CBSE Important Questions
Q. 1. Name any two items which are recorded in debit side of Partners’ Capital Accounts when they are prepared in fixed. (1 marks)
Q. 2. Name the agreement between the partners. (1 marks)
Q. 3. Why is the Sacrificing Ratio required ? (1 marks)
Q. 4. Define Goodwill. (1 marks)
Q. 5. What is Reserve Capital ? (1 marks)
Q. 6. Under which Act the Government Companies are registered ? (1 marks)
Q. 7. Under which head the “ Discount on Issue of Debenture” are recorded? (1 marks)
Q. 8. What are the conditions of issuing shares at discount ? (1 marks)
Q. 9. Asha, Nishi and Viku shared profits in 2:2:1 ratio. Their capitals were fixed Rs.1,50,000, Rs.2,00,000 and Rs.50,000 respectively. During the year 2006, the interest on capital was credited to them @9% instead of 10%.Give an adjustment entry to rectify the error. (3 marks)
Q. 10. What do mean by issue of debentures as collateral securities ? How it ia shown in the Balance Sheet ? (3 marks)
Q. 11. Kalyan Ltd. Purchased a machine for Rs.2,00,000 from XY Ltd. Rs.65,000 were paid immediately through cheque and the balance by issuing 6% Debentures of Rs.1,000 each at a discount 10 %. Pass necessary journal entries in the books of Kalyan Ltd. (4 marks)
Q. 12. John Ibrahm, a partner in Modern Tours and Travels withdrew money during the year ending March 31, 2006 from his capital account, for his personal use. Calculate interest in drawings in each of the following alternative situations, if rate of interest is 9 per cent per annum.
- If he withdrew Rs. 3,000 per month at the beginning of the month.
- If an amount of Rs. 3,000 per month was withdrawn by him at the end of each month
- If the amounts withdrawn were : Rs. 12,000 on June 01, 2005, Rs. 8,000; on August 31, 2005, Rs. 3,000; on September 30, 2005, Rs. 7,000, on November 30, 2003, and Rs. 6,000 on January 31, 2006 (4 marks)
- Distinguish between gaining ratio and sacrificing ratio
- Muni and Manju were partners who shared profits in the ratio of 4 : 1 and having their capitals Muni Rs.20000 and Manju Rs.30000.They admitted Sarita for 1/5th of profits.sarita brings Rs.12000 for her share of capital. Pass journal entries for goodwill. (2 + 2 marks)
Q. 14. Amit, Babu and Charu set up a partnership firm on April 1, 2006. They contributed Rs. 50,000, Rs. 40,000 and Rs. 30,000, respectively as their capitals and agreed to share profits and losses in the ratio of 3 : 2 : 1. Amit is to be paid a salary of Rs. 1,000 per month and Babu, a Commission of Rs. 5,000.It is also provided that interest to be allowed on capital at 6% p.a. The drawings for the year were Amit Rs. 6,000, Babu Rs. 4,000 and Charu Rs. 2,000. Interest on drawings of Rs. 270 was charged on Amit’s drawings, Rs. 180 on Babu’s drawings and Rs. 90, on Charu’s drawings. The net profit as per Profit and Loss Account for the year ending March 31, 2006 was Rs. 35,660.Prepare the Profit and Loss Appropriation Account to show the distribution of profit among the partners. (4 marks)
- X Ltd forfeited 50 Equity Shares of Rs.10 each issued at 10% discount for non-payment of Rs.3 per share for calls. These shares were reissued at Rs.7 per share. Pass journal entries.
- What do you mean by Minimum Subscription ? (2 + 2 marks)
Q. 16.Dinesh, Ramesh and Suresh are partners in a firm sharing profits and losses in the ratio of 3:3:2. They decided to share the profits equally w.e.f. April 1, 2007.
Their Balance Sheet as on March 31, 2007 was as follows :
|Liabilities||Amount Rs.||Assets||Amounts Rs.|
|Sundry Creditors||1,50,000||Cash at Bank||40,000|
|General Reserve||80,000||Bills Receivable||50,000|
|Partner's Loan :||Sundry Debtors||60,000|
|Ramesh 30,000||70,000||Fixed Assets||2,80,000|
|Partners Capital :|
It was also decide that :
- The fixed assets should be valued at Rs. 3,31,000.
- A provisions of 5% on sundry debtors be made doubtful debts.
- The goodwill of the firm at this date be valued at 412 years purchase of the average net profits of last, five years which were Rs. 14,000; Rs. 17,000;Rs. 20,000; Rs. 22,000 and Rs. 27,000 respectively.
- The value of stock be reduced to Rs. 1,12,000.
- Goodwill was not to appear in the books. Pass the necessary journal entries and prepare the revised Balance sheet of the firm. (6 marks)
Q. 17. Gouda Ltd invited applications for 50,000 , 12% Preference Shares of Rs.50 each at a discount of 10%. The amount was payable as follows:
Balance on First & Final call Applications for 75,000 shares were received . Applications for 15,000 shares were rejected and remaining applicants were allotted on pro-rata basis. All moneys were duly received except the allotment and the final call on 2,000 shares. The Directors forfeited these shares . Out of these shares , 1,500 shares were re-issued at rs.85 per share as fully paid up . Record the necessary journal entries in the books of the Gouda Ltd. (8 marks)
Q. 18. Niskarsh and Atulesh were partners sharing profits in the ratio of 3:2. Their Balance sheet on 30th June 2006 was :-
Niskarsh - Rs.40,000
Less-Provision Rs. 1,500 Plant
On this date Tanmaya was admitted in the Partnership Firm on the following terms:-
- Tanmaya would bring cash for his capital equal to 1/5th of the share and brought Rs.10,000 as his share of goodwill.
- The liabilities against Workmen Compensation Fund would be determined Rs.3,000
- The value of building increased by Rs.15,000 and Plant revalued at Rs.20,000
- Provision for bad debt is to be maintained at 10% on debtors.Prepare Revaluation A/C, Partners’ Capital A/c and Balance Sheet of the new firm after the admission of Tanmaya. (8 marks)