ADVANCED ACADEMY 3.

Old ratio – New ratio = ____

4. The Partner who died.
Date : 25/01/23 BK Marks:80 5. Money value of business reputation earned by the firm over a number of years.
STD : 12 Comth
Time:1:15Hrs 6. Debit balance of Revaluation Account
Q.1. BK Objectives 7. A Person who represents the deceased partner on the death of the Partner.
A. Select the correct option and rewrite the sentence : (10m) 8. Excess of credit side over debit side of profit and loss adjustment account.
1. A _____ is an Intangible Asset . 9. An account opened to find out the Profit or Loss on realisation of Assets and
a. Goodwill b. stock c. Cash d. Furniture settlement of Liabilities.
2. Not for Profit Concern renders ______ services to public at large . 10. The part of subscribed capital which is not called-up by the company.
a. Commercial b. Social c. Individual d. Group C. State true or false: (7M)
3. Anuj and Eeshan are two partners sharing profits and losses in the ratio of 3 :2 , 1. Adjustments are recorded in Partners Current Account in Fixed Capital Method.
They decided to admit Aaroh for 1/5 th share , the new profit sharing ratio will be 2. Super profit method , Valuation method , Average profit method , Fluctuating
________. capital method
a. 12 : 8.5 b. 4 : 3 :1 c. 12 : 8 :1 d. 12 : 3 : 1 3. A bill of exchange must be presented to the acceptor on the due date.
4. When goodwill is withdrawn by the partners , ______ account is credited. 4. Sweat shares are issued to public .
a. Revaluation b. Cash / Bank c. Current d. Profit and Loss 5. The Authorised capital is also known as Normal Capital .
Adjustment 6. Retiring partners share in Profit up to the date of his retirement will be debited
5. New Ratio = Old Ratio + ______ ratio . to Profit and Loss Suspense Account
a. Gain b. Capital c. Sacrifice d. Current 7 . After the death of partner, entire amount due to deceased partner is paid to
6. Profit and Loss Suspense Account is shown in the new Balance Sheet on ____ legal representative of the deceased partner.
side. D. Find the odd one : (8M)
a. Debit b. Credit c. Asset d. Liabilities 1. Capital , Bills Receivable , Reserve Fund , Bank overdraft
7. If asset is taken over by the partner .......................account is debited. 2. Machinery , Furniture , Computers , Salaries.
(a) Revaluation (b) Capital (c) Asset (d) Balance Sheet 3. Surplus, Deficit , Net Profit , Capital fund .
8. Decrease in the value of assets should be ................. to Profit and Loss 4. Notary Public , Drawer , Drawee , Payee
Adjustment Account. 5. General reserve, Creditors, Machinery, Capital
a) Debited b) Credited c) Added d) Equal 6. Retaining , Noting , Discounting , Endorsing
9. The balance of the capital account of retired partner is transferred to 7. Trade bill ,Accommodation bill , After date bill ,Demand bill.
his ................. account if it is not paid. 8. Discounting charges , Rebate , Bank charges , Noting charges
a) Loan b) Personal c) Current d) Son’s 9. Stamp , Acceptance ,Draft , Amount.
10. Decrease in Furniture, Patents written off, Increase in Bills Payable, RDD
10. Death is a compulsory ..............................
written off
a) Dissolution b) Admission c) Retirement d) Winding up E. Complete the sentence : (8M)
1. Partners share profit and losses in _____ ratio in the absence of partnership
B. Give one word / Phrase / term : (10M) deed.
1. Act under which partnership firms are regulated. 2. Not for Profit organisation is called _____ organisation .
2. The Credit balance of Income and Expenditure Account .
 Total Profit
3. _________ =
Number of years
NRR
4. Normal Profit = _________ x
100
5. Revaluation A /c is also know as _____ account .
6. Benefit ratio = New Ratio - _____ .
7.A bill whose due date is calculated from the date of acceptance is known
as .....................
8. Person whose liabilities are more than his assets and is not in position to pay
off his liabilities is .................. .
F. Do you agree or disagree with the following statements : (8M)
1. It is compulsory to have a partnership agreement in writing .
2. Gross profit is an operation profit.
3.Usually current ratio should be 3 :1
4. Current Ratio measures the liquidity of the business.
5. In Tally , F6 funcation key is for payment voucher .
6. Salary Account comes under indirect expenses.
7. In case of bill drawn payable ‘on demand’ no grace days are allowed.
8. Renewal is request by Drawee to extend the credit period of the bill.
9. A bill before acceptance is called Promissory Note.
10. Public limited company can issue its share without issuing its prospectus.
G. Calculate the following : (8M)
1. Insurance Premium paid for the year ending 1 st September , 2019 amounted to
Rs. 1,500. Calculate prepaid insurance assuming that the year ending is 31 st March
,2019.
2. 10% p.a. Depreciation on Furniture Rs.50,000 (for three months )
3. Library Book Rs ______ ? Less 10 % Depreciation Rs 5,000 = Rs 45,000
4. Ganesh draws a bill for Rs 40,260 on 15 th Jan . 2020 for 50 days . He discounted
the bill with Bank of India @ 15 % p.a. on the same day. Calculate the amount of
discount.
5. 10,000 equity shares of Rs 10 each issued at 10% premium . Calculate the total
amount of share premium .
6. Anika and Radhika are partners sharing profits in the ratio of 5:1. They decide
to admit Sanika in the firm for 1/5th share. calculate the sacrifice ratio of Anika
and Radhika
7. Pramod and Vinod are partners sharing profits and losses in the ratio 3:2. After
admission of Ramesh the new ratio of Pramod, Vinod and Ramesh is 4:3:2. Find
out the sacrifice ratio.
8. Insolvent Partners Capital A/c debit side total is Rs 10,000 & Credit side total is
Rs.6,000 Calculate deficiency
9. Insolvent partners capital A/c Debit side is Rs.15,000 & insolvent partner
brought cash Rs 6,000. Calculate the amount of Insolvency Loss to be distributed
among the solvent partners.
10. When the issued price of share is Rs.12 and face value is Rs.10, the share is
said to be issued at premium.
H. Give Specimen of Bill of Exchange : (15M)
1. From the following details prepare a format of bill of exchange.
1. Drawer : Mr. Mukund Desai, No.14, Heritage Heights, Nagpur.
2. Drawee : Mr. Yogesh Tilak, Narayan Peth, Pune.
3. Amount Rs.30,000.
4. Tenure or term :90 days
5. Date of Bill : 16th July, 2019.
6. Date of acceptance : 20th July, 2019.
7. Payee : Shravan Dave, Panvel.
2. Prepare a format bill of exchange from the following details. Mr. Amol Sane,
42, Gangadham, M. G. Road, Ratnagiri draws a 45 days bill on Mrs. Sagarika
Mane, 345, Kumthekar Road, Pune, for ` 18,750 on 1st March, 2020 which was
accepted on 4th March, 2020 for ` 15,000 only, by Mrs. Sagarika Mane.
3. Prepare a format of bill of exchange from the following details.
1. Drawer : Kedar Pandit, 22/1, Kalpataru Estate, Pirangut, Pune.
2. Drawee : Gauri Mulay, Vashi, Navi Mumbai.
3. Date of Bill : 14th August, 2019.
4. Date of acceptance : 17th August, 2019.
5. Amount ` 38,740
I . Complete the following : (6M)
1. When face value of the share is Rs.100 and issued price is `120, then it is said
that the shares are issued at ...................... .
2. ...................... Capital is the part of issued capital which is subscribed by the
public.
3. ...................... share holders get fixed rate of dividend.
4. ...................... share holders are the real owners of the company
5. The difference between Called-up Capital and Paid-up Capital is known as __
6. ...................... Capital is the Capital which a company is authorised to issue by
its Memorandum of Association.