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Std. XII 25-11-2020 THE BISHOP S SCHOOL, CAMP First Preliminary Examination Accounts Time: 3hrs Marks 80 Students are allowed first 15 minutes only to read the paper. They must NOT start writing within this time. This question paper consists of two sections. Section A has two parts. Part 1 of Section A is compulsory. Answer any 4 questions from Part II of Section A. Answer any two questions from Section B. SECTION A Part I Question 1 Answer briefly each of the following questions: [2 x 6 = 12] 1. What is meant by Current Maturities of Long Term Debt? How is it disclosed in the Balance Sheet of a company? 2. A company has to pay interest on debentures prior to paying dividend on shares . Justify. 3. Give any two differences between Firm s Debts and Private Debts of the partners. 4. Apart from issuing shares to the general public for cash, list two other groups to whom a company could issue shares for consideration other than cash. 5. Give the adjusting and closing entry for interest on loan taken by a partner from the firm, when firm follows the fluctuating method. 6. What is the minimum value at which the company can re-issue forfeited shares, when the shares are originally issued at a premium? Part II Answer any four questions. Question 2 [12] Suraj and Neeraj are partners in a firm. According to the partnership deed: Interest on capital will be allowed at 8% per annum Interest on drawings will be charged at 5% per annum Each partner will be allowed a salary of 2500 per month. An amount of Rs.10000 is to be transferred to general reserve before distribution of profits. Partners will share profits and losses in the ratio 3:2. Int. on Current A/c to be charged at 10%. Following are balances of the partners: Suraj s capital A/c 2,00,000 Suraj s Current A/c 5000 (Dr) Neeraj capital A/c 1,80,000. Neeraj s Current A/c - 12000 (Cr) Suraj withdrew Rs.10,000 on 30 June 2019 and Neeraj withdrew Rs.20,000 on October 1, 2019. The manager was also entitled to a salary of 14,000 for his services. There was a loan taken by Suraj from the firm for which it was decided that the interest will be Rs.2500. The profit and loss account before taking the above appropriations revealed a net profit of Rs.1,36,000. You are required to Pass Journal Entries for above transactions.
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