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    Account XII Sample Paper 2021

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    Account XII Sample Paper 2021

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    Account XII Sample Paper 2021

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    charu

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    © All Rights Reserved
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    of 8
    (Accounting for Not-For-Profit Organisations, Partnership Firms and Companies) . Mayank Club received life membership fees from its members. Which type of receipt is this ? 1 . The Agreement of Partnership may be (a) Oral (b) Written (c) Both (a) and (b)_—_(d) None of these 1 A, Band C were partners in a firm sharing profits in the ratio of 1, B was guaranteed a profit of % 2,00,000. During the year the firm earned a profit of € 84,000, Calculate the net amount of Profit / Loss transferred to the Capital Accounts of A and C. 1 . A, B and C were partners in a firm sharing profits in the ratio of 3 : 2: 1. They admitted D as a new partner for 1/8 share in the profits, which he acquired 1/16th from B and 1/16th from C. The New Profit Sharing Ratio of A, B, C and Dis: (a) 24: 13:5:6 (b) 24:5: 13:6 (c)3:6:8:2 (a3 . How much amount will be paid to creditors for 2 50,000 if & 10,000 of the «1 and the remaining creditors agreed to accept 5% less amoun (a) & 28,000 (b) 38,000 (e) & 37,500 (a) % 36,500 1 1 1 citors are not to be paid Scanned with CamScanner 6. Mohit an Rit were partners in fim with capa of 00 and € 40.00 respectively. The ion ‘armed 3 profit of€ 30,00 during the year Mohit's share in the profit will be (a 20,000, (8 10000 (0% 15000 (a 18000 7. Give the journal entry to distribute “Workmen's Compensation Reserve’ of € 70,000 atthe time of| retirement of Nee, when there is a claim of € 25,000 agains it.The firm has three parners Raveena, Neel and Rajat 1 ‘8. Gobind, Hari and Pratap are partners. On retirement of Gobind, the goodwill akeady appears in the Balance Sheet at 24,000. The goodwill willbe written-off {a)by debiting al partners’ capital accounts in their ol prot sharing ratio (b)by debiting remaining partners capital accounts in their new profit sharing ratio (c) by debiting retising partners’ capital accounts with his share of goodwill (4) None ofthe above 1 8. On the admission ofa new partner increase in the value of assess debited to: (2) PEL Adjustment Account (@) Assets Account (6) Old Partners'Capital Accounts __(d) None ofthese 1 10. Sundry debtors ae appearing at & 216,000 and provision for doubtful debts at € 12,000 inthe Balance Sheet before dissolution The sundry debtors wil be twansferred at which igure in realisation acount : (E1160 )F234000 fe) 2.16000 (a) 200000 1 1, Pick the odd one out: (a) Average Profit Method (©) Product Method (6) Capitalization Method {4) Super Profit Method 1 12, Joy Ltd issued 10,00 equity shares of 10 each. The amount was payable as fllows. (On application —® 3 per share (On allotment — 4 pershare (On fist and final call — balance Applications for 95,000 shares were received and shares were alloted to all applicants. Soham to ‘whom 30 shares were allotted failed to py allotment money and Gautam paid his entire amount due Including the amount due on frst and final all on the 750 share allotted to him along with allotment. ‘The amount recived onllotment 35 (3222500 (E3780 (gk3,80280 (4) 2.19000, 1 13, Identify the journal entry forthe issue of forfeited shares at par: (a) | Bank Ae Dr, ‘ToShare Capital Ne () [Banke De Share Forfeiture Ne De ‘ToShare Capital Ne (6 [Share Forfeiture Ne De To Share Capital Ale (a [None ofthese 1 (€D14. Prevent the following information forthe year ended 31* March, 2018in the financial statement of ‘Not or Profit Organisation Particulars = ‘Opening balance of Match Fund 50,00 Sale of Match Tickets 375,000 Donations for Match Fund received during the year 124.000 Match expenses sjg0.000 Scanned with CamScanner on mount of Sports Materia to be debited to Income and arended 31° March, 2018, From the folowing information, ealeul Expenditure Account of Young Football Cb forthe « ‘Opening Stock of Sports Material 21000 losing Stock of Sports Material 24000 ‘Opening Crestor of Sports Material 23500 ‘Closing Creditors of Sports Material 270m During the year the creditors for ports material were pad 1.0000 3 15, Ashish and Kanav were partnrsin a firm sharing profits and losses in the ratio of 3:2. On 31* March, 2018 their Balance Sheet was a follows Balance Sheet of Ashish and Kana as at 31* March, 2018 Liabilities Tamount@) Assets [Amount @) “Fade Creditors 2,000 | Bank | 35,000 Employees Provident Fund «200 | Stock 24000 ‘Mas. Ashish’s Loan 93000 | Debtors 19900 Kanav’s Loan 5000 | Furniture 49000 Workmen's Compensation Fund | 20,000 | Plant 2.10000 Investment Fluctuation Reserve 44000 | investments 32,000 Capital: Profit & Loss Account 10,000 “Ashish ano Kanav mn |_ 200000 fo 370,00 370,000 ‘Om the above date, they decided to lssolve the frm. (0), Ashishagreed to tke over forniture at € 38000 and pay off Mes. Ashish’s loan. (i) Debtors realised ® 183500 and plant realised 10% more. {ily Kanav took over 40% of the stock at 20% less than the book value. Remaining stock was soldat a sin of 10%, (iv) Trade creditors took over investments in fl settlement. (9) Kanav agreed to takeover the responsibilty of completing dissolution atan agree remuneration ‘of 12000 and ta bea realization expenses. Actual expenses of realization amounted t0€ 8,00. Prepare Realisation Account 4 (2016. Radhika, Ban and Chitra were partners ina lem sharing profits and losses in the ato of 2:31. With “lec from 1 April 208 they decided to shate future profits an losses the ratio of 3:2: 1 On that date, their Balance Sheet showwed a debit balance of 824/00 in Profit & Loss Account and a balance of 214,000 in General Reserve. Iwas also agree that (0) The goodwill ofthe frm be valued at & 180.000. (b) The Land (havingbook value of ® 300,00) will be valued at® 480,000 Pass the necessary journal envies for the above changes 4 oR ‘Arun and Arora were partners ina fir sharing profits inthe ratio ofS: 3. Their fixed capitals on 142019 were s Arun & 6,000 and Arora ®80,00, They agreed tallow interest on capital @ 12% pa and to change on deawings @ 15% pa. The profit ofthe fires forthe year ene 31* March, 2020 before Sil above adjustments were ® 12600, The drawings made by Arun were 2.000 an by Arora 4,000, uring the year Prepare Profit & Loss Appropriation Aicof Arun and Arora, Show your caleulations cleary. The fnterest ‘on Capital will bellowed even if the fem incurs ss. 4 Scanned with CamScanner 17, Newbie Ld. was registered with an authorised capita of 50,0 divide into 50.000 ety shares ‘f8 Ho cach Since the economy was in bust shape, the company decided to ee othe pai for Subscription 30,00 eyuity shares of 1 each at 3 premium of £3 per share. Applcatons for 23,000 Shares were received and ollotment seas made to all the applicants All as were moe and duly received except the final call of €2 per shae on 20 shares, Show the ‘Shee of Nee Lid as per Schedule Il ofthe Companies At, 2013. Also prepare Notes to Accounts for the same ’ 18, Lal and Pal were partners infirm sharing profits in the ratio of 3:7. On 1.42019, their firm was tlsolved. After transfering seats ther than cash) and outsiders bites to Realisation Account, Yow are given the following information| {i Acteitor of € 3,000 accepted machinery value at 500,000 and pad othe firm 140,00. {i second ereitor for ® SA accepted stork at 45000 in ful seement of hiselai. (Gi) A thie creditor amounting 10% 00 acepted 45,00 in cash and investments worth &43,000in full settlement of his claim (00) Loss ondisoltion was ® 1500, Pass necessary Journal Entries forthe above transactions i the books ofthe firm assuming that ll payments were made by cheque A 1, From the olowing information of Gems Cub, prepare Income and Expenditure Account forthe year ended 31° March, 208 ‘Receipts and Payments Account of Gems Clb forthe yar ein 31° March 2018 Receipts Amount ®) Payments ‘Amount ®) “Te alance bid son [By Furnture 130,00 “o Interest on Investments 2.400 | By Salaries ‘1300 ToDonations 17.000 | By Miscellaneous Expenses ‘2000 “To Subseriptions soon | By Telephone Charges 12,000 ToRent Received 7OMI0 | By Fax Machine ‘000 ‘ToSale of old newspapers 0 | By 6% nvestments(on 1.082017) } 100.000 By Printing and Stationery oo By Balance 5550 ‘samo acer 2 cg tn fn BT anf mincipir cstng on Bc ee ee Cor etn: dacrolihi wrt ean yet 9004 Fare rd a rem ieee aa ae " ene cee Tang poms Ee ean fo, On31.32018, thee ‘alance Shee of Raman and Aman son 31 33019 ‘abies Amount) ses Amount Provo food debts 7205 Bonk 2400 Oustnding Expenses 10 | its Receabe s000 at Payable _|__s7000 sundry Debtor 200 . — Scanned with CamScanner Sundry Creditors 02.0] Sock Workenen Compensation Reserve | 55,0 Furniture Capital Machinery Raman 300000 Land &e Building Aman 130009 | _ 450000 673000 ‘Onthe shove date, Suman was admitted asa new partner fr 1/5 share inthe profits the flowing, conditions (©) Sumanwilbring2.00000asher

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