Page 347 - AAAXII

Model Test Paper 14

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. List any two major sources of income of a Not-for-Profit Organisation.
Or
State the accounting treatment in the financial statements of a Not-for-Profit
Organisation of sale of old sports materials already written-off during the year. (1)
2. State any two circumstances when there is a change in profit-sharing ratio.
Or
What is meant by change in Profit-sharing ratio? (1)
3. What is meant by number of years’ purchase? (1)
4. State any one difference between Profit and Loss Appropriation Account and Profit
and Loss Adjustment Account. (1)

5. X Ltd. has issued ` 1,00,000, 9% Debentures at a discount of 6%. These debentures are
to be redeemed equally, in 5 annual instalments. Calculate the amount of discount to
be written off in every accounting year, assuming that the company decides to write
off the debentures discount during the life of the debentures.
Or
What is meant by Debentures issued as Collateral Security? (1)
6. Anju, Manju and Sanju are sharing profits and losses in the ratio of 3 : 2 : 1. Anju died
on 31st July, 2018. Accounts are closed on 31st March. Sales for the year 2017–18
amounted to ` 6,00,000. Sales between the period of 1st April, 2018 and 31st July,
2018 was ` 1,00,000. The profit for the year 2017–18 amounted to ` 90,000. Calculate
Anju’s share in the profits of the firm. (1)

7. BG Ltd. took a loan of ` 4,00,000 from IDBI Bank. The company issued ` 5,00,000;
9% Debentures of ` 100 each as collateral security for the loan. Show how these items
will be shown in the Note to Accounts in the Balance Sheet of the company.
Or
Alka Ltd. issued 5,000, 10% Debentures of ` 1,000 each at a discount of 10% redeemable
at a premium of 5% after 5 years. According to the terms of issue ` 500 was payable
on application and the balance amount on allotment of debentures. Record necessary
entries regarding issue of 10% Debentures. (3)