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GOVERNMENT OF KARNATAKA
KARNATAKA PRE-UNIVERSITY EDUCATION EXAMINATION BOARD
II YEAR PUC EXAMINATION MARCH-2018
SCHEME OF VALUATION
Subject Code: 30 Subject: ACCOUNTANCY (NS)
Question No.
SECTION-A Marks allotted
1. State any two causes of depreciation. Ans: Causes of depreciation:-
1. Constant use/Wear and Tear. 2. Passage of time/Lapse of time.
3. Obsolescence. 4. Permanent fall in market price. 5. Abnormal factors (Any two, one mark each)
1+1
2. What is partnership Deed? Ans: When the partnership agreement is written and signed by all the partners and is duly stamped according to the Stamp Act, it is called ‘Partnership Deed’ or ‘Articles of Partnership’
2
3. What is goodwill? Ans: Goodwill is the value of good name/reputation of business which attracts more customers and helps the firm to earn more profits.
2
4. Give the journal entry to close revaluation account when there is profit
Ans: Revaluation A/c Dr. To Partners capital A/c (Being profit on revaluation transferred to partners capital accounts)
2
5.
2
2
What is Realisation account?
Ans: Realisation account is an account prepared at the time of dissolution of a firm to ascertain the profit/loss on the realization
of assets and payment of liabilities. 6. What do you mean by issue of shares at premium?
Ans: If issue price is more than the face value of shares, it is called issue of shares at premium.
2
7. Give the meaning of Interim dividend. Ans: Interim dividend is the dividend declared by the company in between two Annual General Meetings in anticipation of profits.
2
8. List out any two techniques of Financial Statement Analysis. Ans: Techniques of Financial Statement Analys 1.Comparative Statements 2.Common size statemen 3.Trend Analysis 4.Ratio Analysis 5.Cash flow Statements (any two,onemark each)
1+1
9.
Give any two examples of non-profit organizations. Ans: Examples of non-profit organizations are:-
1. Schools and colleges 2. Hospitals 3. Sports clubs 4. Charitable institutions 5. Libraries etc., (any two,one mark each)
1+1
10 Mention any two types of information. Ans: Types of information are:-
1. Strategic Information 2. Tactical Information 3. Operational Information 4. Statutory Information (any two,one mark each)
1+1
3
Scecton-B 11. Calculation of Interest on Shiva’s drawings
SL NO DATE AMT(Rs) O/S PERIOD PRODUCT 1 01/05/2016 5,000 11 55,000
2 31/08/2016 7,000 7 49,000 3 31/12/2016 3,000 3 9,000
4 01/02/2017 4,000 2 8,000
TOTAL PRODUCT 1,21,000 Intereston Shiva’s drawings=Total productXRateX1/12
=1,21,000X
X
= Rs.1,210
Int on Shiva’s Drawings= Rs. 1,210 ( One marks for formula and four marks for calculation)
12. Old Profit Sharing Ratio = 4:3:2 New Profit Sharing Ratio = 5:3 Gain Ratio = New profit sharing ratio – Old profit sharing ratio ( I mark)
G.R of Suchit =
-
=
=
( 1.5 marks)
G.R. of Chandru =
-
=
=
( 1.5 marks)
Gain Ratio of Suchit&Chandru = 21:11 (1 mark )
4
13. Raja’ s Capital Account
Dr. Cr. Particulars Rs` Particulars `Rs
To Drawings A/C
To Raja;s Executors A/C(trf)
20,000
1,20,500
By balance b/d
By P & L Suspense A/c
(80000x
x
)
By Int on Capital A/C
(100000x
x
)
By SalaryA/C(1000x9)
1,00,000
24,000
7,500
9,000
1,40,500 1,40,500
(5 marks)
14. Journal entries in the books of Jagadeesh Co. Ltd
Date Particular L/F Debit(Rs) Credit(Rs)
1 2 3 4
Bank A/C (10000x2) Dr To 12% Debentures Application A/C (Being Application money received)
20,000
20,000
50,000
50,000
20,000
20,000
30,000 20,000
50,000
12% Debentures Application A/C Dr To 12% Debentures A/C (Being application money transfrred)
12% Debentures Allotment A/C Dr To 12%Debentures A/C To Securities Premium A/C (Being Allotment money due and discount on debentures adjusted )
Bank A/C Dr To 12% Debenture Allotment A/C (Being Allotment money received)
( simple entries one mark and compound entry two marks i,e 3+2=5marks)
5
15. Current Ratio=
Current Assets=Stock+Debtors+B/R+AdvanceTax+Cash
1,00,000+80,000+20,000+8,000+60,000= Rs.2,68,000
Current Liabilities= Creditors+BillsPayable+Bank overdraft
= 1,20,000+80,000+8,000= Rs.2,08,000
Current Ratio=
=
= 1.29:1
Quick Ratio=
Quick Assets=Current Assets-Stock-Advance Tax
=2,68,000-1,00,000-8,000
= 1,60,000
Quick Ratio=
=
= 0.77:1
(2
+2
=5 marks)
16. Balance Sheet of Srushti Library as on 1-4-2017
Dr Cr
Liabilities Amt(Rs) Assets Amt(Rs) Outstanding expenses
OpeningCapitalFund (bal.fig)
2,000
1,58,000
160000
Buildings
Investments Library Books Furniture
Outstanding Subscriptions Rent receivable
Cash on hand Cash at Bank
1,00,000
25,000 20,000 7,000
2,000 1,000
500 4,500
160000
1,60,000 1,60,000
( each correct entry 1/2 mark=1/2x10=5 marks)
6
17.Qualities of information:
1.Accurate 2.Complete 3.Reliable 4. Timely 5.Up-to-date
(Explain the above points in brief-3+2 marks)
Section-C
18. Calculation of Profit or Loss on Sale of Machinne A
Cost of the Machinery as on 1-4-2014
Rs.1,20,000
Less Depreciation upto31/03/2015 12,000
Depreciation upto 31/12/2015(9months) 9,000 Rs. 21,000
Book Value of Machine A as on 31-12-2015
Rs. 99,000
Less:- Sale proceeds of Machine A Rs. 84,000
Loss on Sale of Machine A Rs. 15,000
7
Machinery Account
Dr Cr Date Particular Amount(Rs) Date Particulat Amount(Rs
)
1-4-14 1-7-14 1-4-15 1-4-16 1-4-16 1-4-17
To Bank A/C(“A”) To Bank A/C(“B”) To Balance b/d To Balance b/d To Bank A/C “C” To Balance b/d
1,20,000
80,000
31-3-15 31/3/15 31-12-15 -----,,---- -----,,---- 31-3-16 31-3-16 31-3-17 31-3-17
By Depreciation A/C A=1,20,000@10%=12,000 B=80,000@10%(9months) 6,000 By Balance c/d By Depreciation A/C (1,20,000x10/100x9/12) By Bank A/C (Sale) By Loss on sale of machinery A/C (P & L A/C ) By Depreciation A/C (B 80,000x10/100)=8,000 By Balance c/d BY Depreciation A/C B=80,000@ 10%=8,000 C=60,000@10%=6,000 By Balance c/d
18,000
1,82,000
2,00,000
2,00,000
1,82,000
9,000
84,000
15,000
8,000
66,000
1,82,000
1,82,000
14,000
1,12,000
1,12,000
66,000
60,000
1,26,000 1,26,000
1,12,000
8
Dr Depreciation A/C Cr
Date Particular Amount(Rs) Date Particular Amount(Rs)
31-3-15 31-12-15 31-03-16 31-3-17
To Machinery A/C To Machinery A/C To Machinery A/C To Machinery A/C
18,000 18,000
9,000 8,000
17,000 14,000
14,000
31-3-15 31-3-16 31-3-17
By P & L A/C (Trf) By P & L A/C (Trf) By P & L A/C (Trf)
18,000 18,000
17,000
17,000
14,000 14,000
2+8+4=14
19. Revaluation A/C
Dr Cr
Particular Amount(Rs) Particular Amount (Rs)
To Machinery(80000x10/100)
,, Furniture (40000x10/100)
,, P D D(40000x5/100)
,, O/S Salary
‘’ Partners Capital A/C
Sujata’s Cap A/c(16000x3/5)= 9600
Sanjota’s cap A/c(16000x2/5)=6400
,
8,000
4,000
2,000
2,000
16,000
By Building
,, Investment(50000-40000)
22,000
10,000
32,000 32,000
Capital Account Partners
Dr Cr
Particular Sujata Sanjota Sangeeta Particular Sujata Sanjota Sangeeta
To P & L A/C
To Bank A/C(G/W)
,, balance c/d
6,000
12,000
1,53,600
4,000
8,000
1,02,400
60,000
By Balance B/D
,, Reserve Fund
,, Revaluation A/C
,, Goodwill (3:2)
,, Bank A/C
1,20,000
30,000
9,600
12,000
80,000
20,000
6,400
8,000
60,000
1,71,600 1,14,400 60,000 1,71,600 1,14,400 60,000
9
Balance Sheet of the new firm as on 1-4-2016 Liabilities Amount(Rs) Assets Amount(Rs)
Creditors
Bills Payable
O/S salary
Capital Accounts
Sujata 153600
Sanjota 102400
Sangeeta 60000
1,00,000
50,000
2,000
3,16,000
Cash (40000+60000+20000-20000)
Stock
Debtors 40000
Less: PDD 2000
Furniture 40000
Less: Depreciation 4000
Machinery 80000
Less: Depreciation 8000
Buildings 100000
Add: Appreciation 22000
Investments(40000+1000)
1,00,000
50,000
38,000
36,000
72,000
1,22,000
50,000
36000
4,68,000 4,68,000
(4+5+5=14)
10
20. Realisation Account
Dr Cr
Particular Rs ` Particular Rs
To Investments
,, Bills Receivable
,, Debtors
,, Stock
,, Machinery
,, Furniture
,, Buildings
,, Cash/Bank A/C
( Creditors & B/P paid))
,, Cash/Bank A/C
(Dissolution exp paid)
10,000
10,000
25,000
10,000
10,000
10,000
20,000
30,000
1,000
_____________
1,26,000
By Creditors
,, Bills Payable
,, Cash/Bank A/C
Bills Receivable 7500
Debtors(25000-2500) 22500
Stock(10000-1000) 9000
Machinery(10000+500) 10500
Buildings 15000
,, Rashmi’s Capital A/C
(Furniture taken over)
,, Rahul,s Capital A/C
(Investments taken over)
By Partners Capital A/C
Rashmi (21500x3/5)= 12900
Rahul (21500x2/5) 8600
10,000
20,000
64,500
5,000
5,000
21,500
____________
1,26,000
Capital Accounts of Partners
Dr Cr
Particular Rashmi
Rahul
Particular
Rashmi
Rahul
To Realisation A/C (asset taken over)
To Realisation A/C
(Net Losses)
,, Cash/Bank A/C
(Ultimate Balance
Paid)
5,000
12,900
18,100
5,000
8,600
10,400
By Balance b/d
,, Reserve Fund
30,000
6,000
20,000
4,000
36,000 24,000 36,000 24,S000
11
Cash/Bank A/c
Dr Cr
Particular Rs Particular Rs
To Balance b/d
,, Realisation A/c (Assets realized)
5,000
64,500
By Realisation A/C(Liabilities Paid)
,, Realisation A/C (Dissolution
Expenses paid)
,, Rashmi’S Loan A/C
,, Rashmi’s Capital A/C
,, Rahul’s Capital A/C
30,000
1,000
10,000
18,100
10,400
69,500 69,500
(7+3+4=14marks)
21. Journal entries in the books of Vijayalaxmi Co .Ltd
Date Particular L/F Debit(Rs) Credit(Rs)
1 2 3 4 5 6
Bank A/C(10000x2) Dr To Equity Shares Application A/C (Being Application Money received)
20,000
20,000
50,000
50,000
20,000
20,000
20,000
20,000
30,000 20,000
50,000
20,000
20,000
Equity Shares Application A/C Dr To Equity Share Capital A/C (Being Application money transferred)
Equity Share Allotment A/C(10000x5) Dr To Equity Share Capital A/C(10000x3) To Securities Premium A/C(10000x2) (Being Allotment money due including premium)
Bank A/C(10000x5) Dr To Equity Share Allotment A/C (Being Allotment money received including premium)
Equity Share First Call A/c(10000x2) Dr To Equity Share Capital A/C (Being first call money due)
Bank A/C(10000x2) Dr To Equity Share First Call A/C (Being first call money received)
12
7 8 9 10 11
Equity Share Final Call A/C(10000x3) Dr To Equity Share Capital A/C (Being final call money due)
30,000
28,500
5,000
3,500 1,500
2,000
30,000
28,500
3,500 1,500
5,000
2,000
Bank A/C(9500x3) Dr To Equity Share Final Call A/c (Being Final Call Money received except 500 shares)
Equity Share Capital A/C(500x10) Dr To Forfeited Shares A/C(500x7) ,, Equity Share Final A/C(500x3) (Being Forfeiture of 500 shares)
Bank A/C(500x7) Dr Forfeited Shares A/C Dr To Equity Shares Capital A/C (Being Re-issue of forfeited shares at discount)
Forfeited Shares A/C Dr To Capital Reserve A/C (Being balance in F S a/c transferred to Capital Reserve A/c)
(simple entries one mark and compound entries two marks i,e 8+6=14marks)
22. Shobha Trading Co. Ltd
Balance Sheet as at March31,2014
Equity and Liabilities Notes Amount(Rs)
Shareholders’ funds Share Capital Reserves and Surplus Non-Current Liabilities Long- term borrowings Current Liabilities Short-borrowings Trade Payables Other current liabilities Short-term provisions
1 2
3
4
5 6
2,00,000
62,326
50,000
42,500
56,924
TOTAL 4,11,750
Assets Non-current assets Fixed Assets Tangible Assets Intangible Assets(goodwill)
7
1,80,250 62,500
13
Current Assets Investments Inventories Trade receivables Cash and cash Equivalents Short-term loans and advances
8 9
10
22,500 80,000 66,500
TOTAL 4,11,750
Shobha Trading Co. Ltd
Statement of Profit and Loss for the year ended March 31, 2014
Particulars Notes Rs
Income Revenue from operations Less:Returns Revenue from operations(gross) Less:Excise Duty Revenue from operations(net) Other Income
2,75,000
2,75,000
2,75,000
nil Total Revenue from operation(A) 2,75,000
Expenses Purchases of stock-in-trade Changes in trade(17500-22500) (opening inventory less closing inventory) Employee benefit expenses Finance costs Depreciation and Amortisation expenses Other expenses
11 12 13 14
85,000 (5,000)
33,500
5,000 7,250
37,500
Total Expenses (B) 1,63,250 Profit befor Tax (A-B) 1,11,750
Tax expense:- Current tax
33,525
Profit for the year 78,225
14
Note 1-Share Capital
Particulars Amount(Rs) Amount(Rs)
Equity share capital of Rs. 10 each 2,00,000 Total 2,00,000
Note 2-Reserves and Surplus
Particulars Amount(Rs) Amount(Rs) General Reserve Add:Transferred from surplus Closing balance Surplus:-Opening balance Add:-Surplus from statement of P & L Amount available for appropriations Appropriations Less: (i)Proposed dividend(200000x10/100) :(ii)DDT @16.995% :(iii) Amount transferred to General Reserve Closing balance
2,500 2,500
5,000 78,225
83225 20,000 3399 2500 25,899
5,000
57,326
Total Reserves and Surplus 62,326
Note 3-Long-term borrowings
Particulars Amount(Rs) Amount(Rs)
10% Debentures 50,000 Total 50,000
Note 4-Short-term borrowings
Particulars Amount(Rs) Amount(Rs) Total Nil
Note 5-Other current liabilities
Particulars Amount(Rs) Amount(Rs)
Total Nil
15
Note 6-Short term provisions
Particulars Amount(Rs) Amount(Rs)
Proposed dividend DDT Provision for tax
20,000 3,399
33,525
Total 56,924
Note 7-Fixed Assets
Particulars Gross Block(Rs)
Depreciation(Rs) Net Block(Rs)
Tangible Assests Plant & Machinery Furniture Buildings
50,000 92,500 45,000
5,000
2,250
45,000 92,500 42,750
Sub Total 1,87,500 7,250 1,80,250
Intangible Assets Goodwill
62,500
-
62,500
Sub Total 62,500
-
62,500
Total 2,50,000 7,250 2,42,750
Note 8-Trade Receivables
Particulars Amount(Rs) Amount(Rs) Trade Receivables 80,000
Total 80,000
Note 9-Cash and cash equivalents
Particulars Amount(Rs) Amount(Rs)
Fixed Deposits Cash in hand and at bank
35,000 31,500
Total 66,500
Note 10-Short term loans and advances
Particulars Amount(Rs) Amount(Rs) Total Nil
16
Note 11-Employee benefit expenses
Particulars Amount(Rs) Amount(Rs)
Salaries Staff welfare expenses
27,500 6,000
Total 33,500
Note 12-Finance Costs
Particulars Amount(Rs) Amount(Rs)
Interest on Debentures 5,000 Total 5,000
Note 13-Depreciation and Amortisationa expenses
Particulars Amount(Rs) Amount(Rs) Depreciation on Tangible assets( as per note no 7) 7,250
Total 7,250
Note 14-Other expenses
Particulars Amount(Rs) Amount(Rs) Office Rent Rates & Taxes
25,000 12,500
Total 37,500
(Working Note 5 statement of P/L A/C 5 Balance Sheet 4 Marks.)
23. Sangolli Raytanna Co., Ltd
Comparative Balance Sheet as on 31-3-2015 &31-3-2016
Particulars 31-3-15(Rs) 31-3-16(Rs) Increase or Increase or
Decrease(Rs) Decrease(%)
I. Equity & Liabilities
1. Shareholders Fund:
Share Capital (Eqity+Pref) Reserves & Surplus
5,50,000 10,50,000 5,00,000 90.91
3,00,000 4,00,000 1,00,000 33.33
Total Shareholders Fund(A) 8,50,000 14,50,000 6,00,000 70.59
2. Non Current liabilities
Long-term loans 1,00,000 2,50,000 1,50,000 150.00
17
Liabilities side 8 marks and Assets side 6 marks (8+6=14 marks)
Total Non-Current Liabilities(B) 3
1,00,000 2,50,000 1,50,000 150.00
3.Current Liabilities
a. Trade payables 50,000 1,50,000 1,00,000 200.00
Total Current Liabilities ( C ) 50,000 1,50,000 1,00,000 200.00
Total Equity & Liabilities (A+B+C) 10,00,000 18,50,000 8,50,000 85.00 Assets
II. Assets
I. Non-Current Assets(Fixed Assets)
a. Tangible Assets
Fixed Assets Investments
5,00,000 2,00,000
10,00,000 2,50,000
5,00,000 50,000
100.00 25.00
Total Non-Current Assets(A) 7,00,000 12,50,000 5,50,000 78.57
2. Current Assets:
Inventory 2,25,000 3,25,000 1,00,000 44.44 Trade Receivables Cash & Cash equivalents
50,000 25,000
2,00,000 75,000
1,50,000 50,000
300.00 200.00
Total Current Assets (B) 3,00,000 6,00,000 3,00,000 100.00
Total Assets (A+B) 10,00,000 18,50,000 8,50,000 85.00
18
24. In the books of Anvita Education Society, Bangalore
Dr Income & Expenditure A/C for the Year Ending 31-3-2017 Cr
Expenditure Amt(Rs) Incomes Amt(Rs)
To Audit Fees 2500 Add: Current year o/S 2500 5000 Less: Last Year o/s 2500 ,, Rent ,,, Stationery & Postage ,, Salary ,, Functions ,, Depreciation On Furniture
“ excess of Income over Expenditure
2,500 1,800
250
8,000 1,050
250 8,950
By Subscriptions 20500 Less: Last year o/s 1000 19500 Add:Current Year o/s 2000 21500 Less: received in advance 1500 ,, Donations(2500x1/2) ,, Interest on Govt Bonds 850 Add:-O/S 700
20,000
1,250
1,550
2,2800 22,800
Balance Sheet as on 31-3-2017
Liabilities Amt(Rs) Assets Amt(Rs) Outstanding Audit Fees Subscriptions received in advance Capital Fund
Opening Balance 36400 Add: Donations 1250 Surplus 8950
2,500 1,500
46,600
Cash in hand Maps & Charts 1600 Add: Purchases 3400 5% Govt Bonds Furniture 3250 Less: Depreciation 250 O/S Subscriptions O/S Interest on Govt Bonds
8,900
5,000 31,000
3,000 2,000
700
50,600 50,600
(8+6 marks=14 marks)
19
Section-D
(Practicle oriented Questions)
25. (a)Interest on Capital: - No partner is entitled for any interest on capital
(b)Interest on Drawings: -No interest to be charged on drawings (c)Interest on partners loan: - 6% p. a. interest is allowed on partners loan (d)Distribution of profits or Loss: - Equal distribution of profits or Loss (e)Salary to partner: - No partner is entitled for any salary
( each correct answer one marks 1x5=5 marks)
26.
Dr. Executor’s Loan A/c Cr.
Date Particulars Amount Date Particulars Amount 31-03-2016 To Bank 60,000 01-04-2015 By X’s Capital A/c 1,00,000
31-03-2016 To Balance c/d 50,000 31-03-2016 By Interest@10% 10,000 1,10,000 1,10,000
31-03-2017 To Bank 55,000 01-04-2016 By Balance b/d 50,000 31-03-2017 By Interest@10% 5,000
55,000 5,500
(2
+2
=5 marks)
27.a) Revenue b)Capital c)Revenue d)Capital e)Capital
( each correct answer one mark 1x5=5 marks)
----------------------------------------END------------------------------------------------