44x8

Half Yearly
WELSPUN
am-(2022-2023)
WELSPu

VIDYA Umrite
CLASS-X
MANDIR

Roll No. 2,2

M. Marks: 80
Name: ukta Time: 33hre
hrs+15 min.Reading
Subject: Accountaney
Date: 15.09,22 Invigilator's Sign:- each
SLCTION-A mark

All thequestions ofthissectiou

carry
one

equally.
F i n

of*
a n c i a

1,50,000
l

Statements are
State.

ente
titled
losses

profit is
and a
1. Ram and Shyam partners sharing profits
are show partner
isRa
for the year ended 31st March, 2021,
which

1 0 % p.a.
Each What
am's
prepared
annum

Shyam@
per
allowing interest on a loan of 50,000 from Shyam r
10,000
c h , 2 0 2 1 ?

to salary as follows: Ram 15,000 peYannum

3 ISL
d ) 8 0 , 0 0 0

total appropriation of profit for the year ended

a) 77,500 b) 70,000 c)75,000

2. Pick the odd one out of the following b ) M a n a g e r ' s C o m m i s s i o n

a) Rent to Partner Partner's

Capital
Interest
on
d) for
c) Interest on Partner's Loan admit C as partner

sharing profits and losses in the

ratio of3:2. They 2/5th from B. New
3. A and B are and
shae 3/5th from A
in the profits. He takes this
rd Share
profitsharing ratio will be: d) 18:24:38
e)6:4:5 below the
a) 5:6:3 b) 2:4:6 codes given
answer using the
4. Match List-I with List-lI and select the correct
situation):
lists (at the time of admission of partner List-II(Entry)
List-I(Item/ Transaction) Revaluation alc
1. Credit-
(a) Increase in liabilities
2. Credit-Partner's Capital a/c
(b) Bad Debts Recovered
3. Debit- Revaluation a/c
(c) Accumulated losses

(d) Profit & Loss a/c (Cr.) 4. Debit- Partner's Capital a/c

A. (a)-3. (b)-1, (0)-2, (d)-4 B. (a)-1, (b)-3, (c)-4, (d)-2

C.(a)-1, (b)-3, (c)-2, (d)-4 D. (a)-3, (b)-1, (c)4, (d)-2

5.P,Q and R were partners sharing prolits in the ratio 2:2:1. Q retires and the new profit-
sharing ratio of P andR will be 3:1. Gaining ratio will be:

(a) 1:7 (b) 2:1 ) 1:2 (d) 7:1

6. A, B and C are partners with profit sharing ratio of4:3:2. B retired and aoe
vaued 1.08.000. If A& C share prots , ind out the
goodwill shared bv AA and
favour ofB. Cin

(a) 22,500 and 13,500 (b) 16,500 and

19,500
(c) 67,500 and 40,500 d) 19,500 and
7. Kumar, Verma and Naresh were partners in a firm
16,500
rma died.
2:2. On 23rd January, 2022 Verma died. Vem sharing profit & loss in the
Yerma's share
the date of ratio of 3:
of profit till
was calculated at 2,350. Pass necessarynal
entry for his
the same in death
the books of the firm
 R
and
8. A
and Bare
Machinel
A

Mrs A partners atualy. The firm is going to be dissolved. At thats 6.

proiits
loan of
has given loan of?sharing prolt irm @6% interest and simultaneously A has also
time
given. nadea
1,00,000. The assets50,000
0,000 t 1000,000. Who will be paid ifst
a) Partner A reali (b) Partner B
cMrs. A (d) Par A and Partner b in their profit-sharing ratio

howmuch
much fina.
tinal
9.On the basis of the iollowing payment will be made to a partner on
firm's dissolution? Credit balancedanital
ofcapital
account of a partner was
account
share ofloss
taken over by him 1,00,000;
S

of realization amounted to R20,000 firm rtt's liabiny

was for 16,000
(c)80,00o (d) 1,04,000
a) 64,000 (b)96,000

of
ss of Prem Ltd consist
business
total asset of7
10. Mohit Lid thee
ourchase
running
the running 2 00,000 1mmediately 10,00,000
liabilities ofR 2,00,000. Mohit Ltd paidR
2,00,000 immediately in cash and balance by 1ssulng
100 each at premium a of
of 20 20 per share. The
per share, The goodwill A/c
,000 shares of will be debited by
11. Mahek Ltd. Forfeited 400 share of 10each and k 7 called up for non- payment of first call
of 2 per share. Out of these, 300 shares were reissued for 6 per share as 7 paid up.
Keserve Account.
will be transferred Capital
to

12 Calculate the amount of second & Tinal call wiien Ekta

Ltd, issues Equity shares of z 10
each at a premium of 40% payable on
ApplicauO 5, On
Allotment 7 5, On First Call 2. (
(a) Second & final call 3. (b) Second &final call z4
(c) Second& final call 1 (d) Second &final callR 14
13. If a partner withdraws an equal amount in the
beginning of each month for a
calculation of Interest on Drawings? period
months, what will be the average period for of 10

(a) 6.5 months (b) 7.5 months (c) 6 months

(d) 5.5 months
14. A, B and C were are
partners in firm
sharing
a

equally w.e.f from 1 4.2019. On that profits

the ratio ofin
share profits
date the
3:4:1. They decided to
credit balance of 96,000. instead of profit and loss account showed the
adjustment entry reflecting the closingin profit and loss account, it was decided to record
an the
change profit sharing ratio. In the journal entry:
(a) Dr. A by 4,000; Dr. B by
16,000; Cr C by 20,000
(b) Cr. A by 4,000; Cr. B
by 16,000; Dr C by
()Cr.A by 16,000 Cr. B 20,000
by 4,000; Dr C by
d) Dr. A by 16,000; Dr. B 20,000
by 4,000; Cr C by
20,000
ASSertion
change then
(A): At
the time of
admission, if profit charing ratio among old partner does not
sacrificing
Reason (R): Old ration will be old
profit profit-sharing rati0
(a) Both Assertion (A) andratio plus new profit
Keason (R) are truesharing ratio
io is sacriticing ratio:
Assertion (A) a n d Reason and Raason (R) is the correct
(6) Both
Assertion Reason ( 1 explanation of
Assertion (A) (A) and
Reason (R) are true, but 3on (R) is not the correct explanation of
c) Assertion is Reason
(d) Assertion (A) is false, but Reason (R) is
(A) true, but true
Reason (R) is false
at tim
so gi. ald are partners
sharing in the ratio #2:3. Their Balance
Sheet showNSnew
hinety at R2,00,000; Stock at profits ol 1,00,000. C is admitted and
"

u c h i n e

s
t sharing ralio is agreed at 6 80,000 and Debtorsat al xl,40,000 and a
provision
profit
: 9:5. Machinery revaluet to R20,000. Revalued
n is
for doubtfiul debts hincry is re
(@5%. A's share in loss on reváluation aimount
yalue ot Stock will be: revalu
(a)62,000o (b) RI,00,000 (d) 98,000
(c) 60,000

Section
AlT the questions of this section carryone mark cach,

from 17 to A0.
O1OWIng paragraph and answer the following Question
Bhavya and Naman were partner in a firm carrving on a tiffin servi ested that it c a n
noticed that a lot of food is lett at the end of the day. To avoid wastage, Sne suge
be distributed to the needy. Naman wanted that t should be mixed with the tood bet
I not
the next day. Naman then give a personal that ifhis share in the profit increased, I
their
mind free distribution of leftover food. Bhavva hanpily agreed. So they decided to u a

protit sharing ratio l:2 with immediate effect. On that date revaluation of assetS and
reassessiment ofliability was carried out that resulted into a gain of Rs. 18,000. On u e e

the Goodwill of the firm was valued Rs.

at
1,20,000.
17. sacrificing ratio equal to:

(a) Old ratio minus new ratio (b) New share minus
old share
(c) Old share plus new share (d) Old share

18. sacrificing /gain of Bhavya and Naman will be

(a) Bhavya sacrifice 1/6, Naman gains 1/6

(b) Bhavya gains 1/6, Naman sacrifice 1/6

(c) Only Bhavya gains 1/6

(d) Only Naman sacrifice 1/6

19. at the time ofchange in profit sharing ratio gaining partner capital accountis.
...and sacrificing partneris.. For the adjustment of goodwill
. .

(a) Credited debited (b) Debited credited (¢) Inereased or decreased (d) Decreased or increased
20. Pass the journal entry for adjustment of Goodwill.

(a) Naman's Capital a/c Dr. 1,20,000 To Bhavya's Capital a/c 1,20.000
(b) Bhavya's Capital a/c Dr. 60,000 To Naman's Capital a/e 60.000

() Naman's Capital a/c Dr. 20,000 To Bhavya's Capital a/c 20,00o

(d) Naman's Capital a/c Dr. 1,00,000 To Bhavya's Capital a/c 1.00.00
Aiab Enterprises is a partnership business J4, Aba and Baja as partners engaged in
production and sales of electrical items anu
Rs.50.00.000, Rs.50,00,000 and Rs.80,00,0 ent.Their cively
capital contributions were
with the profit the
5:5:8. As they are now looking forward sharing ratio of
totheir gtheir business, it was decided that thev
would bring in sufficient cash to double respective capitals. This was duly followed by
 3
Aja and Aba but due to unavoidable reia Sons Baja could not do so and
that to bridge the sired capital a new partner
shortfall in the requireo ultimately it was
bringin the amount that Baja« bring and that the new should be admitted ed who would
equal half of Baja's share which would be sacrificed partner would get shareare of profits
by Baja only.
required capital andConsequent this
in the
agreementJazz was admitted
and he brought to
premium for goodwill
Rs.30,00,000 as
Based on the above information you are required to
Q.21 to Q.23 answer the
following questions from
21. What will be the new
profit-sharing ratio of ja, Aba, Baja and
Jaza
azz?
(a) 1:1:1:1 (b) 5:5:8:8 (c) 5:5:4:4
What is the amount of
(d)None of the above
29 capital brought in by the new
partner Jazz?
(a) Rs.50,00,000 (b) Rs.80,00,000
c) Rs.40,00,000
n3 What will be correct journal entry 1or
(d) Rs.30,00,000
treanen or
Premium for Goodwill brought in hu
Jazz?

(a) Jazz Capital A/c ....

...Dr. 30,00,000 To Baja's
Capital Alc 30,00,000
(b) Premium for Goodwill A/c...Dr. 30,00,000 1o
Baja's Capital A/c 30.00 000
c) Premium for Goodwill Alc.Dr 30,00,000 To
Aja's Capital A/c 8,33,333 To Aba's
Capital A/c 8,33,333 To Jazz's Capital A/c 13,33,333

(d) Premium for Goodwill A/c...Dr 30,00,000 To

Aja's
Capital A/c 10,00,000 To Jazz's Capital A/c 10,00,000 Capital
A/c 10,00,000 To Aba's

Read the
hypothetical text and answer the following questions from Q.24 to 27.
Mohan and Sohan are
equal partner Their capitals as on
2,00,000 respectively. Profits for the 1st April,2020 are 1,00,000 and
interest on year 2020-21 were 90,000. As per the
capitals was10,000 and 7 20,000 agreement,
6,000 and 10,000 respectively and interest on drawings was
respectively. Mohan's salary was 2,000 p.m. and Sohan's
5,000 p.a. Accountant,
however, committed the mistake and credited the salary Was
ratio, Without interest on profit in the capitar
capitals, drawings and salary.
24. With what amount
was Sohan's
account credited with initially?
(a) 30,000 (b) R45,000
(c)R 60,000 (d) 90,000
25. What was the total salary required to be
(a) 70,000 credited?
(b) R84,000
26. What
(c) 29,000 (d) 48,000
was the rate of interest on
capital?
(a) 5% (b) 10%
(c) 15% (d) 20%
27. What was the amount of
past adjustment entry?
(a) 20,500 (b) 21,500 (c) R23,500 (d) 22,500
 28
gve iyen, you are requircd to answer Q.
tion.

theinformat * 10 each. The

of
ad the following text. Based on hares.Appllcalions company
o f

S/hares
ations were received for 97,000
Q 32: a r e h o l d e rh2oper
ldinshare,
g
e q u i l y
47 4 was payablee
equl was
2

2,00,000 holding 600 shares failed to

Janta Ltd. had an authorized capital of
,00.0
pplication
id not make the first and
offered to the public for subscript: follows
Sh."
on appl
ompany
as
a.
T h ec o m

hares. The amountwaspayable

shar Shankar,
fAssociation ofthe
ASSOCia,

call.
final
Memorandum
a l

and ot
each on allotment and first were
forfeited.

shares
His
pay the allotment money. capita

the ip
final call. in P a i d

which is show (d)

capital
ofshare
C a p i t a l

28.Name the type Authorised

company- Capital (c) I

--

Subscribed
capital
(b) ' ss h a r e s

(4) Issued
torfeited on
forfeiture ofShankar'ssl (d)2,400

amount
29. The (c) R3,600
(b) R1,200
(a) R6,000

Janta
Ltd is- and the
30. (b)Public Company
(a) Private Company
(d)Public Corporation d e b i t e d
with_
(c) Government Company is
is
deDie
A

Account
c c o u n t

Share Capital
shares are forfeited, the
31. When is credited with eited
Account
Forfeiture
Share of shares
Called up capital
of shares forfeited;
f o r f e i t e d

Paid up capital
shares
of
(a) Calls in
arrear<
ear
forfeited

Called up capital of
shares forfeited; on
shares

b) Amount
ived
receive

capital of shares
forfeited;
shares
eited
forfeite

(c) Called up Amount rece

received
on

of shares forfeited;
Calls in arrears
(d) Shankar.
the amount not paid by
Calculate
32.
Secion C The current
stock of 20,000.
excluding normal
firm had assets of 1,00,000
Capital
Accounts. If the
33. On April 1, 2018, a Partners'
10,000 and the
balance constituted
four years purchase of
were at R60,000 at
valued
of the firm is
liabilities
the Goodwill 3
rate of return is 8%,
of the firmn.
find the actual profits
super profit,
in school under
toilets
busines. It decided to install 100
is in a garment Payment
34. Designs unlimited Indian traders limited costing Rs. 2,25,000.
material from
Swachh Bharat. It purchased equity shares of 10 each at 10%
remaining by i5Suing
was made Rs. 5,000
through cheque and
entries.
3
premium. Pass journal
the money was received except on 200
Ltd. Issued
35. Nidhi which 2,000 Shares of
100
eacl.All
only Rs.90 per share were reccved. I hese shares were forfeited and out of the
forfeited shares 100 shares were reissued at Rs.80 each as fully paid up. Pass necessary Journal
transactions andprepaCrOrfeited Share Account
entries for the above 4
nartners in a firm sharing profits in
it Sudhir and Uday 00 3 the ratio
of 3:1:1. Their
nital balances are 1,60,000 and R1,20,000
respectively.Net profit for the
year ended 31st March,
trihuted amongst
2018 distributed amongst the partna
partners was R1,00,000,
into account the following adjustments:
without taking
a) Interest on capitals @2.5% p.a.,
b) Salaryto Mudit 18,000 p.a. and commisslon to Udav 12,00
of 6% ot
c) Mudit was allowed a commission books of divisible
the firm. profit after charging
Pass a rectifying journal entrv in the Show charging such commission. workinos elearl
A
 v iRealizto
i ep

Prepare
Ka

losses in the ratioof

prOllS and
37.Dinesh, Alvin and Pramod are in a firm sharing
S:3:2.Their Balancedheet par 31, 2018
0d are partners
2018 was as folloWs was as
31st Mlarch, 2018
6
Shect as
a at March As at Pramod
Alvin and
BalanceESheet
Sheet of Dinesh,
Amount
Assets

Amount
Liabilities 50,000 Debtors 15,000
Sundry Creditors 67,000
General Reseve 40,000 Fixed Assets 40,000
10,000 Investments 25,500
Bills Payable 30,000 Stock
Dinesh's Capital 40,000 Cash in Hand
36,000
14,000
Alvin'sCapital 30,000 DeferredRevenue
Pramod's Capital Expenditure ,500
Dinesh's Loan Account
2,00,000
2,00,000
inesh are entitled to:-
of Dine;
executors
The
July 1, 2018, firm valued at a
the irm
1
The total goodwill
of
50,000. at

i. His share of goodwill. the basis of actual sales till date of death. Sales
ii. His share of profit up to nis2018 uas 12,
12, 00,000
00,000 and
was
and profit for the same year was
March 31,
for the year ended of 20% and percentage of profit earning remains the
2,00,000. Sales shows
a growth trend
same.

ii. Investments were sold at par.

Halt or ne
anndue u e to Dinesh was paid to his tors
evecutors

Bills Payable.
and for the balance, they accepted
a

to be rendered to his executors.

Prepare Dinesh's Capital account
38. Pradeep and Rajesh were partners in a lirm snaring profits and losses in the ratio of 3:2.
They decided to dissolve their partnership firm on ISt March, 2018. Pradeep was deputed to

realize the assets and to pay offthe liabilities. He was paid 1,000 as commission for his
services. The financial positionofthe firm on 31st March, 2018 was as follows: 6
Balance SheetAs at March 31, 2018
Liabilities Amount Assets Amount
Creditors 80,000 Building
Mrs Pradeep's Loan
1,20,000
40,000 Investment 30,600
Rajesh's loan 24,000 Debtors 34,000
Investment Fluctuation Fund 8,000 Less: Provision for
Capitals: Doubtful Debts 4,000 30,000
|Pradeep 42,000 Bills Receivable 37,400
Rajesh 42,000 84,000 Bank 6,000
|Profitand Loss A/e 8,000
Goodwill 4,000
| 2,36,000 2,36,000
aFollowingterms and conditions were agreed upon:
i. Pradeep
agreed to pay off his wife's loan.
11. Half
of the debtor's realized R 12,000 and remainin.
creditors. dehtors were used to pay ott 237o O1 ne
ii. Investment
sold to Rajesh for
iv.
Building realized 1,52,000 27,000
v.
Remaining creditors were to be
p.a. discount paid after
Cr two
two monthe
monthe they were paid immediately at 10%
they were pa
vi. Bill receivables were settled at a
loss of R 1,400
 2,500
amounted to R
Realization expenses
Vi1,
PrepareRealization Account. loSses
es in the ratio
and of 3:2.
profits
On
20118 6
in firm, sharing a March,

arlners
9. Bhavya and Sakshi are pa was as under üt
31st

3Ist March, 2018 their 5 Bhavya.

S a k s h
As
i
Assets
Amount
Sheet of d 16,000
Balance
Amount 56,000
Liabilities
13,800 urniture
and
B u i l d i n g

30,000
Sundry Creditors 23,400
Land

Investiments
18,500
26,700
General Reserve
v e s t m e n t Fluctuation F u n d 20,00 Trade Receivables

1,47,200
50,000 Cash in Harnd
Bhavya's Capital For
40,000
effect.

i m m e d i a t e

Sakshi's Capital 1,47,200 1:1

with
to
ratio
decided to chanpe i " p r o f i t - s h a r i n g

have
partners
The decided that:
they
the purpose,
valued at 20,000
to be
Investments
a.
fim valued at 24,000
b. Goodwill ofthe partners. WO

be distributed between the

Show
Reserve not to of the firm.
c. General the books
entries in
to pass necessary journal 11:7:
You are required in
and losses
sharing profits 8
firm,
Yasmin and Fatima are partners in a
was as
followS:
40. Divya, 31st March 2018
respectively.
The balance sheet of the firm as on 31.3.2018
Balance Sheet As at Amount
Assets 7,35,000
Amount
Liabilities 70,000 FactoryBuilding 1,80,000
Sundry Creditors 1,19,000 Plant and Machinery 2,60,000
Public Deposits 90,000 Furniture 1,45,000
Reserve fund
10,000 Stock
Outstanding Expenses
Capital accounts
Debtors 1,20,000
150,000
Divya
5,10,000
Less: Provision 1,59,000
Yasmin 3,00,000
13,10,000 (30000)
5,00,000
Fatima Cash at bank
15,99,000 15,99,000
share in the profits with a capital of
L4.2018, Aditya is admitted as a partner Torone-fifth
On
or goodwill on the following
snare terms:
amount for his
4,50,000 and necessary
Dya, Y asmin and Fatima equally.
were to be taken oV
i. Furniture of 2,40,000 in booKS tO be taken into account
not recorded
ii. A creditor of 7,000 of lact
. spurchase average profits of
tsun
valued at
firm is to be
ii. Goodwill of the we 2015-16 T6,00,000; 2016-17 R2,00,000; 2017-18
last three years
years. The profit of the
cian Yasmin also brought in 50,000 aass fresh capital
admission Yasminalso brought
6,00,000
iv. At time of Aditya's and expenses outstar
is re-valued to Kz,00
v. Plant and| Machinery

to 9,000.
Account,
Partners
and the
rs Capal Account and the Capital .
balance sheet of the
Prepare Revaluation
reconstituted firm.
 41.
3:2:1.Vinod,
TheirMohan and
Balance SheetSohan atare par
as at 31st
rs in a
tirm
sharing profits and
cember, 2014 is as under: losses in the
ratio of
Liabilities
Capitals :Vinod
BalanceSheetAs at
Amount
March 31, 2018
Assets
8

Mohan 40,000 Cash in hand

Sohan 40,000 Debtors Amount
Creditors 30,000 Less Provision 25,000 18,000
Bills Payable
30,000
Stock 3,000 22,000
16,000
General Reserve 12,000
Furniture 18,000
Machinery 30,000
Goodwill 70,000
1,68,000 10,000
Mohan retired on 1st
1,68,000
January, 2015 on the followina
i) Provision for doubtful debts will be raised
terms
by
) Stock will be
depreciated by 10% and Furnititre by
Rs.1,000.
5%
(ii) There is an outstanding claim for
the books.
damages of Rs.1,100 and it is to be
provided for in
(iv) Creditors will be written back
by Rs.6,000.
(v) Goodwill of the firm is valued at
Rs.22,000, which is not to be
new tirnm. shown in the books of
(vi) Mohan is paid in full with the cash
that their
brought in by Vinod and Sohan in
capitals are in
proportion
to their
such a manner
Prepare Revaluation Account, Partners profit-sharing ratio of 3:2.
**********k ***** ***: Capital Account and B/S of new
firm.
**************** ********************************i********