Accounts -1997-Set II

Q2) Give any three characteristics of partnership. (Marks 3)
Ans2) Three characteristics of partnership :
1) There must be an agreement entered into by one or more persons.
2) There must be lawful business.
3) Business must be carried on by all or any of them acting for all.

Q4) A, B and C were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 3. Their fixed capitals were Rs. 10,00,000, Rs. 2,00,000 and Rs. 3,00,0000 respectively. For the year 1996 interest on capital was credited to them @ 10% instead of 9% p.a.. Showing your wokring notes clearly pass the necessary adjusting journal entry.
Ans4) Working Notes :
Statement showing adjustment
Capitals…………………………….1000000 200000 300000
Interest credited @10%………….100000 20000 30000
Interest to be credited @ 9% 9000 18000 27000
Partners over -
Credited with 1000 2000 3000
Thus, the profit will increase
by 6000 divisible as 4 : 3 : 3 2400 1800 1800
Adjustment 1400(Cr) 200(Dr) 1200(Dr.)

Q5) X, Y and Z were partners in a firm sharing profits in 4 : 3 : 2 ratio. They had a joint life policy of Rs. 1,80,000 on which the annual premium paid was considered as an expense. On 1st January, 1996 X died. On that date there was a debit balance of Rs. 45,000 in their profit and loss account. Pass the necessary journal entries on X’s death. (Marks 4)

Accounts-1998-Set I

Q 1 What is meant by goodwill? Name any two methods of valuation of goodwill. (Marks 2)
Ans 1 Goodwill : Goodwill is the advantage of good name, relations of a business. It is the attractive force that brings in customers. It distinguishes an established business from a new one as it helps the business to earn more profits.
Methods of valuation of goodwill :
(i) Average Profits Method
(ii) Super Profit Method.

Q 2 R and S are partners sharing profits in the ratio of 5 : 3. T joins the firm as a new Partner. R gives 1/4 of his share and S gives 2/5 of his share to the new partner. Find out the new ratio. (Marks 3)
Ans 2 R’s share = 5/8
S’s share = 3/8
R’s sacrifice = 1/4 x 5/8 = 5/32
S’s sacrifice = 2/5 x 3/8 = 6/40
Thus, R’s new share = 5/8 – 5/32 = 15/32
S’s new share = 3/8 – 6/40 = 9/40
T’s share = R’s sacrifice + S’s sacrifice
= 5/32 + 6/40
= 49/160
Thus, new ratio R : S : T
15/32 : 9/40 : 49/160
= 75 : 36 : 49

Accounts-1998-Set II

Q 1 Mention any two factors which give rise to goodwill of a firm. (Marks 2)
Ans 1 Factors that give rise to goodwill :
(i) Location of the business :
The business which is centrally located in a prominent locality will attract more customers and hence have heavy sale resulting in higher value of goodwill.
(ii) Skill of the management :
If the management of a firm is efficient, the firm will enjoy high productivity and have an effective cost management. Thus will lead to earning huge profits and thus the value of goodwill will be high.

Q 2 R and S are partners sharing profits in the ratio of 5 : 3. T joins the firm, R gives 1/4 of his share and S gives 1/5 of his share to the new partner. Find the new ratio. (Marks 3)
Ans 2 R’s share = 5/8
S’s share = 3/8
R’s sacrifice = 1/4 x 5/8 = 5/32
S’s sacrifice = 1/5 x 3/8 = 3/40
Thus, R’s new share = 5/8 – 5/32 = 15/32
S’s new share = 3/8 – 3/40 = 12/40
T’s share = 5/32 + 3/40 = 37/160
Thus, new ratio = R : S : T
= 15/32 : 12/40 : 37/160
= 75 : 48 : 37

Q 3 Write any three points of difference between equity share and a debenture. (Marks 3)
Ans 3
Basis of Distinction Equity Share Debenture
(i) Part of Capital Structure Equity is a part of share capital of a company. It is a part of borrowed funds of a company.
(ii) Return The equity shares get dividend as a returns. The interest is paid on the debentures.
(iii) Fluctuations in returns The rate of dividend varies from year to year depending on the profit. The interest is fixed irrespective of the profits earned.

Accounts -1999 -Set I

Q1) List any two items appearing on the credit side of a partner’s capital account, when capitals are fluctuating. (Marks 2)
Ans1) (i) Interest on capital of the partner.
(ii) Partner’s salary.

Q2) (a) A and B are partners in a firm sharing profits in the ratio of 3 : 2. They had advanced to the firm a sum of Rs. 30,000/- as a loan in their profit sharing ratio on July 1st, 1998. The partnership deed is silent on the question of interest on loan from partners. Compute the interest payable by the firm to the partners, assuming the firm closes its books on December 31st.
(Marks 3)

Ans. 2) (a) According to the provisions of the Indian Partnership Act, 1932, interest @ 6% p.a. is payable to the partners on the amount of loan advanced by them to the firm.
A’s loan = 30000 x 3/5 = 18000
B’s loan = 30000 x 2/5 = 12000
Interest on A’s loan = 18000 x 6/100 x 6/12 = 540
Interest on B’s loan = 12000 x 6/100 x 6/12 = 360
Total Interest payable by firm to partners = 540 + 360 = Rs. 900

Q2) (b) A, B and C are partners sharing profits in the ratio of 5 : 4 : 1. C is given a guarantee that his share of profits in any given year would be Rs. 5000/-. Deficiency, if any, would be borne by A and B equally. The profits for the year 1998 amounted to Rs. 40000/-. Pass necessary entries in the books of the firm. (Marks 3)

Ans. 2) (b) Working Notes :
C’s share in profit = 1/10 x 40000 = 40000
C’s guarantee = 5000
C’s deficiency = 5000 – 4000 = 1000
The deficiency is to be borne equally by A and B.
A’s share of profit = 5/10 x 40000 = 20000
Less : C’s guarantee 500
A’ profit = 19500
B’s share of profit = 4/10 x 40000 = 16000
Less: C’s guarantee 500
B’s profit = 15500

Accounts -1999 -Set II

Q1) List any two items appearing on the credit side of a partner’s current account. (Marks 2)
Ans1) (i) Interest on partner’s capital.
(ii) Partner’s share of profit.

Q2) On April 1st, 1998 an existing firm had assets of Rs. 75,000/- including cash of Rs. 5,000/-. The partner’s capital account showed a balance of Rs. 60,000/- and reserve constituted the rest. If the normal rate of return is 20% and the goodwill of the firm is valued at Rs. 24,000/- at 4 year purchase of super profits, find the average profits of the firm. (Marks 3)
Ans2) Goodwill = super profits x 4 year purchase
24000 = super profits x 4
super profits = 6000
Normal profits = Capital employed x Normal rate of return
= 75000 x 20/100
= 15000
(…Capital employed = Assets of the firm = 75000)
…Average profit = Normal profit + Super profit
= 15000 + 6000
Average profit = Rs. 21000

Q4) (a) A and B are partners in a firm sharing profits equally. They had advanced to the firm a sum of Rs. 30,000/- as a loan in their profit sharing ratio on July 1st, 1998. The partnership deed is silent on the question of interest on loan from partners. Compute the interest payable by the firm to the partners, assuming the firm closes its books on December 31st. (Marks 3)

(b) A, B and C are partners sharing profits in the ratio of 5 : 4 : 1. C is given a guarantee that his share of profits in any given year would be Rs. 5000/-. Deficiency, if any, would be borne by A and B equally. The profits for the year 1998 amounted to Rs. 40000/-. Pass necessary entries in the books of the firm. (Marks 3)
Ans4) (a) According to the provisions of the Indian Partnership Act, 1932, interest @ 6% p.a. is payable to the partners on the loan advanced by them to the firm.
Total loan = 30000
A’s share of loan = 30000 x 1/2 = 15000
B’s share of loan = 15000
… Interest on A’s loan = 15000 x 6/100 x 6/12 = 450
Interest on B’s loan = 15000 x 6/100 x 6/12 = 450
… Total Interest payable by firm =
450 + 450 = Rs. 900

(b) Working Notes :
C’s share in profit = 1/10 x 40000 = 40000
C’s guarantee = 5000
C’s deficiency = 5000 – 4000 = 1000
The deficiency is to be borne equally by A and B.
A’s share of profit = 5/10 x 40000 = 20000
Less : C’s guarantee 500
A’ profit = 19500
B’s share of profit = 4/10 x 40000 = 16000
Less: C’s guarantee 500
B’s profit = 15500

Accounts -2000-Set I

Q1) Why is ‘Profit and Loss Appropriation Account’ prepared? (Marks 3)
Ans1) Profit and Loss Appropriation Account is prepared to show how the net profit have been distributed among the partners. The account is credited with net profit or debited with net loss to begin with and further credited with Interest on drawings and debited with interest on capital salary etc. The final profit/loss is distributed in the agreed profit sharing ratio.

Q2) What are the alternatives available to a company for the allotment of debentures when there is over- subscription of debentures? (Marks 3)
Ans2) When there is over-subscription of debentures;
(i) The company may not allot any debenture to some applicant i.e. their application money is refunded.
(ii) If the applicants have been allotted less number of debentures than they applied for, the excess application money is adjusted towards allotment and subsequent calls.

Q3) A and B were partners sharing profits in the ratio of 3 : 2. They admitted X and Y as new partners. A surrendered 1/3rd of his share in favour of X and B surrendered 1/4th of his share in favour of Y. Calculate the new profit sharing ratio of A, B, X and Y. (Marks 3)
Ans3) A’s sacrifice = 1/3 x 3/5 = 3/15
B’s sacrifice = 1/4 x 2/5 = 2/20
A’s new share = 3/5 – 3/15 = 6/15
(Old share – sacrifice)
B’s new share = 2/5 – 2/20 = 6/20
… New Profit sharing ratio :
A : B : X : Y
6/15 : 6/20 : 3/15 : 2/20
= 4 : 3 : 2 : 1
(X’s share is equal to A’s sacrifice)
(Y’s share is equal to B’s sacrifice)

Accounts -2000-Set II

Q9) X, Y and Z were partners in a firm sharing profits in the proportions of 1/2, 1/3 and 1/6 respectively. The Balance Sheet of the firm on 31st March 1998 was as follows:

Liabilities Amount Assets Amount (Rs.)
Sundry Creditors 15,0000 Cash at Bank 5,000
Provident Fund 6,000 Debtors Rs.40,000 38,000
Less Provision Rs. 2,000
Reserve Fund 12,000 Stock 30,000

Capitals:
X 65,000 Investments 15,000
Y 30,500 Patents 10,000
Z 20,000 Plant and Machinery 50,000
1,48,000 1,48,000

Z retired on the above date on the following terms :
(i) Goodwill of the firm was valued at Rs. 30,000, but it was not to remain in the books of the new firm.
(ii) Value of the patents was to be reduced by 20% and that of Plant and Machinery by 10%.
(iii) Provision for doubtful debts was to be raised to 6%.
(iv) Z took over the Investments at a value of Rs. 17,600.
(v) Liability on account of Provident Fund was only Rs. 2,400.
Show the necessary Journal Entries for the treatment of goodwill, prepare revaluation account, Capital accounts of the partners and the Balance Sheet of X and Y after Z’s retirement.

Accounts -2000-Set III

PART ‘A’ (Accounting III)

Q2) What are the alternatives available to a company for the allotment of debentures when there is over-subscription of debentures? (Marks 3)
Ans2) In case of over-subscription of shares :
(i) The company may reject same applications, i.e the application money received is returned back.
(ii) It may not allot any share to some applicants, whereas it may make pro-rata allotment to other applicants.
(iii) It may not allot any share to some applicants, full allotment may be made to some other applicants and pro-rata allotment may be made to the rest.

Q3) P and Q are partners in a firm sharing profits in the ratio 5 : 3. They admitted R and S as a new partner. P surrendered 1/2 of his share in favour of R and Q surrendered 1/4th of his share in favour of S. Calculate the new profit sharing ratio of P, Q, R and S. (Marks 3)
Ans3) P’s sacrifice = 1/2 x 5/8 = 5/16 (R’s gain)
Q’s sacrifice = 1/4 x 3/8 = 3/32 (S’s gain)
P’s new share = Old share – sacrifice
= 5/8 – 5/16 = 5/16
Q’s new share = Old share – sacrifice
= 3/8 – 3/32 = 9/32
… New Profit sharing ratio :
P : Q : R : S
=5/16 : 9/32 : 5/16 : 3/32
= 10 : 9 : 10 : 3

Biology-1996

Q.1 Which of the movable joint makes the hip joint ?
Ans1. Ball and socket joint.

Q.2 Write the full form of tRNA.
Ans2. Transfer Ribosenucleic Acid.

Q.3 Mention any two factors by which the environment or the nature checks the pollution size.
Ans3. (i) Competition and struggle.
(ii) Drought and flood.

Q.4 Give two examples of analogous organs from animals.
Ans4. Wings of :
(i) an insect,
(ii) a bird, and
(iii)a bat are analogous organs.

Q.5 Mention one difference in the structure of chlorophyll-a and chlorophyll-b.
Ans5. Chlorophyll-a has a methyl (-CH3) group whereas chlorophyll-b has an aldehyde (-CHO) group.

Q.6 Name the source glands of glucagon and parathormone.
Ans6. Glucagon : Islets of Langerhans in Pancreas
Parathormone: Parathyroid gland

Q.7 Mention one difference between benign tumour and malignant tumour.
Ans7. A malignant tumour is different from a benign tumour in the formers capacity to undergo metastasis.

Q.8 Name any two structures in our body, which bear ciliated epithilium.
Ans8. (i) Kidney tubules, and
(ii) Fallopian tubes

Biology-1997

Q1. At what stage the embryo is implanted in the uterus of the mother in case of a test tube baby?
Ans1. 32-celled Morula.

Q2. Human heart is Myogenic yet a parasympathetic nerve can reduce the heart rate. Name the nerve.
Ans2. Vagus Nerve.

Q3. Which of the following diseases could be avoided by analysing the pedegree of parents – Klinefelter’s syndrome, Haemophilia, Amoebiasis.
Ans3. Haemophilia.

Q4. Name the functional contractile unit of the muscle.
Ans4. Sarcomere.

Q5. Name any two synthetic auxins used in agriculture.
Ans5. (i) NAA (naphthaleneacetic acid)

(ii) 2,4 D (2,4-dichlorophenoxyacetic acid)

Q6. What is pulvinus?
Ans6. Pulvinus is the swollen base of the leaf in many members of the bean family. It is responsible for sleep movements.

Q7. Name the fluid in which membranous labyrinth of the inner ear floats.
Ans7. Perilymph.

Pages: Prev 1 2 3 4 5 6 7 8 9 10 Next