 BHAYANDAR (E)  MIRA-BHAYANDAR ROAD

JESAL PARK DEEPAK HOSPITAL

 BHAYANDAR (W)  MIRA ROAD (E)

KASTURI HOSPITAL SHANTI SHOPPING CENTRE

Date: 07 / 12 / 2020 1st SEMI PRELIUM PAPER Timing: 1 Hr. 30 Mins.

Std: S.Y.J.C. BK Marks: 40

Chapter: 1, 3, 4, 5, 6

Q.1. (A) Select the most appropriate answer from the alternatives given below and rewrite the
sentences: (04)
1. To find out Net Profit or Net Loss of the business ____________ account is prepared.
(a) Trading (b) Capital (c) Current (d) Profit and Loss
2. Anju and Eeshan are two partners sharing profits and losses in the ratio of 3 : 2. They decided
to admit Aaroh for 1/5th share, the new profit sharing ratio will be ______________.
(a) 12 : 8 : 5 (b) 4 : 3 : 1 (c) 12 : 8 : 1 (d) 12 : 3 : 1
3. Benefit Ratio is the Ratio in which ____________.
(a) The old partner gain on admission of a new partner
(b) The Goodwill of a new partner on admission is credited to old partners
(c) The continuing partners benefits on retirement or death of a partner
(d) All partners are benefited
4. If any unrecorded liability is paid on dissolution of the firm ___________ account is debited.
(a) Cash / Bank Account (b) Realisation Account
(c) Partners capital Account (d) Loan Account
(B) Write a word, term, phrase, which can substitute each of the following statement. (02)
1. Profit and Loss account balance appearing on liability side of Balance Sheet.
2. The ratio which is obtained by deducting Old Ratio from New Ratio.
(C) State whether the following statements are True or False with reasons (02)
1. Adjustments are recorded in Partners Current Account in Fixed Capital Method.
2. For recording the Profit or Loss upto the date of death, Profit and Loss Appropriation Account
is operated.

Q.2. Radha and Vikas were in partnership sharing profits and losses in proportion of 3 : 2 respectively.
Their Balance Sheet as on 31st March, 2019 stood as follows. (10)
st
Balance sheet as on 31 March, 2019
Liabilities Amt. (`) Amt. (`) Assets Amt. (`)
Capital Accounts Premises 2,80,000
Radha 2,00,000 Furniture and Fixture 22,800
Vikas 1,20,000 3,20,000 Stock 54,000
Current Accounts Debtors 18,200
Radha 2,400 Cash at bank 2,200
Vikas 2,800 5,200
Loan from Balu 40,000
Creditors 12,000
3,77,200 3,77,200

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 On 1st April 2019 Om was admitted to the firm on the following terms.
1. Premises were to be valued at `3,40,000 and Furniture and Fixtures at `20,800. A provision
for bad debts of `2,000 was to be made. Stock should be revalued at `58,000.
2. Om should bring in `80,000 as Capital and `20,000 as his share of goodwill and it was retained
in the business and he should be given one-fourth share in the future profits.
3. The loan from Balu was repaid through NEFT.
Prepare Profit and Loss Adjustment Account, Partners Current Accounts and Balance sheet
of the New firm.
4. The value of goodwill of business is fixed at `24,000 and Vivek is to bring cash for his share
in goodwill.
5. Vivek is to bring `15,000 as his capital, the capital accounts of Vaibhav and Vilas are to be
adjusted in their new profit sharing ratio by making adjustments in cash, taking a base of
Vivek’s Capital.
Prepare: Profit and Loss Adj. A/c, Capital Accounts of all partners and Balance Sheet after
admission of Vivek.
OR
Q.2. The Balance Sheet of Shyam Traders Pune is as follows, Partners share Profits and Losses as 5 : 2 : 3
Balance Sheet on 31st March, 2019
Liabilities Amt. ` Amt. ` Assets Amt. ` Amt. `
Capital Account: Plant and Machinery 32,000
Rambha 36,000 Building 40,000
Menka 32,000 Stock 20,400
Urvashi 17,600 Debtors 16,800
Creditors 20,000 Less: R.D.D. 800 16,000
Bill Payable 1,200 Bank 12,400
General Reserve 14,000
1,20,800 1,20,800
st
Menka retired from the business on 1 April, 2019 on the following terms. The assets were
revalued as under.
i) Stock at `28,000
ii) Building is appreciated by 10%
iii) R.D.D. is to be increased upto `1,000
iv) Plant and Machinery is to be depreciated by 10%
2. The Goodwill of retiring partner is valued at `8,000 and the remaining Partners decided that
Goodwill be written back in their New Profit sharing ratio which will be 5 : 3.
3. Amount due to Menka is to be transferred to her Loan Account
Prepare: Profit and Loss Adjustment A/c, Capital Account of partners, Balance Sheet of
new firm.

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Q.3. Rajiv and Sanjeev are partners Sharing Profits and losses equally. They decided to dissolve their
firm on 31st March, 2019. The Balance Sheet of the firm on 31st March 2019 was as under. (10)
Balance sheet as at 31st March, 2017
Liabilities Amt. ` Assets Amt. `
Reserve Fund 8,000 Building 20,000
Creditors 12,800 Furniture 6,000
Bills Payable 7,200 Debtors 18,000
Capital A/c’s Stock 20,000
Rajeev 20,000 Bills Receivable 2,000
Sanjeev 24,000 Cash 6,000
72,000 72,000
The Assets realised as under:
Stock `18,400, Debtors `16,600, Bill Receivable `1,980. Sanjeev agreed to takeover the Building
for `18,000 and Ranjeev agreed to takeover the Furniture for `5,400. The realisation expenses
amounted to `600.
Pass necessary Journal Entries and write up the Realisation A/c and Partners’ Capital A/c.

Q.4. Daya and Kshama are Partners sharing Profits and Losses in the ratio of 1 : 1 from the following
Trial Balance and additional information prepare Trading and Profit and Loss account for the year
ended 31st March, 2019 and Balance Sheet as on that date. (12)
st
Trial Balance as on 31 March, 2019
Debit Balance Amt. ` Credit Balance Amt. `
Stock (1/4/2018) 65,000 General Reserve 14,500
Bills Receivable 28,000 Capital
Wages and Salaries 9,000 Daya 1,60,000
Sundry Debtors 1,32,500 Kshama 1,20,000
Bad debts 1,000 Creditors 98,000
Purchases 1,48,000 R. D. D. 1,800
Motor Car 68,000 Sales 2,85,500
Machinery 1,14,800 Outstanding Wages 700
Audit Fees 1,200 Purchases Returns 4,000
Sales Return 2,000 Discount 1,800
Discount 2,300
Building 75,000
Cash at Bank 12,000
10% Investment 20,000
Advertisement (Paid for 9
4,500
months)
Royalties 3,000
6,86,300 6,86,300
Adjustment and Additional Information:
(1) Closing Stock `40,000.
(2) Depreciate Building and Machinery @ 5% and 3% respectively
(3) Bills Receivable included dishonoured bill of `3,000.
(4) Goods worth `1,000 taken by Daya for personal use was not entered in the books of
accounts.
(5) Write off `1,800 as Bad debts and maintain R. D. D. at 5% on Sundry Debtors.
(6) Goods of `6,000 were sold but no entry was made in the books of accounts.
ALL THE BEST
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