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Partnership Act Is in Force Since To Find Out Net Profit or Net Loss of The Business Account Is Prepared

The document is an examination paper for Book Keeping & Accountancy for PEM High School & Junior College, dated 18-10-2022. It includes multiple-choice questions, practical problems regarding partnership accounting, bill of exchange, and final accounts preparation. The paper consists of various sections that require students to demonstrate their understanding of accounting principles and practices.

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Santosh Sahu
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3 views3 pages

Partnership Act Is in Force Since To Find Out Net Profit or Net Loss of The Business Account Is Prepared

The document is an examination paper for Book Keeping & Accountancy for PEM High School & Junior College, dated 18-10-2022. It includes multiple-choice questions, practical problems regarding partnership accounting, bill of exchange, and final accounts preparation. The paper consists of various sections that require students to demonstrate their understanding of accounting principles and practices.

Uploaded by

Santosh Sahu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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PEM HIGH SCHOOL & JUNIOR COLLEGE

Date : 18-10-2022 Sub: Book Keeping & Accountancy Time :1 Hr.45Min Total:50 Marks
Q.1.A.Choose the correct option & rewrite the sentences : (5 Marks)
1)The Indian Partnership act is in force since …………………(1932/1881/1956/1984)
2) To find out Net Profit or Net Loss of the business ………………… account is prepared.(Trading/ Capital/Current/Profit
& Loss)
3) When goodwill is withdrawn by the partner .......................account is credited.
(Revaluation ,Cash / Bank, Current ,Profit and Loss Adjustment)
4) The balance of the capital account of retired partner is transferred to his ................. account
if it is not paid. (Loan/Personal/Current/Son’s)
5) Partnership is completely dissolved when the partners of the firm become
………….(Solvent/Insolvent/Creditor/Debtors)
Q.1.B.Draw a specimen of Bill of Exchange : (5 Marks)
Drawer : Shankar, Vadodara, Gujrat.
Drawee : Vinayak, Somwarpeth, Pune.
Amount : ` 16,000
Period : 3 months
Date of Bill : 6th Sept. 2019.
Date of acceptance : 11th Sept. 2019.
Q.2. Attempt any one of the following : (10 Marks)
a) Mr. Kishor & Mr. Lal were in partnership sharing profits & losses in the proportion of 3/4
and 1/4 respectively.
Balance Sheet as On 31 March 2018

They decided to admit Ram on 1 April 2018 on following terms:


1. He should be given 1/5th share in profit and for that he brought in ` 60,000 as capital
through RTGS.
2. Goodwill should be raised at ` 60,000
3. Appreciate Land and Building by 20%
4. Furniture and Stock are to be depreciated by 10%
5. The Capitals of all partners should be adjusted in their new profit sharing ratio through
Bank A/c.
Prepare Profit and Loss Adjustment A/c, Partner’s capital A/c, Balance sheet of new Firm.
b)
Kale, Gore and Pandhare were partners sharing Profit and losses in the ratio 3:3: 2. Their
Balance sheet as on 31st March 2018 is as follows.
Balance Sheet as on 31st March 2018
On 1st April 2018 Mr. Pandhare retired from the firm on the following terms.
1. Assets to be revalued as Stock ` 6300, Plant and Machinery ` 10,000 Live Stock `10,200
2. Goodwill of the firm is to be valued at ` 4,000, however only Pandhare’s share in it is to be
raised in the books and written off immediately.
3. R.D.D to be maintained at 10 % on debtors.
4. ` 100 to be written off from Creditors.
5) The amount payable to Mr. Pandhare to be transferred to his loan account.
Prepare : Profit and Loss Adjustment account, Partners Capital Account, Balance Sheet
of new firm.
Q.3.Attempt any one of the following ( 10 Marks)
a)Sagar drawn an after sight bill on 21st Nov. 2019 for ` 21,000 at 3 months on Prasad. The bill is discounted by Sagar
at 8 % p. a. with his bank. On maturity, Prasad finds himself unable to make payment of the bill and requests Sagar
to renew it. Sagar accepts the request and draws a new bill at one month for ` 21,750 including interest which was
duly accepted by Prasad. Sagar deposits the bill into bank for the collection. Prasad honours the bill on the due date
and Bank charges 250 as Bank Charges.
Pass necessary Journal Entries in the Books of Sagar and prepare Sagar’s account in the Books of Prasad.

b) Asha, Usha and Nisha are partners in the firm sharing profits and losses in the ratio of 3: 2:1 respectively. On 31 st
March, 2019 they decided to dissolve the firm when their Balance Sheet was as under:
Balance Sheet as on 31” March, 2019.

The firm was dissolved on the above date and the assets realised as under:
(1) Asha agreed to take over the Building at ₹1,23,600.
(2) Usha took over Goodwill. Stock and Debtors at book value and agreed to pay Creditors and Bills payable.
(3) Motor car and Machinery realised at 1,51,080 and 31,680 respectively.
(4) Investment were taken by Nisha at an agreed value of ₹55,440.
(5) Realisation Expenses amounted to 6,800,
Prepare: Realisation Account , Partners’ Capital Account & Bank Account
Q.4.Attempt any one of the following : (8 Marks)
a. Suhas Limited issued 10000 equity shares of ` 10 each at a premium of ` 2 per share payable as` 3 on application, `
5 (including premium) on allotment and the balance in two calls of equal Amount. Applications were received for
ll,000 equity shares and pro-rata allotment was made for all the applicants. The excess application money was
adjusted towards allotment. Mrs. Shobha who were allotted 200 equity shares failed to pay F/F/C and her shares
were
Forfeited after the final call. Show Journal entries in the books of Suhas Ltd. And also show its presentation in
Balance
b.
Ajita Ltd. Issued 2,00,000 equity shares of 10 each at a premium of 2 per share payable as:
3 on application
5 on allotment (including 2 premium)
4 on first and final call
Applications were received for 2.40,000 equity shares and pro rata allotment was made to all the applicants.
The excess application money was adjusted with allotment. Premna who was allotted 400 shares failed to pay first
and final Call and her shares were forfeited. Pass Journal entries in the books of Ajita Ltd.
Q.5. Problem on Final Accounts : (12 Marks)
Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and
adjustments you are required to prepare Final Accounts:
Trial Balance as on 31” March, 2019

Adjustments:
(1) Closing stock is valued at cost price 7.88,000 and market price 90,000.
(2) Asha and Nisha withdrew goods from business 3,000 and 2,000 respectively for their personal use.
(3) Depreciate Motor Van by 5% and Plant and Machinery by 7% (
4) Reserve for Doubtful debts on Debtors at 5% is to be created.
(5) Outstanding Wages 800.

BEST OF LUCK

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