XII Accountancy Sample Papers with Answers   PART-A 1. Name any two factors affecting goodwill of a partnership firm. Ans. The perfect location of business and quality of the management are the two facts which affects goodwill of a partnership firm. 2. What is nature of Revaluation Account ? Ans. Its nominal natured Account. 3.  What do you mean by Honorarium? Ans. Honorarium is...

12 Accountancy Sample Papers with Answers   PART-A 1. What do you understand by Normal profit? Ans. Normal profit mean a firm which is in same industry and has earned estimated equaled profit. 2. What is purchased Goodwill? Ans. When one business is taken over by other, the excess of purchase is considered as net value which is termed as Purchased Goodwill. 3. What is meant by Partne...

Accountancy Question Paper with Answers   PART-A 1. Non-for-Organization have some distinguishing feature from that of profit organizations. State any one of them. Ans. All the activities preliminary are guided by service motive rather than by profit motive in a Not-for-Profit organization. 2. Give the formula for calculating “gaining share” of a partner in a partnership fir...

Important Accountancy Questions & Answers   PART-A 1. What are Preference Shares? Ans. Preference share are those share which carry these two rights i) A Fixed rate dividend is bound to be entitle for them. ii) In case of winding up they will be repaid in amount of paid capital. 2. What is Non-Purchased Goodwill? Ans. Due to some favorable facts of a business it gain good value o...

12 Accountancy Paper with Answers   PART-A 1. If the General Donations are received in large amount, can be it shown under “Donation” head for Not-For-Profit organization? Ans. No, if the donations are received in large amount, it can be capitalized only and hence will not be shown under Donation head”. 2. How would you account for “Subscription due to be receive...

   Class XII Accountancy   PART-A 1. If the General Donations are received in large amount, can be it shown under “Donation” head for Not-For-Profit organization? Ans. No, if the donations are received in large amount, it can be capitalized only and hence will not be shown under Donation head”. 2. How will you deal with sale of old Newspapers or obsolete ...

Sample Questions with Answers for 12th class Accountancy   PART-A 1. When should donations of a small amount be capitalized while accounting for Not-For-Profit organizations? Ans. If the donation is for specific purpose then it can be capitalized. 2. State when donations are capitalized, and yet not shown under the head Donations in the Balance Sheet of a Not-For-Profit organization? A...

12 Accountancy Sample Paper with Answers   PART-A 1. Not-for-Profit organizations have some distinguishing features from that of a profit organization. State any one of them. Ans. Not-for-Profit organizations are set up with the objective of welfare of the society and not to earn profit. 2. When are general donations treated as capital items while accounting for Not-For-Profit organiza...

12th Accountancy Sample Questions & Answers   PART-A 1. Name the Account which shows the classified summary of transactions of a Cash book in a Not-for-Profit organization? Ans. It’s a Receipts and Payments Account shows the classified summary of transactions of a Cash Book in a Not-For-Profit organizations. 2. Distinguish between Income and Expenditure Account and Receipts an...

12 Accountancy Questions and Answers   PART-A 1. Distinguish between fixed and fluctuating Capital of partners. Ans. The difference between fixed and fluctuating Capital of partners are :-  Base  Fixed Capital  Fluctuating Capital  Balance Usually the balance of Capital a/c in this system remains same unless there is new addition to ...