Page 266 - AAAXII

Model Test Paper 11

Time Allowed: 3 Hours Max. Marks: 80

General Instructions:
As per Model Test Paper 1

PART A
ACCOUNTING FOR NOT-FOR-PROFIT ORGANISATIONS,
PARTNERSHIP FIRMS AND COMPANIES

1. State the rights acquired by an admitted partner.
Or
State any two reasons for preparation of ‘Revaluation Account’ at the time of admission
of a partner. (1)
2. How cost of construction of a building is accounted if ‘Building Fund’ exists in the
books of a Not-for-Profit Organisation?
Or
State the accounting treatment of sale of old sports materials already written-off during
the year in case of a Not-for-Profit Organisation. (1)
3. State any two occasions when a firm is termed as reconstituted. (1)
4. A, B and C are partners sharing profits in the ratio of 2 : 3 : 5. C retires and her capital
after all adjustments and revaluation was ` 8,50,000. A and B agreed to pay her
` 11,50,000 in settlement of her claim. Pass the Journal entry if the new profit-sharing
ratio of A and B is agreed as 1 : 2. (1)
5. In case of reissue of forfeited shares which were originally issued at par or at a premium,
what is the maximum permissible discount on reissue?
Or
At the time of forfeiture of shares, with what amount Share Capital Account is
debited? (1)
6. X, Y and Z were partners sharing profits in the ratio of 2 : 1 : 2. X died on 31st August,
2018. Sales and profit for the year ended on 31st March, 2018 were ` 3,00,000 and
` 36,000 respectively. Sales up to 31st August, 2018 was ` 1,00,000.
Calculate X’s share of profit. (1)

7. A and B are partners sharing profits and losses in the ratio of 2 : 3. On 1st April, 2018,
they decided to share future profits and losses in the ratio of 2 : 1. An extract of their
Balance Sheet as at 31st March, 2018 is as follows:
EXTRACT OF BALANCE SHEET as at 31st March, 2018
Liabilities ` Assets `
Investment Fluctuation Reserve 12,500 Investments 2,50,000