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Accounting Exam Preparation
English 8 leveled MCQs Free
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5 marks Long answer
ABC Ltd. issued 10,000 equity shares of ₹10 each at par, payable ₹3 on application, ₹3 on allotment and ₹4 on first and final call. All shares were subscribed. A shareholder holding 500 shares failed to pay allotment and call money, and his shares were forfeited. These forfeited shares were subsequently reissued at ₹9 per share as fully paid-up. Required: Prepare the Note to Accounts relating to Share Capital and show the Share Capital in Balance Sheet of ABC Ltd.
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Prepare Note to Accounts for Share Capital and reflect it in the Balance Sheet.
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5 marks Long answer
Doremon, Shinchan and Nobita are partners sharing profits and losses in the ratio of 3:2:1. With effect from 1st April, 2022 they agree to share profits equally. For this purpose, goodwill is to be valued at two year's purchase of the average profit of last four years which were as follows: Year ending on 31st March, 2019 ₹ 50,000 (Profit) Year ending on 31st March, 2020 ₹ 1,20,000 (Profit) Year ending on 31st March, 2021 ₹ 1,80,000 (Profit) Year ending on 31st March, 2022 ₹ 70,000 (Loss).
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Calculate goodwill based on the average profit of the last four years.
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1 marks Short answer
At the time of reconstitution, a certain amount of Claim on workmen compensation was determined for which Q's share of loss amounted to ₹5,000. The Claim for workmen compensation would be
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₹15,000
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1 marks Short answer
Harpreet and Gurpreet are partners sharing profits in the ratio of 3:2. they decide to enter David as a new partner and to share future profit and losses equally. David brings ₹50,000 as his capital. goodwill of the firm is valued at ₹60,000. what will be the correct entry to record the goodwill in the books of account.
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Goodwill a/c Dr. 60,000 To David Capital A/c 60,000
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1 marks Short answer
A and B are partners sharing profits in the ratio of 3:2. C is admitted for 1/5th share in profits. C brings ₹60,000 as capital but does not bring any amount for goodwill. The total capital of the new firm after C's admission is ₹2,60,000. The hidden goodwill of the firm is:
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₹3,00,000
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1 marks Short answer
Assertion (A): On reissue of forfeited shares, the amount of discount allowed on reissue cannot exceed the amount forfeited on those shares. Reason (R): The balance in Share Forfeiture A/c relating to reissued shares represents the company's gain on forfeiture.
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Both A and R are true and R is the correct explanation of A.
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1 marks Short answer
On dissolution, a creditor of ₹80,000 accepts an asset valued at ₹70,000 in full settlement. The amount recorded in the Realisation Account will be:
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₹70,000
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1 marks Short answer
Assertion: Batman, a partner in a firm with four partners has advanced a loan of ₹50,000 to the firm for last six months of the financial year without any agreement. He claims an interest on loan of ₹3,000 despite the firm being in loss for the year. Reasoning: In the absence of any agreement / provision in the partnership deed, provisions of Indian Partnership Act, 1932 would apply.
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Both A and R are correct, and R is the correct explanation of A.
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