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1. Rita, Sita and Teena are partners in a firm and do not have a partnership agreement. Teena had given a loan of Rs. 10,000 to the firm and expects an interest @ 10% for the loan. The other partners do not agree to this. Should Teena be given interest at the desired rate? Give reason. (1)
2. X, Y & Z are partners. Y retires and the new profit sharing ratio is 2 : 1. Calculate the gaining ratio of X & Z. (1)
3. State any two reasons for Dissolution of a Firm. (1)
4. When is ‘Revaluation Account’ prepared? (1)
5. State at least one way in which the amount of Securities Premium can be used by the Company. (1)
6. What is meant by ‘Over Subscription’? (1)
7. When is ‘Debenture Redemption Reserve’ created? (1)
8. A, B and C are partners in a firm. When the Accounts were closed on 31st March, 2012, it was found that Interest on Capital was allowed @ 4% instead of 6%p.a. The capitals of partners were: A Rs.1,00,000 B Rs.80,000 C Rs.60,000 (3) Give the necessary adjusting entry with proper workings.
9. On 1st January, 2009 R Ltd has Rs. 25,00,000 as Debenture Redemption Reserve. The company has to redeem its 12% Debentures at the end of 2009 worth Rs.90,00,000. Pass journal entries to record the redemption of debentures. (3)
10. Pass necessary journal entries of ‘Issue of debentures’ for the following:
(i) S Ltd issued 150, 15% Debentures of Rs 100 each at a discount of 10% redeemable at a premium of 10%.
(ii) J Ltd issued 600, 9% Debentures of Rs. 100 each at a premium of Rs 10 per Debenture, redeemable at par. (3)
11. Anand and Sonu were childhood friends and colleagues in a company who were thinking of starting something of their own someday. On 1st Jan, 2011 they thought of starting a stationery depot for the financially backward children of their area. They also admitted Manoj a differently abled educated youth who was unemployed as a partner of their firm without any capital contribution. Sonu also approached Rohit Kaul from Jammu, who was also eager to start something of this sort having lot of funds at his disposal, and persuaded him to join them. The following terms where agreed upon:
i) Anand, Sonu and Rohit will contribute 30,000; 50,000 and 4,00,000 respectively as capital.
ii) Profit will be shared equally.
iii) Interest on capital will be allowed @ 5% p.a.
The Profits of the firm for the year ended 31st Dec 2011 were 50,000.
a) Identify any two values which according to you motivated them to start the partnership firm. (2)
b) Prepare Profit & Loss Appropriation Account of the firm for the year ending 31st Dec 2011. (2)
12. Archana, Bindu and Charu were partners sharing profits in the ratio of 3:2:1. Their
Balance Sheet as on 1st April 2010 was:
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