ACCOUNTANCY - II MID - Quastion paper

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School
Excel High School **We aren't endorsed by this school
Course
FINAL EXAM EESXVI (REMOTELY PROCTORED) 1456
Subject
Accounting
Date
Jun 22, 2023
Pages
7
Uploaded by JusticeHeat20994 on coursehero.com
ACCOUNTANCY II-PUC MID-TERM-Question paper SECTION - A ANSWER ANY 8 QUESTIONS - EACH QUESTION CARRIES 1 MARK. 1. Government Grant is treated as ___ receipt 2. State the minimum number of persons requested to form a partnership. 3. Accumulated profits are transferred to all partners' capital account including new partner (True / False) 4. Amount due to deceased partner is settled in the following manner..... a. Immediate full payment b. Transferred to loan account c. Partly paid in cash and balance bestirred to loan account. d. All of the above 5. Profit on forfeited shares is transferred to ___ account 6. Name any one method of redemption of debentures. 7. Write one objectives of Financial statements. 8. Comparative Statements analysis is also known as ___ 9. Expand EPS 10.What is the standard ratio of current ratio SECTION - B ANSWER ANY 5 QUESTIONS - EACH QUESTION CARRIES 2 MARK. 11.What is capital fund ? 12.Write any two contents of partnership deed. 13.State any two methods of valuation of goodwill 14.Give the journal entry for a liability taken over by a partner on dissolutions of firm. 15.What is oversubscription. 16.Write any two advantages of financial statements. 17.State any two types of shores 18.What is trend analysis SECTION - C ANSWER ANY 4 QUESTIONS - EACH QUESTION CARRIES 6 MARK. 19.Mahesh a partner is firm withdraw the following amounts during the year ended 31.03.2018 01/05/2017 Rs. 10,000 Page 1 of 7
30/09/2017 Rs. 8,000 01/11/2017 Rs. 7,000 31/01/2018 Rs. 12,000 Calculate interest on his drawings at 9% P.a under product method. 20. Ankit and suchet partners in a firm sharing profits and losses in the ratio of 3:2 they admitted Ramesh into the partnership giving him 1/5 th share which he acquire from prakash and akash in 2:1 ratio. Calculate New profit sharing ratio. 21.A, B, C are - the partners in a business sharing profit and losses in the ratio of 2:2:1 respectively. This balance sheet as on 31/03/2017 was a follows: LIABILITIES AMOUNT ASSETS AMOUNT Capitals A - 6,00,000 Fixed Assets 15000 B - 1,00,000 Investments 70000 C - 40000 2,00,000 Current Assets 130000 Reserve fund 50000 Creditors 100000 350000 350000 Credited on 30.08.2017 the partnership deed provides the following. a. The deceased partner will be entitled to his share of profit up to the date of death calculated on the basis of previous year's profit. b. He will be entitled to his share of goodwill of the firm calculated on the basis of 3 years purchase of overage of last 4 years profits. The profits for last 4 years are given below : 2013-2014 : Rs. 80,000 2014-2015 : Rs. 50,000 2015-2016 : Rs. 40,000 2016-2017 : Rs. 30,000 c. Interest on capital is to be allowed at 12% P.a 22.From the following particulars, calculate current ratio and quick ratio. Investments Rs. 120000 Trade Receivables Rs. 90000 Cash in Hand Rs. 22800 Page 2 of 7
Current investment Rs. 7200 Trade Payables Rs. 234000 Proposed dividend Rs. 6000 Bank Over Draft Rs. 60000 23. The Partnership agreement between Manesh and Girish provides that : i. Profit will be shared equality ii. Girish who manages the sales department will be allowed a commission equal to 10% of the net profits after allowing Manesh's salary. iii. Manehs will be allowed a salary of Rs. 400 P.M iv. 7% interest will be allowed on partners fixed capital. v. The fixed capital of Maneesh and Girish are Rs. 1,00,000 and Rs. 80,000 respectively. Their annual drawings were Rs. 16,000 and 14,000 respectively. The net profit for the year ending 31.03.2006 amounted to Rs. 40000 prepare firms profit and low appropriation A/c. 24. From the following particulars taken from the cash book of health club, prepare a receipts and payments account. Cash in hand Rs. 5000 Cash at Bank Rs.25000 Subscriptions Rs. 165000 Donations Rs. 35000 Investment Purchased Rs. 80000 Rent Paid Rs. 20000 General Expenses Rs.21500 Postage and stationery Rs. 2000 Couriers charges Rs.1000 Sundry expenses Rs. 2500 Closing cash in hand Rs. 12000 25. Anand Co Ltd issued 10000 10% debentures at Rs.100 each payable as : Rs. 10 on application Rs. 50 on allotment Rs. 30 on first and final call Page 3 of 7
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