Question

Q1.Admission is one of the modes of reconstitution of partnership firm. Is it True or False.

Q2. Receipts and Payment Account generally shows:

(i)A Debit Balance (ii) A Credit Balance (iii) Surplus and Deficit (iv) Capital Fund

Q3.Ram, Raghav and Raghu are partners in a firm sharing profits in the ratio of 5:3:2. As per partnership

deed, Raghu is to get a minimum amount of Rs.10,000 as profit. Net Profit for the year is Rs.40,000.

Calculate deficiency (if any) to Raghu:

(i)Rs.750 (ii)Rs.2000 (iii)Rs. 1500 (iv) None of these.

Q4.If Debentures are issued at premium, then they can be redeemed at:

(i)Par (ii)Premium (iii) Both (i) and (ii) (iv) None of These.

Q5.Loss on issue of debentures is written-off out of:

(i)Securities Premium Reserve (ii)Reserve and Statement of Profit and Loss

(iii)Both (i) and (ii) (iv)Discount on issue of Debenture Account

Q6.How are the following items presented in the Financial Statement of a non- profit organisation.

(i)Sport Fund Rs.40,000 (ii) Expenses on sports events Rs.21,000.

Q7.A, B and C are partners sharing profits equally. A drew regularly Rs.4,000 in the beginning of every

month for the six months ended 30th September,2018. Calculate interest on A’s Drawings @5%p.a.

Q8 State the right order of deductions for presenting correct view of profit and loss appropriation account

(i)Manager’s commission.

(ii)Interest of Partner’s loan.

(iii)Interest on partner’s capital.

Q9.Write any one difference between shares and debentures.

Q10.Runjhun a partner paid the loan of a firm of Rs.100,000 at the time of dissolution. Pass journal entry

for the same.

Q11.________receipts and ________expenditures are always recorded in income and expenditure

account.

Q12.A, B and C are partners sharing profits and losses in the ratio of 4:4:1. B retires from the firm, A

purchases the share of B. Calculate new profit sharing ratio.

Q13. Name the asset that is not posted in the debit side of realisation account, but brings the certain

amount of cash against its disposal at the time of dissolution of the firm.

(Q.No.14 carrying 3 marks)

Q14.Pass the necessary journal entries for the issue of debentures in the following cases:

(i)20,000, 10% Debentures of Rs.100 each issued at discount@10%, repayable at 10% premium.

(ii)10,000, 20% Debentures of Rs.100 each issued at 10% premium, repayable at 20% premium.​

Answer 1

Answer:

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Answer 2

Answer:

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