[~ Mid - Term Examination : Oct - Nov 2024 ~] Class -lIYearPUC ‘Academic Year: 2024-25 Subject. -Accountancy Maximum Marks: 80, Time -3.00 hours Noof Questions _°31 Introductions: ) The questions paper contains four parts A.B. C & D PartA contains four sections Ill & IV 2) Provide working notes wherever necesory 3) 15 minutes extra has been allotac for candidates to read the ‘question paper 4) Figuresin the right nad margin indicates full marks. 5) For partA questions only the first writen ‘answers wil be considered for evaluation, PART-A 1) Choose the correct answer from the choices given below. 41) The business ofa partnership concern may be carrie on by- a) Allthe partners 'b) Any one of them acting for ll All Partners or any one of them acting forall d) Two or more partners 2) A&B ave partners shating profits in the ratio of 3:1 °C” admit into partnership for 1/4th sha. ‘The Sactifice ratio of Aand B willbe. a) Equal bast 2: 3:2 '3) Amount payable to the executors of the deceased partner is transfered to 2) Excutors loan lc ) Executors Alc €) Reman parte capil Nc ¢) Deceased Parnes Ate 40n dasluton chm panier strane or an accounts ae closed trough ‘)ReaisatonAeB)Loan ae C)\CatherBark tee) Parner captalNe £5) Te aout by bak sae in rnc estou ot exceed pacrag 8) pl pay Capa 3) 1% 916% 0)26% 3% 0) Fill in the blanks by choosing the appropriate answers from those given in the brackets: (New, intervening, Old, Fixed, 10%, calls in Advance.) €) unr tad cps rtd the amount ol gpa rmane ‘rotors evaaon acount shared enon cid paries ao 2) the poredom no date casoaance stare ie atte panes at cad eras 8) cal money rconedin vance cle {djieraton Cale areata caged according tale at 1 Mate the Following sxies 11) a)Fluguaingcaptal mete a) Vatatonct good ©) Sacto rato 2) Busines no closed €)eaptataton metnod _—_—)Caloc wp captal )Dasoluonct Pannership 6) Captaale @)Padupcaptalisapartct e) Bushes cosed 101: Share = New Share 1) Anew th towing question In one words or one entnce ech, 12) he agieementbeteen th paners may a wien, Te ale 12) ary one reason or acstonot a pares. 4s) When coyou prepare ees Al? {6}Menton anyone crcunstanoes under which aparnertip mi sche [__ 18) when te sar aetoretec? |PART 8 \V) Answer any Three questions carries 2 Marks 17) State the rules relating tothe following in the absence of partership deed a) Interest on drawings b) Interest on advances from partners 18) State any two factors which determine the goodwill ofthe firm. 19) Give the journal entry to close Revaluation account when there is loss atthe time of retiment ofa partner 20) What is prospectus? 21) State any two catagories of share capital. PART-C Vi) Answer any three questions from the following. 3x 22) Akash and suresh are partners in a fim, Akash’s drawings forthe year 2023-24 are given as under Rs 5,000.0n 01.06.2023, Rs. 7,000 on 30.09.2023, es, 4,000.0n 01.11.2023 Rs. 6,0000n 31.03.2024 Calculating interest on drawings @ 10% p.a. forthe year ending 31.03.2024 under product method, 23) Ganesh and Vinayak were partners in afirm sharing profits and losses in the ratio of 3:2. They admit shiva for ‘feth share inthe future profits ane gurarenteed that his share of proft willbe not less than Rs25,000. Total profits ‘ofthe firm was Rs 90,000 calculate share of profit of each Partner, whan the guarantee given bya tim. 24) Aand B are partners in a firm sharing profits and losses in the rato of 3:2 they admit c”into the partership fo 1/6m sharein the profts. Calculate the new profit sharing rato. 25) Ajay, Viiay and Suiay are partners in a firm sharing profits and losses in the ration of 4:3:2 sujay retires from the fim. Ajay anc Vijay agree to share equaly in future. Calculate Gain Ratio. 26) Raaga, Tala and Laya were sharing profits andlosses inthe ration of6:3:2 There capital on 01.04 2024 stood {at Rs 1,20,000 Rs 90,000 Rs 60,000 respectively on 31.10.2024 Laya cied Partnership deed provides the following - a lnterest on Capital 12% pa. '. Commision RS, 7200 p.a ¢, Laya's Share in Goodwill (As per As-26) The gooduil of the frm is Rs 120,000 4d. The deceased partner's share in accured profit upio date his death is Rs. 4200, €. His Grawings upto the date of his death amounted to Rs 8000 Prepare Laya's Excutors Al. PART -D 13 12 Marks, 3x12=36 Vin Answer any three questions Each questions carr 27) Praveen and Pradeep are partners Sharing profit and losses in the ratio of 3:2 respectively. “Their Balance Sheet as on 31-03-2024 was as fallons. Balance Sheet as on 31-03-2024 Tabiites ‘Amount | Assets [Amount Crecitors ‘50,000 | Gash 720,000 Bils payable 20,000 | Debots 60.000 General Reserve 35,000 | Less P.D.D. 3,000 | 57000 Capital Ae Stock 20,000 Praveen 80,000 Furniture 20,000 40,000 | 1,20,000 | Machinery '30,000 Building {60,000 Profit and lass Alc 48,000 7225 000 225,000'0n 01.04.2024 they aemit Sankip into partnership onthe following terms, 2) He shoud ng ns 00 as capa fo 1 Sar anc Rs 3000 twas anol (As pe AS 28) 'b) Goodwill amount i with drawn by the 0 partners. ‘)Depreciate machinary and furniture by 5%. £6) Value of buicing apprecaites by 15%, €€) Maintain PD.D. @ 10% on debiors. Prepare -i) Revalution alc i) Partners capital a/c il) New Balancesheet ofthe firm 28) Aand 8 are equal partners ina firm Thier baianceShet as on 31.03.2024 stood as follows Balance Sheet as on 31.03.2024 Tiabites ‘Amount | Assets [Amount Creditors 150,000 | Stock “40,000 Bank Loan, 9,000 | Debowrs 32,000 General Reserve 7,000 | Less PDD. 1000 | 31,000 Capital Load and Building 50,000 a 80,000 Machinery 36,000 B 40,000 | 120,000 | Motar Car 8,000 Cash at Bank 21,000 1,86,000 785000 (On 01.04.2024 °C"is admitted into partnership for 1/5th Share in future profits onthe following terms '2) °C" brings Rs 26,000 as his capital ') Goodwil forthe firm is valued at Rs.12,000 (As per as -26) ©) Motor car and Machinary are tobe depreciated by 20% anc Rs 3800 respctivaly 4} Provisim for doughtull debts isto be maintained @ 10% on deptors. €} The capital accounts of all the partners are to be adjusted in thier new profit sharing ratio 2:2:1 based on C's Capital after making all the acjustments including goocwil adjustments are tobe ‘made in Cash) f) Sacrifice ratio of old partners is 1 1 Prepare; i) Revalution Ac {i Partners Capital A/c ii) New batance sheetof the firm 29) Akash Vikas and Ramesh were partners sharing profits and losses inthe ratio of 2:21 respectively helt Balance Sheetas on 31.03.2024 Balance Sheetas on 31.03.2024 Uiabites ‘Amount | Assets [Amount Creditors 37,000 | Cash at Bank 23,000 Bilspayable 20,000 | Debotrs 40,000 General Reserve ‘4,000 | Less PDD. 2,000 Capitals Stock Akash 60,000 | Machinery Vices 40,000 | Furniture Ramesh 30,000 | Buildings. 4.91,000 737,000 Vikas retired on 01.04.2024 from the business the folowing adjustments are to made, {a} Stack to be increased by 20% ) Maintain PB.D. at 10% on debtors ©) Depreciate machinary and furiture by 10% each, 0) Bulings are revalued at rs 60,000 2) Gooswil ofthe firm valued at Rs 15000 (as per as 26) Prepare: |) Revalution Ac yee aa L ee ceutin a[31] Vinod and Sanmati are Parnes sharing prois and losses equally Thier Balancesheet as on 31.03.2024 was as follows Bolance Sheet as on 31.03.2024 Uabites ‘Amount | Assets [Armount BilsPayabie 24000 | Cash at Bank 25,000 Grecitors 40.000 | Debtors 60,000 Reserve fund 20000 | Stock 40,000 Bankloan 21,000 | Furnture 20,000 Capitals Builsings 90,000 Vinod 180,000 Machinary 20,000 Sanmat) £80,000 | 1,80,000 | Profit and Loss Ale 410,000 2,65,000 2165.00 (On the above date they decided to dissolve the fim Additonalintormation: 2) The assets were realised as follows Debtors Rs 52,000 Stock Rs 39,000 Machinary Rs 24,000 Buildings Rs 80,000 Furniture Rs 12,000 ) Liabiites were paid in fullby the fim ©) Realisation were Rs 3,000 i)RealisationVc i) Partners CapitalAlc ii) Bank Ae $31) Dinesh, Mahesh and Ramesh are partenrs sharing profits and losses in the ratio of §:3:2 Their balance sheet ‘as on 31.03.2024 was as follows. Bolance Sheet as on 31.03.2024 abies ‘Amount | Assets TArmount Creditors 15,000 | Buicings 1,00,000 Bills Payable 15,000 | Machinery 20,000 Bankloan 60.000 | stock 80,000 Mss. Dinesh loan 35.000 | Bills receivable 60,000 Ramesh loan 30000 | Furniture 140,000 General Reserve 40.000 | Cash at Bank 30,000 Dinesh 35,000 Mahesh 145,000 Ramesh 55,000 | 1,35,000 3.30000 3.30000 ‘The Firm was dissolved! on the above date additional information. a) Assets realised as under Bulicings Rs 1,15,000 Bills Receivable Rs 60,000 Stock Rs 1,00,000 'b) Machinery taken over by Ramesh at Rs 9,000 ©) Allhe Liabilities were setied in full 1d) Mahesh paid the realsation expenses of Rs. $000 and he was get a remunerationof Rs 8000, for completing the dissolution process Realisation Ale i) ParnersCapitalAle ii) Bank A/c 32) Padmavati Trading cold issued 80,000 equaty shares of Rs 100 each atA premium of Rs. 10 Per shave. ‘The amount was payble as folows. (On application Rs.20 On Allotment Rs 40 (including Premium) (On frst and final call Rs. 50 Allthe Snares were subscribed ang the money was duty received except the frst and inacallon 10000 Shares the directors forteited these shares and re issued as full part up at Rs 60 Per share. ass the necessory joumal entries,