ral PEM SCHOOL OF EXCELLENCE (CBSE SENIOR SECONDARY SCHOOL FIRST QUARTER GRADE: Xt DATE :07.10.23 ae Aromaston ANSWER THE FOLLOWING(20x1=20) TE: 2304RS MARKS : 80 1) Atthe time o ; At the thine of dissolution, 4 partner's Joan account is not transferred to ‘Sccount but is retained 8S & Separate account 9) Realisation account by Revaluation Account 2) Vinod (one pariner) agreed to take transaction? ©) Partner's Capital account 4) Profit and Loss account 8 creditor of 250,000 for 45,000, How would you record this 2) Realisation Ave Dr. $,000 To Vinod's Capital A/e $,000 b) No entry £1 Realisation Ave Dr, 45,000 To Vinod's Capital Ale 45,000 10 Vinod's Capital Ave $0,000 4) Realisation A/c Dr. 50,000 3)Match the following: a) When assets are sold for cash ') When an asset is taken over by a partner ©) When the assets are given to any 'y of the creditors towards the payment of his dues (iid) Partner CapitalA/eDr To Realisation A/c a) aliii), b¢i), efi) ali), bei), e(ii) 4) If creditors are given in the balance sheet rs: ‘market price of rs8,000 at the time of dissol deducting a discount of 10%. (iBank A/eDr To Realisation A/c (ii)No entry oa i), bia, ef) 4) ai), DA), efit) 30,000. Stock costing 110,000 taken over by creditors at a lution of partnership firm and balance amount paid in cash after How much amount is paid in cash? a) 18,000 ) 30,000 ef 19,800 4) 22,000 5) Unrecorded asset when realised (in cash) will be __ a) Debited to Partners capital account ) Debited to Realisation Account ©) Credited to Realisation Account 4) Credited to partners capital account liabilities and capital upon dissolution from items A. An expense incurred on the realization of assets such as comm B, All outside ereditors C. Balances in 6) Choose the current order of priority in settlement of given below nission, cartage, brokerage etc. ~apital Accounts of partners, D. Partner's Loan accounts C ayA,B,D,C reot sequence is b)A,C,B.D OA,C,D.B DAB, 7yKam and Shyam are partners in firm sharing profits in the ratio of 3:2. They admit Ghanshyam as a partner. Ram Surrendered 1/4th of his share and Shyam 1/3 of his share in favour of the new ratio 8) Aditya and Shiv were partn ranshyam, Find out ina firm with capitals of 23,00,000 and 22,00,000, respectively. Naina was admitted as a new partner for /4th share in the profits of the firm. Naitva brought & 000 for her share of goodwill premium and 22,40,000 for her capital, The amount of goodwill premium credited to Aditya will be a) RS40,000 SbF RS60,000 ©) RSI,20,000 4) RS2,00,000 9) Disha and Abha were partners ina fitm, Farad was admitted as @ new partner for 1/th share in the profits of the firm, Farad brought proportionate capital. Capitals of Disha and Abhi afterall adjustments were & 64,000 and % 46,000 respectively. Capitat brought by Karad was: a) RS 27,500 uk vay b) RS $5,000 €) RS22,000 4) RS 28,000 10) Deferred revenue expenditure given on the Asset side of the Balance sheet will be: a) Credited to all partners, by None of these ) Debited to sacrificing partners