From 1.4.2014, they decided to 
share the profits equally. For this purpose the goodwill of the firm was valued at Rs 2,40,000. 
CBSE PAST YEAR PAPER 
 
2 
Pass necessary journal entry for the treatment of goodwill on change in the profit sharing ratio of Anant, Gulab and 
Khushbu. 
 
Answer : 
  Journal 
Date Particulars L.F. 
Debit Amount 
Rs 
Credit 
Amount 
Rs 
            
  Gulab’s Capital A/c Dr.   8,000   
  Khushbu’s Capital A/c Dr.   32,000   
     To Anant’s Capital A/c        40,000 
  (Gulab and Khushbu, being the gaining 
partners compensated Anant for his 
share of sacrifice) 
        
            
            
 
Working Notes: 
WN1 Calculation of Sacrificing Ratio 
 
WN2 Adjustment of Goodwill 
 
 
Gulab and Khushbu, being the gaining partner will pay Anant, a sacrificing partner in the ratio of their gain i.e. 1 : 4. 
 
Q5 : 
Give the meaning of forfeiture of shares. 
 
Answer : 
Cancellation of shares on non-payment of due calls is known as forfeiture of shares. 
Q6 : 
Nirman Ltd. issued 50,000 equity shares of Rs 10 each. The amount was payable as follows : 
On application  Rs 3 per share 
On allotment  Rs 2 per share 
On first and final call  The balance 
 
Applications for 45,000 shares were received and shares were allotted to all the applicants. Pooja, to whom 500 shares 
were allotted, paid her entire share money at the time of allotment, whereas Kundan did not pay the first and final call on 
his 300 shares. The amount received at the time of making first and final call was : 
CBSE PAST YEAR PAPER 
 
3 
(i) Rs 2,25,000 
(ii) Rs 2,20,000 
(iii) Rs 2,21,000 
(iv) Rs 2,19,500 
 
Answer : 
Calculation of amount received with first call 
 
Hence, the correct answer is option (iii). 
Q7 : 
Guru Ltd. invited applications for issuing 5,00,000 equity shares of Rs 10 each at a premium of Rs 5 per share. Because of 
favourable market conditions the issue was over-subscribed and applications for 15,00,000 shares were received. 
Suggest the alternatives available to the Board of Directors for the allotment of shares. 
 
Answer : 
I would like to suggest the following three alternatives to the Board of Directors. 
a. To reject the excess application of 10,00,000 shares 
b. To allot shares to all the share applicants on pro-rata basis, i.e. allotting 5,00,000 shares to 15,00,000 share applicants 
c. To exercise a mix of both the practices as listed in (a) and (b). That is, rejecting the excess application say for 5,00,000 
shares and allotting 5,00,000 shares to the remaining 10,00,000 share applicants. 
Q8 : 
On 1.4.2013, Brij and Nandan entered into partnership to construct toilets in government girls schools in the remote areas 
of Uttarakhand. They contributed capitals of Rs 10,00,000 and Rs 15,00,000 respectively. Their profit sharing ratio was 2 : 3 
and interest allowed on capital as provided in the Partnership Deed was 12% per annum. During the year ended 31.3.2014, 
the firm earned a profit of Rs 2,00,000. 
Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 31.3.2014 
 
Answer : 
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars 
Amount 
Rs 
Particulars 
Amount 
Rs 
Interest on Capital A/c:   Profit and Loss A/c 2,00,000 
Brij 80,000       
Nandan 1,20,000 2,00,000     
        
  2,00,000   2,00,000 
        
 
Working Notes: 
WN1 Calculation of Interest on Capital 
 
WN2 Calculation of Proportionate Interest on Capital 
Page 4


CBSE PAST YEAR PAPER 
 
1 
CBSE All India Previous Year 2015 
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) Part B has two options-Financial statement Analysis and Computerised Accounting. 
4) Attempt only one option of Part B. 
5) All parts of a question should be attempted at one place. 
Section A 
i. This section consists of 18 questions. 
ii. All the questions are compulsory. 
iii. Question Nos. 1 to 6 are very short-answer questions carrying 1 mark each. 
iv. Question Nos. 7 to 10 carry 3 marks each. 
v. Question Nos. 11 and 12 carry 4 marks each. 
vi. Question Nos. 13 to 15 carry 6 marks each. 
vii. Question Nos. 16 and 17 carry 8 marks each. 
Section B 
i. This section consists of 6 questions. 
ii. All questions are compulsory 
iii. Question Nos. 18 and 19 are very short-answer questions carrying 1 mark each. 
iv. Question Nos. 20 to 22 carry 3 marks. 
v. Question No. 23 carries 6 marks. 
Q1 : 
In the absence of Partnership Deed, interest on loan of a partner is allowed : 
(i) at 8% per annum. 
(ii) at 6% per annum. 
(iii) no interest is allowed. 
(iv) at 12% per annum. 
 
Answer : 
In absence of Partnership Deed, interest on loan of a partner is allowed at the rate of 6% per annum. 
Hence, the correct answer is option (ii). 
Q2 : 
Geeta, Sunita and Anita were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 1.1.2015 they admitted Yogita as a 
new partner for 1/10
th
 share in the profits. On Yogita's admission, the Profit and Loss Account of the firm was showing a 
debit balance of Rs 20,000 which was credited by the accountant of the firm to the capital accounts of Geeta, Sunita and 
Anita in their profit sharing ratio. Did the accountant give correct treatment ? Given reason in support of your answer. 
 
Answer : 
Here, the treatment of Profit and Loss A/c (Dr.) is incorrect. Because, debit balance of Profit and Loss A/c represents the 
loss to the firm. Therefore, at the time of admission of Yogita, it must be divided among the old partners i.e. Geeta, Sunita 
and Anita in their old profit sharing ratio i.e. 5 : 3 : 2. Thus, it should be debited and not credited to the capital accoun ts of 
Geeta, Sunita and Anita.  
Q3 : 
On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the : 
(i) Debit of Profit and Loss Account. 
(ii) Credit of Profit and Loss Account. 
(iii) Debit of Profit and Loss Suspense Account 
(iv) Credit of Profit and Loss Suspense Account 
 
Answer : 
On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the debit of Profit 
and Loss Suspense Account. 
Hence, the correct answer is option (iii). 
Q4 : 
Anant, Gulab and Khushbu were partners in a firm sharing profits in the ratio of 5 : 3 : 2. From 1.4.2014, they decided to 
share the profits equally. For this purpose the goodwill of the firm was valued at Rs 2,40,000. 
CBSE PAST YEAR PAPER 
 
2 
Pass necessary journal entry for the treatment of goodwill on change in the profit sharing ratio of Anant, Gulab and 
Khushbu. 
 
Answer : 
  Journal 
Date Particulars L.F. 
Debit Amount 
Rs 
Credit 
Amount 
Rs 
            
  Gulab’s Capital A/c Dr.   8,000   
  Khushbu’s Capital A/c Dr.   32,000   
     To Anant’s Capital A/c        40,000 
  (Gulab and Khushbu, being the gaining 
partners compensated Anant for his 
share of sacrifice) 
        
            
            
 
Working Notes: 
WN1 Calculation of Sacrificing Ratio 
 
WN2 Adjustment of Goodwill 
 
 
Gulab and Khushbu, being the gaining partner will pay Anant, a sacrificing partner in the ratio of their gain i.e. 1 : 4. 
 
Q5 : 
Give the meaning of forfeiture of shares. 
 
Answer : 
Cancellation of shares on non-payment of due calls is known as forfeiture of shares. 
Q6 : 
Nirman Ltd. issued 50,000 equity shares of Rs 10 each. The amount was payable as follows : 
On application  Rs 3 per share 
On allotment  Rs 2 per share 
On first and final call  The balance 
 
Applications for 45,000 shares were received and shares were allotted to all the applicants. Pooja, to whom 500 shares 
were allotted, paid her entire share money at the time of allotment, whereas Kundan did not pay the first and final call on 
his 300 shares. The amount received at the time of making first and final call was : 
CBSE PAST YEAR PAPER 
 
3 
(i) Rs 2,25,000 
(ii) Rs 2,20,000 
(iii) Rs 2,21,000 
(iv) Rs 2,19,500 
 
Answer : 
Calculation of amount received with first call 
 
Hence, the correct answer is option (iii). 
Q7 : 
Guru Ltd. invited applications for issuing 5,00,000 equity shares of Rs 10 each at a premium of Rs 5 per share. Because of 
favourable market conditions the issue was over-subscribed and applications for 15,00,000 shares were received. 
Suggest the alternatives available to the Board of Directors for the allotment of shares. 
 
Answer : 
I would like to suggest the following three alternatives to the Board of Directors. 
a. To reject the excess application of 10,00,000 shares 
b. To allot shares to all the share applicants on pro-rata basis, i.e. allotting 5,00,000 shares to 15,00,000 share applicants 
c. To exercise a mix of both the practices as listed in (a) and (b). That is, rejecting the excess application say for 5,00,000 
shares and allotting 5,00,000 shares to the remaining 10,00,000 share applicants. 
Q8 : 
On 1.4.2013, Brij and Nandan entered into partnership to construct toilets in government girls schools in the remote areas 
of Uttarakhand. They contributed capitals of Rs 10,00,000 and Rs 15,00,000 respectively. Their profit sharing ratio was 2 : 3 
and interest allowed on capital as provided in the Partnership Deed was 12% per annum. During the year ended 31.3.2014, 
the firm earned a profit of Rs 2,00,000. 
Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 31.3.2014 
 
Answer : 
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars 
Amount 
Rs 
Particulars 
Amount 
Rs 
Interest on Capital A/c:   Profit and Loss A/c 2,00,000 
Brij 80,000       
Nandan 1,20,000 2,00,000     
        
  2,00,000   2,00,000 
        
 
Working Notes: 
WN1 Calculation of Interest on Capital 
 
WN2 Calculation of Proportionate Interest on Capital 
CBSE PAST YEAR PAPER 
 
4 
 
Note: Interest on capital is to be treated as an appropriation of profits and is to be provided to the extent of available 
profits i.e. Rs 2,00,000. 
Q9 : 
'Suvidha Ltd.' is registered with an authorised capital of Rs 10,00,00,000 divided into 10,00,000 equity shares of Rs 100 
each. The company issued 1,00,000 shares for public subscription. A shareholder holding 100 shares, failed to pay the final 
call of Rs 20 per share. His shares were forfeited. The forfeited shares were re-issued at Rs 90 per share as fully paid up. 
Present the 'Share Capital' in the Balance Sheet of the company as per Schedule VI Part I of the Companies Act, 1956, Also 
prepare 'Notes to Accounts'. 
 
Answer : 
Suvidha Ltd. 
Balance Sheet 
Particulars 
Note 
No. 
Amount 
Rs 
I. Equity and Liabilities     
1. Shareholders’ Funds     
a. Share Capital 1 1,00,00,000 
b. Reserves and Surplus 2 7,000 
    1,00,07,000 
      
II. Assets     
1. Current Assets     
a. Cash and Cash Equivalents 3 1,00,07,000 
    1,00,07,000 
      
  
NOTES TO ACCOUNTS 
Note No. Particulars 
Amount  
(Rs) 
1 Share Capital   
  Authorised Capital   
  10,00,000 shares of Rs 100 10,00,00,000 
  Issued Capital   
  1,00,000 shares of Rs 100 1,00,00,000 
  Subscribed, Called-up and Paid-up Capital   
  1,00,000 shares of Rs 100 1,00,00,000 
      
2 Reserves and Surplus   
  Capital Reserve 7,000 
      
3 Cash and Cash Equivalents   
  Cash at Bank 1,00,07,000 
      
Q10 : 
'Good Blankets Ltd.' are the manufacturers of woollen blankets. Blankets of the company are exported to many countries. 
The company decided to distribute blankets free of cost to five villages of Kashmir Valley destroyed by the recent floods. It 
also decided to employ 100 young persons from these villages in their newly established factory at Solan in Himachal 
Pradesh. To meet the requirements of funds for starting its new factory, the company issued 50,000 equity shares of Rs 10 
each and 2,000 8% debentures of  Rs 100 each to the vendors of machinery purchased for Rs 7,00,000. 
Pass necessary journal entries for the above transactions in the books of the company. Also identify any one value which the 
company wants to communicate to the society. 
Page 5


CBSE PAST YEAR PAPER 
 
1 
CBSE All India Previous Year 2015 
General Instructions: 
1) This question paper contains two parts A and B. 
2) Part A is compulsory for all. 
3) Part B has two options-Financial statement Analysis and Computerised Accounting. 
4) Attempt only one option of Part B. 
5) All parts of a question should be attempted at one place. 
Section A 
i. This section consists of 18 questions. 
ii. All the questions are compulsory. 
iii. Question Nos. 1 to 6 are very short-answer questions carrying 1 mark each. 
iv. Question Nos. 7 to 10 carry 3 marks each. 
v. Question Nos. 11 and 12 carry 4 marks each. 
vi. Question Nos. 13 to 15 carry 6 marks each. 
vii. Question Nos. 16 and 17 carry 8 marks each. 
Section B 
i. This section consists of 6 questions. 
ii. All questions are compulsory 
iii. Question Nos. 18 and 19 are very short-answer questions carrying 1 mark each. 
iv. Question Nos. 20 to 22 carry 3 marks. 
v. Question No. 23 carries 6 marks. 
Q1 : 
In the absence of Partnership Deed, interest on loan of a partner is allowed : 
(i) at 8% per annum. 
(ii) at 6% per annum. 
(iii) no interest is allowed. 
(iv) at 12% per annum. 
 
Answer : 
In absence of Partnership Deed, interest on loan of a partner is allowed at the rate of 6% per annum. 
Hence, the correct answer is option (ii). 
Q2 : 
Geeta, Sunita and Anita were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 1.1.2015 they admitted Yogita as a 
new partner for 1/10
th
 share in the profits. On Yogita's admission, the Profit and Loss Account of the firm was showing a 
debit balance of Rs 20,000 which was credited by the accountant of the firm to the capital accounts of Geeta, Sunita and 
Anita in their profit sharing ratio. Did the accountant give correct treatment ? Given reason in support of your answer. 
 
Answer : 
Here, the treatment of Profit and Loss A/c (Dr.) is incorrect. Because, debit balance of Profit and Loss A/c represents the 
loss to the firm. Therefore, at the time of admission of Yogita, it must be divided among the old partners i.e. Geeta, Sunita 
and Anita in their old profit sharing ratio i.e. 5 : 3 : 2. Thus, it should be debited and not credited to the capital accoun ts of 
Geeta, Sunita and Anita.  
Q3 : 
On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the : 
(i) Debit of Profit and Loss Account. 
(ii) Credit of Profit and Loss Account. 
(iii) Debit of Profit and Loss Suspense Account 
(iv) Credit of Profit and Loss Suspense Account 
 
Answer : 
On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the debit of Profit 
and Loss Suspense Account. 
Hence, the correct answer is option (iii). 
Q4 : 
Anant, Gulab and Khushbu were partners in a firm sharing profits in the ratio of 5 : 3 : 2. From 1.4.2014, they decided to 
share the profits equally. For this purpose the goodwill of the firm was valued at Rs 2,40,000. 
CBSE PAST YEAR PAPER 
 
2 
Pass necessary journal entry for the treatment of goodwill on change in the profit sharing ratio of Anant, Gulab and 
Khushbu. 
 
Answer : 
  Journal 
Date Particulars L.F. 
Debit Amount 
Rs 
Credit 
Amount 
Rs 
            
  Gulab’s Capital A/c Dr.   8,000   
  Khushbu’s Capital A/c Dr.   32,000   
     To Anant’s Capital A/c        40,000 
  (Gulab and Khushbu, being the gaining 
partners compensated Anant for his 
share of sacrifice) 
        
            
            
 
Working Notes: 
WN1 Calculation of Sacrificing Ratio 
 
WN2 Adjustment of Goodwill 
 
 
Gulab and Khushbu, being the gaining partner will pay Anant, a sacrificing partner in the ratio of their gain i.e. 1 : 4. 
 
Q5 : 
Give the meaning of forfeiture of shares. 
 
Answer : 
Cancellation of shares on non-payment of due calls is known as forfeiture of shares. 
Q6 : 
Nirman Ltd. issued 50,000 equity shares of Rs 10 each. The amount was payable as follows : 
On application  Rs 3 per share 
On allotment  Rs 2 per share 
On first and final call  The balance 
 
Applications for 45,000 shares were received and shares were allotted to all the applicants. Pooja, to whom 500 shares 
were allotted, paid her entire share money at the time of allotment, whereas Kundan did not pay the first and final call on 
his 300 shares. The amount received at the time of making first and final call was : 
CBSE PAST YEAR PAPER 
 
3 
(i) Rs 2,25,000 
(ii) Rs 2,20,000 
(iii) Rs 2,21,000 
(iv) Rs 2,19,500 
 
Answer : 
Calculation of amount received with first call 
 
Hence, the correct answer is option (iii). 
Q7 : 
Guru Ltd. invited applications for issuing 5,00,000 equity shares of Rs 10 each at a premium of Rs 5 per share. Because of 
favourable market conditions the issue was over-subscribed and applications for 15,00,000 shares were received. 
Suggest the alternatives available to the Board of Directors for the allotment of shares. 
 
Answer : 
I would like to suggest the following three alternatives to the Board of Directors. 
a. To reject the excess application of 10,00,000 shares 
b. To allot shares to all the share applicants on pro-rata basis, i.e. allotting 5,00,000 shares to 15,00,000 share applicants 
c. To exercise a mix of both the practices as listed in (a) and (b). That is, rejecting the excess application say for 5,00,000 
shares and allotting 5,00,000 shares to the remaining 10,00,000 share applicants. 
Q8 : 
On 1.4.2013, Brij and Nandan entered into partnership to construct toilets in government girls schools in the remote areas 
of Uttarakhand. They contributed capitals of Rs 10,00,000 and Rs 15,00,000 respectively. Their profit sharing ratio was 2 : 3 
and interest allowed on capital as provided in the Partnership Deed was 12% per annum. During the year ended 31.3.2014, 
the firm earned a profit of Rs 2,00,000. 
Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 31.3.2014 
 
Answer : 
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars 
Amount 
Rs 
Particulars 
Amount 
Rs 
Interest on Capital A/c:   Profit and Loss A/c 2,00,000 
Brij 80,000       
Nandan 1,20,000 2,00,000     
        
  2,00,000   2,00,000 
        
 
Working Notes: 
WN1 Calculation of Interest on Capital 
 
WN2 Calculation of Proportionate Interest on Capital 
CBSE PAST YEAR PAPER 
 
4 
 
Note: Interest on capital is to be treated as an appropriation of profits and is to be provided to the extent of available 
profits i.e. Rs 2,00,000. 
Q9 : 
'Suvidha Ltd.' is registered with an authorised capital of Rs 10,00,00,000 divided into 10,00,000 equity shares of Rs 100 
each. The company issued 1,00,000 shares for public subscription. A shareholder holding 100 shares, failed to pay the final 
call of Rs 20 per share. His shares were forfeited. The forfeited shares were re-issued at Rs 90 per share as fully paid up. 
Present the 'Share Capital' in the Balance Sheet of the company as per Schedule VI Part I of the Companies Act, 1956, Also 
prepare 'Notes to Accounts'. 
 
Answer : 
Suvidha Ltd. 
Balance Sheet 
Particulars 
Note 
No. 
Amount 
Rs 
I. Equity and Liabilities     
1. Shareholders’ Funds     
a. Share Capital 1 1,00,00,000 
b. Reserves and Surplus 2 7,000 
    1,00,07,000 
      
II. Assets     
1. Current Assets     
a. Cash and Cash Equivalents 3 1,00,07,000 
    1,00,07,000 
      
  
NOTES TO ACCOUNTS 
Note No. Particulars 
Amount  
(Rs) 
1 Share Capital   
  Authorised Capital   
  10,00,000 shares of Rs 100 10,00,00,000 
  Issued Capital   
  1,00,000 shares of Rs 100 1,00,00,000 
  Subscribed, Called-up and Paid-up Capital   
  1,00,000 shares of Rs 100 1,00,00,000 
      
2 Reserves and Surplus   
  Capital Reserve 7,000 
      
3 Cash and Cash Equivalents   
  Cash at Bank 1,00,07,000 
      
Q10 : 
'Good Blankets Ltd.' are the manufacturers of woollen blankets. Blankets of the company are exported to many countries. 
The company decided to distribute blankets free of cost to five villages of Kashmir Valley destroyed by the recent floods. It 
also decided to employ 100 young persons from these villages in their newly established factory at Solan in Himachal 
Pradesh. To meet the requirements of funds for starting its new factory, the company issued 50,000 equity shares of Rs 10 
each and 2,000 8% debentures of  Rs 100 each to the vendors of machinery purchased for Rs 7,00,000. 
Pass necessary journal entries for the above transactions in the books of the company. Also identify any one value which the 
company wants to communicate to the society. 
CBSE PAST YEAR PAPER 
 
5 
 
Answer : 
Journal 
In the books of Good Blankets Ltd. 
Date Particulars L.F. 
Debit Amount 
Rs 
Credit 
Amount 
Rs 
  Machinery A/c Dr.   7,00,000   
  To Vendor       7,00,000 
  (Purchased machinery)         
            
  Vendor Dr.   7,00,000   
  To Equity Share Capital A/c       5,00,000 
     To 8% Debentures A/c       2,00,000 
  (Issued 50,000 equity shares of Rs 100 
each and 2,000 8% Debentures of Rs 100 
each to the vendor) 
        
            
  
Value involved in the above scenario is ‘Creation of employment opportunities’. By hiring the victims of flood affected 
area, the company wants to generate employment opportunities for them so that they can earn and mange their 
livelihood. 
Q11 : 
Arun, Varun and Karan were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On 31.3.2014, their Balance Sheet was 
as follows : 
  
Liabilities 
Amount 
Rs 
Assets 
Amount 
Rs 
Creditors 17,000 Cash 8,000  
Bills Payable 12,000 Debtors 13,000 
Karan’s Loan 28,000 Bills Payable 9,000 
Capitals :   Furniture 27,000  
Arun 70,000   Machinery 1,25,000 
Varun 68,000 1,38,000 Karan’s Capital 13,000 
  1,95,000   1,95,000 
        
On 30.9.2014, Karan died. The partnership Deed provided for the following to the executors of the deceased partner : 
(a) His share in the goodwill of the firm calculated on the basis of three year's purchase of the average profits of the last 
four years. The profits of the last four years were Rs 1,90,000; Rs 1,70,000; Rs 1,80,000 and Rs 1,60,000 respectively. 
(b) His share in the profits of the firm till the date of his death calculated on the basis of the average profits of the last four 
years. 
(c) Interest @8% p.a. on the credit balance, if any, in his Capital Account. 
(d) Interest on his loan @12% p.a. 
Prepare Karan's Capital Account to be presented to his executors, assuming that his loan and interest on loan were 
transferred to his Capital Account. 
 
Answer : 
Karan’s Capital A/c 
Dr.   Cr. 
Particulars 
Amount 
Rs 
Particulars 
Amount 
Rs 
Balance b/d 13,000 Arunas Capital A/c 90,000 
Executors A/c 2,00,430 Varunas Capital A/c 67,500 
    Profit and Loss Suspense A/c 26,250 
    Karanas Loan A/c 28,000 
    Interest on Karan’s Loan 1,680 
Read More
79 docs|41 tests

Top Courses for Commerce

FAQs on Cbse Past Year Paper- 2015 - Crash Course of Accountancy - Class 12 - Commerce

1. What are the important topics to study for the CBSE Commerce exam in 2015?
Ans. The important topics to study for the CBSE Commerce exam in 2015 include accountancy, business studies, economics, mathematics, and English. These subjects cover various aspects of commerce and provide a comprehensive understanding of the field.
2. How can I effectively prepare for the CBSE Commerce exam?
Ans. To effectively prepare for the CBSE Commerce exam, you should create a study schedule, review the syllabus, practice previous year question papers, take mock tests, and seek guidance from teachers or mentors. Additionally, focusing on understanding the concepts and practicing numerical problems can greatly enhance your preparation.
3. What are the career options available after completing CBSE Commerce?
Ans. After completing CBSE Commerce, there are various career options available. Some popular career paths include becoming a chartered accountant, company secretary, financial analyst, economist, investment banker, or pursuing a career in marketing, human resources, or entrepreneurship. It is important to choose a career that aligns with your interests and strengths.
4. How can I improve my performance in the CBSE Commerce exam?
Ans. To improve your performance in the CBSE Commerce exam, you can focus on practicing time management, revising regularly, solving sample papers, and seeking clarification on any doubts or concepts from teachers or classmates. Additionally, maintaining a positive mindset, staying organized, and getting enough rest before the exam can also contribute to better performance.
5. Are there any specific strategies for scoring well in the CBSE Commerce exam?
Ans. Yes, there are specific strategies for scoring well in the CBSE Commerce exam. Some strategies include understanding the marking scheme, practicing writing concise and relevant answers, using diagrams or flowcharts to illustrate concepts, and referring to the textbook and class notes for accurate information. It is also important to read the question carefully, manage time effectively during the exam, and review your answers before submitting the paper.
79 docs|41 tests
Download as PDF
Explore Courses for Commerce exam

Top Courses for Commerce

Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Related Searches

study material

,

Sample Paper

,

Summary

,

Exam

,

MCQs

,

shortcuts and tricks

,

pdf

,

practice quizzes

,

Previous Year Questions with Solutions

,

Cbse Past Year Paper- 2015 | Crash Course of Accountancy - Class 12 - Commerce

,

Free

,

ppt

,

Semester Notes

,

Viva Questions

,

Objective type Questions

,

Extra Questions

,

Cbse Past Year Paper- 2015 | Crash Course of Accountancy - Class 12 - Commerce

,

past year papers

,

video lectures

,

mock tests for examination

,

Cbse Past Year Paper- 2015 | Crash Course of Accountancy - Class 12 - Commerce

,

Important questions

;