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CBSE Class 12 Pre Board 2020 : Accountancy - Prelim 2 (Delhi Public School (DPS), Jammu)

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Delhi Public School, Jammu Accountancy Assignment for Pre Board II Time Allowed: 3 Hours General Instructions: 1. This question paper contains two Parts A and B. 2. All questions are compulsory. 3. All parts of a question should be attempted at one place. 4. All workings are part of your answer. 5. Marks are indicated against each question. 1. 2. 3. 4. Max. Marks: 80 Part A Accounting For Not For Profit Making Organizations, Partnership Firms and Companies What is the nature of Revaluation Account? 1 Private property is applied to pay then towards firm s liability. 1 True/False Assets (say, Debtors) having provisions (say, provision for doubtful debts) are transferred to Realization Account at its net value, when the firm is dissolved. 1 P and Q were partners in a firm sharing profits and losses equally. Their fixed capitals were Rs.2,00,000 and Rs.3,00,000 respectively. The Partnership Deed provided for interest on capital @ 12% per annum. For the year ended 31st March, 2018, the profit of the firm was distributed without providing interest on capital. Pass necessary adjustment entry to rectify the error. OR A and B are partners sharing profits and losses in the ratio of 2:3 with the capitals of Rs.2,00,000 and Rs.1,00,000 respectively. On 1st October, 2017, A and B granted loans of Rs.4,00,000 and Rs.2,00,000 respectively to the firm. The Partnership Deed is silent as to the interest on Partner s Loan. Profit for the financial year amounted to Rs. 25,000. Determine the amount of profit/loss to be distributed among partners for the year ended 31st March. 2018. 1 5. Two freshly qualified doctors set up clinic for equal share. They charge consulting fee from each patient @ Rs.500 per visit. At the same time, they give free consultation to patients who cannot pay their fees. Can this set up be termed as Not-for-Profit Organization? Why? OR Why receipts, irrespective of their nature and the period to which they relate are shown in Receipts and Payments Account? 1 6. Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas Hitesh is an architect. They contributed equal amounts and purchased a building for Rs.2 crores. After a year, they sold it for Rs.3 crores and shared the profits equally. Are they doing the business in partnership? Give reason in support of your answer. 1 7. Vijay and Pankaj are partners sharing profits in the ratio of 4:1. Their capitals were Rs.90,000 and Rs.70,000 respectively. They admitted Srivastav for 1/3rd share in profits. Srivastav brought Rs.1,00,000 as his capital. Calculate the value of firm s goodwill. 1 8. Differentiate between Reserve Capital and Capital Reserve on any one basis. OR Z Ltd. forfeited 1,000 equity shares of Rs.10 each for the non- payment of the final call of Rs.2 per share. Calculate the maximum amount of discount at which these shares can be reissued.1

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