(i) Under the Fixed Capital method, current year transactions are recorded in the Partner’s ________________ Account.

(ii) The evaluation of assets and liabilities at the admission of a partner is done through a ________________ Account.

(iii) The amount due to a deceased partner is paid to his legally appointed ________________.

(iv) On dissolution, unrecorded assets when realized are credited directly to the ________________ Account.

(v) That part of authorized capital which is offered to the general public for subscription is called ________________ Capital.

(vi) Minimum application money on shares must be ________________ % of the nominal value according to SEBI guidelines.

(i) A partnership firm can have a maximum of 50 partners under the current Companies Act rules.

(ii) Goodwill is a fictitious asset that does not possess any real financial value.

(iii) At the retirement of a partner, the remaining partners always gain in their old profit-sharing proportions.

(iv) Dissolution of partnership and dissolution of a partnership firm mean the exact same legal termination.

(v) Shares can be issued by a public company at a discount to the general public under section 53.

(vi) Forfeited shares cannot be re-issued at a price lower than their original face value.

(i) Name the statement prepared to distribute profits among partners after adjusting interest and salaries.

(ii) State the formula for calculating ‘Super Profit’ in goodwill valuation.
(iii) What account is opened to record a partner’s share of profit from the date of the last balance sheet up to the date of his death?
(iv) Where is the balance of the Realisation Account transferred after settling all elements?
(v) What is the maximum limit of Securities Premium a company can charge on its shares?
(vi) What is meant by ‘Calls-in-Arrears’?
(vii) To which account is the net balance of the Share Forfeiture Account transferred after re-issue?

Short Answer Type-I Questions (Q6 to Q12, carrying 2 marks each)

Q6. State any two essential characteristics of a Partnership.
OR
Differentiate between Fixed Capital Account and Fluctuating Capital Account (Any two points).

Q7. Distinguish between Sacrificing Ratio and Gaining Ratio on any two grounds.
OR
What is meant by Revaluation Account? Why is it prepared?

Q8. State any two rights that a newly admitted partner acquires in a partnership firm.
OR
A and B are partners sharing profits in the ratio of 3:2. C is admitted for 1/5th share. Calculate the new profit-sharing ratio.

Q9. Mention any two conditions under which a partner can voluntarily retire from a firm.
OR
How is a deceased partner’s share of profit up to the date of death calculated under the Time Basis method?

Q10. Differentiate between Dissolution of Partnership and Dissolution of a Partnership Firm (Any two points).
OR
State the order of settlement of accounts on the dissolution of a firm as per Section 48 of the Indian Partnership Act.

Q11. Define a Public Limited Company and state its minimum number of members.
OR
Explain the meaning of Authorized Capital and Issued Capital.

Q12. What is meant by Forfeiture of Shares? Give its core statutory meaning.
OR
Differentiate between Equity Shares and Preference Shares (Any two points).

Q13. Explain any three methods of valuing Goodwill of a partnership firm.
OR
X, Y and Z are partners sharing profits in the ratio of 5:3:2. Y retires and his share is taken up entirely by X. Calculate the new profit-sharing ratio and gaining ratio.

Q14. What entries are passed on dissolution for:
(a) Sale of an unrecorded asset.
(b) Payment of realization expenses by a partner on behalf of the firm.
OR
Differentiate between Realisation Account and Revaluation Account based on three parameters.

Q15. Explain the meaning and accounting treatment of ‘Oversubscription’ and ‘Pro-rata allotment’ of shares.
OR
Define ‘Capital Reserve’ and state how it differs from ‘Reserve Capital’.

Short Answer Type-II Questions (Q16 to Q19, carrying 3 marks each)

Q16. Ram and Shyam are partners with capitals of Rs. 1,000,000 and Rs. 600,000 respectively. Interest on capital is allowed @ 6% p.a. Shyam is entitled to a salary of Rs. 3,000 per month. Net profit for the year was Rs. 160,000. Prepare a Profit and Loss Appropriation Account.
OR
Explain the concept of ‘Past Adjustments’ and ‘Guarantee of Profit’ to a partner with hypothetical examples.

Q17. Pass the necessary Journal Entries for the admission of Z into the partnership firm of X and Y for 1/4th share:
(a) Z brings Rs. 200,000 as his capital.
(b) Z brings Rs. 60,000 out of his share of Rs. 80,000 for premium for goodwill.
OR
What adjustments are required in books of accounts at the time of the retirement of a partner? List any three adjustments.

Q18. State how unrecorded liabilities, partners’ loans, and accumulated reserves are dealt with on the dissolution of a partnership firm.
OR
Pass the necessary entries on dissolution if a machine with a book value of Rs. 80,000 is taken over by partner A at Rs. 70,000, and creditors of Rs. 30,000 are settled at a discount of 10%.

Q19. XYZ Limited issued 20,000 Equity Shares of Rs. 10 प्रत्येक at a premium of Rs. 2 per share payable as: Rs. 3 on Application, Rs. 5 on Allotment (including premium), and the balance on First & Final Call. All shares were subscribed and amounts duly received. Pass Journal Entries for Application and Allotment.
OR
Explain the purpose and legal limits of utilizing the balance of the ‘Securities Premium Account’ under Section 52(2) of the Companies Act, 2013.

Long Answer Questions (Q20 to Q23, carrying 4 marks each)

Q20. Alpha and Beta are partners sharing profits in 3:2. They admit Gamma into partnership for 1/5th share. Gamma brings Rs. 300,000 as capital but is unable to bring any cash for his share of goodwill valued at Rs. 100,000 for the firm. Pass necessary journal entries and calculate the new profit-sharing ratio.
OR
At the retirement of partner M from the firm of L, M, and N, the revaluation of assets shows: Land and Buildings appreciated by Rs. 50,000, Plant and Machinery depreciated by Rs. 15,000, and a provision for doubtful debts created @ 5% on debtors of Rs. 60,000. Prepare the Revaluation Account.

Q21. Balance Sheet of a firm shows: Debtors Rs. 40,000, Stock Rs. 50,000, Machinery Rs. 100,000, and Creditors Rs. 30,000. On dissolution, assets realized: Debtors Rs. 38,000, Stock Rs. 45,000, and Machinery at 10% less than book value. Creditors were paid in full. Realisation expenses were Rs. 5,000. Prepare the Realisation Account.
OR
Explain the rules regarding the settlement of private debts versus firm’s debts on the dissolution of a partnership firm according to Section 49.

Q22. ABC Limited forfeited 500 Equity Shares of Rs. 10 each, fully called up, held by Ram for non-payment of allotment money of Rs. 3 per share and first & final call money of Rs. 4 per share. Out of these, 300 shares were re-issued to Shyam as fully paid up for Rs. 8 per share. Pass necessary Journal Entries for forfeiture and re-issue.
OR
What is meant by ‘Issue of Shares for Consideration Other than Cash’? Explain its accounting treatment when assets are purchased from a vendor and settled by issuing shares at par and at premium.

Q23. Detail the complete chronological step-by-step layout of ledger accounts that are opened and closed sequentially to settle the books of a partnership firm at the time of its final dissolution.
OR
Define ‘Under-subscription’ of shares. If a company issues 50,000 shares but applications are received for only 42,000 shares, explain how the accounting entries are affected and state the minimum subscription rule.

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