PART – A
(Accounting for Not-for-profit-organizations,
Partnership Firms and Companies)
1. Capital Reserve is created out of ______ profits.
2. Avya, Divya and Kavya were equal partners. They decided to change the profit sharing ratio to 4 : 3 : 2. For this purpose the goodwill of the firm was valued at ` 90,000.
The journal entry for the treatment of Goodwill on change in profit sharing ratio will be :
Particular Debit Credit
Amt. (₹) Amt. (₹)
(a) Kavya’s Capital A/c. Dr. 10,000
To Avya’s Capital A/c. 10,000
(b) Divya’s Capital A/c. Dr. 10,000
To Avya’s Capital A/c. 10,000
(c) Avya’s Capital A/c. Dr. 90,000
To Kavya’s Capital A/c. 90,000
(d) Avya’s Capital A/c. Dr. 10,000
To Kavya’s Capital A/c. 10,000
3. Mohit, Shobhit and Rohit are partners sharing profits and losses in the ratio 2 : 1 : 1. Rohit is guaranteed a profit of ₹14,000. The firm incurred a profit of ₹20,000 during the year. Calculate the amount of deficiency borne by Mohit and Shobhit.
4. Which of the following is not a purpose for which the Securities Premium amount can be used ?
(a) Issuing fully paid bonus shares to shareholders.
(b) Issuing partly paid up bonus shares to shareholders.
(c) Writing off preliminary expenses of the company.
(d) In purchasing its own shares (buy back)
5. Tangible Assets of the firm are ₹ 14,00,000 and outside liabilities are`₹ 4,00,000. Profit of the firm is ₹ 1,50,000 and normal rate of return is
10%. The amount of Capital employed will be
(a) ₹ 10,00,000 (b) ₹ 1,00,000
(c) ₹ 50,000 (d) ₹ 20,000
6. Income and Expenditure Account records :
(a) Receipts and Payments of Revenue and Capital nature both.
(b) Income and Expenditure of Revenue nature only.
(c) Expenditure of Capital nature only.
(d) Receipts of Revenue nature only.
7. When the business of the firm becomes illegal, the way of dissolution of the firm is ________.
8. Amla, Bimla and Kavita were partners sharing profits and losses in the ratio of 4 : 3 : 1. Bimla retires and gives her share of profit to Amla for ` 3,600 and to Kavita for ` 3,000. The gaining ratio of Amla and Kavita will be :
(a) 4 : 5 (b) 2 : 1
(c) 6 : 5 (d) 4 : 1
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