First Summative Assessment
Subject matter: Accountancy
Total marks: eighty
Pass marks: 32
Attempt all the questions
1 ) Seema, Rima and Hema are lovers in a firm having not any partnership contract. They led Rs. two, 00, 1000, Rs. 5, 00, 000 and Rs. 3, 00, 000 correspondingly. Seema and Rima desire that the profits should be divided in the proportion of capital contribution. Hema does not agree to this. Is definitely Hema right to disagree? Give purpose. 1 Tag
2 . A, B, C and M are companions in a organization sharing income in the rate 2: one particular: 2: 1 . On the retirement of C, the goodwill was highly valued at Rs. 72, 000. A, M and D decided to talk about future income equally. Pass the necessary record entry intended for the treatment of goodwill, without opening Goodwill Account.
a few. When will do a purchased goodwill arise?
one particular Mark
some. Why is wage or commission paid to a partner debited to Profit and Reduction Appropriation Bank account?
5. Pawan and Jayshree are associates. Bindu is admitted for 1/4th share. What is the ratio in which Pawan and Jaysheree can sacrifice their very own share in preference of Bindu?
6th. The Documentalist of a company had debited interest in partners' loan to the Income and Damage Appropriation Account and a certain amount it towards the Partners' Capital Accounts. Do you think the Documentalist has properly recorded the eye on the mortgage? Give cause of your answer.
7. Write down the main top features of Partnership.
one particular Mark
almost 8. When does the need for value of in house generated goodwill arise?
on the lookout for. If the volume of extremely profit can be negative, how much does it show?
10. Prithvi is accepted to the collaboration and the goodwill he was to bring in is Rs. 50, 000. But , he's not able to bring in the goodwill. The accountant provides recorded an entry in the books of account debiting вЂGoodwill Account' and crediting вЂSacrificing Spouse-to-be's Capital Account'. Do you think, he has recorded the entrance correctly? Provide reasons for your reply.
11. X and Y will be partners sharing profits inside the ratio of 3: 2 . Unces joins pertaining to 1/6 th share in the running business on initial April 2011. Z was handed guarantee of Rs. forty eight, 000 per annum but unfortunately Z died on you st July 2011. Income during the current year being accrued on the same scale just as the previous yr. Profit earned during the year was Rs. two, 40, 000. Calculate the amount of deficiency paid for by X and Y. 3 Signifies
12. Write down the conditions applicable inside the absence of Relationship Agreement.
a few Marks
13. X, Con and Z are lovers sharing revenue equally. Back button drew frequently Rs. 4, 000 at the outset of every month for six months finished 30th Sept. 2010 2011. Y drew frequently Rs. some, 000 towards the end of every month for six months ended 30th September 2011. Z attracted regularly Rs. 4, 1000 at the middle of every month for half a year ended 30 th Sept. 2010 2011. Determine the interest on drawings pertaining to X, Sumado a and Z . at 5%p. a. 3 Marks
16. Write down three differences between drawings against profit and drawings against capital. several Marks
12-15. The average income of the company is Rs. 1, 60, 000. The total tangible assets in the firm are Rs. 14, 00, 000 and outside liabilities will be Rs. 14, 00, 500. In the same type of business, the normal level of returning is 10% of the capital employed. Compute the value of goodwill by Capitalisation of Extremely Profit Technique. 4 Marks
16. A and B are lovers in a company. Their respective capital contributions are Rs. 3, 00, 000 and Rs. a couple of, 00, 1000 and their income sharing percentage is three or more: 2 . Immediately after the portion of Rs. 80, 1000 as profit for the year ended 31st march 2011, it was discovered that in arriving at the profit of 2010-11 the subsequent two things were ignored: i. Exceptional expenses of Rs. six, 000 and
ii. Accrued interest upon investment of Rs. your five, 000.
Pass the realignment Journal entry.
17. Jot down the differences between fixed and fluctuating capital Accounts. some Marks
18. Mark and Pat are partners in a business. All their capitals at the end of...