Q1. Q2. Q3. Q4. Q5. Q6.
Part A Why should a new partner contribute towards Goodwill on his admission? List any two contents of a partner ship deed? Can a company issue a share having face value of Rs 10 at Rs 8 Give two examples of ‘Capital receipts’. Give two circumstances in which sacrificing ratio may be applied
(1) (1) (1). (1) (1)
Show how you would deal with the following items in the final accounts of a club: (3) Debit credit
Prize fund Prize fund Investments 1,20,000 Income from Prize fund Investments Prizes awarded 9000 Q7. 1,20,000 12000
A,B and C are partners sharing profits and losses in the ratio of 1 : 2: 3. They have omitted interest on capital @ 8% p.a. for two years ended 31st March, 2008. Their fixed capitals were Rs. 400000, Rs 600000 and Rs 800000 respectively. Pass the necessary adjusting entry. (3) Raghav limited purchased a running business from Krishna traders for a sum of Rs. 15,00,000 payble Rs 3,00,000 by cheque and for the balance issued 9% debentures of Rs. 100 each at par. (3) The assets and Liabilities consisted of the following: Rs Plant and Machinery 400000 Buildings 600000 Stock 500000 Sundry Debtors 300000 Sundry Creditors 200000 Record necessary journal entries in the books of Raghav Limited.
A and B are partners in a firm sharing profits in the ratio of 7:5. On April 1,2004 they admit C as a new partner for (1/6)th share. The new ratio will be 13:7:4. C contributed the following assets towards his capital and for his share of Goodwill. Stock Rs. 60000; debtors RS 80000; Land 20000; Plant and Machinery Rs 120000. On the date of admission of C, the Goodwill of the firm was valued at Rs 750000. Record necessary journal entries in the books of the firm on C’s admission and prepare C’s capital account. Copyright 2010 National Network of Education Pragati Infosoft Pvt. Ltd.
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Q10. CMC Ltd. Invited applications for issuing 100000 equity shares of Rs. 10 each at a premium of Rs 3 per share. The whole amount was payable on application. The issue was over subscribed by 30000 shares and allotment was made on pro-rata basis. Pass journal entries. (4) Q11. X and Y are partners in a firm sharing profits in 3:2 ratios. They admitted Z as a new partner and the new profit- sharing ratio will be 2:1:1. Z brought Rs 10000 for the share of Goodwill. Goodwill appeared in the books of X and Y at Rs. 5000. Pass the necessary Journal entries in the books of the new firm for the above transactions. (4) X Ltd. Made on issue of 2000. 15% debentures of Rs. 100 each of these, debentures of the face value of Rs. 50000 are to be redeemed annually commencing from 1996, either by drawings at par or by purchase in the open market at the company’s option. During 1996, the company purchased for cancellation of Rs 40000 debentures at Rs 95 and Rs 10000 debentures of Rs. 98. The expenses of purchases amounted to Rs. 500 Make necessary journal entries to be passed 1996. Q13. From the following receipts and payments Account of Sonic club and from the given additional information prepare the expenditure on account of salaries for the year ending 31st December,2006 and show the salaries item in the income and expenditure Account and the balance sheet as on 31st December, 2006. AN EXTRACT OF RECEIPTS AND PAYMENTS ACCOUNT For the year ending 31st December, 2006 Receipts Rs Payments By salaries: 2005 2006 2007 Rs
20000 280000 18000
Additional Information (i) Salaries outstanding on 31st Dec,2005 (ii) Salaries outstanding on 31st Dec,2006 (iii) Salaries paid in advance on 31st Dec,2005
Rs. 25000 45000 10000
Q14. A,B and C were partners in a firm sharing profits in the ratio of 5:3:2. On 31st March, 2003 their Balance sheet was as under:
Liabilities Creditors Reserves A’s capital 30000 B’s capital 25000...