Accountancy Delhi (Set 1)

General Instructions:

Read the following instructions very carefully and strictly follow them:

1. This question paper comprises two · PARTS - A and B. There are 32 questions in the question paper. All questions are compulsory.
2. Part - A is compulsory for all candidates.
3. Part - B has two options i.e. (i) Analysis of Financial Statement and
4. Computerized Accounting. You have to attempt only one of the given OPTIONS.
5. Heading of the option opted must be written on the Answer-Book before attempting the questions of that particular OPTION.
6. Question number 1 to 13 and 23 to 29 are very short answer type questions carrying 1 mark each.
7. Question number 14 and 30 are short answer type-I questions carrying 3 marks each.
8. Question number 15 to 18 and 31 are short answer type-II questions carrying 4 marks each.
9. Question number 19 to 20 and 32 are also long answer type-I questions carrying 6 marks each.
10. Question number 21 and 22 are long answer type-II questions carrying 8 marks each.
11. Answer should be brief and to the point. The answer of each part should be written at one place.

1. There is no overall choice. However, an internal choice has been provided

in 2 questions of three marks, 2 questions of four marks, 1 question of six marks and 2 questions of eight marks. You have to attempt only one of the choices in such questions.

1. However, separate instructions are given with each section and question, wherever necessary.

Question 1

Disha and Abha were partners in a firm. Farad was admitted as a new partner for 1/5^th share in the profits of the firm. Farad brought proportionate capital. Capitals of Disha and Abha after all adjustments were ₹ 64,000 and ₹ 46,000 respectively. Capital brought by Farad was:

1. ₹ 22,000
2. ₹ 27,500
3. ₹ 55,000
4. ₹ 28,000

Solution:

The correct answer is Option (b).

Working Notes: Farad's share of profit <math>= 1/5</math> Remaining Profits <math>= (1 - 1/5) = 4/5</math> Disha's New Share <math>= (4/5 \times \frac{1}{2}) = \frac{2}{5}</math> Abha's New Share <math>= (4/5 \times \frac{1}{2}) = \frac{2}{5}</math> New ratio = 2:2:1 For 4/5 share partner's capital ₌ ₹(64,000 + 46,000)= ₹1,10,000 For 1 whole share of profit capital = <math>\mathbb{Z}(1,10,000 \times 5/4)</math> For 1/5th share Farad's Capital _ ₹(1,10,000 × 5/4 × 1/5) =

₹27,500

Question 2

Which of the following is not a capital receipt?

1. Donations for tournament
2. Donations for building fund
3. Life membership fee
4. Entrance fees

Solution:

Entrance fees is not a capital receipt. Hence, the correct answer is option (d).

Question 3

What is meant by 'Authorised Capital'?

Solution:

Authorised Share capital is maximum amount of capital that a company can raise as share capital. It is stated in the Memorandum of Association. This is sub categorized into Equity shares and Preference shares. Issued capital is part of authorised capital that is issued for subscription, shares allotted for consideration other than cash, shares subscribed by signatories to Memorandum of Association and shares taken by Directors as qualifying shares.

Question 4

Saurabh, Shirin and Somesh are partners in a firm sharing profits and losses in the ratio of 3:2:1. Somesh retires and the new profit sharing ratio between Saurabh and Shirin is 3:2. The gaining ratio between Saurabh and Shirin will be:

1. 3:2