This is the question paper you must try. The questions here are very useful for the 12th Commerce students of HBSE, CBSE etc. Mr. Girish, lect in Commerce has prepared this paper. We thank him for this endeavour.
All questions are compulsory –
Question 1 to 16 are of one mark each.
Q.1 What is meant by special donation ?
Q. 2. What is partnership deed ?
Q. 3. What can be the minimum number of partners in a firm ?
Q. 4. Name any two items which are shown on the debit of Profit and Loss Appropriation Account.
Q. 5. Write two items of credit side of Current Accounts.
Q. 6. Write two items of debit side of Current Accounts.
Q. 7. A and B are partners sharing profits in the ratio of 5:3. C is admitted to the partnership for 1/4th share of future profit sharing ratio.
Q. 8. Why is the sacrifice ratio calculated ?
Q. 9. What are accumulated profits ?
Q. 10. A b and C share profits and losses in the ratio 3:2:1. Upon admission of D, they agreed to share as follows (i) 4:4:2:2 ( calculate sacrificing ratios )
Q. 11. What are accumulated profits ?
Q. 12. What is a revaluation account ?
Q. 13. What is goodwill ?
Q. 14. How is the goodwill valued under the capitalization of super profit method ?
Q. 15. What is the formula for calculating sacrificing ratio ?
Q. 16. What is the formula for granting ratio ?
Q. 17.How will you show the following in the balance sheet of a club ? 2
Donation of building :- 25,00,000
Special contribution for computer lab :- 10,00,000
Sports Fund :- 5,00,000
Sports Expenses :- 1,20,000
And Sports Fund Investment :- 5,00,000
Q. 18. Give two main sources of income of not-for-profit organizations. 2
Questions 17 and 18 are of two marks.
Q. 19. Distinguish between Fixed Capital and Fluctuating Capital accounts. 4
Q.19 is of four mark.
We shall continue……..
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