General Instructions:
(i) This question paper contains two parts A and B.
(ii) Part A is compulsory for all.
(iii) Part B has two options: Analysis of Financial Statements and Computerized Accounting.
(iv) Attempt only one option of Part B.
(v) All parts of a question should be attempted at one place.
OR
State the basis of accounting of preparing 'Income and Expenditure Account' of a 'Not-For-Profit Organisation. VIEW SOLUTIONOR
P, Q and R were partners in a firm. On 31st March, 2018 R retired. The amount payable to R ₹ 2,17,000 was transferred to his loan account. R agreed to receive interest on this amount as per the provisions of Partnership Act, 1932. State the rate at which interest will be paid to R. VIEW SOLUTIONOR
What is meant by 'Employees Stock Option Plan'? VIEW SOLUTIONOR
On 1st April 2015, P Ltd. Issued 6,000 12% Debentures of ₹ 100 each at par redeemable at a premium of 7%. The Debentures were to be redeemed at the end of third year. Prepare Loss on issue of 12% Debentures Account. VIEW SOLUTIONYear ended 31st March | Profit (₹) |
2014 | 4,00,000 |
2015 | 3,00,000 |
2016 | 2,00,000 |
2017 | 50,000 |
2018 | (50,000) |
₹ | |
Opening Stock of Sports Material | 21,000 |
Closing Stock of Sports Material | 24,000 |
Opening Creditors of Sports Material | 23,500 |
Closing Creditors of Sports Material | 27,000 |
OR
Jay, Vijay and Karan were partners of an architect firm sharing profits in the ratio of 2 : 2 : l. Their partnership deed provided the following:
Receipts and Payment Account of Sears Club for the year ended 31-3-2018 |
||||
Receipts |
Amount (₹) |
Payments |
Amount (₹) |
|
To Balance b/d
|
20,000
|
By Stationery | 23,400 | |
To Subscriptions | By 12% Investments | 8,000 | ||
2016-17
|
40,000 | By Electricity expenses | 10,600 | |
2017-18
|
94,000 | By Expenses on lectures | 30,000 | |
2018-19
|
7,200 | 1,41,200 | By Sports equipment | 59,000 |
|
By Books | 40,000 | ||
To Donations for building
|
40,000 | By Balance c/d | 50,000 | |
To Interest on Investments | 800 | |||
To Government Grant | 17,400 | |||
To Sale of old furniture | ||||
(Book value ₹ 4,000)
|
1,600 | |||
|
||||
|
2,21,000 |
|
2,21,000
|
|
|
|
|
|
OR
EF Ltd. invited applications for issuing 80,000 equity shares of ₹ 50 each at a premium of 20%. The amount was payable as follows:
Balance Sheet of Akul, Bakul and Chandan as on 31.3.2018 |
|||||
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
||
Sundry Creditors |
45,000 |
Cash at Bank | 42,000 | ||
Employees Provident Fund |
13,000 |
Debtors | 60,000 | ||
General Reserve |
20,000 | Less: Provision for doubtful debts | 2,000 | 58,000 | |
Capitals: |
|||||
Akul
|
1,60,000
|
|
Stock
|
80,000 | |
Bakul
|
1,20,000 | Furniture | 90,000 | ||
Chandan
|
92,000
|
3,72,000
|
Plant and Machinery
|
1,80,000 | |
|
4,50,000 |
|
4,50,000 | ||
|
|
|
Balance Sheet of Sanjana and Alok |
|||||
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
||
Creditors |
60,000 | Cash | 1,66,000 | ||
Work men's Compensation Fund |
60,000 | Debtors | 1,46,000 | ||
|
Less: Provision for doubtful debts | 2,000 | 1,44,000 | ||
Capitals: |
Stock | 1,50,000 | |||
Sanjana
|
5,00,000 |
Investments
|
2,60,000 | ||
Alok
|
4,00,000 | 9,00,000 |
Furniture
|
3,00,000 | |
|
10,20,000 |
|
10,20,000 | ||
|
|
|
On 1st April, 2018, they admitted Nidhi as a new partner for 1/4th share in the profits on the following terms:
(a) Goodwill of the firm was valued at ₹ 4,00,000 and Nidhi brought the necessary amount in cash for her share of goodwill premium, half of which was withdrawn by the old partners.
(b) Stock was to be increased by 20% and furniture was to be reduced to 90%.
(c) Investments were to be valued at ₹ 3,00,000. Alok took over investments at this value.
(d) Nidhi brought ₹ 3,00,000 as her capital and the capitals of Sanjana and Alok were adjusted in the new profit sharing ratio.
Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm on Nidhi's admission.
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