ACCOUNTANCY (Set I—Compartment Delhi)
PART A - PARTNERSHIP AND COMPANY ACCOUNT
Q. 1. What is meant by partnership' 2
Q. 2. What is meant Reserve capital? 2
Q. 3. State any two purposes for which balance to the credit of security premium account can be used. 2
Q. 4. On 15.2.2004 'A' LTD invited applications for issue of 1,00,000 9% debentures of Rs. 100 each at a discount of 6%, redeemable at par after 3 years. The full amount was payable on application and the debentures were Issued on 15.3.2004. Pass the journal entries for the above transactions. 2
Q. 5. X Ltd. purchased assets of Y ltd. as under:
The purchase consideration was Rs. 80,00,000. Rs. 20,00,000 were paid through bank and the remaining by issue of 6% debentures of Rs. 100 each at a premium of 20%.
Q. 6. A and B are partners us firm sharing profits in the ratio of 2; 1. On 1-4-2002 they decide to admit C for 1/5 share in profits with a guaranteed amount of Rs. 25,000 per annum A undertook to meet the liability arising out of the guaranteed amount to C The firm earned a profit of Es. 75,000 for the year ended March 31,2003.
Q. 7. X and Y are partners in a firm sharing profits in the ratio of 5:3. On March 1, 2004 they admitted Z as a new partner. The new profit sharing ratio will be 4 : 3 : 2. Z brought in Rs. 1,00,000 in cash as his share of capital but could not bring any amount for goodwill in cash. The firm's goodwill on Vs admission was valued at Rs. 1,80,000. At the time of Z's admission goodwill existed hi the books of the firm at Rs. 2,40,000.
Q. 8. P and Q are partners in a firm sharing profits in the ratio of 3 : 2. On 1-1-2004 their capital balances stood at Rs. 15,000 and Rs. 20,000 respectively. The books also showed a P & L (Dr balance) of Rs. 30,000. The firm had taken a Joint Life Policy in the names of the partners for Rs. 3,00,000. The annual permium of Rs. 15,000 was payable on 15th February each year. The surrender value of the policy on 1. 1.2004 was Rs. 90,000. The firm was dissolved on 1.1.2004 and the Joint Life Policy surrendered. The insurance company paid Rs. 1,00,000 including bonus.
Q. 9. W Ltd. Is registered with an authorised capital of Rs. 10,00,000 divided into 1,00,000 equity shares of Rs. 10 each. The company offered 80,000 shares for subscription to the public, out of which 75,000 shares were subscribed for Rs. 6 per share were called and received except a call of Rs. 2 per share on 1000 shares Show the share capital of the company in Its Balance Sheets as per the provisions of Schedule VI Part I of the Companies Act 1956. 4
Q. 10. On 1. 3.2003 G Ltd. had Rs. 8,00,000 9% debentures due for redemption. The company had a balance of Rs. 3,40,000 in its Debenture Redemption Reserve Account.
Q. 11. On 1.4. 1999 A Ltd. issued2000 7% debentures of Rs. 100 each at a discount of 10% redeemable at par after 4 years by converting them into equity shares of Rs. 100 each issued at a permium of 25%.
Q. 12. A, B and C were partners In a firm sharing profits in the ratio of 3 : 2 : 1. The Balance Sheet as on 31.3.2003 was as follows:
A died on 30.9.2003. Under the partnership agreement the executors of a deceased partner were entitled to:
Q. 13. Mohan, Sohan and Rohan were partners in a firm sharing profits in the ratio of 2 : 2: 1. On 28.2.2004 their firm was dissolved. The Balance Sheet of the firm on the date of dissolution was as following:
Sundry Assets were taken over by Rohan for Rs. 65,000 and Mohan too over the Creditors for Rs. 75,000. Expenses of dissolution paid by Sohan were Rs. 5,000. Prepare Realisation Account, Partner's Capital Accounts and Cash Account. 6
Q. 14. (a) X Ltd. forfeited 1,000 Equity shares of Rs. 10 each Issued at a premium of Rs. 3 per share for the non-payment of final call of Rs. 6 (Including premium) per share, The forfeited shares were re-Issued as fully paid up for Rs. 7 per share.
Q. 15. A and B are partners in a firm sharing profits in the ratio of 2 : 1. C is admitted into the firm with 1/4th share in profits. He will bring Rs. 30,000 as his capital. The Balance Sheet of A and B as on 31.3.2002 was as under:
Other terms of the agreement are as under:
X, Y and Z were partners in a firm sharing profits in the ratio of 2 : 2: 1. Their Balance Sheet on 31.3.2003 was as follows:
Y retired on 31.3.2003 on the following terms:
PART B - ANALYSIS OF FINANCIAL STATEMENTS
Q. 16. What is meant by 'Funds'? 2
Q. 17. State any two objectives of preparing a 'Cash Flow Statement'. 2
Q. 18. State any three limitations of Analysis of Financial Statements. 3
Q. 19. Prepare a common size Balance Sheet and comment of the financial position of A Ltd. and B Ltd. The Balance Sheets of A Ltd. and B Ltd. as at3I .3.2003 are given below: 3
Q. 20. Calculate any two of the following ratios from the given information: 4
Q.21. Following are the Balance Sheets of Z Ltd. as at 31st March, 2002 and 2003:
Prepare Schedule of Changes in Working Capital, compute Funds from Operations and prepare Statement of Changes in Financial Position. 6
The current assets and current liabilities at the beginning and the end of the year are:
Ascertain the net cash (cash flow) from operating activities.