MODEL PAPER 2014
ACCOUNTS
(Three hours)
(Candidates are allowed additional 15 minutes for only reading the paper.
They must NOT start writing during this time.)
---------------------------------------------------------------------------------------------------------------Section A - Answer Question 1 (compulsory) from Part I and any other four questions from Part II.
Section B and Section C – Answer two questions from either section B or Section C.
The intended marks for questions or parts of questions are given in brackets [ ].
Transactions should be recorded in the answer book.
All calculations should be shown clearly.
All working, including rough work, should be done on the same sheet as, and adjacent to, the rest of the answer.
---------------------------------------------------------------------------------------------------------------
SECTION A
PART I (20 Marks)
Answer all questions.
Question 1
[10 × 2]
Answer each of the following questions briefly:
(i)
(ii)
Define joint venture.
State the provisions of the Partnership Act, 1932, in the absence of a Partnership
Deed regarding (a) Interest on Partner’s Drawing (b) Interest on advances made by a partner to the firm other than capital.
(iii) State the complete accounting treatment of hidden goodwill at the time of admission of a partner.
(iv) Why are assets revalued and liabilities reassessed when there is a change in profit sharing ratio amongst the partners?
(v)
State two differences between dissolution of partnership and dissolution of firm.
(vi) Why is a memorandum balance sheet prepared at the time of dissolution of a partnership firm?
(vii) State two similarities between calls in arrear account and calls in advance account. (viii) What is the accounting treatment when shares are issued to promoters for consideration other than cash?
(ix) Differentiate between Joint Venture account and JV with …… account.
(x)
Mention the name and explain the part of capital of a company which
(Three hours)
(Candidates are allowed additional 15 minutes for only reading the paper.
They must NOT start writing during this time.)
---------------------------------------------------------------------------------------------------------------Section A - Answer Question 1 (compulsory) from Part I and any other four questions from Part II.
Section B and Section C – Answer two questions from either section B or Section C.
The intended marks for questions or parts of questions are given in brackets [ ].
Transactions should be recorded in the answer book.
All calculations should be shown clearly.
All working, including rough work, should be done on the same sheet as, and adjacent to, the rest of the answer.
---------------------------------------------------------------------------------------------------------------
SECTION A
PART I (20 Marks)
Answer all questions.
Question 1
[10 × 2]
Answer each of the following questions briefly:
(i)
(ii)
Define joint venture.
State the provisions of the Partnership Act, 1932, in the absence of a Partnership
Deed regarding (a) Interest on Partner’s Drawing (b) Interest on advances made by a partner to the firm other than capital.
(iii) State the complete accounting treatment of hidden goodwill at the time of admission of a partner.
(iv) Why are assets revalued and liabilities reassessed when there is a change in profit sharing ratio amongst the partners?
(v)
State two differences between dissolution of partnership and dissolution of firm.
(vi) Why is a memorandum balance sheet prepared at the time of dissolution of a partnership firm?
(vii) State two similarities between calls in arrear account and calls in advance account. (viii) What is the accounting treatment when shares are issued to promoters for consideration other than cash?
(ix) Differentiate between Joint Venture account and JV with …… account.
(x)
Mention the name and explain the part of capital of a company which