HIGH SECONDARYQUESTIONS PAPER 2012-20
2012
SUB-ACCOUNTACY
FULL MARKS: 100
PASS: 30
TIME:3 HOURS
Q.1. (A) Fill in the blanks with
appropriate word:- 1x4=4
i.
Income
and expenditure accounts records transaction of Revenue nature.
ii.
On admission,
unrecorded assets brought into accounts are credited to Revaluation accounts.
iii.
A company can
issue shares at a discount only if at least One year has elapsed since the company became entitled to
commence the business.
iv.
If a partner
takes over an asset, such partner’s capital accounts is Debited.
(B) Chose the
correct alternatives:- 1x2= 2
i.
Subscription
received in advance is treated as:
(a)
An
income (b) An asset (c) A liability (d) Capital
ii.
Profit
on revaluation of assets and liabilities is shared by the old partners in:
(a)
Sacrificing ratio
(b) New ratio (c) Old ratio (d) Gaining
ratio
(C) State whether the following statements are true or false: 1x2= 2
i.
Dissolution
of firm and dissolution of partnership are two legal concepts. True
ii.
Discount on
reissue of forfeited shares cannot exceed the amount received on forfeited
shares. True
Q.2. Give the adjustment entry
required for recording interest on capital when capital account is maintained
under fixed capital method. (2)
Q.3. What is meant by “Gaining ratio”
on retirement of a partners? (2)
Q.4. What is meant by “Loss on issue
of debenture”? (2)
Q.5. What are the types of Financial
statements analysis? (2)
Q.6. What do you mean by ratio
analysis? (2)
Q.7. Mention three features of
Receipts and payment accounts? (3)
Q.8. Mention three situations when
valuation of goodwill becomes necessary?
(3)
Q.9. Write three points of distinction
between shares and debentures? (3)
Q.10. Give three characteristics of
an ideal financial statement? (3)
Q.11. Give three objectives of ratio
analysis? (3)
Q.12. From the following information,
ascertain the amount of subscription to be credited to the income and
expenditure account for the year 2012.
(5)
i.
Subscription
received during the year Rs.11750 (including Rs. 1000 for 2011 and Rs 500 for
2013)
ii.
Subscription
received in 2011 for 2012 Rs. 700.
iii.
Subscription
outstanding on 31st December 2012 Rs. 900.
OR
Q.
Give points of Distinctions existing between Receipts and payment accounts and
income and Expenditure account. (5)
Q.13.
A and B are partners sharing profits in the ratio of 5:4. They admit C in the
firm for 1/4th share of profit. C takes 3/16th from B. C
brings in Rs. 25000 as capital and Rs. 8000 as premium for goodwill. The
partner’s withdraw 40% of their respective share of premium. Pass necessary
journal entries on C’s admission.
(5)
OR
Q.
What is super profit? What are the steps to be followed for valuation of
goodwill under super profit method?
Q.14.
Can a company issue shares at a premium? If so, state the purpose for which the
share premium account can be utilised?
(5)
OR
Q.
Distinguish between equity share and preference shares giving five points of
difference?
Q.15.
Show by means of journal entries how you will record the following issue: (5)
(a)
A. Ltd. Issues 6000, 10% debenture of Rs. 100 each at a discount of 5%,
redeemable at the end of 5 year at par.
(b)
B. Ltd. Issue 7000, 11% debenture of Rs 100 each at par, redeemable at the end
of 5 year at a premium of 5%.
(c)
X. Ltd. Issue 8000, 12% debenture of Rs 100 each at a discount of 5%,
redeemable at the end of 5 year at premium of 5%.
OR
Q.
What is meant by redemption of debenture? State any three method of redemption
of debenture.(2+3=5)
Q.16.
Name the major heading under which the liabilities side of a company’s balance
sheet is organised and presented? (5)
OR
Q
Discuss any five limitation of financial statements?
Q.17.
Prepare a comparative income statements of Sunny Ltd. with the help of the
following information. (5)
|
Particulars |
2011 |
2012 |
|
Sales Cost of Goods sold Administrative expenses Income tax |
6,00,000 40% of sales 20% of gross profit 50% |
8,00,000 50% of sales 15% of Gross profit 50% |
OR
What do you understand by financial
statement analysis? Discuss its importance to management. (Any four
points). (1+4=5)
Q.18. Ascertain Cash flows from
operating activities under the direct methods from the following data related
to the accounting year 2010-11 (5)
Total sales: 44,000 (cash Rs 4,000,
credit Rs 40000)
Cash received from customers: 35,000
Closing Account receivable: 8000
Cash paid to suppliers: 42,000
Cash paid to employees: 7000
Furniture purchased from (m/s.
decorators on credit): 9,000
Income tax paid: 3000
Donation paid: 1000
Office expenses, total Rs 6000,
paid: 3000
OR
Q. What is cash flow statement?
Briefly explain any four objectives of preparing a cash flow statement.(1+4=5)
Q.19. Choudhary and Barua are
partners in a firm sharing profit and losses in the ratio 50:50 respectively.
The trial balance of the firm as on 31st march, 2011 was as
follows: (8)
Trial Balance
|
Particulars |
Amount |
Particulars |
Amount |
|
Machinery Furniture Building Debtors General expenses Insurance Salaries Bad debts Cash in hand Stationery 10% investment Drawing: Choudhury
9,000 Barua 12,000 Closing stock |
51,000 4,500 45,000 31,500 460 800 8,400 450 510 900 15,000 21,000 21,000 |
Capital: Chouhdury
40,000 Barua 40,000 Creditors Bank overdraft Provision for doubtful debt Wages outstanding Trading account (Gross profit) |
80,000 32,500 12,000 1,800 150 74070 |
|
2,00,520 |
2,00,520 |
Prepare profit and loss account,
profit and loss Appropriation account for the year ended 31st march,
2011 and a balance sheet as at that date after taking into consideration the
following.
a.
Outstanding
Expenses- Salaries Rs 300, interest on bank overdraft Rs 225.
b.
Machine
worth Rs 15,000 purchased on 1st October, 2010.
c.
Provide
depreciation on machinery and furniture @10% p.a. and on building @ 2 ½ % p.a.
d.
Interest
on capital to be allowed @ 10% p.a.
e.
Prepaid
insurance Rs 150
f.
Partners are entitled to salary of Rs 1,000
per annum each.
Q.20.
Ashok publications Ltd. issue 3000 shares of Rs 10 each, payable as
follow: (8)
On Application Rs 2
On Allotment Rs 3
On first call Rs 2 and the balance
when required
3200
shares were applied for, application for 3000 was accepted by the directors and
the balance application was rejected and money returned. Allotment money was
duly received and first call was received on 2959 shares. Pass journal entries
in the books of the company for the above transaction.
OR
Q.
What do you mean by ‘forfeiture of share’? Discuss the procedure of forfeiture
of share and re-issue of such share.
Q.21.
Kumar and Gaurav are partners sharing profit and losses as three-fourth and
one-fourth. They agreed to dissolve their firm. On the date of dissolution,
they have following Balance sheet: (8)
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital
Account: Kumar 40,000 Gaurav 35,000 Creditors Loan
from Mrs. Gaurav |
75,000 16,000 13,000 |
Land
and building Plant
and Machinery Sundry
Debtors 22,000 Less:
reserve 2,000 Bill
receivable Cash
in hand |
50,000 18,000 20,000 7,500 8,500 |
|
1,04,000 |
1,04,000 |
The
Assets Realised as follows:
i.
Land and Building
Rs 48,000
ii.
Sundry Debtors Rs
18,000
iii.
Goodwill Rs.
16,500
Kumar
took over plant and machinery at 5% more than the book value. Gaurav agreed to
discharged his wife’s loan. Creditors are paid Rs. 12,000 in full settlement of
their claim and expenses on realisation amounted to Rs. 700. You are required
to show Realisation Account, Cash account and Capital of the partners on dissolution.
OR
Q.
What do you mean by Dissolution of a firm? Mention Difference between
dissolution of a firm and partnership.
Q.22.
X, y and Z were partners in firm sharing profit in 5:3:2 ratio. On 31st
march, 2011 Z retired from the firm. On the date of Z’s retirement, the Balance
sheet of the firm was as follows:
(8)
Balance
sheet of X, Y, Z as at 31st march 2011
|
Liabilities |
Amount |
Assets |
Amount |
|
Creditors Bill
payable Outstanding
rent Provision
for legal claims Capital: X-
1,27,000 Y-
90,000 Z-71,000 |
27,000 13,000 22,500 57,500 2,88,000 |
Bank
Debtor 20,000 Less:
Reserve 500 Stock Furniture Land
and Building |
80,000 19500 21000 87,500 2,00,000 |
|
4,08,000 |
4,08,000 |
On Z’s retirement it was agreed that;
(a)
Land and building
will be appreciated by 5% and furniture will be depreciated by 20%.
(b)
Provision for
doubtful debts will be made at 5% on debtor and provision for legal claim will
be made at Rs. 60,000.
(c)
Good will of the
firm was valued at Rs 60,000
(d)
Rs. 70,000 from
Z’s Capital Account will be transferred to his loan account and the balance
will be paid to him by cheque.
Prepare Revolution Account, partners capital accounts
and balance sheet of X and Y after Z’s retirement.
OR
Explain the term “Reconstitution of a firm”. Mention
the situations when such reconstitution of a firm takes place. (3+5=8)
2013
SUBJECT-ACCOUNTACY
FULL MARKS: 100
PASS: 30
TIME: THREE HOURS
1.
(a) Fill in the blanks with appropriate word: 1x4 = 4
i.
A Receipts and
Payments account is prepared on Cash
basis of accounting.
ii.
When Partner’s
Capital Account is fixed, then Partner’s Current
Account is prepared.
iii.
Goodwill
is the extra earning capacity of a business.
iv.
Unrecorded assets
when realized are credited to Realization
Account.
(b) Choose the correct alternative: 1x2=2
i.
An Income and
Expenditure Account reveals:
(a)
Cash Position (b) Surplus or Deficit (c) Capital Fund
(d) None of the above.
ii.
The portion of
capital which can be called up only on the winding up of the company is called:
a)
Authorized
Capital (b)Issued capital (c) Uncalled capital (d) Reserve capital.
iii.
(c) State whether the following statements are true or false: 1x2=2
i.
Discount on
reissue of forfeited shares cannot exceed the amount received on forfeited
shares. True
ii.
Interest on
Debenture is payable only when a company earns profits. False
Q.2. What is sacrificing ratio? 2
Q.3. Give two grounds on which a court may dissolve a firm. 2
Q.4. Name any two items that can be shown under sub head “Reserves
and Surplus”. 2
Q5. Give two objectives of cash flow statement. 2
Q.6. What is joint life policy? 2
Q.7. What are the sources of Cash Flow? 3
Q.8. Explain average profit method of valuation of goodwill. 3
OR
Q.What are the circumstances when a revaluation of assets and
liabilities becomes necessary? 3
Q.9. Mention the uses of Securities Premium. 3
OR
Q.Mention three advantages of issuing debentures. 3
Q.10. What are contingent liabilities? Mention any two items. 3
OR
Q.What is the importance of Financial Analysis? 3
Q.11. From the following information, calculate Current Ratio: 3
|
Particulars |
Amount |
|
Inventory Debtors Cash Creditors Bills receivable Advance Tax Bills Payable Bank overdraft Debentures Accrued Interest |
55,000 40,000 37,000 48,000 20,000 4,000 28,000 4,000 2,00,000 4,000 |
Q.12. The Star Cricketer club had a cash balance of Rs.500 and a
Bank balance of Rs.1,000 on 1.4.2011. From the following details, prepare a
Receipts and Payments account for the year ended 31.03.2012: 5
|
Particulars |
Amount |
|
Subscription received for the year Subscription outstanding on 31.03.12 Subscription for 2010-11 received during the
current year Life member fees received Donation for club house received Rent paid for the year Advance rent paid Sale of Furniture (book value Rs.600) Honorarium to coach Sports expenses Construction of club house Salary Printing and Stationery Postage and Telegram Maintenance Grant Depreciation during the year Salary Outstanding on 31.03.2013 Outstanding Salary on 01.04.2011 paid during
the year Cash in hand on 31.03.2012 Stationery in hand on 31.03.2012 |
16000 2000 1000 5000 10000 6000 600 500 5000 8000 9000 4500 400 600 1000 1000 500 500 1400 100 |
Q.13. Pari and Pooja are partners sharing
profits as 3:2. Their capitals are 80,000 and 60,000 respectively as on
01.04.2011. Net profit of the business for the year 2011-12 was Rs. 40,000
before considering the following:- 5
(i) Interest on Capital @ 5% p.a.
(ii) Salary to Pooja Rs.6000 p.a.
(iii) Commission to Pooja @ 10% of Net Profit
after deducting Interest on capital and Salary but before charging such
commission. Prepare a profit and Loss Appropriation Account for the year ended
on 31.03.2012.
Q.14. Rohan and Sohan are partners sharing
profits and losses in the ratio of 3:2. Mohan joins the firm as a new partner
for 1/4th share of future profit. Mohan brings Rs.20000 as capital
and required amount of premium. The goodwill of the firm was valued at Rs.
30000. Give journal entries assuming that partner’s capitals are fixed. 5
OR
Q.A and B are partners sharing profits and
losses A – 75% and B – 25% respectively. Their Balance sheet as on 31.03.2012
is given below: 5
|
Liabilities |
Amount |
Assets |
|
Amount |
|
Sundry Creditors Profit and Loss Account Capital Accounts: A - 30000 B – 20000 |
40000 10000 50000 |
Cash Sundry Debtors Less: Provisions for Bad debts Stock Furniture Plant and Machinery |
16000 1000 |
20000 15000 35000 5000 25000 |
|
|
100000 |
|
|
100000 |
X was admitted as a new partner on the
following terms:
(i) That Plant and machinery is to be reduced
by 25%.
(iii)
Bad debts amounted to Rs.1750 and are to be written off.
(iv) There was an unrecorded typewriter valued
at Rs.5000.
(ii) Furniture is to be depreciated by 10%.
(v) Outstanding legal charges estimated at
Rs.1250.
Prepare a Revaluation Account.
Q.15. What is a Sinking fund? How is it
created? 5
Q.16. A Company has issued Rs.100000, 10%Debenture at 5% discount
repayable at 5% premium after 4 years. Give journal entries for issue and show
the loss on issue of debentures account over 4 years. 5
Q.17. What are the uses and importance of financial statements? 5
OR
Q.What are the limitations of Financial Statement Analysis? 5
Q.18. How would you compute the amount due to a Retiring Partner? 5
Q.19. X, Y and Z are in a partnership sharing profits in the
proportion of 5:3:2. On 31.03.2011 their Balance sheet was as under: 8
|
Liabilities |
Amount |
Assets |
Amount |
|
Creditors Reserve Capital Account: X – 35000 Y – 20000 Z – 15000 |
7000 10000 70000 |
Building Machinery Stock and Debtors Patents Cash |
20000 30000 18000 6000 13000 |
|
|
87000 |
|
87000 |
X died on 01.10.2011. It was agreed
between his executors and the remaining partners that:
i.
Goodwill is valued at 2 years purchase
of the average profit of the previous 5 years which were:
2006-07=15000, 2007-08=13000,
2008-09=12000, 2009-10=15000, 2010-11=20000.
ii.
Patents are valued at Rs.8000,
Machinery at Rs.28000, and Building at Rs.30000.
iii.
Profit for the year 2011-12 is taken
as having accrued at the same rate as the previous year.
iv.
Interest on Capital is provided at 10%
p.a.
v.
A sum of Rs.11500 was to be paid to
his executors immediately.
Prepare X’s Capital Account and his
Executor’s Account at the time of his death.
Q.20. Karan Ltd. decided to issue 10,000 shares of Rs.100 each at
a discount of 10%, payable as follows:
On Application-Rs.30
On Allotment-Rs.40 [After deducting
discount]
Balance on 1st and final
call.
The company received 9000 applications. All the shares were duly
accepted and allotted. All the calls were duly made and all call money received
accordingly. Give Journal Entries and prepare a Balance Sheet.
OR
Q.Ram, Shyam and Mohan were in partnership sharing profits and
losses in the ratio of 3:2:1. On 01.01.2010 Shyam retires from the firm. On
that date the Balance Sheet of the firm was as follows: 8
|
Liability |
Amount |
Assets |
Amount |
|
Sundry Creditors Reserve Bills Payable Capitals: Ram
- 20000 Shyam
- 15000 Mohan-12000 |
30,000 6000 2600 47,000 |
Cash in Hand Investments Debtors 15000 Less: Provision 1500 Stock Furniture Premises |
600 25000 13500 18500 8000 20000 |
|
|
85600 |
|
85600 |
The terms of retirement were:
(i) Goodwill is to be valued at
Rs.12000.
(ii) Furniture to be depreciated by
Rs.1000.
(iv) Provision for bad debts to be
increased by Rs.400.
(v) Premises to be appreciated by
Rs.5000.
(v) Investments were sold at book
value and the amount due to Shyam was paid off.
Pass Journal Entries to record the necessary adjustments for
retirement of Shyam.
Q.21. Sahiba and Dhruba are partners in a firm. The trial Balance
of the firm as on 31.03.2011 was as follows: 8
Trial
Balance
|
Debit |
Amount |
Credit |
Amount |
|
Machinery Goodwill Patents Sundry Debtors Cash in Hand Closing Stock on 31.3.2011 Investments Depreciation on Machinery Establishments Carriage outward Taxes Telephone charges Conveyance Drawings: Sahiba
- 5000 Dhruba - 4000 Salaries Bank Charges |
54000 10000 20000 21000 1000 25000 10000 6000 10000 1000 500 3600 800 9000 8000 100 |
Capital: Sahiba
-50000 Dhruba
-40000 Sundry Creditors Interest on Investment Sundry Receipts Bank overdraft Outstanding Wages Trading Account (Gross Profit) Discount Bills Payable |
90000 5000 400 200 10000 500 71000 900 2000 |
|
|
180000 |
|
180000 |
Prepare a Profit and Loss Account and a Profit and Loss
Appropriation Account for the year ended 31.03.2011 and also a Balance Sheet as
on that date after taking into consideration the following adjustments:
(i) Write off Rs.1000 as bad debts and
provide a 5% provision on sundry debtors for doubtful debts.
(ii) Interest on investments accrued
Rs.600.
(iii) Interest on Partner’s Capital is
allowed @ 5% p.a.
(iv) Create a General Reserve by
taking Rs.5000 out of profits.
Q.22. Fair Deal Ltd. invited applications for the issue of 2000,
10%Debentures of Rs.100 each at a discount of 10% payable Rs.30 on application
on 1st May, 2010, Rs.30 on allotment (after deducting discount) on 1st
June, 2010 and balance on first and final call on 1st July, 2010.
All the debentures were fully subscribed. Debentures money was duly called and
paid up. Give the Journal Entries and
show how the debentures and Debenture Discount will be shown in the Balance
sheet of the company. 8
OR
Q.Janta Iron Ltd. has forfeited the following shares of Rs.10 each
fully called up for non-payment of allotment and call moneys. 8
a)
200 shares held by A who has paid
Application money of Rs.2 each only.
b)
300 shares held by B who has paid
application and allotment money of Rs.2 and Rs.3 each respectively.
c)
400 shares held by C who has paid
application, allotment and first call money of Rs.2, Rs.3 and Rs.2 each
respectively.
All the above forfeited shares have been re-issued at a discount
of 10%. Expenses on re-issue amounted to Rs.500. Give the journal entries in
the books of Janta Iron Ltd.
2014
SUBJECT-ACCOUNTACY
FULL MARKS: 100
PASS: 30
TIME: THREE HOURS
Q.1. (a) Fill in the blanks with
appropriate word:-
i.
Life membership fee is a Capital receipt.
ii.
Interest on Partner’s loan is to be
credited to his Loan Account.
iii.
If there is any profit on revaluation
of assets and liabilities, the same will be shared by Old partners in their Old
ratio.
iv.
The amount due to the retiring partner
is transferred to his Loan
account in case it is not paid immediately.
(B) Choose the correct alternative:
i.
If the business is sold as a going
concern, cash balance is also transferred to Realization Account.
(a) Revaluation (b)
Realization
ii.
Rate of Interest on calls in arrears
charged according to Table ‘A’ is 10%
(a)
5% (b) 6% (c) 7% (d) 8%
(Ans Changed
As per Companies act, 2013)
(C)
State whether the following statements are true or false:
i.
Debenture holders are the owners of
the company. False
ii.
Company’s shares are generally
transferable. True
Q.2.
What is a capital fund? 2
Q.3.
Mention any two rights of a partner?
2
Q.4.
What is hidden goodwill? 2
Q.5.
What is Reserve capital? 2
Q.6.
Give any two distinctions between shares and debentures? 2
Q.7.
Mention any six statutory books to be maintained by a company? 3
Q.8.
Explain the accounting treatment of loss on issue of debentures in the books of
a company? 3
Q.9.
Give the major heads on the “Equity and Liabilities” side of a company’s
Balance Sheet. 3
OR
Q.What
is trend analysis? Mention its usefulness. 3
Q.10. How would you calculate the amount payable to the executor
of a deceased partner? 3
11. Mention three situations under which a firm may be dissolved
without intervention by court. 3
OR
Q. X Ltd. company forfeited 800 shares of Rs.10 each issued at par
for non-payment of 1st call Rs.2 and final call Rs.3 each. Out of
these, 500 shares are re-issued at 10% discount. Give journal entries in the
books of the company. 3
Q.
12. Calculate Acid-Test Ratio from the following 5
Current Assets Rs. 50,000.
Current assets include the following:-
Stock Rs.14,000.
Pre-paid Expenses Rs. 1000.
Current liabilities Rs.20000. Current liabilities include Bank
overdraft Rs.5000.
Q.13.
From the following information, calculate cash flow from operating activities
using Direct Method: 5
|
Particulars (Debit) |
Amount |
Particulars (Credit) |
Amount |
|
To Cost of goods sold To Gross Profit c/d To Salary To Insurance To Depreciation To Income Tax To Net Profit |
1,30,000 70000 |
By Sales By Gross Profit b/d |
2,00,000 |
|
2,00,000 |
2,00,000 |
||
|
20,000 2,000 5,000 8,000 35,000 |
70,000 |
||
|
|
70,000 |
|
70,000 |
Additional
Information:-
i.
Debtors – Opening Balance Rs.15000,
Closing Balance Rs.20000.
ii.
Creditors – Opening Balance Rs.10000,
Closing Balance Rs.12000.
iii.
Stock – Opening Balance Rs.7000,
Closing Balance Rs.10000.
iv.
At the end of the year, outstanding
salary Rs.2000 pre-paid insurance Rs.400 and Income tax outstanding Rs.1000.
Q.14.
From the following items of Receipt and Payment Account of South India Club,
prepare moan Income and Expenditure Account for the year ended 31.03.2013: 5
|
Salaries Paid Lighting Expenses Stationery (Including Rs.400 for the previous year) Subscription received (Including Rs.1000 received in advance and
Rs. 750 for previous year) Net proceeds of refreshment room Miscellaneous Expenses Interest paid on loan for 3 months Rent and Rates (Including Rs.500 prepaid) Locker’s Rent received |
55000 5500 4000 44000 30000 3000 1200 4500 4900 |
Additional Information:- On
31.3.2013, subscription in arrear was Rs. 4700 and interest on loan was
outstanding for 9 months.
Q.15.
What is Partnership Deed? Mention its four principal clauses. 5
Q.
16. Neer and Sameer are partners in a firm sharing profits in the ratio of 5:3.
On 1st January 2012, their capitals were Rs.35,000 and Rs.25,000
respectively. On that date, they admitted Barun as a new partner for 1/5th
share in the profit. Barun brought in Rs. 20,000 as capital and Rs.8,000 for
his premium for goodwill. Pass necessary Journal Entries in the books of the
firm on Barun’s admission. The new profit sharing ratio will be 3:1:1. 5
Q.
17. S, T and U were partners in a firm sharing profits in the ratio of 1:2:2.
On 15.2.2013, S died and new profit sharing ratio of T and U was agreed to be
3:2. On S’s death, the goodwill of the firm was valued at Rs.60, 000. Calculate
the gaining ratio and pass the necessary Journal Entries on S’s death for
treatment of goodwill without opening goodwill account. 5
OR
Q.
State the legal requirements for issuing shares at a discount. 5
Q.18. Guwahati Engineering Limited issued 10000 6% Debentures of
Rs.10 each at a discount of 5% but repayable after 5 years at a premium of 10%.
Show the entries in the books of the company and also the accounting treatment
of loss on issue of debentures for 5 years. 5
Q.19.
Amal and Bimal are two partners in a firm. They share profits in the ratio of
3:2. Following is their Balance Sheet as on 31.12.2012 on which date they
dissolved their partnership firm: 8
Balance
Sheet
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital: Amal - 20000 Bimal – 15000 Reserve Fund Creditors |
35000 5000 20000 |
Fixed Assets Stock Debtors Cash Profit and Loss Account |
30000 10000 15000 3000 2000 |
|
|
60000 |
|
60000 |
Assets
are realized as: Fixed Assets Rs.28000, Stock Rs.8000 and Debtors Rs.13000.
Creditors were paid at a discount of 10%. Expenses of realization were Rs.1500.
Pass Journal Entries in the books of the firm.
Q.20.
Jugmug Limited has an authorized capital of Rs.10,00,000 divided into 1,00,000
equity shares of Rs.10 each. The directors decided to issue 50000 shares to the
public at a premium of 10% payable as follows: 8
On Application: Rs.3
On Allotment: Rs. 5 (Including Premium) and the Balance on 1st
and final call.
The company received application for 60000 shares. The directors
decided to reject the excess application and the money thereon was refunded.
The calls were made and call money duly received. Give Journal Entries, prepare
a Cash Book and a Balance Sheet in the books of the company.
Q.21.
The following is the Trial Balance of X and Y firm as on 31.3.2013:
8
Trial
Balance
|
Debit |
Amount |
Credit |
Amount |
|
Fixed Assets Advance Income Tax Salaries Taxes Miscellaneous Expenses Bills Receivable Sundry Debtors Closing Stock Charity Investment Bank Balance Drawings: X 12000 Y 8000 |
453000 200 16000 800 1000 1800 42800 20000 1400 30000 15600 20,000 |
Reserve Fund Outstanding Wages Bad Debt Provision Sundry Creditors Capital: X 240000 Y 160000 Profit from Joint Venture Profit from Branch Trading Account (Gross Profit) |
19000 600 1400 55600 4,00,000 1000 400 124600 |
|
|
602600 |
|
602600 |
Prepare
Profit and Loss Account and Profit and Loss Appropriation Account for the year
ended 31.3.2013 and a Balance Sheet as on that date after taking into
consideration the following adjustments:
i.
The Partners are entitled to Interest
on Capital @ 5% and they are charged interest on drawings: X – 300 and Y – 200.
ii.
Transfer 10% of the net profit to
Reserve Fund.
iii.
Provide manager’s commission @5% on net
profit before charging such commission.
iv.
Bad Debt reserve is to be increased to
5% on debtors.
v.
Interest on investment accrued Rs.500.
Q.
22. Swadip Petrochemicals Ltd. issued 10000 12% Debentures of Rs.100 each. Give
Journal Entries for issue and redemption of debentures in the books of the
company under the following situations: 8
i.
Issued at par and redeemable after 5
years at par.
ii.
Issued at Par and redeemable after 5
years at a premium of 5%.
iii.
Issued at a premium of 5% and
redeemable after 5 years at par.
iv.
Issued at a premium of 5% and
redeemable after 5 years at a premium of 10%.
OR
Q.Explain
the different methods of redemption of debentures. 8
2015
SUBJECT-ACCOUNTACY
FULL MARKS: 100
PASS: 30
TIME: THREE HOURS
Q.1. (a) Fill in the blanks with appropriate word: 1x4=4
i.
If a partner takes over a liability of
the firm, the partner’s capital account is _____.
ii.
A partner acts as an _____ for the
firm.
iii.
When Partner’s Capital Accounts are
fixed, then their _____ accounts.
iv.
_____ is the extra earning capacity of
a firm.
(B)
Choose the correct alternative: 1x2=2
i.
In the event of death of a partner,
the amount of general reserve is transferred to the Partner’s Capital Accounts
in:
(a)
New Profit sharing ratio. (b) Old Profit
sharing ratio. (c) Capital ratio. (d) None of the above.
ii.
Balance Sheet shows:
(a)
Financial Position of a Company.
(b)Profit or Loss of a Company. (c) Cash flow of a Company. (d) None of the
above.
(C) State whether the
following statements are true or false: 1x2=2
i.
The decreased partner’s executor is
entitled to a share of Profit for the period up to his / her death.
ii.
A Preference shareholder gets interest
at a fixed rate.
Q.2. State
any two features of a Not-for-profit organization? 2
Q.3. A, B
and C are partner sharing profits in the ratio of 2:2:1. C retires. A and B
have decided to share future profits and losses in the ratio of 2: 1. Calculate
the gaining ratio. 2
Q.4.
Mention any two features of debentures? 2
Q.5.
Mention any two methods of valuation of goodwill? 2
Q.6. X Ltd.
Decided to forfeit 1,000 shares of Rs. 10 each for non-payment of allotment
money for Rs. 4 each and 1st and final call money of Rs. 3 each.
Give journal entry for the forfeiture of shares. 2
Q.7. X, Y
and Z are partners sharing profits in the ratio 3:2:1. It is now agreed that
they will share the future profits equally. Goodwill of the firm is valued at
Rs. 60,000. And the same does not appear in the books. Pass necessary journal
entries. 3
Q. 8.
Briefly explain any three objectives of analysis of financial statements. 3
OR
From the
following calculate Current Ratio:
|
Particulars |
Amount |
|
Sundry Debtors Stock Prepaid Expenses Bank Overdraft Dividend payable 10% Debenture Machinery Sundry creditors |
50,000 40,000 2,000 10,000 10,000 40,000 50,000 38000 |
Q.9. What
do you mean by Forfeiture of Shares? Discuss the procedure of forfeiture of
shares?3
Q.10.
What is meant by Common Size Statements? Mention any two uses of Common Size
statements. 3
OR
Q. Give any three distinctions between
sacrificing ratio and gaining ratio. 3
Q.11. Mention any three objectives of
Receipts and Payment Account. 3
Q.
12. Given the new format of the Balance Sheet of a Company (main heading only)
as per the requirement of schedule VI of the Companies Act, 1956. 5
OR
Q.
Distinguish between a Company’s Balance Sheet and Balance Sheet of a
Partnership Firm? 5
|
Donation received Entrance fee received Donation received for Building Furniture purchased Salary paid for the year Salary paid in advance Repair to Building Rent received Wages paid Outstanding Salaries Depreciation of furniture Maintenance Grant Subscription received : For 2012-13 For 2013-14 For 2014-15 Life Membership Fees Balance of Bank on 31-03-14 |
18,000 6,000 90,000 18,000 10,500 2,000 1,500 1,500 6,000 1,500 2,000 900 8,000 25,000 1,000 4,000 1,35,000 |
Q.13.
Assam Cricket Club has a Cash and Bank Balances of Rs. 1,600 and Rs. 20,000
respectively on 01-04-2013. From the following details, prepare a Receipts and
Payments Account for the year ended 31-03-2014. 5
Q.14. X
Ltd. made a profit of Rs. 500000 after considering the following items: 5
|
|
Amount |
|
Goodwill written off Depreciation on Fixed Assets Loss on Sale of Machinery Provision for doubtful debt Gain on sale of land |
5,000 50,000 20,000 10,000 7,500 |
Additional
Information:
|
Particulars |
31-03-2014 |
31-03-2013 |
|
Bills Receivable Prepaid Expenses Bills Payable Expenses Payable |
78,000 3,000 51,000 20,000 |
52,000 2,000 40,000 34,000 |
Calculate
Cash and Operating Activities for the year ended 31st March, 2014.
OR
Q.What is
Cash Flow statement? Briefly explain any four objectives of preparing a Cash
Flow statement. 1+4=5
Q.15. From the given information,
calculate the stock Turnover Ratio: 5
Sales = Rs. 4,00,000
Gross Profit Ratio = 25%
Opening Stock was 1/3rd of
the value of the Closing stock.
Closing Stock was 30% of Sales.
OR
Q.How are
the accounts settled between partners on the dissolution of a Partnership
Firm?5
Q.16. The Balance Sheet of A, B and C
who were sharing profits in proportion to their Capitals stood as follows on 31st
March, 2014:
Balance Sheet
|
Liabilities |
Rs. |
Assets |
Amount |
|
Sundry
Creditors Capital
Accounts : A -18,000 B -13,500 C - 9,000 |
14,400 40,500 |
Cash at Bank Sundry Debtors Stock Investments Land of
Building |
5,500 4,900 8,000 11,500 25,000 |
|
|
54,900 |
|
54,900 |
B retired
on the above date on the following terms and conditions:
a)
That stock is depreciated by 6%.
b)
That a provision for doubtful debts be
created @ 5% on the Debtors.
c)
That Land and Buildings be appreciated
by 20%.
d)
That the Goodwill of the entire firm
is fixed at Rs. 10,800 and B’s share goodwill be adjusted into the accounts of
A and C who are going to share future profits in the ratio of 5: 3 (No Goodwill
account is to be raised.)
Pass the
necessary journal entries in the books of the firm. 5
OR
Q.
Explain the issue of Shares at par, at a discount and at a premium.
Q.
17. A, B and C were partners in a firm sharing profits in the ratio 5:3:2. On
31st March, 2013, their Balance Sheet was as follows:
Balance
Sheet
|
Liabilities |
Amount |
Assets |
Amount |
|
Creditors Reserves Capital : A - 30,000 B
-25,000 C - 15,000 |
11,000 6,000 70,000 |
Buildings Machinery Stock Debtors Cash at Bank |
20,000 30,000 10,000 19,000 8,000 |
|
|
87,000 |
|
87,000 |
A died on
1st October, 2013. It was agreed between his executors and the
remaining partners that:
i.
Goodwill to be valued at 2.5 years
purchase of the average profits of the previous four years which were:
|
Year |
Profit (Rs.) |
|
2009-2010 2010-2011 2011-2012 2012-2013 |
13,000 12,000 20,000 15,000 |
ii.
Machinery and Building be valued at
Rs. 28,000 and Rs. 25,000 respectively.
iii.
Profit for the year 2013-14 is taken
as having accrued at the same ratio as that of the previous year.
iv.
Interest on capital is provided at 10%
p.a.
v.
The mount due to A shall be
transferred to his Executor’s Account.
Prepare A’s Capital Account as on
the date of his death. 5
Q.18. A and B are partners sharing
profits in the ratio of 3:2. Their Balance Sheet as on 31.03.14 was as follows:
Balance Sheet
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital : A - 10,000 B - 2,000 General Reserve Sundry
Creditors |
12,000 2,500 7,500 |
Sundry Assets Profit &
Loss A/c |
17,000 5,000 |
|
|
22,000 |
|
22,000/- |
The firm is dissolved on the above
date. Assets are realised at Rs. 13,500. Dissolution expenses came to Rs. 250
Give journal entries to close the books of the firm. 5
Q.19. Prity and Jyoty are partners in
a firm sharing profits in the ratio of 3:2. The Trial Balance of the firm as on
31-03-2014 was as follows:-
Trial Balance
|
Particulars |
Debit Amount |
Particulars |
Credit Amount |
|
Debtors Furniture Machinery Salaries Insurance Premium on Machinery Bad Debts Cash in hand Rent Back charges Carriage Outward Depreciation on Furniture Drawings :
Prity
Jyoty |
10,000 10,000 31,000 13,200 1,200 200 10,400 6,000 420 1,450 1,000 4,000 2,500 |
Trading A/c (G.P.) Bad debt recovered Sundry receipts Provision for bad debts Commission Creditors Rent Payable Bills Payable Capital A/c :
Prity
Jyoty |
41,120 600 1,000 800 250 10,000 200 2,400 20,000 15,000 |
|
|
91370 |
|
91,370 |
Prepare
the Profit and Loss A/c and the Profit and Loss Appropriation A/c of the firm
for the year ended on 31-03-14 and a Balance Sheet as on that date after
considering the following adjustments: 8
i.
Machinery is to be depreciated by 10%.
ii.
Provision for bad debt is to be
increased by Rs. 200.
iii.
Prity was to receive, salary @ Rs. 300
per month.
iv.
Interest on Capital is allowed @ 5%
p.a.
Q.20. X Ltd. Issued 2,000 shares of
Rs. 100 each at a premium of Rs. 20 payable as follows:
Rs. 30/-
on Application.
Rs. 50/-
on Allotment (including securities premium Rs. 20)
Rs. 40/-
on First Call & Final Call.
All the
shares were duly subscribed for, called up and paid up, except Miss Nitu who
holding 300 shares failed to pay First & Final call money. Show entries in
the Cash Book and Journal of the company for the above transactions. 8
Q. 21. Give journal entries in respect
of the following: 8
i.
Debentures issued at par, redeemable
at a premium.
ii.
Debentures issued at a premium,
redeemable at par.
iii.
Debentures issued at a discount,
redeemable at par.
iv.
Debentures issued at a discount,
redeemable at premium.
OR
Q. What is
meant by Redemption of Debentures? Discuss briefly any three methods of the
Redemption of Debentures.
2+6=8
Q.22. Ram and Shyam are partners
sharing profits and losses in the ratio of 3:1. Their Balance Sheet as on
31-03-2014 is given below:
Balance Sheet
As on 31-03-2014
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Capital : Ram -
60,000 Shyam - 40,000 Reserve Sundry
Creditors |
1,00,000 20,000 80,000 |
Plant &
Machinery Furniture Stock Debtors Cash at Bank |
50,000 10,000 70,000 15,000 55,000 |
|
|
2,00,000 |
|
2,00,000 |
Hari was
admitted as a new partner on the following conditions:-
a)
That Hari bring Rs. 40,000 for his
capital and Rs. 20,000 for the premium.
b)
That Hari will get 1/3rd
share in future profit.
c)
That the value of stock is be reduced
by Rs. 7,000
d)
That the value of Plant and Machinery
is to be depreciated by 20%.
e)
Furniture is to be reduced by 10%.
f)
Bad debts amounted to Rs. 2,000 and
are to be written off.
g)
There was an unrecorded computer
valued at Rs. 10,000 and the same is to be brought into books now.
Prepare a Pre-valuation Account,
Partner’s Capital Account and the re-constituted Balance Sheet after Hari’s
admission. 3+2+3=8
OR
Q. Who are
the users of financial statement? Explain the information they require from
financial statements. 3+5=8
2016
SUBJECT-ACCOUNTACY
FULL MARKS: 100
PASS: 30
TIME: THREE HOURS
Q.1. (A) Fill in
the blanks with appropriate word: 1x4=4
a)
In the absence of Partnership Deed, a
Partner who advances money to the firm beyond the amount of his / her capital
is entitled to get interest thereon at the rate of 6 % per annum as per Partnership Act, 1932.
b)
The members of a Partnership business
are collectively known as Firm.
c)
The amount due to the retiring partner
is transferred to his / her Loan
Account in case it is not paid immediately.
d)
In case of fixed capital, a partner’s
Capital Account always shows a Credit
balance.
(B) Choose the correct alternative: 1x2=2
i.
Financial Statements of a company
include:
(a) Balance
Sheet. (b) Profit and Loss Account. (c) Cash flow Statement. (d) All of the above.
ii.
Profit and Loss Account is also known
as Income statement.
(C) State whether the following statements
are true or false: 1x2=2
i.
Interest on Partner’s capital is
debited to Partner’s Capital Account. False
ii.
Debenture holders are creditors of the
company. True
Q.2. State the meaning of Not-for-Profit organization. 2
Q.3. A and B are partners sharing profits in the ratio 3: 2. C is
admitted as a new partner for 1/5th share in the future profits.
Calculate the new profit sharing ratio. 2
Q.4. Mention any two distinctions between shares and debentures. 2
Q.5. A Ltd. forfeited 500 shares of Rs. 10/- each, Rs. 8/- paid,
for non-payment of final call of Rs. 2/- each. Give Journal entry of forfeiture
of share. 2
Q.6. A and B are partners in a firm sharing profits in the ratio
of 3: 2. Their capitals as on April, 1st 2014 were Rs. 2, 00,000/- and Rs. 1, 80,000/-
respectively. On October 1 2014, A introduced an additional capital of Rs.
50,000 and on January, 1st
2015, B introduced Rs. 70,000/-. Interest on capital is allowed at 10%
p.a. Calculate interest on capital for both the partners for the year ending
March, 31, 2015. 2
Q.7. Explain any three objectives of preparing a Cash Flow
statement. 1x3=3
OR
Q.From the following details, calculate Current Ratio and Liquid
Ratio: 3
|
Machinery 8% Debenture Bank Overdraft Sundry Creditors Prepaid Expenses Stock Sundry Debtors |
1,00,000 80,000 20,000 76,000 4,000 80,000 1,00,000 |
Q.8. Mention any three items that can be shown under the heading
“Reserves & Surplus” in a company’s Balance Sheet. 1x3=3
OR
Q. Give three objectives of financial statement analysis. 1x3=3
Q. 9. What is meant by Comparative Statements? What do they show? 1+2=3
OR
Q. Explain the Capitalization method of valuation of Goodwill.
Q.10. Mention any three distinctions between Fund-based Accounting
and Non-fund based Accounting. 1x3=3
OR
Q.Mention three features of a non-trading organization.
Q.11. Mention any three limitations of Financial Statements. 1x3=3
Q.12. From the following Receipts and Payments Account for the
year ended 31st December, 2015 and other details of the Sankardev
Club, prepare an Income and Expenditure Account for the year ended 31st
December, 2015: 5
|
Receipts |
Amount |
Payments |
Amount |
|
Cash in hand on 1.1.15 Subscriptions:
2014=900
2015=20,000
2016=2,000 Sale of Newspapers Life Membership Fees Donation Donation for Buildings Interest Maintenance Grant |
12,000 22,900 100 5,000 6,000 8,000 200 3,000 |
Salaries Honorarium Travelling Expenses Sport Expenses Investments Construction of Buildings Rent Scholarship Cash in hand on 31-12-15 |
14,000 3,000 2,000 5,000 10,000 7,000 2,000 1,000 13,200 |
|
|
57,200 |
|
57,200 |
Additional Information:
a)
Outstanding Subscription Rs. 2,500.
b)
Outstanding Salaries Rs. 1,000.
c)
Subscription for 2015 Rs. 400.
Received in 2014.
OR
Q.Mention any five distinctions between Receipts and Payments
Account and Income and Expenditure Account.
5
Q.13. From the following details, calculate cash from Investing
and Financing Activities: 5
|
Particulars |
1-4-2014 |
31-3-2015 |
|
Machinery at Cost Accumulated Depreciation Capital Bank Loan |
60,000 15,000 45,000 15,000 |
75,000 18,000 52,500 ----- |
During the year, machinery costing Rs. 15,000/- Was sold at a loss
of Rs. 3,000. Depreciation on machinery charges during the year amounted to Rs.
9,000.
OR
Q. Explain any five advantages of Cash Flow Statement. 1x5=5
Q.14. From the following details, calculate Gross Profit and
Sales: 2 ½ x2=5
Average Stock = 60,000/-
Stock Turnover Ratio = 6 times.
Selling Price is 20% above cost.
OR
Q.Name any five ratios used for analyzing the liquidity position
of a Firm. 1x5=5
Q.15. Partha, Pranoy and Prasanna are partners sharing profits and
losses in the ratio of 3: 2: 1. On 31st March, 2015, their Balance
Sheet stood as follows:
Balance
Sheet
|
Liabilities |
Amount |
Amount |
Rs. |
|
Capitals :
Partha : 80,000
Pranoy : 60,000
Prasanna : 50,000 General Reserve Sundry Creditors |
1,90,000 24,000 48,000 |
Buildings Plant & Machinery Inventory Debtors Bank |
90,000 86,000 50,000 31,000 5,000 |
|
|
2,62,000 |
|
2,62,000 |
Pranoy retires on that date under the following terms:
a)
The Goodwill of the firm is valued at
Rs. 36,000.
b)
Plant & Machinery is to be
depreciated by 10%.
c)
Inventory and Buildings are to be
appreciated by 20% and 10% respectively.
Give necessary Journal entries in the books of the firm. 5
OR
Q.Explain the procedure of forfeiture of shares. 5
Q.16. Anupam, Binoy and Chandan were partners in a firm sharing
profits in the ratio of 2:3:5. On 31st March, 2014, their Balance
Sheet was as follows:
Balance
Sheet
|
Liabilities |
Amount |
Assets |
Amount |
|
Capitals :
Anupam - 60,000
Binoy - 50,000
Chandan - 30,000 Reserve Creditors Bills Payable |
1,40,000 12,000 20,000 2,000 |
Cash at Bank Debtors Bills Receivable Stock Furniture Machinery |
16,000 30,000 8,000 20,000 60,000 40,000 |
|
|
1,74,000 |
|
1,74,000 |
Anupam died on 1st October, 2014. It was agreed between
his executors and the remaining partners that:
i.
Goodwill will be valued at 3 years
purchase of the average profits of the last four years which were :
|
Year |
Profit |
|
2010-11 2011-12 2012-13 2013-14 |
30,000 40,000 40,000 40,000 |
ii.
Machinery and Furniture be valued at
Rs. 36,000/- and Rs. 56,000/- respectively.
iii.
Profit for the year 2014-15 be taken
as having accrued at the same rate as that of the previous year.
iv.
Interest on capital be provided at 10%
p.a.
v.
The amount due to Anupam shall be
transferred to his Executor’s Loan Account.
Prepare Anupam’s Capital Account as on
the date of his death. 5
OR
Q.What are the causes of retirement of a Partner from a
Partnership firm (any five causes) 1x5=5
Q.17. R, M and H were in partnership sharing profits and losses in
the ratio of 8: 5: 3 respectively. The firm’s balance sheet as on 31st
March, 2015 was as under:
Balance
Sheet
|
Liabilities |
Amount |
Assets |
Amount |
|
Capitals : R - 5,000 M
- 2,000 H
- 1,000 Sundry
Creditors Bank Loan |
8,000 2,953 5,500 |
Current Account
: R
- 2,195 M
- 1,733 H
- 1,520 Machinery Stock Sundry Debtors Cash |
5,448 1,050 6,059 3,572 324 |
|
|
16,453 |
|
16,453 |
It was resolved to dissolve the
partnership as on that date. The assets were realised as follows:
|
Machinery Stock Sundry Debtors |
600 5,230 3,555 |
Prepare Realization Account. 5
OR
Q.What do you mean by dissolution of a Partnership? State three
grounds for dissolution of Partnership. 2+3=5
Q.18. Give the new format of the Balance Sheet of a Company (main
headings only) as per the requirements of revised Schedule – VI of the
Companies Act, 1956. 5
OR
Q.How would you compute the amount due to a deceased Partner’s
Executor? 5
Q.19. Following is the Trial Balance of SUDIP AND PRADIP as on 31st
March, 2015: 8
|
Particulars |
Amount |
Particulars |
Amount |
|
Plant & Machinery Publicity Freight on sales Buildings Goodwill Sundry Debtors Bad debt Cash at Bank Investments Cash in hand Salaries Stock General Expenses Drawings: Sudip - 5,000 Pradip - 3,000 |
35,000 5,000 2,140 69,000 15,000 48,200 1,400 5,620 10,000 170 28,850 10,000 5,500 8,000 |
Capital Accounts :
Sudip - 50,000
Pradip - 30,000 Trading Account --Gross Profit Creditors Bank Loan Commission Outstanding Freight Provision for doubtful debt Bills Payable |
80,000 85,700 44,560 21,000 4,420 200 1,000 7,000 |
|
TOTAL |
2,43,880 |
TOTAL |
2,43,880 |
Prepare the Profit & Loss Account and the Profit & Loss
Appropriation Account of the firm for the year ended 31st March,
2015 and a Balance Sheet as on that date after taking into consideration the
following additional information:
a)
Depreciation Plant & Machinery @
10% p.a.
b)
Prepaid Publicity Rs. 500
c)
Outstanding Salaries Rs. 1,150
d)
Provide for doubtful debt @ 5% on
Sundry Debtors.
e)
Partners will get interest on capital
@ 5% p.a.
Q.20. Assam Tea Ltd. has an authorized capital of Rs. 10, 00,000/-
divided into Rs. 1, 00,000 equity shares of Rs. 10/- each. The directors
decided to issue 50,000 shares to the public at a premium of 10% payable as
follows:
On Application Rs. 3/-
On Allotment (including premium) Rs.
5/-
And the balance on 1st and
final call.
The company received applications for
60,000 shares. The directors decided to reject the excess applications and the
money thereon was refunded. All the shares were duly subscribed for, called up
and paid up. Give Journal entries and prepare a Cash Book in the books of the
Company. 8
OR
Write short notes on: 2x4=8
a)
Call in Arrear.
b)
Calls in Advance.
c)
Preference Share.
d)
Right Share.
Q.21. Tata Motors Ltd. invited applications for the issue of
3,000, 10% debentures of Rs. 100/- each at a discount of 10% payable Rs. 30/-
on application, Rs. 30/- on allotment (after deducting discount) and the
balance on first and final call. All the debentures were subscribed and the
debenture money was duly called and paid up. Give Journal entries and show how
Debentures Account will be shown in the Balance Sheet of the Company. 8
OR
Q. Give the accounting entries for issue of debentures under
different situations with imaginary figures. (any four situations) 2x4=8
Q.22. A and B are two partners sharing profits and losses in the
ratio of 3: 2. Their Balance Sheet as on 31st March, 2015 was as
follows:
Balance Sheet
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital : A
= 30,000 B
= 25,000 General Reserve Sundry Creditors |
55,000 5,000 15,000 |
Land & Buildings Plant & Machinery Furniture Stock Debtors Cash in Hand |
30,000 20,000 10,000 5,000 8,000 2,000 |
|
|
75,000 |
|
75,000 |
On 01-4-2015, C was admitted as a new partner for 1/4th
share in the future profits on the following conditions:
a)
C will bring Rs. 20,000/- as Capital
and Rs. 6,000/- as premium for goodwill.
b)
The Land & Buildings will be
revalued at Rs. 35,000.
c)
Plant & Machinery and Furniture
will be depreciated by 5% and 10% respectively.
d)
Stock will be reduced by Rs. 2,000.
Give Journal entries and prepare the Balance Sheet of the firm
after C’s admission. 6+2=8
OR
Q. Give the Accounting entries relating to forfeiture and re-issue
of shares with imaginary figures. 8
2017
SUBJECT-ACCOUNTACY
FULL MARKS: 100
PASS: 30
TIME: THREE HOURS
1. (A) Fill in
the blanks with appropriate word/words: 1x4=4
i.
Unrecorded assets when realized are
credited to ____ Account.
ii.
When Partner’s Capital Accounts are
fixed, their ____ Accounts are prepared.
iii.
Partner’s Loan Account is paid before
payment of ____.
iv.
If a partner takes over a liability of
the firm, the partner’s capital account is ____.
(B) Choose the correct alternative: 1x2=2
i.
Financial Statements are
(a)
Summarized reports of recorded facts.
(b)Detailed reports of the recorded facts. (c)Summarized reports of only cash
transactions. (d)None of the above.
ii.
Financial Statements of a company
include:
(a)
Only Balance Sheet.(b) Only Profit and Loss Account.(c) Only
Cash Flow Statement. (d) All of the
above.
(C) State whether the following
statements are True or False: 1x2=2
i.
Financial analysis is used only by the
creditors.
ii.
The deceased partner’s executor is
entitled to a share of profit for the period upto his/her death. True
Q.2. What is a Capital Fund? 2
Q.3. Ram, Shyam and Hari are partners
sharing profits in the ratio of 2:2:1. Hari retires. Ram and Shyam have decided
to share future profits and losses in the ratio of 2:1. Calculate the gaining
ratio. 2
Q.4. Mention any two features of
debentures. 2
Q.5. Assam Tea Ltd. decided to forfeit
1,000 shares of Rs. 20/- each for non-payment of allotment money of Rs. 5/-
each and 1st and final call money of Rs. 2/- each. Give journal
entry for the forfeiture of shares. 2
Q.6. Mention any two methods of
valuation of Goodwill. 2
Q.7. What are the sources of Cash
Flows as per AS-3 (Revised)? 3
OR
Q.From the following details,
calculate Current Ratio: 3
|
|
Amount |
|
Sundry Debtors Stock Prepaid Expenses Sundry Creditors Bank Overdraft Interest Payable Debentures Buildings |
10,000 8,000 6,000 8,000 2,000 2,000 50,000 1,00,000 |
8. Explain the meaning of financial
statements. 3
OR
Q.What is trend analysis? Mention its
usefulness. 1+2=3
Q.9. What is Common Size Statement?
What do they show? 1+2=3
OR
Q.Explain any one Method of Valuation
of Goodwill. 3
10. State any three features of
Receipts and Payments Account. 3
OR
Q.Explain the meaning of Fund-based
Accounting. 3
Q.11. Mention any three limitations of
Financial Statements. 1x3=3
Q.12. Guwahati Sports Club has a Cash
and Bank balances of Rs. 5,000 and Rs. 10,000 respectively on 01/04/2015. From
the following details, prepare a Receipts and Payments Account for the year
ended 31/03/2016 5
|
Particulars |
Rs. |
|
Entrance fees received Donation received Donation received for Building Computer purchased Salary paid Repair to Building Rent received Wages paid Outstanding salaries Depreciation on Furniture Maintenance Grant received Subscription received Life Membership Fees received Cash in hand on 31/03/2016 |
8,000 10,000 10,000 12,000 5,000 6,000 5,000 3,000 2,800 13,000 8,000 10,000 10,000 40,000 |
OR
Q.Mention any five distinctions
between Receipts and Payments Account and Income and Expenditure Account. 5
Q.13. From the following information,
ascertain “Cash Flow from Investing Activities”:
|
Particulars |
Rs. |
|
Land
and Buildings purchased during the year Additional
furniture purchased during the year Investments
purchased Investments
sold Loss
on Sale of Investments Plant
and Machinery sold during the year Dividend
received Interest
received Sale
of land Profit
on Sale of land |
2,00,000 50,000 50,000 1,00,000 5,000 40,000 15,000 20,000 3,00,000 1,50,000 |
OR
Q.Explain the
meaning of Cash Flow Statement. Mention any three objectives of Cash Flow
Statement. 2+3=5
Q.14. From the following information,
calculate (i) Current Assets (ii) Current Liabilities and (iii) Quick Ratio. 5
Working
Capital = Rs. 40,000
Current
Ratio = 2:1
Stock
= Rs. 30,000
OR
Q.What do you mean by Activity Ratios?
Explain the method of calculating any one of Activity Ratios. 2 ½ +2 ½=5
Q.15. The Balance Sheet of Ram, Shyam
and Hari who were sharing profits in proportion to their capital stood as
follows on 31st March, 2016:
Balance
Sheet
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors General reerve Capital Account:
Ram: 20,000
Shyam: 20,000
Hari: 10,000 |
10,000 6,000 50,000 |
Cash at Bank Sundry Debtors Stock Investments Buildings |
5,000 6,000 9,000 10,000 30,000 |
|
|
60,000 |
|
60,000 |
Shyam retired on the above date on the
following terms and conditions:
i.
That stock be depreciated by Rs. 1,000
ii.
That Building be appreciated by 20%.
Pass the necessary journal entries and
prepare the opening Balance Sheet of the new firm. 5
OR
Q.Explain the issue of shares at par,
at a discount and at a premium.
Q.16. A, B and C were partners in a
firm sharing profits in the ratio of 3:2:1. Their Balance Sheet as on 31/03/16
was as follows:
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors Capital Account:
A: = 20,000
B: = 10,000
C: = 20,000 |
4,000 50,000 |
Buildings Machinery Stock Debtors Cash at Bank |
20,000 16,000 4,000 15,000 5,000 |
|
|
60,000 |
|
60,000 |
A died on 30/09/2016. Under the
agreement, the executors of the deceased partner were entitled to:
a)
Amount outstanding to the credit of
partner’s capital account.
b)
Interest on capital at 12% per annum.
c)
Share of goodwill on the basis of four
year’s purchase of the average profit of last three years.
d)
Share of profit from closing of the
last financial year to the date of death on the basis of last year’s profit.
e)
Profits for the last three years were:
|
Year |
Profits |
|
2013-14 2014-15 2015-16 |
8,000 12,000 7,000 |
Prepare A’s capital Account on the
date of his death. 5
OR
Q.How would you compute the amount due
to a retiring partner or the executors of a deceased partner? 5
Q.17. Akash and Bikash are partners
sharing profits in the ratio of 3:2. Their Balance Sheet as on 31/03/2016 was
as follows:
Balance
Sheet
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Capital:
Akash = 12,000
Bikash = 8,000 General Reserve Sundry Creditors |
20,000 10,000 10,000 |
Sundry Assets |
40,000 |
|
|
40,000 |
|
40,000 |
The firm is dissolved on the above date. Assets are realized at
Rs. 60,000 Dissolution expenses came to Rs. 2,000. You are required to Pass
journal Entry. 5
OR
Q.Explain any five distinctions
between Revaluation Account and Realisation Account. 5
Q.18. What do you mean by preliminary
expenses? Mention the items which are usually included in the list of
preliminary expenses. 2+3=5
OR
Q.Give the new format of the Balance
Sheet of a company (main headings only) as per the requirements of the revised
Schedule-VI of the Companies Act. 5
Q.19. Following is the Trial Balance
of ANIMA and PRATIMA as on 31st March, 2016:
Dr. Trial
Balance Cr.
|
Particulars |
Rs. |
Particulars |
Rs. |
|
Machinery General Expenses Furniture Salaries Cash in hand Investments Cash at Bank Bad debt Sundry Debtors Buildings Publicity |
50,000 5,000 10,000 20,000 5,000 12,000 8,000 2,000 40,000 50,000 8,000 |
Capital:
ANIMA = 60,000
PRATIMA = 40,000 Trading Account----- Gross Profit Sundry Creditors Commission |
1,00,000 90,000 10,000 10,000 |
|
|
2,10,000 |
|
2,10,000 |
Prepare the Profit & Loss Account
and the Profit & Loss Appropriation Account of the firm for the year ended
31st March, 2016 and a Balance Sheet as on that date after taking
into consideration the following additional information: 8
i.
Depreciate Machinery @ 10% per annum.
ii.
Partners will get interest on capital
@ 10% per annum.
Q.20. NE Traders Ltd. issued 5,000
shares of Rs. 20 each at a par payable as follows:
Rs.
5/- on Application
Rs.
5/- on Allotment
Rs.
5/- on First Call
Rs.
5/- on Second and Final Call
All the shares were duly subscribed
for, called up and paid up. Show the necessary entries in Cash Book and Journal
of the company for the above transactions. 8
OR
Q.Write short notes: 2x4=8
a)
Minimum Subscription.
b)
Authorized share Capital.
c)
Reserve Capital.
d)
Preference share.
Q.21. Give the journal entries in
respect of the following: 8
a)
Debentures issued at par, redeemable
at a premium.
b)
Debentures issued at a premium,
redeemable at par.
c)
Debentures issued at a discount,
redeemable at par.
d)
Debentures issued at a discount,
redeemable at premium.
OR
Q.Explain the different methods of
redemption of debentures. 8
Q.22. Ram and Shyam are partners in a
firm sharing profits and losses in the ratio of 3:1. Their Balance Sheet as on
1st April, 2016 was us under:
Balance
Sheet
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors Reserve Capital:
Ram = 30,000
Shyam = 24,000 |
12,000 9,000 54,000 |
Cash at Bank Goodwill Sundry Assets |
6,000 12,000 57,000 |
|
|
75,000 |
|
75,000 |
On that date, Barun was admitted as a
new partner. He paid Rs. 30,000/- towards his capital, but was unable to bring
his share of Goodwill of Rs. 6,000/- in cash. The new profit sharing ratio was
agreed to be 3:2:2.
Pass Journal entries in the books of
the new firm and show the Balance Sheet of the new firm. 8
OR
Q.What do you mean by debenture?
Explain any six points of distinctions between shares and debentures. 2+6=8
2018
SUBJECT-ACCOUNTACY
FULL MARKS: 100
PASS: 30
TIME: THREE HOURS
1. (A) Fill in
the blanks with appropriate word/words: 1x4=4
i.
The interest due to the retiring
partner is transferred to his Revaluation
account in case t is not paid immediately.
ii.
A partner acts as agent of the firm.
iii.
In case of fixed capital, a partner’s
capital account always shoes a -------------- balance.
iv.
Unrecorded assets when realized are
credited to Realization
account.
(B) Choose the correct alternative: 1x2=2
i.
Balance Sheet shows:
(a)
Financial Position of a Company.
(b)Profit or Loss of a Company. (c) Cash flow of a Company. (d) None of the
above.
ii.
Financial Statements are
(a)
Detailed reports of recorded facts.
(b)Detailed reports of the cash transaction only. (c)Summarized reports of recorded facts (d)
Summarized reports of the financial institutions only.
(C) State whether the following statements are True or False: 1x2=2
i.
Interest n partner’s capital is
credited to partners Drawings account.
False
ii.
Life membership fee is a revenue
receipt. False
Q.2. State any two features of a
not-for-profit organization.
2
Q.3. What is a Common size statement? 2
Q.4. Mention an two distinctions
between shares and debentures. 2
Q.5. What do you mean by forfeiture of
shares? 2
Q.6. What do you mean by comparative
statement? 2
Q.7. Explain the meaning of cash flow
from financing Activities?
3
OR
Q. From the following information, calculate stock turnover
ratio: 3
Sales = 4, 00,000
Average Stock= 55000
Gross Loss ratio = 10%
Q.8. Mention any three objectives f financial statement
analysis? 3
OR
Q. Briefly explain the nature of financial statements. 3
Q.9. Mention any three limitation of financial statements. 3
Q. Explain the meaning of Ratio Analysis.
Q10. Mention any three distinctions between fund-based accounting
and Non-fund-based Accounting.3
OR
Q. What do you mean y income and
expenditure Accounts?
Q.11. Amar and Bahadur are partners of a firm sharing profits in
the ratio of 3:2. They admit Mery as a new partners for ¼th share in the future
profits. The new profit sharing ratio between Amar and Bahadur is agreed to be
2:1. Calculate their sacrificing ratio. 3
OR
Q. Ranjana, Sadhana and kamona are partners sharing profits in the
ratio of 4:3:2. Ranjana retires and Sadhana and Kamona agree to share future
profits in the ratio of 5:3. Calculate the gaining ratio.
Q.12. From the following Receipts and Payments account for the
year ended 31st March, 2017 and other details of KAZIRANGA SPORTS
CLUB, prepare an income and Expenditure account for the year ended 21st
March, 2017. 5
Receipts
and Payment Account
|
Receipts |
Rs. |
Payments |
Rs. |
|
Cash in hand on 01.04.16 Subscription: 2015-16 : 1000 2016-17 : 30000 2017-18 : 2000 Donation Interest Donation for buildings Life membership fees |
10000 33,000 7000 3000 10000 7000 |
Salaries Honorarium Sports expense Rent Travelling Expenses Purchase of Furniture Cash in hand on 31.03.17 |
8000 5000 2000 3000 2000 35000 15000 |
|
70000 |
70000 |
Additional information:
i.
Outstanding salaries= 2,000
ii.
Prepaid rent = 1,000
OR
Q. Explain the steps in preparation of income and expenditure
account
Q.13. Charles Ltd. Made a profit of Rs. 1,00,000/- after charging depreciation of Rs. 20,000/- on
assets and a transfer to general reserve of Rs30,000/-. The goodwill written
off was Rs. 7,000/- and gain on sale of machinery was Rs 3,000/-. Other
information available to you (changes in the value of current assets and
current liabilities) are debtors showed an increase of Rs. 6,000/- ; creditors
an increase of Rs.10,000/-; prepaid expenses an increase of Rs.200/-; bills
receivable a decrease of Rs3,000/-; bills payable a decrease of Rs.4,000/- and
outstanding expenses a decrease of 2,000/-. Ascertain cash flow from operating
activities. 5
OR
Q. Explain the terms:
(a) Cash equivalents
(b) Cash flows
Q.14. Mention any five objectives of Ratio Analysis. 5
OR
Q. Calculate current assets of a company from the following
information:
Stocks turnover ratio =4 times
Stocks at the is Rs. 20,000/-more than the stock at the beginning.
Sales Rs 3, 00, 000/- and gross profit ratio is 20% of sales.
Current liabilities = Rs40, 000/-
Quick ratio =0.75
Q.15. Shyam, Gagan Ram are partners sharing profits in the ratio
2:2:1. On 31st march, 2017, their balance sheet was as follows: 2
½ x2 ½ =5
Balance sheet
|
Liabilities |
Rs |
Assets |
Rs |
|
Sundry creditors Reserve Capital: Shyam : 20,000/- Gagan : 10,000/- Ram : 10,000/- |
50,000 10,000 40,000 |
Cash Debtors Stock Machinery buildings |
5,000 20,000 25,000 20,000 30,000 |
|
1,00,000 |
1,00,000 |
Gagan retired on that date and shyam and Ram aggred to share
future profits in the ratio 5:3.
Swtock , machinery and buildings were revalued at Rs 20,000/-, Rs
15,000/- and Rs 45,000/- respectively.
Prepare revaluation account and partners’ capital account.
OR
Prepare the new format of the balance sheet of a company with the
major headinds only.
Q.16. Mohit, sholan and rahul were partners sharings profits in
the ratio of 2:2:1. Their balance sheet as on 31st march 2017 was as
follows: 5
|
Liabilities |
Rs |
Assets |
Rs |
|
Capital : Mohit : 30,000/- Shohan : 20,000/- Rahul /-: 20,000 General Reserve Creditors |
70,000 5,000 25,000 |
Fixed Assts Stock Sundry debtors Cash at bank |
60,000 10,000 20,000 10,000 |
|
1,00,000 |
1,00,000 |
Shohan died on june 30, 2017. It was agreed between the remaining
partners and his executors that :
i.
Goodwill will be valued at Rs.50,000/-
ii.
internet on capital be provided at 10% p.a.
iii.
profit for yhe year 2017-18 be taken
as having accrued at the same rate as that of the previous year which was Rs
40,000/-
iv.
The amount due to shohan shall be transferred
to his Executors’ Loan Account
Prepare Shohan’s capital account as on the date of his death.
OR
What is Partnership Deed? Mention any three distinctions between
Fixed and Fluctuating Capital Accounts of partners.
Q.17. SONU and ASHU were partners sharing profits in the ratio of
3:1. Their balance sheet as on 31st march 2017 was as follows: 5
|
Liabilities |
Rs |
Assets |
Rs |
|
Creditors Loan Capital : SONU = 50,000/- ASHU = 50,000/- |
10,000 20,000 1,00,000 |
Cash at bank Sundry Assets Profit and loss Account |
20,000 70,000 40,000 |
The firm was dissolved on
the above date. The assets were realized at Rs 50,000/- Creditors were paid at
a discount of 205 SONU agreed to pay off the Loan. Realisation expenses were Rs
2,000/-. Prepare Realisation Account, Bank Account and Partners Capital
Account.
OR
Q. What do you mean by
Dissolution of a partnership? State three grounds for Dissolution of
Partnership.
Q.18. Explain the term ‘Over-subscription and Under subscription
of Share. 2 ½ X2= 5
OR
Q. What is a preference share? Mention the different types of
preference shares.
Q.19. Followings
is the Trail balance of Ram and SHyam as on 31st March, 2017: 8
|
Particulars |
Rs |
Particulars |
Rs |
|
Plant and machinery Freight on sales Publicity Land and Buildings Sundry Debtors Bad debt Cash at bank Investments Cash in hand Salaries Rent Stock Drawings : RAM = 6,000 SHYAM =10,000 |
10,000 3,000 2,000 50,000 10,000 2,000 15,000 8,000 1,000 12,000 8,000 25,000 16,000 |
Capital account RAM = 36,000 SHYAM =40,000 Trading account -Gross Profit Creditors Bank Loan Bills payable |
76,000 60,000 12,000 8,000 6,000 |
|
1,62,000 |
1,62,000 |
Prepare a profit and Loss Account and the profit and loss
appropriation account of the firm for the year ended 31st march ,
2017 and a balance sheet as on that date , after taking into consideration the
following additional information:
i.
outstanding salaries Rs 3,000/-
ii.
Ram will get a commission of Rs
10,000/-
Q. 20. Hunda limited issued 10,000 equity shares of 100 each
payable as follows: 8
Rs20/- on application
Rs 30/- on allotment
Rs20/- on first call
Rs 30/- on second and
final call.
10,000 shares were applied for and allotted. All money due was
received with the exception of both the calls on 300 shares held by SUPRIYA.
These shares were forfeited. Give necessary journel entries.
OR
Q. write shot notes on:
(1) Re-issue of forfeited shares
(2) Calls in arrears
(3) Calls in advance4
(4) Reserve capital.
Q.21.
X Ltd issued 5000, 16% debentures of Rs.100/- each at a discount of 5%
repayable after 5 years at a premium of 5%
You are required to pass
necessary journal entries and show the “Loss on issue of Dentures Account” over
the period of Five years. 8
Q.22. A and B are
partners sharing profit in the ratio of 3:2. Their balance sheet as on 31st
march, 2017 was as follows: 8
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditor Capital A 30000 B 20000 |
20000 50000 |
Cash in hand Sundry Debtors Stock Furniture Machinery |
3000 12000 15000 10000 30000 |
|
70000 |
70000 |
C was admitted as a new partner on the following term and condition:
i.
C will bring Rs 15000 for capital and
Rs 5000 for his share of Goodwill for 1/6th share in the future
profits.
ii.
The value of stock to be reduce by
Rs.2000 and that of machinery be increased by Rs 8000/-
iii.
The Value of Furniture to be Fixed at
Rs 9000/-
Pass journal entries in the books of the firm and prepare the
Balance sheet of the new firm. 8
OR
Q. Give journal
entries on dissolution of a partnership firm in respect of the following: 1x8=8
i.
For transfer of assets.
ii.
For sale of assets.
iii.
If any partner takes over any asset.
iv.
For payment of liabilities.
v.
For payment of realization expenses.
vi.
For realization of unrecorded assets.
vii.
For transfer of the balance of General
Reserve Account.
viii.
For payment of partner’s Loan
2019
ACCOUNTACY
FULL MARKS: 100
PASS:
30
TIME: THREE HOURS
The figures in the margin indicate full marks for the
question.
1. (A) Fill in
the blanks with appropriate word/words: 1x4=4
i.
The liability of every shareholder of
a company is____________.
ii.
Outstanding subscription is shown on
the liability side of the
balance sheet.
iii.
If a partner takes over a liability of
the firm, the partner’s capital account is Credit.
iv.
Current ratio is the relationship
between Current assets and
current liabilities.
(B) Choose the correct alternative: 1x2=2
i.
Annual report is issued by a company
to its:
(a)
Directors (b) Auditors (c)
Shareholders (d) Management
ii.
Financial Statements of a company
include:
(b)
Only Cash Flow Statement. (b) Only Profit and Loss Account.(c) Only
Balance Sheet. (d) All of the above.
(C) State whether the following
statements are True or False: 1x2=2
iii.
The deceased partner’s is entitled to
a share of profit for the period upto his death. True
iv.
Profit or loss on revaluation of
assets and liabilities is distributed among ole partners in sacrificing ratio.
Q.2.Give tow distinctions between a
not-for-profit organization and a trading organization. 2
Q.3. A and B are two partners sharing
profit and losses in the ratio of 3:2. C is admitted as a new partner for 3/10th
share which he acquires 2/10th from A and 1/10th from B.
calculate new profit sharing ratio. 2
OR
Q.
Give two conditions under which a partnership firm is dissolved.
Q.4.
mention any two features of a debenture. 2
Q.5.
what is the meaning of cash flow from investing activities? 2
Q.6.
what is meant by “super profit” in relation to valuation of goodwill? 2
Q.7.
mention three objectives of preparing financial statements. 3
Q.8. calculate liquid ratio from the
following information: 3
Stock =
Rs.50,000/-
Debtors =
Rs.80,000/-
Bills re4ceavable = Rs.10,000/-
Advance tax = Rs. 4,000/-
Cash = Rs.
30,000/-
Creditors = Rs. 60,000/-
Bills payable = Rs. 40,000/-
Machinery = Rs. 50,000/-
Bank Overdraft = Rs.4,000/-
Debentures = Rs. 70,000/-
OR
Q. what is comparative statement?
Mention two objectives of preparing comparative statement.
Q.9. what are contingent liabilities?
Mention any two items.
1+2=3
OR
Q.
Explain the average profit method of valuation of goodwill.
Q.10.
calculate amount of medicines consumed to be shown in the income and
expenditure A/c for the year ended 31-12-2018: 3
01-01-2018
31-12-2018
(Rs.)
(Rs.)
Stock
of medicines
3,000
500
Creditors
for medicines
2,000
1,300
Amount
paid for medicines during 2018 was Rs. 10,800/-
OR
Q. Mention any three distinctions
between receipts and payments A/c and income and expenditure A/c.
Q.11. mention any three limitations
of financial statements. 3
OR
Q. Write three objectives of
preparing Realization Account.
Q.12.north east club had a cash
balance of Rs.20,000/- and bank balance of Rs. 35,000/- respectively on
01/04/2017. From the following the details prepare a Receipts and payments
payments account for the year ended 31/3/2018.
|
Subscription
received
2016-17
30,000
2017-18 2,
25,000
2018-19 10,000 Donation for
building
Entrance Fee
Life membership
fee
Printing and stationery
Lighting expense
Rent and taxes
paid
Telephone charges Postage
Salaries
Insurance
Interest received
Locker rent received
Purchase of furniture cash in hand as on
31-03-2018 |
2,65,000 60000 23000 20000 38750 26250 17000 2600 2000 88000 15000 18000 42000 2,00,000 23,400 |
OR
Explain in brief the treatment of the
following items in preparation of income and expenditure account:
i.
Subscription
ii.
Life membership
fee
iii.
General donation
iv.
Specific donation
v.
Legacy
Q.13.What is cash flow statement?
Explain its three limitations. 2+3=5
OR
From the following information
calculate the cash from operating activities:
|
Profit and loss A/c Bills receivable Provision for
depreciation Outstanding wages Prepaid insurance Goodwill Provision for doubtful
debts Debtors Cash and bank balance |
2016 (Rs.) |
2017 (Rs.) |
|
3,00,000 20,000 60,000 18,000 6,000 40,000 10,000 1,20,000 30,000 |
2,50,000 18,000 80,000 15,000 9,000 32,000 14,000 80,000 25,000 |
Q.14.Abusiness has a current ratio of
1:2:1. If the working capital is Rs. 1,80,000. Calculate current assets and
stock. 5
OR
Q. What are profitability ratios?
What is the significance of gross profit and operating profit ratio?
Q.15. A, B and C were partners
sharing profits in the ratio of 3:2:1 respectively. Balance sheet of the firm
as at 31st march, 2017 stood as follows
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry creditor Capital A : 20,000 B : 7,500 C : 12,500 |
16,000 40,000 |
Building Debtors Stock Patent Bank |
23,000 7,000 12,000 8,000 6,000 |
|
56,000 |
56,000 |
“B” retired on the above date on the following:
i.
Building
to be appreciated by Rs.8,800.
ii.
Provision
for doubtful debts be made @ 5 % on
debtors.
iii.
Goodwill
of the firm be valued at Rs. 9,000
Pass necessary journal entry.
OR
What is share forfeiture? State the
procedure of forfeiture of shares.
2+3=5
16. What is partnership deed? Mentions
its four principal clauses. 1+4=5
OR
Following
is the balance of P, Q and R as on march 31, 2018. 5
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry creditors General reserve Capital accounts :
P : 30,000
Q : 20,000
R : 20,000
|
16,000 16,000 70,000 |
Bills receivable Furniture Stock Sundry debtors Cash at bank Cash in hand |
16,000 22,600 20,400 22,000 18,000 3,000 |
|
1,02,000 |
1,02,000 |
Q.
Died on June 30, 2018. Under the agreement the executors of the deceased
partner were entitled to
a) Amount standing to the credit of partner’s capital
A/C.
b) Interest on capital @ 5% p.a.
c) Share of goodwill on the basis of twice the average of
the past three year’s profit.
d) Share of profit
from the closing of the last financial year to the date of death on the basis
of last year’s profit (2017-18).
e) Profits for the last three years were:
Year profits (Rs)
2015-16 12,000/-
2016-17 16,000/-
2017-18 14,000/-
Prepare
Q’s capital account on the date of his death.
17. Distinguish between realization
account and revaluation account. 5
OR
A and B are partners sharing profit
equally. Balance sheet on September 2018 was as follows :
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Creditors Bills payable Reserve fund Capitals : A : 20,000 B : 20,000 |
11,200 1,800 6,000 40,000 |
Sundry assets |
59,000 |
|
59,000 |
59,000 |
The firm is dissolved on the above
date. Assets are realized at Rs. 49600. Creditors allowed a discount of 2% and
dissolution expenses came to Rs. 544.
Give journal entries to close the
books of the firm.
Q.18 Discuss the process for
allotment of shares of a company in case of oversubscription. 5
OR
Prepare a comparative income
statement from the following particulars:
|
Particulars |
2017 |
2018 |
|
Sales Cost of goods sold Administrative expenses
Other income Income tax |
4,00,000 2,00,000 40,000 20,000 60,000 |
5,00,000 3,00,000 1,00,000 30,000 70,000 |
Q.19 following is the trial balance
of Rana and Raju as on 31st march, 2018: 8
Trial
balance
|
Particulars |
Rs. |
Particulars |
Rs. |
|
Machinery Furniture Rent Salaries Debtors Cash in hand Cash at bank Drawings Rana = 4,000 Raju = 3,000 Closing Commission |
10,000 20,860 19,740 9,000 40,500 16,300 45,000 7,000 12,500 5,000 |
Capital Rana =
65,000 Raju =
40,000 Creditors Commission Bank loan Trading account Gross profit |
1,05,000 18,400 300 5,000 57,200 |
|
1,85,900 |
1,85,900 |
Prepare the profit and loss and
profit and loss appropriation account for the year ended 31st march,
2018 and a balance sheet of the firm as on that date after taking into
consideration the following additional information:
i.
Depreciate
machinery @ 10% p.a and furniture @20% p.a
ii.
Partners
will get interest on capital @5 % p.a
iii.
Raju
is entitled to a salary of Rs. 1,800 p.a
iv.
The
profit sharing ratio between Rana and Raju was 3:2.
Q.20 M.S limited issued 1,000 equity
shares of Rs. 100 each payable as follows:
On application – Rs. 25 per share
On allotment – Rs. 25 per share
On first call – Rs. 20 per share
On final call – Rs. 30 per share
All the shares were duly subscribed
for, called- up and paid-up, except Mr. A holding 400 shares did not pay the
final call money. Show the entries in
the cash book and journal of the company for the above transactions.
OR
Write short notes on:
a)
Redemption
of debentures
b)
Loss
on issue of debentures
c)
Minimum
subscription
Q.21.
S.K. Ltd. Issued 1,000, 12% Debenture of Rs. 100 each. Give journal
entries for redemption of the debentures in the books of the company under the
following conditions: 2+3+3=8
i.
Issued
at par and Redeemable at par after 5 year.
ii.
Issued
at par and redeemable at a premium of 5% after 5 year.
iii.
Issued
at a premium of 5% redeemable at par after 5 years.
OR
Write short-notes on: (2x4=8)
i.
Authorized
Share capital
ii.
Call-in-Arrear
iii.
Pro-Rata
Allotment
iv.
Preference
Share.
Q.22. Vimal and Himal are partners in
a firm sharing profits and losses in the ratio 3:2 Their balance sheet as on 31st
December, 2018 was as under:
8
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors Capital Accounts: Vimal 60,000 Himal 32,000 Profits and Loss A/c |
20,000 92000 20,000 |
Cash Debtors Machinery Stock Goodwill |
14,000 18,000 50,000 40,000 10,000 |
|
132,000 |
1,32,000 |
On date Kailash was admitted as a new
partner . he paid Rs 40,000s his capital and Rs. 20,000 for his share of
goodwill. The new profit sharing ratio was agreed to be 2:1:1.
Pass journal entries in the books and
show the balance sheet of the new firm.
OR
What is goodwill? Mention four
factors affecting the goodwill of a firm. Mention three conditions when
valuation of goodwill becomes necessary.
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