12TH CLASS ACCOUNTANCY PREVIOUS PAPER 2017 JKBOSE PDF DOWNLOAD
12TH CLASS ACCOUNTANCY PREVIOUS PAPER 2017 JKBOSE PDF DOWNLOAD
(LONG ANSWER TYPE QUESTIONS)
1. X, Y and Z are partners sharing profit in the ratio of 5 : 3 : 2 on 1.4.2015. They decided to share the profit in the ratios of 2 : 2 : 1. On that date following balance were appearing in the Balance sheet :
rs
Profit and loss (Cr.) 15,000
General reserve 50,000
Deferred revenue expenditure 10,000
Pass necessary journal entries for these undistributed profits/losses.
Or
A firm has earned rs 1,00,000 as average profit during the last few years. Normal rate of return in this class of business is 10%. Find out goodwill according to capitalization of super profit method, if the value of assets amounted of super profit method, if value of assets amounted to rs 1,00,000 and liabilities amounted to rs 2,00,000.
2. Following is the balance sheet of R and D :
Balance sheet
Liabilities rs
Creditors 23,000
Bills Payable 12,000
Capital :
R 20,000
D 20,000
______ 40,000
_______ 75,000
Assets rs
Cash 7,000
Debtors 30,000
Machinery 35,000
Patents 3,000
_______
75,000
L is admitted on the following terms:
(i) Machinery is to be decreased by 10%.
(ii) creditor are increased by rs 2,000 and bill payable decreased by rs 1,000
(iii) Patents are value less.
State the amount of profit/loss on revaluation.
Or
What journal entries would you pass for the following transactions on the dissolution of a firm of A and B :
(i) Discount expenses amounted to rs 500
(ii) An unrecorded assets realized rs 2500
(iii) stock worth rs 5000 is taken over by partner B.
(iv) Bank loan of rs 10,000 is paid.
(v) loss on realization rs 14,000 was to be disturbed between A and B in the ratio of 5:2.
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