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1. As a result of _________ the existing agreement of partnership comes to an end and a new agreement is formed.
2. The credit balance of revaluation account shows __________ .
(a) Realization loss
(b) Profit on sale of fixed assets
(c) Revaluation loss
(d) Revaluation profit
3. In case of death of a partner, the profit of the firm upto his date of death may be estimated on the basis of __________.
(a) Average sale of last few years
(b) Average capital of all the partners
(c) Average profit of the last few years.
(d) Average drawings of the partners
4. If a share of RS. 10 on which RS. 8 has been called and RS. 6 is paid is forfeited, the capital account should be debited with ________.
(a) RS. 10
(b) RS. 8
(c) RS. 6
(d) RS.. 2
5. If a debentures of RS. 1000 is offered at RS. 1050, it is a case of issue of debentures at _______.
(c) Face value
(d) Over subscription
6. Why is the premium on the issue of debentures considered as a capital profit?
7. A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1 and on retirement of C,the various assets and liabilities are revalued as under:
Book value. Revalued value
Plant & machinery. 3,50,000. 4,30,000
Sundry Creditors. 1,00,000. 90,000
Stock. 1,50,000. 1,30,000
Pass journal entries on reevaluation of these assets and liabilities.
8. When a new partner is admitted, the amount may be contributed to the capital of the firm in the form of assets other cash also. In this context, Mr. Daniel is admitted as a new partner to afirm who brings in RS. 25 lakhs in cash, fixed assets RS. 12 lakh and patents RS. 5 lakh. (Pass journal)
9. A and B are partners in a business sharing profits and losses in the ratio of 3:2 the profit and loss account shows an undistributed profit of RS. 50,000 and the General Reserve of RS. 1,00,000. They admitted a new partner X with 1/4 th share in the profits.(Pass journal)
10. Anu, Manu, and Cinu are partners sharing profit equally. Cinu retires and the Goodwill of the firm is valued at RS. 54,000. No Goodwill account appears in the books of the firm. Anu and Manu share future profit in the ratio of 3 : 2. Make necessary journal entry for goodwill.
11. S & S Ltd. Issued 50,00,000 equity shares of RS. 10 each at a premium of RS. 4 per share payable RS. 1 per share on application, RS. 6 per share on allotment (including premium), RS. 3 on first call and the balance on final call. These shares were subscribed and all money due was received except the first call Money on 15,000 shares. Give the cash book and journal entries to record the above transactions.
12. Accounting packages are developed on the basis of _________.
(a) Accounting concepts
(b) Accounting connections
(c) Accounting conventions and concepts
(d) Computer language
13. The intersection of a row and a column in Excel is called ________.
(a) Cell address
(b) Cell point
14. Explain any three grouping and codification of accounts.
15. Explain the poor for entering the following transactions:
(a) Started bushes with RS. 12 lakhs.
(b) Record received cash from Mr. Anandu, a customer RS. 1,50,000
16. Explain the precede to create and display indirect expenses budget.
17. Explain the step by step procedure to be followed in preparing bank reconciliation statement in tally.Note:- Draw the final screen picture.
18. Prepare a table showing the account to be created and the groups under which they fall and the voucher to be used.
(a) 2010 Jan. 1 share capital collected by Bank of India rs. 58,000
(b) 20@0 Jan. 2 underwriting commission paid RS. 26,000.
(c) 2010 Jan. 3 purchased machinery and paid cheque RS.18,000
(d) 2010 Jan. 4 purchased 6% government bonds and paid by cheque RS. 24,000.
(e) 2010 Jan. 5 deposited to bank of India rs. 16,000.
19. Why are the assets and liabilities revalued on the admission of a partner? Write any two reasons.
20. Write any two differences between a debenture holder and a shareholder.
21. Prepare a current account of a partner with areas for items (use imaginary figures) and balance it.
22. Sonu and monu are In partnerships sharing profits and losses in the ratio of 3:2. The capital of Sonu and Biju remaining after adjustments are RS. 80,000 and RS. 60,000 respectively. They admitted Tonu as a third partner who is contribute sufficient Capital to acquire a fifth share of total capital of the new form equally from both the partners Sonu and Monu. Calculate the capital brought in by Tonu.
23. Lipson agreed to retires from the partnership in 30tg June, 1997. His profit sharing right in the business is 1/3. His share of profit to the date of retirement has to be calculated on the basis of the average profits of the proceeding the accounting years. The book shoes the profits of the last four years as follows:
1993-94. RS. 15,400
1994-95. RS. 9,900
1995-96. RS. 8,800
1996-97. RS. 11,000
The accounting year closes on 31 st March every year. Calculate the share of profit for lipson. Give the adjusting journal for this item.
24. What journal entries would you pass for the following transactions on the dissolution of a firm after the various assets (other than cash) and outside liabilities have been transferred to realization account?
(a) Bank loan RS. 6,000 is paid
(b) Stock worth RS. 3,000 is taken by partner “B”
(c) Partner “A” agrees to pay a creditor RS. 1,500 due to him.
(d) An asset not appearing in the books of accounts realised RS. 350
(e) Profit on realization RS. 9,000 is to be distributed between “A” and “B” in the ratio of 5:4.
25. Explain the accounting treatment of:
(a) Debentures issued at discount and repayable at par.
(b) Debentures issued at discount and repayable at premium.
(c) Debentures issued at par and redeemable at premium.
(d) Debentures issued at par and redeemable at premium.
Note : use examples to support your answer.
26. A ledger account can be deleted by using __________ key combinations.
(a) Ctrl + D
(b) Alt + D
(c) Alt + C
27. The intersection of a row and a column in Excel is called __________.
(a) Cell address
28. Identify the groups under the following ledgers are to be created.
(b) Return outwards
(c) Sales tax
(e) Carriage outwards
(f) Bills receivable
29. What are the compulsory fields at the time of creating a company in Tally ?
30. Write a short note on Contra Voucher.
31. Explain briefly Credit not Voucher.
32. Define Debit note Voucher.
33. Define Cell address.
34. Explain Cell pointer.
35. Write note on Active cell.
36. Define Relative cell reference.
37. Distinguish between cell address and Cell pointer.
38. Differentiate between active cell and relative cell references.
39. Define bank reconciliation statement. What is the relevance “effective date of reconciliation” while using Tally,? Explain the procedure for preparing a bank reconciliation statement under Tally software with 3 imaginary transactions.
40. Explain the procedure and steps involved in the following under Tally.
(a) Altering a cost centre
(b) Deleting a cost category
(a) Creating a cost category
(b) Deleting a budget
42. Explain creating an expenses budget covering all items under direct and indirect expenses.
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