CBSE Class 12 Accountancy Worksheet - Revision Worksheet (4)
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DAV BORL PUBLIC SCHOOL,BINA
HALF YEARLY EXAMINATION
REVISION WORKSHEET - 1 SESSION (2013- 2014)
CLASS : XII
SUBJECT : ACCOUNTANCY
Q1 State two main rights a newly admitted partner acquires in a firm. 1
Q2. How does the market situation affect the value of goodwill of a firm? 1
Q3. Distinguish between fixed and fluctuating capital account. 1
Q4. Give the average period in months for charging interest on drawings for
the same amount withdrawn at the beginning of each quarter.
1
Q5. State the meaning of sacrificing ratio. 1
Q6. State the difference between dissolution of partnership and dissolution of
partnership firm.
1
Q7. What is meant by preferential allotment of shares? 1
Q8. State any two restrictions regarding issue of shares at discount. 1
Q9. a. Goodluck Ltd. Purchased furniture costing Rs.1,35,000 from Fair
Deal Ltd. The payment was made by issue of 9%Preference
Shares of Rs.100 each at a discount of Rs.10 per share. Pass
necessary journal entries in the books of Goodluck Ltd.
b. The company also issued 5000 shares to the promoters as the
remuneration of the services rendered by them at par.
3+1
Q10. Gupta trading company forfeited 1,100 shares of Rs.10, Rs.6 called up,
issued at a discount of 10% to Mahesh on which he paid Rs.4 per share.
Out of these 660 shares were reissued to Somesh at Rs.6 per share, Rs.8
paid up.
3
Q11. A and B are partners in a firm sharing profit and losses in the ratio of 3:2.
Their capital at the end of the year was Rs.64,000 and Rs.32000
respectively. They earned a profit of Rs.8000 and it was distributed
ignoring the interest on capital. During the year, they made an additional
payment in their capital accounts of Rs.3200 and Rs.1600 respectively.
Their drawings during the year were Rs.8000 and Rs.4800 respectively. If
interest on capital is allowed at 10% calculate the interest on capital
payable to each partner.
4
Q12. A partnership firm earned net profit during the last three years as follows:
2008-09 Rs.1,90,000
2009-10 Rs.2,20,000
2010-11 Rs.2,50,000
The capital employed in the firm throughout the above mention period has
been Rs.4,00,000. Having regard to the risk involved 15% is considered
as fair return on the capital. The remuneration of all the partners during
3
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