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Accountancy Chikkaballapur midterm question paper
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0% found this document useful (0 votes)
4K views4 pagesDistrict P.U. College Principals' Association, Chikkaballapur.
Accountancy Chikkaballapur midterm question paper
Uploaded by
murganv2006Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
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DISTRICT P.U. COLLEGE PRINCIPALS’ ASSOCIATION, CHIKKABALLAPUR.
- 3 ‘
Subject Code :30 Pe nen -aee Total No.of Ques :32
Time :3-18 hours II PUC-ACCOUNTANCY ‘Max Marks : 80
terion Te sn pcre ABD
3]15 minutes extra has been allotted for candidates to read the ‘questions.
‘4]Figures in the right hand margin indicate full marks.
SECTION-A.
1 Answer the following questions by cho,
the right options. Sx1=5
1) Partnership deed contains...... aie
a] Name of Firm bb] Name and address of the partners
c] Profit & loss sharing ratio 4fAll of the above
2) Profit or loss on revaluation is shared among the partners in the
a] Old profit sharing ratio b] New profit sharing ratio
c} Capital ratio ] Equal ratio
3) Items to be considered while calculating the amount payable to the deceased
partner is,
a] His share of capital b] His share in reserve
¢] His share in accrued profit A] All the above
4) Ablishek, Rajat and Vivek are partners sharing profits in the ratio of 5:3:2. if
Vivek retires, the new profit sharing ratio between Abhishek and Rajat will be
32 B53 gs | None of the above
5) Equity share holders are
a] Creditors bL Owners ¢] Customers of the company J None of the above
HI Fill in the blanks by choosing the appropriate answers from those given in
the brackets. ‘Sules
(Artificial , New, Previous years profit/Average profit, 4, sacrifice ratio)
6) Section of Indian Partnership Act 1932 defines Partnership.
7) Old Ratio- New Rati saith
8) ratio is used for adjustment of continuing partners capitals ,
9) Accrued profit is calculated on the basis of -
10) A Company is an person.
IIT Match the Following. : S5x1=5
A B
11) alPartnership Deed i) Intangiable Asset
b]Goodwill ii) Death of a partner.
c]Executor Prospectus
4] Dissolution of Partnership firm iv) Admission of a partner
e] Public Company v) Written agreement+
vi) Realisation Account;
IV Answer the following questions in one word or one sentence eac
12) The agreement between partners must be in writing ( State True/ False)
13) State any one reason for admission of a new plartner.
14) When do you prepare Executors account?
15) What do you mean by retirement of a partner?
16) What is minimum paid-up capital ofa Private Company? + rif SECTION-B
Y___ Answer any THREE questions. Each question carries 2 marks . 332-6
17) Whats Partnership? 2
18) Name any two methods for calculation of interests on drawings. ~)
19) State any two differences between Dissolution of Partnership and Dissolution of
i partnership firm.
20)
21)
ane OIE
ive the journal cntry for realisation expenses paid by the firm .
State any two categories of share capital
SECTION-C
YI" Answer any THREE questions. Each question carries 6 marks. 3x6=18
22) Arun and Varun are the partners sharing profits and losses in the ratio of 2:1, their
‘pening capital being Rs 80,000 and 50,000 respectively. They eamed a profit of
Rs 20,000 before allowing the following,
allnterest on capital at 8% p.a.
b] Interest on drawings Arun Rs 2000, Varun Rs 2500.
c]Salary to Arun Rs 3000 p.a.
4d] Commission to Varun Rs 2000 p.a. Prepare profit and loss Appropriation A/e
Yasashvi and Tapashvi are partners in a firm, During the year ended on
31-3-2020. Yasashvi makes the drawings at under.
Date of Drawings Amount (Rs)
1-8-2019 5000
31-12-2019 10000
31-3-2020 15000
Partnership deed provided that parners are to be charged interest on drawings,
@ 12% pa. Calculate the interest on drawings of Yasashvi under product matod.
24) Ankit, Suchit and Chandru are partners in a firm sharing profits and losses in the
ratio of 4:3:2. Ankit retires from the firm, Suchit and Chandru agreed to share in
the ratio of 5:3 in future. Calculate gain ratio of Suchit and Chandru.
23)
we
25) Naveen , Suresh and Tarun are partners sharing profits and losses in the ratio of
2. Suresh retires from the firm and his share is acquired by Naveen and Tarun
in the ratio of 2:1. Calculate NPSR.
26)
Akash , Anil and Adarsh are the partners sharing profits and losses in the ratio of
3:2:1, their capitals as on 1-4-2020 were Rs 70,000, Rs 90,000 and Rs 60,000
» respectively, Akash died on 31-12-2020 and the partnership deed provided the
followings
alinterest on Akash's capital at 8% p.a,
bJAkash’s salary Rs 2000 p.m,
©] His share of accrued profit upto the date of death based on previous years profit,
firms profit for 2019-20 Rs 24,000,
d] His share of goodwill Rs 12,000.
Ascertain the amount payable to Akash's executor by preparing Akash's capital ale
SECTION-D
VIL Answer any THREE questions. Bach question carries 12 marks. 3x12=36
27) Sharat and Bharat are sharing profits and losses in the ratio 2:1, Their Balance
Sheet as on 31-3-2020 was as follows.
Balance Sheet as on 31-3-2020 Liabilities AmifRs) | Assets Amt(Rs)
Creditors 12,000 Cash jn Hand 10,000
Bills payable 8,000 | Debtors 3,000
Reserve Fund 9,000 Stock 10,000
Capitals Fumiture 4,000
Sharat 20,000 | Buildings 40,000
Bharat 20,000
L 65,000 69.000
They admit Kamat into partnership giving him I. share in the future profits on
the following terms .
a] The new partners should bring Rs 25,000 as his capital.
+b] The Goodwill account is to be raised at Rs24,000. :
