KENDRIYA VIDYALAYA NO.

1 KUNJABAN, AGARTALA (TRIPURA)

PERIODIVC TEST CUM MONTHLY TEST FOR THE MONTH OF AUGUST 2020
TIME: 90 MIN. Class: XII SUB: Accountancy M.M. : 40

BLUE PRINT OF THE QUESTION PAPER

SN TYPOLOGY 1M 3M 4M 6M 8M TOTAL
1 REMEMBTERING 2 1 8(3)
2 UNDERSTANDING 1 1 1 15(3)
3 APPLYING 2 1 1 9(4)
4 ANALYSING AND 5 1 8(6)
EVALUATION
TOTAL 10X1 2X3 1X4 2X6 1X8 40(16)

Instructions:. Attempt all the question.

Q.1 State any two sources of earning of an NPO. [1]

Q.2 Differentiate b/w “Receipt & Payment Account” and “Income &
Expenditure Account” [1]
OR
Differentiate between Dissolution of Partnership and Dissolution of a
Partnership Firm on the basis of ‘Court’s Intervention.’

Q.3 State any two items to be presented on the debit side of capital account of a
existing partners. [1]

Q.4 P, Q and R were partners in a firm. On 1 st April 2019, R has advanced a

loan of Rs. 5,00,000 to the firm in addition to his capital and agreed to
receive interest on this amount as per the provisions of Partnership Act,
1932. State the amount of interest which will be paid to R at the end of the
year 2019-20. [1]

Q.5 What is meant by gaining ratio and sacrificing ratio? [1]

OR
Mr. X, a partner has drawn Rs. 4,000 at the beginning of every month. Pass
the journal entry of interest on his drawings if rate of interest on drawings is
6% p.a.

Q.6 How are Specific donations treated while preparing final accounts of a
‘Not-For-Profit Organisation’? [1]
OR
State the basis of accounting of preparing ‘Income and Expenditure
Account’ of a Not-For-Profit Organisation.
Q.7 A B C were partners in a firm sharing profits and loss in the ratio of 3:2:1.
On 1st April 2019 partners decided to share profits and losses in future
equally. On that that firm has an IFR of Rs. 30,000 and Investment of Rs.
4,00,000. The market value of investment was Rs. 3,88,000. [1]
Pass necessary journal entry in the books of the firm for the treatment of
IFR.

Q.8 A not-for-profit organisation prepares three financial statements, one of

which is the Income and Expenditure Account. Name the other two
financial statements prepared by it. [1]

Q.9 State the two situations under which interest on capital is generally
provided. [1]
OR
State any two provisions which are applicable in the absence of partnership
deed.

Q.10 Give the accounting entry for unrecorded assets in case of reconstitution of
a partnership firm. [1]

Q.11 The capital of the firm of Anuj and Benu is Rs 10,00,000 and the market
rate of interest is 15%. Annual salary to the partners is Rs 60,000 each. The
profit for the last three years were Rs 3,00,000, Rs 3,60,000 and Rs
4,20,000. Goodwill of the firm is to be valued on the basis of two years
purchase of last three years average super profits. Calculate the goodwill of
the firm. [3]

Q.12 How the following items for the year ended 31st March, 2018 will be
presented in the financial statements of Aisko Club : [3]

Particulars Debit Amount (Rs) Credit Amount (Rs)

Tournament Fund - 150000
Tournament Fund 150000 -
Investments
Income from - 18000
Tournament Fund
Investments
Tournament Expenses 12000 -

Additional Information :
Interest Accrued on Tournament Fund Investments Rs 6,000

Or
 From the following information, calculate the amount of subscription to be
credited in the Income and Expenditure Account of Bharat Sports Club for
the year ending 31.3.2018.
Particulars For the year ended 31st For the year ended31st
March, 2017 (Rs) March, 2018 (Rs)
Advance Subscription 8000 9500
Outstanding 7000 12500
Subscription
During the year, the club received Rs 1,20,000 as subscription which
included Rs 5,000 for the year ending 31st March, 2017.

Q.13 The following is the Balance Sheet of X, Y and Z who share profits and
losses equally as at 1st April 2012:
Liabilities Amount Assets Amount
Capitals A/cs Land and Building A/c 50000
X 30,000 Furniture A/c 20000
Y 20,000 Stock A/c 30000
Z 20,000 70000 Debtors A/c 25000
General Reserve 57000 Advertisement Sus. A/c 27000
Bills Payable 25000 Cash at Bank 5000
Creditors 5000
157000 157000
On the above date, the partners changed their profit-sharing ratio to 2 : 2 :
1. The following issues are agreed upon: [4]
(a) Goodwill is valued at Rs. 30,000
(b) Land and Building are to be increased by 4,000 and Furniture is to be
decreased by Rs. 10,000
Prepare revaluation account and partner’s capital account.
.
OR

Radhika, Bani and Chitra were partners in a firm sharing profits and losses
in the ratio of 2 : 3 : 1. With effect from 1st April, 2018 they decided to
share future profits and losses in the ratio of 3 : 2 : 1. On that date their
Balance Sheet showed a debit balance of Rs 24,000 in Profit and Loss
Account and a balance of Rs 1,44,000 in General Reserve. It was also
agreed that :
(a) The goodwill of the firm be valued at Rs 1,80,000.
(b) The Land (having book value of Rs 3,00,000) will be valued at Rs
4,80,000.
Pass the necessary journal entries for the above changes.
Q.14 From the following Receipts and Payments Account and additional
information, prepare Income and Expenditure Account and Balance Sheet
of Sears Club, Noida as on March 31, 2018. [6]
Receipts and Payments Account of Sears Club for the year ended 31.03.2018
LIABILITIES AMOUNT ASSETS AMOUNT
Balance b/d 20000 By Stationery 23400
To Subscription By 12% Investment 8000
2016-17 40000 By Electricity Expenses 10600
2017-18 94000 By Expenses on Lecture 30000
2018-19 7200 141200 By Sports Equipment 59000
To Donations for Building 40000 By Books 40000
To Interest on Investment 800 By Balance C/d 50000
To Government Grant 17400
To Sale of Old Furniture 1600
(Book value Rs. 4000)
221000 221000
Additional Information:
(i) The club has 200 members each paying an annual subscription of Rs
1,000. Rs 60,000 were in arrears for last year and 25 members paid in
advance in the last year for the current year.
(ii) Stock of stationery on 1-4-2017 was Rs 3,000 and on 31-3-2018 was Rs
4,000.
Q.15 X and Y are partners in a firm sharing profits and losses in the ratio of 2:3.
Their Balance Sheet as at 31st March, 2013 was: [6]
Liabilities Amount Assets Amount
Employee's Provident Fund 36000 Cash and Bank 9000
Creditors 20000 Debtors 76,000
Workmen's Compensation Reserve 10000 Less: Provision for D/D 4,000 72000
Profit & Loss A/c 5000 Stock 30000
Capitals A/cs Investments (Market Value Rs. 1,12,000) 120000
X 1,60,000 Furniture and Fixtures 30000
Y 2,40,000 400000 Machinery 80000
Building 130000
471000 471000

On 1st April 2013, they admitted Z for 1/5 share in profits, which he
acquires from X and Y in their original profit sharing ratio. The other terms
of agreement were:
(1) Goodwill of the firm to be valued at Rs. 1,00,000.
(2) Z was to bring in Rs. 1,20,000 as his capital and the necessary amount
for the share of goodwill.
(3) Provision for Doubtful Debts were found in excess by Rs. 1,000.
(4) Furniture and Fixtures were valued at Rs. 24,000
(5) Building was found undervalued by Rs. 32,000 and Machinery
overvalued by Rs. 4,000
(6) The liability against Workmen’s Compensation Reserve is determined
at Rs. 4,000
 Prepare the necessary ledger accounts and the Balance Sheet of the new
firm.

OR

Sonu and Rajat started a partnership firm on April 1, 2017. They

contributed Rs 8,00,000 and Rs 6,00,000 respectively as their capitals and
decided to share profits and losses in the ratio of 3 : 2. The partnership deed
provided that Sonu was to be paid a salary of Rs 20,000 per month and
Rajat a commission of 5% on turnover. It also provided that interest on
capital be allowed @ 8% p.a. Sonu withdrew Rs 20,000 on 1st December,
2017 and Rajat withdrew Rs 5,000 at the end of each month. Interest on
drawings was charged @ 6% p.a. The net profit as per Profit and Loss
Account for the year ended 31st March, 2018 was Rs 4,89,950. The
turnover of the firm for the year ended 31st March, 2018 amounted to Rs
20,00,000.
Pass necessary journal entries for the above transactions in the books of
Sonu and Rajat.

Q.16 Sanjana and Alok were partners in a firm sharing profits and losses in the
ratio 3 : 2. On 31st March, 2018 their Balance Sheet was as follows: [8]
Balance Sheet of Sanjana and Alok as on 31-3-2018
LIABILITIES AMOUNT ASSETS AMOUNT
Sundry Creditors 60000 Cash 166000
Workmen Compensation Fund 60000 Debtors 146000
Less: Prov. 2000 144000
Stock 150000
Capitals: Investment 260000
Sanjana 500000 Furniture 300000
Alok 400000 900000

1020000 1020000
On 1st April, 2018, they admitted Nidhi as a new partner for 1/4th share in
the profits on the following terms :
(a) Goodwill of the firm was valued at Rs 4,00,000 and Nidhi brought the
necessary amount in cash for her share of goodwill premium, half of which
was withdrawn by the old partners.
(b) Stock was to be increased by 20% and furniture was to be reduced to
90%.
(c) Investments were to be valued at Rs 3,00,000. Alok took over
investments at this value.
(d) Nidhi brought Rs 3,00,000 as her capital
Prepare Revaluation Account, Partners Capital Accounts and the Balance
Sheet of the reconstituted firm on Nidhi’s admission.