Practice Test Paper
Sub: Bk (1,3 & 5) Marks:
50 Marks
Time: 2 Hrs Date:
Q.1 A) Select the most appropriate alternative
from the given below and rewrite the statement. [4
Marks]
A) The primary
document for recording all financial transactions in Tally is
the_______________
a)
Journal
b)
Trial
sheet
c)
Voucher
d)
File
B) Liability of partners in a
partnership business is ________.
a) Limited
b) Unlimited
c) Limited and Unlimited
d) None of the above
C) If the asset is taken over by the partner_________ account is
debited.
a) Revaluation
b) Capital
c) Asset
d) Balance Sheet
D) The ratio by which existing partners
are benefited __________
a) Gain Ratio
b) Sacrifice Ratio
c) Profit Ratio
d) Capital Ratio
Q.1 B) Give the word term or phrase which can substitute the
following statement: [4 Marks]
a) The
short key used to save or accept the information.
b) Process of entering the name of a partnership firm in
the register of Registrar.
c) Name
the method of the treatment of goodwill where new partner will bring his share
of goodwill in cash.
d) A
Person who represents the deceased partner on the death of the Partner.
C)State whether the following statement is true or false with reason: [4 Marks]
a) In
Tally F6 Function key is for payment voucher.
b) Wages
paid for the installation of Machinery is a Revenue expenditure.
c) A
new partner always brings his share of goodwill in cash.
d) After
the death of a partner, the entire amount due to the deceased partner is paid
to the legal representative of the deceased partner.
D) Answer in One Sentence. [4
Marks]
a)
What is CAS?
b) What do you mean by pre-received income.
c) What does the excess of debit over credits in the Profit and Loss Adjustment Account indicate?
d) To whom you distribute General Reserve on the death of a partner?
E) Calculate the
following. [4
Marks]
a) Anika and Radhika are partners sharing profits in the ratio
of 5:1. They decide to admit Sanika in the firm for 1/5th share. calculate the
sacrifice ratio of Anika and Radhika.
b) Calculate 12.5% depreciation on furniture
i) on Rs.
2,20,000 for 1 year ii) On Rs. 10,000
for 6 months
Q.2
Rahul, Rohit, and
Ramesh are in a business sharing profits and losses in the ratio of 3:2:1
respectively. Their balance sheet as on 31st March 2017 was as follows. [08
Marks]
Balance Sheet as on 31st March 2017
|
Liabilities |
Amount ₹ |
Assets |
Amount ₹ |
|
|
Capital Account: |
Debtors |
1,00,000 |
||
|
Rahul |
2,20,000 |
Less: R. D. D. |
10,000 |
90,000 |
|
Rohit |
2,10,000 |
Plant and Machinery |
85,000 |
|
|
Ramesh |
2,40,000 |
Investment |
3,50,000 |
|
|
Creditors |
80,000 |
Motor lorry |
1,00,000 |
|
|
Bills Payable |
7,000 |
Building |
80,000 |
|
|
General Reserve |
96,000 |
Bank |
1,48,000 |
|
|
8,53,000 |
8,53,000 |
|||
1. R.D.D. was maintained
at 5% on Debtors
2. Plant and
Machinery and Investment were valued at ₹ 80,000
and ₹ 4,10,000 respectively.
3. Of the
creditors, an item of ₹ 6000 was no longer a liability and hence was
properly adjusted.
4. Profit for 2017-18 was estimated at ₹ 120,000
and Ramesh share in it up to the date of his death was given to him.
5. Goodwill of the
Firm was valued at two times the average profit of the last five years. Which
were
|
2012-13 |
₹ 1,80,000 |
|
2013-14 |
₹ 2,00,000 |
|
2014-15 |
₹ 2,50,000 |
|
2015-16 |
₹ 1,50,000 |
|
2016-17 |
₹ 1,20,000 |
Ramesh share in it
was to be given to him
6. Salary 5,000
p.m. was payable to him
7. Interest on
capital at 5% i.e. was payable and on Drawings ₹ 2000 were charged.
8. Drawings made by
Ramesh up to September 2017 were ₹ 5,000 p.m.
Prepare
Ramesh’s Capital
A/c showing the amount payable to his executors
Give Working of
Profit and Goodwill
Q.3
The balance sheet of
Medha and Radha who share profit and loss in the ratio 3: 1 is as follows: [10
Marks]
Balance Sheet as on 31 March 2018
|
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
|
Sundry Creditors |
80,000 |
Cash |
78,000 |
|
Bills Payable |
20,000 |
Sundry debtors |
64,000 |
|
Bank overdraft |
20,000 |
Stock |
40,000 |
|
Capital A/c: Medha Radha |
1,20,000 40,000 |
Plant &
Machinery |
60,000 |
|
General reserve |
16,000 |
Furniture |
22,000 |
|
Land and Building |
32,000 |
||
|
2,96,000 |
2,96,000 |
1. Krutika is taken
as partner on 1st April 2017 she will pay 40,000 as her capital for 1/5 share
in future profits and Rs. 2,500 as goodwill
2.
A 5% provision for bad and doubtful debt be created on debtors.
3.
Furniture be depreciated by 20%.
4.
Stocks be appreciated by 5% and plant & machinery by 20%
5.
The Capital accounts of all partners be adjusted in their new profit sharing
ratio by adjusting the amount through loan.
6.
The new profit sharing ratio will be 3/5 1/5 1/5 respectively.
You
are required to prepare profit and loss adjustment A/c, Partner’s Capital A/c,
Balance Sheet of the new firm.
OR
|
Liabilities |
Amt ₹ |
Amt ₹ |
Assets |
Amt ₹ |
Amt ₹ |
|
Creditors |
1,20,000 |
Land and Building |
75,000 |
||
|
General Reserve |
12,000 |
Furniture |
6,000 |
||
|
Capital A/c: Kishor Lal |
90,000 48,000 |
1,38,000 |
Stock |
60,000 |
|
|
Debtors |
60,000 |
||||
|
Bills Receivable |
39,000 |
||||
|
Cash at Bank |
30,000 |
||||
|
2,70,000 |
2,70,000 |
They decided to
admit Ram on 1 April 2018 on following terms:
1. He should be
given 1/5th share in profit and for that he brought in ₹ 60,000 as
capital through RTGS.
2. Goodwill should
be raised at ₹ 60,000
3. Appreciate Land
and Building by 20%
4. Furniture and
Stock are to be depreciated by 10%
5. The Capitals of
all partners should be adjusted in their new profit sharing ratio through Bank
A/c.
Pass necessary
Journal Entries in the books of the Partnership firm and a Balance sheet of the
new firm.
Q.4 Kshipra and Manisha are Partners sharing Profit and Loss in their Capital Ratio. You are required to prepare Trading Account and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date. [12 Marks]
Trial Balance as on 31st March 2019
|
Debit Balance |
Amount ₹ |
Credit Balance |
Amount ₹ |
|
Sundry Debtors |
28,000 |
Sales |
1,20,000 |
|
Purchases |
55,000 |
Rent |
1,800 |
|
Furniture |
38,500 |
Sundry Creditors |
38,500 |
|
Plant &
Machinery |
60,000 |
Purchase Return |
1,000 |
|
Wages |
800 |
Discount |
500 |
|
Salaries |
3,500 |
Bills Payable |
9,000 |
|
Discount |
800 |
Capital A/c : |
|
|
Bills Receivable |
14,400 |
Kshipra |
90,000 |
|
Carriage Outward |
1,000 |
Manisha |
30,000 |
|
Postage |
500 |
Current A/c : |
|
|
Sales Return |
500 |
Kshipra |
5,000 |
|
Cash in Hand |
4,000 |
Manisha |
3,000 |
|
Cash at Bank |
47,000 |
||
|
Insurance |
2,000 |
||
|
Opening Stock |
17,800 |
||
|
Trade Expenses |
1,500 |
||
|
Warehouse Rent |
2,500 |
||
|
Advertisement |
1,000 |
||
|
Building |
20,000 |
||
|
2,98,800 |
2,98,800 |
Adjustments:
1) Stock on 31st
March 2019 was at ₹37,000.
2) Sales include
the sale of machinery of ₹ 2,000, which is sold on 1st April 2018.
3) Depreciation on
fixed assets @ 5%.
4) Each Partners is
entitled to get Commission at 1% of Gross Profit and Interest on Capital 5%
p.a.
5) Outstanding
Expenses Wages ₹ 200 & Salaries ₹ 500
6) Create provision for doubtful debts @ 3% on Sundry
Debtors.
********** ALL THE BEST **********
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