DHARWAD DIST. PU COLLEGES PRINCIPAL'S ASSOCIATION, DHARWAD P.U.C. lind Year Mid-Term Examination. 2023 Max. Marks : 80 Date: 04-10-2023 Subject: ACCOUNTANCY (30) Time :3 Hrs. 15 Min. Instructions 1. The question paper contains four parts A,B,C,&D, Part A contains 4 Sections I,I,II & IV. 2. Provide working notes wherever necessary. 3. 15 Minutes has been allotted for candidates to read the questions. 4. Figures in the Right-Hand margin indicate full marks. |. Choose the correct answer from the choices given SX1=5 1. Ifany partner has advanced some money to the firm beyond the amount of his capital, he is entitled to get interest on the amount at the rate of A)5%p.a. 8) 6%p.a. C) 8%p.a. D) None of these 2. It new partner brings cash for his share of goodwill, goodwill is transferred to old partners’ capital account in ‘A) Sacrifice ratio B) old profit sharing ratio C) new profit sharing ratio D) none of these 3. Amount payable to the executors of the deceased partner is transferred to A) Executor's loan account B) Exeoutor's account C) Remaining partners’ capital account D) None of these 4. Dissolution of partnership firm means ‘A) Closure of partnership business 8) Adjustment of books of account C) Revaluation of assets and liabilities D) None of these 5. Equity share holders are A) Creditors —_B) owners C) customers of the company D) None of these II. Fill in the blanks by choosing the appropriate answers from those given in the bracket. SX1=5 (Artificial, Realisation Account, All partners’ Capital, Sacrifice ratio, Written) 6. _Itis preferred that the partners have greement 7. Old ratio - New ratio = 8. General reserve is to be transferred t 9. Partners’ capital account... To. 2 (Transfer of loss on realisation of assets & discharge of liabilities.) accounts at the time of retirment of a partner Or. 10. Acompany is an. person. Il, Match the following. SX1=5 11. A B 1. Fixed capital method a) Admission of a partner 2. Revaluation account b) No limit for members. 3. Accrued profit ©). Dissolution of partnership firm 4, Realisation account d) Profit & Loss Suspense account 5. Public company e) Partners’ Current Account 1V. Answer the following in one word or sentence. 5x1<5 12. Interest on partners’ capital is credited to partners’ capital account. True/False 13, State any one factor affecting goodwill. 14. What do you mean by retirement of a partner? 15. Name any one type of shares. 16. Give the meaning of issue of shares at par Section-B V. Answer any three questions, Each carries 2 marks, sx2=8 17. State any two features of partnership, 18. _ In the absence of partnership specify the rules relating to the following, a) Interest on partners’ drawings, b) Salary to partners 19. What is Realisation Account ? 20. Give the journal entry tor transterring assets to Realisation Account 21. What.do you mean by forfeiture of shares ? "Il Puc Commerce" Telegram Channel {eT0}1 Answer any three questions. Each carries 6 marks. 22. 24. ‘Acc-PUC-II, P-2 SECTION-C ‘3X6=18 Shivani and Bhavani commenced business in partnership on 1* April 2021 with a capital of 7. 2,00,000 and &..1,50,000 respectively agreeing to share profits and losses in the ratio of 8:2. For the year ending 31# March 2022 they earned profit of €. 50,000 before allowing the following i) Interest on capital at 5%per annum i) Interest on drawings: Shivani %. 1,000 and Bhavani ¥.1.200 iil) yearly salary of Bhavani € 5,000 and commission to Shivani € 4,000 iv) Their drawings during the year; Shivani € 16,000 and Bhavani & 20,000 Prepare Profit & Loss appropriation account. Subhodha & Yashoda are partners in a firm during the year ended 31st March 2022, ‘Subhodhan makes the drawings as under Date of Drawings Amount 1* August 2021 5,000 31" December 2021 % 10,000 31 March 2022 15,000 Partnership deed provides that partners are to be charged interest on drawings at 12%p.a. Calculate the interest on drawings of Shubhodha under product method. Kusuma & Vasanti are partners sharing profits & losses in the ratio of 4:3 They admit Sunas into partnership. The new profit sharing ratio is agreed at 7:4:3 respectively. Fint out the sacrifice ratio of Kusuma & Vasanti Sunita, Savita and Vanita are partners in a firm sharing profits & losses in the ratio of 4:3:2. Vanita retires from the firm. Sunita & Savita agreed to share equally in future profit. Calculate the gain ratio of Sunita & Savita. Raju, Ravi & Roopa are partners sharing profits & losses in the ratio of 4:3:3. Their capital balances on 1* April2022 stood & 1,00,000, 80,000 & 50,000 respectively. aly died on 1st October 2022. The partnership deed provides the following. He is filled to: a) Interest on capital at 12% p.a. b) He had withdrawn © 5,000 upto the date of death ¢) Raju’s share of goodwill € 5,000 <) His share of profit upto the date of death on the basis of previous years profit. Previous years profits & 20,000 Prepere Raju’s Executor's account. Section-D “1. Answer any three questions. Each carries 12 marks. 3X12=36 27. Raja & Rani are partners sharing profits and losses in the ratio of 3:2 respectively. Their balance sheet as on 31st March 2022 was as follows. Labilities Lz Assets zt Creditors '50,000| Cash @ Bank 18,000 Bills payable 20,000} Debtors-60,000 General Reserve 30,000| Less:PDD-3,000 | 57,000 Capitals ; Stock 20,000 = Furniture 20,000 Rani - 40,000 1,20,000 | Machinery 30,000 \ Buildings 60,000 Profit&l.oss Alc 15,000 2,20,000 2,20,000 [P10]Ace-PUG-I, P-3 On 1* April 2022 they admitted Mantri into partnership on the following terms. 28. a) Mantri should bring in &. 40,000 as capital for 1/6" share and 30,000 towards goodwill (as per AS-26) b) Half of the goodwill amount is withdrawan by the old partners. c) Depreciate machinery and furniture by 5%. d) Buildings appreciated by 15%. €) Maintain PDD at 10% on debtors. Prepare i) Revaluation A/c i) Partners capital A/c i) New Balance Sheet as on 1* Aprill 2022 Gouri & Ganesh are partners in a firm sharing profits equally. Following is their balance sheet as on 31 March 2022. Liabilities: x Assets TL Creditors 20,000 | Cashin Hand 7,000 Bills payable 4,000 | Stock 25,000 General reserve 6,000 | Buildings 40,000 Debtors -17,000 80,000 | Less PDD -1,500 | 15,500 40,000 | Furniture 14,500 Patents 30,000 _| Plant & Machinery | _ 18,000 1,50,000 1,50,000, On 1st April2022 Shiva Is admitted into partnership on the following terms a) Shiva should bring %. 25,000 as capital b) Good will of the firm is valued at ©. 16,000 ¢) Stock is to be increased by 8% d) Provision for doubtful debts is increased to € 2,600. e) Capital A/c of partners are to be adjusted in their new profit sharing ratio 3:2:1, based on Shiva's capital (adjustments to be made in cash.) Prepare i) Revaluation A/c, ii) Partner's capital A/c and, ill) New Balance sheet as on 1-4-2022 Raman, Govind and Raghavendra were in partnership sharing Profits & Losses in the ratio of, 3:2:1. On 1st April 2022, Govind retires from the firm and on that date balnace sheet was as follows. Liabilities tT Assets x Trade Creditors 3,000 | Cashin hand 9,000 Bills payable 4,500 | Debtors 15,000 Expenses owing 4,500 | Stock 12,000 General Reserve 13,500 | factory premises | 22,500 Capitals : Machinery 8,000 Raman 15,000 | Loose tools 4,000 Govind 15,000 Raghavendra 15,000 70,500 70,500 The terms were : a) Goodwill of the firm was valued at €. 13,500 (as per AS-26) b) Expenses owing to be brought down to &. 3,750 ¢) Machinery & loose tools are to be valued at 10% less than their book value 4d) Factory premises are to be revalued at ¢. 24,300 Prepare ; |) Revaluation Alc. ll) Partner's Capital Alc ili) New Balance sheet as on 1* April 2022 Pro}‘Acc-PUC-II, P-4 30. Kiran & Varun were partners with profits sharing ratio of 3 : 2. They dissolved the partnership on 31st March 2022 on which date the Balance sheet of the firm was as follows. Balance sheet as on 31-3-2022 ‘Cash at bank Stock ‘Sundry debtors 20,000 Furniture 15,000 Machinery 20,000 Buildings The assets are realised as follows : ‘Stock &. 16.500, Debtors at 10% discount, Buildings . 60,000 Unrecorded investments %. 6,000 and Machinery realisedd at 10% less. Fumiture was taken over by Varun at &. 12,000 Creditors were settled at 10% discount, Kiran took over Arun's loan, realisation expenses emounted to 4,000. Prepare: i) Realisation A/c, ii) Partner's capital A/c. Bank A/c. 31. Shruti & Shreya are pariners sharing profits & losses in the ratio of 3:2. Their balance sheet as ‘on 31st March 2022 was as follows. Balance sheet as on 31-3-2022 Liabilities t Assets x Bills payable 12,000 | Cash at bank 12,000 Creditors 20,000 | Bills receivable 4,000 Shruti's loan 5,000 | Debtors 30,000 Reserve fund 30,000 | Stock 35,000 7 Investments 12,000 Shruti 60,000] Furniture 14,000 Shreya 40,000 | Machinery 20,000 Buildings 40,000 7,67,000 167,000 ‘On the above date the firm was dissolved. The assets @) _ Bills receivable . 3,500, Debtors buildings &. 50,000 b) Investments were taken over at %. 12,000 c) Allthe liabilities were paid in full. ) Dissolution expenses <. 2,000 Prepare: ') Realisation A/c. ii) Partner's capital A/c. ii) Bank A/c 22. Sportive Co.Ltd issued 20,000 equity shares at Z. 100 each at a premium of F. 10 per share. Payable as follows On application €. 20 On allotment &. 50 (including premium) On first and final call %. 40 All shares were subscribed and the money duly received except the first ares. The directors forfeited these shares and reissued tI necessary journal entries in the books of the company --000: were realised as follows 25,000, stock ¥. 32,000, Machinery &. 18,000 and by shruti at , 10,000 and furniture was taken over by shreya and final call on 2,000 hem as fully paid at . 80 per share. Pass "Il Puc Commerce" Telegram Channel