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PART-A
(Accounting for Nor-For-Profit Organisations, Partnership Firms and Companies)
1. Ravand Shyam started a partnership firm on 1 July 2019. They agreed that Shyam was
entitled to a commission of 10% of the pet profit after charging Rav's salary of Rs.3,000
per quarter and Shyam's commission. The net profit before charging Ray's salary and
Shyam's commission for the year ended 31 March, 2020 was Rs.2.29,000. Calculate
Shyam's commission
a) 22,900
(6) 23,200
(C) 20,000 (d) 22,000
(1)
2. If at the time of admission of a new partner, there is some unrecorded liability, it will be
transferred to:
@) Capital accounts of old partners (b) Capital accounts of all partners
(C) Goodwill Account
(d) Revaluation Account
(1)
(1)
3. The portion of uncalled capital to be called only in the event of winding up of the
company is called
(1)
4. Which of the following is a capital receipt?
(a) Subscriptions
(b) Sale of used sports material
(C) Endowment fund
(d) Entrance Fees
5. At the time of dissolution of a partnership firm, the book value of sundry assets
transferred to Realisation Account was Rs. 200,000.50% of these sundry assets were
taken by partner A at 20% discount, 40% of remaining assets were sold at a profit of
30% on cost 5% of the balance was found obsolete and reallsed nothing. The remaining
assets were talen over by a creditor in full settlement of his claim. Which account will be
credited and how much amount?
(a) Realisation Account by Rs.1.32.000 (b) Cash Account by Rs 40.000
(©) A's Capital Account by Rs. 1,00,000 (d) Bank Account by Rs. 52,000 (1)
09:16
20-10-2020
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