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PART - A (Accounting For Partnership Firms And Companies)
Question 1: Anita and Priyal were partners in a firm sharing profits and losses in the ratio of 3: 2. On 1stApril, 2024, their capital accounts showed balances of Rs 3,00,000 and 7,400,000 respectively. The partnership deed provided for interest on capital @ 8% p.a. The firm earned a profit of Rs 28,000 for the year ended 31st March, 2025. Interest on capital allowed to Anita and Priyal was?
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(A) Anita Rs 24,000 and Priyal Rs 32,000
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Question 2:
Assertion (A): Goodwill is an intangible asset.
Reason (R) : Goodwill is the value of the reputation of a firm in respect of profits expected in future over and above the normal profits.
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(A) Both assertion and reason are correct and reason is the correct explanation of assertion.
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Question 3: A portion of the uncalled capital reserved by a company to be called only in the event of winding up of the company is called
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(D) Rserve Captial
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Question 4: Dinesh, Siddharth and Naina were partners in a firm sharing profits and losses in the ratio of 5: 3: 2. On 31st March, 2025, they decided to dissolve the firm. On this date, the firm had debtors amounting to Rs 2,10,000 and provision for doubtful debts of Rs 20,000. On dissolution, debtors of Rs 10,000 proved bad and the remaining debtors realised 90%. Amount realised from debtors will be :
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(C) Rs 1,80,000
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Question 5: Asha, Manan and Niyati were partners in a firm sharing profits and losses in the ratio of 3: 2: 1. With effect from 1st April, 2025, they agreed to share profits and losses equally. Due to change in the profit sharing ratio, Asha's gain or sacrifice will be?
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(A) Sacrifice 1/6
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Question 6: A business earned an average profit of Rs 2,00,000 during the last few vears. The value of net assets of the business is Rs 17.00,000 and the normal rate of return in a similar business is 10%. The value of goodwill of the business by capitalisation of super-profits method will be:
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(C) 3,00,000
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Question 7:
(a) —---------debentures refer to those debentures where a charge is created on the assets of the company for the purpose of payment in case of default.
(b) As per the provisions of Companies Act, 2013, the amount received as Securities Premium cannot be utilised to
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a - (B) Secured Debenture
b - (C) Purchase fixed assets
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Question 8: Ankur and Angad were partners in a firm sharing profits and losses in the ratio of 8: 7. On 1st July, 2024. Angad advanced a loan of Rs 8,00,000 to the firm. There is no partnership deed. Angad demands interest on loan @ 10% p.a. On 31st March, 2025, the amount of interest on loan due to Angad will be:
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(A) Rs 36,000
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Question 9: (a) Rohan and Meeta were partners in a firm profits and losses in the ratio of 5: 4. Their capitals were 3,00,000 and Rs 2,00,000 respectively. They admitted Kabir as a new partner for 1/5th share in the profits of the firm. Kabir brought Rs 1,50,000 as his capital. Kabir's share in the goodwill of the firm was:
(b) Ravi, Nisha and Priya were partners in a firm sharing profits and losses in the ratio of 4: 3: 1. Ravi retired and the balance in his Capital Account after making necessary adjustments on account of reserves and revaluation of assets and re-assessment of liabilities was Rs 2,40,000. Nisha and Priya agreed to pay him Rs 2, 70.000 in full settlement of his claim. The value of goodwill of the firm was:
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a - (B) Rs 20,000
b - (C) Rs 60,000
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Question 10: (a) Ravi, Sohan and Neena were partners in a firm sharing profits and losses in the ratio of 5: 3: 2. On 1st April 2025, Sohan retired and his share was taken up by Ravi and Neena in the ratio of 2: 1. The new profit sharing ratio between Ravi and Neena will be:
(b) Kunal. Raj and Leela were partners in a firm sharing profits and losses in the ratio of 4: 3: 2. On 1st April, 2025, Kunal retired. Raj and Leela decided to share profits in the future in the ratio of 5: 3. The gaining ratio between Raj and Leela will be
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a - (B) 7:3
b - (C) 21:11
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Question 11: (a) 6,000 shares of Rs 25 each were forfeited for non-payment of final call money of Rs 5 per share. The maximum discount that the company can allow on reissue of these shares will be:
(b) 5,000 shares of Rs 20 each were forfeited for non-payment of second and final call of Rs 4 per share. The minimum amount that the company must collect at the time of reissue of these shares
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a- (C) Rs, 1,20,000
b - (A) Rs 20,000
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Question 12: Nishi ltd. issued 80.000. 11% Debentures of Rs 100 each at a premium of 9%, redcemable at a premium of 7%. 'Loss on Issue of Debentures Account will be debited in the books of nishi limited..
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(C) Rs 5,50,000
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Question 13: Ravi, Sunil and Amit were partners in a firm sharing profits and losses in the ratio of 4:3: 5. On 1st April, 2025, Ravi retired. Sunil and Amit decided to share future profits in the ratio of 2: 3. After all adjustments with respect to general reserve, goodwill and revaluation, etc. the balances in the capital accounts of Ravi, Sunil and Amit stood at Rs 3,00.000, Rs 2,40,000 and Rs 3,60,000 respectively. It was decided that the amount payable to Ravi will be brought by Sunil and Amit in such a way so as to make their capitals proportionate to their new profit sharing ratio. The amount brought in by Sunil and Amit will be:
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(B) Sunil Rs 1,20,00 and Amit Rs 1,80,000
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Question 14: Glaze Ltd. purchased land and building worth Rs 3,84,000 from Sia Ltd. The purchase consideration was paid by issue of 8% Debentures of Rs 100 each at 4% discount. The number of debentures issued by Glaze
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(D) 4,000
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Question 15: (a) Reena and Teena were partners in a firm shanng profits and losses in the ratio of 2: 1. Teena withdrew Rs 20.000 at the beginning of each month during the year ended 31st March, 2025. Interest on drawings was to be charged @ 6% per annum. Interest on Teena's drawings for the year ended 31st March, 2025 will be:
(b) Rohan and Sohan were partners in a firm shanny profits and losses equally. Rohan withdrew Rs 15,000 at the beginning of each quarter during the year ended 31st March, 2025. Rohan's drawings will be calculated for an average
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a- (A) Rs 7800
b - (C) 71/2 months
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Question 16: P, Q and R were partners in a firm sharing profits and losses in the ratio of 6:5:4. They admitted S as a new partner for 1/8th share in the profits of the firm. It was agreed that Q would retain his original share. The sacrificing ratio of P and R will be
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(C) 3:2
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Part - II (Analysis of financial Statements)
Question 27: The Debt-Equity Ratio of a company is 2: 1. Which of the following transactions will increase the Debt-Equity Ratio?
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(B) Issue of 8% Debentures Rs 5,00,000
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Question 28: (a) Which of the following statements are corrcet?
(b) Ratios that are calculated for measuring the efliciency operations of business based on effective utilisation of resources are called:
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a - (D) I and IV
b - (A) Turnover rATIOS
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Question 29: Choose the correct option from the following (Statements were given)
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(A) Sattement I is true and statement II is false
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Question 30:
(a) The following information was obtained about the cash flows of XYZ Ltd. for the year ended 31st March:
(b) The following information was obtained from the books of PQR Ltd.:
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a - (C) 26,000
b - (B) Rs 62,000
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