Question

Instructions:

1) This question paper contains two parts- A and B.

2) Part A is compulsory for all.

3) Part B has two options- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’.

4) Attempt any one option of Part B.

5) All parts of a question should be attempted at one place.

Part A

(Accounting for Partnership Firms and Companies)

1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to

share profit equally. Name the terms by which they will be called individually and

collectively. 1

Solution: Individually: Partners ½

Collectively: Firm ½

2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a

profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the

net amount of Profit / Loss transferred to the capital accounts of A and C.1

Solution: Net Amount of Loss transferred to:

A’s Capital Account: Rs. 87,000 ½

C’s Capital Account: Rs. 29,000 ½

3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P

died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing

ratio. 1

Solution: Ratio of H, P and S is 4 : 3 : 3

H’s Gain = 3/10 X 20 /100 = 3 /50

H’s new share = H’s old share + H’s Gain

= 4/10 + 3/50 = 23/50 ½

S’s Gain = 3/10 X 80 /100 = 12 /50

S’s new share = S’s old share + S’s Gain

= 3/10 + 12/50 = 27/50 ½​

Answer 1

Answer:

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