SYJC BK ABT Question Bank Q.1. State whether the following statement are true or false. 1. F6 function ki is used for payment voucher. Ans.- False. 2. Noting charges should be borne by the drawee. Ans. - True. 3. All the receipts of 'Not for Profit’ concern are of revenue nature. Ans. - False. 4. Financial statements includes only balance sheet. Ans. - False. 5. Realization loss is not transferred to insolvent partner's capital account. Ans. - False. 6. On withdrawal of goodwill by old partners, Cash A/c is credited. Ans. - True. 7. An interest on capital is an expenditure for the partnership firm. Ans. - True. 8. Share capital is a borrowed capital. Ans. - False. 9. Retiring partner is entitled to share in general Reserve of the firm. Ans. True. 10. An amount due to a deceased partner is transferred to his Executor's loan account. Ans.- True. Q.2. Select the correct option and rewrite the sentence. 1. The Indian Partnership Act is in force since . a) 1932 b) 1956) 1984 2. If any asset is taken over by partner from firm his capital account will be a) credited b) debited c) divided 3. Death is a compulsor a) dissolution —b) admission _) retirement 4. Gross profit ratio indicates the relationship of gross profit to the a) Net Cash b) Net Sales c) Net Purchase. 5. Expenditure on purchase of building is expenditure. a) Capital _b) Revenue c) General6. The proportion in which old partners make a sacrifice is called ratio. a) Gaining b) Sacrifice c) New 7. The due date of the bill drawn for 2 months on 23rd November 2019 will be . a) 25th Jan 2020 b) 25th Jan 2019 ¢) 23rd Jan 2020 8. Decrease in the value of assets should be to Profit and Loss Adjustment Account. a) credited b) added ¢) debited 9. Shareholders get on shares. a) Interest b) Dividend c) Commission 10. Debit balance of profit and loss account indicates a) Net Loss b) Net Profit ©) Gross Loss. Q. 3. Calculate the following. 1. Under valuation of closing stock by 10%, closing stock was Rs. 45,000. Find out the value of closing stock. Ans. - Revised value = book value x 100 100 - percentage of undervaluation = 45,000 x 100 100 -10 = 45,000 x 100 90 =Rs. 50,000 Ans. - Value of closing stock is Rs.50,000. 2. 10% p.a. depreciation on furniture Rs.2,00,000 (for 3 months) Ans. - Depreciation _= Cost of Assets * Rate x Period =2,00,000 x 10_ x 3 10012 Bs. 5,000 ‘Ans. Depreciation on furniture for 3 months is Rs. 5,000.3. Opening stock of medicines Rs.25,000, Purchase of medicine Rs1,000, outstanding medicine bill Rs.36,000, closing stock of medicines Rs. 16,000. Find out amount of medicines consumed. Ans. - Consumption of medicines Rs. Opening stock of medicines = 25,000 Add: Purchase 1,00,000 Add: Outstanding medicines bill 36,000 1,61,000 Less: Closing stock of medicines 16,000 Consumption of medicines 1,45,000 4. Goodwill of the form was valued at three times the average profit of last 5 years which were as follows: 1st year - Rs. 1,20,000; 2nd year - Rs.80,000; 3rd year - Rs.90000; 4th your - Rs.1,00,000; 5th year - Rs.90,000 (Loss). Find Goodwill amount for the firm. Ans. - Average Profit = Total Profit of given no. of years No. of years given = 1,20,000 + 80,000 + 90,000 + 1,00,000 - 90,000 5 = 3,00,00 5 = Rs. 60,000 Goodwill = Average Profit x No. of years = 60,000 x 2 Rs. 1,20,000 5. Munjal draws a for Rs.40,260 on 15th Jan, 2020 for 50 days. He discounted the bill with Bank of India at the rate 15% p.a. on the same day. Calculate the amount of discount. Ans. - Discount = Amount of Bill x Rate x Unexpired Days 100 366 = 40,260 x 15 x 50 100 366 = Rs. 825 (* 2020 is a leap year, so total number of days = 366)6. Calculate Net Profit Ratio: Sales — Rs. 12,00,000, Cost of goods sold - Rs. 4,00,000, Indirect expenses ~ Rs. 80,000 Rs, Ans. ~ Sales =12,00,000 Less: Cost of goods sold 4,00,000 Gross Profit 8,00,000 Less: Indirect expenses 80,000 Net Profit 7,20,000 Net Profit Ratio = Net Profit x 100 Sales = 7,20,000 x 100 12,00,000 = 60% 7. Subscription Rs. 1,20,000 received in current year. Rs.20,000 subscription is outstanding of current year and Rs. 10,000 is pre-received subscription in current year. Find out net subscription amount of current year. Ans. Subscription of current year = 1,20,000 Add: Outstanding subscription. 20,000 1,40,000 Less: Pre received subscription 10,000 Net subscription of current year 130,000 8. For the following balances: Creditors Rs.60,000, Bills Payable Rs.40,000 and Bank Loan Rs. 20,000. Available Bank Balance Rs. 80,000. Find out the amount that creditors will get in case of all partners insolvency. Ans. Ratio of Creditors, Bills Payable and Bank Loan = 60,000: 40,000: 20,000 = 3:2:1 Amount received by creditors = _3. x 80,000 34241 = 3 x 80,000 6 = Rs. 40,0004. 1. Prepare a bill of exchange from the following information : Drawer : Vrudhi, P.R.Road, Borivali (W). Drawee : Munjal, L.B.S.Road, Vile Parle. Payee : Anshul, Thane (West) Amount : Rs. 20,000 Period of Bill: 12 months after sight, Date of Bill : 26th Nov, 2022 Date of acceptance : 29th Nov, 2022. Bills of Exchange Vrudhi P.R.Road, STAMP Borivali (W), 261% Rs. 20,000/- Date:26t Nov 2022 Two months after sight, pay to Anshul, Thane (W) or his order, the sum of Rupees Twenty Thousand only for the value received. Sd/- (Vrudhi) To, Munjal, L.B.S. Road, Vile Parle2. Prepare a format of bill of exchange from the following details: Rahul, 86-D, Somvar Peth, Nagpur accepted the bill drawn on him by Rishiraj, Icon Heights, Thane for Rs. 50,000 on 30th July, 2022. The bill was drawn on 26th July 2022 for Rs. 60,000 for 50 days after date STAMP Rs. 60,000/- Bills of Exchange Rishiraj Icon Heights, Thane Date:26t July 2022 Fifty days after date, pay to me or my order, the sum of Rupees Sixty Thousand only for the value received. To, Rahul, 86-D, Somvar Peth, Nagpur Sd/- (Rishiraj)