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Model Test Paper 15

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. How would be prizes awarded accounted, if ‘Prize Fund’ is not maintained by
a Sports Club?
Or
Distinguish between Income and Expenditure Account and Receipts and Payments
Account on the basis of its nature. (1)
2. How is new firm’s total capital calculated on the basis of new partner’s capital? (1)
3. There were three partners in a firm—X, Y and Z not having a Partnership Deed. On
15th June, 2018, Z died. His son claims to become a partner in the firm for his father’s
share. X supports him while Y opposes. What is your opinion? (1)
4. State with reason whether Interest on Debentures is paid before any dividend is paid
to shareholders.
Or
Star Ltd. took over assets of ` 54,00,000 and liabilities of ` 4,00,000 of Moon Ltd.
for ` 48,00,000. Pass the necessary Journal entry to record the purchase of business
in the books of Star Ltd. (1)
5. What Journal entry will be passed at the time of dissolution of the firm, when a machine
having a book value of ` 30,000 is given to Mohan, a creditor of ` 44,000 at an agreed
value of ` 24,000 towards part payment of his dues?
Or
A loan from Rakesh, a partner, of ` 1,10,000 appears in the liabilities side of the Balance
Sheet of the firm and the Rakesh’s Capital Account has a debit balance of ` 30,000.
Pass the Journal entry for payment of loan at the time of dissolution. (1)
6. X and Y are partners with capitals of ` 2,60,000 and ` 1,80,000 respectively. They
admit Z as partner with 1/5th share in the profit of the firm. Z brings ` 1,60,000 as
his capital. Calculate Z’s share of goodwill. (1)
7. Naman and Aman are good friends and are interested in sports. However, they could
not do much in sports because sports goods were not available to them at reasonable
rates. Hence, both of them decided to form a partnership firm to sell sports goods at
rates giving reasonable profits. They started the business on 1st April, 2012 and their
capital contributions were: Naman—` 50,000 and Aman—` 60,000. On 1st January,
2018, Naman gave a loan of ` 10,000 and Aman introduced ` 20,000 as additional