Accountancy: 2016: CBSE: [Delhi]: Set – I
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Q1
What is the maximum number of partners that a partnership firm can have? Name the Act that provides for the maximum number of partners in a partnership firm.
Marks:1View AnswerAnswer:
The maximum number of partners the partnership firm can have is 50. The limit has been given as per the Rule (10) or the Companies (Misc.) Rules Act 2014.
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Q2
A, B and C were partners in a firm sharing profits in the ratio of 3:2:1. They admitted D as a new partner for 1/8th share in the profits, which he acquired 1/16th from B and 1/16th from C.
Calculate the new profit sharing ratio of A, B, C and D.
Marks:1View AnswerAnswer:
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Q3
Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ on the basis of ‘Economic Relationship’.
Marks:1View AnswerAnswer:
Basis
Dissolution of partnership
Dissolution of partnership firm
Economic relationship
Economic relationship continues among the partners.
Economic relationship comes to an end among the partners.
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Q4
State the provisions of the Companies Act, 2013 for the creation of ‘Debenture Redemption Reserve’.
Marks:1View AnswerAnswer:
As per Section 71(4) of the Companies Act 2013, every company issuing debentures is required to create Debenture Redemption Reserve of an amount that is atleast equal to 25% of the total nominal value of debentures that are redeemed by it.
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Q5
On 01/01/2016 the first call of ₹3 per share became due on 1,00,000 equity shares issued by Kamini Ltd. Karan a holder of 500 shares did not pay the first call money. Arjun a shareholder holding 1000 shares paid the second and final call of ₹5 per share along with the first call.
Pass the necessary journal entries for the amount received by opening ‘Calls-in-arrears’ and ‘Calls-in-advance’ account in the books of the company.
Marks:1View AnswerAnswer:
Journal Entries
Date
Particulars
₹
₹
2016
Share First Call A/c
Dr.
3,00,000
Jan 1
To Share Capital A/c
3,00,000
(First call money due on 1,00,000 shares @ ₹3 )
Bank A/c
Dr.
3,03,500
Calls-in-arrears
Dr.
1,500
To Share first call A/c
3,00,000
To Calls in advance A/c
5,000
(Amount received on first call except 500 shares and final call received in advance on 1000 shares)
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Q6
Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3:2. During the ended 31/03/2015. Nusrat had withdrawn ₹15,000. Interest on her drawings amounted to ₹300.
Pass necessary journal entry for charging interest on drawing assuming that the capitals of the partners were fixed.
Marks:1View AnswerAnswer:
Journal Entries
Particulars
₹
₹
Nusrat’s Current A/c
Dr.
300
To Interest on Drawings A/c
300
(Interest on drawings charged to Nusrat’s current account)
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Q7
KTR Ltd. issued 365, 9% Debentures of ₹1,000 each on 04/03/2016. Pass necessary journal entries for the issue of debentures in the following situations:
a. When debentures were issued at par redeemable at a premium of 10%.
b. When debentures were issued at 6% discount redeemable at 5% premium.
Marks:3View AnswerAnswer:
Journal Entries
Particulars
₹
₹
(a)
Bank A/c
Dr.
3,65,000
To 9% Debenture Application and Allotment A/c
3,65,000
(Debenture application money received on 365 debentures @ ₹1,000)
9% Debenture Application and Allotment A/c
Dr.
3,65,000
Loss on issue of debentures A/c
Dr.
36,500
To 9% Debenture A/c
3,65,000
To Premium on Redemption of Deb. A/c
36,500
(Debenture issued at par and repayable at premium)
Particulars
₹
₹
(b)
Bank A/c
Dr.
3,43,100
To 9% debenture Application and Allotment A/c
3,43,100
(Debenture application money received on 365 debentures @ ₹940)
9% Debenture Application and Allotment A/c
Dr.
3,43,100
Loss on issue of debentures a/c
Dr.
40,150
To 9% Debenture a/c
3,65,000
To Premium on Redemption of Debentures A/c
18,250
(Debenture issued at discount and repayable at premium)
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Q8
State any three circumstances other than (i) admission of a new partner, (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.
Marks:3View AnswerAnswer:
The other situations in which valuation of goodwill arises are as follows:
1) Change in the profit sharing ratio among the existing partners.
2) Dissolution of a firm involving sale of business as a going concern.
3) Amalgamation of two firms i.e. merger or acquisition of two businesses
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Q9
Sandesh Ltd. took over the assets of ₹7,00,000 and liabilities of ₹2,00,000 from Sanchar Ltd. for a purchase consideration of ₹4,59,500. ₹8,500 paid by accepting a draft in favour of Sanchar Ltd. payable after three months and the balance was paid by issue of equity shares of ₹10 each at a premium of 10% in favour of Sanchar Ltd.
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd.
Marks:3View AnswerAnswer:
Journal Entries
Particulars
Dr. ₹
Cr. ₹
Sundry Assets A/c
Dr.
7,00,000
To Sundry liabilities A/c
2,00,000
To Sanchar Ltd.
4,59,500
To Capital reserve a/c
40,500
(Assets and liabilities of Sanchar Ltd. taken over)
Sanchar Ltd.
Dr.
4,59,500
To Share Capital a/c
4,10,000
To Securities Premium a/c
41,000
To Bank a/c
8,500
(Issued 41,000 equity shares at a premium of 10% and bank draft)
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Q10
To provide employment to the youth and to develop the Naxal affected backward areas of Chattisgarh X Ltd. decided to set-up a power plant. For raising funds the company decided to issue 7,50,000 equity shares of ₹10 each at a premium of 50%. The whole amount was payable on application. Applications for 20,00,000 shares were received.
Applications for 50,000 shares were rejected and shares were allotted to the remaining applicants on pro-rata basis.
Pass necessary journal entries for the above transactions in the books of the company and identify any two values which X Ltd. wants to propagate.
Marks:3View AnswerAnswer:
Journal Entries
Particulars
₹
₹
Bank A/c
Dr.
3,00,00,000
To Share Application and Allotment A/c
3,00,00,000
(Application money received on 20,00,000 shares @ ₹10 per share at a premium of 50%)
Share Application and Allotment A/c
Dr.
3,00,00,000
To Share Capital A/c
75,00,000
To Securities Premium A/c
37,50,000
To Bank A/c
1,87,50,000
(Application money transferred to share capital and money for excess application refunded)
The following two values are shown by X Ltd.
1) Providing employment in the backward areas.
2) Value of equality by allotting shares on pro rata basis.
