KAMALANI

KETANMONTESSSERISCHOOL(
CBSE)

IMI
DTERM 2021-
22

CLASSXI
I MAXMARKS40

SUB;
ACCOUNTANCY TI
ME90MTS

PARTA (
11X1=11)

1.Which oft he f
oll
owi
ng i
s notan exampl
e of Not
-f
or-
prof
it
or
ganizat
ion:

a)Spor
tscl
ub

b)col
l
ege

c)Hospi
tal
s

d)Pr
ivat
eEnt
erpr
ise

2.Recei
ptsandPay
ment
sAccounti
s:

a)Per
sonalA/
c

b)RealA/
c

c)Nomi
nal
A/c

d)Pr
ofi
tandLossA/
c

3.I
ncomeandEx
pendi
tur
eA/
cis:

a)Per
sonal
A/c

b)Real
A/c

c)Nomi
nal
A/c

d)CashA/
c

4.I
dent
if
ycapi
tal
recei
ptf
rom t
hef
oll
owi
ng:

a)Li
feMember
shi
pFees

b)RentRecei
pt

c)Ent
rancef
ees
d)Spor
tsexpenses

5.When equalamount
sar ewithdrawn i
nt he begi
nni
ng ofeach
quar
terdur
ingt
heyear,t
hei
nterestondrawingswil
lbecalcul
ated
as:
a)Tot
alDr
awi
ngs×Rat
e/100×7.
5/12
b)Tot
alDr
awi
ngs×Rat
e/100×8/
12
c)Tot
alDr
awi
ngs×Rat
e/100×4.
5/12
d)Tot
alDr
awi
ngs×Rat
e/100×6/
12
6.Rentgi
vent
oapar
tner
:
a)i
sachar
geonpr
ofi
t
b)i
sashar
eofpar
tner
’spr
ofi
t
c)i
sanappr
opr
iat
ionofpr
ofi
t
d)Al
loft
heabov
e
7.Theagr
eementamongt
hepar
tner
s
a)Shoul
dbewr
it
ten
b)Shoul
dbev
erbal
c)Maybeei
therwr
it
tenoror
al
d)Noneoft
hese
8.Theliabi
li
tyofthepar
tner
sinapar
tner
shi
pfi
rm underI
ndi
an
Par
tnershi
pAct,
1932i
s
a)Li
mit
ed
b)Unl
i
mit
ed
c)NoLi
abi
l
ity
d)Dependi
ngont
hesi
tuat
ion
9.I
fdat
eofdr
awi
ngsi
snotgi
ven,
int
eresti
scal
cul
atedf
or
a)12mont
hs
b)7Mont
hs
c)6Mont
hs
 d)(
d)3Mont
hs
10. I
ncaseoff
ixedcapi
tal
s,par
tner
swi
l
lhav
e
a)Cr
edi
tbal
ancesi
nthei
rCapi
tal
Account
s
b)Debi
tbal
ancesi
nthei
rCapi
tal
Account
s
c)mayhav
ecr
edi
tordebi
tbal
ancesi
nthei
rCapi
tal
Account
s
d)Noneoft
heabov
e
11. Underwhichofthefol
lowingcir
cumst
ances,t
hebal
anceof
t
he‘
Fi
xedCapi
talAccount
s’wil
lchange?
a)Addi
ti
onal
capi
tal
isi
ntr
oduced
b)I
nter
estoncapi
tal
c)I
nter
estondr
awi
ngsi
schar
ged
Noneofabov
e

PARTB(1X3=3)
12
st
Fur
nit
ureason31 Mar
ch2019,₹4,
40,
000.Fur
nit
ure(
hav
ingBook
val
ue

ason1stApr i
l2018of₹40, 000)sol datal ossof20% on31st
December2018. Fur ni
tur
ei sdepr eci
ated@10% p.a. Fur
nit
ure
st
costi
ng ₹ 3,00,
000 was also purchased on 1 October2018.
Calcul
ateLossonsaleoffurni
ture.(OR)

Ani
land Vijayare par
tner
sinaf i
rm. Ani lis enti
tl
ed t
o geta
commissi
onof25% ofnetpr of
itaf
terchargi
ngsuchcommi ssi
on.
Netprof
itbefor
echargi
ngsuchcommi ssi
onis₹60, 000.Calcul
ate
Ani
l’
scommi ssi
on.

PARTC(
3X4=12)

13On thebasi
soft hei
nfor
mat
ion ment
ioned bel
ow,cal
cul
atet
he
amounttobedebi
tedtoi
ncomeandexpenditur
eaccountofaGood
Heal
th Spor
ts Cl
ub fort
he yearend 31st Mar
ch 2019,St
ati
oner
y
st
pur
chasedason31 March2019is4,
70,
000.
st st
Par
ti
cul
ars 1 Apr
il2018 31 Mar
ch2019

St
ockofSt
ati
oner
y 80,
000 60,
000

Cr
edit
orsfor 90,
000 1,
10,
000
St
ati
onery

14Ver maandSharmaarepart
ner
sinafir
m shari
ngpr of
it
sandlossesin
therati
oof5:3.Theyadmi
tt
edGhoshasanewpar t
nerfor1/
5shar eof
prof
its.Ghoshistobri
nginRs.20,
000ascapi t
alandRs. 4,
000ashi s
shar
eofgoodwi l
lpremi
um.Givet
henecessar
yjournalent
ri
es:

a)Whent
heamountofgoodwi
l
lisr
etai
nedi
nthebusi
ness.

b)Whent
heamountofgoodwi
l
lisf
ull
ywi
thdr
awn.

15AzadandBennyar eequalpar tner

s.Theircapit
alsareRs.40,000and
Rs.80, 000,respectiv
ely .Aftertheaccount sf ort heyearhav ebeen
prepared,itisdi scoveredt hatinter
estat5% p. a.asprov i
dedint he
partnershipagreement ,hasnotbeencr edi
tedt othecapi t
alaccounts
beforedi st
ri
buti
onofpr ofi
ts.Itisdecidedtomakeanadj ustmententry
atthebegi nni
ngoft henexty ear.Recordthenecessar yj
ournalent
ry.

PARTD(
1X6=6)

16Si nghandGupt adeci dedt ostartapartnershipfir

mtomanuf act
ure
l
ow costj ute bags as pl asti
c bags wer e cr eati
ng envi
ronment al
problems.Theycont ri
butedcapitalsofRs.1, 00,000andRs.50, 000on
st
1 Apr i
l,2012fort hi
s.Singhexpr essedhiswi ll
i
ngnesstoadmi tShakti
asapar t
nerwithoutcapi t
al,whoi sspeciall
yabl edbutav er
ycr eati
ve
and i ntel
li
gentf r
iend ofhi s.Gupt a agr
eed t ot hi
s.The t erms of
partnershipwereasf oll
ows

1.Si
ngh,
Gupt
aandShakt
iwi
l
lshar
epr
ofi
tsi
nther
ati
oof2:
2:1

2.I
nter
estoncapi
tal
wil
lbepr
ovi
dedat6%perannum.
Due to shortage ofcapit
al,Si
ngh contr
ibuted Rs.25,000 on 30th
Sept
ember ,2012andGupt acont
ri
butedRs.10,000on1stJanuary2013
st
asaddi
ti
onal capit
al.Thepr
ofi
tofthefi
rmfortheyearended31 Mar ch,
2013wasRs.1, 68,
900.

1)Preparepr
ofi
tandl
ossappr
opr
iat
ionaccountf
ort
hey ng31st
earendi
March,2013.

2)Ident
ifyanyt
wov
alueswhi
cht
hef
ir
m want
stocommuni
cat
eto
soci
ety.

PARTE(
1X8=8)

17Recei
ptandPaymentAccountofShankarSpor
tscl
ubi
sgi
venbel
ow,
fort
heyearendedMar
ch31,2017.

Recei
ptandPay
mentAccountf
ort
hey
earendi
ngMar
ch31,
2017

Recei
pt Amount Pay
ment
s
(
Rs.) Amount(
Rs.
)

Openi
ngCashi
nhand 2,
600 Rent 18,
000

Ent
erancef
ees 3,
200 Wages 7,
000

Donat
ionf
orbui
l
ding 23,
000 Bi
l
li
ardt
abl
e 14,
000

Lockerr
ent 1,
200 Fur
nit
ure 10,
000

Li
femember
shi
pfee 7,
000 I
nter
est 2,
000

Profi
tfr
om 3,
000 Post
age 1,
000
enter
tai
nment

Subscr
ipt
ion 40,
000 Sal
ary 24,
000

-
--
-- Cashi
nhand 4,
000

80,
000 80,
000

Prepar
eIncomeandExpendi
tur
eAccountBal
anceSheetwi
tht
hehel
pof
fol
lowi
nginfor
mat
ion:

Subscr
ipt
ionout
standi
ngonMarch31,2016isRs.1,
200andRs.2,
300
onMar ch31,2017,openi
ngst
ockofpostagestampsisRs.300and
cl
osingst
ocki
sRs.200,
RentRs.1,
500r
elat
edt
o2015andRs.1,
500i
s
st
il
lunpai
d.

OnApr i
l01,2016t
hecl
ubownedf
urni
tur
eofRs.15000,
Fur
nit
urev
alued
atRs.22,500.

OnMar
ch31,
2016,
Thecl
ubt
ookal
oanofRs.20,
000at10%p.
a.

(
OR)

A,BandCwerepart
nersinafi
rm shar
ingprof
it
sint
her
ati
oof3:
2:1.On
st
31 March,
2019t
heirbal
ancesheetasfol
l
ows:

Bal
anceSheet
st
asat31 Mar
ch,
2015

Li
abi
l
iti
es Amount Asset
s Amount
(
Rs.) (
Rs.)

Cr
edi
tor
s 84,
000 Bank 17,
000

General 21,
000 Debt
ors 23,
000
Reser
v e

Capi
tal
A/cs St
ock 1,
10,
000

A 60,
000 I
nvest
ment
s 30,
000

B 40,
000 Fur
nit
ureand 10,
000
Fi
tti
ngs

C 20,
000 1,
20,
000 Machi
ner
y 35,
000

2,
25,
000 2,
25,
000

Ont
heabov
edat
e,Dwasadmi
tt
edasanewpar
tnerandi
twasdeci
ded
t
hat

1.Thenewpr
ofi
tshar
ingr
ati
obet
weenA,
B,CandDwi
l
lbe2:
2:1:
1.

2.Goodwi
llofthef
ir
m wasval
uedatRs.90,
000andDbr
oughthi
sshar
e
ofgoodwi
l
l pr
emium i
ncash.

3.Themar
ketv
alueofi
nvest
ment
swasRs.24,
000.
4.Machi
ner
ywi
l
lber
educedt
oRs.29,
000.

5.Acredi
torofRs.3,
000wasnotl
i
kel
ytocl
aimt
heamountandhence
tobewrit
ten-
off
.

Jour
nal
i
set
heabov
etr
ansact
ions