DISTRICT P.U. COLLEGE PRINCIPALS’ ASSOCIATION, CHIKKABALLAPUR. : MID TERM EXAMINATION - 2023 ii Subject Code :30 Total No.of Ques :32 Time :3-18 hours TI PUC-ACCOUNTANCY Max Marks : 86 Tustructions : 1] The Question paper contains four parts. A,B,C and D. Part-A contains four sections, I, ff, Il and IV. 4 Provide working notes wherever " 3115 minutes exra has been allotted for candidates to read the questions, 4]Figures in the right hand margin indicate full marks, : SECTION-A I Answer the following questions by choosing the right options. Sx1=5 1) Partnership deed contains ...... a] Name of Firm b] Name and address of the partners ¢] Profit & loss sharing ratio d] All 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 d] Equal ratio 3) _ Items to be considered while calculating the amount payable to the deceased Partneris a] His share of capital b] His share in reserve ¢] His share in accrued profit d] All the above: 4) Abhishek, 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 a) 3:2 b) 5:3 c) 5:2 d] None of the above 5) Equity share holders are’ a] Creditors b] Owners c] Customers of the company d] None of the above 1 Fill in the blanks by choosing the appropriate answers from those given in the brackets. SxI=5 (Attificial , New, Previous years profit/Average profit, 4, sacrifice ratio) 6) Section of Indian Partnership Act 1932 defines Partnership. 7) Old Ratio- New Ratio = 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. Tl Match the Following. : Sx1=5 A B 11) aPartnership Deed i) Intangiable Asset bJGoodwill ii) Death of a partner ¢)Executor iii) Prospectus d] Dissolution of Partnership firm ° iv) Admission of a partner ¢] Public Company -v) Written agreement vi) Realisation Account IV __ Answer the following questions in one word or one sentence each: 5x1=5 12) The agreement between partners must be in writing ( State True/ False) 13) State any one reason for admission of a new p[artner. 14) When do you prepare Executors account? : 15) — What do you mean by retirement of a partner? : 16) What is minimum paid-up capital of a Private Company? pro.17) 18) 19) 20) 21) VI 22) 23) 24) 25) 26) VIL 21) Ss SECTION-B Answer any THREE questions. Each question carries 2 marks. 3x2=6 What is Partnership? . Name any two methods for calculation of interests on drawings. State any two differences between Dissolution of Partnership and Dissolution of partnership firm. Give the journal entry for realisation expenses paid by the firm . State any two categories of share capital. SECTION-C Answer any THREE questions. Each question carries 6 marks . 3x6=18 Arun and Varun are the partners sharing profits and losses in the ratio of 2:1, their opening capital being Rs 80,000 and 50,000 respectively. They cared a profit of Rs 20,000 before allowing the following. a]Interest on capital at 8% p.a, b] Interest on drawings Arun Rs 2000, Varun Rs 2500. c]Salary to Arun Rs 3000 p.a. d] Commission to Varun Rs 2000 p.a. Prepare profit and loss Appropriation A/c 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 partners are to be charged interest on drawings. @ 12% p.a. Calculate the interest on drawings of Yasashvi under product method. 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. Naveen , Suresh and Tarun are partners sharing profits and losses in the ratio of 5:3:2. Suresh retires from the firm and his share is acquired by Naveen and Tarun in the ratio of 2:1. Calculate NPSR. 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 ajInterest on Akash's capital at 8% p.a. bJAkash's salary Rs 2000 p.m. c] 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 a/c SECTION-D Answer any THREE questions. Each question carries 12 marks. 3x12=36 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 Cont.Liabilities Assets Creditors 12,000 Cash jn Hand Bills payable 8,000 | Debtors Reserve Fund 9,000 | Stock Capitals Furmiture Sharat 20,000 Buildings Bharat 20,000 69,000 They admit Kamat into partnership giving him +" 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. c]Value of Buildings is to be appreciated by Rs 7000 and Furniture to be appreciated by Rs.1000. d] Stock is valued at 10% less than the book value and there is an outstanding printing bill for Rs400. Prepare : i)Revaluation A/c ii] Partners Capital A/c and iii) Balance Sheet of the new firm. 28) Mahendra and Surendra are equal partners in a firm. Their Balance Sheet as on 31-3-2020 stood as follows, Balance Sheet as on 31-3-2020 Liabilities Assets Amt(Rs) Stock 39,000 Debtors 32,000 less PDD 1000 | 31,000 Land& Buildings | 40,000 Machinery 36,000 Motor car 8000 Cash at Bank —|_14,000_| 1,68,000 On 1-4-2020 Chandra is admitted into partnership for 1" the share in profits on the following terms . a] Chandra brings Rs 26,000 as capital. b] Goodwill of the firm is valued at Rs 14,000 and it is to be retained in business. c] Motor car and machinery are to be depreciated by 20% and Rs 3800 respectively. d] Prepaid rent Rs 600. 7 e] Provision for doubtful debts is to be maintained at10%. f] The capital accounts of all the partners are to be adjusted in their new profit sharing ratio 3:2:1, based on Chandra's capital (adjustments are to be made in cash) Prepare : i) Revaluation A/c ii) Partners Capital A/c c] New Balance Sheet of the Firm 29) Shruti, Shilpa and Shreya were partners in a firm sharing profits and losses in the ratio of 2:2:1. They decided to dissolve the firm. Their Balance Sheet on the date of dissolution was as follows. Balance Sheet as on 31-3-2020 Liabilities Amt(Rs) Assets Amt(Rs) Creditors 30,000 Cash at Bank 6000 Bills payable 20,000 Debtors. 30,000 Shreya's loan 8000 Stock 30,000 pro.30) 31) 32) General Reserve] 10,000 | Furniture 22,000 Capitals , | Machinery 20,000 Shruthi 40,000 Buildings 50,000 Shilpa 30,000 Shreya 20,000 1,538,000 7,358,000 The assets realised as follows: a] Debtors realised 10% less than the book value. The stock realised 15% more than the book value, Buildings realised Rs 60,000. b] The Furniture was taken over by Shruthi at Rs20,000. ¢] The Machinery was taken over by Shilpa at Rs 15,000. d] Creditors. and Bills payable were paid off at a discount of 5%. €] Cost of dissolution amounted to Rs 1500. Prepare: i) Realisation A/c ii) Partners Capitals A/c and iii) Bank A/c The following is the Balance Sheet of Hari , Giri and Suri as on 31-3-2020 Balance Sheet as on 31-3-2020 Liabilities Amt(Rs)_[_ Assets Amt(Rs) | Creditors 2400 Cash 2000 Bills payable 5400 Bank 4000 Bills Receivable | 4000 10,000 Stock 9400 11,000 Debtors 3000 6200 less PBD 300 | 2700 Land & Buildings | 12,000 Profit &Loss A/c |_900 35,000 35,000 The firm is dissolved on the above date. a] The assets realised as follows i) B/R Rs 3850 ii) Debtors 5% less than book value iii) An unrecorded asset realised Rs 150 b] Suri took over Land and Buildings at 10% more than the book value. c|The Bills payable are taken over by Hari. d] Expenses of realisation are Rs 450, Prepare: i) Realisation A/c ii) Partners Capital A/cs and iii)Cash A/c 'X' Company Ltd issued 10,000 shares of Rs100 each at amount was payable as follows. ‘i Rs 10 on application Rs 40 on allotment and Rs 50 on first call and final call ‘ The money was duly received except the first call and final call on 2000 shares, The directors forfeited these shares and re-issued at Rs 80 per share as fully paid up . Pass the journal entries. Harsha Co. Ltd issued 10,000 preference shares of Rs 100 each at a premium of Rs 5 per share, The amount was payabile as follows. Rs 10 on application, Rs 50 on allotment(including premiun) , Rs 45 on first and final. call. All the shares were subscribed and the money duly received except the first and final call on 500 shares. The Director forfeited these shares and re-issued at Re 80 each fully paid, Pass the necessary journal entries. RAGS