CBSE Class 12 Accountancy Question Paper 2008 (Delhi)

CBSE CLASS XII Questions

• 1.

  There are two statements Assertion (A) and Reason (R):
  Assertion (A): At the time of admission of a new partner in a partnership firm, the newly admitted partner brings an agreed amount of capital either in cash or in kind.
  Reason (R): On admission, the new partner gets the right to acquire share in the assets and profits of the partnership firm.
  Choose the correct option from the following:

  • Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
    
  • Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
    
  • Assertion (A) is correct, but Reason (R) is incorrect.
    
  • Assertion (A) is incorrect, but Reason (R) is correct.
    
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• 2.

  Shashi, Maya and Komal were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2025 Komal retired. The new profit sharing ratio between Shashi and Maya was decided as 3 : 5. The gain or sacrifice of Shashi and Maya on Komal's retirement was :

  • Shashi's sacrifice \( \frac{1}{8} \) ; Maya's gain \( \frac{13}{40} \)
    
  • Shashi's gain \( \frac{1}{8} \) ; Maya's sacrifice \( \frac{13}{40} \)
    
  • Shashi's sacrifice \( \frac{1}{8} \) ; Maya's sacrifice \( \frac{13}{40} \)
    
  • Shashi's gain \( \frac{1}{8} \) ; Maya's gain \( \frac{13}{40} \)
    
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• 3.

  Sushil and Sapna were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2025, the firm was dissolved. On the date of dissolution there existed a balance of ₹ 1,20,000 in sundry creditors account. The sundry creditors were payable after three months. They were paid immediately at a discount of 12% p.a. The amount paid to sundry creditors was :

  • ₹ 1,20,000
    
  • ₹ 1,23,600
    
  • ₹ 1,16,400
    
  • ₹ 1,34,400
    
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• 4.

  Ajanta Ltd. invited applications for issuing 30,000 equity shares of ₹ 10 each at a premium of ₹ 5 per share. The amount was payable as follows: On Application and Allotment – ₹ 10 per share (including premium)
  On first and final call – Balance Applications for 50,000 shares were received. Applications for 10,000 shares were rejected and their application money was refunded. Pro-rata allotment was made to the remaining applicants. Excess money received with application was adjusted towards sums due on first and final call. Sonu, an applicant of 4,000 shares, paid his entire share money with application. Vedika, to whom 300 shares were allotted, failed to pay the first and final call. After giving her the mandatory notice, her shares were forfeited. Pass necessary journal entries for the above transactions in the books of Ajanta Ltd.

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• 5.

  Arora and Gurmeet were partners in a firm sharing profits and losses in the ratio of 3 : 2. Starting from 1st October, 2024 Arora withdrew ₹ 30,000 at the beginning of each quarter for his personal use. Interest on drawings was to be charged @ 12% per annum. Interest on Arora's drawings for the year ended 31st March, 2025 was:

  • ₹ 1,800
    
  • ₹ 2,700
    
  • ₹ 450
    
  • ₹ 3,600
    
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• 6.

  Sudama, Sharma and Varun were partners in a firm sharing profits and losses in the ratio of 6 : 4 : 3. Sharma retired from the firm on 31st March, 2025. The gaining ratio of Sudama and Varun will be:

  • 3 : 2
    
  • 2 : 1
    
  • 1 : 2
    
  • 2 : 3
    
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