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Page 1
Sample Question Paper
Accountancy (055): Class XII: 2017-18
Time: 3 Hours Maximum Marks: 80
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- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’.
4) Attempt any one option of Part B.
5) All parts of a question should be attempted at one place.
Part A
(Accounting for Partnership Firms and Companies)
1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to
share profit equally. Name the terms by which they will be called individually and
collectively. 1
Solution: Individually: Partners ½
Collectively: Firm ½
2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a
profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the
net amount of Profit / Loss transferred to the capital accounts of A and C.1
Solution: Net Amount of Loss transferred to:
A’s Capital Account: Rs. 87,000 ½
C’s Capital Account: Rs. 29,000 ½
3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P
died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing
ratio. 1
Solution: Ratio of H, P and S is 4 : 3 : 3
H’s Gain = 3/10 X 20 /100 = 3 /50
H’s new share = H’s old share + H’s Gain
= 4/10 + 3/50 = 23/50 ½
S’s Gain = 3/10 X 80 /100 = 12 /50
S’s new share = S’s old share + S’s Gain
= 3/10 + 12/50 = 27/50 ½
New Profit sharing Ratio of H and S is 23 : 27
Page 2
Sample Question Paper
Accountancy (055): Class XII: 2017-18
Time: 3 Hours Maximum Marks: 80
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- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’.
4) Attempt any one option of Part B.
5) All parts of a question should be attempted at one place.
Part A
(Accounting for Partnership Firms and Companies)
1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to
share profit equally. Name the terms by which they will be called individually and
collectively. 1
Solution: Individually: Partners ½
Collectively: Firm ½
2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a
profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the
net amount of Profit / Loss transferred to the capital accounts of A and C.1
Solution: Net Amount of Loss transferred to:
A’s Capital Account: Rs. 87,000 ½
C’s Capital Account: Rs. 29,000 ½
3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P
died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing
ratio. 1
Solution: Ratio of H, P and S is 4 : 3 : 3
H’s Gain = 3/10 X 20 /100 = 3 /50
H’s new share = H’s old share + H’s Gain
= 4/10 + 3/50 = 23/50 ½
S’s Gain = 3/10 X 80 /100 = 12 /50
S’s new share = S’s old share + S’s Gain
= 3/10 + 12/50 = 27/50 ½
New Profit sharing Ratio of H and S is 23 : 27
4. How is dissolution of partnership different from dissolution of partnership firm? 1
Solution: In case of dissolution of partnership, the firm continue to do business but with a changed
agreement. In case of dissolution of partnership firm, the firm ceases to exist, the assets of the firm
are realised and its liabilities are discharged. 1
5. Why are irredeemable debentures also known as perpetual debentures?1
Solution: Irredeemable debentures are called perpetual debentures because these are not
repayable during the life span of the company. 1
6. Distinguish between shares and debentures on the basis of convertibility.1
Solution: Shares cannot be converted into debentures or any other security whereas the debentures
can be converted into shares or new debentures if the terms so provide.
1
7. K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India @ 9 % interest. The
company issued Rs. 15,00,000, 9 % debentures of Rs. 100/- each, in favour of State Bank of
India as collateral security. Pass necessary Journal entries for the above transactions:
(i) When company decided not to record the issue of 9 % Debentures as collateral
security.
(ii) When company decided to record the issue of 9 % Debentures as collateral security.
3
Solution: (i) K K Limited
Journal
Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.)
Bank Account Dr.
To Bank Loan Account
(Obtained loan from State Bank of India @ 9 %.)
10,00,000
10,00,000
1
(ii) K K Limited
Journal
1+1
Date Particulars L F Dr. Amount
(Rs.)
Cr. Amount
(Rs.)
Bank Account Dr.
To Bank Loan Account
( Obtained loan from State Bank of India @ 9 %.)
10,00,000
15,00,000
10,00,000
15,00,000
Debenture Suspense Account Dr.
To 9 % Debentures Account
(Issued 9 % Debentures as collateral security in
favour of State Bank of India)
Page 3
Sample Question Paper
Accountancy (055): Class XII: 2017-18
Time: 3 Hours Maximum Marks: 80
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- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’.
4) Attempt any one option of Part B.
5) All parts of a question should be attempted at one place.
Part A
(Accounting for Partnership Firms and Companies)
1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to
share profit equally. Name the terms by which they will be called individually and
collectively. 1
Solution: Individually: Partners ½
Collectively: Firm ½
2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a
profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the
net amount of Profit / Loss transferred to the capital accounts of A and C.1
Solution: Net Amount of Loss transferred to:
A’s Capital Account: Rs. 87,000 ½
C’s Capital Account: Rs. 29,000 ½
3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P
died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing
ratio. 1
Solution: Ratio of H, P and S is 4 : 3 : 3
H’s Gain = 3/10 X 20 /100 = 3 /50
H’s new share = H’s old share + H’s Gain
= 4/10 + 3/50 = 23/50 ½
S’s Gain = 3/10 X 80 /100 = 12 /50
S’s new share = S’s old share + S’s Gain
= 3/10 + 12/50 = 27/50 ½
New Profit sharing Ratio of H and S is 23 : 27
4. How is dissolution of partnership different from dissolution of partnership firm? 1
Solution: In case of dissolution of partnership, the firm continue to do business but with a changed
agreement. In case of dissolution of partnership firm, the firm ceases to exist, the assets of the firm
are realised and its liabilities are discharged. 1
5. Why are irredeemable debentures also known as perpetual debentures?1
Solution: Irredeemable debentures are called perpetual debentures because these are not
repayable during the life span of the company. 1
6. Distinguish between shares and debentures on the basis of convertibility.1
Solution: Shares cannot be converted into debentures or any other security whereas the debentures
can be converted into shares or new debentures if the terms so provide.
1
7. K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India @ 9 % interest. The
company issued Rs. 15,00,000, 9 % debentures of Rs. 100/- each, in favour of State Bank of
India as collateral security. Pass necessary Journal entries for the above transactions:
(i) When company decided not to record the issue of 9 % Debentures as collateral
security.
(ii) When company decided to record the issue of 9 % Debentures as collateral security.
3
Solution: (i) K K Limited
Journal
Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.)
Bank Account Dr.
To Bank Loan Account
(Obtained loan from State Bank of India @ 9 %.)
10,00,000
10,00,000
1
(ii) K K Limited
Journal
1+1
Date Particulars L F Dr. Amount
(Rs.)
Cr. Amount
(Rs.)
Bank Account Dr.
To Bank Loan Account
( Obtained loan from State Bank of India @ 9 %.)
10,00,000
15,00,000
10,00,000
15,00,000
Debenture Suspense Account Dr.
To 9 % Debentures Account
(Issued 9 % Debentures as collateral security in
favour of State Bank of India)
8. P, Q and R were partners sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on
March 31 every year. On June 30, 2017, R died. The following information is provided on R’s
death:
(i) Balance in his capital account in the beginning of the year was Rs. 6,50,000.
(ii) He withdrew Rs. 60,000 on May 15, 2017 for his personal use.
On the date of death of a partner the partnership deed provided for the following:
(a) Interest on capital @ 10 % per annum.
(b) Interest on drawings @ 12 % per annum.
(c) His share in the profit of the firm till the date of death, to be calculated on the basis of the
rate of Net Profit on Sales of the previous year, which was 25 %. The Sales of the firm till
June 30, 2017 were Rs. 6,00,000.
Prepare R’s Capital Account on his death to be presented to his executors.3
Solution:
R’s Capital Account
Date
2017
Particulars JF Amount
(Rs)
Date
2017
Particulars JF Amount
(Rs)
Jun 30
Jun 30
Jun 30
To Drawings A/C
To Interest on Drawings A/C
To R’s Executor’s A/c
60,000
900
6,35,350
Apr 1
Jun 30
Jun 30
By Balance b/d
By Interest on Capital A/c
By Profit & Loss Suspense A/C
6,50,000
16,250
30,000
6,96,250 6,96,250
½ X 6 = 3
Note: ½ mark may be deducted if the dates are not correctly recorded.
9. M M Limited is registered with an Authorised capital of Rs. 200 Crores divided into equity
shares of Rs. 100 each. On 1
st
April 2016 the Subscribed and Called up capital of the
company is Rs. 10,00,00,000. The company decided to help the unemployed youth of the
naxal affected areas of Andhra Pradesh, Chhattisgarh and Odisha by opening 100 ‘Skill
Development Centres’. The company also decided to provide free medical services to the
villagers of these states by starting mobile dispensaries. To meet the capital expenditure of
these activities the company further issued 1,00,000 equity shares during financial year
2016-17. These shares were fully subscribed and paid.
Present the share capital of the company in its Balance Sheet. Also identify any two
values that the company wants to propagate. 3
Solution: M M Limited
Balance Sheet
as at ……………………………(Rs. In Crores)
Particulars Note
Number
31-03-2017
Rs.
31-03-2016
Rs.
I. Equity and Liabilities
1. Shareholders’ Funds
a) Share Capital
1
11
10
1
Page 4
Sample Question Paper
Accountancy (055): Class XII: 2017-18
Time: 3 Hours Maximum Marks: 80
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- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’.
4) Attempt any one option of Part B.
5) All parts of a question should be attempted at one place.
Part A
(Accounting for Partnership Firms and Companies)
1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to
share profit equally. Name the terms by which they will be called individually and
collectively. 1
Solution: Individually: Partners ½
Collectively: Firm ½
2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a
profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the
net amount of Profit / Loss transferred to the capital accounts of A and C.1
Solution: Net Amount of Loss transferred to:
A’s Capital Account: Rs. 87,000 ½
C’s Capital Account: Rs. 29,000 ½
3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P
died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing
ratio. 1
Solution: Ratio of H, P and S is 4 : 3 : 3
H’s Gain = 3/10 X 20 /100 = 3 /50
H’s new share = H’s old share + H’s Gain
= 4/10 + 3/50 = 23/50 ½
S’s Gain = 3/10 X 80 /100 = 12 /50
S’s new share = S’s old share + S’s Gain
= 3/10 + 12/50 = 27/50 ½
New Profit sharing Ratio of H and S is 23 : 27
4. How is dissolution of partnership different from dissolution of partnership firm? 1
Solution: In case of dissolution of partnership, the firm continue to do business but with a changed
agreement. In case of dissolution of partnership firm, the firm ceases to exist, the assets of the firm
are realised and its liabilities are discharged. 1
5. Why are irredeemable debentures also known as perpetual debentures?1
Solution: Irredeemable debentures are called perpetual debentures because these are not
repayable during the life span of the company. 1
6. Distinguish between shares and debentures on the basis of convertibility.1
Solution: Shares cannot be converted into debentures or any other security whereas the debentures
can be converted into shares or new debentures if the terms so provide.
1
7. K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India @ 9 % interest. The
company issued Rs. 15,00,000, 9 % debentures of Rs. 100/- each, in favour of State Bank of
India as collateral security. Pass necessary Journal entries for the above transactions:
(i) When company decided not to record the issue of 9 % Debentures as collateral
security.
(ii) When company decided to record the issue of 9 % Debentures as collateral security.
3
Solution: (i) K K Limited
Journal
Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.)
Bank Account Dr.
To Bank Loan Account
(Obtained loan from State Bank of India @ 9 %.)
10,00,000
10,00,000
1
(ii) K K Limited
Journal
1+1
Date Particulars L F Dr. Amount
(Rs.)
Cr. Amount
(Rs.)
Bank Account Dr.
To Bank Loan Account
( Obtained loan from State Bank of India @ 9 %.)
10,00,000
15,00,000
10,00,000
15,00,000
Debenture Suspense Account Dr.
To 9 % Debentures Account
(Issued 9 % Debentures as collateral security in
favour of State Bank of India)
8. P, Q and R were partners sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on
March 31 every year. On June 30, 2017, R died. The following information is provided on R’s
death:
(i) Balance in his capital account in the beginning of the year was Rs. 6,50,000.
(ii) He withdrew Rs. 60,000 on May 15, 2017 for his personal use.
On the date of death of a partner the partnership deed provided for the following:
(a) Interest on capital @ 10 % per annum.
(b) Interest on drawings @ 12 % per annum.
(c) His share in the profit of the firm till the date of death, to be calculated on the basis of the
rate of Net Profit on Sales of the previous year, which was 25 %. The Sales of the firm till
June 30, 2017 were Rs. 6,00,000.
Prepare R’s Capital Account on his death to be presented to his executors.3
Solution:
R’s Capital Account
Date
2017
Particulars JF Amount
(Rs)
Date
2017
Particulars JF Amount
(Rs)
Jun 30
Jun 30
Jun 30
To Drawings A/C
To Interest on Drawings A/C
To R’s Executor’s A/c
60,000
900
6,35,350
Apr 1
Jun 30
Jun 30
By Balance b/d
By Interest on Capital A/c
By Profit & Loss Suspense A/C
6,50,000
16,250
30,000
6,96,250 6,96,250
½ X 6 = 3
Note: ½ mark may be deducted if the dates are not correctly recorded.
9. M M Limited is registered with an Authorised capital of Rs. 200 Crores divided into equity
shares of Rs. 100 each. On 1
st
April 2016 the Subscribed and Called up capital of the
company is Rs. 10,00,00,000. The company decided to help the unemployed youth of the
naxal affected areas of Andhra Pradesh, Chhattisgarh and Odisha by opening 100 ‘Skill
Development Centres’. The company also decided to provide free medical services to the
villagers of these states by starting mobile dispensaries. To meet the capital expenditure of
these activities the company further issued 1,00,000 equity shares during financial year
2016-17. These shares were fully subscribed and paid.
Present the share capital of the company in its Balance Sheet. Also identify any two
values that the company wants to propagate. 3
Solution: M M Limited
Balance Sheet
as at ……………………………(Rs. In Crores)
Particulars Note
Number
31-03-2017
Rs.
31-03-2016
Rs.
I. Equity and Liabilities
1. Shareholders’ Funds
a) Share Capital
1
11
10
1
Notes to Accounts:
Note Number 1 (Rs. In Crores)
Particulars 31-03-2017
Rs.
Share Capital:
Authorised Capital
2,00,00,000 Equity Shares of Rs. 100 each
Issued Capital
11,00,000 Equity shares of Rs. 100 each
Subscribed Capital
Subscribed and Fully paid
11,00,000 Equity shares of Rs. 100 each
Share Capital
200
11
11
11
1
Values: Generation of Employment opportunities in backward areas.
Providing Healthcare/Medical facilities in rural areas. Or any other value 1
10. V K Limited purchased machinery from Modern Equipment Manufacturers Limited. The
company paid the vendors by issue of some equity shares and debentures and the balance
through an acceptance in their favour payable after three months. The accountant of the
company, while Journalising the above mentioned transactions, left some items blank. You
are required to fill in the blanks.3
V K Limited
Journal
Date Particulars L F Dr. Amount
(Rs.)
Cr. Amount
(Rs.)
Machinery Account Dr.
To ………………………………………………………
(Purchased machinery for Rs. 7,00,000 from
Modern Equipment Manufacturers Limited )
……………………
………………..
…………………
………………….
……………………
……………………
…………………….
……………………..
……………………
………………………
Modern Equipment Manufacturers Ltd. A/C Dr.
Loss on Issue of 9 % Debentures Account Dr.
To ……………………………………………………..
To ……………………………………………………..
To Securities Premium Reserve Account
To Premium on Redemption of Debentures A/C
(Issued Rs. 1,00,000 9 % debentures at a
discount of 10 % redeemable at a premium of 10
% and 50,000 equity shares of Rs. 10 each issued
at a premium of 15 %)
………………………………………………. Dr.
To ………………………………………………
(…………………………………………………………………………)
Page 5
Sample Question Paper
Accountancy (055): Class XII: 2017-18
Time: 3 Hours Maximum Marks: 80
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- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’.
4) Attempt any one option of Part B.
5) All parts of a question should be attempted at one place.
Part A
(Accounting for Partnership Firms and Companies)
1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to
share profit equally. Name the terms by which they will be called individually and
collectively. 1
Solution: Individually: Partners ½
Collectively: Firm ½
2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a
profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the
net amount of Profit / Loss transferred to the capital accounts of A and C.1
Solution: Net Amount of Loss transferred to:
A’s Capital Account: Rs. 87,000 ½
C’s Capital Account: Rs. 29,000 ½
3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P
died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing
ratio. 1
Solution: Ratio of H, P and S is 4 : 3 : 3
H’s Gain = 3/10 X 20 /100 = 3 /50
H’s new share = H’s old share + H’s Gain
= 4/10 + 3/50 = 23/50 ½
S’s Gain = 3/10 X 80 /100 = 12 /50
S’s new share = S’s old share + S’s Gain
= 3/10 + 12/50 = 27/50 ½
New Profit sharing Ratio of H and S is 23 : 27
4. How is dissolution of partnership different from dissolution of partnership firm? 1
Solution: In case of dissolution of partnership, the firm continue to do business but with a changed
agreement. In case of dissolution of partnership firm, the firm ceases to exist, the assets of the firm
are realised and its liabilities are discharged. 1
5. Why are irredeemable debentures also known as perpetual debentures?1
Solution: Irredeemable debentures are called perpetual debentures because these are not
repayable during the life span of the company. 1
6. Distinguish between shares and debentures on the basis of convertibility.1
Solution: Shares cannot be converted into debentures or any other security whereas the debentures
can be converted into shares or new debentures if the terms so provide.
1
7. K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India @ 9 % interest. The
company issued Rs. 15,00,000, 9 % debentures of Rs. 100/- each, in favour of State Bank of
India as collateral security. Pass necessary Journal entries for the above transactions:
(i) When company decided not to record the issue of 9 % Debentures as collateral
security.
(ii) When company decided to record the issue of 9 % Debentures as collateral security.
3
Solution: (i) K K Limited
Journal
Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.)
Bank Account Dr.
To Bank Loan Account
(Obtained loan from State Bank of India @ 9 %.)
10,00,000
10,00,000
1
(ii) K K Limited
Journal
1+1
Date Particulars L F Dr. Amount
(Rs.)
Cr. Amount
(Rs.)
Bank Account Dr.
To Bank Loan Account
( Obtained loan from State Bank of India @ 9 %.)
10,00,000
15,00,000
10,00,000
15,00,000
Debenture Suspense Account Dr.
To 9 % Debentures Account
(Issued 9 % Debentures as collateral security in
favour of State Bank of India)
8. P, Q and R were partners sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on
March 31 every year. On June 30, 2017, R died. The following information is provided on R’s
death:
(i) Balance in his capital account in the beginning of the year was Rs. 6,50,000.
(ii) He withdrew Rs. 60,000 on May 15, 2017 for his personal use.
On the date of death of a partner the partnership deed provided for the following:
(a) Interest on capital @ 10 % per annum.
(b) Interest on drawings @ 12 % per annum.
(c) His share in the profit of the firm till the date of death, to be calculated on the basis of the
rate of Net Profit on Sales of the previous year, which was 25 %. The Sales of the firm till
June 30, 2017 were Rs. 6,00,000.
Prepare R’s Capital Account on his death to be presented to his executors.3
Solution:
R’s Capital Account
Date
2017
Particulars JF Amount
(Rs)
Date
2017
Particulars JF Amount
(Rs)
Jun 30
Jun 30
Jun 30
To Drawings A/C
To Interest on Drawings A/C
To R’s Executor’s A/c
60,000
900
6,35,350
Apr 1
Jun 30
Jun 30
By Balance b/d
By Interest on Capital A/c
By Profit & Loss Suspense A/C
6,50,000
16,250
30,000
6,96,250 6,96,250
½ X 6 = 3
Note: ½ mark may be deducted if the dates are not correctly recorded.
9. M M Limited is registered with an Authorised capital of Rs. 200 Crores divided into equity
shares of Rs. 100 each. On 1
st
April 2016 the Subscribed and Called up capital of the
company is Rs. 10,00,00,000. The company decided to help the unemployed youth of the
naxal affected areas of Andhra Pradesh, Chhattisgarh and Odisha by opening 100 ‘Skill
Development Centres’. The company also decided to provide free medical services to the
villagers of these states by starting mobile dispensaries. To meet the capital expenditure of
these activities the company further issued 1,00,000 equity shares during financial year
2016-17. These shares were fully subscribed and paid.
Present the share capital of the company in its Balance Sheet. Also identify any two
values that the company wants to propagate. 3
Solution: M M Limited
Balance Sheet
as at ……………………………(Rs. In Crores)
Particulars Note
Number
31-03-2017
Rs.
31-03-2016
Rs.
I. Equity and Liabilities
1. Shareholders’ Funds
a) Share Capital
1
11
10
1
Notes to Accounts:
Note Number 1 (Rs. In Crores)
Particulars 31-03-2017
Rs.
Share Capital:
Authorised Capital
2,00,00,000 Equity Shares of Rs. 100 each
Issued Capital
11,00,000 Equity shares of Rs. 100 each
Subscribed Capital
Subscribed and Fully paid
11,00,000 Equity shares of Rs. 100 each
Share Capital
200
11
11
11
1
Values: Generation of Employment opportunities in backward areas.
Providing Healthcare/Medical facilities in rural areas. Or any other value 1
10. V K Limited purchased machinery from Modern Equipment Manufacturers Limited. The
company paid the vendors by issue of some equity shares and debentures and the balance
through an acceptance in their favour payable after three months. The accountant of the
company, while Journalising the above mentioned transactions, left some items blank. You
are required to fill in the blanks.3
V K Limited
Journal
Date Particulars L F Dr. Amount
(Rs.)
Cr. Amount
(Rs.)
Machinery Account Dr.
To ………………………………………………………
(Purchased machinery for Rs. 7,00,000 from
Modern Equipment Manufacturers Limited )
……………………
………………..
…………………
………………….
……………………
……………………
…………………….
……………………..
……………………
………………………
Modern Equipment Manufacturers Ltd. A/C Dr.
Loss on Issue of 9 % Debentures Account Dr.
To ……………………………………………………..
To ……………………………………………………..
To Securities Premium Reserve Account
To Premium on Redemption of Debentures A/C
(Issued Rs. 1,00,000 9 % debentures at a
discount of 10 % redeemable at a premium of 10
% and 50,000 equity shares of Rs. 10 each issued
at a premium of 15 %)
………………………………………………. Dr.
To ………………………………………………
(…………………………………………………………………………)
Solution:
V K Limited
Journal
1 + 1 +1 = 3
11. E, F and G were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On March 31, 2017, their
firm was dissolved. On the date of dissolution, the Balance Sheet of the firm was as follows:
Balance Sheet
as at March 31, 2017
Liabilities Rs. Assets Rs.
Capitals:
E 1,30,000
F 1,00,000
Creditors
Outstanding Expenses
2,30,000
45,000
17,000
G’s Capital
Profit & Loss Account
Land & Building
Furniture
Machinery
Debtors
Bank
500
10,000
1,00,000
50,000
90,000
36,500
5,000
2,92,000 2,92,000
Date Particulars L F Dr. Amount
(Rs.)
Cr. Amount
(Rs.)
Machinery Account Dr.
To Modern Equipment Manufacturers Limited
(Purchased machinery for Rs. 7,00,000 from
Modern Equipment Manufacturers Limited )
7,00,000
6,65,000
20,000
35,000
7,00,000
1,00,000
5,00,000
75,000
10,000
35,000
Modern Equipment Manufacturers Ltd. A/C Dr.
Loss on Issue of 9 % Debentures Account Dr.
To 9 % Debentures Account
To Equity Share Capital Account
To Securities Premium Reserve Account
To Premium on Redemption of Debentures A/C
(Issued Rs. 1,00,000 9 % debentures at a
discount of 10 %,redeemable at a premium of 10
% and 50,000 equity shares of Rs. 10 each issued
at a premium of 15 %)
Modern Equipment Manufacturers Ltd. A/C Dr.
To Bills Payable Account
(Acceptance given to Modern Equipment
Manufacturers Limited)
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FAQs on Sample Question Paper 2017-18 - Crash Course of Accountancy - Class 12 - Commerce
| 1. What are the different types of commerce? |  |
Ans. Commerce can be classified into two main types: trade and auxiliaries to trade. Trade involves buying and selling of goods and services, whereas auxiliaries to trade include activities like transportation, warehousing, banking, insurance, etc.
| 2. What is the importance of commerce in the economy? | |
Ans. Commerce plays a crucial role in the economy by facilitating the exchange of goods and services. It helps in creating employment opportunities, generating revenue for the government through taxes, promoting economic growth, and fostering international trade relations.
| 3. What are the key subjects covered in commerce education? | |
Ans. Commerce education covers a wide range of subjects such as accounting, economics, business studies, finance, marketing, entrepreneurship, taxation, human resource management, etc. These subjects provide a strong foundation for students pursuing a career in commerce.
| 4. How does commerce contribute to the development of the society? | |
Ans. Commerce contributes to the development of society by promoting trade and business activities, which in turn leads to economic growth and development. It creates job opportunities, improves the standard of living, and provides access to a wide range of goods and services, thereby enhancing the overall well-being of the society.
| 5. What are the career options available in commerce? | |
Ans. Commerce offers a plethora of career options such as chartered accountancy, company secretary, financial analyst, investment banker, marketing manager, human resource manager, economist, tax consultant, etc. These professions provide diverse opportunities for individuals to excel in various fields of commerce.
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Document Description: Sample Question Paper 2017-18 for Commerce 2024 is part of Crash Course of Accountancy - Class 12 preparation.
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