PART – A
(Accounting for Not-For-Profit-Organisations, Partnership Firms and Companies)
1. In case of retirement of a partner, profit or loss on revaluation of assets and re-assessment of liabilities is distributed among _______ partners in _______ ratio.
2. Vanya Ltd. forfeited 20,000 equity shares of ₹100 each for non-payment of first and final call of ₹40 per share. The maximum amount of discount at which these shares can be re-issued will be :
(a) ₹ 8,00,000 (b) ₹12,00,000 (c) ₹20,00,000 (d) ₹ 20,000
3. What is meant by ‘Subscribed Capital’ ?
4. Bishan and Sudha were partners in a firm sharing profits and losses in the ratio of 5:3. Alena was admitted as a new partner. It was decided that the new profit sharing ratio of Bishan, Sudha and Alena will be 10:6:5.
The sacrificing ratio of Bishan and Sudha will be :
(a) 5 : 3 (b) 25 : 78 (c) 6 : 5 (d) 2 : 1
5. Which of the following is not a capital receipt ?
(a) Donations for tournament (b) Donations for building fund
(c) Life membership fee (d) Entrance fees
6. Mohit and Rohit were partners in a firm with capitals of ₹80,000 and ₹40,000 respectively. The firm earned a profit of ₹30,000 during the year.
Mohit’s share in the profit will be :
(a) ₹ 20,000 (b) ₹ 10,000 (c) ₹ 15,000 (d) ₹ 18,000
7. _________ means any offer of securities to a select group of persons by a company other than by way of public offer.
8. On forfeiture of 100 shares of ₹ 50 each, ₹ 2,500 were credited to share forfeited account. These shares were re-issued at ₹25 per share fully paid up. The amount credited to ‘Capital Reserve Account’ will be :
(a) ₹2,500 (b) ₹5,000 (c) No amount (d) ₹3,000
9. Disha and Abha were partners in a firm. Farad was admitted as a new partner for 1/5th share in the profits of the firm. Farad brought proportionate capital. Capitals of Disha and Abha after all adjustments were ₹` 64,000 and ₹46,000 respectively. Capital brought by Farad was :
(a) ₹` 22,000 (b) ₹27,500 (c) ₹55,000 (d) ₹28,000
10. The business of a partnership firm may be carried on by all the partners or any one of them acting for all. One of the important implication of this statement is that every partner is entitled to participate in the conduct of the affairs of its business. State the second important implication of this statement.
11. Jaipur Club has a prize fund of ₹6,00,000. It incurs expenses on prizes amounting to ₹5,20,000. The expenses should be
(a) debited to income and expenditure account.
(b) presented on the asset side of the balance sheet.
(c) debited to income and expenditure account and presented on the asset side of the balance sheet.
(d) deducted from the prize fund on the liability side of the balance sheet.
12. No debenture redemption reserve is required for debentures issued by :
(a) manufacturing companies (b) infrastructure companies
(c) banking companies (d) trading companies
13. For recording the issue of debentures as a collateral security by a journal entry _______ account is debited.
14. Kabir and Farid are partners in a firm sharing profits in the ratio of 3:1 on 1-4-2019 they admitted Manik into partnership for 1/4th share in the profits of the firm. Manik brought his share of goodwill premium in cash.
Goodwill of the firm was valued on the basis of 2 years purchase of last three years average profits. The profits of last three years were :
2016-17 ₹90,000
2017-18 ₹1,30,000
2018-19 ₹86,000
During the year 2018-19 there was a loss of ₹20,000 due to fire which was not accounted for while calculating the profit.
Calculate the value of goodwill and pass the necessary journal entries for the treatment of goodwill.
OR
Raka, Seema and Mahesh were partners sharing profits and losses in the ratio of 5:3:2. With effect from 1st April, 2019, they mutually agreed to share profits and losses in the ratio of 2:2:1.
On that date, there was a workmen’s compensation fund of ₹90,000 in the books of the firm. It was agreed that :
(i) Goodwill of the firm be valued at ₹70,000.
(ii) Claim for workmen’s compensation amounted to ₹40,000.
(iii) Profit on revaluation of assets and re-assessment of liabilities amounted to ₹40,000.
Pass necessary journal entries for the above transactions in the books of the firm.
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