BLOSSOM SENIOR SECONDARY SCHOOL

HALF YEARLY EXAM – 2022-2023

CLASS – XI
SUBJECT: ACCOUNTANCY
Time: Three Hours Maximum Marks: 80

General Instructions:-
 The question paper consists of questions.
 Mark are indicated against each question.
 All question are compulsory.

Multiple Choice Question :-

Question No 1- If the new partner buying’s his share of goodwill in cash it will be
shared by old partner in :
a) Sacrificing ratio
b) Old Profit sharing ratio.
c) New ratio.
d) Capital ratio.
Question No 2- Revaluation A/c is prepared at the time of :
a) Admission of partner
b) Retirement of partner.
c) Death of partner.
d) Reconstitution of the firm.
Question No 3- As per section 52(2) of companies Act amount received as premium on
securities cannot be setilized for :
a) Issuing fully paid bonus shares to the members
b) Purchase of fixed assets.
c) Writing off preliminary expenses.
d) Buy back of its own shares.
Question No 4- If the purchase consideration is less than net worth than which amount
will be credited for the difference amount.
a) Capital reserve.
b) Assets.
c) Goodwill.
d) Vendor.
Question No 5- ABC Ltd. Purchase a machinery worth Rs. 1,98,000 the payment
made by issue of debenture of Rs. 100 each at 10% discount in this
case no. of debenture will be :
a) 1100
b) 2200
c) 3300
d) 4400

Fill in the blanks :-

Question No 6- Discount on issue of debenture is ………….loss of the Company.
Question No 7- At the time of forfeiture of shares share Capital A/c will be debited
with ………..Value.
Question No 8- If workmen compensation reserves appearing in balance sheet at Rs.
30,000 and there is claim of Rs. 18,000 to be paid against it, then
…………..amount will be transferred to partner’s capital A/c.
Question No 9- Share of goodwill of the deceased partner is ………….to his capital
A/c.
Question No 10- If drawings are made at the beginning of each month, the interest on
drawing is calculated for ………………..months.

State True/False :-
Question No 11- Fluctuating Capital A/c can never show a negative balance.
Question No 12- Provident fund is credited to all partners in their old ratio at the time of
retirement of a partner.
Question No 13- Partner’s Loan A/c is transferred to realization A/c.
Question No. 14- Reserve Capital is the capital which will be called up by the company
only at the event of winding up of the Company.
Question No 15- Super profit is a profit a firm earns above the normal profit.
Short Answer question :-
Question No 16- What is the minimum time interval between two consecutive calls
according to table ‘F’ of schedule I.
Question No 17- List any one circumstance under which the fixed capital of partner may
change ?
Question No 18- What entry is passed when an asset is given to creditor in full
settlement of his dues ?
Question No 19- What is the nature of goodwill ?
Question No 20- When does loss on issue of debenture arise ?
Question No 21- A,B,C, and D are in partnership sharing profits and losses in the ration
of 36:24:20:20 respectively. E joins the partnership for 20% share,
A,B,C and would in future share profits amount themselves as
3/10:4/10:2/10:1/10 calculate the new profit sharing ratio and
sacrificing ratio after E’s admission.
Question No 22- Varun and Kumar are partners in a business. Balance in capital and
current A/c on 31st. March, 2019 were :
Capital A/c Current A/c.
Varun Rs. 5,00,000 Rs. 80,000
Kumar Rs. 3,50,000 Rs. 20,000 (Dr.)
Profits of the last five consecutive years ending 31st. March were ;
2015 Rs. 60,000; 2016 Loss Rs. 40,000 ; 2017 Rs. 1,30,000 ; 2018 Rs.
2,00,000 and 2019 Rs. 2,50,000.
General reserve appeared in the looks at Rs. 50,000 if the normal ratio
of return is 10%, find the value of goodwill by capitalization of
Average Profit method.
Question No 23- You are given the balance sheet of A,B,C who are partners sharing
profits in the ratio of 2:2:1 as at March 31st. 2017.
Liabilities Amt. Assets Amt.
Creditors 40,000 Goodwill 30,000
Reserve 25,000 Fixed Assets 60,000
Capitals : Stock 10,000
A 30,000 Sunday debtors 20,000
B 25,000 Cash at Bank 15,000
70,000
C 15,000
1,35,000 1,35,000

B died on June 15, 2017. According to the deed his legal representative
are entitled to :

a) Balance in Capital Account.

b) Share of goodwill valued on the basis of thrice the average of the
past 4 years profits.
 c) Share in profits up to the date of death on the basis of average
profits for the past 4 years.
d) Interest on capital @ 12% p.a

Profits for the years ending on March 31 st. of 2014, 2015, 2016, 2017
respecting were Rs. 15,000, Rs. 17,000, Rs. 19,000 and Rs. 13,000.

B’s legal representatives were to the paid the amount due. A and C
continued as partners by taking over B’s share equally Work out the
amount to B’s legal representative.

Question No 24- Tej, Parth and Gemini are in partnership sharing profit and losses in the
ratio of 2:1:1. Throughout the half year ended 31st. March 2017 their
capital accounts have remained unchanged at Rs. 60,000 Rs. 40,000
Rs. 30,000 respectively

Their current account balances on 1st. Oct. 2017 were.

Tej Rs. 8,500 (Dr.)

Parth Rs. 6,000 (Dr.)

Gemini Rs. 10,000 (Dr.)

During the six month period in 2016-17, Tej withdraw Rs. 200 at the
beginning of each month, Partha withdraw Rs. 4,00 at the end of each
month while Gemini withdraw Rs. 18,000 during the period of six
months. Their partnership deed provides that:

a) Interest on Capital @5% p.a.

b) Interest on Current A/c @4% p.a.
c) Interest on drawing @ 6% p.a.
d) Salary to Partha of Rs. 500 per month.
e) Tej to be entitle to a commission of 5% of the net profit of the firm
after charging such commission.

During the half year ended 31 st. March 2017 the net profit of the firm
was Rs. 2,07,000 after charging partner’s salary.

You are required to prepare P/L appropriation A/c of the firm for the
half year ending 31st. March 2017.

Question No 25- Give the journal entries at the time of issue of debentures in the
following cases :
 a) A Ltd. issues Rs. 5,00,000, 13% debentures at a discount of 8%
redeemable at per.
b) B ltd. issues Rs. 6,00,000, 12% Debentures at a discount of 6%
redeemable at a premium of 7%.
c) Issued Rs. 20,00,000, 12% debentures at per redeemable at 5%
premium after 3 years.
d) C Ltd. purchased plant and machinery for Rs. 8,00,000 payable as
to Rs. 2,30,000 in cash and the balance by on issue of 10%
debentures of Rs. 10 each a discount of 5%.

Question No 26- Pass necessary journal entries-

a) Gopal Ltd. purchased a running business from Aman Ltd. for a sum
of Rs. 15,00,000 the payment of Rs. 12,00,000 was made by issue
of fully paid equity shares of Rs. 10 each and balance by a bank
draft. The assets and liabilities consisted of the following:

Plant Rs. 3,50,000; Stock Rs. 4,50,000; Land & building Rs. 6,00,000;
Sundry creditors Rs. 1,00,000.

b) Y. Ltd. decided to issue 2,000 shares of Rs. 100 each to the unit
Trust of India as underwaiting commission.

Question No 27- Find out average Profit of the firm.

From the following information-

Total assets = Rs. 75,000

Partner’s Capital = Rs. 60,000

Reserves = Rs. 15,000

Rate of return = 10%

The goodwill of the firm is valued at Rs. 21,000 at 3 years purchase of

Supar profit.

Question No 28- X and Y are partners, They decided to dissolve their firm. Pass
necessary entries assuming that various assets and liabilities have been
transferred to Realization A/c.

a) X’s loan was appearing on the liabilities side of balance sheet at Rs.
40,000. He accepted on unrecorded assets of Rs. 60,000 in full
settlement of this account.
 b) There was on unrecorded assets estimated at Rs. 20,000, half of
which was handed over to on unrecorded liability of Rs. 30,000 in
settlement of a claim of Rs. 18,000 and remaining half was sold in
the market at 80% of its value.
c) Roman a creditor to whom Rs. 25,000 were due to be paid accepted
an unrecorded computer of Rs. 18,000 at a discount of 10% and the
balance was paid to him in cash.
d) Sudhir, an unrecorded creditor of Rs. 40,000 accepted an
unrecorded vehicle which of Rs. 20,000 at Rs. 25,000 and the
balance was paid to him in cash.
e) There was a contingent liability in respect of bill discounted but not
matured Rs. 20,000.
f) Furniture Rs. 20,000 and goodwill of Rs. 30,000 were appearing in
the balance sheet but no other information was provided regarding
these two items.

Question No 29- A, B and C were partners in a firm whose balance sheet as at 31 st.
March 2018 was as below:

Liabilities Amt. Assets Amt.

Creditors 7,096 Cash at Bank 6496

General Reserve 3,000 Debtors 9,000
Capitals: Stock 10,600
A 8,000 Furniture 2,000
B 6,000
C 4,000
28,096 28,096

B retired on 1st. April 2018 and in this connection it was decided to

make the following adjustments:

a) To reduce stock and furniture by 5% and 10% respectively.

b) To Provide for doubtful debts. at 5% on dbtors.

Rent outstanding (not provided for as yet) was Rs. 260 Goodwill was
valued at Rs. 4,200 A & C decided:

i) To share profits and losses in 5:3 respectively.

ii) To readjust their capitals in profit sharing ratio and
iii) To bring in sufficient cash to pay off B immediately and
become a balance of Rs. 1,000 in bank. B was paid off.
 Give journal entries to record the above and draft the balance sheet of
the new firm.

Question No 30- Prepare format of Company’s Balance sheet. Dis

Question No 31- A Ltd invited applications for issuing 1,00,000 shares of Rs. 10 each at a
premium of Rs. 1 per share the amaunt was payable as follows:

On Application Rs. 3 per share

On allotment Rs. 3 per share

(including premium)

On First Call Rs. 3 per share

On second & final call Balance Amt.

Applications for 1,60,000 shares were received.

Allotment was made on the following basis:

i) To applications for 90,000 share : 40,000 share

ii) To applications for 50,000 share : 40,000 share
iii) To applications for 20,000 share : full share

Excess money paid on applocations is to be adjusted against the amount due

on allotment and calls.

Rishabh, a share holder applied for 1500 share & belonged to category (ii),
did not pay allotment, first and second and final call. Another shareholder,
Sudhir, who applied for 1800 shares and belonged to category (i) did not pay
the second and final call money were forfeited and were subsequenty re
issued at Rs. 7 per share fully paid.

Pass necessary journal entries in the books of A ltd. Open calls in arrear A/C.

Question No 30- Juliet and Rahoni are partner in a firm sharing profils and losses in the
ratio of 3:1 On 31st March, 2016, their Balance sheet was as under:

Liabilities Amt Assets Amt

Creditors 70,000 plant and Machinery 1,76,00

 General Reserve 30,000 Inventory 26,00

provident fund 40,000 Sundry debtors 57,000

Capital A/C : Less: provision 3,000 54,000

Juliet 1,10,00 Cash at bank 68,000

Rahoni 90,000 2,00,000 P/LA/C 16,000

3,40,000 3,40,000

Mike was taken as a partner for 1/4th share, with effect from 1st April 2016,
subject to the following adjustment:

a) Plant and Machinery was found to be overvalued by Rs. 16,000.

b) Provisions for doubtful debts. was to be reduced by Rs. 2,000.
c) Creditord included an amount og Rs. 2,000 received as commission from
Malini.
d) Goodwill of firm valued at Rs. 60,000 Mike was bring in cash share of
goodwill along with his capital of Rs. 1,00,000.
e) Capital accounts of Juliet and Rahoni were to be adjusted in the new profit
sharing arrangement on the basic of Mike’ capital to be adjusted surplus
through current accounts and deficiency through cash A/c.

You are required to prepare.

i) revalution A/c
ii) Partner’s capital A/c and
iii) Balance sheet of reconstituted firm.