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Model Test Paper 13

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. Distinguish between Income and Expenditure Account and Receipts and Payments
Account on the basis of its nature.
Or
Distinguish between Income and Expenditure Account and Receipts and Payments
Account on the basis of nature of items recorded therein. (1)
2. A partner has given a loan of ` 2,00,000 to firm on 1st July, 2016. The Partnership Deed is
silent as to interest on Partner’s Loan. State giving reason how much amount of
interest on partner’s loan will be allowed if loss (before interest) for the year ended
31st March, 2019 is ` 50,000. (1)
3. List any two circumstances under which the fixed capital of a partner may change.
Or
State any two effects of retirement of a partner. (1)
4. T Ltd. issued 10% Debentures of ` 10,00,000 at a discount of 10% on 1st April, 2015
and the company pays interest half yearly on 30th June and 31st December every
year. On 31st March, 2019, what amount would be shown as ‘‘Interest Accrued but
not Due’’ in the Balance Sheet and under which head and sub-head?
Or
Is the Interest on Debenture calculated at the fixed percentage on the issue price?
Give reason. (1)
5. A, B and C share profits and losses in the ratio of 3 : 2 : 1. D is admitted for 1/6th share
which he gets from A. Calculate New Profit-sharing Ratio. (1)
6. From the following Balance Sheet of A and B, calculate Interest on Capital @ 5% p.a.
payable to B for the year ending 31st March, 2019:

Liabilities ` Assets `
A’s Capital 10,000 Sundry Assets 22,000
B’s Capital 8,000
Profit and Loss A/c (2018–19) 4,000
22,000 22,000
During the year, B’s Drawings were ` 3,000 and profit for the year ended 31st March, 2019
was ` 6,000. (1)
7. Average profit earned by a firm is ` 75,000 which includes undervaluation of stock of ` 5,000
on an average basis. Capital invested in the business is ` 7,00,000 and the normal rate of
return is 7%.
Calculate goodwill of the firm on the basis of 5 times the super profit. (3)