Q. 1. Why is it necessary to have a partnership deed? (2)
Q. 2. What is meant by Minimum Subscription? (2)
Q. 3. What are Preference Shares? (2)
Q.4. What are Registered Debentures? (2)
Q. 6. Romi Ltd. acquired assets of Rs. 20 lakhs and took over creditors of Rs. 2 lakhs from Kapil Enterprises. Romi Ltd. issued 8% debentures of Rs. 100 each at a discount of 10% as purchase consideration. Record necessary journal entries in the books of Romi Ltd (3)
A, B & C are partners in a firm sharing profits in the ratio of 3:2: 1. A retires and his share is taken up by B and C equally. Find the new profit sharing ratio and the gaining ratio.
The goodwill of the firm is valued at Rs. 18,000. No goodwill account appears in the books. Pass necessary journal entry for recording the goodwill in the above mentioned case. (2 + 2 = 4)
PART - B
(ANALYSIS OF FINANCIAL STA TEMENTS)
Q. 17. Classify the following into cash flows from investing activities/Financing activities while preparing a Cash Flow Statement: (2)
Redemption of Preference Shares
Purchase of Fixed Assets
Payment of Dividend
Q. 20. (a) From the given information calculate the stock turnover ratio:
Sales: Rs. 3,00,000; GP: 25% on cost; Opening Stock was 1/3rd of the value of Closing Stock. Closing Stock was 30% of sales.
(b) A business has a current ratio of 3:1 and a quick ratio of 1.2:1. If the working capital is Rs. 1,50,000, calculate the total Current Assets and Stock. (2 + 2 = 4)