Class 12 Accountancy 2019 Board Exam

How are Specific donations treated while preparing final accounts of a 'Not-For-Profit Organisation' ?
OR
State the basis of accounting of preparing 'Income and Expenditure Account' of a Not-For-Profit Organisation.

Chhavi and Neha were partners in a firm sharing profits and losses equally. Chhavi withdrew a fixed amount at the beginning of each quarter. Interest on drawings is charged @ 6% p.a. At the end of the year, interest on Chhavi’s drawings amounted to ₹ 900. Pass necessary journal entry for charging interest on drawings.

Atul and Neera were partners in a firm sharing profits in the ratio of 3 : 2. They admitted Mitali as a new partner. Goodwill of the firm was valued at ₹ 2,00,000. Mitali brings her share of goodwill premium of ₹ 20,000 in cash, which is entirely credited to Atul’s Capital Account. Calculate the new profit sharing ratio.

What is meant by 'Gaining Ratio' on retirement of a partner ?
OR
P, Q and R were partners in a firm. On 31st March, 2018 R retired. The amount payable to R ₹ 2,17,000 was transferred to his loan account. R agreed to receive interest on this amount as per the provisions of Partnership Act, 1932. State the rate at which interest will be paid to R.

Differentiate between Dissolution of Partnership and Dissolution of a Partnership Firm on the basis of 'Court’s Intervention.'

What is meant by 'Issued Capital ?
OR
What is meant by 'Employees Stock Option Plan' ?

Garvit Ltd. invited applications for issuing 3,000, 11% Debentures of ₹ 100 each at a discount of 6%. The full amount was payable on application. Applications were received for 3,600 debentures. Applications for 600 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants.
Pass the necessary journal entries for the above transactions in the books of Garvit Ltd.
OR
On 1st April 2015, P Ltd. Issued 6,000 12% Debentures of ₹ 100 each at par redeemable at a premium of 7%. The Debentures were to be redeemed at the end of third year. Prepare Loss on issue of 12% Debentures Account.

State under which major headings and sub-headings will the following items be presented in the Balance Sheet of a company as per Schedule-III, Part-I of the Companies Act, 2013.
(i) Prepaid Insurance
(ii) Investment in Debentures
(iii) Calls-in-arrears
(iv) Unpaid dividend
(v) Capital Reserve
(vi) Loose Tools
(vii) Capital work-in-progress
(viii) Patents being developed by the company.

Explain briefly any four objectives of 'Analysis of Financial Statements'.