[11/3, 7:41 PM] Gaurav Sir: *CA. …

[11/3, 7:41 PM] Gaurav Sir: *CA. (Dr.) G. S. GREWAL* *Objective Type Question / MCQs* Admission of a Partner *Question Series 10* *True / False* 1. All partners consent is required to admit a new partner. *Fill in the Blank* 2. Reserve appearing in the Balance Sheet will be divided among partners during admission in ________________ ratio. *Multiple Choice Question* 3. A and B are sharing profits and losses in the ratio 3 : 2. They admitted C as a new partner to give him 2/10th share in the profit. The new profit sharing ratio will be: (a) 12 : 8 : 5 (b) 3 : 2 : 2 (c) 3 : 2 : 5 (d) 2 : 1 : 2. [11/3, 7:41 PM] Gaurav Sir: *CA. (Dr.) G. S. GREWAL* *Objective Type Question / MCQs* *Question Series 9* *Not for Profit Organisations* *True / False* 1. Income and Expenditure Account shows transactions of revenue nature for the accounting year. *Fill in the Blank* 2. Building Fund, Library Fund etc. is accounted following _____________. *Multiple Choice Question* 3. Which of the following is an example of Not-for-Profit Organization? (a) Public Hospitals (b) Corporation (c) Audit Firm (d) Insurance Companies. [11/3, 7:41 PM] Gaurav Sir: *CA. (Dr.) G. S. GREWAL* *Objective Type Question / MCQs* *Question Series 11* *Not for Profit Organisations* *True / False* 1. Surplus or Deficit of a Not-For-Profit Organisation is added to or subtracted from Accumulated Fund. *Fill in the Blank* 2. Amount paid by the members to keep their membership remains alive is termed as __________. *Multiple Choice Question* 3. Rs. 1,00,000 received as annual subscription. Out of this, Rs. 20,000 is of previous year whereas Rs. 10,000 is receivable at the end of the current year. Amount of subscription that will be shown in the Income and Expenditure Account will be: a) Rs. 1,00,000 b) Rs. 90,000 c) Rs. 1,20,000 d) Rs. 80,000

Accounting for partnership Firms Fundamentals notes

Rao and Majumdar are partners sharing profits and losses in the ratio of 3: 2. Rao died on 31st December, 2020. The following was the Balance Sheet on that date: Payment to Executors in Instalments Liabilities Amount Assets Amount ed on 281 Creditors Reserve Rao's Capital Majumdar's Capital 24,000 Cash at Bank 15,000 Stock 18,000 40,000 Amount 18,000 25,000 Debtors Furniture 20,000 35,000 The share of Rao in firm's goodwill was agreed at 36,000. Assets and liabilities were valued reasonably. Assuming that 10,000 was paid immediately on January 1, 2021 and the balance was payable in three equal instalments on 31st December every year and interest was payable @ 12% per annum on unpaid balance. Prepare Rao's Executor's Account.

Q. 120. Risha and Nisha were partners. The partnership deed provides: (1) That the accounts be balanced on 31st December each year. (ii) The profits be divided as follows: Risha one-half, Nisha one-third and carried to Reserve account one-sixth. (ii) That in the event of death of a partner, her executor will be entitled to the following: (a) The capital to her credit at the date of death. (b) Her proportion of profit to date of death based on the average profits of the last three completed years. (c) Her share of goodwill based on three year's purchase of the average profits for the three preceding completed years. On 31st December, 2020 the Trial Balance was as under: Particulars Risha's Capital Nisha's Capital Reserves Bills Receivables Investments Cash Creditors Dr. (3) Cr. (3) 90,000 60,000 30,000 50,000 40,000 1,10,000 20,000 2,00,000 2,00,000 The profits for the three years were: 2018 ₹4,200; 2019 ₹3,900 and 2020 ₹4,500. Nisha died on 31st May, 2021. Draw up the deceased Partner's Capital A/c and Executor's A/c. Ans. Balance due to Nisha's Executor's ₹77,740.]

Ativ, Meha and Nupur were partners in a firm sharing profits and losses in the ratio of 5 : 3:2. On 31-03-2016 their Balance sheet was as under: Liabilities Amount (T) Assets Amount (R) | Trade Creditors 26,500 Bank 23.500 Debtors 1,00,000 Stock 50,000 Fixed Assets 40,000 Advertisement Expenditure 25,000 Employees Provident Fund Ativ's Capital Meha's Capital 30,000 55,000 1,20,000 Nupur's Capital 10,000 2,40,000 2,40,000 Ativ retired on 1-4-2016. For this purpose, the following adjustments were agreed upon: (i) Goodwill of the firm was to be valued at 2 years purchase of the average profits of 3 completed years preceding the date of retirement. The profit for previous years were: 2013-14 55,000; 2014-15 7 65,000; 2015-16 7 60,000.

The capital of the firm of anuj and benu is , 100000 and the market rate of interest is 15% . Annual salary to the partner is 60000 each. The profit for the last three years were , 300000 ,360000 , 420000. Goodwill of the firm is to be valued on the basis of two years purchase of last three years average super profit

U and V Were Partners in a firm

On 1st April ,2019 ,Mathew Ltd issued 10,000,9%Debentures of rs.100each at a discount of 5%,redeemable at premium of 5%.These debentures were redeemable as follows: On 31st March ,20-2000debentures On31st March,21. 5000Deb On 31st March 22. 3000Debentures . Prepare account for loss on issue of debenture , 9%Debentures ,and premium on redemption

Gita Radha and Garv are partner sharing prophets in the ratio of 1 by 2 2 by 5 and 1 by 10 find the new profit sharing ratio of the remaining partners if girl retires

B and C are partner sharing profit in the ratio 3 2. Goodwill appears in the book at Rs3000 DIs admitted into partnership on payment of 2000 for 1/4, share as goodwill .B and C between themselves.Sharing future profit and loses equally given journal.

Q. 46. Ayushi and Shristhi are partners sharing profits in 3 : 2. Their Balance Sheet showed Stock at ₹3,10,000; Machinery at ₹4,95,000; Debtors at ₹6,00,000; Creditors at ₹3,47,000. They admit Tina as a partner and new profit sharing ratio is agreed at 4: 3: 2. Following terms were agreed : (1) Machinery is overvalued by 10%. (ii) Unrecorded debtors of ₹20,000 be brought into books and provision for doubtful debts be created at 10%. (iii) Creditors of ₹27,000 are not likely to be paid. Shristhi's share in loss on revaluation amounted to ₹36,000. You are required to calculate the revalued value of stock