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.