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Model Test Paper 12

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. When Receipts and Payments Account is converted into Income and Expenditure Account,
an accounting concept is to be followed for the provision of the accruals and outstanding.
Name the concept that is followed.
Or
State any one difference between Receipts and Payments Account and Cash Book. (1)
2. X and Y are partners sharing profits and losses in the ratio of 2 : 3 with capitals of
` 2,00,000 and ` 1,00,000 respectively. The Partnership Deed provides for Interest on
Capital @ 6% and the trading profit for the year is ` 15,000. State giving reason, how
much amount of interest on capital will be allowed. (1)
3. Give the formula for calculation of Goodwill by Capitalisation of Average Profit.
Or
Give two reasons in favour of having a Partnership Deed. (1)
4. State any two alternatives other than rejecting applications that a company can take
in case of oversubscription.
Or
When the shares in respect of which premium has already been received are forfeited,
how will be the Securities Premium dealt? (1)
5. How does the factor efficiency of management affect goodwill of a firm? (1)
6. Mohan, a partner of a dissolved firm was to get as his remuneration equal to 1% of value
of assets realised other than cash and 10% of the amount distributed to the partners.
Sundry assets (including cash ` 5,000) realised ` 5,05,000. Creditors to be paid
` 2,25,000. Calculate Mohan’s remuneration. (1)
7. P, Q and R were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2.
Their capitals were fixed at ` 3,00,000, ` 1,00,000, ` 2,00,000. For the year 2018–19,
interest on capital was credited to them @ 9% instead of 10% p.a. The profits for the
year before charging interest was ` 2,50,000. Pass the necessary adjustment entry. (3)
8. How will be the following items dealt while preparing the Income and Expenditure
Account for the year ending 31st March, 2018 and Balance Sheet as on that date?
1st April, 31st March,
2017 (` ) 2018 (`)
Amount due to suppliers of sports materials 30,000 19,500
Advances to suppliers of sports materials 10,000 6,500
Stock of sports materials 30,000 5,000
During the year, payment made to the suppliers of sports materials was ` 1,08,000. (3)