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TACCOUNTANCY L

2015Rajeev Bansal 's

Class XIICHAPTERWISE

With Solutions

Q UESTION B ANK , hh Ld l l ldh h l x Ldh l l d @d ld t x d h h 0 , p ( l

MODEL PAPER(QUESTION-ANSWER WITH MARKING SCHEME)

E SR UU CS C E% S0 S01 NO.1

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Strictly according to the latest syllabus prescribed by Central Board of Secondary Education (CBSE), Delhi

and Other State Boards & Navodaya, Kendriya Vidyalayas etc. following CBSE curriculum based on NCERT guidelines.

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TRajeev's Model Paper h50 dRajeev's Model Paper h100 dRajeev's Model Paper English : 50 Marks

Rajeev's Model Paper English : 100 Marks

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Book Code : 8294

Rajeev's Model Paper ld Rajeev's Model Paper LRajeev's Model Paper |

Note : Due care and diligence has been taken while editing and printing the text, the editor, co-ordinator and the publisher of the text hold no responsibility for any mistake that mayhave inadvertently crept in.

,l ch ih Mh ifCyds 'kUl] 3/20B, vkxjk&eFkqjk ckbZikl jksM] fudV rqylh flusek] vkxjk282 002nwjHkk"k % (0562) 2854327, 2527707, 3257009, 3208010, 4042977 eksckby % 09358177555, 09412258082-85QSDl % (0562) 2858183; e-mail : [email protected]; website : www.sahityabhawan.com

Printing and Publishing rights with the Publisher.The material in this publication is copyrighted. No part of this text may be reproduced or

copied in any form or by any means without the written permission of the publisher. Breach of this condition is liable for legal action.

ISBN : 978-93-5167-999-8

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l1. xHdh lx@xd lL d d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

[Accounting for Not-for-Profit Organisations]

2. lh d d H , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1118[Accounting for Partnership Firms : Basic Concepts]

3. lh d x l d HHt . . . . . . . . . . . . . . . . . . . . . . 1823[Reconstitution of PartnershipChange in Profit-Sharing Ratio among the Existing Partners]

4. H d dd , d . . . . . . . . . . . . . . . . . . . . . . . . . . . 2326[Goodwill : Meaning, Nature, Factors Affecting and Methods of Valuation]

5. lh d x l d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2633[Reconstitution of Partnership : Admission of a Partner]

6. lh d xl d d x . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3445[Reconstitution of Partnership : Retirement of a Partner]

7. lh d xl dh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4653[Reconstitution of PartnershipDeath of a Partner]

8. lh d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5366[Dissolution of a Partnership Firm]

9. d x , x . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6681[Issue, Forfeiture and Re-Issue of Shares]

10. d x . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8189[Issue of Debentures]

11. d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8997[Redemption of Debentures]

12. dh d h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97107[Financial Statements of a Company]

13. h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107109[Financial Analysis]

14. h d d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110116[Tools of Financial Analysis]

15. d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116125[Accounting Ratios]

16. d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125134[Cash Flow Statement]

l : l 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124[Model Paper : Set 14]

l h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (i)[Board Examination Paper]

lp h

1Hkkx (v) % oLrqfu"B iz'u(Objective Type Questions)

cgqfodYih; iz'u (Multiple Choice Questions) 1234567890123456712345678901234567

funsZ'kfuEufyf[kr iz'uksa esa pkj fodYi gSa] ftuesa ls ,d fodYi lghgSA lgh fodYi dk pquko djsa ,oa mkj&i= esa fpfr djsa %

Instruction : In the following questions there are four

options of which only one is correct. You have to choose

the correct option and mark in the answer sheet :

1. vk;&O;; [kkrk gksrk gS (Income and Expenditure Accountis) :

(a) O;fxr [kkrk (Personal Account)(b) okLrfod [kkrk (Real Account)(c) ukeek= [kkrk (Nominal Account)(d) buesa ls dksbZ ug (None of these)

2. ,d Dyc }kjk izkIr vkthou lnL;rk 'kqYd dks fn[kk;k tkrk gS (LifeMembership Fees received by a club is shown in) :

(B.S.E.B., 2009, 10, 11)

(a) vk;&O;; [kkrs esa (In Income & Expenditure A/c)(b) vkfFkZd fpV~Bk esa (In Balance Sheet)(c) ykHk&gkfu [kkrk esa (In Profit and Loss A/c)(d) buesa ls fdlh esa Hkh ug (None of these)

3. izkfIr vkSj Hkqxrku [kkrk gS (Receipts and Payments Accountis a) : (J.A.C., 2014)

(a) O;fxr [kkrk (Personal Account)(b) okLrfod [kkrk (Real Account)(c) ukeek= [kkrk (Nominal Account)(d) buesa ls dksbZ ug (None of these)

4. vk;&O;; [kkrk cuk;k tkrk gS (Income and Expenditure Ac-count is prepared) :

(a) O;kolkf;d laLFkku }kjk (By Business Organisation)(b) vkS|ksfxd laLFkku }kjk (By Industrial Organisation)(c) ykHk u dekus okyh laLFkk }kjk (By Not-for-ProfitOrganisation)

(d) lHkh laLFkkuksa }kjk (By All Organisations)5. lfpo dks ekuns; dk Hkqxrku gS (Payment of honorarium to

secretary is treated as) : (B.S.E.B., 2013)

(a) iwthxr O;; (Capital expenditure)(b) vk;xr O;; (Revenue expenditure)(c) uxn O;; (Cash expenses)(d) buesa ls dksbZ ug (None of these)

6. cdk;k pUnk gS (Outstanding subscription is a) :(B.S.E.B., 2013)

(a) vk; (Income) (b) lEifk (Asset)(c) nkf;Ro (Liability) (d) buesa ls dksbZ ugha (None of these)

7. olh;r dks ekuuk pkfg, (Legacies should be treated as) :(J.A.C., 2014)

(a) nkf;Ro (A Liability)(b) iwthxr izkfIr (A Capital Receipt)(c) vk;xr izkfIr (A Revenue Receipt)

8. xSj&O;kikfjd laLFkkvksa esa ns;rkvksa ij ifjlEifk;ksa osG vkf/kD; dksdgrs g (The excess of assets over liabilities in non-trading concerns is termed as) : (B.S.E.B., 2010)

(a) iwth fuf/k (Capital Fund)(b) iwth (Capital)(c) ykHk (Profit) (d) 'kq ykHk (Net Profit)

9. ,d xSj&O;kikfjd laLFkk osG fy, ekuns; gksrk gS (For a non-trad-ing concern, honorarium is) : (B.S.E.B., 2011)

(a) vk; (An Income) (b) ifjlEifk (An Asset)(c) O;; (An Expense) (d) buesa ls dksbZ ug (None of these)

10. ;fn Li"Vr;k oqGN u fn;k gks] rks izos'k 'kqYd dks ekuk tkrk gS (En-trance fees, unless otherwise stated, is treated as) :

(a) iwthxr izkfIr (A Capital Receipt)(b) vk;xr vk; (A Revenue Income)(c) ns;rk (A Liability)(d) buesa ls dksbZ ugha (None of these)

11. fof'k"V nku gS (Specific donation is)(a) iwthxr izkfIr (Capital Receipt)(b) vk;xr izkfIr (Revenue Receipt)(c) lEifk (Asset)(d) buesa ls dksbZ ugha (None of these)

12. vk;&O;; [kkrk esa ys[kk fd;k tkrk gS (Income and Expendi-ture Account records)

(a) iwthxr enksa dk (Capital items)(b) vk;xr enksa dk (Revenue items)(c) a ,oa b nksuksa dk (a and b both)(d) buesa ls dksbZ ugha (None of these)

13. ,d Dyc }kjk izkIr vkthou lnL;rk 'kqYd gS (Life member-ship fee received by a club is)

(a) vk;xr izkfIr (Revenue Receipt)(b) iwthxr izkfIr (Capital Receipt)(c) a ,oa b nksuksa (a and b both)(d) buesa ls dksbZ ugha (None of these)

14. iwthxr izfr dh lHkh izkfIr;k fn[kkbZ tkrh gSa (All receipts ofcapital nature are shown in)

(a) vk;&O;; [kkrk esa (Income and Expenditure A/c)(b) fLFkfr&fooj.k esa (Balance Sheet)(c) ykHk&gkfu [kkrk esa (P. & L. A/c)(d) buesa ls dksbZ ugha (None of these)

xSj&ykHkdkjh laxBuksa@xSj&O;kikfjdlaLFkkvksa dk ys[kkadu

[ACCOUNTING FOR NOT-FOR-PROFIT ORGANISATIONS]1

2 Rajeevs Model Paper ys[kk'kkL= (XII)

15. vk;xr izfr dh lHkh ensa fn[kkbZ tkrh gSa (All items of revenuein nature are shown in)

(a) vk;&O;; [kkrk esa (Income and Expenditure A/c)

(b) fLFkfr fooj.k esa (Balance Sheet)

(c) a rFkk b nksuksa esa (a and b both)

(d) buesa ls dksbZ ugha (None of these)

16. fuEu esa ls dkSu&lk vykHkdkjh laxBu ugha gS (Which of the fol-lowing is not a not-for-profit organisation)

(a) Ldwy (School)

(b) vLirky (Hospital)

(c) Dyc (Club)

(d) lk>snkjh QeZ (Partnership Firm)

17. ,d Dyc }kjk izkIr vfxze pUns dks fps ds --------- i{k esa fn[kk;ktkrk gS (Subscriptions received in advance by a club areshown on .......... side of the Balance Sheet)

(a) lEifk i{k (Assets Side)

(b) nkf;Ro i{k (Liabilities Side)

(c) MsfcV i{k (Debit Side)

(d) sfMV i{k (Credit Side)

18. fuEu esa ls dkSu vk; ug gS (Which of the following is not anincome)

(a) pUnk (Subscription)

(b) nku (Donation)

(c) fVdV dh fch (Sale of Ticket)

(d) ,.Mkses.V fuf/k (Endowment Fund)

19. xSj&O;kikfjd laLFkku esa vf/kd ysu&nsu gksrs g (Most transactionsin non-trading concerns are)

(a) udn (Cash)

(b) m/kkj (Credit)

(c) (a) vkSj (b) nksuksa (Both (a) and (b))


20. ykHk u dekus okyh laLFkk dk eq[; ms'; gksrk gS (The main objectof non-profit organization is)

(a) ykHk dekuk (To earn the Profit)

(b) lekt dh lsok djuk (To Serve the Society)

(c) ykHk&gkfu [kkrk rS;kj djuk (To Prepare Profit & Loss A/c)

(d) mijksDr lHkh (All the above)

21. ,d laLFkk }kjk izkIr pUnk gS (Subscription received by anorganisation is)

(a) iwthxr izkfIr (Capital Receipt)

(b) vk;xr izkfIr (Revenue Receipt)

(c) a ,oa b nksuksa (Both a and b)

(d) mijksDr esa ls dksbZ Hkh ugha (None of the above)22. izkfIr ,oa Hkqxrku [kkrk lkjka'k gS (Receipts and Payments A/c

is a summary of)

(a) leLr iwthxr izkfIr ,oa Hkqxrkuksa dk (All Capital Receiptsand Payments)

(b) leLr vk;xr izkfIr ,oa Hkqxrkuksa dk (All Revenue Re-ceipts and Payments)

(c) leLr vk;xr ,oa iwthxr izkfIr ,oa Hkqxrkuksa dk (All Rev-enue and Capital Receipts and Payments)

(d) mijksDr esa ls dksbZ ugha (None of the above)23. o"kZ osG nkSjku izkIr pUnk ` 50,000; o"kZ osG vUr esa vnk pUnk ` 8,000;

o"kZ osG izkjEHk esa vnk pUnk ` 6,000A pUnksa ls izkIr 'kq vk; gksxh(Subscription received during the year ` 50,000; Sub-

scriptions outstanding at the end of the year ` 8,000;

Subscription outstanding at the beginning of the year

` 6,000. Net Income from subscription will be)

(a) ` 48,000 (b) ` 64,000

(c) ` 52,000 (d) ` 36,000

24. o"kZ osG nkSjku izkIr pUnk ` 1,80,000; o"kZ osG vUr esa vnk pUnk` 20,000; o"kZ osG vUr esa izkIr vfxze pUnk ` 10,000A vk; rFkk O;;[kkrs esa sfMV dh tkus okyh pUns dh jkf'k gksxh (Subscriptionreceived during the year ` 1,80,000; Subscriptions

outstanding at the end of the year ` 20,000; Subscrip-

tions received in advance at the end of the year

` 10,000. The amount of subscription to be credited to

Income and Expenditure account will be)

(a) ` 2,10,000 (b) ` 1,90,000

(c) ` 1,70,000 (d) ` 2,00,000

25. ;fn fof'k"V dks"k la/kkfjr gksrk gS vkSj ;fn O;; jkf'k fof'k"V dks"k dhdqy jkf'k ls vf/kd gks rks 'ks"k O;;ksa dks fy[kk tkuk pkfg, (In casespecific fund is maintained, the expenses exceeding

the amount of the funds, should be recorded on)

(a) vkfFkZd fpV~Bk osG nkf;Ro i{k esa (Liabilities Side of theBalance Sheet)

(b) vk;&O;; [kkrs osG MsfcV i{k esa (Debit side of the Incomeand Expenditure Account)

(c) vk;&O;; [kkrs osG sfMV i{k esa (Credit Side of the In-come and Expenditure Account)

(d) fLFkfr fooj.k osG lEifk i{k esa (Assets Side of the Bal-ance Sheet)

26. miHkksxtU; enksa dh fch ls lHkh izkfIr;ksa dks ekuk tkrk gS (All re-ceipts from sale of consumable items are treated as)

(a) iwthxr izkfIr;k (Capital Receipts)(b) vk;xr izkfIr;ka (Revenue Receipts)(c) a vkSj b nksuksa (Both a and b)(d) buesa ls dksbZ ugha (None of these)

27. o"kZ osG nkSjku izkIr pUns dh jkf'k ` 5,000 gS] vxys o"kZ osG fy, vfxzeizkIr jkf'k ` 300 gSA pkyw o"kZ osG fy, vnk jkf'k ` 400 gSA vk;&O;;[kkrs esa pUns osG fy, sfMV dh tkus okyh jkf'k gS (Subscriptionsreceived in cash during the year ` 5,000, Amount re-

ceived in advance for the next year is ` 300. Amount

outstanding for current year was ` 400. The amount

to be credited to the Income and Expenditure Account

is)

(a) ` 4,000 (b) ` 5,100

(c) ` 4,200 (d) ` 4,600

28. ;fn vk; ` 16,000 gS vkSj iwth dks"k esa MsfcV dh xbZ deh ` 4,300 gSrks O;; gS (If income is ` 16,000 and deficit debited tocapital fund is ` 4,300, then expenditure is)

3xSj&ykHkdkjh laxBuksa@xSj&O;kikfjd laLFkkvksa dk ys[kkadu

(a) ` 16,000 (b) ` 4,300

(c) ` 20,300

(d) buesa ls dksbZ ugha (None of these)29. vk; o O;; [kkrk dk 'ks"k a a a a a a a a a a a a n'kkZrk gS (Balance of Income

and Expenditure Account shows)

(a) gLrLFk jksdM+ (Cash in hand)(b) iwth dks"k (Capital Fund)(c) 'kq vk; (Net Profit)(d) O;; ij vk; dh vf/kdrk ;k foykserk (Excess of Income

over Expenditure or Vice Versa)

30. e`r O;fDr dh olh;r ls izkIr lEifk dks dgk tkrk gS (Propertyreceived as a result of the will of the deceased person

is called)

(a) fjDFk (Legacy) (b) ekuns; (Honorarium)(c) nku (Donation) (d) pUnk (Subscription)

31. izkfIr ,oa Hkqxrku [kkrk lkekU;r;k n'kkZrk gS (Receipts and Pay-ments Account usually indicates)

(a) vkf/kD; (Surplus)(b) iwth dks"k (Capital Fund)(c) MsfcV 'ks"k (Debit Balance)(d) sfMV 'ks"k (Credit Balance)

32. vk; rFkk O;; [kkrk fn[kkrk gS (Income and Expenditure Ac-count generally indicates)

(a) vkf/kD;@?kkVk (Surplus/Deficit)(b) jksdM+ 'ks"k (Cash Balance)

(c) iwth dks"k (Capital Fund)(d) 'kq ykHk@gkfu (Net Profit/Loss)

33. fo'ks"k ms'; osG fy, izkIr nku fn[kkbZ tk;sxh (Donation receivedfor specific objective will be shown)

(a) vk;&O;; [kkrs esa (In Income and Expenditure A/c)(b) fps osG nkf;Ro i{k esa (On Liability side of B/S)(c) fps osG lEifk i{k esa (On Assets side of B/S)(d) buesa ls dksbZ ugha (None of these)

34. ykHk u dekus okyh laLFkkvksa esa O;; dh vk; ij vf/kdrk dks dgk tkrkgS (In not-for-profit organisations, exess of expenditureover income is called)

(a) gkfu (Loss) (b) ykHk (Profit)(c) deh@?kkVk (Deficit) (d) vf/k'ks"k (Surplus)[mkj % 1. (c), 2. (b), 3. (b), 4. (c), 5. (b), 6. (b), 7. (b),

8. (a), 9. (c), 10. (b), 11. (a)] 12. (b)] 13. (b)] 14. (b)]15. (a), 16. (d)] 17. (b)] 18. (d)] 19. (a)] 20. (b),21. (b), 22. (c), 23. (c), 24. (b), 25. (b), 26. (b),

27. (b), 28. (c), 29. (d), 30. (a), 31. (c), 32. (a),

33. (b), 34. (c)]

Hkkx (c) % xSj&oLrqfu"B iz'u(Non-Objective Type Questions)

y?kq mkjh; iz'u (Short Answer Type Questions) 1234567890123412345678901234

iz'u 1. izkfIr ,oa Hkqxrku [kkrk vkSj jksdM+ cgh eas vUrj crkb,A(Distinguish between Receipts and Payments Account and

Cash Book.)

mkj izkfIr ,oa Hkqxrku [kkrk vkSj jksdM+ cgh esa vUrjvUrj dk vk/kkj izkfIr ,oa Hkqxrku [kkrk jksdM+ cgh

1. vk/kkj bldk vk/kkj jksdM+ cgh gSA bldk vk/kkj udn izkfIr;k vkSj udn Hkqxrku gSA

2. izfof"V;k blesa fof/kokj izfof"V;k ugha dh tkrh gSaA blesa frfFkokj izfof"V;k dh tkrh gSaA3. vof/k bls ys[kkadu vof/k osG vUr esa rS;kj fd;k tkrk gSA bls nSfud vk/kkj ij rS;kj fd;k tkrk gSA4. laLFkk, bls vykHkdkjh laLFkkvksa }kjk rS;kj fd;k tkrk gSA bls ykHkdkjh vkSj xSj&ykHkdkjh nksuksa laLFkkvksa }kjk rS;kj fd;k

tkrk gSA

iz'u 2. izkfIr ,oa Hkqxrku [kkrk dh pkj fo'ks"krkvksa dks crkb,A (Statefour characteristics of Receipts and Payment Account.)

(B.S.E.B., 2014)

mkj(1) izfrjksdM+ cgh dk lkjka'k gksus osG dkj.k ;g ,d okLrfod[kkrk gSA

(2) MsfcV i{kbleas vk;xr vkSj iwthxr izkfIr;ksa dks MsfcV i{k esafy[kk tkrk gSA

(3) sfMV i{kblosG sfMV i{k esa lHkh vk;xr ,oa iwthxr Hkqxrkuksadks fy[kk tkrk gSA

(4) xSj&jksdM+ enblesa fdlh Hkh xSj&jksdM+ enksa dks ugha fy[kk tkrk gSA

iz'u 3. vk;&O;; [kkrk dh pkj fo'ks"krkvksa dks crkb,A (Statefour characteristics of Income and Expenditure Account.)

mkj(1) ;g ,d uke&ek= [kkrk gSA(2) bl [kkrs esa osGoy vk;xr enksa dks fy[kk tkrk gS] iwthxr enksa dks ughaA(3) blesa osGoy pkyw o"kZ osG gh vk; ,oa O;; fy[ks tkrs gSaA xr o"kZ ;k

vkxkeh o"kks ls lEcfU/kr vk;&O;;ksa dks blesa ugha fy[kk tkrk gSA(4) bl [kkrs dk 'ks"k ^vkf/kD;* ;k ^deh* dks izdV djrk gSAiz'u 4. izkfIr ,oa Hkqxrku [kkrk rFkk vk;&O;; [kkrk esa vUrj crkb,A

(Distinguish between Receipts and Payment Account andIncome and Expenditure Account.)

mkj izkfIr ,oa Hkqxrku [kkrk rFkk vk;&O;; [kkrk esa vUrjvUrj dk vk/kkj izkfIr ,oa Hkqxrku [kkrk vk;&O;; [kkrk

1. [kkrs dh izfr ;g okLrfod [kkrk gSA ;g uke&ek= [kkrk gSA2. izkjEHk ;g [kkrk izkjfEHkd jksdM+ vkSj cSad 'ks"k ls izkjEHk gksrk gSA ;g fdlh izkjfEHkd 'ks"k ls izkjEHk ugha gksrk gSA3. vfUre 'ks"k bldk vfUre jksdM+ gkFk esa ;k cSad esa ;k cSad vf/kfod"kZ bl [kkrs dk vfUre ifj.kke vkf/kD; ;k deh dks crkrk gSA

gksrk gSA4. vkfFkZd fpk bl [kkrs osG lkFk vkfFkZd fpk dk gksuk vko';d ugha gSA bl [kkrs osG lkFk&lkFk vkfFkZd fpk Hkh rS;kj fd;k tkrk gSA


iz'u 5. dks"k vk/kkfjr ys[kkadu D;k gS\ (What is Fund-basedAccounting ?)

mkjdks"k vk/kkfjr ys[kkadu iqLrikyu dh ,d rduhd gSA blesa fdlhfo'ks"k dk;Z osG fy, fn, x;s nku dks nsus okyksa dh vis{kkvksa dks iwjk djus osGfy, lEifk] nkf;Ro] vk; vkSj O;; osG fy, vyx&vyx iqLrdksa dk lsV rS;kjfd;k tkrk gSA nwljs 'kCnksa esa] blosG vUrxZr vykHkdkjh laLFkkvksa }kjk fo'ks"kms';ksa dh iwfrZ osG fy, vyx&vyx dks"kksa dk fuekZ.k fd;k tkrk gS] tSls[ksydks"k] nku dks"k] iqjLdkj dks"k] Hkou dks"k bR;kfnA lk/kkj.kr% bl dks"k dhjkf'k dks fuos'k dj fn;k tkrk gS vkSj bl fuos'k ls izkIr C;kt ;k ykHkka'k dksiqu% blh dks"k esa tksM+ fn;k tkrk gSA

iz'u 6. dks"k vk/kkfjr ys[kkadu dh pkj fo'ks"krkvksa dks crkb,A(State four characteristics of Fund-based Accounting.)

mkj(1) dks"k vk/kkfjr ys[kkadu esa izR;sd dks"k osG fy, iqLrdkas dk,d lsV cuk;k tkrk gSA

(2) ;fn laLFkk dksbZ ,slk dks"k izkIr djrh gS ftlosG iz;ksx esa oqGN dkuwuhizfrcU/k gS rks mls blosG fy, ,d izfrcfU/kr dks"k dh LFkkiuk djuh iM+rh gSA

(3) vykHkdkjh laLFkkvksa osG fok esa oqGN ,sls vuqnku vkSj va'knku lfEefyrgksrs gSa ftuosG lkFk oqGN 'krs yxh gksrh gSaA vr% budk mi;ksx funsZ'kkuqlkj fd;ktkrk gS] u fd bPNkuqlkjA

(4) ,sls dks"k osG fuos'k ls tks C;kt ;k ykHkka'k dh izkfIr gksrh gS mlslEcfUkr dks"k esa sfMV fd;k tkrk gS] u fd vk;&O;; [kkrk esaA

iz'u 7. pkyw o"kZ osG pUnk dh x.kuk djrs le; mu enksa dks crkb, tks tksM+k ;k ?kVk;k tk;sxkA (Mention items to be added or deductedwhile calculating subscription of the current year.)

mkj ys[kkadu o"kZ osG fy, pUns (Subscription) dh jkf'k dh x.kuk

fooj.k jkf'k(Particulars) (Amount)

`

o"kZ osG nkSjku izkIr pUnk (Subscription received during the year) ` ......(+) o"kZ osG vUr esa vnk pUnk (Subcription Outstanding at the end of the year) pkyw o"kZ ls lEcfUkr ......(+) izkjfEHkd vfxze@iwoZnk pUnk (Opening Advance/Prepaid Subscription) ...... ......

......

() o"kZ osG izkjEHk esa vnk pUnk (Subscription Outstanding at the beginning of the year) ......() o"kZ osG vUr esa izkIr vfxze pUnk (Subscription received in advance at the end of the year)

vkxkeh o"kZ ls lEcfU/kr ...... ......pUns ls izkIr 'kq jkf'k ftls vk;&O;; [kkrs esa fn[kk;k tkuk gS vFkkZr~ ozsGfMV fd;k tkuk gS ......

iz'u 8. ,d gSYFk Dyc dh jksdM+ iqLrd ls fy;s x;s fuEu fooj.kksa }kjk izkfIr ,oa Hkqxrku [kkrk rS;kj dhft, (From the followingparticulars taken from the Cash Book of a Health Club, prepare a Receipts and Payments Account) : `

vkjfEHkd 'ks"k (Opening Balance)gLrLFk jksdM+ (Cash in hand) 5,000cSad jksdM+ (Cash at Bank) 25,000

pUnk (Subscription) 1,65,000nku (Donations) 35,000fofu;ksx ; (Investment Purchased) 80,000fdjk;k Hkqxrku (Rent Paid) 20,000lkekU; O;; (General Expenses) 21,500Mkd ,oa LVs'kujh O;; (Postage and Stationery Expenses) 2,000dksfj;j O;; (Courier Charges) 1,000fofo/k O;; (Sundry Expenses) 2,500vfUre gLrLFk jksdM+ (Closing Cash in hand) 12,000

Solution :

IN THE BOOKS OF HEALTH CLUB

Dr. Receipts and Payments Account Cr.

Receipts Amount Payments Amount

` `

To Balance b/d : By Purchase of Investments 80,000

Cash in hand 5,000 By Rent paid 20,000

Cash at bank 25,000 By General Expenses 21,500

To Subscription 1,65,000 By Postage and Stationery Exp. 2,000

To Donations 35,000 By Courier Charges 1,000


By Sundry Expenses 2,500

By Balance c/d :

Cash in hand 12,000

Cash at Bank (Bal. fig.) 91,000

2,30,000 2,30,000

iz'u 9. fuEu lwpuk ls vk; rFkk O;; [kkrk cukb, (From the following information, prepare Income and ExpenditureAccount) : `

pUnksa ls vk; (Income from Subscriptions) 2,20,000osru fn;k (Salary Paid) 20,000o"kZ osG vUr esa vnk osru (Outstanding Salary at the end of the year) 6,000NikbZ ,oa ys[ku lkexzh (Printing and Stationery) 4,500izos'k 'kqYd (Entrance Fees) 20,000nku ik;k (Donation Received) 10,000dk;kZy; O;; (Office Expenses) 15,600fofo/k O;; (Miscellaneous Expenses) 34,000

Solution :

Dr. Income and Expenditure Account Cr.

Expenditure Amount Income Amount

` ` `

To Salary Paid 20,000 By Subscription Income 2,20,000

Add : Outstanding at the end 6,000 26,000 By Entrance Fees 20,000

To Printing and Stationery 4,500 By Donation Received 10,000

To Office Expenses 15,600

To Miscellaneous Expenses 34,000

To Surplus : Excess of Income over

Expenditure 1,69,900

2,50,000 2,50,000

iz'u 10. 2014 esa vktkn Dyc }kjk izkIr pUns ` 40,900 Fks ftlesa 2013 osG fy, 500 rFkk 2015 osG fy, 1,000 'kkfey FksA 2014 osG vUr esa(2014 osG fy,) vnk pUns 1,500 FksA xr o"kZ vFkkZr~ 31-12-2013 osG vUr esa vnk pUns tks izkIr ugha gq,] ` 800 Fks] tcfd mlh frfFk dks vfxze izkIrpUns ` 1,800 FksA 31-12-2014 dks lekIr gksus okys o"kZ osG fy, vk; ,oa O;; [kkrk esa sfMV dh tkus okyh pUns dh jkf'k fudkfy,A (In 2014,the subscriptions received by Azad Club were ` 40,900 including 500 for 2013 and ` 1,000 for 2015. At the end of 2014, the

subscriptions outstanding (for 2014) were 1,500. The subscriptions due but not received at the end of the previous year,

i.e., 31-12-2013 were ` 800 while subscriptions received in advance on the same date were ` 1,800. Calculate the amount

of subscriptions to be credited to Income and Expenditure A/c for the year ending 31-12-2014.)

Solution : Calculation of Subscription for 2014

`

Total Subscription received 40,900

Add : Outstanding Subscription (2014) 1,500

42,400

Less : Outstanding Subscription for 2013 received in 2014 500

41,900

Add : Subscriptions received in Advance (belonging to 2014) 1,800

43,700

Less : Subscription received in Advance (belonging to 2015) 1,000

Subscription for 2014 to be credited to Income and Expenditure A/c 42,700

iz'u 11. vxz lwpuk ls 31 fnlEcj] 2013 dks lekIr o"kZ osG fy, vk; rFkk O;; [kkrs esa izHkkfjr fd;s tkus okys osru dh jkf'k dh x.kuk dhft,(From the following information, calculate the amount of salaries chargeable to Income and Expenditure Account for

the year ended 31st December, 2013) :


`

(i) o"kZ osG nkSjku fn;k x;k osru (Salaries paid during the year) 30,000(ii) 31 fnlEcj] 2012 dks vnk osru (Outstanding Salaries on 31st Dec., 2012) 1,000(iii) 31 fnlEcj] 2013 dks vnk osru (Outstanding Salaries on 31st Dec., 2013) 1,500(iv) 31 fnlEcj] 2013 dks iwoZnk osru (Salaries paid in Advance on 31st Dec., 2013) 2,000

Solution : Calculation of Salary for 2013

`

Salaries paid during the year 30,000

Add : Outstanding Salaries on 31.12.2013 1,500

` 31,500

Less : Outstanding Salaries on 31.12.2012 1,000

Prepaid Salaries on 31.12.2013 2,000 3,000

Salaries Chargeable to Income and Expenditure A/c 28,500

iz'u 12. 1.4.2013 dks ,d Dyc dh lEifk;k bl izdkj gSa (On 1.4.2013 assets of the Club were as follows) : `Hkwfe ,oa Hkou (Land and Building) 2,00,000QuhZpj (Furniture) 25,000gkFk esa jksdM+ (Cash in hand) 15,000vnk@izkI; pUnk (Subscriptions Outstanding/Receivable) 30,0001.4.2013 dks nkf;Ro (Liabilities as on 1.4.2013) :

cSad vf/kfod"kZ (Bank Overdraft) 10,000vnk osru (Outstanding Salary) 15,000

iwth dks"k Kkr djsaA (Find out Capital Fund.)Solution : Balance Sheet

(as on 1.4.2013)

Liabilities ` Assets `

Bank Overdraft 10,000 Cash in hand 15,000

Outstanding Salaries 15,000 Subscription Outstanding 30,000

Capital Fund (Balancing figure) 2,45,000 Furniture 25,000

Land and Building 2,00,000

2,70,000 2,70,000

nh?kZ mkjh; iz'u (Long Answer Type Questions) 123456789012345678901234567890121234567890123456789012345678901212345678901234567890123456789012

123456789012345678901234567890121234567890123456789012345678901212345678901234567890123456789012

123456789012345678901234567890121234567890123456789012345678901212345678901234567890123456789012

iz'u 1. fuEukafdr izkfIr ,oa Hkqxrku [kkrs ls 31 ekpZ] 2014 dks lekIr gksus okys o"kZ osG fy, vk;&O;; [kkrk cukb, (From the followingReceipts and Payments Account, prepare an Income and Expenditure Account for the year ended 31st March, 2014) :

izkfIr ,oa Hkqxrku [kkrkReceipts & Payments Account

izkfIr;k jde Hkqxrku jde(Receipts) (Amount) (Payments) (Amount)

` `

'ks"k (To Balance) (1-4-2013) 6,700 pSfjVh (By Charities) 10,500nku (To Donations) 8,000 deZpkjh osru (By Staff Salaries) 2,600pUnk ( To Subscriptions) 12,000 fdjk;k ,oa dj (By Rent and Rates) 1,200fofu;ksx ij C;kt (To Interest on Investment) 2,500 eq.k ,oa ys[ku lkexzh (By Printing & Stationery) 300iqjkus QuhZpj dh fch (To Sale of Old Furniture) 75 iksLVst (By Postage) 100

foKkiu (By Advertising) 250QuhZpj dk ; (By Purchase of Furniture) 750fofu;ksx (By Investments) 5,000'ks"k (By Balance) (31-3-2014) 8,575

29,275 29,275


nku dk vk/kk vk; le>k tk;sA o"kZ osG vUr esa fdjk;s dk ` 100, deZpkjh osru osG fy, ` 300 rFkk foKkiu osG fy, ` 50 ckdh gSaA ` 525fofu;ksx ij C;kt vftZr gqvk Fkk fdUrq izkIr ugha gqvkA (Onehalf of donation is to be treated as income, ` 100 were owing for rent,` 300 for staff salary and ` 50 for advertising at the end of the year. Interest on investment ` 525 had accrued but notreceived.)

Solution : Income and Expenditure Account

(for the year ended 31st March, 2014)


` `

To Charities ` 10,500 By Donation (1/2) 4,000

To Staff Salaries 2,600 By Subscription ` 12,000

Add : Outstanding 300 2,900 By Interest on Investment 2,500

To Rent & Rates 1,200 Add : Accrued Interest 525 3,025

Add : Outstanding 100 1,300

To Printing and Stationery 300

To Postage 100

To Advertising 250

Add : Owing 50 300

To Excess of Income over Expenditure 3,625

19,025 19,025

iz'u 2. fuEu lwpukvksa ,oa izkfIr&Hkqxrku [kkrk osG vk/kkj ij jktk Dyc] iwf.kZ;k dk 31 ekpZ] 2013 dks lekIr okys o"kZ dk vk;&O;; [kkrk rFkkmDr frfFk dk vkfFkZd fpk cukb,A (From the following information and Receipt and Payment Account of Raja Club, Purneaprepare an Income an Expenditure Account for the year ended 31st March, 2013 and Balance Sheet as on that date.)

Receipts and Payments Accounts

(for the year ending 31st March, 2013)

izkfIr;k jde Hkqxrku jde(Receipts) (Amount) (Payments) (Amount)

` `

izkjfEHkd 'ks"k (To Balance b/d) 1,025 osru (By Salaries) 5,500pUnk (To Subscriptions) : lkekU; O;; (By General Expenses) 800

2011-12 400 euksjatu O;; (By Entertainment Expenses) 3,5002012-13 20,500 lekpkj i= (By Newspapers) 1,5002013-14 600 uxjikfydk dj (By Municipal Tax) 500

nku (To Donations) 9,500 nku (By Charity) 3,500euksjatu ls vk; (To Proceeds from Entertainment) 5,400 12% fuos'k (By 12% Investments) 20,000lekpkj&i=ksa ls vk; (To sale of Newspapers) 450 fo|qr 'kqYd (By Electric Charges) 1,400

vfUre 'ks"k (By Balance c/d) 1,17537,875 37,875

vU; lwpuk, (Other Informations) :(1) 500 lnL; gSa ftuesa izR;sd lnL; ` 50 okf"kZd pUnk nsrk gSA (There are 500 members each paying an annual subscription of

` 50.)

(2) 2012 o"kZ dk ` 500 pUnk vHkh Hkh ckdh gSA (Subscription ` 500 is still in arrear for the year 2012.)(3) ` 400 okf"kZd dh nj ls uxjikfydk dj 30 twu] 2013 rd fn;k x;k gSA (Municipal Taxes amounting to ` 400 per annum have

been paid upto 30th June, 2013)

(4) ` 1,000 osru vnk gSA (Outstanding salary is ` 1,000.)(5) ys[kk osG vuqlkj ` 50,000 dk Hkou gS ftl ij 5% okf"kZd kl yxkuk gSA (Building stands in the books as ` 50,000. It is required

to write off depreciation at 5% per annum.)

(6) fuos'k ij 5 eghus dk C;kt vftZr gks pqdk gSA (Interest on investment is accrued for 5 months.)


Solution : Raja Club, Purnea

Income and Expenditure Account

Dr. (for the year ended 31st March, 2013) Cr.


` ` ` `

To Salaries 5,500 By Subscription 20,500

Add : Outstanding 1,000 6,500 Add : Outstanding for current year 4,500 25,000

To General Expenses 800 By Donations 9,500

To Entertainment Expenses 3,500 By Proceeds from Entertainment 5,400

To Newspapers 1,500 By Sale of Newspapers 450

To Municipal Taxes 500 By Accrued Interest on Investment 1,000

Less : Prepaid 100 400

To Charity 3,500

To Electric Charges 1,400

To Depreciation on Building 2,500

To Surplus (Balancing Figures) 21,250

41,350 41,350

Working Note : Balance Sheet

(as on 31st March, 2012)

Liabilities Amount Assets Amount

` `

Capital Fund (Balancing Figure) 51,925 Cash in hand 1,025

Building 50,000

Outstanding Subscription 900

51,925 51,925

Balance Sheet

(as on 31st March, 2013)


` `

Outstanding Salary 1,000 Cash in hand 1,175

Subscription recd. in Advance ` 600 Outstanding Subscriptions

Capital Fund 51,925 (` 500 + 4,500) 5,000

Add : Surplus 21,250 73,175 Prepaid Municipal Tax ` 100

Building 50,000

Less : Depreciation 2,500 47,500

Investment 20,000

Add : Accrued Interest 1,000 21,000

74,775 74,775

iz'u 3. lR;e Dyc osG fuEufyf[kr izkfIr ,oa Hkqxrku [kkrk ls 31 fnlEcj] 2013 osG fy, vk;&O;; [kkrk rFkk mlh frfFk dk fLFkfr fooj.kcukb,A (From the following Receipts and Payments Account of Satyam Club, prepare Income and Expenditure Accountfor the year ended 31st December, 2013 and Balance Sheet as on that date.)

Receipts and Payments A/c

(for the year ended 31st Dec., 2013)

Receipts Amount Payments Amount

` `

Balance b/d 7,000 Billiard Table 4,000

Donation 2,500 Salary 1,000

Subscriptions 6,000 Repairs 250

9Entrance Fee 500 Furniture Purchased 3,000

Bank Interest 200 Investment 3,000

Interest on Investment 50 Insurance Premium 350

Sale of Drama Tickets 600 Stationary 75

Drama Expenses 250

Balance c/d 4,925

16,850 16,850

(a) o"kZ 2013 osG fy, vnk pUnk ` 450 rFkk 2014 dk vfxze izkIr pUnk ` 175A (Subscription due for 2013 ` 450 and subscriptionreceived in advance for 2014 ` 175.)

(b) chek izhfe;e cdk;k ` 25A (Insurance Premium due ` 25.)(c) nku osG 50 izfr'kr dks iwthxr fd;k tkuk gSA (50% of donation is to be capitalised.)(d) izos'k 'kqYd dks vkxe vk; ekuk tkuk gSA (Entrance Fee are to be treated as revenue income.)(e) fuos'k ij 5 ekg dk 8% C;kt vftZr gSA (8% interest has accrued on investment for five months.)(f) fofy;kMZ Vsfcy xr o"kZ esa ; fd;k x;k Fkk ykxr ` 15,000A xr o"kZ esa ` 11,000 Hkqxrku fd;s x;s FksA (Billard Table was purchased last

year costing ` 15,000 and ` 11,000 were paid for it.)

Solution :

Income and Expenditure Account

Dr. (for the year ended 31st December, 2013) Cr.


` ` `

To Salary 1,000 By Subscriptions 6,000

To Repairs ` 250 Add : Outstanding 450

To Insurance Premium 350 6,450

Add : Outstanding 25 375 Less : Received in advance 175 6,275

To Stationary 75 By Entrance Fee 500

To Surplus (Excess of Income over By Interest on Investment 50

Expenditure) 7,025 Add : Accrued 100 150

By Bank Interest 200

By Sale of Drama Tickets 600

Less : Drama Expenses 250 350

By Donation 1,250

8,725 8,725

Working Note : Balance Sheet

(as on 1st January, 2013)


` `

Creditors 4,000 Billiard Table 15,000

Capital Fund (Bal. Fig.) 18,000 Cash in hand 7,000

22,000 22,000

Balance Sheet

(as on 31st December, 2013)


` `

Outstanding Expenses 25 Billiards Table 15,000

Subscription Advance ` 175 Furniture 3,000

Capital Fund 18,000 Outstanding Subcription 450

Add : Surplus 7,025 Investment 3,000

Add : Donation 1,250 26,275 Accrued Interest 100

Cash in hand 4,925

26,475 26,475

xSj&ykHkdkjh laxBuksa@xSj&O;kikfjd laLFkkvksa dk ys[kkadu


iz'u 4. 31 ekpZ] 2013 dks lekIr gksus okys o"kZ dk eS=h Dyc dk izkfIr ,oa Hkqxrku [kkrk ` 25,000 pUns ls izkIr jkf'k fn[kkrk gSA vfrfjDrlwpuk, fuEu izdkj gSa % (Receipts and Payment Account of Maitree Club for the year ended March 31, 2013 shows that thesubscriptions received were ` 25,000. Additional informations are as follows) :

1-4-2012 31-3-2013

` `

vnk pUnk (Outstanding Subscription) 5,000 3,500vfxze izkIr pUnk (Subscriptions received in advance) 2,500 3,000o"kZ 2012-13 osG fy, pUns ls izkIr vk; dh x.kuk dhft, rFkk pUns ls lEcfU/kr vko';d enksa dks izkjfEHkd rFkk vfUre fLFkfr fooj.k esa fn[kkb,A

(Ascertain the amount of income from subscriptions for the year 2012-13 and show how relevant items of subscriptions

appear in opening and closing Balance Sheets.) (B.S.E.B., 2014)

Solution :

Calculation of Subscription Income

(for the year 2012-13)

`

Subscriptions received during the year 25,000

Add : Outstanding subscriptions on 31.3.2013 3,500

Add : Subscriptions received in advance on 1.4.2012 2,500

31,000

Less : Outstanding subscriptions (1.4.2012) 5,000

26,000

Less : Subscriptions received in Advance (31.3.2013) 3,000

Income from Subscriptions for the year 2012-13 23,000

Balance Sheet

(as on March 31, 2012)


` `

Subscription received in advance 2,500 Outstanding Subscription 5,000

Balance Sheet

(as on March, 31, 2013)


` `

Subscription received in advance 3,000 Outstanding Subscription 3,500

11

2 lkksnkjh Qeks dk ys[kkadu % vk/kkjHkwr vo/kkj.kk,[ACCOUNTING FOR PARTNERSHIP FIRMS : BASIC CONCEPTS]

Hkkx (v) % oLrqfu"B iz'u(Objective Type Questions)



Instruction : In the following questions there are fouroptions of which only one is correct. You have to choosethe correct option and mark in the answer sheet :

1. lk>snkjh lays[k dh vuqifLFkfr esa lk>snkj dks muosG }kjk QeZ dks nh xbZvfxze jkf'k ij C;kt fn;k tk;sxk (In the absence of partnershipdeed, the partner will be allowed interest on the amount

advanced to the firm) : (B.S.E.B., 2009, 10, 13)

(a) @ 5% (b) @ 6%(c) @ 9% (d) @ 8%

2. dkSu lk>snkjh dh fo'ks"krk ug gS\ (Which one is not the fea-ture of partnership ?)

(a) le>kSrk (Agreement)(b) ykHk&foHkktu (Sharing of Profit)(c) lhfer nkf;Ro (Limited Liability)(d) nks ;k nks ls vf/kd O;f (Two or more than two persons)

3. lk>snkjh le>kSrs osG vHkko esa lk>snkjksa dks iwth ij C;kt fn;k tk;sxk(In the absence of partnership deed, interest on capi-

tal will be given to the partners at) : (B.S.E.B., 2013)

(a) 8% okf"kZd (8% p.a.) (b) 6% okf"kZd (6% p.a.)(c) 9% okf"kZd (9% p.a.)(d) buesa ls dksbZ ugha (None of these)

4. pkyw [kkrk gS (Current Account is) : (B.S.E.B., 2011)(a) O;fxr [kkrk (Personal Account)(b) okLrfod [kkrk (Real Account)(c) ukeek= [kkrk (Nominal Account)

5. py ;k ifjorZu'khy fof/k ls lk>snkjksas osG iwth [kkrs ij C;kt oszGfMVfd;k tkrk gS (The interest on Partners Capital Accountunder fluctuating method is to be credited to) :

(B.S.E.B., 2010, 11)

(a) ykHk&gkfu [kkrk esa (Profit and Loss A/c)(b) C;kt [kkrs esa (Interest A/c)(c) lk>snkjksa osG iwth [kkrs esa (Partners Capital A/c)(d) buesa ls dksbZ ug (None of these)

6. lk>snkjksa dk pkyw [kkrk ges'kk gksxk (The Current Account ofthe partners will always have) : (B.S.E.B., 2010)

(a) uke 'ks"k (Debit balance)(b) tek 'ks"k (Credit balance)(c) nksuksa esa ls dksbZ Hkh (Either of the two)(d) buesa ls dksbZ ug (None of these)

7. lk>snkj dh iwth ij C;kt dh x.kuk gksrh gS (Interest on partnerscapital is calculated on) : (B.S.E.B., 2010)

(a) izkjEHk dh iwth ij (Capital in the beginning)(b) vUr dh iwth ij (Capital at the end)(c) vkSlr iwth ij (Average Capital)(d) buesa ls dksbZ ug (None of these)

8. lk>snkjh vuqcU/k cukuk (Preparation of partnership agree-ment is) : (B.S.E.B., 2010)

(a) vfuok;Z gS (Compulsory)(b) ,sfPNd gS (Voluntary)(c) va'kr% vfuok;Z gS (Partly Compulsory)(d) buesa ls dksbZ ug (None of these)

9. lk>snkjksa dh iwth ij ns; C;kt izHkkfjr fd;k tkrk gS (Interest pay-able on the capital of the partners is charged to) :

(B.S.E.B., 2010)

(a) ykHk&gkfu [kkrk esa (Profit & Loss A/c)(b) olwyh [kkrk esa (Realisation A/c)(c) ykHk&gkfu fu;kstu [kkrk esa (Profit & Loss Appropriation

A/c)

(d) buesa ls dksbZ ug (None of these)10. QeZ OksG fy;s lk>snkj ds vkgj.k ij C;kt gS (For the firm, inter-

est on partners drawings is a) : (B.S.E.B., 2011)

(a) O;; (Expenses) (b) vk; (Income)(c) gkfu (Loss) (d) izkfIr (Gain)

11. fdlh lk>snkjh lays[k ds vHkko esa fdlh QeZ ds ykHk ,oa gkfu dks ckVrsgSa (In the absence of any Partnership Agreement, theprofits or losses of the firm are divided)

(a) iwth ds vuqikr esa (In Capital Ratio)(b) leku vuqikr esa (In Equal Ratio)(c) bu nksuksa esa ls fdlh Hkh vuqikr esa (In any of these two ratio)(d) buesa ls dksbZ ugha (None of these)

12. lk>snkjh QeZ esa ykHk&gkfu dk foHkktu fd;k tkrk gS (In partner-ship firm profits and losses are shared) :

(a) cjkcj&cjkcj (Equally)(b) iwth ds vuqikr esa (In the Ratio of Capitals)(c) le>kSrs ds vuqlkj (As per Agreement)(d) buesa ls dksbZ ugha (None of these)

13. ykHk&gkfu fu;kstu [kkrk cuk;k tkrk gS (Profit and Loss Appro-priation Account is prepared to) :

(a) lap; dks"k cukus ds fy, (Create Reserve Fund)(b) 'kq ykHk fudkyus ds fy, (Find out Net Profit)(c) foHkkT; ykHk fu/kkZj.k ds fy, (Find out Divisible Profit)(d) buesa ls dksbZ ugha (None of these)

lk>snkjh Qeks dk ys[kkadu % vk/kkjHkwr vo/kkj.kk,


14. ,d lkekU; lk>snkjh esa lk>snkjksa dh vf/kdre la[;k gS (In an Ordi-nary Partnership, maximum number of partners

are)

(a) 20 (b) 10

(c) 15 (d) 5

15. fuEu esa dkSu&lk ykHk dk fu;kstu gS (Which of the following isan appropriation of profit) :

(a) .k ij C;kt (Interest on Loan)(b) iwth ij C;kt (Interest on Capital)(d) osru (Salary) (d) fdjk;k (Rent)

16. tc vkgj.k dk le; u fn;k gks rks vkgj.k ij C;kt yxk;k tkrk gS(When time of withdrawals are not mentioned, inter-

est on drawings is charged)

(a) 6 eghus osG fy, (for 6 months)(b) 6 eghus osG fy, (for 6 months)(c) 5 eghus osG fy, (for 5 months)(d) 12 eghus osG fy, (for 12 months)

17. tc o"kZ Hkj fuf'pr jkf'k;ksa dk vkgj.k izR;sd eghus dh vfUre frfFkdks fd;k x;k gks rks vkgj.k dh dqy jkf'k ij C;kt yxk;k tkrk gS(When drawings are made at the end of every month

of certain amount, then interest will be calculated on

total drawings) :

(a) 6 eghus osG fy, (for 6 months)(b) 6 eghus osG fy, (for 6 months)(c) 5 eghus osG fy, (for 5 months)(d) 1 eghus osG fy, (for 1 month)

18. lk>snkjh lays[k ds vHkko esa lk>snkj gdnkj ugha gSa (In the absenceof partnership deed, partners are not entitled to re-

ceive) :

(a) osru ikus osG (Salaries)(b) deh'ku ikus osG (Commission)(c) iwth ij C;kt ikus osG (Interest on Capital)(d) buesa ls lHkh (All of these)

19. ;fn izR;sd frekgh ds izFke fnu leku jkf'k dk vkgj.k fd;k tkrk gS rksvkgj.k dh dqy jkf'k ij C;kt dh x.kuk gksxh (If a fixed amountis withdrawn on the first day of every quarter, the

interest on total drawings will be calculated) :

(a) 6 ekg ds fy, (for 6 months)(b) 6.5 ekg ds fy, (for 6.5 months)(c) 5.5 ekg ds fy, (for 5.5 months)(d) 7.5 ekg ds fy, (for 7.5 months)

20. vuqdYi vkSj dj.k lk>snkj gSa] ftudh iwth e'k% ` 25,000 rFkk` 15,000 gSA iwth ij 10% okf"kZd C;kt ns; gSA nksuksa lk>snkjksa dh iwthij C;kt dh x.kuk dhft, tc QeZ us ` 2,400 ykHk dek;k gksA(Anukalp and Karan are partners with the capital of

` 25,000 and ` 15,000 respectively. Interest payable

on capital is 10% p.a. find the interest on capital for

both the partners when the profits earned by the firms

is ` 2,400.)

(a) ` 2,500 and ` 1,500 (b) ` 1,500 and ` 900

(c) ` 1,200 and ` 1,200 (d) buesa ls dksbZ ugha (None of these)21. ,d lk>snkjh QeZ ds y{k.k gSa (Features of a partnership firm

are) :

(a) nks ;k nks ls vf/kd O;fDr (Two or more persons)(b) fu/kkZfjr vuqikr esa ykHk&gkfu ckVuk (Sharing profit and

losses in the agreed ratio)

(c) O;olk; dk lHkh ds }kjk ;k muesa ls fdlh ds }kjk pyk;k tkuk(Business carried on by all or any of them acting

for all)

(d) mijksDr lHkh (All of the above)22. ;fn leku ekfld jkf'k R;sd ekg ds 'kq: esa vkgj.k ds :i esa fudkyh

tkrh gS rks dkSu ls le; dks /;ku esa j[kk tk;sxk (What time wouldbe taken into consideration if equal monthly amount

is drawn as drawings at the beginning of each month)

(a) 7 ekg (7 months) (b) 6 ekg (6 months)(c) 5 ekg (5 months) (d) 6.5 ekg (6.5 months)

23. A frekg ` 1,000 R;sd ekg ds vUr esa vkgfjr djrk gSA ;fn C;ktdh nj 5% fro"kZ gks rks vkgj.k ij dqy C;kt gksxk (A draws ` 1,000per month on the last day of every month. If the rate

of interest is 5% p.a., then the total interest on draw-

ings will be)

(a) ` 325 (b) ` 275

(c) ` 300 (d) ` 350

24. fdlh Bgjko dh vuqifLFkfr esa] lk>snkj ikus ds vf/kdkjh gSa (In theabsence of an agreement, partners are entitled to) :

(C.P.T., 2007 Feb.)

(a) osru (Salary)(b) iwth ds vuqikr esa ykHk dk fgLlk (Profit share in capital

ratio)

(c) .k rFkk vfxzeksa ij C;kt (Interest on loan and advances)(d) deh'ku (Commission)

25. ifjorZu'khy iwth [kkrs dks sfMV fd;k tkrk gS (Fluctuating capi-tal account is credited with) (C.P.T., 2007 Nov.)

(a) iwth ij C;kt ls (Interest on capital)(b) o"kZ ds ykHk ls (Profit of the year)(c) lk>snkj ds ikfjJfed ls (Remuneration of partners)(d) buesa ls lHkh ls (All of these)

26. lk>snkjksa dh iwth ij C;kt gS (Interest on Partners capitalis)

(a) O;; (An expenditure) (b) fofu;kstu (An appropriation)(c) ykHk (A gain) (d) buesa ls dksbZ ugha (None of these)

27. fe- xaHkhj ds fy, 12% fro"kZ dh nj ls vkgj.k ij C;kt dh x.kukdhft, ;fn og R;sd ekg ds kjEHk esa ,d ckj ` 2,000 vkgj.k djrkgS (Calculate interest on drawing @12% p.a. for Gambhirif he withdrew ` 2,000 once at the beginning of each

month)

(a) ` 1,560 (b) ` 1,500(c) ` 1,200 (d) ` 1,000

28. lk>snkjksa osG vkgj.k ij C;kt gS (Interest on drawing of thePartners is a)

(a) O;olk; osG fy, gkfu (Loss to business)(b) O;olk; osG fy, ykHk (Profit to business)(c) lk>snkjksa dks ykHk (Profit to partners)(d) cSad dks gkfu (Loss to Bank)

29. vfHk"ksd osG fy, vkgj.k ij 12% okf"kZd dh nj ls C;kt dh x.kukdhft, ;fn mlus izR;sd ekg esa ,d ckj ` 2,000 vkgfjr fd;k gks

13

(Calculate interest on drawing @ 12% p.a. for Abhishek

if he withdraw ` 2,000 once in each month)

(a) ` 1,440 (b) ` 1,200

(c) ` 1,320 (d) ` 1,500

30. lk>snkjh lays[k dh vuqifLFkfr esa lk>snkj dks (In the absence ofPartnership Deed partners shall)

(a) osru fn;k tk;sxk (Be paid salaries)(b) osru ugha fn;k tk;sxk (Not be paid salaries)(c) mUgsa osru fn;k tk;sxk tks QeZ osG fy, dk;Z djrs gSa (Be paid

salaries to those who work for the firm)

(d) buesa ls dksbZ ugha (None of these)31. lk>snkjksa osG pkyw [kkrs rc [kksys tkrs gSa tcfd muosG iwth [kkrs gksrs gSa

(Partners' current accounts are opened when their

capital is)

(a) fLFkj (Fixed)(b) ifjorZu'khy (Fluctuating)(c) a vkSj b nksuksa (Both a and b)(d) buesa ls dksbZ ugha (None of these)

32. lk>snkj osG vkgj.k ij C;kt osG fy, MsfcV fd;k tkrk gS (The inter-est on partner's drawings is debited to)

(a) lk>snkj osG iwth [kkrs dks (Partner's Capital A/c)(b) ykHk&gkfu [kkrs dks (Profit and Loss A/c)(c) vkgj.k [kkrs dks (Drawings A/c)(d) ykHk&gkfu fu;kstu [kkrk dks (P. & L. App. A/c)

33. lk>snkjksa osG }kjk QeZ dks fn, x, vfxze ij C;kt gS (Interest onadvance given to the firm is)

(a) fofu;kstu (An appropriation)(b) ykHk (A gain)(c) izHkkj (A charge)(d) buesa ls dksbZ ugha (None of these)[mkj % 1. (b), 2. (c), 3. (d), 4. (a), 5. (c), 6. (c), 7. (a),

8. (b), 9. (c), 10. (b), 11. (b)] 12. (c)] 13. (c)] 14. (a)]15. (b), 16. (b)] 17. (c)] 18. (d)] 19. (d)] 20. (b),21. (d), 22. (d), 23. (b), 24. (c), 25. (d), 26. (b),

27. (a), 28. (b), 29. (a), 30. (b), 31. (a), 32. (a),

33. (c)]



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iz'u 1. lk>snkjh lays[k dh vuqifLFkfr esa ykxw gksus okyh lk>snkjhvf/kfu;e dh fdUg pkj O;oLFkkvksa dk mYys[k dhft,A (Mentionany four provisions of Partnership Act, in the absence ofpartnership deed.)

mkj(i) ykHk&gkfu dk cVokjkvf/kfu;e dh /kkjk 13(b) osG vuqlkjQeZ }kjk vtr ykHk ;k gkfu izR;sd lk>snkj dk leku vf/kdkj gksxkA

(ii) ikfjJfedvf/kfu;e dh /kkjk 13(a) osG vuqlkj fdlh Hkh lk>snkjdks QeZ esa lf; ;ksxnku osG fy, vfrfjDr ikfjJfed ikus dk vf/kdkjug gSA

(iii) vfrfjDr iwth ;k .k ij C;ktvf/kfu;e dh /kkjk 13(d) osGvuqlkj ;fn dksbZ lk>snkj QeZ dks vius fgLls ls vf/kd iwth nsrk gS ;k .knsrk gS rks bl vfrfjDr iwth ;k .k ij mls 6 izfr'kr izfro"kZ dh nj ls C;ktikus dk vfkdkj gSA

(iv) QeZ dh lEifk ij vf/kdkjvf/kfu;e dh /kkjk 14 osG vuqlkjQeZ dh izR;sd lEifk ij izR;sd lk>snkj dk leku vf/kdkj gSA

iz'u 2. lk>snkjh dh pkj fo'ks"krk, crkb,A (State four char-acteristics of Partnership.)

mkj(i) lk>snkjh osG fy, de&ls&de nks O;fDr;ksa dk gksuk vko';dgSA vf/kd&ls&vf/kd la[;k lkekU; O;olk; osG fy, 20 rFkk cSafdax O;olk;osG fy, 10 gks ldrh gSA

(ii) lk>snkjh dk tUe le>kSrs ls gksrk gSA le>kSrk fyf[kr ;k ekSf[kd gksldrk gSA

(iii) lk>snkjh dk ms'; fdlh oS/k dkjksckj osG }kjk ykHk dekuk vkSj mlykHk dks vkil esa ckVuk gksrk gSA

(iv) lk>snkjh O;kikj esa izR;sd lk>snkj vU; lk>snkjksa dk Lokeh vkSj,ts.V nksuksa gksrk gSA

iz'u 3. LFkk;h iwth vkSj ifjorZu'khy iwth esa vUrj crkb,A(Distinguish between Fixed Capital and Fluctuating Capital.)


mkj LFkk;h iwth vkSj ifjorZu'khy iwth esa vUrjvUrj dk vk/kkj LFkk;h iwth ifjorZu'khy iwth

1. izfr blesa fo'ks"k ifjfLFkfr;ksa dks NksM+dj iwth [kkrs dk 'ks"k O;olk; blesa iwth [kkrs dk 'ks"k le; ij ifjorr gksrs jgrs gAdh lEiw.kZ thou vof/k esa vifjorr jgrs gA

2. [kkrksa dh la[;k blesa izR;sd lk>snkj osG fy, nks [kkrs j[ks tkrs giwth [kkrs rFkk blesa izR;sd lk>snkj osG fy, ,d [kkrk j[kk tkrk gSiwth [kkrkApkyw [kkrsA ifjorZu'khy iwth [kkrk dk 'ks"k .kkRed gks ldrk gSA

3. .kkRed 'ks"k LFkk;h iwth [kkrk dk 'ks"k dHkh .kkRed ug gks ldrk gSA ifjorZu'khy iwth [kkrk dk 'ks"k .kkRed gks ldrk gSA4. lek;kstu vkgj.k] C;kt bR;kfn lEcfU/kr lek;kstu pkyw [kkrs esa fn[kk;s vkgj.k] C;kt vkfn ls lEcfU/kr lek;kstu iwth [kkrs esa fn[kk;s

tkrs gA tkrs gA

iz'u 4. tc iwth [kkrk fLFkj gks] lk>snkjksa osG iwth [kkrs vkSj pkyw [kkrs esa vUrj crkb,A (When capitals are fixed, distinguish betweenCapital Account and Current Account.)

mkj iwth [kkrk vkSj pkyw [kkrk esa vUrjvUrj dk vk/kkj iwth [kkrk pkyw [kkrk

1. ok"kd 'ks"k fo'ks"k ifjfLFkfr;ksa dks NksM+dj iwth [kkrs dk 'ks"k izfr o"kZ fLFkj pkyw [kkrs dk 'ks"k izfro"kZ cnyrk jgrk gSAjgrk gSA


2. ms'; bldk ms'; lk>snkjksa dh fofu;ksftr iwth dk ys[kk j[kuk gSA bldk ms'; lk>snkjksa dh iwth fLFkj j[kuk gSA3. vfUre 'ks"k bldk vfUre 'ks"k ges'kk tek 'ks"k fn[kykrk gSA bldk vfUre 'ks"k uke ;k tek 'ks"k fn[kykrk gSA4. lek;kstu dk blesa iwth ij C;kt] lk>snkjksa dk osru bR;kfn lek;kstu dk ys[kk blesa lek;kstu dk ys[kk gksrk gSA

ys[kk ug gksrk gSA

iz'u 5. ykHk&gkfu fu;kstu [kkrk vkSj ykHk&gkfu lek;kstu [kkrs esa vUrj crkb,A (Distinguish between Profit and Loss AppropriationAccount and Profit and Loss Adjustment Account.)

mkj ykHk&gkfu fu;kstu [kkrk vkSj ykHk&gkfu lek;kstu [kkrk esa vUrjvUrj dk vk/kkj ykHk&gkfu fu;kstu [kkrk ykHk&gkfu lek;kstu [kkrk

1. vFkZ QeZ osG forj.k ;ksX; ykHkksa dks tkuus vkSj lk>snkjksa esa ckVus osG fy, fdlh u;s lk>snkj osG izos'k ;k fo|eku lk>snkj osG vodk'k xzg.k[kksys x;s [kkrs dks ykHk&gkfu fu;kstu [kkrk dgrs gA ;k e`R;q ij QeZ dh lEifk;ksa vkSj nkf;Roksa osG iquewZY;kadu osG fy,

[kksyk x;k [kkrk ykHk&gkfu lek;kstu [kkrk dgykrk gSA2. izfr ;g [kkrk] ykHk&gkfu [kkrk dk foLrkj gSA ;g ,d LorU= [kkrk gSA3. rS;kj djus dk bls ys[kkadu o"kZ osG vUr esa rS;kj fd;k tkrk gSA bls fdlh lk>snkj osG izos'k] vodk'k xzg.k ;k e`R;q osG le; rS;kj

le; fd;k tkrk gSA4. ms'; bldk ms'; foKkiu ;ksX; ykHkksa dks tkuuk gSA bldk ms'; iquewZY;kadu osG izHkko dks tkuuk gSA

iz'u 6. T;ksfr rFkk jpuk ,d QeZ esa lk>snkj g] tks ykHkkykHk 3 : 2 osG vuqikr esa ckVrh gA mudh iwth e'k% ` 80,000 rFkk ` 50,000 gSAlk>snkjh lays[k osG vuqlkj ykHk ckVus ls iwoZ iwth ij C;kt 5% ikus dk vfkdkj gSA C;kt yxkus osG iwoZ QeZ osG o"kZ osG ykHk ` 7,800 gq,A ;g o.kZudhft, fd lk>snkjksa esa ykHk dk forj.k fdl izdkj fd;k tk;sxk vkSj iwth [kkrs cukb;sA (Jyoti and Rachna are partners in a firmsharing profits and losses in the ratio of 3 : 2. They have capital of ` 80,000 and ` 50,000 respectively. According to the

partnership deed, they are entitled to interest on capital 5% before dividing the profits. During the year the firm earned

profit of ` 7,800 before allowing interest. State how the profits will be divided between partners and prepare Capital

Accounts.) (U.S.E.B., 2011)

Solution :

lk>snkjksa dks iwth ij C;kt ikus dk vf/kdkj gS] vr% iwth ij C;kt dks fu;kstu vFkkZr~ [kpZ osG :i esa fn[kk;k tk;sxk vkSj 'ks"k 'kq ykHk dk gh vkuqikfrdfoHkktu gksxkADr. Profit and Loss Appropriation Account Cr.

Particulars Amount Particulars Amount

` `

To Interest on Capital : ` By Profit and Loss A/c 7,800

C 4,000 (Profit before Appropriation)

D 2,500 6,500

To Profit transferred to Capital A/cs :

C 780

D 520 1,300

7,800 7,800

Partners Capital Accounts

Particulars Jyoti Rachna Particulars Jyoti Rachna

` ` ` `

To Balance c/d 84,780 53,020 By Balance b/d 80,000 50,000

By Interest on Capital 4,000 2,500

By P/L Appropriation A/c (3 : 2) 780 520

84,780 53,020 84,780 53,020

iz'u 7. X vkSj Y lk>snkj gA X dh iwth ` 10,000 vkSj Y dh ` 6,000 gSA iwth ij C;kt 6% dh nj ls ns; gSA Y dks ` 200 izfr ekg dhnj ls osru ysus dk vf/kdkj gSA Y osG osru vkSj C;kt ls iwoZ pkyw o"kZ osG fy, QeZ dk ykHk ` 8,000 gSA X vkSj Y esa ykHk dk forj.k dhft;sA(X and Y are partners. Xs capital is ` 10,000 and Ys capital is ` 6,000. Interest is payable @ 6% p.a. Y is entitled to asalary of ` 200 per month. Profit for the current year is ` 8,000 before interest and salary to Y. Divide the profit betweenX and Y.) (B.S.E.B., 2010; J.A.C., 2011)

15

Solution :

Dr. Profit and Loss Appropriation Account Cr.


` `

To Bs Salary @ ` 300 p.m. 2,400 By Net Profit as per P. & L. A/c 8,000

To Interest on Capital @ 6% p.a. : `

X 600

Y 360 960

To Profit transferred to Partners

Capital A/c

X 2,320

Y 2,320 4,640

8,000 8,000


iz'u 8. 'kkfyuh rFkk jpuk ,d QeZ esa lk>snkj gA os ykHk&gkfucjkcj ckVrh gA izR;sd osG ekfld vkgj.k ` 2,000 gA vkgj.k ij10% izfr o"kZ dh nj ls C;kt yxkuk gSA 'kkfyuh osG vkgj.k ij o"kZ2013 osG fy, C;kt dh x.kuk dhft, ;fn (i) vkgj.k izR;sd ekg osGizkjEHk esa fd;k tkrk gSA (ii) vkgj.k izR;sd ekg osG e/; esa fd;k tkrk gSA(iii) vkgj.k izR;sd ekg osG vUr esa fd;k tkrk gSA (Shalinee andRachna are partners in a firm. They share profits and lossesequally. Their monthly drawings are ` 2,000 each. Intereston drawings is to be charged @ 10% p.a. Calculate intereston Shalinees drawings for the year 2013 assuming drawingsare made (i) in the beginning of every month, (ii) in themiddle of every month, and (iii) at the end of every month.)

(NCERT)

Solution : ekfld vkgj.k (Monthly drawings)= ` 2,000 izfr ekg

oqGy vkgj.k (Total amount of drawings)= ` 24,000 (12 2,000)

C;kt dh nj (Rate of Interest) = 10%(1) tc vkgj.k izR;sd ekg osG izkjEHk esa gksrk gS

Interest on drawings = Total drawings

= ` 24,000

= ` 1,300 ...(i)

(2) tc vkgj.k izR;sd ekg osG e/; esa gksrk gS


= ` 24,000

= ` 1,200 ...(ii)

(3) tc vkgj.k izR;sd ekg osG vUr esa gksrk gS


= ` 24,000

= ` 1,100 ...(iii)

iz'u 9. ,d QeZ osG rhu lk>snkj gA, B ,oa CA 31 ekpZ] 2013dks lekIr o"kZ osG fy, ykHk ,oa gkfu [kkrk rS;kj djus osG ckn fuEu pwdksa(Omissions) dk irk pyk % (A firm has three partners : A, Band C. After preparing Profit and Loss Account for the yearended 31st March, 2013 the following omissions werediscovered) :

(i) lk>snkj A dks osru ` 2,000 (Salary to Partner A` 2,000);

(ii) fuos'k ij QeZ dks miktr C;kt ` 4,000 (Interest accruedto the firm on investment ` 4,000);

(iii) lk>snkj C dks deh'ku ` 14,000 (Commission toPartner C ` 14,000)A

vko';d tuZy izfof"V;k dhft,A (Pass necessary Journalentries.)

Solution :

Journal Entries Dr. Cr.

Date Particulars L.F. Amount Amount

` `

(i) Profit and Loss Adjustment A/c Dr. 16,000

To As Capital A/c 2,000

To C Capital A/c 14,000

(Being adjustment for As Salary and Cs Commission)

(ii) Accrued Interest A/c Dr. 4,000

To Profit and Loss Adjustment A/c 4,000

(Being adjustment for accrued interest)


(iii) As Capital A/c Dr. 4,000

Bs Capital A/c Dr. 4,000

Cs Capital A/c Dr. 4,000

To Profit and Loss Adjustment A/c 12,000

(Being net loss transferred to Partners Capital A/cs)

iz'u 10. Hkkuq vkSj Hkkjrh ,d QeZ esa lk>snkj gA Hkkuq dks deh'ku osG iwoZ 'kq ykHk ij 10% dh nj ls deh'ku izkIr gksuk gS tcfd Hkkjrh dksdeh'ku osG i'pkr~ 'kq ykHk ij 5% dh nj ls deh'ku izkIr gksuk gSA deh'ku ls iwoZ dk 'kq ykHk ` 11,000 FkkA nksuksa lk>snkjksa osG deh'ku dhx.kuk dhft;sA (Bhanu and Bharti are partners in a firm. Bhanu is to get a commission of 10% of net profit before chargingcommission while Bharti is to get a commission of 5% of net profit after charging all commission. Net profit beforecharging any commission was ` 11,000. Calculate commission of both the partners.)

Solution : Commission payable to Bhanu = 11,000

= ` 1,100

Commission payable to Bharti = (11,000 1,100)

= 9,900

= ` 3,329


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iz'u 1. P, Q vkSj R ,d QeZ esa lk>snkj g tks 5 : 3 : 2 osG vuqikr esa ykHk&gkfu foHkkftr djrs gA mudh fLFkj iwth e'k% ` 3,00,000,` 2,00,000 vkSj ` 1,00,000 FkhA o"kZ 2013 osG fy, muosG iwth [kkrs esa 8% ok"kd nj osG LFkku ij 10% ok"kd nj ls iwth ij C;kt sfMV dj fn;kx;k FkkA Li"Vr% dk;kZRed fVIi.kh fn[kkrs gq, vko';d lek;kstu izfof"V ikfjr dhft;sA (P, Q and R are partners in a firm sharingprofits and losses in the ratio of 5 : 3 : 2. Their fixed capital were ` 3,00,000, ` 2,00,000 and ` 1,00,000 respectively. Forthe year 2013 interest on capital was credited to them @ 10% p.a. instead of 8% p.a. Showing your working notes clearly

pass the necessary adjusting Journal entry.)

Solution :

Table showing Adjustment to be made in Capital Accounts

Particulars P Q R Total

` ` ` `

Interest that should have been credited @ 8% p.a. 24,000 16,000 8,000 48,000

(Cr.) (Cr.) (Cr.) (Cr.)

Interest already credited @ 10% p.a. 30,000 20,000 10,000 60,000

(Dr.) (Dr.) (Dr.) (Dr.)

Partners over credited to be debited now 6,000 4,000 2,000 12,000

(Dr.) (Dr.) (Dr.) (Dr.)

Adjustment of net profit of ` 12,000 in the ratio of 5 : 3 : 2 6,000 3,600 2,400 12,000

(Cr.) (Cr.) (Cr.) (Cr.)

Adjustment required 400 (Dr.) 400 (Cr.)

Journal Entry Dr. Cr.


` `

Qs Current A/c Dr. 400

To Rs Current A/c 400

(Being interest on capital over-credited earlier, now adjusted)

iz'u 2. A, B ,oa C cjkcj osG lk>snkj gA 1 vizSy] 2012 dks mudh fLFkj iwth Fkh % A ` 10,000, B ` 20,000 rFkk C ` 30,000A o"kZ 2012-13 osG fy, ` 12,000 osG ykHk dks ckVk x;kA vko';d tuZy izfof"V nhft,] ;fn iwth ij C;kt 12% izfr o"kZ osG cnys 10% izfr o"kZ dh nj lssfMV fd;k x;k gSA (A, B and C are equal partners. Their fixed capitals as on 1st April, 2012 were : A ` 10,000, B ` 20,000and C ` 30,000. Profits for the year 2012-13 amounting to ` 12,000 were distributed. Give the necessary Journal entry if

interest on capital was credited @ 10% p.a. instead of 12% p.a.) (B.S.E.B., 2014)

17

Solution :

Statement showing the Adjustment to be made

Particulars A B C Total

` ` ` `

I. Interest already credited @ 10% 1,000 2,000 3,000 6,000

II. Interest that should have been credited @ 12% 1,200 2,400 3,600 7,200

III. Partners less credited with (II-I) (Cr.) 200 400 600 1,200

IV. By allowing interest @ 12%, the profit will be reduced. This loss

will be divided among them (Dr.) 400 400 400 1,200

V. Difference (III-IV) Dr. Cr.

200 NIL 200

Adjusting Journal Entry Dr. Cr.


` `

As Current A/c Dr. 200

To Cs Current A/c 200

(Being the interest wrongly provided, now corrected)


iz'u 3. lkseh vkSj Js;k ,d QeZ esa lk>snkj g tks 3 : 2 osG vuqikr esaykHkksa dk cVokjk djrs gA 1 vizSy] 2012 dks mudh iwth e'k% 21,000vkSj ` 15,000 FkhA lk>snkjh lays[k esa 10% dh ok"kd nj ls iwth ijC;kt dh O;oLFkk dk izko/kku gSA 31 ekpZ] 2013 dks lekIr gq, o"kZ dkykHk C;kt ls iwoZ ` 3,000 gSA ykHkksa dk forj.k fn[kkb;s (Somi andShreya are partners in a firm, sharing profits in the ratio

of 3 : 2. Their capitals as at 1st April, 2012 were ` 21,000

and ` 15,000 respectively. The partnership deed provides

interest on capital @ 10% p.a. The profit of the firm before

interest for the year ended 31st March, 2013 is ` 3,000.

Show the distribution of profits) :

(a) ;fn lk>snkjksa esa ;g le>kSrk gS fd iwth ij C;kt vo'; fn;ktk;sxk pkgs blosG ifj.kkeLo:i QeZ dks gkfu gh D;ksa u gksA (If thereis an agreement that the interest on capital will be allowed

even if it involves loss to the firm, and)

(b) ;fn le>kSrk i= C;kt osG ys[kkadu O;ogkj osG fy, ekSu gks fd;g izHkkj gS ;k fofu;kstu gSA (If the deed is silent as to the treat-ment of interest as a charge or appropriation.)

Solution : (a) Profit and Loss Appropriation Account


` `

To Interest on Capital : ` By Net Profit 3,000

Somi 2,100 By Loss transferred to Capital : `

Shreya 1,500 3,600 Somi 360

Shreya 240 600

3,600 3,600

(b) Profit and Loss Appropriation Account


` `

To Interest on Capital : ` By Profit & Loss A/c (Profit) 3,000

Somi (7/12) 1,750

Shreya (5/12) 1,250 3,000

3,000 3,000

iz'u 4. rhu pkVZMZ ,dkm.Vs.V~l A, B rFkk C ,d lk>snkjh cukrsg vkSj fuEu 'krks osG lkFk ykHk o gkfu;ksa dk foHkktu 3 : 2 : 1 osG vuqikresa djrs g (Three Chartered Accountants, A, B and C form apartnership, sharing profits and losses in the ratio of 3 : 2

: 1 subject to the following conditions)

(1) C osG ykHk osG fgLls dh xkj.Vh nh xbZ gS fd og ` 15,000 izfro"kZ ls de ug gksxhA (Cs share of profit is guaranteed to benot less then ` 15,000 per annum.)

(2) B bl ckr dh xkj.Vh nsrk gS fd mlosG }kjk QeZ osG fy, vtrldy Qhl mlosG }kjk iwoZ osG ikp o"kks esa vtr vkSlr ldy Qhl ls


de ug gksxh] tcfd og is'kk vosGys dj jgk Fkk (vkSlr ` 25,000vkdh xbZ gS)A [B gives guarantee to the effect that the grossfees earned by him for the firm shall not be less than theaverage gross fees earned by him during the preceding fiveyears when he was carrying on profession alone (whichaverage works out at ` 25,000)]

lk>snkjh osG izFke o"kZ dk ykHk ` 75,000 gSA B }kjk QeZ osG fy,

miktr ldy Qhl ` 16,000 gSA (The profit of the first year ofthe partnership is ` 75,000. The gross fees earned by B forthe firm are ` 16,000.)

vkidks ykHk&gkfu fu;kstu [kkrk rFkk lk>snkjksa osG pkyw [kkrs fn[kkusgA (You are required to show the Profit & Loss AppropriationAccount and Current Accounts of the partners.)

Solution : Profit & Loss Appropriation Account

Dr. (for the year ended.....) Cr.


` `

To Share of Profit : By Profit & Loss A/c (Net Profit) 75,000

Cs Current A/c 15,000 By Bs Current A/c 9,000

A (` 69,000

) 41,400

B (` 69,000

) 27,600

84,000 84,000

Dr. Partners Current Accounts Cr.

Particulars A B C Particulars A B C

` ` ` ` ` `

To Profit & Loss By Profit & Loss

Appro. A/c 9,000 Appro. A/c 41,400 27,600 15,000

To Balance c/d 41,400 18,600 15,000

41,400 27,600 15,000 41,400 27,600 15,000

lkksnkjh dk iquxZBuorZeku lkksnkjksa osGykHk&foHkktu vuqikr esa ifjorZu

[RECONSTITUTION OF PARTNERSHIPCHANGE IN PROFIT-SHARINGRATIO AMONG THE EXISTING PARTNERS]

3







1. orZeku lk>snkjksa osG ykHk&foHkktu vuqikr esa ifjorZu ls gksrk gS (Changein profit-sharing ratio of existing partners results in) :

(a) QeZ dk iquewZY;kadu (Revaluation of Firm)(b) QeZ dk iquxZBu (Reconstitution of Firm)

(c) QeZ dk lekiu (Dissolution of Firm)(d) buesa ls dksbZ ugha (None of these)

2. X, Y rFkk Z ,d QeZ osG lk>snkj gSa tks ykHk&gkfu dks 4 : 3 : 1 osGvuqikr esa ckVrs gSaA mUgksaus Hkfo"; esa 5 : 4 : 3 osG vuqikr esa ykHk ckVusdk fu.kZ; fd;kA X vkSj Y osG R;kx dk vuqikr gS (X, Y and Z arepartners in a firm, they divided profit and loss in the

ratio of 4 : 3 : 1. They decided to share profit in the

ratio 5 : 4 : 3. X's and Y's sacrifices are) :

(a)

(b)

(c)


19

3. lk>snkjh QeZ osG iquxZBu ij vfyf[kr nsunkjh dk ys[kk djus ij gksxk(On reconstitution of a partnership firm, recording of

an unrecorded liability will result in) :(B.S.E.B., 2010)

(a) orZeku lk>snkjksa dks ykHk (Gain to the existing partners)(b) orZeku lk>snkjksa dks gkfu (Loss to the existing partners)(c) orZeku lk>snkjksa dks u ykHk u gkfu (Neither gain nor loss to

the existing partners)

(d) buesa ls dksbZ ugha (None of these)4. lk>snkjh QeZ osG iquxZBu ij lEifk;ksa osG ewY; esa o`f dk ifj.kke

(Increase in the value of assets on reconstitution of

the partnership firm results into) :(B.S.E.B., 2010, 11)

(a) orZeku lk>snkjksa dks ykHk (Gain to the existing partners)(b) orZeku lk>snkjksa dks gkfu (Loss to the existing partners)(c) orZeku lk>snkjksa dks u ykHk u gkfu (Neither gain nor loss to

the existing partners)

(d) buesa ls dksbZ ugha (None of these)5. iquewZY;kadu [kkrs dk 'ks"k iqjkus lk>snkjksa osG iwth [kkrksa esa gLrkarfjr fd;k

tkrk gS (The balance of Revaluation Account is trans-ferred to old Partners' Capital Account in their) :

(B.S.E.B., 2011)

(a) iqjkus ykHk&gkfu vuqikr esa (Old Profit-sharing Ratio)(b) u;s ykHk&gkfu vuqikr esa (New Profit-sharing Ratio)(c) leku vuqikr esa (Equal Ratio)(d) buesa ls dksbZ ugha (None of these)

6. X vkSj Y 2 : 3 osG vuqikr esa ykHk ckVrs gSaA Hkfo"; esa mUgksaus lekuvuqikr esa ykHk ckVuk r; fd;k gSA dkSu lk>snkj fdl vuqikr esa R;kxdjsxk\ (X and Y share profits in the ratio 2 : 3. In futurethey have decided to share profits in equal ratio. Which

partner wil sacrifice in which ratio ?) :(B.S.E.B., 2010)

(a) X }kjk R;kx (X sacrifice)

(b) Y }kjk R;kx (Y sacrifice)

(c) Y }kjk R;kx (Y sacrifice)

(d) buesa ls dksbZ ugha (None of these)7. lk>snkjh vuqcU/k esa ifjorZu dk ifj.kke gS (Change in the part-

nership agreement results in)

(a) QeZ dk iquxZBu (Reconstitution of Firm)(b) QeZ dk lekiu (Dissolution of Firm)(c) QeZ dk ,dhdj.k (Amalgamation of Firm)(d) buesa ls dksbZ ugha (None of these)

8. lk>snkjh le>kSrs esa ifjorZu ls (Change in the partnershipagreement)

(a) lk>snkjksa osG e/; lEcU/k cny tkrs gSa (Changes the rela-tionship among the partners)

(b) lk>snkjh O;olk; dk vUr gks tkrk gS (Results in end of part-nership business)

(c) lk>snkjh QeZ dk fo?kVu gks tkrk gS (Dissolves the partner-ship firm)


9. A ,oa B ,d QeZ esa lk>snkj gSa tks ykHk&gkfu dks 2 : 1 osG vuqikr esafoHkkftr djrs gSaA vc mUgksaus leku vuqikr esa ykHk&gkfu dks foHkkftrdjus dk fu.kZ; fd;kA A dk R;kx gksxk (A and B are partners ina firm sharing profits and losses in the ratio of 2 : 1.

Now they decide to share profits and losses equally.

A's sacrifice will be)

(a)

(b)

(c)


10. A, B vkSj C ,d QeZ osG lk>snkj gSaA ;fn D u;s lk>snkj osG :i esa izos'kdjrk gS rks (A, B and C are partners in a firm, if D isadmitted as a new partner) (B.S.E.B., 2010)

(a) iqjkuh QeZ dk fo?kVu gksxk (Old firm is dissolved)(b) iqjkuh QeZ rFkk iqjkuh lk>snkjh dk fo?kVu gksxk (Old firm and

old partnership are dissolved)

(c) iqjkuh lk>snkjh iquxZfBr gksxh (Old partnership is reconsti-tuted)

(d) buesa ls dksbZ ugha (None of these)11. lk>snkjh QeZ osG iquxZBu ij vfyf[kr lEifk dk ys[kk djus ij gksxk

(Recording of an unrecorded asset on the reconstitu-

tion of a partnership firm will be) (B.S.E.B., 2010)

(a) orZeku lk>snkj dks ykHk (A gain to the existing partners)(b) orZeku lk>snkj dks gkfu (A loss to the eixstng partners)(c) orZeku lk>snkj dks u ykHk u gkfu (Neither a gain nor a

loss to the existing partners)

(d) buesa ls dksbZ ugha (None of these)12. iquewZY;kadu [kkrk ;k ykHk&gkfu lek;kstu [kkrk gS (Revaluation

Account or Profit and Loss Adjustment Account is a)

(a) O;fDrxr [kkrk (Personal Account)(b) okLrfod [kkrk (Real Account)(c) ukeek= [kkrk (Nominal Account)(d) buesa ls dksbZ ugha (None of these)

13. A, B, C vkSj D ykHk&gkfu dks cjkcj&cjkcj ckVrs gq, lk>snkj gSaAmUgksaus vius ykHk&foHkktu vuqikr dks 2 : 2 : 1 : 1 esa ifjofrZr djfy;kA C fdruk R;kx djsxk\ (A, B, C and D are partnerssharing their profits and losses equally. They change

their profit sharing ratio to 2 : 2 : 1 : 1. How much will

C sacrifice ?) (C.P.T. June, 2008)

(a)

(b)

(c)


14. R;kx vuqikr (Sacrificing Ratio)(a) u;k vuqikr iqjkuk vuqikr (New Ratio Old Ratio)(b) iqjkuk vuqikr u;k vuqikr (Old Ratio New Ratio)(c) izkfIr vuqikr iqjkuk vuqikr (Gaining Ratio Old Ratio)(d) iqjkuk vuqikr izkfIr vuqikr (Old Ratio Gaining Ratio)

15. ykHk&izkfIr vuqikr (Gaining Ratio)(a) u;k vuqikr iqjkuk vuqikr (New Ratio Old Ratio)(b) iqjkuk vuqikr R;kx vuqikr (Old Ratio Sacrificing Ra-

tio)

lk>snkjh dk iquxZBuorZeku lk>snkjksa osG ykHk&foHkktu vuqikr esa ifjorZu



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iz'u 1. R, S vkSj T ,d QeZ esa lk>snkj gSa tks ykHk&gkfu dks3 : 3 : 2 osG vuqikr esa foHkkftr djrs gSaA 31 ekpZ] 2013 dksmudk vkfFkZd fpk vxz izdkj Fkk (R, S and T are partners in a

firm sharing profits and losses in the ratio of 3 : 3 : 2. Their

Balance Sheet as on 31st March, 2013 was as

follows) :

Solution : Journal Entry Dr. Cr


2013 ` `

Apr. 1 Putuls Capital A/c Dr. 60,000

Komals Capital A/c Dr. 60,000

Priyas Capital A/c Dr. 40,000

To Profit & Loss A/c 1,60,000

(Being undistributed loss transferred to the Capital A/cs of the partners in the old ratio)

iz'u 2. A, B rFkk C ,d QeZ esa lk>snkj gSa tks ykHkksa dks cjkcj&cjkcj ckVrs gSaA mudh vpy iwth e'k% ` 40,000, ` 30,000 ,oa ` 20,000gSA lk>snkjh lays[k osG vuqlkj mUgsa iwth ij 10% izfr o"kZ dh nj ls C;kt izkIr gksuk gSA C;kt dk izko/kku ugha fd;k tk ldk vkSj o"kZ osG ` 45,000ykHk dks ckV fn;k x;kA vko';d lek;kstu izfof"V fn[kkb,A (A, B and C are partners in a firm sharing profits equally. Theirfixed capitals were ` 40,000, ` 30,000 and ` 20,000 respectively. As per Partnership Deed they are to get interest oncapital @ 10% p.a. The interest on capital could not be provided and the profits for the year ` 45,000 were distributed.

Show the necessary adjustment entry.)

Solution :

Step I : Statement showing the Adjustment to be made

Particulars A B C Amount

` ` ` `

I. Amount already credited to be debited (Dr.) 15,000 15,000 15,000 15,000

II. Amount should have been credited (Cr.) :

(a) As interest on capital @ 10% 4,000 3,000 2,000 9,000

(b) Share of Profit (` 45,000 9,000) ` 36,000 12,000 12,000 12,000 36,000

16,000 15,000 14,000 45,000

III. Difference (I II) or Net Effect Cr. 1,000 Dr. 1,000

Step II : Adjusting Journal Entry Dr. Cr.


` `

C's Current A/c Dr. 1,000

To As Current A/c 1,000

(Being the interest on capital omitted to be provided, now corrected)

(c) u;k vuqikr R;kx vuqikr (New Ratio Sacrificing Ra-tio)

(d) iqjkuk vuqikr u;k vuqikr (Old Ratio New Ratio)16. X rFkk Y ykHk o gkfu dks 3 : 2 osG vuqikr esa ckVrs gSaA 1 tuojh] 2014

ls os ykHk&gkfu dks leku vuqikr esa ckVus dks lger gq,A R;kx vuqikrgksxk (X and Y shares profit and loss in 3 : 2. From 1stJanuary, 2014 they agreed to share profit equally. Their

sacrifice ratio will be) (B.S.E.B., 2010)

(a) Sacrifice by X

(b) Sacrifice by Y

(c) Sacrifice by X

(d) Sacrifice by Y

[mkj % 1. (b), 2. (a) 3. (b), 4. (a), 5. (a), 6. (c), 7. (a), 8. (a),9. (c), 10. (c), 11. (a), 12. (c), 13. (d), 14. (b), 15. (a),

16. (c)]



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iz'u 1. iqrqy] dksey rFkk fiz;k lk>snkj gSa tks ykHkksa dks 3 : 3 : 2 osGvuqikr esa ckVrs gSaA 1 vizSy] 2013 dks os ykHk&gkfu;ksa dks lekuvuqikr esa ckVus dks lger gq,A ykHk&foHkktu vuqikr esa ifjorZu dhfrfFk ij ykHk&gkfu [kkrs esa ` 1,60,000 dk MsfcV 'ks"k FkkA vko';dtuZy izfof"V nhft,A (Putul, Komal and Priya are partnerssharing profits in the ratio of 3 : 3 : 2. On April 1, 2013 theyagreed to share profits and losses equally. On the date ofchange in the profit-sharing ratio, the Profit & Loss Accountshowed a debit balance of ` 1,60,000. Give the necessary

Journal entry.)

21

nkf;Ro (Liabilities) Amount lEifk;k (Assets) Amount` `

ysunkj (Creditors) 73,600 cSad esa jksdM+ (Cash at Bank) ` 25,600iwth [kkrs (Capital A/cs) : ` nsunkj (Debtors) 90,000

R 50,000 ?kVk;k % izko/kku (Less : Provision) 16,000 74,000S 50,000 jgfr;k (Stock) 50,000T 36,000 1,36,000 Hkou (Building) 60,000

2,09,600 2,09,600

bl frfFk dks mUgksaus fu.kZ; fd;k fd Hkfo"; esa ykHk esa T dks 1/5fgLlk feysxkA mUgksaus ;g Hkh fu.kZ; fd;k fd Hkou dk ewY;kadu ` 80,000fd;k tk;s] jgfr;k dks ` 6,000 ls de fd;k tk;s vkSj lafnX/k .kksa osGfy;s izkokku dks ` 4,000 ls de fd;k tk;sA (On this date theydecided that in future T will get 1/5th share in profits. They

further decided that the building be valued at ` 80,000, stock

to be reduced by ` 6,000 and provision for doubtful debts to

be reduced by ` 4,000.)

lEifk;ksa osG iquewZY;kadu osG lEcU/k esa QeZ dh iqLrdksa esa jkstukepkizfof"V;k dhft, vkSj iquewZY;kadu [kkrk rS;kj dhft,A (Pass Journalentries in the books of the firm regarding the revaluation

of assets and prepare Revaluation Account.)

Solution : Journal Entries Dr. Cr.


2013 ` `

Apr. 1 Building A/c Dr. 20,000

Provision for Doubtful Debts A/c Dr. 4,000

To Revaluation A/c 24,000

(Being value of building appreciated and provision for D.D. reduced)

Revaluation A/c Dr. 6,000

To Stock A/c 6,000

(Being value of stock reduced)

Revaluation A/c Dr. 18,000

To R's Capital A/c 6,750

To S's Capital A/c 6,750

To T's Capital A/c 4,500

(Being profit on revaluation transferred to Partners' Capital Accounts in their old profit-sharing

ratio)

Dr. Revaluation Account Cr.


` `

To Stock A/c 6,000 By Building A/c 20,000

To Capital A/cs : ` By Provision for Doubtful Debts A/c 4,000

R 6,750

S 6,750

T 4,500 18,000

24,000 24,000

iz'u 2. X, Y vkSj Z 3 : 2 : 1 osG vuqikr esa ,d QeZ esa lk>snkj gSaA1 vizSy] 2013 dks mUgksaus Hkfo"; osG ykHkksa dks 7 : 5 : 4 osG vuqikr esackVus dk fu.kZ; fd;kA bl frfFk dks lkekU; lap; ` 76,000 vkSjlEifk;ksa o nkf;Roksa osG iquewZY;kadu ij ` 68,000 dk ykHk gSA ;gfu'p; fd;k x;k fd fps osG vkdM+ksa dks izHkkfor fd;s fcuk lek;kstufd;k tkuk pkfg;sA ,dy jkstukepk izfof"V }kjk lek;kstu dhft,A(X, Y and Z are partners in a firm in the ratio of 3 : 2 : 1. On

1st April, 2013 they decided to share the profits in future in

the ratio of 7 : 5 : 4. On this date General Reserve is

` 76,000 and profit on revaluation of assets and liabilities

being ` 68,000. It was decided that adjustment should be

made without altering the figures in the Balance Sheet.

Make adjustment by one single Journal entry.)

(BSEB, 2010, 14)

Solution :

lk>snkjksa dk R;kx@ykHk fgLls dh x.kukR;kx okyk fgLlk = iqjkuk fgLlk u;k fgLlkykHk&izkfIr fgLlk = u;k fgLlk iqjkuk fgLlk

X =

=

=

(R;kx)

Y =

=

=

(R;kx)

lk>snkjh dk iquxZBuorZeku lk>snkjksa osG ykHk&foHkktu vuqikr esa ifjorZu


Z =

=

=

(ykHk)

lkekU; lap; = ` 76,000iquewZY;kadu dk ykHk = ` 68,000

oqGy ewY; (Cr.) = ` 1,44,000

ykHk&izkfIr okys lk>snkj dk fgLlk = ` 1,44,000

= ` 12,000

R;kx okys lk>snkjksa dk fgLlk

X : ` 1,44,000

= ` 9,000; Y : ` 1,44,000

= ` 3,000

Journal Entry Dr. Cr.


2013 ` `

Apr. 1 Zs Capital A/c Dr. 12,000

To Xs Capital A/c 9,000

To Ys Capital A/c 3,000

(Being net share of general reserve and profit adjusted)

iz'u 3. 1 vizSy] 2014 dks e'k% ` 60,000 vkSj ` 20,000 dhiwth osG lkFk vfer vkSj lqfer lk>snkj gSaA O;kikj dk ykHk (izlafons osGizko/kkuksa osG iwoZ) o"kZ 2014-15 esa ` 24,000 gqvkA iwth ij C;kt 6% izfro"kZ dh nj ls gSA lqfer dks ` 6,000 dk okf"kZd osru feyrk gSA lk>snkjksaosG vkgj.k e'k% ` 6,000 rFkk ` 4,000 gSaA vkgj.k ij vfer rFkklqfer dk C;kt e'k% ` 200 vkSj ` 100 gSA vfer o lqfer osG chpykHk dk foHkktu dSls gksxk\ muosG iwth [kkrs Hkh fn[kkb,A (Amit andSumit are partners with captals of ` 60,000 and ` 20,000

respectively on 1st April, 2014. The trading profit (before

taking into account the provisions of the Deed) for the year

2014-15 was ` 24,000. Interest on capital is to be allowed

6% p.a. Sumit is entitled to a salary of ` 6,000 p.a. The

drawings of the partners were ` 6,000 and ` 4,000. The

interest on drawings for Amit being ` 200 and for Sumit

` 100. Show how the profit will be divided between Amit

and Sumit and also show the Capital Accounts.) :

Solution :

Dr. Profit & Loss Appropriation Account Cr.


` `

To Interest on Capital A/c ` By P & L A/c (Net Profit) 24,000

Amit 3,600 By Interest on Drawings A/c : `

Sumit 1,200 4,800 Amit 200

To Salary to Sumit 6,000 Sumit 100 300

To Amit's Capital A/c (Profit) 6,750

To Sumit's Capital A/c (Profit) 6,750

24,300 24,300

Dr. Amit's Capital Account Cr.

Date Particulars Amount Date Particulars Amount

2015 ` 2014 `

March 31 To Drawings A/c 6,000 April 1 By Balance b/d 60,000

March 31 To Interest on Drawings A/c 200 2015

March 31 To Balance c/d 64,150 March 31 By Interest on Capital A/c 3,600

March 31 By P/L Appropriation A/c 6,750

70,350 70,350

2015

April 1 By Balance b/d 64,150

Dr. Sumit's Capital Account Cr.

Date Particulars Amount Date Particulars Amount

2015 ` 2014 `

March 31 To Drawings A/c 4,000 April 1 By Balance b/d 20,000

March 31 To Interest on Drawings A/c 100

23

[;kfr % vFkZ] izfr] izHkkfor djus okys dkjd,oa ewY;kadu fof/k;k

[GOODWILL : MEANING, NATURE, FACTORS AFFECTINGAND METHODS OF VALUATION]

4



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1. fuEu ?kVd [;kfr dks izHkkfor djrs gSa flok; (Following are thefactors affecting goodwill except) :

(a) O;olk; dh izfr (Nature of business)(b) izcU/k dh dk;Z{kerk (Efficiency of Management)(c) rduhdh Kku (Technical Knowledge)(d) xzkgdksa dh fLFkfr (Location of the Customers)

2. foxr rhu o"kks osG ykHk gSa ` 42,000, ` 39,000 rFkk ` 45,000A vkSlrykHkksa osG nks o"kZ osG ; ij [;kfr dk ewY; gksxk (The Profit of thelast three years are ` 42,000, ` 39,000 and ` 45,000.

Value of goodwill at two years' purchases of the aver-

age profits will be) :

(a) ` 42,000 (b) ` 84,000

(c) ` 1,26,000 (d) ` 36,000

3. vkSlr ykHk vk/kkj osG vUrxZr [;kfr dh x.kuk dh tkrh gS (Underaverage profit basis goodwill is calculated by) :

(a) [kjhns x;s o"kks dh la[;k vkSlr ykHk (No. of years pur-chased Average profit)

(b) [kjhns x;s o"kks dh la[;k vf/kykHk (No. of years purchased Super profit)

(c) vfr ykHk izR;kf'kr izR;k; dh izfr'kr nj (Super Profit Expected Rate of Return)

(d) buesa ls dksbZ ugha (None of these)4. [;kfr gS (Goodwill is) : (B.S.E.B., 2010)

(a) ewrZ lEifk (Tangible Asset)(b) vewrZ lEifk (Intangible Asset)

(c) pkyw lEifk (Current Asset)(d) buesa ls dksbZ ugha (None of these)

5. ,d lEifk tks dkYifud (f=e) ugha gS ijUrq vewrZ izfr dh gS vkSjmldk olwyh ewY; gksrk gS (An asset which is not fictitious butintangible in nature, having realisable value is) :

(a) e'khujh (Machinery) (b) Hkou (Building)(c) QuhZpj (Furniture) (d) [;kfr (Goodwill)

6. tc iqLrdksa esa [;kfr u gks vkSj [;kfr [kkrk [kksyk tk,] rks - - - - - -[kkrk dks MsfcV fd;k tk,xk (When there is no Goodwill Ac-count in the books and goodwill is raised, ....... account

will be debited) : (C.P.T. June, 2009)

(a) lk>snkj dh iwth (Partner's Capital)(b) [;kfr (Goodwill)(c) jksdM+ (Cash) (d) lap; (Reserve)

7. lkekU; ykHk ij vkSlr ykHk dk vkf/kD; dgykrk gS (The excess ofaverage profits over the normal profits are called) :

(B.S.E.B., 2012, 13)

(a) vf/kykHk (Superprofits)(b) fuf'pr ykHk (Fixed Profits)(c) vlkekU; ykHk (Abnormal Profits)(d) lkekU; ykHk (Normal Profits)

8. fuEu lwpuk ls iwthdj.k fof/k dk iz;ksx djrs gq, QeZ dh [;kfr Kkrdhft, (Find the goodwill of the firm using capitalisationmethod from the following information) :

QeZ esa yxh dqy iwth] ` 80,000; izR;k; dh mfpr nj 15% o"kZ dkykHk ` 1,20,000. (Total capital employed in the firm` 80,000; Reasonable Rate of Return 15%, Profit for

the year ` 1,20,000.)

(a) ` 8,20,000 (b) ` 12,00,000

(c) ` 7,20,000 (d) ` 4,20,000

9. vf/kykHk vk/kkj ds vUrxZr [;kfr dh x.kuk dh tkrh gS (Undersuper profit basis goodwill is calculated by) :

(a) [kjhns x;s o"kks dh la[;k vkSlr ykHk (No. of years pur-chased Average profit)

2015

March 31 To Balance c/d 29,850 March 31 By Interest on Capital A/c 1,200

March 31 By Salary A/c 6,000

March 31 By P/L Appropriation A/c 6,750

33,950 33,950

2015

April 1 By Balance b/d 29,850

[;kfr % vFkZ] izfr] izHkkfor djus okys dkjd ,oa ewY;kadu fof/k;k


(b) [kjhns x;s o"kks dh la[;k vfr ykHk (No. of years pur-chased Super profit)

(c) vfr ykHk izR;k; dh izR;kf'kr nj (Super Profit Expectedrate of return)

(d) buesa ls dksbZ ugha (None of these)10. fiNys rhu o"kks ds ykHk e'k% ` 6,000, ` 13,000 rFkk ` 8,000 gSA

vkSlr 'kq ykHk ds nks o"kks ds ; ij [;kfr gksxh (Profits of thelast three years were ` 6,000; ` 13,000 and ` 8,000

respectively. Goodwill at two years purchase of the

average net profit will be) : (C.P.T., 2008 Dec.)

(a) ` 81,000 (b) ` 27,000

(c) ` 9,000 (d) ` 18,000

11. ,d QeZ us fiNys 3 o"kks esa 'kq ykHk fuEuor~ dek;s % 2011 ` 15,000;2012 ` 20,000; 2013 ` 25,000A QeZ esa fofu;ksftr iwth` 1,00,000 gS_ yxhZ gqbZ iwth ij mfpr izR;k; nj 15% gSA rhu o"kks esavtr vkSlr vf/kykHk ds nks o"kks ds ; ds vk/kkj ij [;kfr gSA (Afirm earned net profits during last 3 years as follows :

2011 ` 15,000, 2012 ` 20,000, 2013 ` 25,000. The capi-

tal investment in the firm is ` 1,00,000. Fair rate of

return on capital employed is 15%. Goodwill on the

basis of 2 years purchase of average super profit earned

during 3 years is) (C.P.T., 2007 Aug.)

(a) ` 8,000 (b) ` 10,000

(c) ` 12,000 (d) ` 15,000

12. vf/kykHk ls vki D;k le>rs gSa\ (What do you mean by SuperProfit ?) (B.S.E.B., 2010; C.P.T., 2007 Aug., 2008 June)

(a) dqy ykHk@o"kks dh la[;k (Total Profit/No. of Years)(b) vkSlr ykHk&lkekU; ykHk (Average ProfitNormal Profit)(c) Hkkfjr ykHk@; o"kks dh la[;k (Weighted Profit/No. of

Years Purchase)

(d) buesa ls dksbZ ugha (None of these)13. ,d O;olk; esa fofu;ksftr iwth ` 1,50,000; ykHk ` 50,000 vkSj

lkekU; ykHk dh nj 20%A iwthdj.k fof/k ls [;kfr dh jkf'k gksxh(Capital employed in a business is ` 1,50,000; Profits

are ` 50,000 and the normal rate of profit is 20%. The

amount of goodwill as per capitalisation method will

be) (B.S.E.B., 2010; C.P.T., 2006 Nov.)

(a) ` 2,00,000 (b) ` 1,50,000

(c) ` 3,00,000 (d) ` 1,00,000

14. [;kfr dh x.kuk dk Hkkfjr vkSlr fof/k dk iz;ksx fd;k tkrk gS tc(Weighted average method of calculating goodwill is

used when) :

(a) ykHk vleku gks (Profit are unequal)(b) ykHk ds c

25

22. [;kfr dk ewY;kadu fiNys ikp o"kks osG vkSlr ykHk osG 1

o"kks osG ;

ij fd;k tkrk gSA QeZ us izFke rhu o"kks esa ` 20,000, ` 18,000 rFkk` 9,000 ykHk dek;k vkSj 2 o"kks esa ` 2,000 rFkk ` 5,000 dh gkfumBk;hA [;kfr dh jkf'k gksxh (Goodwill is to be calculated atone and half years' purchase of average profit of last 5

years. The firm earned profits during 3 years as

` 20,000, ` 18,000 and ` 9,000 and suffered losses of

` 2,000 and ` 5,000 in last 2 years. The amount of good-

will will be) (C.A., C.P.T., 2008 Feb.)

(a) ` 12,000 (b) ` 10,000

(c) ` 15,000 (d) buesa ls dksbZ ugha (None of these)23. fiNys rhu o"kks osG vkSlr ykHk osG nqxqus ij [;kfr dk ewY; D;k gksxk ;fn

rhu o"kks osG ykHk ` 4,000, ` 5,000 ,oa ` 6,000 Fks (What will bethe value of goodwill at twice the average of last three

years profit if the profits of the last three years were

` 4,000, ` 5,000 and ` 6,000)

(a) ` 5,000 (b) ` 10,000

(c) ` 8,000 (d) buesa ls dksbZ ugha (None of these)[mkj % 1. (d), 2. (b) 3. (a), 4. (b), 5. (d), 6. (b), 7. (a), 8. (c),

9. (b), 10. (d), 11. (b), 12. (b), 13. (d), 14. (d), 15. (a),16. (a), 17. (d), 18. (b), 19. (a), 20. (a), 21. (c),22. (a), 23. (b)]



iz'u 1. [;kfr dh ikp fo'ks"krk, crkb,A (State five charac-teristics of Goodwill.)

mkj(i) [;kfr O;kikj dh vewrZ lEifk gSA (ii) [;kfr dk lgh&lghewY; Kkr djuk dfBu gksrk gSA (iii) [;kfr vf/kd ykHk vtZu djus esa lgk;dgksrh gSA (iv) [;kfr osG ewY; esa ifjorZu gksrs jgrs gSaA (v)

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