GUESS PAPER 4

PART-A
(Accounting for Partnership Firms and Companies)

QUESTION 1.
A, B and C are partners sharing profits in the ratio 5:3: 2. A died and his executor is entitled to
A's share of goodwill which is valued at ₹62,000. The amount contributed by B and C on
account of goodwill is:
(a) ₹31,000 each
(b) ₹37,200 and ₹24,800 respectively
(c) ₹40,000 and ₹22,000 respectively
(d) ₹18,600 and ₹12,400 respectively

QUESTION 2.
Assertion (A): A partner bears the realisation expenses when some amount has been given
to that partner especially to meet the realisation expenses.
Reason (R): If any remuneration is given to a partner to complete the dissolution process, it
means all realisation expenses are now to be borne by that particular partner.
(a)(A) is correct but (R) is wrong.
(b) Both (A) and (R) are correct, but (R) is not the correct explanation of (A).
(c) Both (A) and (R) are incorrect.
(d) Both (A) and (R) are correct, and (R) is the correct explanation of (A)

QUESTION 3.
Debentures which are transferable by mere delivery are:
(a) Registered debentures (b) First debentures
(c) Bearer debentures (d) unsecured debentures
OR
Z Ltd. forfeited 450 shares of ₹100 each issued at a premium of ₹20 on which final call of
₹40 each is not paid. What is the minimum amount for which 300 of these shares can be
reissued?
(a) ₹12,000 (b) ₹15,000 (c) ₹18,000 (d) None of these

QUESTION 4.
Aditi and Vikas are partners sharing profits in the ratio of 3: 2. They admit Sonu into
partnership who acquires 1/5th of his share from Aditi and 4/25th share from Vikas.
Calculate New Profit sharing Ratio and Sacrificing Ratio.
(a) New Ratio 14: 6:5 and Sacrificing ratio 1:4
(b) New Ratio 14: 5: 6 and Sacrificing ratio 1:4
(c) New Ratio 12: 6: 5 and Sacrificing ratio 1:4
(d) New Ratio 14: 6: 5 and Sacrificing ratio 4:1
OR
A firm earned average profit of ₹45,000. Rate of return on capital employed is 12% p.a. Total
capital employed is ₹4,00,000. Goodwill on the basis of two years purchase of super profit is:
(a) ₹6,000 (b) ₹12,000 (c) ₹18,000 (d)-None of these
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QUESTION 5.
What is the order of payment of the following, in case of dissolution of partnership firm?
(i) To each partner proportionately what is due to him/her from the firm for advances as
distinguished from capital (i.e., partner's loan)
(ii) To each partner proportionately what is due to him on account of capital
(iii) To the debt of the firm of the third parties
(a) (iii), (ii), (i) (b) (i), (iii), (ii)
(C) (i), (ii), (iii) (d)_(iii), (i), (ii)

QUESTION 6.
Premium on issue of shares is a:
(a) Capital Gain (b) Capital Loss
(c) General Profit (d) General Loss
OR
At the time of issue of Debentures at a discount, Debenture Account is:
(a) Credited by the issue price of debenture
(b) Credited by the face value of debenture
(c) Credited by the amount received
(d) None of the above

QUESTION 7.
Debenture interest:
(a) is payable only in case of profits
(b) accumulates in case of losses are inadequate profits
(c) is payable irrespective of profit or loss
(d) none of the above.

QUESTION 8.
A and B are partners sharing profits and losses in the ratio 2: 1.
C is admitted and profit sharing ratio becomes 4:3: 2. Goodwill is valued at ₹94,500. C brings
required goodwill in cash. Calculate the amount of goodwill to be credited to A and B is:
(a) ₹14,000 and 7,000 respectively (b) ₹1,05,000 each
(c) ₹21,000 to A (d) ₹21,000 to B
OR
Which of the following is not as ground for dissolution of a firm by court's order?
(a) A partner becomes of unsound mind
(b) All partners becomes insolvent
(c) A partner is found guilty of misconduct
(d) A partner is permanently incapacitated

Read the following hypothetical situation, Answer Question No. 9 and 10.
On 1st January 2023, Vikas, Yogesh and Kajal entered into partnership with fixed capitals of
₹3,00,000, ₹2,00,000 and ₹1,00,000 respectively. Their partnership deed provided for the
following:
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(a) Salary to Vikas @ ₹20,000 per month.
(b) Rent to Yogesh for the use of his property for business purpose @₹5,000 per month.
(c) Manager is to be allowed a commission of 10% of the divisible profit of the firm. Profit for
the year ended 31st March, 2023 before providing for the above adjustments amounted
to ₹3,45,000.

QUESTION 9.
Remuneration to Manager will be:
(a) ₹25,545 (b) ₹33,000 (c) ₹34,500 (d) ₹27,000

QUESTION 10.
Kajal's share of profit will be:
(a) ₹79,000 (b) ₹81,000 (c) ₹39,500 (d) ₹40,000

QUESTION 11.
Vijay and Suraj were partners in a firm sharing profits and losses in the ratio of 3: 2. Their
capitals were ₹1,20,000 and ₹2,40,000 respectively. They were entitled to interest on capital
@10 % p.a. The firm earned a profit of ₹18,000 during the year. The interest on Vijay's capital
will be
(a) ₹7,200 (b) ₹10,800 (c) ₹12,000 (d) ₹6,000

QUESTION 12.
It is that portion of subscribed capital which has been actually paid by shareholders is called?
(a) Authorized capital (b) Issued capital
(c) Paid up capital (d) Called up capital

QUESTION 13.
On issue of debentures as a collateral security, which account is debited?
(a) Debentures Account.
(b) Bank Loan Account
(c) Debenture Holdings Account
(d) Debenture Suspense Account

QUESTION 14.
X and Y are partners sharing profits and losses in the ratio of 3:2. Z was admitted for the
1/5th share and for this he brings ₹150,000 as capital. If capitals are to be proportionate to
profit- sharing ratio, the respective capitals of the partners will be:
(a) ₹3,00,000: ₹3,00,000: ₹1,50,000.
(b) ₹3,60,000: ₹2,40,000: ₹1,50,000.
(c) ₹1,50,000: ₹1,50,000: ₹1,50,000.
(d) ₹1,50,000: ₹2,00,000 ₹4,00,000.

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QUESTION 15.
X, Y and Z are partners, sharing profits in the ratio 3:2:1. Z is guaranteed a minimum profit of
₹60,000 p.a. During the year the firm incurred a loss of ₹1,20,000. The share of profit (loss) of
partners is:
(a) X (₹1,08,000), Y (₹72,000) Z ₹60,000
(b) X (₹1,00,000), Y (₹80,000) Z ₹60,000
(e) X (₹1,20,000), Y (₹60,000) Z ₹60,000
(d) None of these
Or
Naman and Aman are partners. On 1st April of the year, they conmtributed a capital of
₹50,000 and ₹60,000 respectively. On 1st January of the year, Naman gave a loan of ₹10,000
and Aman introduced additional ₹20,000 as capital to the firm. Both expected interest @ 10%
on loan and additional capital. The profit for the year amounted to ₹15,200. The share of
profit of each partner will be
(a) ₹7,250 each (b) ₹6,925 each
(c) ₹7,525 each. (d) ₹6,100 each

QUESTION 16.
If creditors of ₹15,000 take over stock of ₹20,000 in full settlement of their claim. The entry
will be:
(a) No entry is needed
(b) Debit Realisation A/c and credit cash A/c by ₹5,000
(c) Debit Cash A/c and Credit Realisation A/c by ₹5,000
(d) None of these

QUESTION 17.
X, Y and Z are partners sharing profits in the ratio 5:4:1. Z died on 30th November 2023.
While settling his account, the assets and liabilities were reassessed as follows:
Book Value (₹) Revalued at (₹)
Land and Building 5,00,000 6,50,000
Debtors 70,000 55,000
Creditors 80,000 1,20,000
Pass journal entries to give effect to this revaluation of assets. and liabilities and market value
of investment was decreased by ₹10,000.

QUESTION 18.
Calculate the goodwill of a firm on the basis of two years purchases of the average profit of
last four years. Profits for the last four years ended 31st March were:
(₹)
31.3.2020 30,600
31.3.2021 48,400
31.3.2022 46,600
31.3.2023 34,400

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Additional Information:
(a) The closing stock for the year ended 31st March, 2022 was undervalued by ₹2,600.
(b) The cost of management expenses per annum ₹2,000 should be made for the purpose of
goodwill valuation.
OR
Ritesh and Mitesh started a business on 1st April, 2022 and contribute the capital of
₹2,00,000 and ₹1,50,000 respectively On 1st July, 2022, Ritesh gave a loan of ₹40,000 and
Mitesh introduced a fresh capital of ₹60,000. Profit for the year ended 31st March, 2023 was
₹75,800 There is no partnership deed. Both Ritesh and Mitesh expected interest @ 12% per
annum on loan and additional capital advanced by them. Mitesh also asked for a monthly
salary of ₹2,000 as he spent additional over time on regular basis.
Show the distribution of profit and prepare Profit and Loss Appropriation A/c. Justify your
answer.

QUESTION 19.
King Ltd. took over Assets of ₹25,00,000 and liabilities of ₹6,00,000 of Queen Ltd. King Ltd.
paid the purchase consideration by issuing 10,000 equity shares of ₹100 each at a premium
of 10% and ₹11,00,000 by bank draft.
Calculate purchase consideration and pass necessary Journal entries in the books of King Ltd.
OR
Amay Limited invited applications for issuing 10,000, 8% debentures of ₹100 each. The
amount was payable as follows:
₹30 on application and ₹70 on allotment. The public applied for ₹12,000 debentures.
Applications for 8,000 debentures were accepted in full; applications for 3,000 debentures
were alloted 2,000 debentures and the remaining applications were rejected. All money were
duly received.
Pass the necessary journal entries in the books of the company for the above transactions.

QUESTION 20.
Ram, Laxman and Bharat are partners sharing profits in the ratio of 3:2:1. Goodwill is
appearing in the books at a value of ₹1,80,000. Laxman retires and at the time of his
retirement, goodwill is valued at ₹2,52,000. Ram and Bharat decided to share future profits in
the ratio of 2:1. The Profit for the first year after Laxman's retirement amounts to ₹1,20,000.
Give the necessary Journal entries to record goodwill and to distribute the profit. Show your
calculations clearly.

QUESTION 21.
On 1st April 2022, PQR Ltd. issued 2,000, 9% debentures of ₹150 each at a discount of 10%
redeemable after 5 years at a premium of 5%. All the debentures were subscribed for. The
company has a balance of Securities Premium Reserve ₹40,000 and surplus, i.e. balance in
Statement of Profit and Loss ₹15,000.
Pass the journal entries for issue of debentures and writing off the loss on issue of
debentures. Also prepare extract of Balance Sheet as at 31st March 2023.

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QUESTION 22.
A, B and C were partners in a firm sharing profits in the ratio of 2:2:1. Their Balance Sheet as
at March 31, 2023 was as follows:
Balance Sheet of firm A, B and C
as at March 31, 2023
Liabilities Amount Assets Amount
(₹) (₹)
Creditors 30,000 Land 80,000
Bills Payable 40,000 Building 55,000
Outstanding Expenses 25,000 Plant 1,00,000
General Reserve 30,000 Stock 40,000
Capitals: Debtors 25,000
A 50,000 Cash 5,000
B 60,000
C 70,000
1,80,000
3,05,0000 3,05,000
From 1st April, 2023 they decided to share profit in the ratio 1:2:3. For this purpose, it was
agreed that:
(i) The goodwill of the firm should be valued at ₹45,000.
(ii) Land was undervalued by ₹20,000. Building was overvalued by 10%.
(iii) Creditors amounting to ₹3,000 were not to be paid.
Partners decided to record the revised values in the books. However, they do not want to
disturb the reserve. You are required to record necessary journal entries for the above
adjustment.

QUESTION 23.
A company was registered with nominal capital of ₹50,00,000 in equity shares of ₹100 each.
20,000 shares were issued to the public at a premium of ₹10 per share, payable as:
₹30 on application
₹35 on allotment (including 5 premium)
₹25 on First call (including 5 premium)
The balance on Second and final call.
Applicants were received for 35,000 shares and Allotment was made as follows:
List I. Applications for 5,000 shares were allotted in full.
List II. Applications for 15,000 shares were allotted 5,000 shares on pro-rata basis.
List III. Applications for 15,000 shares were allotted 10,000 shares on pro-rata basis.
Money overpaid on application was employed on account of sums due on allotment only. Any
money in excess to allotment was refunded.
Ansh (belonging to List III), holding 200 shares, failed to pay the allotment and first call. The
company forfeited his shares after the first call.
Ali (belonging to List II) who applied 300 shares, failed to pay two calls and company
forfeited his share after the final call.
Of the shares forfeited 200 shares (including all of Ali) were reissued to Pooja as ₹90 per
share. Prepare the cash book and pass necessary journal entries in the books of the company.

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 OR
(i) XY Ltd. forfeited 400 shares of 100 each, issued at 10% premium (to be paid at the time of
allotment) for non-payment of allotment money of ₹30 (including premium) and first call of
₹30 per share. The second and final call of ₹20 has not yet been called. Out of these, 160
shares were re-issued as ₹80 paid-up for ₹70 per share. Journalise.
(ii) K Ltd. issued 60,000 shares of ₹10 each at a premium of 10% payable as, ₹2 per share on
application, on allotment ₹5 (including premium) and ₹2 each on first and final call.
Applications were received for 90,000 shares. It was decided
to:
(a) Refuse allotment to the applications for 10,000 shares.
(b) Allot 10,000 shares to R who had applied for similar number.
(c) Allot the remaining shares on pro-rata basis.
R failed to pay the allotment money. T who belonged to the category 'c' and had applied for
4,200 shares paid both the calls with allotment. Calculate the amount received on allotment.

QUESTION 24.
Ansh and Vansh are partners in a firm sharing profits in the ratio of 4:1. On 31st March, 2023,
their Balance Sheet was as follows:
Balance Sheet of Ansh and Vansh as on 31-03-2023
Liabilities Amt (₹) Amt (₹)
Sundry Creditors 40,000 Bank 14,500
Provision for Bad Debts 4,000 Debtors 43,000
Outstanding Salary 6,000 Stock 40,000
Investment Fluctuation Reserve 10,000 Investment 80,000
Employee Provident Fund 15,000 Furniture 60,000
General Reserve 12,000 Building 36,000
Capitals: Goodwill 6,000
Ansh 1,20,000 Advertisement Suspense A/e 7,500
Vansh 80,000 2,00,000
2,87,000 2,87,000
On the above date, Tez was admitted for 1/4th share in the profits
on the following terms:
(i) Tez brought ₹1,00,000 as his capital and ₹20,000 for his share of premium, half of which is
withdrawn by Ansh and Vansh.
(ii) Stock will be reduced to ₹35,000 furniture will be depreciated by ₹7,000 and 30%
appreciation will be recorded in building.
(iii) Debtors ₹3,000 will be written off as bad debts and a provision of 5% will be created on
debtors for bad and doubtful debts.
(iv) Investments will be recorded at its market value of ₹65,000.
(v) Revaluation expenses of ₹3,500 will be paid by Ansh on behalf of the firm.
Prepare Revaluation Account and Partners' Capital Accounts of the new firm.
OR

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X, Y and Z were partners in a firm sharing profits in the ratio of 2:3:5. On 31.3.2023 their
Balance Sheet was as follows:
Liabilities Amt (₹) Assets Amt (₹)
Creditors 46,000 Furniture and Fixtures 55,000
Investment Fluctuation 15,000 Equipment 15,000
Reserve 10,000 Investments 25,000
Workmen Compensation Machinery 18,000
Reserve Stock 12,000
Capitals: Debtors 30,000
X 50,000 Less: Provision for D/D 3,000) 27,000
Y 40,000 Bank 29,000
Z 20,000 1,10,000
1,81,000 1,81,000
On the above date, X retired and Y and Z agreed to continue the business on the following
terms:
(i) Goodwill of the firm was valued at ₹48,000.
(ii) There was a claim of ₹4,000 for workmen's compensation.
(iii) Market value of investment was ₹22,000.
X will be paid ₹3,200 through cheque and the balance will be transferred in his loan account.
The new profit sharing ratio between Y and Z will be 3: 2.
Prepare Partners' Capital A/cs and Balance Sheet of the new firm.

QUESTION 25.
P, Q and R commenced business on 1st April, 2022 with capitals of:
P- ₹2,00,000; Q-₹ 2,00,000 and R-₹ 1,00,000.
Profits are shared in the ratio of 4:3:3. Capital carried interest @5% p.a. During the year
2022-23, the firm suffered a loss of ₹1,50,000 before allowing interest on capital. Drawings of
each partner during the year were ₹20,000.
On 31st March, 2023, the partners agreed to dissolve the firm as it was no longer profitable.
The creditors on that date were ₹40,000. The assets realised a net value of ₹3,20,000 and the
expenses of realisation were ₹7,000.
Prepare Realisation Account, Partners' Capital Accounts and Cash Account along with
necessary working to close the books of the firm.

QUESTION 26.
Vishesh Ltd. issued 10,000, 8% debentures of ₹100 each on 1st April 2022 redeemable at a
premium of 10% after 4 years. The issue was subscribed by 95%.
According to the terms of issue, interest on the debentures is payable half-yearly on 30th
September and 31st March.
I. What is nature of interest on debentures?
II. What journal entry will be passed for writing off the interest on debentures at the end of
the year?
III. At the time of issue of debentures what amount will be credited to premium on
redemption of debenture A/c?
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IV. What is the ownership status of Debenture holders in a company?

PART=B
ANALYSIS OF FINANCIAL STATEMENTS
QUESTION 27.
If Net Revenue from Operations of a firm are ₹15,00,000, Gross Profit is ₹9,00,000 and
Operating Expenses are ₹75,000. The operating profit ratio will be:
(a) 45% (b) 50% (c) 55% (d) 65%
Or
Unclaimed dividend is shown under Equity and Liabilities of Balance Sheet of a company
under the heading:
(a) Share Capital (b) Non-Current Liabilities
(c) Current Liabilities (d) None of these

QUESTION 28.
Which of the following is not a component of other incomes for a manufacturing concern?
(a) Dividend received (b) Interest on investment
(c) Sale of scrap (d) Rent received

QUESTION 29.
While preparing cash flow statement, match the following activities:
1. Purchase of Building (i) Financing Activity
2. Redemption of Preference Shares (ii) Operating Activity
3. Depreciation on Fixed Assets (iii) Investing Activity
(a) 1-(ii), 2-(iii), 3-(i) (b) 1-i), 2-(ii), 3-(iii)
(c) 1-(iii), 2-(i), 3-(ii) (d) 1-(ii), 2-(iii), 3-(i)
OR
Statement I: Operating Activities are the principle revenue producing activities of the
enterprise and other activities of the enterprise that are not investing or financing activities.
Statement II: Investing activities are the activities that result in changed in the size are
composition of the owner's capital and borrowings of the enterprise.
(a) Both Statements are correct.
(b) Both Statements are incorrect.
(c) Statement I is correct and Statement II is incorrect.
(d) Statement I is incorrect and Statement II is correct.

QUESTION 30.
Bank Overdraft and cash credit are to be treated as:
(a) Cash Equivalents (b) Non-Current Liabilities
(c) Investing Activity (d) Short Term Borrowings

QUESTION 31.
Name the "Major head' and 'Sub-head' in which the following items will be presented in the
balance sheet of a company as per Schedule III, part-I of the Companies Act, 2013.

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(i) Public Deposits (ii) Interest accrued but not due
(iii) Goodwill (iv) Stores and spares
(v) Debentures maturing current financial year (vi) Securities Premium

QUESTION 32.
(a) From the following information calculate inventory turnover ratio:
Revenue from operations ₹16,00,000; Average Inventory ₹2,20,000; Gross Loss Ratio 5%
(b) Rate of Gross profit on cost of a company is 25%. Its Gross profit is ₹5,00,000 Its
shareholders' Funds are ₹12,00,000; Current liabilities are ₹3,00,000 and current Assets are
₹10,00,000, Calculate its Working Capital Turnover ratio.

QUESTION 33.
From the information extracted from the Statement of Profit and Loss for the ears ended 31st
March, 2022 and 31st March, 2023, prepare a Comparative Statement of Profit and Loss.
Particulars 2021-22 2021-23
Revenue from Operations 300% of cost of materials 200% of cost of materials
consumed consumed
Cost of materials consumed ₹ 2,40,000 ₹2,00,000
Other expenses 20% of cost of materials 10% of cost of materials
Consumed Consumed
Tax rate 50% 50%
Or
From the following information, prepare Comparative Statement of Profit and Loss:
Particulars 31st March, 2023 31st March, 2022
Revenue from operations ₹63,00,000 ₹50,00,000
(Gross sales)
Sales Return ₹3,00,000 ₹2,00,000
Cost of Materials 60% of revenue from 50% of revenue from
Consumed operations (Net) operations (Net)
Others Expenses 10% of (Net revenue 15% of (Net revenue
from operations-cost of from operations-cost of
materials consumed) materials consumed)
Income Tax Rate 30% 40%

QUESTION 34.
Prepare a Cash Flow Statement from the following Balance Sheet of XYZ Ltd.
Balance Sheet of XYZ Ltd.
Particulars Note 31.3.2023 31.3.2022
No. (₹) (₹)
I. EQUITY AND LIABILITIES
1. Shareholders' Funds:
(a) Share Capital 1 10,00,000 8,00,000
(b) Reserves and Surplus 2 7,50,000 50,000
2. Non-Current Liabilities:
Long-term Borrowings 3 50,00,000 1,00,000
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 3. Current Liabilities:
(a) Short-term Borrowings 4 50,000 40,000
(b) Trade Payable 2,50,000 3,80,000
(e) Short-term Provisions (Provision for Tax) 80,000 65,000
(d) Other Current Liabilities 1,50,000 1,60,000
Total 27,80,000 15,95,000
II. ASSETS
1. Non-Current Assets:
Property, Plant and Equipment and Intangible Assets:
(a) Property, Plant and Equipment 5 12,80,000 8,20,000
(b) Intangible Assets (Goodwill) 1,60,000 ……….
2. Current Asset:
(a) Short-term Investment (Marketable Securities) 2,90,000 1,60,000
(b) Inventories 4,10,000 280,000
(c) Trade Receivables 3,80,000 2,30,000
(d) Cash and Cash Equivalents 6 2,60,6000 1,05,000
Total 27,80,000 15,95,000
Notes to Accounts:
Note No. Particulars 31.03.2023(₹) 31.03.2022(₹)
1 Share Capital:
Equity Share Capital 7,00,000 4,00,000
10% Preference Share Capital 3,00,000 4,00,000
10,00,000 8,00,000
2 Reserves and Surplus:
General Reserve 3,00,000 1,00,000
Balance in Statement of Profit and Loss 4,50,000 (50,000)
7,50,000 50,00,000
3 Long-term Borrowings:
9% Debentures 5,00,000 1,00,000
4 Short-term Borrowings:
Bank Overdraft 50,000 40,000
5 Property, Plant and Equipment:
Plant and Machine 2,30,000 1,20,000
Building 10,50,000 7,00,000
12,80,000 8,20,000
6 Cash and Cash Equivalents:
Cash in hand 80,000 40,000
Cash at Bank 1,80,000 65,000
2,60,000 1,05,000

Note: Dividend proposed for the year 2021-22 and for 2022-23
are ₹40,000 and ₹60,000 respectively.

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Additional Information:
(a) Depreciation of ₹60,000 was provided on plant and machinery during the year.
(b) A machine costing ₹40,000 (accumulated depreciation provided thereon ₹24,000) was
sold for ₹8,000 during the year.
(c) New debentures were issued on 1st October, 2022
(d) Tax ₹60,000 was paid during the year.

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