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1.Calculate interest on drawing @ 12% is the following cased –
a) Rs. 1,000 are drawn on the last day of every month throughout the year.
b) Rs. 1,000 are drawn on the 1st day of every month
c) Rs. 1,000 are drawn in the middle of every month throughout the year.
d) Rs. 5,000 are drawn (Date not specified)
2. A, B and C are partners is a firm. Their profit sharing ratio is 3:2:1. However C is guaranteed a minimum amount of Rs. 10,000 as share of profit every year. Any deficiency arising on that account shall be met by A. The profit for the year ending 31st Dec. 2013 was Rs. 10,000. Prepare P/L Appropriation A/C for the year ending 31 st Dec. 2013.
3. Write Distinguish between ‘fixed Capital A/C’ and ‘fluctuating capital A/C’. ( any four differences.)
4. X and Y who share profits in the ratio of 3:2, admit Z to give him 1/3 Share, Calculate the new profit sharing ratio.
5. Give the difference between Sacrificing and Gaining Ration. Any four.
6. X, Y & Z are partners in a firm. Sharing Profit & Loss in the equal ratio.
7. Pass the Journal entry for the revaluation of Assets and Liabilities. (a) Machinery increased by ` 10,000/- (b) Stock decreased by 50,000/- (c) Provision made for doughtful debits 2,000/- (d) value of Building increased from 1,00,000/- to 1,20,000/-
8. Following is the information gives in respect of certain items of a sports club. Show those item in
the Income and Expenditure Account and the Balance sheet of the club :
Sports fund as on 01.04.2011 ………………………….. 35,000
Sports fund Investments ………………………………. 35,000
Interest on sports fund ………………………………… 4,000
Donations for sports fund ………………………………. 15,000
Sports prizes awarded ………………………………….. 10,000
Expenses on sports events …………………………….. 4,000
General fund …………………………………………… 80,000
General fund investments …………………………….. 80,000
Interest on General fund investment …………………. 8,000
Other Investment ……………………………………… 13,000
9. P and Q are equal partners. Their Capitals are Rs. 20,000 and Rs. 40,000 respectively. After the accounts for the year are prepared, it is discovered that interest at 10% p.a. as provided in the partnership agreement has not been credited to the capital accounts before distribution of profit. It is decided to make an adjusting entry at the beginning of the next year. Give necessary
10. A and B are partners in a firm sharing profit and losses in the ratio of 3:2, C is admitted for 1/5th share in profits of the firm which he gets it equally from A and B, Calculate the new ratio and sacrificing ratio.
11. Define Revaluation A/C.
12. Sonu, Monu and Tinu were partners. Sharing profits in the ratio 3:2:1. On 31st December 2013 Sonu decided to retire from firm. On the date of retirement following balances were found :-
Capital of Sonu – 90,000/-
Profit on Revaluation – 18,000/-
General Reserve – 12,000/-
Goodwill of the firm – 42,000/-
Sonu was paid 26,000/-
on the date of retirement and balance amount transferred to his Loan A/c. You are required to prepare Sonu’s Capital A/c.
13. Show how would you deal with the following items in the final account of club : Dr ( ) Cr ( )
Prize fund Dr ( ) = — – , Cr ( ) =200,000
Prize fund Investments Dr ( ) =200,000, Cr ( ) = — –
Income from prize fund investment Dr ( ) = — – , Cr ( ) = 20,000
Prize awarded Dr ( ) =15,000, Cr ( ) = — –
14. Birla Ltd. purchased from H.E.C. Ltd. a machinery for Rs 5,00,000 Payable is 9 % debentures of Rs 100 each issued at par. Give necessary Journal Entries in the books of Birla Ltd.
15. Describe characteristics/features of a Co.
16. i. Give four examples of Operating Activities.
ii. Calculate cash from Financing Activities
Equity share 2011(`) = 2,00,000 2012(`)= 2,50,000
Debenture 2011(`) = 10,00 2012(`) = Nil
Dividend paid on Equity share 2011(`) =Nil 2012(`) = 20,000
Plant 2011(`) =40,000 2012(`) = 60,000
17. When a Partner dies, how do we pass Journal entries of the followings ? (i) Reserve Fund (ii) Undistributed Profit.
18. Discuss two method of redemption of debentures.
19. The Director of a company forfeited 1000 shares of Rs. 10 each for non Payment of final call of Rs. 2 per share. Subsequently, these shares were reissued at Rs. 10. Pass entries.
20. Classify the following as sources of cash or Application of cash (a) purchases of Fixed Assets (b) Decrease in creditors (c) Increase in Debtors (d) Increase in Bills Payable
21. Usha Martin Ltd. issued 2000, 12% debentures of Rs. 10 each at a premium of 20% Redemable at par. Record Journal entries is the books of Usha Martin Ltd. for issue of debentures.
22. SAMSUNG Company issued 5000 10% debentures of Rs 10 each at par, Redeemable also at par.Pass necessary Journal entries for the issue of debenture.
23. X Ltd. purchased the business of Y Ltd. for 2,90,000 payable in fully paid shares of Rs. 10 each.What entries will be made in the books of X Ltd. if such issue is (i) at par (ii) at a premium of 25% and (iii) at a discount of 10%. Show working clearly.
24. X, Y and Z were partners in a firm sharing profits in the ratio of 5:3:2 on 15-02- 2012 X died and the new profit sharing ratio of Y and Z was equal. On X’s death the goodwill of the firm was valued at Rs 60,000. Calculate the gaining ratio and pass necessary journal entry on X’s death for the treatment of goodwill without opening Goodwill Account
25. Calculate cash from operating activities from following particulars.
Net profit the year 2013 20,000
Debtors on 1st Jan. 2013 10,000
Debtors on 31st Dec. 2013 9,000
Dividends paid 2,000
26. What is forfeiture of Shares ?
27. Prepare the Performa of a deceased partner’s capital A/C with imaginary figures.
28. What is the difference between debenture and Equity share, explain it
29. Rishab Industries Limited application for 10,000 shares of Rs. 10 each at a premium of Rs. 2 per share, Payable Rs. 3 on application Rs. 5 on allotment (Including Premium) and Rs. 4 on first & Final call. Application were received for 15,000 shares. Allotment was made on the pro-rata basis to all the applications. All the money was duly received. Expenses incurred on issue of Rs. 10,000. Pass Journal entries in the books of the Company.
30. List the things the executors of the deceased partner can claim from the firm ?
31. Clarify convertible debentures and more convertible debentures.
32. What is Cash Flow? Explain in detail.
33. Distinguish between sacrificing ratio and new profit sharing ratio (Give only two points of difference.)
34. Write Distinguish between ‘fixed Capital A/C’ and ‘fluctuating capital A/C’. ( any four differences.)
35. Compute interest on drawing @ 12% p.a for the year 2008, if Ram with draw following amounts:
January 1 Rs. 4,000
March 31 Rs. 8,000
June 1 Rs. 5,000
October 1 Rs. 10,000
Nov. 30 Rs. 8,000
36. From the following information calculate cash flow from operating activities
Particulars 2012(`) 2013(`)
Stock 60,000 50,000
Debenture 25,000 23,000
Creditors 32,000 28,000
Outstanding Exp. 3,500 4,500
Bills Payable 35,000 22,000
Profit & Loss A/c 80,000 90,000
37. Write Distinguish between ‘fixed Capital A/C’ and ‘fluctuating capital A/C’. ( any four differences.)
38. A and B are partners sharing profits in the ratio of 3:2 goodwill appears in books at Rs. 5000. C is admitted into partnership. The new ratio is 5:3:2. Pan Journal entry for writing off goodwill
39. In the absence of partnership deed, what are the rules relating to – a) Salaries of partners. b)Interest on partners ‘Capital’ c) Interest on Partner’s drawings. d) Interest on Partner’s loan.
40. Match the following
(a) Income Tax Refund (i) Application of cash
(b) Decrease in creditors (ii) Financing Activities
(c) Cash Equivalent (iii) Bank balance
(d) Issue of Equity Share (iv) Source
41. A new partner may be admitted to a partnership :-
(a) without the concent of old partners
(b) with the concent of all partners
(c) with the concent of any one partners
(d) with the concent of 2/3 of old partners
choose correct answer
42. Classify the following transaction in to operating, Investment and Financing activates.
(a) Cash Sales
(b) Salary Paid
(c) Purchases of Machinery
(d) Proceeds from Issue of Equity Share
43. Ram and Shyam share profits in the ratio of 3:1 and Mohan is admitted taking 1/8 of profit from each partner. Calculate the new profit sharing ratio.
44. (A)The Partnership business can be formed with service motive.( True/False)
(B)In the absence of partnership deed, profit sharing ratio between partner is equal.(True/False)
(C)Even in case of loss in partnership firm, the interest on partners loan is paid. (True/False)
45. X Ltd. issued 5000, 15% debentures of Rs. 100 each at a discount of 5% Redeemable at par. Give Journal entries for the issue of debentures.
46. On 1.1.1994 Ashish, Namish and Aman were partners sharing profit and loss in the ration of 2/5, 2/5 and 1/5 respectively. On this date Namish retires. The new profit sharing ratio of Ashish and aman will be 3/4 and 1/4 respectively. Calculate gaining ratio.
47. P.K. Ltd. issued 2000, 12% debentures of Rs. 10 each at a discount of Re. 1, Redeemable at 20% premium. Pass Journal Entries for issue and Redemption.
48. Make Journal entry on issue of shares to promoters
49. What is forfeiture of Shares ?
50. A holds 100 Shares of Rs. 10 each on which he has paid only Rs. 2.50 per shares as application money. B who halds 200 shares of Rs 10 each, has paid Rs. 2.50 and Rs 2 per share as application and allotment money, respectively.
51.Calculate current Ratio, Liquid Ratio and Gross Profit Ratio
Current Assets Rs. 70,000 , Current Liabilities Rs. 17500 , Sale Rs. 140,000 Stock Rs. 30,000 , Cost of good sold Rs. 68,000
companies Act. 2013.
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