Beruflich Dokumente
Kultur Dokumente
General Instructions:
PART-A
(Accounts of Not for Profit Organisations, Partnership Firms and Companies)
Q2 During Dissolution of partnership firm assets were Rs 2,00,000 and outside liabilities were
Rs 50,000. If assets realised 85% and expenses of dissolution paid were Rs 500, profit/loss on
realisation account will be Rs ...................
Q3 P,Q and R are equal partners. On R’s retirement, P and Q agreed to share profits in the
ratio of 3:2. If goodwill of the firm is Rs 36,000, the goodwill share gained by P and Q would be:
(a) Rs 7,200; 4,500 (b) Rs 9,600; 2,400 (c) Rs 6,000; 6,000 (d) None of these
Ans A book keeping technique whereby separate self balancing sets of assets, liability, income,
expense and fund balance accounts are maintained for each contribution for a specific purpose.
Q5 On 1st April 2017, X Ltd. Issued Rs 10,00,000, 12% debentures at a discount of 10%
redeemable at a premium of 5%. Interest is payable half yearly on 30th June and 31st December,
every year.
What amount would be shown as interest accrued and due in the Company’s Balance Sheet as at
31st March 2018? Under what head and subhead will it be shown?
Ans Rs 30,000 (10,00,000 x 12% x3/12) Current Liability Other Current Liability
Q 6 ABC Ltd. has agreed to pay purchase consideration of Rs 1,25,000 by issuing fully
paid debentures of Rs 100 at Rs 120 each. How will the purchase consideration be settled?
Ans Purchase consideration will be settled by issuing 1,041 debentures and payment by
cash/cheque Rs 80.
Q7 Amrit Ltd. had issued 5,00,000 Equity Shares of Rs 10 each for subscription. All the
calls were made and amount were received on due dates except allotment amount of Rs 2
per share and first and final call of Rs 3 per share on 5,000 shares.
The accountant suggests that the amount of calls-in-arrears must be transferred to Calls-
in-Arrears Account. Is the accountant stating correctly?
Ans No, it is not compulsory for the company to transfer the amount of Rs 25,000 to Calls-in-
Arrears A/c, it can retain the amount not received on allotment (Rs 10,000) in Shares Allotment
A/c and amount not received on first and final call (Rs 15,000) in Shares First and Final Call A/c.
Q8 Two freshly qualified doctors set up clinic for equal share. They charge consulting
fee from each patient @ Rs 500 per visit. At the same time they give free consultation to
patients who can’t pay their fees. Can this set up be termed as NPO? Why?
Ans No, this set-up cant be termed as NPO since it is set-up with the purpose to earn profit, it
is only that a some of the patients are examined free of cost.
Q 9 At what rate is interest payable on the amount remaining unpaid to the executor of
deceased partner, in absence of any agreement among partners, when (s)he opts for
interest and not share of profit?
Ans 6% p.a.
Q 11 A and B are partners in a firm. They admit C as a partner with 1/5th share in the
profits of the firm. C brings ₹ 4,00,000 as his share of capital. Calculate the value of C’s
share of Goodwill on the basis of his capital, given that the combined capital of A and B
after all adjustments is ₹ 10,00,000.
Ans Total Capital as per C’s Share (4,00,000 X (5/1)) 20,00,000
Less Actual capital of A,B,C ( 10,00,000 + 4,00,000) 14,00,000
Value of firm’s Goodwill 6,00,000
C’s share of Goodwill = 6,00,000X (1/5) = ₹ 1,20,000
Q 12 A and B are in partnership sharing profits and losses in the ratio of 3:2. They admit
C into partnership with 1/5th share which he acquires equally from A and B. Accountant
has calculated new profit sharing ratio as 5:3:2. Is accountant correct?
Ans Yes, new profit sharing ratio is 5:3:2
Q 13 Y Ltd. made pro-rata allotment of shares of Rs 10 each in the ratio of 3:2. Ram
failed to pay both the calls and his shares were forfeited. 2/3rd of the forfeited shares were
reissued for Rs 3,000 with maximum permissible discount of Rs 1,000 as fully paid up. Find
out the number of shares allotted to Ram? (13x1)
Q 14 Janta Ltd. Had an authorised capital of 2,00,000 equity shares of Rs 10 each. The company
offered to the public for subscription 1,00,000 shares. Applications were received for 97,000 shares.
The amount was payable as follows: on application was Rs 2 per share, Rs 4 was payable each on
allotment and first and final call. A shareholder holding 600 shares failed to pay the allotment
money. His shares were forfeited. The company did not make the first and final call.
Show ‘Share Capital’ in the Balance Sheet of the company as per Schedule III, Part I of
the Companies Act, 2013. Also prepare ‘Notes to Accounts’. (3)
Subscribed but not fully paid up 96,400 shares of Rs 10, Rs 6 called up 5,78,400 Add
forfeited shares a/c 1,200 = 5,79,600
OR
Q 15 Determine the maximum permissible discount which a company can allow at the
time of reissue of forfeited shares in the following cases:
Ans (i) Money received in respect of capital on shares forfeited is Rs 5. Therefore, maximum
permissible discount to be allowed is also Rs 5.
(ii) Money received in respect of Capital is Rs 4 (i.e. total money received less premium
money received), therefore, maximum permissible discount which can be allowed at the time ot
reissue is Rs 4.
(iii)In this case, money received on shares forfeited in respect of capital is Rs 5, and,
therefore, this is the amount of maximum permissible discount.
Q 16 How will the following balances be shown in the Balance Sheet of a Charitable
Sports Club?
Ans Liabilities: Match Fund 75,000 – 3,000 – 10,500 + 30,000 +7,500 = 99,000
Q 17 Kallu and Gullu are partners doing a trading business in Mumbai, sharing profits
in the ratio 2:5 with capitals Rs 15,00,000 and Rs 24,00,000 respectively. Kallu withdrew
the following amounts during the year 2018-19 to pay the tuition fee of his daughter:
Gullu withdrew Rs 15,000 on the first day of April, July, October and January to pay rent
for the accommodation of his family. He also paid Rs 35,000 p.m. as rent for the office of
partnership which was in a nearby shopping complex and Rs 2,800 p.m. telephone bill of
the partnership business.
OR
Q The partners of a firm, Alia, Bhanu and Chand distributed the profits for the year
ended 31st March, 2017, ₹ 80,000 in the ratio of 3:3:2 without providing for the following
adjustments:
a) Alia and Chand were entitled to a salary of ₹ 1,500 each p.a.
b) Bhanu was entitled for a commission of ₹ 4,000
c) Bhanu and Chand had guaranteed a minimum profit of ₹ 35,000 p.a. to Alia
any deficiency to borne equally by Bhanu and Chand.
Pass the necessary Journal entry for the above adjustments in the books of the firm.
Show workings clearly.
Ans
Q 18 Garuav and Neeru are partners in a firm. Gopal was admitted in firm for 1/5th
share. Gopal brought Stock Rs 4,000, Building Rs 10,000, Debtors Rs 6,000, and Creditors
Rs 12,000. On the date of admission, General Reserve of Rs 8,000 was shown in the books
of account. Gopal will bring his share of goodwill Rs 2,000 in cash, his capital was
determined Rs 17,000 and rest amount will be brought in cash.
Ans (i) Dr Stock 4,000; Building 10,000; Debtors 6,000; Cash 11,000
Receipts Rs Payments Rs
To Balance b/d 32,500 By Salaries 31,500
To Subscriptions: By Postage 1,250
2016-17 1,500 By Rent 9,000
2017-18 60,000 By Printing and Stationery 14,000
2018-19 1,800 63,300 By Sports Material 11,500
To Donations (Billiards By Misc. Expenses 3,100
Table) 90,000 By Furniture (1.10.2017) 20,000
To Entrance Fees 1,100 10% Investment (1.7.2017) 70,000
To Sales of Old Magazines 450 By Balance c/d 27,000
1,87,350 1,87,350
Additional information:
(i) There are 250 members each paying an annual subscription of Rs 300.
(ii) Rs 1,200 is still in arrears for the year 2016-17 for subscription.
(iii) Value of sports material at the beginning and at the end of the year was Rs 3,000
and Rs 4,500 respectively.
(iv) Depreciation to be provided @ 10% p.a. on furniture.
Q 20 M, N and O are partners in a firm sharing profits and losses equally. Their Balance
Sheet on 31.3.2017 was as follows:
Liabilities Rs Assets Rs
Capitals: Plant and Machinery 60,000
M 70,000 Stock 30,000
N 70,000 Sr. Debtors 95,000
O 70,000 Bank 40,000
General Reserve 30,000 Cash 35,000
Creditors 20,000
2,60,000 2,60,000
N died on 12th June, 2017. According to the Deed, executors of the deceased partner are
entitled to:
Show the workings for deceased partner’s share of goodwill and profits till the date of
his death. Pass the necessary Journal entries and prepare N’s Capital a/c to be rendered
to his executors. (2x6)
OR
A, B & C were partners in a firm sharing profits & losses in proportion to their fixed
capitals. Their Balance Sheet as at March 31, 2017 was as follows
On the date of above Balance Sheet, C retired from the firm on the following terms:
(i) Goodwill of the firm will be valued at two years purchase of the Average Profits of last
three years. The Profits for the year ended March 31, 2015 & March 31, 2016 were Rs.
4,00,000&Rs. 3,00,000 respectively.
(iii) Land & Building will be appreciated by Rs. 90,000 and Plant & Machinery Will be
reduced to Rs. 1,80,000.
(v) The loan repaid by A was to be utilized to pay C. The balance of the amount payable to
C was transferred to his Loan Account bearing interest @ 12% per annum.
Q 21 On 31.3.2018 the Balance Sheet of W and R who shared profits in 3:2 ratio was as
follows:
Liabilities Rs Assets Rs
Creditors 20,000 Cash 5,000
P/L a/c 15,000 Sr. Debtors 20,000
Capitals: W 40,000 Less: Provision 700 19,300
R 30,000 Stock 25,000
Plant and Machinery 35,000
Patents 20,700
1,05,000 1,05,000
On this date B was admitted as a partner on the following conditions:
Prepare Revaluation a/c, Partners’ capital a/c and Balance Sheet of the new firm.
Ans Revaluation a/c: Dr 300; 5000 Cr 5,000 Net Loss 300 (180 + 120)
OR
Q Prashant and Rajesh were partners in a firm sharing profits in the ratio of 3:2. They
decided to dissolve the partnership firm on 31.3.2018. Prashant was deputed to realise
the assets and to pay the liabilities. He was paid Rs 1,000 as commission for his services.
The financial position of the firm on 31.3.2018 was as follows:
Liabilities Rs Assets Rs
Creditors 80,000 Building 1,20,000
Mrs Prashant Loan 40,000 Investments 30,600
Rajesh Loan 24,000 Debtors 34,000
Investment fluctuation Less: Provision 4,000 30,000
fund 8,000 B/R 37,400
Capitals: Prashant 42,000 Cash 6,000
Rajesh 42,000 P/L a/c 8,000
Goodwill 4,000
2,36,000 2,36,000
Following was agreed upon:
(i) Prashant agree to pay his wife’s loan
(ii) Debtors realised Rs 24,000
(iii) Rajesh took over all investments at Rs 27,000
(iv) Building realised Rs 1,52,000
(v) Creditors were payable after two months, they were paid immediately at 10%
discount.
(vi) B/R were settled at a loss of Rs 1,400
(vii) Realisation expenses amounted to Rs 2,500.
Prepare Realisation a/c, Partners capital a/c and Cash a/c to close the book of the firm.
Q 22 Parul Ltd. Issued 40,000 Equity Shares of Rs 10 each at a premium of Rs 2.50 per
share. The amount payable as follows:
Owing to heavy subscription the allotment was made on pro-rata basis as follows:
OR
Q Faith and Belief Ltd has total redeemable debentures of Rs 5,00,000. It decides to
redeem these debentures in two instalments of Rs 3,00,000 and Rs 2,00,000 on December
31st 2018 and March 31st 2020 respectively. Pass necessary journal entries for the given
transactions.
Ans
PART – B
Q 23 What is meant by a ‘non cash transaction’? Give one example of a non cash
transaction.
Ans Which do not result in any inflow and outflow of cash and cash equivalents. E.g.
Issue of shares for purchase of fixed assets.
Q 24 ‘Cash advances and loans’ made by financial enterprises will be shown under
which type of activity while preparing Cash Flow Statement? Give reason in support of
your answer.
Q 27 Debt Equity Ratio of a company is 1:2. Purchase of a Fixed asset for ₹ 5,00,000 on
long term deferred payment basis will increase, decrease or not change the ratio?
Ans Increased
Q 28 State the importance of financial analysis for labour unions. (any two)
Q 29 M/s Mevo and Sons.; a bamboo pens producing company, purchased a machinery
for ₹ 9,00,000. It received dividend of ₹ 70,000 on investment in shares. The company also
sold an old machine of the book value of ₹ 79,000 at a loss of ₹ 10,000. Compute Cash flow
from Investing Activities. (7x1)
Q 30 (a) X Ltd. Has a Current Ratio of 3:1 and Quick Ratio of 1.2:1. If the working
capital is Rs 1,80,000, calculate value of Current Assets and Inventory.
Inventory in the beginning is 1/3rd of the Closing Inventory which is 30% of Revenue from
Operations. (3)
OR
Q Following information is extracted from the Statement of Profit and Loss of Crypto
Finance Ltd. for the year ended 31st March 2017 and 31st March 2018. Fill in the missing
figures
Comparative Statement of Profit and Loss
for the years ended 31st March 2017 and 31st March 2018
Ans
Q 32 From the following Balance Sheet of Hemco Ltd., prepare Cash Flow Statement:
Assets:
Non Current Assets
(a) Fixed Assets
(i) Tangible Assets 4 5,00,000 5,00,000
(ii) Intangible – Trade Mark 95,000 1,00,000
(b) Non Current Investments 1,00,000 -
Current Assets
(a) Inventories 1,30,000 55,000
(b) Trade Receivables 1,47,000 80,000
(c) Cash and Cash Equivalents 3,00,000 2,00,000
12,72,000 9,35,000
Total --------------
Notes to Accounts:
4) Tangible Assets
Equipments 5,00,000 5,00,000
5) Contingent Liability
Proposed Dividend 70,000 50,000
Additional information:
(i) During the year Equipment costing Rs 1,00,000 was purchased. Loss on sale of
equipment amounted to Rs 12,000, Rs 18,000 depreciation was charged on
equipment.
(ii) 12% Bank Loan was converted into Shares on 31.3.19. (6)
Ans A 1,50,000+20,000+50,000+50,000+18,000+12,000+12,000+5,000-75,000-67,000-
3,000-30,000 = 1,42,000
B -1,00,000-1,00,000+70,000 = (1,30,000)
C 1,50,000-50,000-12,000 = 88,000