Podcast
Questions and Answers
What was the total amount transferred to the Partners' Capital Accounts?
What was the total amount transferred to the Partners' Capital Accounts?
How much was Trisha's share of Goodwill?
How much was Trisha's share of Goodwill?
What was the total amount debited to Trisha's Executors Account?
What was the total amount debited to Trisha's Executors Account?
What amount was credited to Anisha's Capital Account from Trisha's Capital Account?
What amount was credited to Anisha's Capital Account from Trisha's Capital Account?
Signup and view all the answers
What was the amount set aside for the Profit and Loss Suspense Account in Trisha's Capital A/c?
What was the amount set aside for the Profit and Loss Suspense Account in Trisha's Capital A/c?
Signup and view all the answers
What was the amount credited to the Debenture Application & Allotment A/c?
What was the amount credited to the Debenture Application & Allotment A/c?
Signup and view all the answers
What was the discount/loss on the issue of debentures?
What was the discount/loss on the issue of debentures?
Signup and view all the answers
What amount was debited to the Sundry Assets A/c on April 1, 2022?
What amount was debited to the Sundry Assets A/c on April 1, 2022?
Signup and view all the answers
How was the remaining purchase consideration settled after issuing debentures?
How was the remaining purchase consideration settled after issuing debentures?
Signup and view all the answers
What was the total amount credited to the Secured Premium A/c?
What was the total amount credited to the Secured Premium A/c?
Signup and view all the answers
What amount was recorded in the share capital account for the forfeited shares?
What amount was recorded in the share capital account for the forfeited shares?
Signup and view all the answers
Which account is credited when shares are forfeited due to non-payment?
Which account is credited when shares are forfeited due to non-payment?
Signup and view all the answers
How much was the discount/loss recorded on the issue of debentures?
How much was the discount/loss recorded on the issue of debentures?
Signup and view all the answers
What was the total application money received on the 10,000 debentures?
What was the total application money received on the 10,000 debentures?
Signup and view all the answers
What was the amount debited to the Share Forfeiture A/c upon reissue of shares?
What was the amount debited to the Share Forfeiture A/c upon reissue of shares?
Signup and view all the answers
What is the total amount received from the application money for shares?
What is the total amount received from the application money for shares?
Signup and view all the answers
How much was transferred from the Equity Share Application A/c to the Equity Share Capital A/c?
How much was transferred from the Equity Share Application A/c to the Equity Share Capital A/c?
Signup and view all the answers
What is the amount due for the allotment on 2,40,000 shares according to the Equity Share Allotment A/c?
What is the amount due for the allotment on 2,40,000 shares according to the Equity Share Allotment A/c?
Signup and view all the answers
What was the total amount recorded for Calls in Arrears A/c during the various transactions?
What was the total amount recorded for Calls in Arrears A/c during the various transactions?
Signup and view all the answers
What amount was received in the Bank A/c for the first and final call except on 6,000 shares?
What amount was received in the Bank A/c for the first and final call except on 6,000 shares?
Signup and view all the answers
What is the amount credited as interest on drawings for Raman?
What is the amount credited as interest on drawings for Raman?
Signup and view all the answers
How is the loss distributed among Raman, Manan, and Naman?
How is the loss distributed among Raman, Manan, and Naman?
Signup and view all the answers
What is Kanak's share of profit calculated for the first six months?
What is Kanak's share of profit calculated for the first six months?
Signup and view all the answers
What is Vaibhav's new capital after adjustment?
What is Vaibhav's new capital after adjustment?
Signup and view all the answers
What is the total capital of the new firm formed by Sunny, Vaibhav, and Mita?
What is the total capital of the new firm formed by Sunny, Vaibhav, and Mita?
Signup and view all the answers
In the Realisation A/c, what is the amount debited to the Land & Building A/c?
In the Realisation A/c, what is the amount debited to the Land & Building A/c?
Signup and view all the answers
What entry is made to acknowledge the amount withdrawn by Vaibhav for capital adjustment?
What entry is made to acknowledge the amount withdrawn by Vaibhav for capital adjustment?
Signup and view all the answers
Which account receives the credit for Kanak's share of profit in the journal entry?
Which account receives the credit for Kanak's share of profit in the journal entry?
Signup and view all the answers
What amount was recorded as application money on 1,40,000 shares?
What amount was recorded as application money on 1,40,000 shares?
Signup and view all the answers
What was transferred to the Share Capital A/c from the Equity Share Application A/c?
What was transferred to the Share Capital A/c from the Equity Share Application A/c?
Signup and view all the answers
What is the total amount due for share allotment including the premium?
What is the total amount due for share allotment including the premium?
Signup and view all the answers
How much was received through Calls-in-Arrears A/c?
How much was received through Calls-in-Arrears A/c?
Signup and view all the answers
What amount was advanced to the Share Forfeiture A/c due to forfeited shares?
What amount was advanced to the Share Forfeiture A/c due to forfeited shares?
Signup and view all the answers
What entry was made for the reissue of forfeited shares?
What entry was made for the reissue of forfeited shares?
Signup and view all the answers
What was the total amount transferred to Capital Reserve A/c from the Share Forfeiture A/c?
What was the total amount transferred to Capital Reserve A/c from the Share Forfeiture A/c?
Signup and view all the answers
What is the total application money allocated to the Equity Share Capital A/c?
What is the total application money allocated to the Equity Share Capital A/c?
Signup and view all the answers
Study Notes
Marking Scheme for Accountancy
- Senior School Certificate Examination, 2023
- Paper Code: 673/21
- Accounting for Partnership Firms and Companies
- Part A
Question 1
- (i) Share of ₹10 issued at a premium: ₹6 (Choice)
- (ii) Share of ₹100 with ₹70 as paid up: ₹30 (Choice)
Question 2
- Assertion(A): Interest on partner's loan is debited.
- Reason(R): To account for the interest on the loan.
- Both Assertion(A) and Reason(R) are correct.
Question 3
- Gopal, Krishna, and Govind are partners.
- Ratio: 2:1:1
Question 4
- (i) Keshav and Karan were partners: ₹3,00,000
- (ii) Partnership firm of A & B had a capital of ₹3,00,000 and had no beginning capital: Nil
Question 5
- (i) Basis of a partnership firm: Agreement
- (ii) Time of change in profit: Old profit-sharing ratio
Question 6
- (i) Sunbeam Ltd. issued 20,000, 11% debentures: ₹1,00,000
- (ii) Nargis Ltd. purchased assets of ₹28,00,000: ₹5000
Question 7
- (i) Mehak and Ravish were partners: Mrs. Ravish's loan
- (ii) Surbhi and Leena were partners: 1/10
Other Questions (Page 2 onwards)
- The remaining questions cover various accounting topics, such as issue of debentures, forfeiture of shares, calculation of partner's share of profit, and journal entries, in a similar question-and-answer format. Detailed answers are provided for each question.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This quiz focuses on the marking scheme for the Senior School Certificate Examination 2023 in Accountancy, specifically covering partnership firms and companies. It includes various questions concerning shares, interest on loans, profit-sharing ratios, and partnership agreements.
