Mock
Test, Accountancy 12, Set 1
Partnership
excluding Dissolution
Maximum
Marks:40
1. State giving reason whether the interest
on loan given by partner to the firm be paid if
there are losses? 1
2. What is Profit and Loss Adjustment Account? 1
3. Why is Profit and Loss Suspense Account
prepared? 1
4. State any one difference between
Dissolution of Partnership and Dissolution of a Firm. 1
5. X, Y and Z are partners sharing profits
and losses in the ratio of 2:2:1. After
the final
accounts have been prepared, it was
discovered that interest on drawings @
5% p.a. has
not been taken into consideration. The drawings of the partner were :
X- Rs. 15,000 Y- Rs. 13,000 Z-
Rs. 12,000
Pass the necessary adjustment journal
entry. 3
. 3
6. R and M were partners in a firm sharing
profit in the ratio of 4:1. On
01-04-2013, they admitted K, an old hard working employee as a new partner in
the firm. New profit sharing ratio 4:2:3.
On the date of admission the Profit and
Loss (Dr. balance) in the books Rs. 20,000.
The firm also had a General Reserve of
Rs. 1,00,000. K is to bring Rs. 60,000
as premium
for his share of goodwill. Pass all the
necessary journal entries. Also identify the value being highlighted in this case. 4
7. N, D and A are partners sharing profit in
the ratio of 5:3:7. N retire from the firm.
D and A
decided to share future profits in the
ratio of 2:3. The adjusted capital of D
and A showed
balance of Rs. 33,000 and 70,500. The total amount paid to be N to Rs. 90,500.
This amount is to be paid by D and A in
such a way that their capital become proportionate
to their new profit sharing ratio.
State the amount to be brought or paid
to the partners and also pass journal entries. 4
8. Babul
and Vinay were partners. The Partnership Deed provided for:
(i) Profit to be divided as Babul ½, Vinay 1/3, and 1/6 to be
transferred to reserves.
(ii) The accounts are closed on 31st March each year.
(iii) In the event of death of a partner the executors will be
entitled to the following:
(a) Capital to the credit on the date of
death.
(b) Interest on Capital @ 12% p.a.
(c
) Proportion of profit to the date of
death based on the average profits
credited
for the last three years.
(d) Share of goodwill based on three years
purchase of the average profits
of
the preceding three years.
(e) The profits for three preceding years
were Rs. 48,000, Rs. 42000 and
Rs.
45,000.
(f) Capital account of Babul and Vinay were
Rs. 90,000 and Rs.60,000.
(g) Salary to Vinay Rs. 1,000 per month.
Prepare Vinay Account to be
presented to his executors, as he died on 30th April.
According to Vinay’s will
his executor should donate 50% of his share to “ An old age home.” Identify the value being highlighted in this
case. 6
9. A,
B and C are partners in a firm. On
01-04-2012their capital account stood at Rs, 8,00,000,
Rs.
6,00,000 and Rs. 4,00,000 respectively.
They shared profit and losses in the ratio 5:3:2.
Partners
are entitled to interest on capital @ 5% per annum and salary to B Rs.3,000 per
month and commission to C Rs. 12,000 as per provision of
deed.
A’s
share of profit (excluding interest on capital but including salary)is
guaranteed at not less than Rs. 25,000 per annum. B,s share of profit
(including interest on capital but excluding salary) guaranteed not less than Rs. 55,000 per
annum.
Any
deficiency arising on that account shall be met by C. The profit for the year ended 31-03- 2013 amounted to Rs. 2,16,000.
Prepare
Profit and Loss Appropriation Account and Partners Capital Accounts. 6
10. P and Q are partners sharing profits in the
ratio of 2:1, their Balance Sheet as on
31-03-2013 was as follows:
Liabilities Amounts Assets Amounts
Bank overdraft 5,000 Debtors
40,000
Creditors 30,000 Less:
Provision 3,600 36,400
Reserves 12,000 Stock 20,000
Capital P 40,000 Machinery 23,600
Q 30,000 Patents 2,000
Building 35,000
------------------ ----------------------
1,17,000 1,17,000
Miss
Seema (MBA from IIM) was admitted as a new partner on this date:
(i) New ratio is 3:2:1.
(ii) He bring Rs. 10,000 as his share of
goodwill in cash.
(iii) Provision for doubtful debts be reduced
by Rs, 2,400.
(iv) Investment worth Rs. 2,600 remains
unrecorded in the books, now to be
recorded.
(v) Patents are valueless.
(vi) 2% discount is to be recorded on
creditors.
(vii) Miss Seema will bring proportionate capital
after the all above adjustments.
Prepare
Revaluation Account, Capital Accounts of partners and Balance sheet of
New
firm. Also identify the value being highlighted in this case. 8
Mock Test Accountancy 12,
Set 2
Company Accounts and Dissolution;
Maximum Marks:40
1. Can a new company issue its shares at a
discount? If not, why? 1
2. What is meant by Calls-in arrears? 1
3. State the nature of Debenture Allotment
Account. 1
4. A Ltd. has an outstanding balance of Rs.
5,00,000, 8% Debentures of Rs. 100 each redeemable
at a premium of 10%.
According to the terms of redemption,
the company redeemed 30% of the above debentures
Records the entries for redemption of
debentures. 3
5. A Ltd. Issued 6,000, 12% Debentures of Rs. 100 each on 01-04-2012
at par. Interest on
these debentures is paid yearly on 31st
March every year.
Pass all the necessary journal entries
for the year ended 31-03-2013 related to interest
assuming
Tax is deducted @ 30% on the amount of interest. (3)
Q:6 Give the journal entries for the
following at the time of Dissolution of the firm:
i)
Realisation
expenses Rs 1,000 paid by A (partner) which was to be borne by firm,
ii)
Creditor
of Rs 20,000 took away stock worth Rs 45,000.
iii)
Investment
sold for Rs 34,000.
iv)
A’s
loan of Rs 2,000 settled at Rs 1,500.
(4)
7. A Ltd. has an authorised
capital of Rs. 20, 00,000 divided into equity shares of Rs. 10 each.
The
company invited application for 41, 000 shares from public and 3,000 shares
allotted to Rama & company
against building purchased as fully paid.
Applications
for 40,000 shares were received from public All calls were made and were dully received except the final call of
Rs. 3 per share on 1000 shares which were forfeited.
Show
how share capital will appear in balance sheet of company as per Revised
Schedule VI and also prepare Notes
to Accounts. 4
8 500
shares of Rs. 100 each issued at a par were forfeited due to non payment of allotment money of Rs. 50 per share. The first
and final call of Rs. 10 per share on these shares were not made. Out of these, 400 shares were reissued at
Rs. 75 per share as fully paid up.
Pass journal entries related to forfeiture and reissues. 4
Q:
9A B and C were partners from 1.4.12 with capitals of Rs.3,00,000, Rs.2,00,000 and Rs.1,50,000
respectively. They shared profit and losses in the ratio 2:2:1. They carried on
business for two years.
In the first year they made a profit of
Rs.2,00,000 but in second year they suffered loss of Rs.60,000, so they decided
to dissolve the firm on 31.3.2014. Creditors on that date were Rs.75,000, the
partners’ drawings were Rs.40,000 per partner in each year. The assets realized
Rs.4,00,000, the expenses of realization were Rs.5,000.
Prepare
necessary accounts on the dissolution of a firm. (6)
10. AB Ltd. Invited application for 40000
equity shares of Rs. 10 each at a premium of 10%. The amount was payable as follows: On
application Rs. 4
On allotment Balance
Application were received
for 48000 shares , prorate allotment was made to all applicant.
Excess money received on
application was adjusted towards sums due on allotment.
Mohan who applied for 480
shares failed to pay the allotment money.
His shares were forfeited
and 200 shares reissued @ Rs. 7 per shares fully paid up.
Pass the journal entries in
the books of AB Ltd. and prepare Share forfeiture account.
Also
identify the value being highlighted in this question. (8)
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