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TERM-1, SAMPLE PAPER, , , , ACCOUNTANCY, , Time Allowed: 90 Minutes Maximum Marks: 40, PART - 1, SECTION -A, (From question number 1 to 18, attempt any 15 question), , 1. in absence of Partnership deed, the profits of (a) Debited by % 9,600, a firm are divided among the partners: (b) Debited by % 12,000, (a) In the ratio of Capital (c) Credited by & 9,600, (b) Equally (d) Credited by % 12,000, (c) In the ratio of time devoted to firm’s 5. What will be the correct sequence of events?, , business @ Distribution of Goodwill, (d) According to managerial abilities of (il) Admission of a partner, partners (lll) Valuation of Goodwill, , 2. Issued Capital - 50,000 shares of % 10 each (IV) Change in Profit-sharing ratio, Subscribed Capital - 40,000 shares with ) (0, (i), (UD, (vy), % 8 called up (b) (1), (VY), ©, aD, Calls in arrears - € 25,000 (©) (i), (Y), (I), ©, The amount of paid up Capital will be: (d) ch, Y), ©, WD, (a) & 2,95,000 (b) 2 5,00,000 6. Goodwill 15 O .....sccssveeeensess asset., (©) 23,20,000 (d) & 4,75,000 {a) Tangible (©) Intangible, , 3. Atul Ltd, purchased building from Tara Ltd. (€) Notan asset (d) None of these, for % 18,00,000 and payment was made 7. Anil and Vishal are Partners sharing profits, by issuing shares of Z 100 per share at a fs eet eres of 3: 2. They admitted, premium of % 20. Number of shares issued eae ae 1/Sth share in, by Atul Ltd, to Tara Ltd. will be: tdi souomet a: anon own pon, (0) 7,500 (b) 15,000 ba, (c) 18,000 d) 22,500 (0) 3:2:2 (b) 12:8:5, , 4. A company issued 60,000 shares of & 10 (© 62:1 (@) 3:4:4, each. The amount to be paid as: 7 4 on 8., , application, ¢ 2 on allotment, % 2 on first, call and the remaining money on final call., The called-up value per share was ® 8. The, company forfeited 1,200 shares of Mr. X, for non-payment of first call money. On, forfeiture of shares the share capital account, will be:, , Vaibhav and Vibhor are partners sharing, profits and losses in the ratio of 2: 1. They, admit Sumit into the partnership and the, new profit sharing is 2: 2: 1. The extract, of Balance Sheet on admission of Sumit, showed as follows:
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Balance Sheet (Extract only), , , , , , , , , , , , ], Liabilities | Amount @) Assets | an, r ee ee), The treatment of goodwill on admission () Quality of product., of Sumit will be: (Wl) Nature of business., (@) Debited to old partner's capital account {{I!) Location of business., in old profit sharing ratio. (@@) 1&ll, (b) Debited to all partner's capital account (b) HW &, in new profit sharing ratio, i (o 1&ill, (©) Credited to old partner's capital in (d) All of the above, sacrificing ratio., , (d) Credited to old partner's capital in old, , profit sharing ratio,, 9. If a partner withdraws equal amount at, , end of each month, then, , stseeseeseeresseesse are, considered for interest on total drawings., , (a) 5.5 months (b) 6 months, , (c) 6.5 months (d) 7.5 months, , 10. Which factors affect the value of Goodwill?, , a firm sharing profits equally. Their, fixed capitals were % 2,00,000 and, 2 1,00,000 respectively. The partnership, deed provided for interest on capital, @ 10% per annum. For the year ended 31*, March, 2019 the profits of the firm were, , 11. Radha and Sudha were porters in |, , distributed without providing interest on, , capital, The journal entry to rectify the error, would be:, , , , , , , , , , , , , , , , (Being adjustment of interest on on capital), , - ANTON Shes stant tte anes tebe tee, | Particulars ; LF. | Debit @) Credit @) |, (@) | Sudho's Current Ajc Dr. | 5,000 | |, To Radha’s Current A/c | 5,000 |, |__| Being adjustment of interest on capital) |, () | Radha’s Current Aje Dr. | er.), To Sudha's Current Alc | | 5,000, |(@eing adjustment of interest on copii) | ||, (©) | Interest on Capital A/c Dr. 30,000 |, To Sudho's Current Aje | | 20,000, To Radho’s Current A/c | | 10,000, |__| (Being adjustment of interest on capital) | ie elmer ee he, (d) | Profit and Loss Appropriation Alc Dr, 30,000, | To Sudha's Current A/c | | | 15,000, To Radho's Current A/c | | | 15,000, , , , 12. Pick the odd one out:, (a) Sacrificing Ratio, , (b) Treatment of goodwill, (c) New Profit sharing ratio, (d) Realisation Account, , 13. What, , period would be taken into, , consideration if equal monthly amount is, , 14. Akshara, a shareholder of a company to, , whom 12,000 shares were allotted of Z 100, each, failed to pay allotment money of f 30, per share and call money of % 30 per share., Akshara had paid only application money., Pro-rata allotment Proportion is 5: 6. What, , will be the amount of calls-in-arrears on, allotment?, , . Pa (a) % 3,60,000, drawn me drawings at the beginning of each (b) % 2.64000, (©) 796,000, (a) 5 months (@) None of the above, (b) 6 months 15. Which of the statements are correct?, (©) 6.5 months (® A company is legal entity quite distinct, (@) 7 months, , from its members.
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(tl) A company can buy its own share., , (WI)A shareholder is the agent of the, company., , (V)Same person can be agent and creditor, of the company., , () 1,11, tH are correct, , (b) I, IV, lore correct, , (©) 1,0, V are correct, , (qd) All are correct, , 16. Directors of Glenk Limited forfeited 12,000, , shares of % 100 each of Dharna due to nonPayment of allotment money of % 40 per, share and first & final call money of % 30, Per share, Out of the forfeited shares, 9,000, shares were re-issued at t 80 per share fully, , paid. What amount will be transferred to, Capital Reserve Account?, , (a) % 90,000 (b) % 1,80,000, , (©) & 2,70,000 (d) = 3,60,000, , 417. An asset which Is not fictitious but intangible, , in nature, having realisable value is:, (0) Machinery (b) Building, (ce) Goodwill (d) Furniture, , 18. On the admission of a new partner:, , (a) Old firm is dissolved, , (b) Old partnership is dissolved, , (c) Both old partnership and firm are, dissolved, , (d) Neither partnership nor firm Is dissolved, , PART-1, SECTION - B, (From question number 19 to 36, attempt any 15 question), 19. When is the Partnership Act enforced? which of the following is correct?, , (a) When there is no partnership deed. Codes:, (b) Where there is a partnership deed but (a) Both (A) and (R) are correct and (R) is the, , there are differences of opinion between correct explanation for (A)., , the partners. (b) Both (A) and (R) are correct, but (R) is not, (c) When capital contribution by the the correct explanation for (A)., , partners varies., , (d) When the partner's salary and interest, on capital are not incorporated in the, partnership deed., , 20. If at the time of admission of new portner,, , Profit and Loss Account balance appears in, the books of the firm, it will be transferred, to:, , (a) Profit & Loss Appropriation Account, , (b) All Partners’ Capital Account, , (c) Old Partners’ Capital Account, , (d) Revaluation Account, , 21. The relation of partners with the firm is thet, , of, , (a) An owner, , (b) An Agent, , (c) A principal and an agent, (d) Manager, , 22. Given below are two statements, one, , labelled as Assertion (A) and the other, labelled as Reason (R):, , Assertion (A): Minor partner is entitled to, get his agreed share., , Reason (R): Minor can inspect books of, account of the firm., , In the context of the above two statements,, , 25. What will be the, , (c) (A) is correct, but (R) is incorrect., (d) Both (A) and (R) are incorrect., , 23. At the time of admission of a new partner,, , Premium for goodwill will be distributed, among the partners in their:, , (0) Old Ratio, , (b) New Ratio, , (©) Sacrificing Ratio, , (@) Gaining Ratio, , 24, Rohan and Mohan were partners in a firm, , sharing profits or losses equally. With effect, from 1* April, 2021 they agreed to share, profits in the ratio of 4: 3. Due to change in, profit sharing ratio, Mohan's gain or sacrifice, will be:, , (a) Gain 1/14, , (b) Sacrifice 1/14, , (c) Gain 4/7, , (d) Sacrifice 3/7 r, , value of goodwill at twice, , the average of last three years profit if the, , profits of the last th, 10,000 and? 12,0007" Were * 8,000,, , (a) 7 1,000, , (b) 7 10,000, , (©) % 20,000, , (@) None of these
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26. Given below are two statements, one, , labelled as Assertion (A) and the other, labelled as Reason (R):, , Assertion (A): General Reserve, Reserve, Fund or the balance of Profit & Loss Account, appearing in the Balance Sheet of a firm at, the time of admission of a partner, should be, transferred to Old Partners’ Capital/Current, Account in old profit sharing ratio., , Reason (R): General Reserve, Reserve Fund, or the balance of Profit & Loss Account, appearing is the Balance Sheet of a firm, at the time of admission of a partner, are, resultant of part profits when the new, partner was not admitted., In the context of the above two statements,, which of the following is correct?, Codes:, (a) Both (A) and (R) are correct and (R) is the, , correct explanation for (A)., (b) Both (A) and (R) are correct, but (R) is not, the correct explanation for (A)., (c) (A) is correct, but (R) is incorrect., (d) Both (A) and (R) are incorrect., , 27. King Limited purchased a running business, , from Friends Limited for a sum of % 30,00,000, payable 40% by a cheque and the balance, by issue of fully paid equity shares of % 100, each at a premium of = 20. The assets and, liabilities consisted of the following:, , Building = 12,00,000, Plant & Machinery % 8,00,000, Stock = 5,00,000, Sundry Debtors % 4,30,000, Cash % 90,000, , Sundry Creditors = 2,00,000, How many equity shares were issued by, King Limited to Friends Limited?, (a) 26,200 (b) 25,300, (<) 18,000 (d) 15,000, , 28. ESOP stands for:, , (a) Employee Stock Ownership Plan, , (b) Employee Stock Option Plan, , (c) Employee Stock Option Purchase, , (d) Employee Stock Ownership Programme., , 29. The circumstances when change in profit, , sharing ratio is needed: |, (a) When existing partners decide, , (b) When new partner admitted, , (c) When existing partner retires, , (d) All of these, , 30. 4,000 Equity Shares of = 10 each were issued, , at 8% premium to the promoters of the, , company for their services. Which account, , will be debited?, , (a) Share Capital Account, , (b) Cash Account, , (c) Securities Premium Reserve Account, , (d) Goodwill Account/Incorporation Cost, Account, , 31. Given below are two statements, one, , labelled as Assertion (A) and the other, labelled as Reason (R):, , Assertion (A): The dividend on equity shares, is not fixed., , Reason (R): Equity shareholders enjoy, , preferential right at the time of payment of, , dividend., , In the context of the above two statements,, , which of the following is correct?, , Codes:, , (a) Both (A) and (R) are correct and (R) is the, correct explanation for (A)., , (b) Both (A) and (R) are correct, but (R) is not, the correct explanation for (A)., , (c) (A) is correct, but (R) is incorrect., , (d) Both (A) and (R) are incorrect., , 32. in a firm NP Enterprises, N and P are partners sharing profits and losses in the ratio of 5: 3. They, , admit Q as a new partner for 1/6th share in profit. Goodwill appears in the Balance Sheet % 40,000, at the time of admission of Q. What journal entries should be passed in the books of the firm after, , , , , , , , the admission of Q for Goodwill?, S. No. 7 Particulars Amount Amount, (a) N's Capital A/c Dr. 25,000, P’s Capital A/c Dr. 15,000, To Goodwill A/c 40,000, (b) N's Capital A/e Dr. 30,000, P’s Capital A/c Dr. 10,000, To Goodwill A/c 40,000
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© N's Capital A/c Dr. 22,000, . P's Capital A/c Dr. 18,000, To Goodwill A/c 40,000, @ N's Capital A/c Dr. 15,000, P’s Capital Ajc Dr. 25,000, To Goodwill A/c 40,000, , , , , , , , , , 33. One of the conditions, in addition to others,, for the allotment of shares by a company Is:, , (a) Resolution in General Meeting, (b) Receiving Minimum Subscription, (c) Full Subscription by Public, , (d) Full Payment on Application, , 34. Which of the following is a temporary, , representative personal account of shareholders?, , (a) Share Application Account, , (b) Share Allotment Account, , (c) Share Application & Allotment Account, (d) All of the above, , 35. Minku and Cinku are partners. According to, Profit and Loss Account, the net profit for, , PART-I, , the year is & 2,00,000. The total interest on, partner's drawings is & 1,000. Minku's salary, is % 40,000 per year and Cinku's salary is, % 3,000 per month. The net profit as per Profit, and Loss Appropriation Account will be:, , (a) % 1,58,000 (b) % 1,56,000, , (©) % 1,25,000 (d) % 1,23,000, , 36. Which of the following will define, when, , appropriation of a certain number of shares, is made to an applicant in response to his, application?, , (a) Share Allotment, , (b) Share Forfeiture, , (c) Share Trading (d) Share Purchase, , SECTION - C, (From question number 37 to 41, atternpt any 4 question), , Question no.'s 37 and 38 are based on the, hypothetical stituation given below., , - Cosmos Limited is engaged in manufacturing, of electric two-wheeler ports. Because of the, significant growth potential in this segment,, the company has decided to expand, which, will necessitate an extra expenditure of, 2 20,00,000 for this reason. The Board, of Directors has agreed that 75% of the, required funds would be raised through issue, of equity shares, with the remaining funds, coming from long-term debt., , According to company's Memorandum of, Association, the face value of Equity shares, is 2 100 each. Also, considering the market, standing of the company these shares would, be issued at a premium of 25%.Directors, decided to issue sufficient shares to collect, the required amount {including premium)., The prospectus was issued to public, and the, issue was oversubscribed by 2,50,000 shares, which were issued letters of regret Answer, the following questions considering thot the, entire amount was payable on application., , 37. The total amount collected on application, would be:, , (a) % 14,50,00,000, (b) % 15,12,50,000, (c) = 17,50,00,000, , (d) € 18,12,50,000, , 38. Cosmos Limited offered emu f, shares for issue. —, (a) 15,00,000 (b) 12,00,000, (©) 20,00,000 (d) 4,00,000, , Question no’s 39, 40 and 41 are based on, the hypothetical situation given below., Kanika and Shalini completed their B.Tech., from a renowned institute and were office, colleagues, but they were not happy with, their 9 to 5 job and wanted to start their, own business and be their own boss. So they, decided to start a business in partnership., On 1* April 2020 they started their, food business in partnership Kasha Food, Court, initially contributing ® 250,000 and, ® 1,00,000 respectively. They agreed to share, profits and losses in the ratio of 3: 2, On a July, 2020 Shalini introduced an, additional Capital of % $0,000 to start the, food delivery service. Following information is, ca regarding the partnership:, nika and Shalini, each \lowed, salary of % 2,500 per ae 7
