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 Page 1


  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3 – 2016 
 
Time: 3 hours Max. Marks: 80 
  
General Instructions: 
1) This question paper contains two parts A and B 
2) Part A is compulsory for all 
3) All parts of a question should be attempted at one place 
Section A 
(i) This section consists of 17 questions 
(ii) All the question 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 carrying 1 mark each 
(iv) Question Nos. 20 to 22 carry 4 marks 
(v) Question No.23 carries 6 marks 
 
SECTION A 
 
1. Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3:2. During the year ended 31-3-2015 
Nusrat had withdrawn `15,000. Interest on her drawings amounted to `300.  
Pass necessary journal entry for charging interest on drawing assuming that the capitals of the partners 
were fixed. 
 
2. On 1-1-2016 the first call of `3 per share became due on 1,00,000 equity shares issued by Kamini Ltd. Karan 
a holder of 500 shares did not pay the first call money. Arjun a shareholder holding 1000 shares paid the 
second and final call of `5 per share along with the first call. Pass the necessary journal entry for the amount 
received by opening 'Calls-in-arrears' and 'Calls-in-advance' account in the books of the company. 
 
3. State the provisions of the Companies Act, 2013 for the creation of 'Debenture Redemption Reserve'. 
 
4. Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 
'Economic Relationship'. 
 
5. A, B and C were partners in a firm sharing profits in the ratio of 3:2:1. They admitted D as a new partner for 
1/8
th
 share in the profits, which he acquired 1/16
th
 from B and 1/16
th
 from C.  
 
6. What is the maximum number of partners that a partnership firm can have? Name the Act that provides for 
the maximum number of partners in a partnership firm. 
 
7. To provide employment to the youth and to develop the Naxal affected backward areas of Chhattisgarh. X 
Ltd. decided to set-up a power plant. For raising funds the company decided to issue 7, 50,000 equity shares 
Page 2


  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3 – 2016 
 
Time: 3 hours Max. Marks: 80 
  
General Instructions: 
1) This question paper contains two parts A and B 
2) Part A is compulsory for all 
3) All parts of a question should be attempted at one place 
Section A 
(i) This section consists of 17 questions 
(ii) All the question 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 carrying 1 mark each 
(iv) Question Nos. 20 to 22 carry 4 marks 
(v) Question No.23 carries 6 marks 
 
SECTION A 
 
1. Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3:2. During the year ended 31-3-2015 
Nusrat had withdrawn `15,000. Interest on her drawings amounted to `300.  
Pass necessary journal entry for charging interest on drawing assuming that the capitals of the partners 
were fixed. 
 
2. On 1-1-2016 the first call of `3 per share became due on 1,00,000 equity shares issued by Kamini Ltd. Karan 
a holder of 500 shares did not pay the first call money. Arjun a shareholder holding 1000 shares paid the 
second and final call of `5 per share along with the first call. Pass the necessary journal entry for the amount 
received by opening 'Calls-in-arrears' and 'Calls-in-advance' account in the books of the company. 
 
3. State the provisions of the Companies Act, 2013 for the creation of 'Debenture Redemption Reserve'. 
 
4. Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 
'Economic Relationship'. 
 
5. A, B and C were partners in a firm sharing profits in the ratio of 3:2:1. They admitted D as a new partner for 
1/8
th
 share in the profits, which he acquired 1/16
th
 from B and 1/16
th
 from C.  
 
6. What is the maximum number of partners that a partnership firm can have? Name the Act that provides for 
the maximum number of partners in a partnership firm. 
 
7. To provide employment to the youth and to develop the Naxal affected backward areas of Chhattisgarh. X 
Ltd. decided to set-up a power plant. For raising funds the company decided to issue 7, 50,000 equity shares 
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
of `10 each at a premium of 50%. The whole amount was payable on application. Applications for 20, 
00,000 shares were received. Applications for 50,000 shares were rejected and shares were allotted to the 
remaining applicants on pro-rata basis.  
Pass necessary journal entries for the above transactions in the books of the company and identify any two 
values which X Ltd. wants to propagate. 
 
8. Sandesh Ltd. took over the assets of `7,00,000 and liabilities of `2,00,000 from Sanchar Ltd. for a purchase 
consideration of `4,59,500. `8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after 
three months and the balance was paid by issue of equity shares of `10 each at a premium of 10% in favour 
of Sanchar Ltd.  
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd. 
 
9. State any three circumstances other than (i) admission of a new partner; (ii) retirement of a partner and (iii) 
death of a partner, when need for valuation of goodwill of a firm may arise. 
 
10. KTR Ltd., issued 365, 9% Debentures of `1,000 each on 4-3-2016. Pass necessary journal entries for the 
issue of debentures in the following situations :  
(a) When debentures were issued at par redeemable at a premium of 10%.  
(b) When debentures were issued at 6% discount redeemable at 5% premium. 
 
11. P and Q were partners in a firm sharing profits in the ratio of 5:3. On 1-4-2014 they admitted R as a new 
partner for 1/8
th
 share in the profits with a guaranteed profit of ` 75,000. The new profit sharing ratio 
between P and Q will remain the same but they agreed to bear any deficiency on account of guarantee to R in 
the ratio 3:2. The profit of the firm for the year ended 31-3-2015 was `4,00,000.  
Prepare Profit and Loss Appropriation Account of P, Q and R for the year ended 31-3-2015. 
 
12. Vikas, Vishal and Vaibhav were partners in a firm sharing profits in the ratio of 2:2:1. The firm closes its 
books 31
st
 March every year. On 31-12-2015 Vaibhav died. On that date his Capital account showed a credit 
balance of `3,80,000 and Goodwill of the firm was valued at `1,20,000. There was a debit balance of `50,000 
in the profit and loss account. Vaibhav's share of profit in the year of his death was to be calculated on the 
basis of the average profit of last five years. The average profit of last five years was `75,000. 
Pass necessary journal entries in the books of the firm on Vaibhav’s death 
 
13. E and F were partners in a firm sharing profits in the ratio of 7:3. On 28-2-2016 the firm was dissolved. After 
transferring assets (other than cash) and outsider's liabilities to realization account you are given the 
following information:  
(a) A creditor for `3,00,000 accepted building valued at `3,75,000 and paid the firm `75,000.  
(b) A second creditor for `93,000 accepted stock valued at `90,000 in full settlement of his claim.  
(c) A third creditor amounting to `60,000 accepted `37,000 in cash and investments of the book value of 
`40,000 in full settlement of his claim.  
(d) Loss on dissolution was `7,000.  
Pass necessary journal entries for the above transactions in the books of the firm assuming that all payments 
were made by cheque. 
  
Page 3


  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3 – 2016 
 
Time: 3 hours Max. Marks: 80 
  
General Instructions: 
1) This question paper contains two parts A and B 
2) Part A is compulsory for all 
3) All parts of a question should be attempted at one place 
Section A 
(i) This section consists of 17 questions 
(ii) All the question 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 carrying 1 mark each 
(iv) Question Nos. 20 to 22 carry 4 marks 
(v) Question No.23 carries 6 marks 
 
SECTION A 
 
1. Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3:2. During the year ended 31-3-2015 
Nusrat had withdrawn `15,000. Interest on her drawings amounted to `300.  
Pass necessary journal entry for charging interest on drawing assuming that the capitals of the partners 
were fixed. 
 
2. On 1-1-2016 the first call of `3 per share became due on 1,00,000 equity shares issued by Kamini Ltd. Karan 
a holder of 500 shares did not pay the first call money. Arjun a shareholder holding 1000 shares paid the 
second and final call of `5 per share along with the first call. Pass the necessary journal entry for the amount 
received by opening 'Calls-in-arrears' and 'Calls-in-advance' account in the books of the company. 
 
3. State the provisions of the Companies Act, 2013 for the creation of 'Debenture Redemption Reserve'. 
 
4. Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 
'Economic Relationship'. 
 
5. A, B and C were partners in a firm sharing profits in the ratio of 3:2:1. They admitted D as a new partner for 
1/8
th
 share in the profits, which he acquired 1/16
th
 from B and 1/16
th
 from C.  
 
6. What is the maximum number of partners that a partnership firm can have? Name the Act that provides for 
the maximum number of partners in a partnership firm. 
 
7. To provide employment to the youth and to develop the Naxal affected backward areas of Chhattisgarh. X 
Ltd. decided to set-up a power plant. For raising funds the company decided to issue 7, 50,000 equity shares 
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
of `10 each at a premium of 50%. The whole amount was payable on application. Applications for 20, 
00,000 shares were received. Applications for 50,000 shares were rejected and shares were allotted to the 
remaining applicants on pro-rata basis.  
Pass necessary journal entries for the above transactions in the books of the company and identify any two 
values which X Ltd. wants to propagate. 
 
8. Sandesh Ltd. took over the assets of `7,00,000 and liabilities of `2,00,000 from Sanchar Ltd. for a purchase 
consideration of `4,59,500. `8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after 
three months and the balance was paid by issue of equity shares of `10 each at a premium of 10% in favour 
of Sanchar Ltd.  
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd. 
 
9. State any three circumstances other than (i) admission of a new partner; (ii) retirement of a partner and (iii) 
death of a partner, when need for valuation of goodwill of a firm may arise. 
 
10. KTR Ltd., issued 365, 9% Debentures of `1,000 each on 4-3-2016. Pass necessary journal entries for the 
issue of debentures in the following situations :  
(a) When debentures were issued at par redeemable at a premium of 10%.  
(b) When debentures were issued at 6% discount redeemable at 5% premium. 
 
11. P and Q were partners in a firm sharing profits in the ratio of 5:3. On 1-4-2014 they admitted R as a new 
partner for 1/8
th
 share in the profits with a guaranteed profit of ` 75,000. The new profit sharing ratio 
between P and Q will remain the same but they agreed to bear any deficiency on account of guarantee to R in 
the ratio 3:2. The profit of the firm for the year ended 31-3-2015 was `4,00,000.  
Prepare Profit and Loss Appropriation Account of P, Q and R for the year ended 31-3-2015. 
 
12. Vikas, Vishal and Vaibhav were partners in a firm sharing profits in the ratio of 2:2:1. The firm closes its 
books 31
st
 March every year. On 31-12-2015 Vaibhav died. On that date his Capital account showed a credit 
balance of `3,80,000 and Goodwill of the firm was valued at `1,20,000. There was a debit balance of `50,000 
in the profit and loss account. Vaibhav's share of profit in the year of his death was to be calculated on the 
basis of the average profit of last five years. The average profit of last five years was `75,000. 
Pass necessary journal entries in the books of the firm on Vaibhav’s death 
 
13. E and F were partners in a firm sharing profits in the ratio of 7:3. On 28-2-2016 the firm was dissolved. After 
transferring assets (other than cash) and outsider's liabilities to realization account you are given the 
following information:  
(a) A creditor for `3,00,000 accepted building valued at `3,75,000 and paid the firm `75,000.  
(b) A second creditor for `93,000 accepted stock valued at `90,000 in full settlement of his claim.  
(c) A third creditor amounting to `60,000 accepted `37,000 in cash and investments of the book value of 
`40,000 in full settlement of his claim.  
(d) Loss on dissolution was `7,000.  
Pass necessary journal entries for the above transactions in the books of the firm assuming that all payments 
were made by cheque. 
  
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
14. A, B and C were partners in a firm sharing profit in the ratio of 3:2:1. On 31-3-2015 their Balance sheet was 
as follows : 
Balance Sheet of A,B and C as on 31-3-2015 
Liabilities  
Amount 
` 
Assets 
Amount 
` 
Creditors  50,000 Land 50,000 
Bills Payable  20,000 Building 50,000 
   Plant 1,00,000 
Capitals   Stock 40,000 
 A 1,00,000  Debtors 30,000 
 B 50,000  Bank 5,000 
 C 25,000 1,75,000   
General Reserve  30,000   
 2,75,000  2,75,000 
On the above date D was admitted as new partner and it was decided that: 
(i) Goodwill of the firm will be valued at `1,50,000 
(ii) Land will be revalued at `80,000 and building be depreciated by 60%. 
(iii) Creditors of `6,000 were not likely to be claimed and hence should be written off 
Prepare Revaluations Account, Partner’s Capital Accounts and Balance Sheet of the reconstitute firm. 
 
15. On 1-4-2013 NK Ltd. had 20,000, 11% Debentures of `100 each outstanding.  
(i) On 1-4-2014 the company purchased in the open market 4,000 of its own debentures at `102 each and 
cancelled the same immediately.  
(ii) On 1-4.2015 the company redeemed at par debentures of `8,00,000 by draw of a lot.  
(iii) On 28-2-2016 the remaining debentures were purchased for immediate cancellation for `7,89,900.  
Pass necessary journal entries for the above transactions in the books of the company ignoring debenture 
redemption reserve and interest on debentures. 
 
16. A, B and C were partners in a firm sharing profit in the ratio of 3:2:1. On 31-3-2015 their Balance sheet was 
as follows : 
 
Balance Sheet of A,B and C as on 31-3-2015 
Liabilities  
Amount 
` 
Assets 
Amount 
` 
Creditors  84,000 Bank 17,000 
General Reserve  21,000 Debtors 23,000 
   Stock 1,10,000 
Capitals   Investments 30,000 
 A 60,000  Furniture & Fittings 10,000 
 B 40,000  Machinery 35,000 
 C 20,000 1,20,000   
     
 2,25,000  2,25,000 
 
On the above date D was admitted as new partner and it was decided that 
(i) The new profit sharing ratio between A, B, C and D will be 2:1:1:1. 
(ii) Goodwill of the firm was valued at `90,000 and D brought his share of goodwill premium in cash. 
(iii) The Market value of investments was `24,000 
(iv) Machinery will be reduced to `29,000 
Page 4


  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3 – 2016 
 
Time: 3 hours Max. Marks: 80 
  
General Instructions: 
1) This question paper contains two parts A and B 
2) Part A is compulsory for all 
3) All parts of a question should be attempted at one place 
Section A 
(i) This section consists of 17 questions 
(ii) All the question 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 carrying 1 mark each 
(iv) Question Nos. 20 to 22 carry 4 marks 
(v) Question No.23 carries 6 marks 
 
SECTION A 
 
1. Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3:2. During the year ended 31-3-2015 
Nusrat had withdrawn `15,000. Interest on her drawings amounted to `300.  
Pass necessary journal entry for charging interest on drawing assuming that the capitals of the partners 
were fixed. 
 
2. On 1-1-2016 the first call of `3 per share became due on 1,00,000 equity shares issued by Kamini Ltd. Karan 
a holder of 500 shares did not pay the first call money. Arjun a shareholder holding 1000 shares paid the 
second and final call of `5 per share along with the first call. Pass the necessary journal entry for the amount 
received by opening 'Calls-in-arrears' and 'Calls-in-advance' account in the books of the company. 
 
3. State the provisions of the Companies Act, 2013 for the creation of 'Debenture Redemption Reserve'. 
 
4. Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 
'Economic Relationship'. 
 
5. A, B and C were partners in a firm sharing profits in the ratio of 3:2:1. They admitted D as a new partner for 
1/8
th
 share in the profits, which he acquired 1/16
th
 from B and 1/16
th
 from C.  
 
6. What is the maximum number of partners that a partnership firm can have? Name the Act that provides for 
the maximum number of partners in a partnership firm. 
 
7. To provide employment to the youth and to develop the Naxal affected backward areas of Chhattisgarh. X 
Ltd. decided to set-up a power plant. For raising funds the company decided to issue 7, 50,000 equity shares 
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
of `10 each at a premium of 50%. The whole amount was payable on application. Applications for 20, 
00,000 shares were received. Applications for 50,000 shares were rejected and shares were allotted to the 
remaining applicants on pro-rata basis.  
Pass necessary journal entries for the above transactions in the books of the company and identify any two 
values which X Ltd. wants to propagate. 
 
8. Sandesh Ltd. took over the assets of `7,00,000 and liabilities of `2,00,000 from Sanchar Ltd. for a purchase 
consideration of `4,59,500. `8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after 
three months and the balance was paid by issue of equity shares of `10 each at a premium of 10% in favour 
of Sanchar Ltd.  
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd. 
 
9. State any three circumstances other than (i) admission of a new partner; (ii) retirement of a partner and (iii) 
death of a partner, when need for valuation of goodwill of a firm may arise. 
 
10. KTR Ltd., issued 365, 9% Debentures of `1,000 each on 4-3-2016. Pass necessary journal entries for the 
issue of debentures in the following situations :  
(a) When debentures were issued at par redeemable at a premium of 10%.  
(b) When debentures were issued at 6% discount redeemable at 5% premium. 
 
11. P and Q were partners in a firm sharing profits in the ratio of 5:3. On 1-4-2014 they admitted R as a new 
partner for 1/8
th
 share in the profits with a guaranteed profit of ` 75,000. The new profit sharing ratio 
between P and Q will remain the same but they agreed to bear any deficiency on account of guarantee to R in 
the ratio 3:2. The profit of the firm for the year ended 31-3-2015 was `4,00,000.  
Prepare Profit and Loss Appropriation Account of P, Q and R for the year ended 31-3-2015. 
 
12. Vikas, Vishal and Vaibhav were partners in a firm sharing profits in the ratio of 2:2:1. The firm closes its 
books 31
st
 March every year. On 31-12-2015 Vaibhav died. On that date his Capital account showed a credit 
balance of `3,80,000 and Goodwill of the firm was valued at `1,20,000. There was a debit balance of `50,000 
in the profit and loss account. Vaibhav's share of profit in the year of his death was to be calculated on the 
basis of the average profit of last five years. The average profit of last five years was `75,000. 
Pass necessary journal entries in the books of the firm on Vaibhav’s death 
 
13. E and F were partners in a firm sharing profits in the ratio of 7:3. On 28-2-2016 the firm was dissolved. After 
transferring assets (other than cash) and outsider's liabilities to realization account you are given the 
following information:  
(a) A creditor for `3,00,000 accepted building valued at `3,75,000 and paid the firm `75,000.  
(b) A second creditor for `93,000 accepted stock valued at `90,000 in full settlement of his claim.  
(c) A third creditor amounting to `60,000 accepted `37,000 in cash and investments of the book value of 
`40,000 in full settlement of his claim.  
(d) Loss on dissolution was `7,000.  
Pass necessary journal entries for the above transactions in the books of the firm assuming that all payments 
were made by cheque. 
  
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
14. A, B and C were partners in a firm sharing profit in the ratio of 3:2:1. On 31-3-2015 their Balance sheet was 
as follows : 
Balance Sheet of A,B and C as on 31-3-2015 
Liabilities  
Amount 
` 
Assets 
Amount 
` 
Creditors  50,000 Land 50,000 
Bills Payable  20,000 Building 50,000 
   Plant 1,00,000 
Capitals   Stock 40,000 
 A 1,00,000  Debtors 30,000 
 B 50,000  Bank 5,000 
 C 25,000 1,75,000   
General Reserve  30,000   
 2,75,000  2,75,000 
On the above date D was admitted as new partner and it was decided that: 
(i) Goodwill of the firm will be valued at `1,50,000 
(ii) Land will be revalued at `80,000 and building be depreciated by 60%. 
(iii) Creditors of `6,000 were not likely to be claimed and hence should be written off 
Prepare Revaluations Account, Partner’s Capital Accounts and Balance Sheet of the reconstitute firm. 
 
15. On 1-4-2013 NK Ltd. had 20,000, 11% Debentures of `100 each outstanding.  
(i) On 1-4-2014 the company purchased in the open market 4,000 of its own debentures at `102 each and 
cancelled the same immediately.  
(ii) On 1-4.2015 the company redeemed at par debentures of `8,00,000 by draw of a lot.  
(iii) On 28-2-2016 the remaining debentures were purchased for immediate cancellation for `7,89,900.  
Pass necessary journal entries for the above transactions in the books of the company ignoring debenture 
redemption reserve and interest on debentures. 
 
16. A, B and C were partners in a firm sharing profit in the ratio of 3:2:1. On 31-3-2015 their Balance sheet was 
as follows : 
 
Balance Sheet of A,B and C as on 31-3-2015 
Liabilities  
Amount 
` 
Assets 
Amount 
` 
Creditors  84,000 Bank 17,000 
General Reserve  21,000 Debtors 23,000 
   Stock 1,10,000 
Capitals   Investments 30,000 
 A 60,000  Furniture & Fittings 10,000 
 B 40,000  Machinery 35,000 
 C 20,000 1,20,000   
     
 2,25,000  2,25,000 
 
On the above date D was admitted as new partner and it was decided that 
(i) The new profit sharing ratio between A, B, C and D will be 2:1:1:1. 
(ii) Goodwill of the firm was valued at `90,000 and D brought his share of goodwill premium in cash. 
(iii) The Market value of investments was `24,000 
(iv) Machinery will be reduced to `29,000 
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
(v) A Creditor of `3,000was not likely to claim the amount and hence to be written off. 
(vi) D will bring proportionate capital so as to give him 1/6
th
 share in the profits of the firm. 
Prepare Revaluations Account, Partner’s Capital Accounts and Balance Sheet of the reconstitute firm 
 
OR 
 
X, Y and Z were partners in a firm sharing profit’s in the firm of 5:3:2. On 31-3-2015 their Balance Sheet was 
as follows: 
Balance Sheet of X,Y and Z as on 31-3-2015 
Liabilities  
Amount 
` 
Assets  
Amount 
` 
Creditors  21,000 Land & Building  62,000 
Investment Fluctuation Fund  10,000 Motor Vans  20,000 
P & L Account  40,000 Investments  19,000 
Capitals   Machinery  12,000 
 X 50,000  Stock  15,000 
 Y 40,000  Debtors 40,000  
 Z 20,000 1,10,000  Less  : Provision 3,000 37,000 
   Cash  16,000 
 1,81,000  1,81,000 
 
On the above date Y retired and X and Z agreed to continue the business on the following terms: 
(1) Goodwill of the firm was valued at `51,000 
(2) There was a claim of `4,000 for Workmen’s Compensation. 
(3) Provision for bad debts was to be reduced by `1,000 
(4)  Y will be paid `8,200 in cash and the balance will be transferred in his loan account which will be 
paid in four equally yearly instalments together with interest @ 10% p.a. 
(5) The new profit sharing ratio between X and Z will be 3:2 and their capitals will be in their new profit 
sharing ratio. The Capital adjustments will be done by opening current Accounts. 
Prepare Revaluation Account. Partner’s Capital Accounts and the Balance Sheet of reconstituted firm 
 
17. KS Ltd invited application for issuing 1,60,000 equity shares of `10 each at a premium of 6 per share. The 
amount was payable as follows 
On Application `4 per share (including premium `1 per share) 
On Allotment `6 per share (including premium `3 per share) 
On First and Final Call – Balance 
Application for 3,20,000 shares were received. Applications for 80,000 share were rejected and application 
money refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received 
with application was adjusted towards surns due on allotment. Jain holding 800 shares failed to pay the 
allotment money his shares were forfeited immediately after allotment. Afterwards the final call was made. 
Gupta who has applied for 1200 shares failed to pay the final call. These shares were forfeited. Out of the 
forfeited shares 1000 shares were re-issued at `8 per share fully paid up. The re-issued shares included all 
the forfeited shares of Jain. 
Pass necessary journal entries for the above transactions in the books of KS Ltd. 
 
OR 
 
 
 
 
Page 5


  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3 – 2016 
 
Time: 3 hours Max. Marks: 80 
  
General Instructions: 
1) This question paper contains two parts A and B 
2) Part A is compulsory for all 
3) All parts of a question should be attempted at one place 
Section A 
(i) This section consists of 17 questions 
(ii) All the question 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 carrying 1 mark each 
(iv) Question Nos. 20 to 22 carry 4 marks 
(v) Question No.23 carries 6 marks 
 
SECTION A 
 
1. Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3:2. During the year ended 31-3-2015 
Nusrat had withdrawn `15,000. Interest on her drawings amounted to `300.  
Pass necessary journal entry for charging interest on drawing assuming that the capitals of the partners 
were fixed. 
 
2. On 1-1-2016 the first call of `3 per share became due on 1,00,000 equity shares issued by Kamini Ltd. Karan 
a holder of 500 shares did not pay the first call money. Arjun a shareholder holding 1000 shares paid the 
second and final call of `5 per share along with the first call. Pass the necessary journal entry for the amount 
received by opening 'Calls-in-arrears' and 'Calls-in-advance' account in the books of the company. 
 
3. State the provisions of the Companies Act, 2013 for the creation of 'Debenture Redemption Reserve'. 
 
4. Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 
'Economic Relationship'. 
 
5. A, B and C were partners in a firm sharing profits in the ratio of 3:2:1. They admitted D as a new partner for 
1/8
th
 share in the profits, which he acquired 1/16
th
 from B and 1/16
th
 from C.  
 
6. What is the maximum number of partners that a partnership firm can have? Name the Act that provides for 
the maximum number of partners in a partnership firm. 
 
7. To provide employment to the youth and to develop the Naxal affected backward areas of Chhattisgarh. X 
Ltd. decided to set-up a power plant. For raising funds the company decided to issue 7, 50,000 equity shares 
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
of `10 each at a premium of 50%. The whole amount was payable on application. Applications for 20, 
00,000 shares were received. Applications for 50,000 shares were rejected and shares were allotted to the 
remaining applicants on pro-rata basis.  
Pass necessary journal entries for the above transactions in the books of the company and identify any two 
values which X Ltd. wants to propagate. 
 
8. Sandesh Ltd. took over the assets of `7,00,000 and liabilities of `2,00,000 from Sanchar Ltd. for a purchase 
consideration of `4,59,500. `8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after 
three months and the balance was paid by issue of equity shares of `10 each at a premium of 10% in favour 
of Sanchar Ltd.  
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd. 
 
9. State any three circumstances other than (i) admission of a new partner; (ii) retirement of a partner and (iii) 
death of a partner, when need for valuation of goodwill of a firm may arise. 
 
10. KTR Ltd., issued 365, 9% Debentures of `1,000 each on 4-3-2016. Pass necessary journal entries for the 
issue of debentures in the following situations :  
(a) When debentures were issued at par redeemable at a premium of 10%.  
(b) When debentures were issued at 6% discount redeemable at 5% premium. 
 
11. P and Q were partners in a firm sharing profits in the ratio of 5:3. On 1-4-2014 they admitted R as a new 
partner for 1/8
th
 share in the profits with a guaranteed profit of ` 75,000. The new profit sharing ratio 
between P and Q will remain the same but they agreed to bear any deficiency on account of guarantee to R in 
the ratio 3:2. The profit of the firm for the year ended 31-3-2015 was `4,00,000.  
Prepare Profit and Loss Appropriation Account of P, Q and R for the year ended 31-3-2015. 
 
12. Vikas, Vishal and Vaibhav were partners in a firm sharing profits in the ratio of 2:2:1. The firm closes its 
books 31
st
 March every year. On 31-12-2015 Vaibhav died. On that date his Capital account showed a credit 
balance of `3,80,000 and Goodwill of the firm was valued at `1,20,000. There was a debit balance of `50,000 
in the profit and loss account. Vaibhav's share of profit in the year of his death was to be calculated on the 
basis of the average profit of last five years. The average profit of last five years was `75,000. 
Pass necessary journal entries in the books of the firm on Vaibhav’s death 
 
13. E and F were partners in a firm sharing profits in the ratio of 7:3. On 28-2-2016 the firm was dissolved. After 
transferring assets (other than cash) and outsider's liabilities to realization account you are given the 
following information:  
(a) A creditor for `3,00,000 accepted building valued at `3,75,000 and paid the firm `75,000.  
(b) A second creditor for `93,000 accepted stock valued at `90,000 in full settlement of his claim.  
(c) A third creditor amounting to `60,000 accepted `37,000 in cash and investments of the book value of 
`40,000 in full settlement of his claim.  
(d) Loss on dissolution was `7,000.  
Pass necessary journal entries for the above transactions in the books of the firm assuming that all payments 
were made by cheque. 
  
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
14. A, B and C were partners in a firm sharing profit in the ratio of 3:2:1. On 31-3-2015 their Balance sheet was 
as follows : 
Balance Sheet of A,B and C as on 31-3-2015 
Liabilities  
Amount 
` 
Assets 
Amount 
` 
Creditors  50,000 Land 50,000 
Bills Payable  20,000 Building 50,000 
   Plant 1,00,000 
Capitals   Stock 40,000 
 A 1,00,000  Debtors 30,000 
 B 50,000  Bank 5,000 
 C 25,000 1,75,000   
General Reserve  30,000   
 2,75,000  2,75,000 
On the above date D was admitted as new partner and it was decided that: 
(i) Goodwill of the firm will be valued at `1,50,000 
(ii) Land will be revalued at `80,000 and building be depreciated by 60%. 
(iii) Creditors of `6,000 were not likely to be claimed and hence should be written off 
Prepare Revaluations Account, Partner’s Capital Accounts and Balance Sheet of the reconstitute firm. 
 
15. On 1-4-2013 NK Ltd. had 20,000, 11% Debentures of `100 each outstanding.  
(i) On 1-4-2014 the company purchased in the open market 4,000 of its own debentures at `102 each and 
cancelled the same immediately.  
(ii) On 1-4.2015 the company redeemed at par debentures of `8,00,000 by draw of a lot.  
(iii) On 28-2-2016 the remaining debentures were purchased for immediate cancellation for `7,89,900.  
Pass necessary journal entries for the above transactions in the books of the company ignoring debenture 
redemption reserve and interest on debentures. 
 
16. A, B and C were partners in a firm sharing profit in the ratio of 3:2:1. On 31-3-2015 their Balance sheet was 
as follows : 
 
Balance Sheet of A,B and C as on 31-3-2015 
Liabilities  
Amount 
` 
Assets 
Amount 
` 
Creditors  84,000 Bank 17,000 
General Reserve  21,000 Debtors 23,000 
   Stock 1,10,000 
Capitals   Investments 30,000 
 A 60,000  Furniture & Fittings 10,000 
 B 40,000  Machinery 35,000 
 C 20,000 1,20,000   
     
 2,25,000  2,25,000 
 
On the above date D was admitted as new partner and it was decided that 
(i) The new profit sharing ratio between A, B, C and D will be 2:1:1:1. 
(ii) Goodwill of the firm was valued at `90,000 and D brought his share of goodwill premium in cash. 
(iii) The Market value of investments was `24,000 
(iv) Machinery will be reduced to `29,000 
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
(v) A Creditor of `3,000was not likely to claim the amount and hence to be written off. 
(vi) D will bring proportionate capital so as to give him 1/6
th
 share in the profits of the firm. 
Prepare Revaluations Account, Partner’s Capital Accounts and Balance Sheet of the reconstitute firm 
 
OR 
 
X, Y and Z were partners in a firm sharing profit’s in the firm of 5:3:2. On 31-3-2015 their Balance Sheet was 
as follows: 
Balance Sheet of X,Y and Z as on 31-3-2015 
Liabilities  
Amount 
` 
Assets  
Amount 
` 
Creditors  21,000 Land & Building  62,000 
Investment Fluctuation Fund  10,000 Motor Vans  20,000 
P & L Account  40,000 Investments  19,000 
Capitals   Machinery  12,000 
 X 50,000  Stock  15,000 
 Y 40,000  Debtors 40,000  
 Z 20,000 1,10,000  Less  : Provision 3,000 37,000 
   Cash  16,000 
 1,81,000  1,81,000 
 
On the above date Y retired and X and Z agreed to continue the business on the following terms: 
(1) Goodwill of the firm was valued at `51,000 
(2) There was a claim of `4,000 for Workmen’s Compensation. 
(3) Provision for bad debts was to be reduced by `1,000 
(4)  Y will be paid `8,200 in cash and the balance will be transferred in his loan account which will be 
paid in four equally yearly instalments together with interest @ 10% p.a. 
(5) The new profit sharing ratio between X and Z will be 3:2 and their capitals will be in their new profit 
sharing ratio. The Capital adjustments will be done by opening current Accounts. 
Prepare Revaluation Account. Partner’s Capital Accounts and the Balance Sheet of reconstituted firm 
 
17. KS Ltd invited application for issuing 1,60,000 equity shares of `10 each at a premium of 6 per share. The 
amount was payable as follows 
On Application `4 per share (including premium `1 per share) 
On Allotment `6 per share (including premium `3 per share) 
On First and Final Call – Balance 
Application for 3,20,000 shares were received. Applications for 80,000 share were rejected and application 
money refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received 
with application was adjusted towards surns due on allotment. Jain holding 800 shares failed to pay the 
allotment money his shares were forfeited immediately after allotment. Afterwards the final call was made. 
Gupta who has applied for 1200 shares failed to pay the final call. These shares were forfeited. Out of the 
forfeited shares 1000 shares were re-issued at `8 per share fully paid up. The re-issued shares included all 
the forfeited shares of Jain. 
Pass necessary journal entries for the above transactions in the books of KS Ltd. 
 
OR 
 
 
 
 
  
 
CBSE XII  | Accountancy 
Delhi Board Papers Set 3 ? 2016 
 
     
 
 
 
GG Ltd has issued 50,000 equity shares of `10 each at a premium of `2 per share payable with application 
money. The incomplete journal entries related to the issue are given below. You are required to complete 
these blanks 
 
Books of GG Ltd 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2015      
Jan 10 _ _ _ _ _ _ _ _ _ _ _  Dr.  _ _ _ _ _ _ _   
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _  
 (Amount received on application for 70,000) shares @ `5 per 
share including premium) 
    
      
Jan 16 Equity Share Application A/c Dr.  _ _ _ _ _ _ _  
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _ 
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _  
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _  
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _ 
 (Transfer of application money to share capital securities 
premium, money refunded for 8,000) shares for rejected 
application and balance adjusted towards amount due on 
allotment as shares were allotted on Pro-rata basis) 
    
      
Jan 31 _ _ _ _ _ _ _ _ _ _ Dr.  _ _ _ _ _ _ _  
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _ 
 (Amount due on allotment @ `4 per share)     
      
Feb.20 _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _  
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _ 
 (Balance amount received on allotment)     
      
April 01 _ _ _ _ _ _ _ _ _ Dr.  _ _ _ _ _ _ _  
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _ 
 (First and Final Call money due)     
      
April 20 _ _ _ _ _ _ _ _ _ _ Dr.  _ _ _ _ _ _ _  
 Calls – in – arrears A/c Dr.  1,500  
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _ 
 (Money received on First and Final Call)     
      
April 27 _ _ _ _ _ _ _ _ _  Dr.  _ _ _ _ _ _ _   
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _ 
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _ 
 (Forfeited the shares on which call money was not received)     
      
Oct.3 _ _ _ _ _ _ _ _ _ _ Dr.  _ _ _ _ _ _ _  
 _ _ _ _ _ _ _ _ _ _ Dr.  _ _ _ _ __ _   
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _ 
 (Re-issued the forfeited shares @ `8 per share fully paid up)     
      
_ _ _ _ _ _ _ _ _ _ _ _ _ _  __ Dr.  _ _ _ _ _ _ _  
 -------- To _ _ _ _ _ _ _ _ _ _ _ _ _ _    _ _ _ _ _ _ _ 
 (_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ __ )     
      
 
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