Section –A: I. Choose the correct answer from the choices given: (5×1=5) 1. In order to form partnership there should be at least a) One person b) Two persons c) Seven persons d) Ten person
2. X, Y and Z are partners sharing profits and losses in the ratio of 3:2:1. If Y retires, the new profit sharing ratio of X and Z will be: a) 3:1 b) 3:2 c) 2:1 d) 1:2
3. Mahendra Ltd. forfeited 4,000 equity shares of ₹10 each issued at a premium of ₹ 2 per share, for non-payment of first and final call of ₹4 per share. On forfeiture, ‘Share forfeiture Account’ will be credited by: a) ₹ 16,000 b) ₹ 24,000 c) ₹ 30,000 d) ₹ 40,000
4. Current Assets does not include: a) Short term investments b) Buildings c) Inventories d) Cash and cash equivalents
5. ABC Co. extends credit terms of 45 days to its customer. Its credit collection would be considered poor, if its average collection period was_______days. a) 30 days b) 36 days c) 47 days d) 37 days
II. Fill in the blanks by choosing the appropriate answers from those given in the brackets: (5×1=5) (short term, creditors, debited, vertical, old partners’ capital, credited) 6. At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to_________ account. 7. If a partner takes over an asset, such partner’s capital account is________-. 8. Debenture holders are the _____________ of the Company. 9. Common Size Statement is also known as _________ analysis. 10. Liquidity ratios are calculated to measure the ____________solvency of the business.
III. Match the following (5×1=05): 11. A B a) Partnership Deed i) Investing activity b) Gain ratio ii) 2013 c) Dissolution of partnership firm iii) Written agreement d) Companies Act iv) Retirement of a partner e) Purchase of fixed asset v) Closing down the business of the firm vi) Admission of a partner
IV. Answer the following questions in one word or one sentence each: (5×1=5) 12. State any one method of valuation of goodwill. 13.Debentures can be converted into shares. (State True/False) 14. Give an example for non-current asset. 15. State any one importance of Financial statement analysis. 16. Expand ICAI.
Part-B: V. Answer any three questions. Each question carries 2 marks:(3×2=06) 17. Define partnership. 18. Mention any two circumstances for retirement of a partner. 19. What is minimum subscription? 20. Give the meaning of financial statements. 21. Write any two objectives of preparing cash flow statement.
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