Class 12th Accountancy 2017 Set1 Delhi Board Paper Solution

Q1	Does partnership firm has a separate legal entity ? Give reason in support of your answer.
Q2	A and B were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted C as a new partner. The new profit sharing ratio between A, B and C was 3 : 2 : 2. A surrendered 1⁄4 of his share in favour of C. Calculate B’s Sacrifice.
Q5	Y Ltd. forfeited 100 equity shares of â¹10 each for the non-payment of first call of â¹2 per share. The final call of â¹2 per share was yet to be made. Calculate the maximum amount of discount at which these shares can be re-issued.
Q6	Gupta and Sharma were partners in a firm. They wanted to admit two more members in the firm. List the categories of individuals other than minors who cannot be admitted by them.

Q18	Short term investments are not considered while preparing cash flow statement. Why ?
Q19	Net increase in working capital other than cash and cash equivalents will increase, decrease or not change cash flow from operating activities. Give reason in support of your answer.
Q20	State the objectives of ‘Analysis of Financial Statements’.
Q21	The Quick ratio of a company is 0.8 : 1. State with reason whether the following transactions will increase, decrease or not change the quick ratio : (1) Purchase of loose tools â¹ 2,000. (2) Insurance premium paid in advance â¹ 500. (3) Sale of goods on credit â¹ 3,000. (4) Honoured a bills payable â¹ 5,000 on maturity.
Q22	Financial statements are prepared following the consistent accounting concepts, principles, procedures and also the legal environment in which the business organizations operate. These statements are the sources of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way. From the above statement identify any two values that a company should observe while preparing its financial statements. Also state under which major headings and sub-headings the following items will be presented in the balance sheet of a company as per Schedule III of the Companies Act 2013. General Reserves, short term loans and advances, Capital work in progress and design.

Q18	Name any two software tools for organizing, processing and querying data in flexible manner.
Q19	What is a ‘Database’?
Q20	What is meant by a “Form” ? How ‘Split Form’ is different from ‘Simple Form’ ?
Q21	Name and explain the type of software which meets the requirements of large business organizations with multi-users and scattered locations.
Q22	Explain any four advantages of computerized accounting software.
Q23	Explain the following formatting tools with example : (i) Number formatting (ii) Currency (iii) Percentage (iv) Dates