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Q2
short answer
2 marks
Pass the necessary journal entry on dissolution of a partnership firm if an unrecorded creditor of $40,000 was paid by a partner, Amar, at a discount of 10%.
Q3
short answer
2 marks
A, B and C are partners in a firm sharing profits and losses equally. C retired and his share was acquired by A and B in the ratio of 3 : 2. Calculate the new profit sharing ratio of A and B.
Q4
short answer
3 marks
(a) From the following information of Kapoor Sports Club, calculate the amount of sports material to be written in the Income and Expenditure Account for the year ended 31st March, 2021:
Details | Amount
Stock of sports material as on 1st April, 2020 | $40,000$
Creditors for sports material as on 1st April, 2020 | $8,000$
Stock of sports material as on 31st March, 2021 | $20,000$
Amount paid for sports material during the year 2020-21 | $90,000$
Creditors for sports material as on 31st March, 2021 | $10,000$
Q4
long answer
3 marks
From the following information of Kapoor Sports Club, calculate the amount of sports material consumed for the year ended 31st March, 2021:
Q6
long answer
3 marks
Khandelwal Ltd. took over assets of Sharma Ltd. of < 25,00,000 and liabilities amounting to < 7,80,000 for a purchase consideration of < 27,00,000. The payment to Sharma Ltd. was made by issuing 10% Debentures of < 100 each at a discount of 10%.
Pass the necessary journal entries for the above transactions in the books of Khandelwal Ltd.
Q6
long answer
3 marks
Explain the meaning of issue of debentures as collateral security with the help of an example.
Q7
long answer
5 marks
Pass the necessary journal entries in the books of Pankaj Limited for the issue of Debentures in the following cases :
Q7
short answer
Issued 7500, 10% Debentures of < 100 each at a discount of < 10,000 redeemable at a premium of 5%.
Q7
short answer
Issued 1000, 9% Debentures of < 100 each at par redeemable at par.
Q7
short answer
Issued < 2,00,000, 9% Debentures of < 100 each at a discount of 10% redeemable at par.
Q8
long answer
5 marks
(a) A and B are partners sharing profits and losses equally. On 31st March, 2021, they decided to dissolve their firm. On the date of dissolution, their Balance Sheet was as under: Balance Sheet of A and B as at 31st March, 2021 Liabilities Amount $ Assets Amount$ Creditors 3,00,000 Bank 3,00,000 n 60,000 Stock 2,40,000 70,000 Furniture 2,00,000 Capitals : Plant and Machinery 1,00,000 A 2,30,000 Profit and Loss A/c 50,000 B 2,30,000 4,60,000 8,90,000 8,90,000 The assets were realised and liabilities were paid as under: (i) Creditors were paid at 20% less. (ii) Furniture was taken over by A for $1,80,000 and Plant and Machinery was sold for $80,000. (iii) B took over the stock at $1,80,000. (iv) . (v) Realisation expenses of $20,000 were paid by B. Prepare Realisation Account.
Q8
short answer
5 marks
On the above date, Vinay retired and it was agreed that: (i) The value of stock will be reduced by $10,000$. (ii) Plant and Machinery will be valued at $80,000$. (iii) An amount of $4,500$ included in creditors is not likely to be claimed. (iv) Debtors to be valued at $30,000$. (v) Vinay to be paid the amount due. Prepare Revaluation Account and Vinay's Capital Account.
Q9
short answer
5 marks
31st March, 2021. Prepare the Income and Expenditure Account and the Balance Sheet of the Club for the year ended 31st March, 2021 from the following Receipts and Payments Account and additional information:
Reading Passage
Receipts and Payments Account of Truth Club for the year ended 31st March, 2021
Receipts Amount $<$
Balance b/d 1,50,000
Donation for building 88,000
Locker rent 80,000
Sale of old newspapers 200
Subscriptions:
2019 20 1,800
2020 21 70,000
2021 22 1,000
72,800
Payments Amount $<$
Salaries 1,80,000
Rent 50,000
Postage 2,000
Books 28,000
Furniture 80,000
Balance c/d 51,000
3,91,000 3,91,000
Additional Information:
(i) The club had 80 members each paying an annual subscription of $1,000$.
(ii) Furniture was purchased on 1st January, 2021.
(iii) Depreciation on furniture was charged @ 10% p.a.
Q9
long answer
5 marks
From the following Receipts and Payments Account and additional information of Truth Club for the year ended 31st March, 2021, prepare Income and Expenditure Account for the year ended 31st March, 2021:
Q10
short answer
2 marks
Inflow, outflow or no flow of cash while preparing Cash Flow Statement.
Q12
long answer
5 marks
Vidit, Vinay and Siya were partners in a firm. On 31st March, 2021, their Balance Sheet was as follows: Balance Sheet of Vidit, Vinay and Siya as at 31st March, 2021 Liabilities Amount $ Assets Amount$ Creditors 72,000 Cash 28,000 Bank Loan 18,000 Stock 46,000 General Reserve 18,000 Debtors 34,000 Capitals : Building 30,000 Vidit 48,000 Plant and Machinery 66,000 Vinay 16,000 Siya 32,000 96,000 2,04,000 2,04,000 On the above date, Vinay retired and it was ...
Reading Passage
Balance Sheet of Raman Ltd. as on 31st March, 2021
Particulars Note No. 31.3.2021 31.3.2020
I Equity and Liabilities:
1. Shareholders' Funds
(a) Share Capital 7,50,000 7,00,000
(b) 1 1,25,000 55,000
2. Non-Current Liabilities
Long-term Borrowings 1,00,000 62,500
3. Current Liabilities
(a) Short-term Borrowings 2 6,000 5,000
(b) Trade Payables 7,500 41,500
(c) Short-term Provisions 3 9,000 5,500
Total 9,97,500 8,69,500
II Assets:
1. Non-current Assets
Fixed Assets
(a) Tangible Assets 4 9,30,000 8,05,000
(b) Intangible Assets 5 25,000 15,000
2. Current Assets
(a) Current Investments 4,000 2,500
(b) Inventories 18,500 29,500
(c) Trade Receivables 13,000 11,500
(d) 7,000 6,000
Total 9,97,500 8,69,500
Q12
long answer
5 marks
31st March, 2021 from the following Balance Sheet of Raman Ltd., calculate Cash Flow from Operating Activities for the year ended 31st March, 2021:
Q12
long answer
5 marks
Explain the steps involved in installation of Computerised Accounting System.
Q17
short answer
3 marks
From the following information, prepare a Common Size Statement of Profit and Loss of X Ltd., for the year ended 31st March, 2022:
Q19
short answer
3 marks
Give the meaning of Database Management System.
