ACCOUNTS

SECTION A

PART I (12 Marks)
Answer all questions.

Question 1 [6×2]
(i) Name the Head and Sub Head under which “Premium on Redemption of Debentures Account” is shown in the Balance Sheet of a company prepared as per Schedule III of the Companies Act, 2013.
(ii) Give any one difference between General Reserve and Reserve Fund.
(iii) When is the balance of Debenture Redemption Reserve transferred to General Reserve?
(iv) Give any two differences between Firm’s Debts and Private Debts of the partners.
(v) State the two conditions which must be fulfilled to re-issue the forfeited shares.
(vi) Raj and Shyam are partners in a firm having no partnership deed. Raj has advanced `10,000 as loan to the firm. He claims interest at the usual rate of interest of 12% p.a. as charged by the banks to which Shyam does not agree. State giving reason, which of the two is correct in this case.

PART II
Answer any four questions.

Question 2
Vimal, Sanjay and Rusha are partners in a firm sharing profits and losses in proportion to their capital. Their Balance Sheet as at 31st March, 2017, is given below:

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