K and P were partners in a firm sharing profits in 4 : 3 ratio.  Their capitals on 1.4.2009 were : K Rs. 80,000 and P Rs. 60,000.  The partnership deed provided as follows :
(i) Interest on capital and drawing will be allowed and charged @ 12% p.a. and 10% p.a. respectively.
(ii) K and P will be entitled to get monthly salary of Rs. 2,00 and Rs 3,000 respectively.
The profits for the year ended 31.3.2010 were Rs.  1,00,300.  The drawings of K and P were Rs. 40,000 and Rs. 50,000 respectively. Interest on K's drawings was Rs. 2,000 and on P's drawings Rs. 2,500.
Prepare Profit and Loss Appropriation Account of K and P for the year ended 31.3.2010 assuming that the capitals of the partners were fluctuating.

3

(a)

An accountant of a firm, Which maintains partner's capital account under fixed capital method has credited salary and interest on capital to capital account. Is the treatment correct?

3

(a)

List the items that may appear on the debit side and credit siode of a partner's fluctuating capital account.

3

(a)

E and F were partners in a firm sharing profits in the ratio of 3:1. They admitted G as a new partner on 1.3.2005 for 1/3 share. It was decided that E,  and G will share future profits equally. G brought Rs.50,000 in cash and machinery worth Rs.70,000 for his share of profit as premium for goodwill. Showing your calculations clearly, pass necessary journal entries in the books of the firm.

3

(a)

State the need for treatment of goodwill on change in profit sharing ratio

3

(a)

What will be the accounting treatment of undistributed profits such as general reserve, credit balance of profit and loss account at the time of dissolution of firm?

3

(a)

What is the maximum rate of interest which the Board of Directors of a company can change on 'calls-in-arrears' if the articles are silent on the matter of such interest?

3

(a)

Radha Ltd. purchased assets of Mukund Ltd. as under:
Plant and Machinery of Rs.1,00,000 at Rs.80,000; Land and Building of Rs.5,00,000 at Rs.7,20,000 for purchase the consideration of rs.7,50,000 and paid Rs.1,50,000 in cash, remaining by issue of 10% debentures of 10% each at premium of 20%. record necessary entries in the books of radha Ltd.

3

(a)

State in brief, the SEBI Guidelines regarding Debenture Redemption Reserve

3

(a)

Name the sub-heads under the head 'Non-Current assets' in the Balance Sheet under Schedule-III of the companies Act.,2013

3

(a)

What is the main objective of preparing comparative balance sheet?

3

(a)

Umesh Ltd.'s Debt Equity Ratio is 2:1. State with reason whether this will increase, decrease or there will be no change in it due to the following transactions:
(i) A trade payable of Rs.5,000 was paid
(ii) Issued equity shares of Rs. 2,00,000.
(iii) Issued 9% Debentures of Rs.1,000.

3

(a)

Calculate inventory turnover ratio. Revenue from operations Rs.8,00,000, average inventory Rs.1,10,000 and gross loss on sales is 10%.

3

(a)

What do you mean by cash equivalent?

3

(a)

State the meaning of Income and Expenditure Account.

3

(a)