pl• paper I

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!f's-eton 2023-24
_,,,. untanCY I

Timm I Roan
CJ"' JI,> Ma. Marki: 80 t
Genmal ln.tract1ona.
1.This question J>ape,, • ~ - - All quarttons are compulaory.
2. Tim question P&t>er ~t&tns 3,t qut/JI, pen A and B.
3. Part - A Is cornpu s diVide<t i n t o ~ '
4. Pan - B haa two•~ for an Cl\n • of ,inanctat Statemento and (II) Computerlam Accounting.
Students must Attempt otla I.e. {t) optlOD.I•
6. Question 1 to 18 And; Y 0 ne of t1'
8. Questions 17 to 20 31 to 30
'i':.,k each,
arb each.
7. Questions from 21 ' &nd 32 ca~ I each
22
8.Questions from 23 26&nd 33 carrlli •• arks each
9 •Th~re is no oYerall choi:t34 i:1tern&l choice has been provided in 7 queationa of one mark, 2
questions of three m&rb • ~veit .._ rnarks and 2 questions of six marks.
' 1 question 4~

Part A
(Accounting for partnership Firms and Companies)
1. A i:;:n~ drew , 8,000 at the end of 8'ff!fY JDOnth. Interest on drawings is 15% per annum. Calculate interellt
on W1llgs for the year ending atst ~ ' 2019.
(a) '6,600 (b) , 7,200
(c) , 7,800 ,. \ l, (d) , 1,200

2. What will be tbe journal entry for -iss~~ 2,000, 12% debentures oft 100 at a premium of 1~?

(a) To DebentUN!8 Application and Allotment A/c Dr. 2,20,000

To 12% Debentures A/c 2,00,000
To Security Premium Reserve A/c 20,000
(b) Bank A/c Dr. 2,20,000
To Debentures App~cation and Allotment A/c 2,20,000
(c) Debentures Application and Allotment A/c Dr. 2,20,000
To Bank A/c 2,20,000
(d) Both (a) and {b)

S. Vldbata Industries Limit.ed invited applications for 8,000 shares of t 10 each at the ~ue price of t 10.
Applications were received for 7,600 shares. What will be the amount received on application?
(a) , 72,000 (b) '84,000
(c) , 80,000 (d) '76,000
4. H a fixed amount is withdrawn by " partner on the first day of every month, interest on the total amount
is charged for months.
1 ------
(a) 5 (b) 12
2
(c) 6 (d) 6½

5. How many days notice period is given to 8 defaulter in forfeiture?

(a) 21 days . (b) 28 days
(c) 7 days (d) 14 days
or
________interest is allowed by the companY on the amount of calls-in-advance.
(a) 6% p.a. (b) 8% p.a.
(c) 12% p.a. (d) 15% p.a.
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SOLUTIONS
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r /t~J- .\, ,, ,, ,.,11, l,1-. I J
·eta tbe kerig}1t to t r its
,na a . ransre
8. -'- --o ·· A pr iv ate oo mp an y re sin
•nv ita tion to :~ares.
-~ n (A): oo mp an y is allowed to
ny a.-
e PubUc to sub8crf ue for any lleCUritfes
iv ate
~ n (R): A pr .
.a• the compan
y.
4'Jtern&tives on (R) is tru e
) i8 fal8e bu t Rea8
(a) Assertion (A (R) 18 (&Jse
tru e,' bu t ReMoo
i} Assertion (A) i8
th As se rti on (A ) and Reuon (R)
are true an d Re
ru e
ason (R)
b D- -- (R) is
the COrrect
is not the expfan
ae1on of Aaertlon
(A)
oo
c Bo are t , ut .. ~ n a,1on o1 Aa 1e rt1
(d) Bo th Assertion (A) and .Reuon (R) co rn et exp1an
(A) j
• h •
ts .
s are their Profi untant of th e firm,
t. 'razuiu d Annu &re partners in a firm. They t and Presented ~h !: 3 ratio. The acoo T&Dllu disagreed
an
d
finalise th co un unts to the m.
., an d capital ac gative balan acco u is in doubt, thJa cannot be
'Vith e Profit an d Joa tal account sb<>wed ne ce. Tann
'la nn u '• ca pi
ha pP en ~t s because
1
~ Your opini
on. (b) A
(a) defaulter
u IS rre ct (d) CCOuntant is e
(i ) OO
No ne of tb ea
ng
c 'la nn u is \VJ'o
or
Sleep· ft d
(a) . ~ ~ e rs__ _ _h -- -- bu t Prov ide no capital • H<>wever, sh ar e pr o ts an IOl!
l&e8
rt •
-. .e --• •v e Pa ~n t e conduct of the bu
llD ess •
s
in th e ver, share pro.fit
lll ra tio
(b ) do n ~ • QIC y P8 rt • he an d oo ntr ibu te no capital. Howe
e businea,
ot ta ke an
e t . conduct of th them
an d lasses in th . ra tio - but Provide no capital. However sa
lar y 18 paid to
(c) ta b ac ti e oo d of b·--'we an d 108 8e8 in

r:
ve pa rt m th . n uc t tbe ua ,s prof its
ide capital and 8
~
(d) do no t ta b th e nd uc t lb w ,i n 9 bu t prov
co
PIU't m
th e agr1!8(f
, "
l
sets otlit!r th&.nlia t.:&.<Jh'f 1,60,000,
~6 bil iti es pa id t
rs . fi e firm. As
d~'ded di& ts realised f 1 25 ooo an
k ar e J> 8l' tne ,olve th d
a. Da lb ir and Vi ve lit ie s~ ~ , ~
total liabi 7 • n dissolution ' '
cash f 25,000,.., ._ ,., :to r._ _ rea1·' n is
1,40,000.f Net(n)uu .. ., on -- asat1o
(a) Joas 25 (b) loss f 15,000
(d) No profit no
108 8
f ~, 00 0
(c) profit • Af ter
or ies h re tu es .
· pr of its an d Jos.,es equally. Ka m ba la nc e du e
• P&rtnership sharin g ril, 2012. Th e
, Ka rn les b and . R._aw .,. --
...& ......- m ce of f 1,2 0,000 as on 1s t Ap r an nu m . Am ou nt to be
Na. ra & ba lan
shows a credit te re st@ 5% pe
s capita!- ~ u n t together wi th in
a d J ~ ! hi be paid m three equal instalments
t. o .~ ~ u ah on 30 th M ar di , 2013 will
t.o be
pa id t.o ka m le (b) f 54,000
(a) f 46,000 (d) , 40,000
00 e
(c) f 60,0 m be r, 2019, th
e ra tio of 3: 2. O n 31 st De ce
in th
ofits an d losses
rtn er s sh ar in g pr
an d Yu kt a were pa s
I. El cta
r Balance Sheet
is as follow A m ou nt (t )
ex tr ac t of th ei Assets
Amount (f) 1,00,000
Liabili tia1 Land an d Buildin
g
iated by 10%,
nd an d bu ild in g is to be apprec
tika, if th e value
of la ce sheet?
roi•ion of ne w pa rtn er La
which i8 to be shown in new balan
A t th e time of ed amou nt of land and building (b) f 1,10,000
th e
then what will be
(a) f 10 ,(m (d) f 1,00,000
(c) f 90 ,(m o88?
issue of debentur
es for which purp
ium rece ived on off discount allowed on issue
. C om p, qy ca n utilise prem (b) Writing-
JI lf preUroioary ex
pe ns es
(a , For writing-o (d) None of theae
(c)Both (a) and (b) or
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NS SOLUTIO