Model Test Paper 1
TimeAllowed: 3 Hours Maximum Marks: 80
General Instructions:
1 This question paper contains 34 questions. Allquestions are compulsory.
) This question paper is divided into two parts, Part Aand B.
3 Part-A is compulsory for all candidates.
4. Part-B hàs two options, i.e., (i) Analysis of FinancialStatements and (ii) Computerised Accounting. Students
must attempt only one of the given options.
s Ouestions 1to 16 and 27 to 30 carry 1 mark each.
6 Questions 17 to20,31and 32 carry 3 marks each.
7. Questions 21, 22 and 33 carry 4 marks each.
g Questions from 23 to 26 and 34 carry 6 marks each.
9. There is no overall choice. However, an internalchoice has been provided in 7 questions of one mark
2questions of three marks, 1question of four marks and 2 questions of six marks.
Part A
(Accounting for Partnership Firms and Companies)
losses in the ratio of 2:1.
1. Shiv andMohan are partners in afirm sharing profits and
are credited
They admitted Ram as a partner for 2/7 share for which8,000 and4,000
profit-sharing ratio
as a premium for goodwillto Shiv and Mohan respectively. New
of Shiv, Mohan and Ram will be
(a) 3: 2: 2. (6) 8: 4: 2.
(d) 4: 1:2. [1]
(c) 10 : 5:6.
Partner is credited to Partner's Loan Account.
2. Assertion (A): Interest on Loan by
to a partner as a lender and not as
Reason (R): Interest on Partner's Loan is a gain
a partner.
which of the following is correct?
In the context of above two statements,
Reason (R) is incorrect.
(a) Assertion (A) is correct but not the
(R) are correct, but Reason (R) is
(b) Both Assertion (A) and Reason
Assertion (A).
correct explanation of
Reason (R) are incorrect.
(c) Both Assertion (A) and
(A) and Reason (R) are correct, and Reason (R) is the correct
(d) Both Assertion [1]
explanation of Assertion (A).
600 shares of ? 10 each issued at a premium of 10% for
3. Tushar Ltd. forfeited of 3 (including premium). Out of these 400
non-payment of first and final call money minimum
Mohan as ? 10paid-up for ? 11 per share. What is the
shares were reissued to time of reissue of the remaining
200 shares?
should collect at the
amount that company (b) 600.
(a) 800. (d) 200.
(c) 400.
Or
,M.2 An Aid toAccountancy-CBSE X)
Star Ltd. had allotted 10.000, 9° %
Debentures of 100 each to the applicants of 14,000,
9% Debentures on prorata basis. Application money payable was 20 per debenture,
Arvind had applied for 420 debentures. The number of debenturesallotted and the excess
application money adjusted against allotment money due from Arvind are
(a) 60 Debentures. 1.200. (b) 320Debentures, 2,000.
(c) 340Debentures, 1,000. (d) 300Debentures, 2,400.
4. X, Yand Zwho presently share profits and losses in the ratio of 5:3:2 decide to share
profitsand losses in the ratio of 2:3:5 with effect from lst April, 2023. An extract of
their Balance Sheet as at 31st March, 2023 is as follows:
Liabilities Assets
Investment Fluctuation Reserve 7,500 Investments (at cost) 1,00,000
At the time of reconstitution, certain amount of loss due to fall in market value of
investments was determined for which Y's share of loss was 750. Market value of
Investments was
(a) 80,000. (6) 85,000.
(c) 90,000. (d) 95,000.
Or
Mohan, a partner in a firm is to receive interest of 5,000 on loan. The Journal entry
for it is:
(a) Dr. Interest on Mohan's Loan Account and Cr. Mohan's Capital Account by
75,000.
(b) Dr. Bank Account and Cr. Mohan's Capital Account by ? 5,000.
(c) Dr. Mohan's Loan Account and Cr. Interest on Mohan's Loan Account by 5,000.
(d) Dr. Interest on Mohan's Loan Account and Cr. Mohan's Loan Account by ? 5,000.
5. On reconstitution of a firm,Deferred Revenue Expenditure in the Balance Sheet is
(a) Debited to Partners' Capital Accounts in Old Profit-sharing Ratio.
(b) Credited to Partners' Capital Accounts in New Profit-sharing Ratio.
(c) Transferred (Debited) to Revaluation Account.
(d) Realised in cash.
6. X Ltd. purchased business of YLtd. for 9,60,000 payable 25% by cheque and
balance by issue of 9% Debentures of 100 each at a discount of 4% redeemable
at apremium of 6%. 9% Debentures Account is credited with
(a) ? 9,60,000. (b) 10,00.000.
(c) ? 7,50,000. (d) 7,20,000.
Or
, ModelTestPapers M.3
Vipin Ltd. took over assets of R3,00,000 and liabilities of? 10,000 of Deepak T
2,70,000 payable by issue of 9% Debentures of ? 100 each at 20% premium. Which
ofthe following statement is correct?
i) Goodwill Account is to be debited with
20,000.
(b) Capital Reserve is to be debited with 20,000.
(c) Goodwill Account is to be credited with 20,000.
id) Capital Reserve is to be credited with 20,000.
7. Assertion (A): Tetra Ltd. is registered with an authorised capital
of 50,000
Equity Shares of 100 each of which 20,000 Equity Shares were issued and
subscribed. All the money had been called-up except 25 per share which was
declared as 'Reserve Capital'. Share capital shown in Balance Sheet as 'Subscribed and
Fully paid-up' will be nil.
Reason (R): Reserve capitalcan be used only at the time of winding up.
In the context of above two statements, which of the following is correct?
(a) Assertion (A) is correct but Reason (R) is incorrect.
but Reason (R) is not the
(b) Both Assertion (A) and Reason (R) are correct,
correct explanation of Assertion (A).
(c) Both Assertion (A) and Reason (R) are incorrect. correct
(R) are correct, and Reason (R) is the
(d) Both Assertion (A) and Reason [1]
explanation of Assertion (A).
2:2: 1. On
and Sohan are partners sharing profits in the ratio of
8. Ram, Mohan 60,000. Ram and Sohan will
respectively
at
retirement of Mohan, goodwill was valued
compensate Mohan with
20,000. (6) 16,000and 8,000.
(a) 24,000 and 20,000. [1]
contribute anything. (d) 40,000 and
(c) They will not 9 and 10
hypothetical situation, Answer Question No.
> Read the following making firm. Their capitals were
5,00,000
partners in a toys
Puneet and Rajesh are allowed Puneet commission of 10% on net profit
respectively. The firm of 10% on net profit
after
and 10,00,000 Rajesh commission
commission and to Appropriation Account for
before charging any Following is the Profit & LOSs
charging all commissions.
March,2023:
the year ended 31st 31stMarch, 2023
Cr.
ACCOUNT fOr the year ended
Dr PROFIT & LOSS APPROPRIATION
Particulars
Particulars 44,000| By Profit &Loss A/c
To Puneet's Capital A/c (Commission)
..x 10/100)
lo Rajesh's Capital A/c (Commission)
To Profit share transferred to:
Puneet's Capital A/c
Rajesh's Capital A/c
TimeAllowed: 3 Hours Maximum Marks: 80
General Instructions:
1 This question paper contains 34 questions. Allquestions are compulsory.
) This question paper is divided into two parts, Part Aand B.
3 Part-A is compulsory for all candidates.
4. Part-B hàs two options, i.e., (i) Analysis of FinancialStatements and (ii) Computerised Accounting. Students
must attempt only one of the given options.
s Ouestions 1to 16 and 27 to 30 carry 1 mark each.
6 Questions 17 to20,31and 32 carry 3 marks each.
7. Questions 21, 22 and 33 carry 4 marks each.
g Questions from 23 to 26 and 34 carry 6 marks each.
9. There is no overall choice. However, an internalchoice has been provided in 7 questions of one mark
2questions of three marks, 1question of four marks and 2 questions of six marks.
Part A
(Accounting for Partnership Firms and Companies)
losses in the ratio of 2:1.
1. Shiv andMohan are partners in afirm sharing profits and
are credited
They admitted Ram as a partner for 2/7 share for which8,000 and4,000
profit-sharing ratio
as a premium for goodwillto Shiv and Mohan respectively. New
of Shiv, Mohan and Ram will be
(a) 3: 2: 2. (6) 8: 4: 2.
(d) 4: 1:2. [1]
(c) 10 : 5:6.
Partner is credited to Partner's Loan Account.
2. Assertion (A): Interest on Loan by
to a partner as a lender and not as
Reason (R): Interest on Partner's Loan is a gain
a partner.
which of the following is correct?
In the context of above two statements,
Reason (R) is incorrect.
(a) Assertion (A) is correct but not the
(R) are correct, but Reason (R) is
(b) Both Assertion (A) and Reason
Assertion (A).
correct explanation of
Reason (R) are incorrect.
(c) Both Assertion (A) and
(A) and Reason (R) are correct, and Reason (R) is the correct
(d) Both Assertion [1]
explanation of Assertion (A).
600 shares of ? 10 each issued at a premium of 10% for
3. Tushar Ltd. forfeited of 3 (including premium). Out of these 400
non-payment of first and final call money minimum
Mohan as ? 10paid-up for ? 11 per share. What is the
shares were reissued to time of reissue of the remaining
200 shares?
should collect at the
amount that company (b) 600.
(a) 800. (d) 200.
(c) 400.
Or
,M.2 An Aid toAccountancy-CBSE X)
Star Ltd. had allotted 10.000, 9° %
Debentures of 100 each to the applicants of 14,000,
9% Debentures on prorata basis. Application money payable was 20 per debenture,
Arvind had applied for 420 debentures. The number of debenturesallotted and the excess
application money adjusted against allotment money due from Arvind are
(a) 60 Debentures. 1.200. (b) 320Debentures, 2,000.
(c) 340Debentures, 1,000. (d) 300Debentures, 2,400.
4. X, Yand Zwho presently share profits and losses in the ratio of 5:3:2 decide to share
profitsand losses in the ratio of 2:3:5 with effect from lst April, 2023. An extract of
their Balance Sheet as at 31st March, 2023 is as follows:
Liabilities Assets
Investment Fluctuation Reserve 7,500 Investments (at cost) 1,00,000
At the time of reconstitution, certain amount of loss due to fall in market value of
investments was determined for which Y's share of loss was 750. Market value of
Investments was
(a) 80,000. (6) 85,000.
(c) 90,000. (d) 95,000.
Or
Mohan, a partner in a firm is to receive interest of 5,000 on loan. The Journal entry
for it is:
(a) Dr. Interest on Mohan's Loan Account and Cr. Mohan's Capital Account by
75,000.
(b) Dr. Bank Account and Cr. Mohan's Capital Account by ? 5,000.
(c) Dr. Mohan's Loan Account and Cr. Interest on Mohan's Loan Account by 5,000.
(d) Dr. Interest on Mohan's Loan Account and Cr. Mohan's Loan Account by ? 5,000.
5. On reconstitution of a firm,Deferred Revenue Expenditure in the Balance Sheet is
(a) Debited to Partners' Capital Accounts in Old Profit-sharing Ratio.
(b) Credited to Partners' Capital Accounts in New Profit-sharing Ratio.
(c) Transferred (Debited) to Revaluation Account.
(d) Realised in cash.
6. X Ltd. purchased business of YLtd. for 9,60,000 payable 25% by cheque and
balance by issue of 9% Debentures of 100 each at a discount of 4% redeemable
at apremium of 6%. 9% Debentures Account is credited with
(a) ? 9,60,000. (b) 10,00.000.
(c) ? 7,50,000. (d) 7,20,000.
Or
, ModelTestPapers M.3
Vipin Ltd. took over assets of R3,00,000 and liabilities of? 10,000 of Deepak T
2,70,000 payable by issue of 9% Debentures of ? 100 each at 20% premium. Which
ofthe following statement is correct?
i) Goodwill Account is to be debited with
20,000.
(b) Capital Reserve is to be debited with 20,000.
(c) Goodwill Account is to be credited with 20,000.
id) Capital Reserve is to be credited with 20,000.
7. Assertion (A): Tetra Ltd. is registered with an authorised capital
of 50,000
Equity Shares of 100 each of which 20,000 Equity Shares were issued and
subscribed. All the money had been called-up except 25 per share which was
declared as 'Reserve Capital'. Share capital shown in Balance Sheet as 'Subscribed and
Fully paid-up' will be nil.
Reason (R): Reserve capitalcan be used only at the time of winding up.
In the context of above two statements, which of the following is correct?
(a) Assertion (A) is correct but Reason (R) is incorrect.
but Reason (R) is not the
(b) Both Assertion (A) and Reason (R) are correct,
correct explanation of Assertion (A).
(c) Both Assertion (A) and Reason (R) are incorrect. correct
(R) are correct, and Reason (R) is the
(d) Both Assertion (A) and Reason [1]
explanation of Assertion (A).
2:2: 1. On
and Sohan are partners sharing profits in the ratio of
8. Ram, Mohan 60,000. Ram and Sohan will
respectively
at
retirement of Mohan, goodwill was valued
compensate Mohan with
20,000. (6) 16,000and 8,000.
(a) 24,000 and 20,000. [1]
contribute anything. (d) 40,000 and
(c) They will not 9 and 10
hypothetical situation, Answer Question No.
> Read the following making firm. Their capitals were
5,00,000
partners in a toys
Puneet and Rajesh are allowed Puneet commission of 10% on net profit
respectively. The firm of 10% on net profit
after
and 10,00,000 Rajesh commission
commission and to Appropriation Account for
before charging any Following is the Profit & LOSs
charging all commissions.
March,2023:
the year ended 31st 31stMarch, 2023
Cr.
ACCOUNT fOr the year ended
Dr PROFIT & LOSS APPROPRIATION
Particulars
Particulars 44,000| By Profit &Loss A/c
To Puneet's Capital A/c (Commission)
..x 10/100)
lo Rajesh's Capital A/c (Commission)
To Profit share transferred to:
Puneet's Capital A/c
Rajesh's Capital A/c
