Date: March 2022
To find out Net Profit or Net Loss of the business __________ account is prepared.
Trading
Capital
Current
Profit & Loss
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
Donation for Scholarship Fund is ______.
Capital Receipt
Revenue Receipt
Capital Expenditure
Revenue Expenditure
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
The balance of the capital account of retired partner is transferred to his _________ account if it is not paid.
Loan
Personal
Current
Son's
Chapter: [0.03] Reconstitution of Partnership [0.04] Reconstitution of Partnership (Retirement of Partner)
The ratio by which existing partners are benefited ________.
Gain Ratio
Sacrifice Ratio
Profit Ratio
Capital Ratio
Chapter: [0.05] Reconstitution of Partnership (Death of Partner)
Shareholders get ___________ on shares.
Interest
Commission
Rent
Dividends
Chapter: [0.08] Company Accounts [0.08] Company Accounts - Issue of Shares
Write the word/phrase/term, which can substitute the following sentence.
Act under which partnership firms are regulated.
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts
Write the word/phrase/term, which can substitute the following sentence.
The credit balance of Income and Expenditure Account.
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns
Write a word/phrase/term which can substitute the following statement.
Reputation of business measured in terms of money.
Chapter: [0.03] Reconstitution of Partnership [0.03] Reconstitution of Partnership (Admission of Partner)
Write the word / term / phrase, which can substitute the following statement.
Debit balance of an insolvent Partner’s Capital Account.
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
Give the word term or phrase which can substitute the following statement:
The process by which all the calculations are automatically done by the accounting software.
Chapter: [0.1] Computer in Accounting
Partnership business must be ______ .
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts
Not for Profit organization is called ________ organization.
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
Revaluation account is also called ______ account.
Chapter: [0.04] Reconstitution of Partnership (Retirement of Partner)
Deceased partner’s executor's account is shown on the ___________ side of the Balance Sheet.
Chapter: [0.05] Reconstitution of Partnership (Death of Partner)
Cash receipts which are recurring in nature are called as__________ Receipts.
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
Answer in one sentence only.
Which accounts are not transferred to Realisation account?
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
Answer in one sentence only.
What do you mean by ‘Not for Profit’ Concern?
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
Answer in one sentence.
What is bills payable on demand?
Chapter: [0.07] Bills of Exchange
What is the treatment of accumulated profits at the time of admission of a partner?
Chapter: [0.03] Reconstitution of Partnership [0.03] Reconstitution of Partnership (Admission of Partner)
Answer in one sentence only.
Mention two objectives of comparative statement?
Chapter: [0.09] Analysis of Financial Statements
Raj and Rashmi shared profits and losses in the ratio of 3: 2 respectively. Their Balance Sheet as on 31st March 2020 was as under:
Balance sheet as on 31st March, 2020
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Sundry Creditors | 90,000 | Cash at Bank | 1,500 |
| General Reserve | 60,000 | Sundry Debtors | 1,33,500 |
| Capital: |
51,000 |
||
| Raj | 2,16,000 | Investment | 72,000 |
| Rashmi | 1,44,000 | Plant | 1,80,000 |
| Building | 72,000 | ||
| 5,10,000 | 5,10,000 |
They admit Hiren into partnership on 1-4-2020. The terms being that:
(1) He shall have to bring in ₹ 1,20,000 as his Capital for 1/4 share in future profits.
(2) Value of Goodwill of the firm is to be fixed at the average profits for the last three years.
The Profit were:
| 2016 - 17 | ₹ 96,000 |
| 2017 - 18 | ₹ 1,62,000 |
| 2018 - 19 | ₹ 1,47,000 |
Hiren is unable to bring the value of the Goodwill in cash. It is decided to raise the Goodwill in the books of accounts.
(3) Reserve for doubtful debts is to be created at ₹ 3,000.
(4) Closing stock is valued at ₹ 45,000.
(5) Plant and Building is to be depreciated by 5%.
Prepare Profit and Loss Adjustment A/c, Capital Accounts of Partners and Balance Sheet of the new firm.
Chapter: [0.03] Reconstitution of Partnership [0.03] Reconstitution of Partnership (Admission of Partner)
Shubh, Mangal and Anand were partners sharing profits and losses in the ratio of 5: 2: 3. Their Balance Sheet was as follows:
Balance Sheet as on 31st March 2020
| Liabilities | Amount (₹) |
Amount (₹) |
Assets | Amount (₹) |
Amount (₹) |
| Capital A/cs: | Machinery | 50,000 | |||
| Shubh | 70,000 | Building | 1,00,000 | ||
| Mangal | 80,000 | Furniture | 20,000 | ||
| Anand | 50,000 | Stock | 30,000 | ||
| Creditors | 25,000 | Debtors | 36,000 | ||
| Bill Payable | 12,000 |
Less: R.D.D. |
2,000 | 34,000 | |
| General Reserve | 25,000 | Bank | 28,000 | ||
| 2,62,0000 | 2,62,000 |
Mangal retired on 1st April 2020 on the following terms:
(1) Machinery is to be depreciated by 10% and furniture by 20%.
(2) Stock is to be appreciated by 10% and Building by 20%.
(3) R.D.D. is no longer necessary.
(4) Provision is to be made for ₹ 8000 being compensation to workers.
(5) The goodwill of the firm is to be valued at ₹ 40,000 and Mangal's share in it should be raised.
(6) Both the remaining partners decided to write off the goodwill.
(7) Amount payable to Mangal is to be kept as his Loan.
Prepare: (1) Profit and Loss Adjustment Account (2) PArtner's Capital Accounts (3) New Balance Sheet.
Chapter: [0.03] Reconstitution of Partnership [0.04] Reconstitution of Partnership (Retirement of Partner)
Kalpana and Bela were partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31st March, 2019 was as follows:
| Balance Sheet as on 31st March 2019 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital Accounts: | Building | 14,000 | |
| Kalpana | 20,000 | Plant | 18,000 |
| Bela | 12,000 | Debtors | 28,000 |
| Current Accounts: | Stock | 10,000 | |
| Kalpana | 6,000 | Bank | 12,000 |
| Bela | 4,000 | ||
| Creditors | 34,800 | ||
| Bills Payable | 5,200 | ||
| 82,000 | 82,000 | ||
The firm was dissolved on the above date and the assets realised as under:
(1) Plant ₹ 16,000, Building ₹ 12,000, Stock ₹ 8,000 and Debtors ₹ 24,000.
(2) Kalpana agreed to pay off the Bill Payable.
(3) Creditors were paid in full.
(4) Dissolution expenses were ₹ 2,800.
Prepare: Realisation A/c, Partner's current A/c, Partner's Capital A/c and Bank A/c.
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
Bela draws a bill for ₹ 2,00,000 on Prihaan for 4 months period. The bill is duly accepted and returned to Bela. One month after the date, Bela discounted the bill with bank @ 18% p.a.
On the due date, Prihaan dishonoured his acceptance. Bank paid noting charges ₹ 4,500. Prihaan requested Bela to renew the bill for further period of 2 months. Bela agreed and took the bill back from bank and received new acceptance for 40% amount of the bill with full amount of noting charges and cheque for 60% balance plus interest @ 12% p.a.
Write Journal of Bela and Prihaan for the above bill transactions.
Chapter: [0.07] Bills of Exchange
Vraj Ltd. issued 40,000 equity shares of ₹ 20 each payable as follows:
On Application: ₹ 4
On Allotment: ₹ 6
On First Call: ₹ 6
On Second Call: ₹ 4
The company received applications for 50,000 equity shares. Allotment of shares was made on pro-rata basis. Share allotment and calls were made and as also received except Ravi holding 100 shares failed to pay both the calls. His shares were forfeited after second call.
Record the above transactions in the books of Vraj Ltd.
Chapter: [0.08] Company Accounts - Issue of Shares
Give the points of difference: Manual Accounting and Computerized Accounting.
Chapter: [0.1] Computer in Accounting
Ram, Madhav, and Keshav are partners sharing Profit and Losses in the ratio 5:3:2 respectively. Their Balance Sheet as on 31st March 2018 was as follows.
| Balance Sheet as on 31st March 2018 | |||
| Liabilities | Amount ₹ | Assets | Amount ₹ |
| General Reserve | 25,000 | Goodwill | 50,000 |
| Creditors | 1,00,000 | Loose Tools | 50,000 |
| Unpaid Rent | 25,000 | Debtor | 1,50,000 |
| Capital Accounts | - | Live Stock | 1,00,000 |
| Ram | 100000 | Cash | 25,000 |
| Madhav | 75000 | ||
| Keshav | 50000 | ||
| 3,75,000 | 3,75,000 | ||
Keshav died on 31st July 2018 and the following Adjustment were agreed by as per partnership deed.
1. Creditors have increased by 10,000
2. Goodwill is to be calculated at 2 years purchase of average profits of 5 years.
3. The Profits of the preceding 5 years was
| 2013-14 | ₹ 90,000 |
| 2014-15 | ₹ 1,00,000 |
| 2015-16 | ₹ 60,000 |
| 2016-17 | ₹ 50,000 |
| 2017-18 | ₹ 50,000 (Loss) |
Keshav's share in it was to be given to him.
4. Loose Tools and livestock were valued at ₹ 80,000 and ₹ 1,20,000 respectively
5. R.D.D. was maintained at ₹ 10,000
6. Commission's ₹ 2000 p.m. was payable to Keshav Profit for 2018 -19 was estimated at ₹ 45000 and Keshav's share in it up to the date of his death was given to him.
Prepare
Revaluation A/c, Keshav’s capital A/c showing the amount payable to his executors.
Chapter: [0.05] Reconstitution of Partnership (Death of Partner)
Prepare Comparative Income Statement of Noha Limited for the year ended 31.3.17 and 31.3.18
| Particulars | 31.3.17 (₹) | 31.3.18 (₹) |
| Sales | 2,00,000 | 3,00,000 |
| Income Tax | 50% | 50% |
| Cost of Sales | 1,20,000 | 80,000 |
| Indirect Expenses | 8,000 | 12,000 |
Chapter: [0.09] Analysis of Financial Statements
(Newly Started Art Circle)
“Jeevan Jyoti Art Circle” a newly established concern has presented the following information.
| Dr | Receipts and Payments Account for the year ending 31.03.2018. | Cr | |||||
| Receipts | Amount ₹ |
Amount ₹ |
Payments | Amount ₹ |
Amount ₹ |
||
| To Admission fees | 22,000 | By Furniture | 12,000 | ||||
| To Subscriptions | 40,000 | By Stationery | 4,000 | ||||
| To Donations | 18,000 | By Office Rent | 2,600 | ||||
| By Newspapers & Periodicals | 300 | ||||||
| By Telephone Expenses | 560 | ||||||
| By Investments | 23,000 | ||||||
| By Balance c/d | |||||||
| Cash in Hand | 7,540 | ||||||
| Cash at Bank | 30,000 | 37,540 | |||||
| 80,000 | 80,000 | ||||||
Adjustments:
1) Subscription Outstanding for the year was ₹ 5,000
2) Depreciate Furniture @10 % p.a
3) Full amount of Admission Fees and 50*% Donations are to be capitalized.
You are required to prepare Income and Expenditure Account for the year ending 31.03.2018 and Balance Sheet as on that date.
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns
Nana and Nani are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments in Profit & Loss A/c and Balance Sheet with the help of the following information.
Trial Balance as on 31st March 2019
|
Debit Balance |
Amount ₹ |
Credit Balance |
Amount ₹ |
|
Insurance |
15,000 |
Capital A/c |
|
|
Land and building |
50,000 |
Nana |
50,000 |
|
(Addition of 20,000 w.e.f 1st July 2018) |
Nani |
50,000 | |
|
Salaries |
5,000 |
10% Bank loan taken on 1st Oct. 2018 | 30,000 |
|
Export Duty |
2,500 |
Interest | 1,500 |
|
Interest |
1,000 |
Bills Payable | 8,000 |
|
Furniture |
40,000 |
||
|
Debtors |
26,000 |
||
|
1,39,500 |
1,39,500 |
Adjustments :
1) Gross profit amounted to ₹ 34,500.
2) Insurance Paid for 15 months w.e.f. 1. 4. 2018.
3) Depreciate Land and Building at 10% p.a. and Furniture at 5% p.a.
4) Write off ₹ 1,000 for Bad Debts and maintain R.D.D at 5% on Sundry Debtors.
5) Closing Stock is valued at ₹ 34,500.
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
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