Page 456 - AAAXII

Model Test Paper 18

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. X and Y are partners sharing profits and losses in the ratio of 3 : 2. Z was manager
who received the salary of ` 8,000 p.m. in addition to a commission of 5% on net profit
after charging such commission. Profit for the year is ` 13,56,000 before charging
salary. Find the total remuneration of Z.
Or
Give two circumstances in which gaining ratio is applied. (1)
2. Differentiate between Dissolution of Partnership and Dissolution of Partnership Firm
on the basis of termination of business. (1)
3. When is the donation received shown in the Balance Sheet?
Or
State with reason whether Non-cash items are shown in Income and Expenditure
Account. (1)
4. The subscribed capital of Shuchi Ltd. is ` 1,60,00,000. Nominal value of a share is ` 100.
There was no calls-in-arrears till the final call was made. The final call was paid on 1,55,000
shares. The calls-in-arrears amounted to ` 1,25,000. What is the amount of final call? (1)
5. X, Y and Z are partners sharing profits and losses in the ratio of 3 : 2 : 1. Z retires
from the firm and the new profit-sharing ratio between X and Y is 3 : 2. Share
in profit of both X and Y has increased in a particular ratio. What is it known as?
Why? (1)
6. Give the Journal entry to distribute Investment Fluctuation Reserve of ` 40,000 at
the time of admission of Sachin, when Investment (market value ` 1,90,000) appears
at ` 2,00,000 in the books of the firm. The firm has two partners Sunil and Dalip. (1)
7. From the following particulars of Shashi Charitable Dispensary, calculate the amount
of subscription to be shown in the Income and Expenditure Account for the year ended
31st March, 2018:

Particulars `
Subscriptions received were as follows:
2016–17 10,000
2017–18 1,90,000
2018–19 20,000 2,20,000
Subscription Outstanding in 2016–17 15,000
Subscription Outstanding in 2017–18 40,000
Subscription received in advance in 2016–17:
For 2017–18 25,000
For 2018–19 35,000 60,000
(3)