PART – A
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies)
1. When a company plans to redeem its debentures out of profits, it should transfer minimum ______ % of the face value of the outstanding debentures to Debenture Redemption Reserve out of surplus available for payment of dividend.
2. _______ capital accounts always show a credit balance.
3. In the case of retirement, if full or part of the amount payable to the retiring partner still remains to be paid, and there is no agreement among the partners then retiring partner will get
(i) Interest @ 6% p.a on the Balance amount.
(ii) Share of profit earned proportionate to his amount outstanding to total capital of the firm.
(iii) Interest @ 9% p.a. on the balance amount.
Which out of the following is correct ?
(a) (i) (b) (ii)
(c) (iii) (d) Have a choice to get either (i) or (ii)
4. The following information has been extracted from the financial statements of a not-for-profit-organization for the year ended 31st March, 2019.
Particulars Amount (`₹)
Opening balance of Match Fund 5,00,000
Sale of Match tickets 3,75,000
Donation for Match Fund received during the year 1,24,000
Match expenses 10,00,000
Which of the following statements is correct for the presentation of the above items in the financial statements of the not-for-profit-organization ?
(a) Negative Balance of Match fund ₹1,000 will be shown on the liabilities side of the Balance sheet as at 31st March, 2019.
(b) Opening Balance of Match Fund ₹ 5,00,000 will be shown on the liabilities side of Balance Sheet as at 1-4-2018.
(c) Negative balance of match fund, ₹ 1,000 will be shown on the expenditure side of the Income and Expenditure Account for the year ended 31-3-2019.
(d) Both (b) and (c).
5. Anita and Babita were partners sharing profits and losses in the ratio of 3 : 1. Savita was admitted for 1/5th share in the profits. Savita was unable to bring her share of goodwill premium in cash. The journal entry recorded for goodwill premium is given below :
Date Particular LF Debit Credit
Amt. (₹) Amt. (₹)
Savita’s Current A/c. Dr. 24,000
To Anita’s Capital A/c. 8,000
To Babita’s Capital A/c. 16,000
(Being adjustment of goodwill
premium on Savita’s Admission)
The new profit sharing ratio of Anita, Babita and Savita, will be
(a) 41 : 7 : 12 (b) 13 : 12 : 10
(c) 3 : 1 : 1 (d) 5 : 3 : 2 1
6. Amla, Bimla and Kavita were partners sharing profits and losses in the ratio of 4 : 3 : 1. Bimla retires and gives her share of profit to Amla for ₹ 3,600 and to Kavita for ₹ 3,000. The gaining ratio of Amla and Kavita will be :
(a) 4 : 5 (b) 2 : 1
(c) 6 : 5 (d) 4 : 1 1
7. Capital Reserve is created out of ______ profits.
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