Accountancy Delhi (Set 3)

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. <u>Heading of the option</u> 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

In case of retirement of a partner, profit or loss on revaluation of assets and re- assessment of liabilities is distributed among _____ partners in _____ ratio.

Solution:

In case of retirement of a partner, profit or loss on revaluation of assets and re- assessment of liabilities is distributed among all existing partners in old profit sharing ratio.

Question 2

Vanya Ltd. forfeited 20,000 equity shares of ₹ 100 each for non-payment of first and final call of ₹ 40 per share. The maximum amount of discount at which these shares can be re-issued will be:

1. ₹ 8,00,000
2. ₹ 12,00,000
3. ₹ 20,00,000
4. ₹ 20,000

Solution:

Amount standing in the Share forfeiture A/c is ₹12,00,000; 20,000 equity shares at ₹60 (₹100 - ₹40) which is the maximum permissible discount on re-issue of the forfeited equity shares. So, the maximum amount of discount at which these shares can be re- issued will be ₹12,00,000.

Hence, the correct answer is option (b).

Question 3

What is meant by 'Subscribed Capital'?

Solution:

As per Section 2(86) of Companies Act, 2013, "subscribed capital" means such part of the capital which is for the time being subscribed by the members of a company. It is that part of Issued Capital that is actually subscribed by the general public.

Question 4

Bishan and Sudha were partners in a firm sharing profits and losses in the ratio of 5:3. Alena was admitted as a new partner. It was decided that the new profit sharing ratio of Bishan, Sudha and Alena will be 10:6:5. The sacrificing ratio of Bishan and Sudha will be:

1. 5:3
2. 25:78
3. 6:5
4. 2:1

Solution:

The correct answer is option (a).

Working Notes:

Calculation of Sacrificing Ratio:

Particulars Bishan Sudha