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MODEL QUESTION PAPER-I, 2020-21 for reduced syllabus, SECOND YEAR P.U.C, ACCOUNTANCY, Time: 3 Hours 15 Minutes, Max Marks: 100, Instructions:, 1. All the sub questions of Section-A should be answered continuously at one place., 2. Provide working notes wherever necessary., 3. 15 minutes extra has been allotted for candidates to read the questions., 4. Figures in the right hand margin indicate full marks., Section –A, Answer any Eight questions, each question carries ONE mark., 1. Not-For-Profit Organisations are formed for, a. Profit, b. Service, c. Profit & Service, d. None of these, 2. The agreement between partners must be in writing. (state T/F), 3. State any one features of Partnership., 4. Expand NPSR., 5. New ratio – Old ratio = ________, 6. Who is an ‘Executor’?, 7. A company is an _________ Person., 8. Shares can be forfeited for:, [a] non-payment of call money, [b] failure to attend meeting, [c] failure to repay the loan to the bank., [d] the pledging of shares as a security, 9. Give an example for non-current asset., 10. State any one type of reserve., Section –B, Answer any FIVE questions, each question carries TWO marks., 11. Define partnership., 12. Name any two contents of Partnership Deed., 13. State any two circumstances under which a Partnership Firm is dissolved., 14. Why is Realisation Account prepared?, 15. State any two features of a company., 16. What do you mean by Over subscription?, 17. Give the meaning of financial statements., 18. Write any two objectives of financial statements., , DPUE/ACCOUNTANCY/II PU/2020-21, , 08×01=08, , 05×02=10, , Page 1
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Section –C, Answer any FOUR questions, each question carries SIX marks., , 04×06=24, , 19. X & Y are Partners commenced Partnership business on 1.04.2019, sharing profits & losses in 3:2 ratio, with capitals of ₹ 1,00,000 and ₹ 80,000 respectively. They earned profits of ₹ 15,000 for the year before, allowing:, a) Interest on Capitals @ 10% p.a., b) Interest on drawings: X ₹ 1,000 & Y ₹ .800, c) Commission payable to X ₹ 2000, d) Salary payable to Y ₹ 3000, Prepare P & L Appropriate A/c for the year ending 31.03.2020., 20. Yasashvi and Tapashvi are partners in a firm. During the year ended on 31st March 2020,, Yasashvi makes the drawings as under:, Date of Drawings, ₹, 01.08.2019, 5,000, 31.10.2019, 8,000, 31.12.2019, 10,000, 31.03.2020, 15,000, Partnership Deed provided that partners are to be charged interest on drawings @ 12% p.a. Calculate the, interest on drawings of Yasashvi under Product Method., 21. Ankit,Suchit and Chandru are partners in a firm sharing profits and losses in the ratio of 4:3:2.Ankit, retires from the firm.Suchit and Chandru agreed to share in the ratio of 5:3 in future. Calculate gain ratio, of Suchit and Chandru., 22. Ramesh, Prakash and Suresh were partners in a firm sharing profits & losses in the ratio of 5:3:2., On 31st March 2020, their balance sheet was as under:, Balance Sheet as on 31.3.2020, Liabilities, ₹, Assets, ₹, Creditors,, 14,000, 8,000, Reserve Fund, 6,000, Cash, 11,000, Capitals:, 70,000 Debtors, 11,000, Ramesh, 30,000, Patents, 10,000, Prakash, 25,000, Stock, 50,000, Suresh, 15,000, Machinery, 90,000, 90,000, th, Ramesh died on 30 Sept 2019. It was agreed between his executors and, the surviving partners that:, a) Good will to be valued at two and half years purchase of the average profits of the previous four, years, which were:, 2016-17 ₹ 12, 000, 2017-18 ₹ 20,000, 2018-19 ₹ 13, 000, 2019-20 ₹ 15, 000 (as per AS26), b) Share in the profit from the date of last balance sheet till to the date of death to be calculated on, the basis of last year’s profit., c) Interest on capital to be allowed at 12% p.a., DPUE/ACCOUNTANCY/II PU/2020-21, , Page 2
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Prepare Ramesh’s capital account., 23. ‘A’ Company issued 5,000 Equity shares of ₹ 100 each. The amount was payable as follows:, On application, ₹ 20, On allotment, ₹ 40, On first call and final call, ₹ 40, All the shares were subscribed and the money duly received., Pass the journal entries up to the stage of first and final call money received., 24. From the following details you are required to prepare statement of profit and loss for the year ended, 31-03-2020 as per Schedule III of Companies Act, 2013., Particulars, Plant and Machinery, Furniture, Share capital, Sales, Purchases, Trade Payables, Depreciation on plant and machinery, Amortisation of goodwill, Interest on debentures, Interest on borrowings, Tax, , ₹, 40,000, 20,000, 4,00,000, 3,00,000, 1,80,000, 30,000, 4,000, 6,000, 30,000, 20,000, 30%, , 25. Form the following information, prepare Balance Sheet of Jindal Company Ltd as at 31/03/2020 as per, Schedule III of Companies Act, 2013., Particulars, ₹, Share Capital, Reserves and Surplus, 10% Debentures, Creditors, Bills payable, Fixed Assets, Trade receivables, Short term investments, Cash and cash equivalents, , 10,00,000, 5,00,000, 5,00,000, 2,00,000, 3,00,000, 15,00,000, 5,00,000, 2,00,000, 3,00,000, , Section –D, Answer any FOUR questions, each question carries TWELVE marks., 04×12=48, 26. Followings are the Balance Sheet and Receipt and Payment Account of Sree Sports Club, Bengaluru., Balance Sheet as on 31-03-2018, Liabilities, Outstanding salary, Capital fund, , ₹, 2,000, 32,500, , 34,500, DPUE/ACCOUNTANCY/II PU/2020-21, , Assets, Cash balance, O/S subscriptions, Sports Materials, Furniture, , ₹, 7,300, 1,200, 16,000, 10,000, 34,500, Page 3
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Receipt and Payment A/C for the year ended 31-03-2019, Dr., Receipts, To Balance b/d, To Subscriptions, To Entrance Fees, To Sale of old newspapers, To Sale of old sports, materials, To Rent, , ₹, 7,300, 38,000, 2,000, 200, 1,200, 7,000, , Payments, By Salary, By purchase of Sports, Materials, By Investments, By Fixed Deposits, By Postage, By General expenses, By Lighting Charges, By Balance c/d, , 55,700, , Cr., ₹, 10,000, 6,000, 20,000, 10,000, 300, 400, 1,300, 7,700, 55,700, , Adjustment:, a. Subscriptions outstanding for the year 2019 is ₹ 3,000., b. Subscriptions received in advance for the year 2020 ₹ 1,000., c. Depreciate sports materials by ₹ 5,000., d. Capitalize entrance fees., e. Outstanding lighting charges ₹ 300., Prepare:, 1. Income and Expenditure Account and 2. Balance Sheet as on 31-03-2019., 27. From the following Receipt and Payment Account and information given below, prepare Income and, Expenditure Account and the Balance Sheet of Adult Literacy Orgnisation as on March 31, 2018, Receipt and Payment A/C for the year ending 31-03-2018, Dr., Cr., Receipts, To Balance b/d, To Subscriptions, 2017-18, 27,700, 2018-19, 500, To Sale of old newspaper, To Govt. Grant, To Sale of old furniture, (Book value ₹ 5,000), To Interest received on, Fixed Deposits, , ₹, Payments, 19,550 By General Expenses, By News papers, By Electricity, 28,200 By, Fixed, Deposit, with, 800 Bank(on 30-06- 17 @10%), 12,000 By Books, 3,700 By Salary, By Rent, By Postage charges, 900 By Furniture (purchased), By Balance c/d, 65,150, , ₹, 3,200, 1,850, 3,000, 18,000, 7,000, 3,600, 6,500, 300, 10,500, 11,200, 65,150, , Additional Information:, 1) Subscription due on 31-03-2018 ₹ 1500, 2) On March 31,2018 Salary outstanding ₹ 600, 3) On April 1,2017 Orgnisation owned furniture ₹ 12,000, Books ₹ 5,000, , DPUE/ACCOUNTANCY/II PU/2020-21, , Page 4
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28.Raja and Rani are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as, on 31.03.2020 was as follows., Balance Sheet as on 31.03.2020, Liabilities, Creditors, Bills Payable, General Reserve, Capitals:, Raja, 60,000, Rani, 40,000, , ₹, Assets, 40,000 Cash, 20,000 Machinery, 25,000 Stock, Debtors, 23,000, Less: PDD, 3,000, 100,000 Buildings, Investments, P & L Account, 185,000, , ₹, 5,000, 60,000, 25,000, 20,000, 50,000, 20,000, 5,000, 185,000, , On 01.04.2020 they admitted Mantri as a partner and offer him 1/5th share in the future profits on the, following terms., a. Mantri has to bring in Rs. 30,000 as his capital and ₹ 10,000 towards goodwill., b. Goodwill is to be withdrawn by the old partners.(as per AS26), c. Depreciate Machinery by 5%., d. Appreciate buildings by 10%., e. PDD is reduced to ₹ 2,000 and investments are to be revalued at ₹ 25,000., Prepare:, i. Revaluation Account, ii.Partners’ Capital Account., iii. Balance sheet after admission., 29. Gouri and Ganesh are partners in a firm sharing profit equally. Following is their Balance Sheet, as on 31.03.2020., Balance Sheet as on 31.03.2020, Liabilities, Creditors, Bills Payable, General Reserve, Capitals:, Gouri, Ganesh, , ₹, Assets, 20,000 Cash in Hand, 4,000 Stock, 6,000 Buildings, Debtors, 17,000, 80,000 Less: PDD, 1,500, 40,000 Furniture, Patents, Plant & Machinery, 150,000, , ₹, 7,000, 25,000, 40,000, 15,500, 14,500, 30,000, 18,000, 150,000, , On 01.04.2020, Shiva is admitted into partnership on the following terms:, a) Shiva should bring ₹ 25,000 as capital., b) Goodwill of the firm is valued ₹ 16,000.(as per AS26), c) Stock is to be increased by 8%., d) Provision for doubtful debts is increased to ₹ 2,600., e) Capital accounts of partners are to is be adjusted in their new profit sharing ratio 3:2:1,, based on Shiva’s capital (Adjustments to be made in cash)., Prepare: i). Revaluation Account., ii). Partners’ Capital Accounts &, iii). Balance sheet of the new firm., DPUE/ACCOUNTANCY/II PU/2020-21, , Page 5
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30. Radha, Sheela and Meena were in partnership sharing profits and losses in the proportion of 3:2:1., On April 1, 2020 Sheela retires from the firm and on that date, their Balance Sheet was as follows:, Liabilities, Trade Creditors, Bills Payable, Expenses Owing, General Reserve, Capitals :, Radha 15,000, Sheela, 15,000, Meena 15,000, , ₹, 3,000, 4,500, 4,500, 13,500, , Assets, Cash in Hand, Cash at Bank, Debtors, Stock, Factory Premises, Machinery, Loose Tools, , ₹, 1,500, 7,500, 15,000, 12,000, 22,500, 8,000, 4,000, , 45,000, 70,500, , 70,500, , The terms were:, a) Goodwill of the firm was valued at ₹ 13,500 (as per AS26), b) Expenses owing to be brought down to ₹ 3,750., c) Machinery and Loose Tools are to be valued at 10% less than their book value., d) Factory premises are to be revalued at ₹ 24,300., Prepare :, 1) Revaluation Account, 2) Partners’ Capital Accounts and, 3) Balance Sheet of the firm after retirement of Sheela., , 31., , Rashmi and Geetha are partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as, on 31-3-2018 is as follows :, Balance Sheet as on 31. 3. 2020, Liabilities, ₹, Assets, ₹, Sundry Creditors, 10,000 Cash at Bank, 5,000, Bills payable, 10,000, Bills Receivable, 10,000, Rashmi’s Loan, 5,000 Sundry Debtors, 20,000, Reserve Fund, 10,000 Stock, 15,000, Capitals:, Machinery, 15,000, Rashmi, 30,000 Furniture, 10,000, Geetha, 40,000 Goodwill, 30,000, 1,05,000, 1,05,000, On the above date the firm was dissolved., a) The assets were realised as follows, Bills Receivable ₹ 7,500, Sundry Debtors and Stock 10% less than the book value, Machinery, realised 5% more than the book value, and Goodwill realized for ₹ 12,000., b) Furniture was taken over by Geetha at ₹ 8,000., c) Dissolution expenses were ₹ 600., d) All the liabilities were discharged in full., Prepare:, 1. Realization A/c , 2. Partners’ capital Accounts and 3. Bank A/c., , DPUE/ACCOUNTANCY/II PU/2020-21, , Page 6
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32. Sun India Ltd. issued 20,000 Equity Shares of ₹ 100 each at premium of ₹ 10 each. The amount, payable was as follows:, ₹ 20 on application, ₹ 50 on allotment (including premium), ₹ 40 on first and final call, All the shares were subscribed and money duly received except the first and final call on 1,000, shares. The Directors forfeited these shares and re-issued them as fully paid at ₹ 90 per share., Section –E, (Practical Oriented Questions), Answer any TWO questions, each question carries FIVE marks., , 02×05=10, , 33. How do you treat the followings in the absence of Partnership Deed?, a) Profit Sharing Ratio, b) Interest on Capital, c) Interest on Drawing, d) Interest on Advances from Partners, e) Partner Salary., 34. Write two Partners’ Capital Accounts under Fluctuating Capital System with 5 imaginary figures., 35. Write the pro-forma of a Balance Sheet of a Company with main heads only., , DPUE/ACCOUNTANCY/II PU/2020-21, , Page 7
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MODEL QUESTION PAPER-II, 2020-21 for reduced syllabus, SECOND YEAR P.U.C, ACCOUNTANCY, Time: 3 Hours 15 Minutes, Max Marks: 100, Instructions:, 1. All the sub questions of Section-A should be answered continuously at one place., 2. Provide working notes wherever necessary., 3. 15 minutes extra has been allotted for candidates to read the questions., 4. Figures in the right hand margin indicate full marks., Section –A, Answer any Eight questions, each question carries ONE mark., 08×01=08, 1. Not-For-Profit Organisations are used for the welfare of the __________., 2. Partnership deeds contains,, a) Name of firm, b) Name and address of the partners, c) P/L sharing ratio d) All of the above, 3. Name any one method of maintaining capital accounts of partners., 4. Expand SR., 5. What do you mean by retirement of a partner?, 6. Deceased partner’s claim is transferred to his Executor’s Account (State T/F)., 7. Issued capital is part of, a) Reserve capital b) Unissued capital c) Authorised capital d) None of the above, 8. State the meaning of under subscription., 9. Share capital appears under the head_____________., 10. Give an example for non-current liabilities., Section –B, Answer any FIVE questions, each question carries TWO marks., 05×02=10, 11. State any two features of partnership., 12. What is fluctuating capital method?, 13. Give the meaning of Dissolution of a Partnership Firm., 14. State any two circumstances under which a Partnership Firm is dissolved., 15. Give the meaning of calls in arrears., 16. State any two categories of share capital., 17. State any two benefits of financial statements., 18. Mention any two items which are shown under the head’ Reserves and Surplus’., , Section –C, Answer any FOUR questions, each question carries SIX marks., 04×06=24, 19. Sachin and Pratham commenced business in partnership with capital of ₹ 1,00,000 and ₹ 80,000, respectively on 01.04.2018 agreeing to share profits and losses in the ratio of 3:2. For the year ending, 31.03.2019 they earned the profits of ₹ 36,000 before allowing:, i) Interest on capital at 5% p.a., ii) Interst on drawings, Sachin ₹ 600 and Pratham ₹ 1,000, iii) Yearly salary of Pratham ₹ 10,000, DPUE/ACCOUNTANCY/II PU/2020-21, , Page 8
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iv) Their drawings during the year Sachin ₹ 16,000 and Pratham ₹ 20,000., Prepare profit and loss appropriation account., 20. Sahana and Saniya are partners in firm. Sahana’s drawings for the year 2019-20 are given as under:, ₹ 4,000 on 01.06.2019, ₹ 6,000 on 30.09.2019, ₹ 2,000 on 30.11.2019, ₹ 3,000 on 01.01.2020, Caluculate interest on Sahan’s drawings at 8% p.a. for the year ending on 31.03.2020, under product, method., 21. Vani,Rani and Soni are partners in a firm sharing profits and losses in the ratio of 4:3:2.Soni retires from, the firm.Vani and Rani agreed to share equally in future. Calculate gain ratio of Vani and Rani., 22. . Raju,Ravi and Roopa are partners sharing profit and losses in the ratio of 4:3:3. Their capital balances, on 01.04.2019 stood ₹ 1,00,000, ₹ 80,000 and ₹ 50,000 respectively., Raju died on 01.10.2019. The partnerships deed provides the followings:, a) Interest on capital at 12% p.a., b) He had withdrawn ₹ 5, 000 up to date of death., c) Raju’s share of good will ₹ 5, 000 (as per AS26), d) His share of profit up to the date of death on the basis of, previous year profits. Previous year profits ₹ 20,000., Prepare Raju’s executors account., 23. ABC Company Ltd., issued 20,000 Equity shares of ₹ 10 each. The amount payable is as follows., On application, ₹ 2, On allotment, ₹ 3, On first and on final call, ₹ 5, All shares were subscribed. Give the necessary journal entries up to the stage of first and, final call money received., 24. From the following information prepare statement of profit and loss for the year ended, 31-03-2020 as per Schedule III of Companies Act, 2013., Particulars, ₹, Revenue from operations, 5,00,000, Purchase of goods, 3,00,000, Salaries to employees, 40,000, Leave encashment, 10,000, Rent and taxes, 30,000, Repairs to machinery, 20,000, Tax, 30%, , DPUE/ACCOUNTANCY/II PU/2020-21, , Page 9
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I, , 25. From the following details you are required to prepare balance sheet for the year ended 31-03-2020 as, per Schedule III of Companies Act, 2013., Particulars, ₹, Inventories, 7,00,000, Equity Share Capital, 16,00,000, Plant and Machinery, 8,00,000, Preference Share Capital, 6,00,000, General Reserve, 6,00,000, Creditors, 3,50,000, Provision for taxation, 2,50,000, Land and Building, 26,00,000, Cash at Bank, 5,00,000, 12% Debentures, 12,00,000, , Section –D, Answer any FOUR questions, each question carries TWELVE marks., 04×12=48, 26. Following are the Balance Sheet and Receipts and Payments Account of Hassan Sports Club, Hassan., , Liabilities, Capital fund, Subscription for 2017-18, O/S Office expenses, Bank loan, , Balance Sheet as on 31-03-2017, ₹, Assets, 61,000, Buildings, 1,000, O/S Subscriptions, 4,000, O/S Rent, 20,000, Furniture, Cash in Hand, 86,000, , ₹, 64,000, 1,600, 400, 12,000, 8,000, 86,000, , Dr., , Receipt and Payment A/C for the year ending 31-03 2018, Cr., Receipts, ₹, Payments, ₹, To Balance b/d, 8,000, By Office Expenses:, To Subscriptions:, 2016-17, 4,000, 2016-17, 1,600, 2017-18, 6,000, 2017-18, 17,600, By Subscription to Newspapers, 2018-19, 2,800, & Journals, 2,000, To Entrance Fees, 4,000, By Refreshment Expenses, 4,000, To Rent, 4,000, By Investments, 10,000, To Income from Drama, 6,000, By Bank Loan, 8,000, To Sale of newspapers, 400, By Salary, 4,400, By Balance c/d, 6,000, 44,000, 44,000, Adjustments:, a) Subscriptions outstanding ₹ 1,000,, b) Salary outstanding ₹ 400,, c) Interest payable ₹ 2,400,, d) Depreciation on Building ₹ 5,000, e) Entrance Fees is to be Capitalised., Prepare:, DPUE/ACCOUNTANCY/II PU/2020-21, , Page 10
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1) Income and Expenditure Account and, 2) Balance Sheet as on 31-03-2018., 27. Receipt and Payment Account of Shankar Sports Club is given below, for the year ended March 31,, 2018, Dr ., Receipt and Payment A/C for the year ending 31-03-2018, Cr., Receipts, ₹, Payments, ₹, To Cash in Hand, 2,600 By Rent, 18,000, To Entrance fees, 3,200 By Wages, 7,000, To Donation for Building, 23,000 By Billiard table, 14,000, To Locker Rent, 1,200 By Furniture, 10,000, To Life Membership fee, 7,000 By Interest, 2,000, To profit from entertainment, 3,000 By Postage, 1,000, To Subscription, 40,000 By Salary, 24,000, By Cash in hand, 4,000, 80,000, 80,000, Prepare Income and Expenditure Account and Balance Sheet With the help of following Information:, Subscription outstanding on March31, 2017 is ₹ 1,200 and ₹ 2,300 on March 31, 2018, opening stock of, postage stamps is ₹ 300 and closing stock is ₹ 200, Rent ₹ 1,500 related to 2016-17 and ₹ 1,500 is still, unpaid., On April 1, 2017 the club owned Furniture ₹ 15,000, Furniture valued at ₹ 22,500 on March 31, 2018. The, club took a loan of ₹ 20,000 (@10 p. a)2016-17., 28. Rajesh and Rakesh are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet, as on 31.03.2020 stood as follows., Balance Sheet as on 31.03.2020, Liabilities, ₹, Assets, ₹, Creditors, 41,500 Cash at Bank, 22,500, General Reserve, 4,000 Bills Receivable, 3,000, Capital Accounts:, Debtors, 18,000, Rajesh, 30,000 Less: PDD, 1,000, 17,000, Rakesh, 16,000 Stock, 20,000, Buildings, 25,000, Machinery, 4,000, 91,500, 91,500, th, On 01.04.2020 they admitted Shyam as partner and offered him 1/5 share in the future profits on the, following terms., a. He has to bring in ₹ 10,000 as his capital and ₹ 5,000 towards Goodwill., b. Goodwill treatment as per AS26., c. Appreciate buildings by 20%., d. Maintain at 5% PDD on debtors., e. Provide for outstanding repair bills ₹ 1,000., Prepare:, i). Revaluation Account, ii). Partners’ Capital Account., iii). New Balance sheet of the firm, DPUE/ACCOUNTANCY/II PU/2020-21, , Page 11
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29. Mahendra and Surendra are equal partners in a firm. Their balance sheet as on 31.03.2020 stood as, follows., Balance Sheet as on 31.03.2020, Liabilities, Creditors, Bank Loan, Capitals:, Mahendra, Surendra, , 80,000, 40,000, , ₹, Assets, 40,000 Stock, 8,000 Debtors, 32,000, Less: PDD, 1,000, Land & Buildings, Machinery, 120,000 Motor Car, Cash at Bank, , ₹, 39,000, , 168,000, , 168,000, , 31,000, 40,000, 36,000, 8,000, 14,000, , On 01.04.2020 Chandra is admitted into partnership for 1/6th share in profits on the following terms., a. Chandra brings ₹ 26,000 as capital., b. Goodwill of the firm is valued at ₹ 14,000 (as per AS26), c. Motor car and machinery are to be depreciated by 20% and ₹ 3,800 respectively., d. Provision for doubtful debts is to be maintained at 10%., e. The Capital accounts of all the partners be adjusted in their new profit sharing ratio 3:2:1 based on, Chandra’s capital (Adjustments to be made in cash), Prepare:, , i). Revaluation Account, ii). Partners’ Capital Account., iii). New Balance sheet of the firm., , 30. Radha, Sheela and Meena were in partnership sharing profits and losses in the proportion of 3:2:1., On April 1, 2020, Sheela retires from the firm and on that date, their Balance Sheet was as follows:, Liabilities, ₹, Assets, ₹, Trade Creditors, 3,000 Cash-in-Hand, 1,500, Bills Payable, 4,500 Cash at Bank, 7,500, Expenses Owing, 4,500 Debtors, 15,000, General Reserve, 13,500 Stock, 12,000, Capitals :, Factory Premises, 22,500, Radha, 15,000, Machinery, 8,000, Sheela, 15,000, Losse Tools, Meena, 15,000, 70,500, , 70,500, , The terms were :, a) Goodwill of the firm was valued at ₹ 13,000.(as per AS26), b) Expenses owing to be brought down to ₹ 3,750., c) Machinery and Loose Tools are to be valued at 10% less than their book value., DPUE/ACCOUNTANCY/II PU/2020-21, , Page 12
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d) Factory premises are to be revalued at ₹ 24,300., Prepare :, 1) Revaluation account, 2) Partner’s capital accounts and, 3) Balance sheet of the firm after retirement of Sheela., 31. Shruti, Shilpa and Shreya were partners in a firm, sharing profits and losses in the ratio of 2 : 2 : 1. They, decided to dissolve the firm. Their Balance Sheet on the date of dissolution was as follows :, Balance Sheet as on 31. 3. 2020, Liabilities, ₹, Assets, ₹, Creditors, 30,000 Cash at Bank, 6,000, Bills payable, 20,000 Debtors, 30,000, Shreya’s Loan, 8,000 Stock, 30,000, General Reserve, 10,000 Furniture, 22,000, Capitals:, Machinery, 20,000, Shruti,, 40,000 Buildings, 50,000, Shilpa, 30,000, Shreya, 20,000, 1,58,000, 1,58,000, The assets realised as follows :, a) Debtors realised 10% less than the book value, the Stock realised 15% more, than the book value, Building realised ₹ 60,000., b) The Furniture was taken over by Shruti at ₹ 20,000., c) The Machinery was taken over by Shilpa at ₹ 15,000., d) Creditors and Bills Payable were paid off at a discount of 5%., e) Cost of dissolution amounted to ₹ 1,500., Prepare :, i) Realisation Account, ii) Partner’s Capital Accounts, iii) Bank Account., 32. XYZ Co. Ltd. issued 30,000 equity shares of ₹ 10 each at a premium of ₹ 1 per share to the public,, payable as follows :, ₹ 2 on application, ₹ 5 on allotment (including premium), ₹ 4 on first call and final call, All the shares subscribed and the money duly received except the first and final call on 2000, shares. The directors forfeited these shares and re-issued them as fully paid up at ₹ 8 per share., Pass the necessary Journal entries., Section –E, (Practical Oriented Questions), Answer any TWO questions, each question carries FIVE marks. 02×05=10, 33. Write two Partners Current Account under Fixed Capital System with 5 imaginary figures., 34. Give the disclosure requirements pertaining to Share Capital in Notes to Accounts of Balance Sheet of a, Company with imaginary figures., 35. Write the proforma of a Balance Sheet of a Company with main heads only., DPUE/ACCOUNTANCY/II PU/2020-21, , Page 13
