PUC II YEAR PRE MIDTERM EXAMINATION-2024-01 ACCOUNTANCY (30) ‘Time: 3hrs_______ = traction to candidates: the question paper contains 4 parts ~A, B, Cand D.Part A consists of4 section 11! and 1 provide working notes wherever necessary. 1s minutes extra time has been alloted for candidates to read questions Figures inthe right margin indicate full marks. For Part-A questions, only the first written answers ‘will be considered for evaluation. PART-A a Choose the correct answer from the choices given: oe 1) The liability of a partner for acts of the firm a) Limited b) Unlimited c) Both the a above 4) None of the above 2) Which of the following are treated as reconstitution ofa partnership ram? a) Admission ofa partner ) Change in profit sharing ratio ¢) Retirement of a partner d) All the above 3) A,Band Care partners sharing profits in the ratio of gratio between Aand B will be: IfC retires, the New profit b) 5:3 4) None of the above dertake dissolution work of firm remuneration, such 5:2 4) When partner agrees to un remuneration is debited to: a) Partner's Capital A/c b) Cash A/e ) Realisation A/c 4) None of the above 5) More applications are received than offered to the public is called. a) Less offers b) Under subscription c) Over subscription d) More offers IL Fillin the blanks by choosing appropriate word from those given in the bracket: (Sacrifice Ratio , Capital Reserve, Debt, Fluctuate, New, Credit) 6) Under fluctuating capital method the partner's capital account balances the time to. 7) Old Ratio - New Ratio =, 8) “ratio is used for adjustment of continuing partner's capitals. 8) _Avthe time of dissolution ofa partnership firm, outside liability account, appearing in Balance Sheet, is closed by transferring to the. ide of Realisation A/c 10) Profit on forfeiture of shares is transferred to A/c. Ill, Match the following: 5x1=5 1) A B a) Current Account i) Intangible Asset b) Goodwill Closing down business )_Executors Account The return on shares 4) Dissolution of Partnership firm Fixed capital system e) Dividend Death of a partner Retirement of a partner IV. Answer the following questions in one word or one sentences each: 5x1=5 42) Atwhat rate interest on advances by partners is to be paid as per Partnership Act? 13) State any one reason for admission of a new partner. “— 14) Increase in the value of asset is debited to Revaluation A/c. (State True or False) 15) State any one circumstance under which a partnership firm is dissolved. 16) What is issue of shares at premium? . Page 1V. Answer any three questions. Each vi. 17) 18) 19) 20) 21) Answer any three questions, each question carries PART-B question carries two marks: 3 What is Partnership? Name any two contents of Partnership Deed: . the journal entry for the payment of Partner's loan on Dissolution of a firm State any two features of a company. State any two categories of share capital PART-C 7 36 22) Rahul and Sudeep are partners sharing profit and loss in the ratio of 2:1. Their capitals 23) 24) 25) 26) ‘on 01-04-2023 were Rs, 60,000 and Rs. 40,000 respectively. For the year ending 31-03- 2024 they earned a profit of Rs. 26,000 before allowing: a) Interest on capital at 5% p.a. b) Interest on Drawings: Rahul Rs. 1,000 and Sudeep Rs. 500. ©) Annual Salary to Rahul Rs. 4,000. d) Annual Commission to Sudeep Rs. 3,500 Prepare Profit and Loss Appropriation Account. Kartik, a partner in a firm, withdrew the following amounts during the year 2023-24 for his personal use: Rs, 8,000 on 30-06-2023 Rs, 12,000 on 01-08-2023 Rs, 4,000 on 30-11-2023 Rs. 6,000 on 01-02-2024 Calculate interest on drawings at 9% p.a. under product method. Pooja, Shrushti and Renuka are partners sharing profit and losses in the ratio of 3:2:1. Renuka retires and her share is acquired by Pooja and Shrushti as to 1/8 and 1/24 respectively. Calculate New Profit sharing Ratio. Suresh, Raju and Keshava are partners sharing Profit and loss in the ratio of 4:3:2 respectively. Raju retires from business and new ratio remaining partners agreed at 5:3. Calculate Gain Ratio. X, Yand Zare equal partners. Their capitals on 01-04-2024 were Rs. 70,000; Rs. 80,000; and 90,000 respectively. (On 31-07-2024 Y died and partnership provides the following: a) Interest on capital at 6% p. b) Share in accrued profit up to the date of death on the basis of last year profit. Profit, for last year was Rs. 18,000. ) His share in goodwill amounted to Rs. 11,000 (As per AS-26) 4) Y's Commission Rs. 5,000 p.m. e) His drawings amounted to Rs. 14,600. Prepare Y's Capital Account.mM. Answer 27) 28) 29) PART -D ny three question Ganga and Yamuna are partne: as on 31-03-2024 was as under Balance Sheet as on 31-03-2024 ich question carries 12 ma sharing profit and los . Their Balance Sheet atio of 3 Liabilities Rs. Assets. Rs Creditors 80,000 | Bank 60,000 Bills Payable 20,000 | Stock 50,000 General Reserve 30,000 | Debtors 40,000 Capital Furniture 20,000 Ganga 90,000 | Machinery 30,000 Yamuna 70,000 | Building 90,000 2,90,000 2,90,000 On 1-4-2024 Krishna is admitted as new partner for 1/4 share in future on the following term 2) Krishna should bring in cash Rs. 50,000 as capital and Rs. 25,000 towards goodwill (As per AS-26) b) Goodwill amount is withdrawn by old partners. ©) Depreciate furniture by 10%. @) Provide for doubtful debts at 5% on debtors. ¢) Building revalued at Rs. 99,000. Prepare: i) Revaluation Account ii) Partners’ Capital Account iii) New Balance Sheet. Anand and Santosh are partners sharing profit and loss in the ratio of 2:1. Their Balance Sheet as on 31-03-2024 was as under. Balance Sheet as on 31-03-2024 Liabilities [ Rs. Assets Rs. Creditors ‘50,000 | Cash 22,400 Bank Loan 20,400 | Debtors Profit and Loss A/c 30,000 | Less: PDD 4,000 | 66,000 Capitals A/c: Stock 62,000 Anand 1,00,000 | Motor Van 30,000 Santosh 60,000 | Investments 20,000 Plant 60,000 2,60,400 2,60,400 Ganesh is admitted on 01-04-2024 as new partner on following terms: a) He should bring Rs. 80,000 as capital for 1/4" share in future profits. b) Goodwill of the firm is valued at Rs. 30,000 (As per A.S.-26) ¢) Increase P.D.D by Rs. 1,000 d) Reduce motor van value by Rs. 2,000 ¢) Outstanding rent Rs. 1,500. Prepare: i) Revaluation Account il) Partners’ Capital Account ili) New Balance Sheet. ‘Arun, Kiran and Varun are partners sharing profit and Loss in the ratio of 2:21. Their Balance Sheet as on 31-03-2024. Balance Sheet as on 31-03-2024 Liabilities Rs. Assets Rs. Creditors 20,000 | Cash in hand 10,000 Bank 0. 30,000 | Debtors 30,000 Reserve Fund 20,000 | stock 10,000 Arun 50,000 | Investments 25,000 Kiran 30,000 | Computers 35,000 Varun 20,000 | Land 60,000 1,70,000 1,70,000 sx12=36 Page 330) 31) 32) onthe above date Kiran retired from the business and the following adjustments ar, are to be made: ; a) Depreciate Computers by 20% b) Investments are valued at Rs.30,000. €) Provide for bad debts at 10% ; % Feuing partner's share of goodwill sto be valued at RS 6,000 (As per AS-26) Papare: Revaluation Account i) Partners’ Capital Account fi) Nev Dalance Sheet Maa nd Geetha are partners sharing profit and loss in the ratio of 4:1. Their Balance ‘as on 31-03-2023 was as under. snes Balance Sheet as on 31-03-2024 Liabilities Rs HAE Assets Rs. Bills Payable 10, ‘ash at Bank 15,000 Creditors 50,000 | Debtors 55.000 Geetha’s Loan 26,000 | Stock 40,000 Seeta’s Loan 20,000 | Furniture 15,000 Rashmi 80,000 | Machinery 25,000 Geetha 60,000 | Buildings 81,000 Profit and Loss A/e 15.000 2,46,000, 2,46,000| he firm and following information is availabl On the above date they dissolved tI 4) The assets realised as follows: Debtors Rs. 52,000; Stock Rs. 45,000; Furniture Rs, 15,000; Machinery Rs. 24,000; Buildings Rs. 1,00,000. by Bills payable and Creditors are Paid at 5% discount and ©) Dissolution expenses amounted to Rs. 3,000. ; Prepare: i) Realisation Account ii) Partners’ Capital Accounts ii) Bank Account. Rohit and Dravid are partners sharing profit and Loss in the ratio of 1:1. Their Balance Sheet as on 31-03-2024 was given below: bilities paid in full, Balance Sheet as on 31-03-2024 Rs. Assets, Rs. Creditors 25,000 | Cash 25,000 Bills Payable 15,000 | Bills Receivable 20,000 Reserve Fund 10,000 | Stock 30,000 Capitals: Debtors 41,000 Rohit 75,000 | Less: PDD 1.000 } 40,000 Dravid 60,000 | Motor Car 20,000 Investments 50,000 1,85,000 7,85,000 They dissolved the firm on the above date and details are: a) The assets realised as follows: Bills receivable Rs. 18,000; Stock Rs. 28,000; Debtors Rs. 37,000; Investments Rs. 52,000; Unrecorded assets Rs. 5,000. b) Motor Car taken over by Rohit for Rs. 15,000. ©) Liabilities were paid in full. d) Cost of dissolution Rs. 7,000. Prepare: i) Realisation Account ii) Partners’ Capital Accounts iii) Bank Account. LG Company Ltd,, issued 25,000 equity of Rs. 100 each payable was as follows: On application Rs. 20; On allotment Rs. 30; and On First and Final call Rs. 50. ae the shares ware subscribed and money duly received except the first and final call ‘These shares were forfeited and re-issued at Rs. 80 i seecocee