Class 12th Accountancy 2017 Set2 Delhi Board Paper Solution

Section 1

Q1	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.
Q2	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.
Q3	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.
Q6	Does partnership firm has a separate legal entity ? Give reason in support of your answer.

Section 2

Q18	'Net decrease in working capital other than cash and cash eqivalents' will increase, decrease or not change cash flow from operating activities. Give reason in support of your answer
Q19	'Payment and Receipt of interest and dividend' is classified as which type of activity while preparing cash flow statement?
Q20	State any four limitation of analysis of financial statements.
Q21	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.
Q22	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.

Section 3

Q18	What is a ‘Database’?
Q19	Name any two software tools for organizing, processing and querying data in flexible manner.
Q20	Explain any four advantages of computerized accounting software.
Q21	What is meant by a “Form” ? How ‘Split Form’ is different from ‘Simple Form’ ?
Q22	Name and explain the type of software which meets the requirements of large business organizations with multi-users and scattered locations.
Q23	State the steps to change conditional formatting.