ppr.pdf - Accountancy Time allowed 3 hours Set-1 Maximum...

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Material downloaded from http://myCBSEguide.com and http://onlineteachers.co.in Accountancy Set-1 Time allowed: 3 hours Maximum Marks: 90 General Instructions: 1) This question paper contains two parts A and B . 2) Part A is compulsory for all. 3) Part B has two options-Option- I Analysis of Financial Statements and Option- II Computerized Accounting. 4) Attempt only one option of Part B . 5) All parts of a question should be attempted at one place. Section A (i) This section consists of 17 questions. (ii) All the questions are compulsory. (iii) Question Nos. 1 to 6 are very short-Ans questions carrying 1 mark each. (iv) Question Nos. 7 to 10 carry 3 marks each. (v) Question Nos. 11 and 12 carry 4 marks each. (vi) Question Nos. 13 to 15 carry 6 marks each. (vii) Question Nos. 16 and 17 carry 8 marks each. Section B (i) This section consists of 6 questions. (ii) All questions are compulsory (iii) Question Nos. 18 and 19 are very short-Ans questions carrying 1 mark each. (iv) Question Nos. 20 to 22 carry 4 marks. (v) Question No. 23 carries 6 marks. Section A Q1 Name the Act that provides for the maximum number of partners in a partnership firm. What is the maximum number of partners that a partnership firm can have? Q2 Ram, Mohan and Sohan were partners in a firm sharing profits in the ratio of 5:3:2. They admitted Hari as a new partner for 15thshare in the profit which he acquired from Ram and Mohan in the ratio of 3:2. Calculate, the new profit sharing ratio of Ram, Mohan, Sohan and Hari. Q3 Distinguish between ‘Dissolution of partnership’ and ‘Dissolution of partnership firm’ on the basis of court’s intervention. Q4 State the provisions of the Companies Act, 2013 for the creation of 'Debenture Redemption Reserve'. Q5 On 15-1-2016 the first call of Rs 4 per share became due on 10,000 equity shares issued by New India Ltd. Aman a holder of 500 shares did not pay the first call money. Shanti a shareholder holding 600 shares paid the second and final call of Rs 3 per share along with the first call. Pass the necessary journal entry for the amount received by opening ‘Calls-in-arrears’ and ‘Calls-in-advance’ account in the books of the company. Q6 A and B were partners in a firm sharing profits in the ratio of 4:5. During the year ended 31-3-2015 A withdrew Rs 19,000. Interest on A’s drawings was Rs 700.
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Material downloaded from http://myCBSEguide.com and http://onlineteachers.co.in Pass necessary Journal entry for charging interest on A’s drawings assuming that the capitals of the partners were fixed. Q7 TRK Ltd. issued 767,9% debentures of Rs 100 each on 1-1-2016. Pass necessary journal entries for the issue of debentures in the following situations: (a) When debentures were issued at a discount of 3% and were redeemable at a premium of 7%. (b) When debentures were issued at a premium of 4% and were redeemable at a premium of 9%.
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