H.S 2ND YEAR PRACTICE TEST, BEFORE EXAM
Q.1. (a) Fill in the blanks with
appropriate word: 1x4=4
i.
Income and expenditure accounts records transaction of_________ nature.
ii.
On admission, unrecorded assets brought into accounts are credited to accounts.
iii.
A company can issue shares at a discount only if at least ______year
has elapsed since the company became entitled to commence the business.
iv.
When
Partner’s Capital Accounts are fixed, their _______ Accounts are prepared.
(B) Chose the correct alternatives: 1x2= 2
i.
Subscription
received in advance is treated as:
(a)
An
income (b) An asset (c) A liability (d) Capital
i.
Rate of Interest
on calls in arrears charged according to Table ‘A’ is _____
(a)
12% (b) 6% (c)
10% (d) 8%
(C) State whether the following statements
are true or false. 1x2= 2
i.
Dissolution
of firm and dissolution of partnership are two legal concepts.
ii.
Profit
on revaluation of assets and a liability is shared by the old partners in
gaining ratio.
Q.2. Give two grounds on which a court may
dissolve a firm. 2
Q.3.
What is meant by ‘Gaining ratio’ on retirement of a partner? 2
Q.4.
What is meant by ‘Loss on issue of debenture’? 2
Q.5. What are the sources of Cash Flows as per
AS-3 (Revised)? 3
Q.6.
What do you mean by Ratio Analysis?
2
Q.7.
Mention three features of Receipts and payment accounts? 3
Q.8.
Mention any two methods of valuation of goodwill? 2
Q.9.
Write three points of distinction between shares and debentures? 3
Q.10. Akash
Rajnish and Subham are partners sharing profits in the ratio of 2:2:1. Subham
retires. Akash and Rajnish have decided to share future profits and losses in
the ratio of 2:1. Calculate the gaining ratio. 2
Q.11. Rohit and Mohit are partners sharing profits
in the ratio 3: 2. Chandan is admitted as a new partner for 1/5th
share in the future profits. Calculate the new profit sharing ratio. 2
Q.12. X Ltd.
Decided to forfeit 1,000 shares of Rs. 10 each for non-payment of allotment
money for Rs. 4 each and 1st and final call money of Rs. 3 each.
Give journal entry for the forfeiture of shares. 2
Q.13. The Indian Cricket club had a
cash balance of Rs.520 and a Bank balance of Rs.980 on 1.4.2017. From the
following details, prepare a Receipts and Payments account for the year ended
31.03.2018 5
OR
Q.
What is income and Expenditure accounts? What are its Features? 5
Q.14.
From the given information, calculate the stock Turnover Ratio: 5
Sales
= Rs. 4,50,000
Gross
Profit Ratio = 25%
Opening
Stock was 1/3rd of the value of the Closing stock.
Closing
Stock was 30% of Sales.
Q.15.
Calculate cash flow from operating activities by indirect method from the
following details: 5
PROFIT AND LOSS ACCOUNT
For the year ending 31st
march 2018
OR
Q. 16. Sony Ltd
issued 1000 12% Debentures of Rs.100 each. Give Journal Entries for issue and
redemption of debentures in the books of the company under the following
situations: 8
Q.What is Cash Flow statement? Briefly explain
any four objectives of preparing a Cash Flow statement. 1+4=5
i.
Issued at 5%
Discount and redeemable after 5 years at a premium 5%.
ii.
Issued at Par and
redeemable after 5 years at a premium of 5%.
iii.
Issued at a
premium of 5% and redeemable after 5 years at par.
iv.
Issued at a
premium of 5% and redeemable after 5 years at a premium of 10%.
OR
Q.
What is meant by redemption of debenture? State any three method of redemption
of debenture. 2+3=5
Q.17.
Name the major heading under which the liabilities side of a company’s Balance
sheet is organized and presented? 5
Q.18. Neha and krity are partners in a
firm sharing profits and losses in the ratio of 3: 2 respectively. The Trial
Balance of the firm as on 31st March, 2018 was as follows:
Prepare a Profit & Loss Account
and a Profit & Loss Appropriation Account for the year ended 31st
March, 2018 and also a Balance Sheet as on that date after taking into
consideration the following adjustments:
i.
Outstanding
salary Rs. 350;
ii.
Provision for
doubtful debts to be maintained at 3% of Debtors;
iii.
Allow interest on
capital @ 5% per annum; and
iv.
Krity was to
receive salary of Rs. 250 per month. 8
Q.19.
Ankita publications Ltd. issue 3000 shares of Rs 10 each payable as
follow: 8
On Application Rs. 2
On Allotment Rs. 3
On first call Rs. 2
On Final call (Balance)
3200
shares were applied for, application for 3000 was accepted by the Directors and
the balance applications were rejected and money returned. Mr. Shyam holding
500 Shares Failed to pay the first call money. After that these shares were
subsequently forfeited. Pass journal entries in the books of the company for
the above transaction.
OR
Q.
What do you mean by ‘forfeiture of shares’? Discuss the procedure of forfeiture
of share and re-issue of such shares.
Q.20.
Rakesh and Anip are partners sharing profit and losses as 3 : 2. They agreed to
dissolve their firm. On the date of dissolution, they have following Balance
sheet: 8
Firm was dissolve Rakesh took over
patent at 8000 and assumed his wife loan.
Assets realized as follows:-
Stock Rs. 1000 less; Furniture Rs.500
more than book value; Debtors Rs. 18500 and plant Rs. 25000. Dissolution
expenses Rs.600. Creditors accepted 2.5% discount. You are required to pass the
necessary journal entry.
OR
Q.
What do you mean by Dissolution of a firm? Mention Difference between
dissolution of a firm and partnership. 2+6=8
Q.21. The Balance
Sheet of Pankaj, Mayank and Rohan who were sharing profits in proportion to
their capital stood as follows on 31st March, 2018:
Mayank retired on
the above date on the following terms and conditions:
i.
That Inventory be
depreciated by Rs. 1,000
ii.
That Machinery be
appreciated by 20%.
Pass the
necessary journal entries and prepare the opening Balance Sheet of the new
firm. 5
OR
Q. What are the Different between
shares and debentures? 5
Q.22. M, N and O were partners in a firm
sharing profits in the ratio of 5:3:2 Their Balance Sheet as on 31/03/18 was as
follows:
M died on
30/09/2018. Under the agreement, the executors of the deceased partner were
entitled to:
a)
Patents be valued
at Rs. 8000, Machinery at Rs. 28000 and building at Rs. 25000.
b)
Interest on
capital at 10% per annum.
c)
Share of goodwill
on the basis of 2.5 year’s purchase of the average profit of last four years.
d)
Share of profit
from closing of the last financial year to the date of death on the basis of
last year’s profit.
e)
Half of the
amount due to A be paid immediately and remaining transfer to loan a/c.
f)
Profits for the
last four years were:
Year
|
Profits
|
2014-15
2015-16
2016-17
2017-18
|
13000
12,000
20000
15000
|
Prepare M’s
capital Account & M’s Executor a/c. 5
OR
Q. What is
partnership Deed? Mention its four principal clauses? 5
Q.23. A and B are two partners sharing
profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31st
March, 2015 was as follows:
On 01-4-2015, C was admitted as a new
partner for 1/4th share in the future profits on the following
conditions:
a)
C will bring Rs.
20,000/- as Capital and Rs. 6,000/- as premium for goodwill.
b)
The Land &
Buildings will be revalued at Rs. 35,000.
c)
Plant &
Machinery and Furniture will be depreciated by 5% and 10% respectively.
d)
Stock will be
reduced by Rs. 2,000.
Give Journal entries and prepare the
Balance Sheet of the firm after C’s admission. 5
OR
Q.
Distinguish between equity share and preference shares giving five points of
difference?
BEST
OF LUCK MY DEAR STUDENT
FOR
YOUR
COMING
AHSEC
FINAL EXAM ON 12TH FEB 2019
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