Question : Show how will you deal with the following items in the final accounts of a club :Rs.

Sports Fund 15,000

Sports Fund Investments 30,000

Income from Sports Fund Investments 1500

Donations for Sports Fund 12,000

Sports Prizes awarded 7,000

Expenses on Sports events 4,000

Option 1: Liability side: Sports Fund Rs. 17,500; Assets side: Sports Fund Investments Rs. 30,000

Option 2: Liability side: Sports Fund Rs. 14,500; Assets side: Sports Fund Investments Rs. 30,000

Option 3: Liability side: Sports Fund Rs. 20,500; Assets side: Sports Fund Investments Rs. 30,000

Option 4: None of the above

Question : Information:

Capital accounts of partners N and V = Rs  5,00,000 each. Balance in the current account of N and V Rs 50,000 and Rs 40,000 respectively. Bank loan = Rs 10,00,000. Goodwill Rs 50,000 investment Rs 25,000. Advertisement suspense = Rs 15,000. Based on the above information, capital employed for the purpose of valuation of goodwill will be:

Option 1: Rs 10,90,000

Option 2: Rs 10,75,000

Option 3: Rs 10,00,000

Option 4: Rs 10,40,000

Question : Hari, Mohan and Sohna were partners sharing profit and losses in the ratio of 2:2:1. They decided to share future profit in the ratio of 7:5:3 with effect from 1st April 2021. Their balance sheet as on that date showed a balance of Rs 45,000 in an advertisement suspense account. The amount to be debited respectively to the capital accounts of Hari, Mohan and Sohna for writing off the amount of advertisement suspense account will be.

Option 1: Rs 18,000, Rs 18,000 and Rs 9,000

Option 2: Rs 15,000, Rs 15,000 and Rs 15,000

Option 3: Rs 21,000, Rs 15,000 and Rs 9,000

Option 4: Rs 22,500 and Rs 22,500 and Nil.

Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 1,40,000. Claim for workmen compensation Rs. 1,10,000.

Option 1: Rs. 1,40,000 Debited to the Partner's Capital Accounts. 

Option 2: Rs. 1,10,000 Debited to Revaluation Account.

Option 3: Rs. 30,000 Credited to the Partner's Capital Accounts.

Option 4: Rs. 30,000 to Debited Revaluation Account.

Question : Chain and Harsha were partners in a firm sharing profits in the ratio of 3: 2. On 1-4-2014 their Balance Sheet was as follows :

On the above date Vaishali was admitted for 1/4 th share in the profits of the firm on the following terms :
(a) Vaishali will bring Rs.20,000 for her capital and Rs.4,000 for her share of goodwill premium.
(b) All debtors were considered good.
(c) The market value of investments was Rs. 15,000.
(d) There was a liability of Rs.6,000 for workmen compensation.
(e) Capital accounts of Charu and Harsha are to be adjusted on the basis of Vaishali's capital by opening current accounts.
Question:
Amount distributed among the old partners capital account in Respect of Investment fluctuating fund.

Option 1: debiting charu's capital account with Rs 36,00 and harsha with Rs 2,400

Option 2: crediting Charu's Capital account with Rs 3,600 and Harsh with Rs 2,400

Option 3: crediting Charu's capital account with Rs 6,600 and Harsh's with Rs 4,400

Option 4: None of these