DHRUV SIR’S ULTIMATE TUTORIALS

BOOK KEEPING

(For Objectives)

(Strictly for Private Circulation only)

ULTIMATE TURNING 18 LIKE A BOSS .

1 OBJECTIVES
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 DHRUV SIR’S ULTIMATE TUTORIALS
BK IMPORTANT TIPS
I. Application Based Test (ABT):
 MCQ – 5 marks (Have to rewrite whole sentence) can score all 5 marks.

 True & False with reason any 2 for 5 marks

 1 mark for True or false
 Write in point form (atleast 3 points)
 Calculate the following: all chapters will be covered.
For Eg: Calculate 12.5% pa depreciation on Furniture- a) On ₹2, 20,000 for 1 year b) on ₹ 10,000 for 6 months.

Solution: Calculation of Depreciation: - (Stepwise marks will be given)

𝟏𝟐.𝟓
Furniture for 1 year = 2, 20, 000 x = 27,500
𝟏𝟎𝟎
Add: Addition purchase
12.5 6
For 6 months = 10,000 x x = 625 28,125
100 12
 Format of BOE = minimum can score 3/ 4 marks.

II. Practical Paper: [Each New Question On New Page]:

Q.1. Objectives: 20 marks

 Answer in one sentence – (direct answer)
 Choose the correct option – (Rewrite the statements)
 One Word - (direct answer)
Q.2. Admission V/s Retirement In this 2 chp you have to write the date when the event has
Q.3. Dissolve V/s BOE been occurred.
Q.4. Death V/s Analysis Statement = 8 marks
In the case of Death:-
 Deceased Partner Capital
 Calculation of Deceased partner share
 Calculation of everything should be shown.
 Calculation of Goodwill & Profit & Loss Suspense A/c should be shown.
 Mainly there will be prepare = 1) Revaluation A/c 2) Deceased Partner A/c.

Q.5. Financial Statement: Vertical / Common Size / Comparative statements will be there.
From this chapter calculate the following will come.
Q.6. Issue of shares V/s Computer Accounting : 8 marks
In the case of Issue of shares:-
 The concept of Application, Allotment, and Calls in arrears will come.
 There will be no Balance Sheet Question.
 Don‟t Forget to Mention Equity & Preference which were is mention in question.

 IMPORTANT POINTS TO BE REMEMBER:

 Don‟t use two different ink Pens.
 Prepare Proper & Complete Formats with proper headings with proper Narration in Journal Entries.
 Don‟t write same Question on different pages.
 Avoid cancellations. If want to cancel just strike or put a cross with Pen or Pencil.
 Don‟t do Over-writing marks will not be given. Strike & Rewrite.
 Don‟t use short forms anywhere marks will be deducted.
 Don‟t use „+‟ or ‟-‟ sign use “Add” or “Less”
 For closing of accounts use “Total” and in amount column on Top - Single Line & in Bottom double line.
 Use Left Right Page.
 Computer Accounting – Learn Key words & Objectives.
 Dissolution practice Journal Entries also.
 Admission / Retirement/ Death this chapter do properly.
 In Dissolution – If there is cash + Bank A/c prepare Bank A/c + deposit cash into Bank A/c.
 In Journal – Total is compulsory.
 Don‟t write anything with pencil in answer sheet.
 Pencil work will not be checked as it is not valid.
 Do all the chapters for Objectives.

2 OBJECTIVES
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TIME MANAGEMENT

Topics Time to Give

Q.1 Objectives 20min

Q.2 Admission of Partner 20min

Q.3 Dissolution of Firm 20min

Q.4 Death of partner 20min

Q.5 Issue of Shares 20min

Q.6 NPO 30min

Q.7 Final Accounts 40min

Rechecking 10min

Total Hrs 3 Hrs

Q.1 A) Select most appropriate alternatives from the following & rewrite the sentences:

CHP-1 INTRODUCTION TO PARTNERSHIP & PARTNERSHIP FINAL ACCOUNTS

1. When there is no partnership agreement between partners, the division of Profits take place in ______
ratio. a) Equal b) capital ratio c) initial contribution d) experience and tenure of partners.
2. To find out Net Profit or Net Loss of the business _______ account is prepared.
a) Trading b) capital c) current d) profit and loss
3. A _______ is an Intangible Assets. a) Goodwill b) stock c) cash d) furniture
4. In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate
of ________. a) 5% b) 6% c) 10% d) 9%
5. Liability of partners in a partnership business is ________.
a) Limited b) unlimited c) limited and unlimited d) none of the above
6. The Indian Partnership act is in force since _________. a) 1932 b) 1881 c) 1956 d) 1984
7. Maximum number of Partners in a firm are _________ according to Companies Act 2013.
a) 10 b) 25 c) 20 d) 50

CHP-2 ACCOUNTS OF ‘NOT FOR PROFIT’ CONCERNS

1. Not for Profit Concern renders________ services to public at large.

a) Commercial b) Social c) Individual d) Group
2. Donation for Scholarship Fund is________.
a) Capital Receipt b) Revenue Receipt c) Capital Expenditure d) Revenue Expenditure
3. Income and Expenditure Account is a________ Account.
a) Capita b) Real c) Personal d) Nominal
4. Outstanding subscription at the end of the Accounting Year represents________.
a) Liability b) An Expenditure c) An Asset d) Capital Fund
5. Subscription received in advance during the accounting year is________.
a) An Income b) An Expense c) An Asset d) A Liability
6. Excess of Income over Expenditure is termed as ________. a) Deficit b) Profit c) Surplus d) Loss
7. Not for Profit Concerns prepares ______ account instead of Profit & Loss account to know the result.
a) Trading b) Income and Expenditure c) Cash d) Receipt and Payments
8. The closing balance of Receipts and Payments account usually represent________.
a) Closing stock b) Cash and Bank balance c) Surplus d) Deficit
9. Not for Profit Organization is also called ________ organization.
a) Service b) Trading c) Profit making d) Commercial
10. Expenditure on Purchase of Building is a _____ Expenditure. a) Capital b) Revenue c) General d) Recurring

CHP-3 RECONSTITUTION OF PARTNERSHIP (ADMISSION OF PARTNER)

1. Anuj and Eeshan are two partners sharing profits and losses in the ratio of 3:2. They decided to admit
Aaroh for 1/5th share, the new profit sharing ratio will be ________.
a) 12:8:5 b) 4:3:1 c) 12:8:1 d) 12:3:1
2. Excess of proportionate capital over actual capital represents________.
a) Equal capital b) Surplus Capital c) Deficit Capital d) Gain
3. ________ is credited when unrecorded asset is brought into business.
a) Revaluation Account b) Balance Sheet c) Trading Account d) Partners capital Account.
3 OBJECTIVES
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4. When goodwill is withdrawn by the partner ________ account is credited.
a) Revaluation b) Cash/Bank c) Current d) Profit and Loss Adjustment
5. If asset is taken over by the partner________ account is debited.
a) Revaluation b) Capital c) Asset d) Balance Sheet

CHP-4 RECONSTITUTION OF PARTNERSHIP (RETIREMENT OF PARTNER)

1. The Profit or Loss from revaluation on retirement of partner is shared by ________

a) The remaining partners b) All the partners c) Only retiring partner d) Bank
2. Decrease in the value of assets should be ________ to Profit and Loss Adjustment Account.
a) Debited b) Credited c) Added d) Equal
3. The balance of the capital account of retired partner is transferred to his _______ account if it is not paid.
a) Loan b) Personal c) Current d) Son‟s
4. Gain ratio ________, Ratio less Old Ratio Gain Ratio ________ Ratio less Old Ratio.
a) New b) Equal c) Capital d) Sacrifice
5. New Ratio = Old Ratio + ________ Ratio. a) Gain b) Capital c) Sacrifice d) Current
6. Apte, Bhate and Chitale are sharing 1/2, 3/10, and 1/5 if Apte retire their new ratio will be ________.
a) 5:2 b) 3:2 c) 5:3 d) 2:5

CHP-5 RECONSTITUTION OF PARTNERSHIP (DEATH OF PARTNER)

1. Benefit Ratio is the Ratio in which ________.

a) The old partner gain on admission of a new partner.
b) The Goodwill of a new partner on admission is credited to old partners.
c) The continuing partners benefits on retirement or death of a partner.
d) All partners are benefited.
2. The ratio by which exist in partners are benefited ________.
a) Gain Ratio b) Sacrifice Ratio c) Profit Ratio d) Capital Ratio
3. Profit and Loss Suspense Account is shown in the new Balance Sheet on ________ side.
a) Debit b) Credit c) Asset d) Liabilities
4. Death is a compulsory
a) Dissolution b) Admission c) Retirement d) Winding up
5. The balance on the capital account of partners, on his death is transferred to ________ account.
a) Relatives b) Legal Heir’s loan/ Executors loan c) Partner‟s capital d) Partners Loan

CHP-6 DISSOLUTION OF PARTNERSHIP FIRM

1. In case of dissolution, assets and liabilities are transferred to _________ Account.

a) Bank Account b) Partner‟s Capital Account c) Realization Account d) Partner‟s Current Account
2. Dissolution expenses are credited to ________ Account.
a) Realization A/c b) Cash/Bank A/c c) Partner‟s Capital A/c d) Partner‟s Loan A/c
3. Deficiency of insolvent partner will be suffered by solvent partners in their ________ ratio.
a) Capital ratio b) Profit sharing ratio c) Sale ratio d) Liquidity ratio
4. If any asset is taken over by partner from firm his capital account will be ________.
a) Credited b) Debited c) Added d) Divided
5. If any unrecorded liability is paid on dissolution of the firm ________ account is debited.
a) Cash/Bank Account b) Realization Account c) Partners capital Account d) Loan Account
6. Partnership is completely dissolved when the partners of the firm become ________.
a) Solvent b) Insolvent c) Creditor d) Debtors
7. Assets and liabilities are transferred to Realization account at their ________ values.
a) Market b) Purchases c) Sale d) Book
8. If the number of partners in a firm falls below two, the firm stands________.
a) Dissolved b) Established c) Realization d) Restructured
9. Realization account is________ on realization of asset.
a) Debited b) Credited c) Deducted d) Closed
10. All activities of partnership firm ceases on ________ of firm.
a) Dissolution b) Admission c) Retirement d) Death

4 OBJECTIVES
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CHP-7 BILLS OF EXCHANGE

1. The person on whom a bill is drawn is called a ___________.

a) Drawee b) Payee c) Drawer d) Acceptor.
2. Before acceptance the bill is called a ______________.
a) Order b) Request c) Draft d) Instrument.
3. When the due date of bill drawn falls due on a public holiday, the payment must be made on the day.
a) Same b) Preceding c) Next d) Any.
rd
4. The due date of the bill drawn for 2 months on 23 Nov. 2019 will be __________ day.
rd th th
a) 23 Jan, 2020 b) 25 Jan, 2019c) 26 Jan, 2019 d) 25th Jan, 2020.
5. Nothing charges are borne by _______.
a) Notary Public b) Drawee c) Drawer d) Endorsee.
6. There are ________________ parties to bill of exchange.
a) Five b) Four c) Three d) Two.
rd
7. When a bill is drawn for 2 months after date on 3 Jan, 2020, its due date will be ________.
rd rd th
a) 3 Jan, 2020 b) 3 Mar, 2020 c) 5 Mar, 2020 d) 6th Mar, 2020.
8. Notary Public is __________.a) Govt. Officer b) Drawer c) Payee d) Endorsee
9. When Acceptor or Drawee does not pay the amount of bill to the holder on the due date it is known as
______________the bill.
a) Returning b) Discounting c) Honouring d) Dishonoring.
10. The person who accepts the bill treats the bill as ________________.
a) Bills Payable b) Promissory note c) Draft d) Bills Receivable.

CHP-8 COMPANY ACCOUNTS – ISSUE OF SHARES

1. The balance of Share Forfeiture A/c is transferred to ________ account after re-issue of these shares.
a) Reserve Capital b) Capital Reserve c) Profit & Loss d) Share capital
2. Premium received on issue of shares is shown to ________.
a) Liability side of Balance Sheet b) Asset side of Balance Sheet
c) Profit & Loss Account debit side d) Profit & Loss A/c credit side.
3. Shareholders get ________ on shares.
a) Interest b) Commission c) Rent d) Dividend
4. The document inviting to subscribe the shares of a company is________.
a) Prospectus b) Memorandum of Association c) Articles of Association d) Share certificate
5. As per SEBI guidelines minimum amount payable o n share application shouldbe _______ of Nominal Value
of shares. a) 10% b) 15% c) 2% d) 5%
6. When shares are forfeited the Share Capital Account is ________.
a) Credited b) debited c) Neither debited nor credited d) None of the above
7. The liability of shareholder in Joint Stock Company is________.
a) Joint and Several b) Limited c) Unlimited d) huge
8. The Share Capital which a company is authorized to issue by its Memorandum of Association is________.
a) Nominal capital/Authorized capital b) Issued capital C) Paid up capital d) Reserve capital
9. The unpaid amount on allotment and calls maybe transferred to ________ account.
a) Calls in advance b) calls c) calls in arrears d) allotment
10. There must be provision in________ for forfeiture of shares.
a) Articles of Association b) Memorandum of Association c) Prospectus d) Balance Sheet

CHP-9 ANALYSIS OF FINANCIAL STATEMENT

1. Gross Profit Ratio indicates the relationship of gross profit to the ___________.
a) Net-Cash b) Net-Sales c) Net Purchases d) Gross Sales
2. Current Ratio = …………………………….
Current Liabilities.
a) Quick Assets b) Quick Liabilities c) Current Assets d) None of these
3. Liquid Assets = ___________.
a) Current Assets +Stock b) Current Assets-Stock
c) Current Assets – stock + prepaid Expenses d) None of these
4. Cost of goods sold _________.
a) Sales- Gross profit b) Sales- Net Profit c) Sales Proceeds d) None of these
5. Net-Profit Ratio is equal to____________.
a) Operating ratio b) Operating net-profit ratio c) Gross Profit Ratio d) Current Ratio

5 OBJECTIVES
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6. The Common Size Statement requires _________.
a) Common base b) Journal Entries c) Cash Flowd) Current Ratio
7. Bill Payable is__________.
a) Long term loan b) Current Liabilities c) Liquid Assets d) Net Loss
8. Generally Current Ratio should be _____________
a) 2:1 b) 1:1 c)1:2 d) 3:1
9. From financial statement analysis the creditors are especially interested to know__________.
a) Liquidity b) Profits c) Sale d) Share Capital

CHP- 10 COMPUTER IN ACCOUNTING

1. The primary document for recording all financial transactions in Tally is the________.
a) Journal b) Trial sheet c) Voucher d) File
2. This displays the balance day wise for a selected voucher type.
a) Record Book b) Ledger book c) Journal book d) Day book
3. Fixed Deposit A/c comes under________ group.
a) Investments b) Current Liability c) Bank A/c d) Current Asset
__ x __ x __

Q.1 B) Write the word/ phrase/ term, which can substitute each of the following sentences:

CHP-1 INTRODUCTION TO PARTNERSHIP & PARTNERSHIP FINAL ACCOUNTS

1. Persons who form the partnership firm. Partners

2. Amount of cash or goods withdrawn by partners from the business from time to time. Drawings
3. An association of two or more persons according to Indian partnership Act 1932. Partnership firm
4. Act under which partnership firms are regulated. Indian partnership
5. Process of entering the name of partnership firms the register of Registrar. Registration
6. Partnership agreement in written form. Partnership deed
7. Under these method capital balances of partners remains constant. Fixed capital method
8. Proportion in which partners share profits. Profit sharing ratio
9. Such capital method in which only capital A/c is maintained for each partner. Fluctuating capital method
10. The account to which all adjustment are made when capital is fixed. Current Account
11. Expenses which are paid before they are due. Prepaid expenses
12. The accounts that is prepared at the end of each accounting year. Final Accounts
13. An asset which can be converted into cash easily. Current assets an liquid assets
14. Order in which fixed assets are recorded first in Balance sheet. Order of Liquidation
15. The account in which selling expenses of business are recorded. Profit and loss account
16. Debit balance of Trading Account. Asset side
17. Credit balance of profit and loss account. Net profit

CHP-2 ACCOUNTS OF ‘NOT FOR PROFIT’ CONCERNS

1. The Form of Organization providing services to the society only. Not for profit Concern
2. An account which is prepared by Not for Profit Concern instead of Profit and Loss Account. Income and
expenditure account
3. Donation received for a specific purpose. Specific donation/ capital receipt
4. The Receipts which are not recurring in nature. Capital receipt
5. An Account which records only revenue items in case of Not for Profit Concern. Income & expenditure A/c
6. Accounts which records only cash transactions in case of Not for Profit Concern. Receipt & payments
account
7. The income which is earned during the year but not received during the year. Outstanding Income Account
8. The credit balance of Income and ExpenditureAccount. Surplus
9. The excess of total assets over total liabilities of a Not for Profit Concern. Capital fund
10. All such receipts which are non-recurring in nature and not forming apart a regular flow of income. Capital
receipt.

6 OBJECTIVES
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CHP-3 RECONSTITUTION OF PARTNERSHIP (ADMISSION OF PARTNER)
1. Method under which calculation of goodwill is done on the basis of extra profit earned above the normal
profit. Super Profit Method
2. An account opened to adjust the value of assets and liabilities at the time of admission of a partner.
Revaluation A/c / Profit and loss Adjustment A/c
3. Reputation of business measured in terms of money. Goodwill
4. The ratio in which general reserve is distributed to the old partners. Old Ratio
5. Name the method of the treatment of goodwill where new partner will bring his share of goodwill in cash.
Premium method
6. The proportion in which old partners make a sacrifice. Sacrifice ratio
7. Capital employed × NRR /100= Normal profit
8. An A/c which is debited when the partner takes over the asset. Partners’ capital A/c / Current A/c
9. Profit and Loss account balance appearing on liability side of Balance Sheet. Undistributed profit/
Accumulated Profit
10. Old ratio - New ratio = Sacrifice Ratio

CHP-4 RECONSTITUTION OF PARTNERSHIP (RETIREMENT OF PARTNER)

1. Credit balance of Profit and Loss Adjustment Account. Profit on revaluation Accounts.
2. The Ratio in which the continuing partners are benefited due to Retirement of Partner. Gain ratio.
3. Debit balance of Revaluation Account. Loss on revaluation
4. The ratio which is obtained by deducting Old Ratio from New Ratio. Gain Ratio
5. Money value of business reputation earned by the firm over a number of years. Goodwill
6. Partner‟s Account where Loss or Profit on revaluation is transferred. Capital/ Current Account

CHP-5 RECONSTITUTION OF PARTNERSHIP (DEATH OF PARTNER)

1. Excess of credit side over debit side of profit and loss adjustment account. Profit
2. A Person who represents the deceased partner on the death of the Partner. Legal heir or executor
3. Accumulated past profit kept in the form of reserve. General Reserve Fund
4. The Partner who died. Deceased Partner
5. The proportion in which the continuing partners benefit due to death of partner. Gain / Benefit Ratio

CHP-6 DISSOLUTION OF PARTNERSHIP FIRM

1. Debit balance of Realization account. Realization on Loss / Loss
2. Winding up of partnership business. Dissolution
3. An account opened to find out the Profit or Loss on realization of Assets and settlement of Liabilities.
Realization A/c
4. Debit balance of an Insolvent Partner‟s Capital Account. Capital deficiency
5. Credit balance of Realization Account. Realization profit/ profit
6. Conversion of asset into cash on dissolution of firm. Realization of Assets
7. Liability likely to arise in future on happening of certain event. Contingent Liability
8. Assets which are not recorded in the books of account. Unrecorded Assets
9. The Accounts which show realization of Assets and discharge of Liabilities. Realization A/c
10. Expenses incurred on dissolution of firm. Dissolution / Realization expenses

CHP-7 BILLS OF EXCHANGE

1. Three extra days which are allowed over and above the term of bill. Grace days
2. Fees charged by Notary Public for getting the fact of dishonor noted. Noting charges
3. A person who is entitled to receive the amount of bill of exchange. Payee
4. A person in whose favour a bill endorsed. Endorsee
5. Officer appointed by government for noting of dishonor of bill. Notary Public
6. Cancellation of billon maturity in return of a new bill for extended period of credit. Renewal of bill
7. Bill of exchange drawn and accepted without any valuable consideration. Accommodation bill
8. Person who is in possession of bill of exchange. Holder
9. Conversion of bill of exchange into its present value. Discounting the bill
10. Amount which is not recoverable from Drawee on account of insolvency. Bad Debts

7 OBJECTIVES
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CHP-8 COMPANY ACCOUNTS – ISSUE OF SHARES

1. Amount called-upon shares by the company but not received. Calls in Arrears
2. Issue of share at its face value. Issue at par
3. The person who purchase the shares of a company. Shareholder
4. The form of business organization where huge amount of capital can be raised.JointStock Company
5. The capital which is subscribed by the public. Subscribed Capital
6. The shares having preferential right at the time of winding up of the company. PreferenceShares
7. The shares on which dividend is not fixed. Equity Shares
8. The part of subscribed capital which is not called-up by the company. Uncalled Capital

CHP-9 ANALYSIS OF FINANCIAL STATEMENT

1. The statement showing profitability of two different periods. Comparative Income Statement
2. The ratio measures the relationship between Gross Profit and Net Sales. Gross Profit Ratio
3. Critical evaluation of financial statement to measure profitability. Analysis of financial statement
4. A particular mathematical number showing relationship between two accounting figures. Ratio
5. An asset which can be converted into cash immediately. Liquid Assets
6. The ratio measuring the relationship between net profit and ownership Capital Employed. ROCE
7. The statement showing financial position for different periods or previous year and current year.
Comparative Balance sheet
8. Statement showing changes in cash and cash equivalent during a particular period.
Cash flow statement
9. Activity related to acquisition of long term assets and investment. Financing investing
10. The ratio that establishes relationship between Quick Assets and Current Liabilities. Liquid Ratio

CHP- 10 COMPUTER IN ACCOUNTING

1. The details of Bills Receivable are maintained in this record. Sundry Debtors
2. Tally software is classified into this category. .Mercantile
3. The short key used to save or accept the information. Ctrl +A
4. It is damaged software, cracked, nearly fully functional. Pirated Software
5. The process by which all the calculations are automatically done by the accounting software. Automation

__ x __ x __

Q.1 C) State whether the following statements are True or False with reasons:

CHP-1 INTRODUCTION TO PARTNERSHIP & PARTNERSHIP FINAL ACCOUNTS

1. Partnership firm is a Non Trading Concern. F

2. Profit and loss account is a Real Account. F
3. Carriage Inward is carriage on purchases. T
4. Adjustments are recorded in partner‟s current account in fixed capital method. T
5. Prepaid expenses are treated as liabilities. F
6. If partnership deep is silent partners share profits and losses in proportion to their capital. F
7. Balance sheet is an account. F
8. Wages paid for installation of machinery is Revenue expenditure. F
9. Income received in advance is a liability. T
10. R.D.D. is created on creditors. F
11. Depreciation is not calculated on current Assets. T
12. Goodwill is an intangible asset. T
13. Indirect expenses are debited to trading account. F
14. Bank loan is a current liability. F
15. Net profit id debit balance of profit and loss account. F

8 OBJECTIVES
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CHP-2 ACCOUNTS OF ‘NOT FOR PROFIT’ CONCERNS

1. Not for Profit Concerns do not have profit motive. T

2. Charitable Institutions prepare Profit and Loss Account at the end of every financial year. F
3. There is no difference between Receipts & Payments A/c & Income &Expenditure Account. F
4. Income and Expenditure Account represents either surplus or deficit. T
5. Receipts and Payments Account do not have any opening balance. F
6. Not for Profit Concerns do not prepare Balance Sheet. F
7. Purchases of Sports Equipment are a Capital Expenditure. F
8. Income and Expenditure Account is Real Account. T
9. Receipts and Payments Account contains only the transactions relating to current year. F
10. Excess of Assets over Liabilities is called Capital Fund. T

CHP-3 RECONSTITUTION OF PARTNERSHIP (ADMISSION OF PARTNER)

1. New Partner can bring capital in cash or kind. T

2. When goodwill is paid privately to the partners it is not recorded in the books. T
3. Gain ratio is calculated at the time of admission of partner. F
4. Revaluation profit is distributed among all partners including new partner. F
5. Change in relationship between the partners is called as Reconstitution of partnership. T
6. New partner always brings his share of goodwill in cash. F
7. When the goodwill is written off goodwill account is debited. F
8. New ratio minus old ratio is equal to sacrifice ratio. F
9. Usually when new partner is admitted in the firm there will be an increase in the capital of a firm. T
10. Cash/Bank Account is credited when goodwill is withdrawn by the old partners. T

CHP-4 RECONSTITUTION OF PARTNERSHIP (RETIREMENT OF PARTNER)

1. Gain ratio means New ratio minus old ratio. T

2. Retiring partners share in Profit upto the date of his retirement will be debited to Profit and Loss Suspense
Account. T
3. On retirement of a partner sacrifice ratio is considered. F
4. Retiring Partner is called an outgoing partner. T
5. On retirement of a partner, remaining partner will share the goodwill in their profit sharing ratio. F
6. Retiring partner is not entitled to share in General Reserve and Accumulated Profit. F

CHP-5 RECONSTITUTION OF PARTNERSHIP (DEATH OF PARTNER)

1. A deceased partner is not entitled to Goodwill of the firm. F

2. A deceased partner is entitled to his share of General Reserve. T
3. If Goodwill is written off a deceased partner‟s capital account is debited. F
4. After the death of partner, entire amount due to deceased partner is paid to legal rep representative of
the deceased partner. T
5. For recording the Profit or Loss up to the date of death, Profit & Loss Appropriation A/c is operated. F

CHP-6 DISSOLUTION OF PARTNERSHIP FIRM

1. The firm must be dissolved on the retirement of a partner. F

2. On dissolution Cash/Bank Account is closed automatically. T
3. On dissolution Bank Overdraft is transferred to Realization Account. T
4. A solvent partner having debit balance to his capital account does not share the deficiency of insolvent
partners‟ capital account. F
5. At the time of dissolution of partnership firm all assets should be transferred to Realization a/c. F
6. Debit balance of insolvent partner‟s capital account is known as capital deficiency. T
7. At the time of dissolution, Loan from partner will be transferred to Realization account. F
8. Dissolution takes place when the relation among the partner‟s comes to an end. T
9. The insolvency Loss at the time of dissolution of the firm is shared by the solvent partner‟s in their profit
sharing ratio. T
10. Realization Loss is not transferred to insolvent partner‟s capital account. F

9 OBJECTIVES
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CHP-7 BILLS OF EXCHANGE

1. Inland bill is one which is drawn in one country and payable in another country. F
2. Retirement of bill means payment of the bill before due date. T
3. Drawee can transfer the ownership of Bill. F
4. Acceptance of bill without making any changes in the terms of bill is called qualified acceptance. F
5. Discounting is a device to convert the bill into its present value. T
6. A bill of exchange must be presented to the accept or on the due date. T
7. If a bill is discounted by the holder, no entry is passed in his book when bill is honored on the due date. T
8. Noting charges are to be borne by the drawer. F
9. If a bill is drawn payable “on demand” no grace days are allowed. T
10. There are three parties to a Promissory Note. F

CHP-8 COMPANY ACCOUNTS – ISSUE OF SHARES.

1. Directors can forfeit the shares for any reason. F

2. Once the application money is received, directors can immediately proceed for allotment of shares. F
3. Joint stock company form of business organization came into existence after industrial revolution. T
4. Equity shareholders get guaranteed rate of dividend every year. F
5. Face value of shares and market value of shares is always same. F
6. Sweat shares are issued to public. F

CHP-9 ANALYSIS OF FINANCIAL STATEMENT

1. Financial Statement includes only Balance Sheet. F

2. Analysis of financial statement is a tool but not a remedy. T
3. Purchase of Fixed Assets is operating cash flow. F
4. Dividend paid is not a source of fund. T
5. Gross Profit depends upon Net Sales. T
6. Payment of cash against purchase of stock issue of fund. T
7. Ratio Analysis issue full for inter firm comparison. T
8. The short term deposits are considered as cash equivalent. T
9. Activity Ratios Turnover Ratios are the same. T
10. Current Ratio measures the liquidity of the business. T
11. Ratio analysis measures profitability efficiency and financial soundness of the business. T
12. Usually current ratio should be 3:1. F

CHP- 10 COMPUTER IN ACCOUNTING

1. Alt+ D are the short key for delete voucher entry. T

2. In Tally F6 Functions key is for Payment Voucher. F
3. Legal software is fully functional software without any restriction. T
4. Salary Account comes under Indirect Expenses. T
5. Accountingsoftwaremaynotbecustomizedtomeetthespecialrequirementof the user. F

__ x __ x __

Q.1 D) Find odd one:

CHP-1 INTRODUCTION TO PARTNERSHIP & PARTNERSHIP FINAL ACCOUNTS

1. Wages, Salary, Royalty, Import Duty.

2. Postage, Stationary, Advertising, Purchases,
3. Capital, Bills Receivable, Reserve Fund, Bank overdraft.
4. Building, Machinery, Furniture, Bills payable.
5. Discount received, Dividend received, Interest received, depreciation.

10 OBJECTIVES
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CHP-2 ACCOUNTS OF ‘NOT FOR PROFIT’ CONCERNS

1. Trading Account, Profit and Loss Account, Receipts and Payments Account, Balance Sheet.
2. Machinery, Furniture, Computers, Salaries.
3. Subscription, Stationery, Interest Received, Locker Rent received.
4. Reliance Industries, Venna Vidya Mandir, Laxmi Hospital, Manoj Sports club.
5. Surplus, Deficit, Net Profit, Capital fund.

CHP-3 RECONSTITUTION OF PARTNERSHIP (ADMISSION OF PARTNER)

1. General reserve, Creditors, Machinery, Capital

2. Decrease in Furniture, Patents written off, Increase in Bills Payable, R.D.D written off.
3. Super profit method, Valuation method, Average profit method, Fluctuating capital method.

CHP-7 BILLS OF EXCHANGE

1. Retaining, Noting, Discounting, Endorsing.

2. Trade bill, Accommodation bill, after date bill, Demand bill.
3. Notary Public, Drawer, Drawee, Payee.
4. Discounting charges, Rebate, Bank charges, Noting charges.
5. Stamp, Acceptance, Draft, Amount.
__ x __ x __
Q.1 E) Complete the sentences:

CHP-1 INTRODUCTION TO PARTNERSHIP & PARTNERSHIP FINAL ACCOUNTS

1. Partners share profit and losses in ________ ration in the absence of partnership deed. Equal
2. Registration of partnership is _________ in India. Optional
3. Partnership business must be _________.Lawful
4. Liabilities of Partners in partnership firm is _________.Unlimited
5. The balance of Drawings Account of a partner is transferred to his ________ account under the fixed
capital method. Current
6. The interest on capital of a partner is debited to ________ account. Profit and loss
7. Partners are ________ liable for the debts of the firm. Joint and Several
8. Partnership deed is a _________ of partnership. Partnership deed
9. The withdrawal by partner for personal use from the firm is ________ to his account. Debited
10. Commission payable to partner is ________ to the firm. Income
11. When partners adopt fixed capital method then they have to operate ______ account. Current
12. If partners current A/c shows ______ balance it is shown to the liability side of balance sheet. Credit
13. The expenses paid for trading purpose are known as ________ expenses. Trade
14. Cash receipts which are recurring in nature are called as ________ receipts. Revenue
15. Returns outward are deducted from ________. Purchases
16. Expenses which are paid before due date are called _________. Prepaid Expenses
17. Assets which are held in the business for a long period are called __________. Fixed Assets
18. Trading account is prepared on the basis of its _________ expenses. Direct
19. When commission is allowed to any partner, it is _________ of the business. Expenditure
20. When goods are distributed as free samples, it is treated as _______ of the business. Advertisement

CHP-3 RECONSTITUTION OF PARTNERSHIP (ADMISSION OF PARTNER)

𝑇𝑜𝑡𝑎𝑙 𝑝𝑟𝑜𝑓𝑖𝑡
1. ___________ = . (Average Profit)
𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑌𝑒𝑎𝑟𝑠 .
𝑁𝑅𝑅
2. Normal Profit = _____________ x . (Capital employed)
100
3. Stock shown in Balance Sheet Stock undervalued by 20% Cost of Stock

₹ 1,60,0000 (Stock undervalued 40,000) (Cost of stock 2, 00,000)

11 OBJECTIVES
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CHP-7 BILLS OF EXCHANGE

1. Making payment of bill before the due date of maturity is known as ________. Retirement of bill
2. Person whose liabilities are more than his assets and is not in position to pay off his liabilities is________.
Insolvent person
3. Amount that cannot be paid by accept or on account of insolvency is known as________. Deficiency
4. A bill of exchange payable after certain period is known as ________. After date bill
5. A bill which is drawn and accepted with valuable consideration is known as________. Trade bill
6. A person who draws the bill of exchange is known as________. Drawer
7. A bill whose due date is calculated from the date of acceptance is known as________. After sight bill
8. Recording the fact of dishonour of Bill is known as________. Noting
9. When Drawee accepts the bill payable at a particular place only, it is known as________. Qualified
acceptance as to place
10. Fees charged by the bank for collection of billon behalf of holder is ________. Bank Charges

CHP-8 COMPANY ACCOUNTS – ISSUE OF SHARES.

1. When face value of the share is ₹ 100 and issued price is ₹ 120, then it is said that the shares a reissued
at ________. Premium
2. ________ Capital is the Capital which a company is authorized to issue by its Memorandum of Association.
Authorised
3. The difference between Called-up Capital and Paid-up Capital is known as __________.
Calls in Arrears
4. ________share holders get fixed rate of dividend. Preference
5. Shareholders are the real owners of the company. Equity
6. ________form of business organization in which Capital is raised through the issue of shares.
Joint Stock Company
7. ________ Capital is the part of issued capital which is subscribed by the public. Subscribed
8. The part of Authorized Capital which is not issued to the public is known as ________ Capital. Unissued.
__ x __ x __

Q.1 F) Do you agree/ disagree with the following statements:

CHP-1 INTRODUCTION TO PARTNERSHIP & PARTNERSHIP FINAL ACCOUNTS

1. When partnership deed is silent, partners share profits of the firm according to capital ratio. Disagree
2. Current account always shows a debit balance. Disagree
3. It is compulsory to have a partnership agreement in writing. Disagree
4. Partnership firm is a trading concern. Agree
5. An interest on capital I an expenditure for the partnership firm. Agree
6. Partnership is an association of two or more persons. Agree
7. Partners are entitled to get salary or commission. Disagree
8. The balance of capital account remains constant under fixed capital method. Agree
9. The Indian Partnership Act came into existence in the year 1945.Disagree
10. Profit and loss account reflects the true financial position. Agree
11. Amount borrowed by partner from his business will be debited to current account. Agree
12. Sold but undispatched goods must be part of valuation of closing stock. Disagree
13. Carriage inward is a selling and distribution overhead. Disagree
14. Gross profit is an operation profit. Disagree
15. All financial expenditure are debited to profit and loss account. Agree
16. Free distribution of goods is debited to trading account. Disagree

CHP-7 BILLS OF EXCHANGE

1. A bill of exchange is a conditional order. Disagree

2. The party which is ordered to pay the amount is known as payee. Disagree
3. The person in whose favour the bill is endorsed is known as endorsee. Agree
4. Rebate or discount given on retiring a bill is an income to the Drawee. Agree
5. A bill from the point of view of debtor is called Bills payable. Agree
12 OBJECTIVES
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6. In case of bill drawn payable on demand no grace days are allowed. Agree
7. A bill is required to be accepted by Drawer. Disagree
8. A bill of exchange need not be dated. Disagree
9. A bill before acceptance is called Promissory Note. Disagree
10. Renewal is request by Drawee to extend the credit period of the bill. Agree

CHP-8 COMPANY ACCOUNTS – ISSUE OF SHARES.

1. In case of Pro-rata allotment the excess application money received must be refunded. Disagree
2. Calls in Advance account is shown on the Asset side of the Balance sheet. Disagree
3. The Authorised capital is also known as Nominal Capital. Agree
4. Paid-up capital can be more than Called up Capital. Disagree
5. Joint Stock Company can raise huge amount of capital. Agree
6. When shares are forfeited Shares Capital Account is credited. Disagree
7. Directors can re-issue forfeited shares. Agree
8. When the issued price of share is ₹ 12 and face value is ₹ 10, the share is said to be issued at premium.
Agree
9. Public limited company can issue its share without issuing its prospectus. Disagree
10. Shares can be issued for consideration other than cash. Agree

__ x __ x __
Q.1 G) Fill in the blanks:

CHP-2 ACCOUNTS OF ‘NOT FOR PROFIT’ CONCERNS

1. Not for Profit Organization never is engaged in________ activities. Trading

2. Not for Profit organization is called________ organization. Service
3. Receipts and Payments Account falls under the category of ________ Account. Real
4. In Receipts and Payments Account the summary of________ transactions are recorded. Cash
5. Income & Expenditure Account is similar to the________ account of Trading Concern. Profit & Loss
6. Credit side of Receipts and Payments Account shows cash________. Payments
7. Income and Expenditure Account is a________ Account. Nominal
8. Mumbai University prepares________ A/c instead of a Profit & Loss Account. Income & Expenditure
9. Subscription received from the members is considered as________ receipts. Revenue
10. The transactions recorded in Income & Expenditure A/c are related only to the______ year. Current

CHP-4 RECONSTITUTION OF PARTNERSHIP (RETIREMENT OF PARTNER)

1. New Ratio (less) ________ = Gain ratio. Old Ratio

2. Retiring Partner‟s share of goodwill is________ to remaining partner‟s capital account. Debited
3. Revaluation A/c is also known as________ account. Profit and Loss Adjustment
4. On retirement, the balance at a current Account of a partner is transferred to his________ account.
Capital
5. A proportion in which the continuing partners get the share of retiring partner is known as _________
ratio. Gain

CHP-5 RECONSTITUTION OF PARTNERSHIP (DEATH OF PARTNER)

1. Deceased partner‟s executor‟s account is shown on the________ side of the Balance Sheet. Liability
2. On death of a partner, a ratio in which the continuing partners get more share of profits in future is called
as________ ratio. Gain
3. Deceased partner‟s share of profit up to the death is shown on_____ side of Balance Sheet. Assets
4. Benefit ratio = New Ratio ________. Old Ratio
5. When Goodwill is raised at its full value & it is written off_______ account is to be credited. Goodwill
__ x __ x __

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Q.1 H) Complete the table:

CHP-2 ACCOUNTS OF ‘NOT FOR PROFIT’ CONCERNS

I)
Sr. No Income ₹ Expenditure ₹ Surplus / Deficit ₹
1. 10,000 ? (₹ 15,000 Expenditure) 5,000 (Deficit)
2. 8,000 ? (₹ 4,000 Expenditure) 4,000 (Surplus)
3. ? (₹ 23,000 Income) 15,000 8,000 (Surplus)
4. 7,500 9,000 ? (₹ 1,500 Deficit)
5. 15,000 11,300 ? (₹ 3,700 Surplus)

II) Salaries paid during the year.

Sr. No Total ₹ Prepaid/Outstanding ₹ Expenditure for the year

1. 1,100 Prepaid 100 ? (₹ 1,000)
2. 2,700 Prepaid ? (₹ 700) 2,000
3. 8,250 Prepaid ? (₹ 1,600) 6,650
4. 1,200 Outstanding 200 ? (₹ 1,400)
5. ? (₹ 4,500) Outstanding 600 5,100
6. 1,800 Outstanding ? (₹ 400) 2,200

III) Rent Received during the year.

Sr. No Total ₹ Advance / Accrued ₹ Income for the year

1. 1,300 Received in Advance 200 ? (₹ 1,100)
2. ? (₹ 1,800) Received in Advance 400 1,400
3. 2,650 Received in Advance ? (₹ 650) 2,000
4. ? (₹ 2,900) Accrued 290 3,190
5. 1,700 Accrued ? (₹ 450) 2,150
6. 2,600 Accrued 500 ? (₹ 3,100)

CHP-6 DISSOLUTION OF PARTNERSHIP FIRM

1. Debt side total of Realisation A/c Credit Side total of Realisation A/c Loss on Realisation
₹ 20,000 ? (₹ 16,000) ₹ 4,000
2. Creditors Bills Payable Third Party Liabilities
₹ 16,000 ₹ 12,000 ? (₹ 28,000)
3. Credit side total of Realisation Debit side total of Realisation Profit on Realisation
₹ 21,000 ₹ 16,000 ? (₹ 5,000)
4. Debit side total of capital A/c Credit side total of capital A/c Cash brought by partner
₹ 51,000 ? (₹ 34,000) ₹ 17,000
5. Capital Deficiency Cash brought by Insolvent Partner Insolvent Loss
? (₹ 28,000) ₹ 7,000 ₹ 21,000

CHP-7 BILLS OF EXCHANGE

1)

Sr.No. Date of Drawing Date of Acceptance Payable Due Date

1. 30. 01. 2019 01. 02. 2019 60 days after date ______ (3rd April, 2019)
2. 17. 08. 2019 21. 08. 2019 3 months after sight ______(24th Nov, 2019)
3. 23. 12. 2019 26. 12. 2019 1 months after date ______(25th Jan, 2020)
4. 28. 01. 2019 28. 01. 2020 1 months after date ______(2nd Mar, 2020)
5. 30. 06. 2019 02. 07. 2019 45 days after date ______(17th Aug, 2019)

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2)
Sr.No. Date of Date of Tenure Type Nominal Due Date Legal Due Date
Drawing Acceptance
1. 3rd Jan, 2020 5th Jan, 2020 45 days After ? ?
date (17th Feb, 2020) (20th Feb, 2020)
2. 9th April, 2019 12th April, 2029 4 months After ? ?
sight (12th Aug, 2020) (14thAug, 2020)
3. 23rd Nov, 2019 23rd Nov, 2029 2 months After ? ?
rd th
date (23 Jan, 2020) (25 Jan, 2020)
4. 16th Aug, 2019 20th Aug, 2019 4 months After ? ?
sight (20thDec, 2019) (23rdDec, 2019)
5. 23rd Dec, 2018 24th Dec, 2018 60 days After ? ?
date (21st Feb, 2019) (24th Feb, 2019)

__ x __ x __

Q.1 I) Calculate the following:

CHP-1 INTRODUCTION TO PARTNERSHIP & PARTNERSHIP FINAL ACCOUNTS

1. Undervaluation of Closing Stock by 10% Closing Stock was ₹ 30,000 find out the value of closing stock.
2. Calculate 12.5% pa depreciation on Furniture- a) On ₹ 2, 20,000 for 1 year b) on ₹ 10,000 for 6months
st
3. Insurance Premium is paid for the year ending 1 September, 2019 amounted to ₹ 1,500. Calculate prepaid
insurance assuming that the year ending is 31st March, 2019.
4. Find out Gross Profit/ Gross Loss Purchases ₹ 30,000, Sales ₹ 15,000, Carriage inward ₹ 2,400,Opening
Stock ₹ 10,000, purchase returns ₹ 1,000 , Closing Stock ₹ 36,000.
st
5. Borrowed Loan from Bank of Maharashtra ₹ 2, 00,000 on 1 October 2019 at rate of 15% pa. Calculate
Interest on Bank Loan for the year 2019-20, assuming that a financial year ends on 31st march, every year.

CHP-2 ACCOUNTS OF ‘NOT FOR PROFIT’ CONCERNS

1. 10% p.a. Depreciation on Furniture ₹ 50,000 (for 3 months). (Depreciation ₹ 1,250)

2. 12% p.a. Interest on Bank loan ₹ 80,000 for 1 year. (₹ 9,600)
3. Opening Stock of Stationery ₹ 5,000, Purchase Stationery ₹ 7, 000, Outstanding Stationery Bill ₹ 12,000,
Closing Stock ₹ 1,000. What is the amount of Stationery Consumed? (Stationery Consumed ₹ 23,000)
4. Salary 10,000, Outstanding Salary 5,000. Calculate the Salary to be debit to Income and Expenditure
Account? (₹ 15,000)
5. Library Books ₹ _______________? Less 10% Depreciation ₹ 5,000 = ₹ 45,000. (Library Books ₹ 50,000)

CHP-3 RECONSTITUTION OF PARTNERSHIP (ADMISSION OF PARTNER)

th
1. A and B are partners in a firm sharing profits and losses in the ratio of 1:1. C is admitted A surrenders 1/4
th
share and B surrenders 1/5 of his share in favour of C. Calculate the New Profit Sharing Ratio. (New
15:16:9)
2. Anika and Radhika are partners sharing profits in the ratio of 5:1. They decide to admit Sanika in the firm
for 1/5th Share. Calculate the Sacrifice ratio of Anika and Radhika. (Sacrifice Ratio 5:1)
3. Pramod and Vinod are partners sharing profits and losses in the ratio 3:2. After admission of Ramesh the
new ratio of Pramod, Vinod and Ramesh is 4:3:2. Find out the Sacrifice ratio. (Sacrifice ratio 7:3)

CHP-6 DISSOLUTION OF PARTNERSHIP FIRM

1. Vinod, Vijay and Vishal are partners in a firm, sharing profit & Losses in the ratio 3:2:1. Vishal becomes
insolvent and his capital deficiency is ₹ 6,000. Distribute the capital deficiency among the solvent partners.
2. Creditors ₹ 30,000, Bills payable ₹ 20,000 & Bank loan ₹ 10,000. Available Bank Balance ₹ 40,000 what will
be the amount that creditors will get in case of all partners insolvency.
3. Insolvent Partners Capital A/c debit side total is ₹ 10,000 & Credit side total is ₹ 6,000. Calculate
deficiency.
4. Insolvent partners capital a/c debit side is ₹ 15,000 & insolvent partner brought cash ₹ 6,000. Calculate the
amount of Insolvency Loss to be distributed among the solvent partners.
5. Realisation profit of a firm is ₹ 6,000, partner share profit & loss in the ratio of 3:2:1. Calculate the amount
of Realisation Profit to be created to Partners Capital A/c.

15 OBJECTIVES
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Q.1 J) Calculate the following:

CHP-7 BILLS OF EXCHANGE

th
1. Ganesh draws a bill for ₹ 40,260 on 15 Jan. 2020 for 50 days. He discounted the bill with Bank of India @
15% p.a. on the same day. Calculate the amount of discount.(₹ 825)
st
2. Shefali Traders drew a bill on Maya for ₹ 30,000 on 1 Oct. 2019 payable after 3 months. Calculate amount
of discount in the following cases:-
i. Shefali traders discounted the bill on the same day @12%p.a. (₹ 900)
ii. Shefali traders discounted the bill on 1st Nov.2019 @ 12% p.a. (₹ 600)
iii. Shefali traders discounted the bill on 1st Dec.2019 @ 12% p.a. (₹ 300)
3. Veena who had accepted Subha‟s bill for ₹ 28,000 was declared bankrupt and only 35 paise in a rupee could
be recovered from her estate. Calculate the amount of bad debts. (₹ 18,200)
4. Nitin renewed his acceptance for ₹ 72,000 by paying ₹ 22,000 in cash and accepting a new bill for the
balance plus interest @18% p.a. for 4 months. Calculate the amount of new bill. (₹ 53,000)
5. Nisha‟s acceptance for ₹ 16,850 sent to bank for collection was honoured and bank charges debited were ₹
125. Find out the amount actually received by Drawer. (₹ 16,725)
th
6. A bill of ₹ 16,000 was drawn by Keshav on Gopal on 12 June 2019 for 2 months. What will be the due date,
if all of sudden, the legal due date is declared as emergency holiday? (16th August 2019)

CHP-8 COMPANY ACCOUNTS – ISSUE OF SHARES.

1. One shareholder holding 500 equity shares paid share application money @ ₹ 3 allotment money @ ₹ 4 per
share and failed to pay final call of ₹ 3 per share, his shares were forfeited. Calculate the amount of share
forfeiture. (3,500)
2. 10,000 equity shares of ₹ 10 each issued at 10% premium. Calculate the total amount of share premium.
(10,000)
3. Company received excess application for 5,000 shares @ ₹ 4 per share. Applications of 1000 shares were
rejected and pro-rata allotment was made. Calculate the amount of application money adjusted with
allotment. (16,000)
4. 80,000 equity shares of ₹ 10 each issued and fully subscribed and called up at 20% premium. Calculate the
amount of equity share capital. (8,00,000)
5. Directors issued 20,000 equity shares of ₹ 100 each at par. These were fully subscribed and called up. All
money were received except one shareholder holding 100 equity shares failed to pay final call of ₹ 20 per
share. Calculate the amount of paid up capital of the company. (19,98,000)
6. Company sends Regret letter for 100 shares and allotment letter to 25,000 shareholders. Application money
was ₹20 per share. Calculate the amount of application money which company is refunding. (2,000)

ULTIMATE TURNING 18 LIKE A BOSS .

25 YEARS OF BEING DHRUV SIR

16 OBJECTIVES
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