Accountancy JUL 2007 Eng

8/3/2019 Accountancy JUL 2007 Eng

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9( BDgUsb.Version )

Code No. 30-NS

SBCTION-AI ~Answer any etght questions. each cany1ng two marks. 8 x 2 = 16

1. . 'What is Single Entry System ?2~ What is f4"luctuattng Capital System ?3. What is Sacr1ftce Ratio?'

4. Give journal eiltry to transfer Realisation Ale profit to partners A and B.5. What is forfeiture of shares ?6. Under what beadings Will you show the following items inCompany's

Balance sheet ?a ) Bills Receivableb) Prelimfruuy EJqienses.

7. Write the formula for calculating the amount of depreciation under ortglnalcost method ifpercentage is not glven.

8. Give two examples for Capital expenditures.

9. What is Information incomputer ?10. Whatis Tally incomputer ?

SBCTION-BAnswer any three questions, each carrying six marks. 3 x 6 = 18

11. Swya and Chandra are partners of a firm. Swya is draWIng Rs. 2.000 atthe end of every two months. Calculate the Interest at 12% p.a. on

"drawings of Surya for the year ending 31st December. 2006 underproduct method.

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Code No. 30-NS 1012. An1l, Sunil, Kamal are partners in a "firm. Suil1l retires on 31.12.2002.

Sunil's Loan Ale shows a credit balance of Rs. 35.000 on 1.01.2003.Continuing partners paid Rs. 5,000 to sUnu and agreed to pa y the baJanceof Rs. 30,000 inthree yearly equal instalments with mterestat 12% p.a.Show Sunil's Loan Ale unttl tt ispaid off.

13. Red, White. and Black are partners sharing profits and losSes inthe ratioof 3,: 2 : 1. On' 31.12.2006 their Balance Sheet Is as follows :

BalanceSheet .. on 31. 12. 2008UablHttes RB. Assets . . .Sundry Creditors 26,000 Cash at Bank 25,000-

BmsPayable 20,()OO Debtors 35,000~ .. .Profit and Loss ale 18,000 Stock " 30,000.Capital : FurnIture 14,000Red RB.40.000 BuUdmgs 30.000White Rs, 30.000 MachineI)' 20.000

" Black Rs. 20rOOO 90.0001,54.000 I,M,OOO

Black died on 1.07.2006 and the partnership deed prov1des inthe event. of death of a partner that his executors should be entitled to :a) his Capital on the date of last Balance Sheet.b} his share of undistributed profits or lossee..c) his share of profit upto the date of death on the basis of prev:l.ous

year profit.The profit for 2005 was Rs. 24.000.

d) .his share 'of goodwlIl. Firm's goodwlIlls ~ at Re. 60,000 .. - e) drawings upto the date of death Rs. 3.000'.Prepare Black's Executors Ale.


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11 Code No. 3O--NS14. '!be Star Co~Ltd. decided to tsaue 20.000 equity shares of Ra. 100 each

w1t! l a prem1um of Ra. 20. The amount Is payable as follows :on application Ra. 20on allotment Ra. 60 ( including premium amount Ra. 20 )on 8rat and ftnal call Ra. 40.

All the shares were subscribed and all the money .reeetsed eseept the ftrstand 8nal Ca l l on 1000 shares.Give Journal entries.

,I

15. Explain the advantages of Computer accounting.8BC'I101f - C

AnsWer any four from ~~ ..following questions . each ~ fourteenmarks : 4 x 14 :;:56

16. Mallik. a businessman started ~ bua1ness on 1.01.2006 with an openingcapital of Rs. 45.000.On 1.07.2006 he invested Rs. 15.000 as additional capital. He usedRs.. 18.000 for his personal use.His financial position on 31.12.2006 was as follows: .. . .

Stock of goods 26.000Sundry debtors 16.000FUmture 6.000Cash at Banlt 6.000Cash in hand 600Bills Recetvable 4.600 .Plant and Machinexy 20,000Sundry Creditors 16.000Loan from Menak:a 6.000.

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~Code No. 3O-NS~ , 12AcfJustments :

a) Depreciate furniture by Rs. 600.b) Deprectateplant & machJn~ by 10%.c) ,Outstanding rent Rs. 1,000.d) Allow interest on Capital at 5% p.a,

Prepare:J ) Statement of profit or lossU) Revised statement of affatrs.'

; 1-7. A company acquJres Iease.on Jan. 1, 2000 for a term of 5 years bypayment of Rs. 25,000. It is proposed to depreciate the lease by Annuitymethod, charging 5% mterest, As per Ann~ty tables, the amount to be.written .off annu8lly amounts to Rs. 577437.Show the ( 1 ) Lease AcCount and (ll) Interest Account for .fiveyears.

tI8. Following is the Balance Sheet and Receipts and Payments account ofJayaprakash College AssOCiation.

BalaDce Sheet _ on 81. 12. 200IJUabfUdes Rs. Assets Rs.

Capital Fund 32.000 Building 30.000Subscrtptlon received Subscription 0/ s 380

inadvance 600 O/s Rent 240Outstanding expenses 1.400 Cashtnhand 10.000Loan 5.000Income &

ExpendIture ale 1.620

40.620 40,620


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13. Reeelpta ... Pqmeata Alelor the year eadec t 81. 12. 2008

Code No. 3O-NS

- _ . . . . . .To Balance on 1.01.2006: Subscriptions

2005 - Rs. 2002006 - Rs. 2.1002001 - Rs. 150

Entrance fees., Rent,. Income from

R e f r e s h m e n t s

A4Justments :

10.000 By Expenses-.. . .2005 - Rs. 1.2002006 - Rs. 2.000 3,200

II Leasehold land 4,0002.450 . . , Interest 400800 Refreshment EXpenses 2,000700 ... Balance on 31.12.2006 8,350

4.000

17.950 17,~50

a) Expenses due but not paid Rs. 500.b) Subscriptions due but not received Rs. 100.c) Salary due but not paid Rs. 200.d) Depreciation on BuUding Rs. 2.000.e) Half of the Entrance fees to be capitalised.Prepare :

I) Income and Expenditure for the year ending 31.12.2006.U ) Ba1ance Sheet as on that date.

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Code No. 3ONS\

1419. Sarat and Bharat are sharing profits and losses In theratto of

2 : 1.On31.12.2006 their Balance Sheet w a s as foll~:Ballmce Sheet _ OR 81. 12. 2008

UaIJWtfes . . . AReta . . .Creditors 12.000 Cash In hand . 10.000Bills Payable 8.000 Debtors 5.000Reserve Fund 9.000 Stock 10.000Capital Account : Furniture 4.000Sarat as. 20.000 Bulldtng . 40.000

-.Bharat as. 20.000 40.000.. " .... 69.000 69.000

. . . 1 .They admit Lallt Intopartnership gtvtng him5 " share inthe future proflt onthe followingterms :a l The new partner should bring Rs. 25.000 as his capital.b) . Value ofButldJngs is to be appreciated by Rs. 7.000.c) FurnIture to be depreciated by Rs. BOO.d)' Stock Isvalued at 10% leas than the book value.e) 1be GoodwI l l Account Is to be raised at As. 24.000.n There is an outatand1ng printing btll for RI. 400.

Prepare :. Q Revaluation AccountII) Partners' Capital Accounts1 U ) OpenIng Balance Sheet of the new firm.


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15 Code No.3()"NS ~.20. Roopa, Deepa and Krtpa were partners sharing profits and losses In the --

ratio of 2 : 1 : 1.Their Balance Sheet as on 31.12.2006 was as follows :Ba1a.ce Sheet u on 81. 12. 2008.,

UabUides .as. Assets . . . .Bills Payable . 2,300 Cash In hand 1.000Creditors 5,700 Bills Rece1vable 400Reserve 4.000 . Stock , 20,000Capital : Debtors Rs.7.ooo,~pa Rs. 30.000 Less ProvIsIon Rs. ~ 6,600Deepa Rs. 20.000 JOint Ufe Polley 4.000Krtpa Rs. 20.000 70,000 Machinery 50,000

82.000 . .82.000

The firmwas dissolved on the above date and the details available are :. ia J Roopa took over the Joint We Polley for Rs. 5.000.b) Amount realised as follows :

Stock Rs. 22,000Debtors Rs. 4,100

Machinery Rs. 58.000Bills on hand realised In full.

c) Realisation Expenses paid Rs. 500.Prepare:j) Rea1isatlon Accountto Partners' Capital AccountsIii) Cash Account.

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Code No. 30-NS 1621. Following Is the Trial Balance of Sundar Company lJmIted. Hub".

Trt.I Balace _ on 31.12.2008PartJ.cuIan DebltBUmce CredIt RaJ_ce

Hs. . . .Share Capital(25,000 shares of Rs. 10 each ) 2,50.000Stock ( 1.01.2006 ) 45.000Wages 40.000Purchases and Sales 1,25.000 2.00,000Freight 10.000S a l a J Y 10,000Rent 5.000Discount 4,000 3,000Sundry expenses 3.500Bad debts 1.000Profit and Loss a/ c 11,000DIvIdend 2,500Interim Dividend 1.500Debtors and Creditors 35,000 24.000Bulldlngs 80.000Mach1nety 25,000Investments 75,000Reserve Fund 12.000Loans to Employees 2,000Cash 25.5006% Debentures 50.000Calls in arrears 10,000Q o o d w 1 l 1 50.000

5.50,000 5.50.000

Adjustments :a J Stock on 31.12.2006 Rs. 50.000.b) Transfer Rs. 3,000 to Reserve Fund.c) RBD at 5%.dl Deprectate Machinety at 10%.e) .: Outstanding interest on debentures for one. year.Prepare FinalAccounts.

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Accountancy JUL 2007 Eng