(a) State with reasons, whether the following statements are True or False. (i) In case of...

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(a) State with reasons, whether the following statements are True or False. (i) In case of admission of a new partner in a partnership firm, the profit/loss on revaluation account is transferred to all partners in their new profit sharing ratio. (ii) In the balance sheet of X Limited, preliminary expenses amounting to 5 lakhs and securities premium account of 35 lakhs are appearing: The accountant can use the balance in securities premium account to write off preliminary expenses. (iii) Insurance claim received on account of plant and machinery completely damaged by fire is a capital receipt. (iv) Purchase of office furniture & fixtures of 2,500 has been debited to General Expense Account. It is an error of omission. (v) A Limited is sending goods costing 50,000 to B Limited on consignment basis. The accountant of A Limited is of the opinion that these goods should be sent under a sale invoice. (vi) A concern proposes to discontinue its business from December 2020 and decides to dispose off all its plants within a period of 3 months. The Balance Sheet as on 31st December, 2020 should continue to indicate the plants at its historical costs as the assets will be disposed off after the Balance Sheet date. (6 x 2 =12 Marks) (b) What services can a Chartered Accountant provide to the society? (4 Marks) (c) The following are some of the transactions of M/s. Kamal & Sons for the year ended 31st March, 2020. You are required to make out their Sales Book. (i) Sold to M/s. Ashok & Mukesh on Credit : 40 Shirts @ 900 per shirt 30 trousers @ 1,000 per trouser Less: Trade discount @ 10% (ii) Sold furniture to M/s. XYZ & Co. on credit 8,000 (i) Sold 15 shirts to Aman @ 750 each for cash. (a) State with reasons, whether the following statements are True or False. (i) In case of admission of a new partner in a partnership firm, the profit/loss on revaluation account is transferred to all partners in their new profit sharing ratio. (ii) In the balance sheet of X Limited, preliminary expenses amounting to 5 lakhs and securities premium account of 35 lakhs are appearing: The accountant can use the balance in securities premium account to write off preliminary expenses. (iii) Insurance claim received on account of plant and machinery completely damaged by fire is a capital receipt. (iv) Purchase of office furniture & fixtures of 2,500 has been debited to General Expense Account. It is an error of omission. (v) A Limited is sending goods costing 50,000 to B Limited on consignment basis. The accountant of A Limited is of the opinion that these goods should be sent under a sale invoice. (vi) A concern proposes to discontinue its business from December 2020 and decides to dispose off all its plants within a period of 3 months. The Balance Sheet as on 31st December, 2020 should continue to indicate the plants at its historical costs as the assets will be disposed off after the Balance Sheet date. (6 x 2 =12 Marks) (b) What services can a Chartered Accountant provide to the society? (4 Marks) (c) The following are some of the transactions of M/s. Kamal & Sons for the year ended 31st March, 2020. You are required to make out their Sales Book. (i) Sold to M/s. Ashok & Mukesh on Credit : 40 Shirts @ 900 per shirt 30 trousers @ 1,000 per trouser Less: Trade discount @ 10% (ii) Sold furniture to M/s. XYZ & Co. on credit 8,000 (i) Sold 15 shirts to Aman @ 750 each for cash.

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