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Model Test Paper 4

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. What is Membership Subscription in Not-for-Profit Organisation?
Or
What does Building Fund represent in the accounts of Not-for-Profit Organisation?
(1)
2. What is meant by Partnership Deed? (1)
3. How does the factor ‘Efficiency of Management’ affect the goodwill of the firm?
Or
State any two circumstances when there is a need to revalue goodwill. (1)
4. Name the categories of companies which are not required to set-aside profit for
Debentures Redemption Reserve.
Or
State the minimum amount of profit required to be transferred to Debentures
Redemption Reserve. (1)
5. Where is ‘Interest on Drawings’ recorded when capitals are fixed? (1)
6. A, B and C decided that interest on capital will be allowed to each partner @ 5% p.a.
But after one year, C demands that interest on capital should not to be allowed to any
partner. State how C can do this. (1)
7. Prepare Subscriptions Account from the information given below to show the correct
amount to be credited to the Income and Expenditure Account of Delhi Tennis Club
for the year ended 31st March, 2018:
1st April, 2017 31st March, 2018
Subscriptions in Arrear ` 6,000 ` 5,000
Subscriptions in Advance ` 3,500 ` 3,000
Dr. AN EXTRACT FROM CASH BOOK Cr.
Date Particulars ` Date Particulars `
2017 2017
April 1 Balance in Hand 28,000 April 4 Refund of Subscriptions to Members
2018 Leaving Town 500
March 31 Total Subscriptions Received
during the Year 62,000
(3)