accountancy jul 2006 eng

8/3/2019 Accountancy JUL 2006 Eng

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9( English Veral~D)

Code No. 30-NS

SECTION-A

Answer any eight questions, each question carrtes two marks.8 x 2 = 16

1. What is the object of preparing opening and closing Statement ofAffairs .?2. In the absence of Partnership Deed, how do you treat the following?

a) Interest on capitalb} Salary to a partner ..

3. What is Goodwill ?4. How do you treat the Reserve for Discount on creditors at the time of

dissolution of firm ?5. What is meant by issue of shares at premium ?6. What is dividend ?7. - Give two examples of non-trading concerns.8. Calculate the amount of 'annual depreciation under Annuity ,Method if

Cost of Lease is Rs. 20,000 and annuity of Re. 1 ( for same period and atsame rate of Interest) is Re. 0282012.

. , 9. What is Computerised Accounting?10. What is Data Pr?cessing?

SECTION-B

Answer any three questions, each question carries six marks. 3 x 6 = 1811. Rama and Gopal are partners havtng capitals of Rs, 80,000 and

Rs. 60,000 as on 01. 01. 2005. They share profits inthe ratio of 3 : 2. Atthe end of the year 2005 their net profit is Rs. 42,000. According to thePartnership Deed -a) Interest on capital is allowed at 5% p.a.

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CodeNo.30-NS 10b) Gopal is allowedannual salary ofRs. 12,000.c) Interest on drawings is to be charged at 8%per annum.

d) During the year Rama withdrew Rs. 6,000 and GopalRs. 8,000 forpersonal use, interest on the same being Rs. 400 and Rs. 600respectively.

Prepare ProfitandLossAppropriationAccount,12. 'Ashraf and Bharatare partners sharing profits in the ratio of 3 : 2. They

_ 1' .admit Donald to their business for 4 " th share. Ashraf and Bharat agre~d

to share the remaining profits.between themselves equally. Find out theNewProfitSharing Ratioofpartners.

.r_ '

13. Shripriya, Akshata and Anupamawere partners. sharing profits and losses ,in the ratio of 3 : 2 : 1..Their capitals as on 01. 01. 2004' stood atRs. 70,000, Rs. 80,000 and Rs. 90,000 respectively.On 31. 03. 2004, Akshata died. The deceased partner's share In theaccrued profits upto the date of death is Rs. 8,500. The profit onrevaluation ofassets and liabilities is Rs. 18,000. Goodwillof the firm isvalued at Rs. 60,000. Akshata's drawings upto the date of death areRs. 6,200. Prepare Akshata's Executor's Account.

14. The Sunrise Co. Ltd. offered for subscription 10,000 debentures ofRs. 100 each payable Rs. 10 per debenture on application, Rs.50 perdebenture on allotment and the balance on call. Allthe .debentures.were

, ,subscribed and the money duly received by the company except the callmoney on 900 debentures.Givejournal entrtes to record the above.

15. What are the advantages ofComputerisedAccounting?


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11SECTION-C

Code No. 30-NS

Answer any four from the following questions, each question carriesfourteen marks : 4 x 14 = 56 .

16. Sri Shivaprakash keeps his books under Single Entry System. Followinginformation is available about his business.I 01. O ;:~OO4 31.03.2005Rs.

20,000

30,00028,00016,0006,00012,0008,000

During the year, Shivaprakash withdrew Rs. 500 per month from hisbusiness for his private use and used goods worth Rs. 1,000 forhousehold purpose. He had brought in Rs. 5,000 as capital during theyear ..

Furniture is to be depreciated by 10%, R.B.D. is to be created at 5%.Rent of his shop due amounted to Rs. 2,500. Commission receivable by

him Rs. 1,200.Prepare the folloWing:

i) Statement' of Profit for the year.

ii) Revised Statement of Affairs as on 31.03. 2005.[Turn over


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CodeNo.30-NS 1217. Amara, Madhura and Prema were partners in a' busmess sharing profits

or losses in the ratio of 3 : 2 : 1. On 01. 01. 2005 Madhura retired on'which date the BalanceSheet was as follows:

Balance Sheet as on 01.01.2005Assets 1Liabilities Rs. Rs.

Billspayable 8,000 Cash 1,500Creditors 12,000 Debtors 7,000Capitals: Stock 23,000

Amara 24,000 MotorVans ' 19,000Madhura 20,000 Building 25,000Prema 16,000 Profitand LossAccount 4,500

80,000 80,000' . - ! i

The terms were :a) ,Goodwillwas to be created at its fullvalue Rs. 15,000 and it was to

bewritten offimmediatelyafter Madhura's retirement.

bl The new profit sharing ratio of Amara and Prema was decidedas ,3 : 2.c) Stock to be valued at Rs. 25,400, Motor vans .to be valued at 10%

less than book value. Buildings to be valued at 10%more than thebookvalue.

d) The total capital of the newly constituted firmwas to be Rs. 60,000and capitals ofAmara and Prema were to be according to their newprofit sharing ratio, adjustments to be made incash.

e) The amount due to retired partner Madhura to be paid immediatelyafter retirement.

Prepare (i) RevaluationAccount, (ti) CapitalAccounts ofpartners and the(iii) Balance Sheet ofthe new firm.


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.~. 13 Code No. 30-NS18. Ramya, Kavya and Divya are partners-shartng profits and losses in the

ratio of 1 : 2 : 1. The Balance Sheet as on 31st December, 2005 was asfollows:

Balance Sheet &SOD 31. 12.2005Uabilities \Rs. Assets Rs.

Creditors 20,000 Cash 15~000Bills payable 6,000 Debtors 15,000Bank Overdraft 4,000 Stock 18,000Loan from Vani 5,000 furniture 12,000Reserve 8,000 Machinery 20,000Capitals: Building 60,000

Ramya 42,000Kavya 35,000Divya 20.000 97,000.

1,40,000 1,40,000

On the above date, they decided to dissolve the business :a) Assets are realised as follows :

Debtors Rs. 13,500, Stock Rs. 19,800, Buildings Rs. 62,000,Vehicle which was unrecorded realised Rs. 4,000 and Machineryrealised at book value.

b) Furniture was taken over by Ramya at a valuation ofRs. 9,000.c) Creditors were settled at less 10% and interest on overdraft due

Rs. 400 was also paid off. Bills payable was paid at book value.d) Divya took over the loan from Vani.e) Realisation expenses amounted to Rs. 4.000 .

.Prepare .:, i) Realisation Accountil) Capital Accounts ofPartnersiii) Cash Account.

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_Code No. 30-NS 1419. Following Is the Receipts and Payments Account of the Youth Sports Club

. for the year ended 31. 12. 2005.R~eelpts and Payments Ale

for the year ended 31. 12. 2005Receipts Rs. Payments

To cash inhand .By Rent &Rates( 1. 1. 2005 ) 6,120 " Salaries

" Cash at Bank " Light Charges( 1. 1. 2005 ) 8,000 " General expenses. . Entrance fees 5,520 " Sports materials

" Subscrtptrons 22,000 " Office expenses" Donations 10,600 " Investment" Interest 450 " Cash at Bank" Receipts from ( 31. 12. 2005 )

entertainment 820 " . Cash inhand( 31. 12. 2005 )

53,510

Rs.8,6109,400450

1,2503,1204,50014,000

.'

6,1806,000

53,510

On 01. 01.2005 the Club had Sports materials worth Rs. 30,000 andFurniture worth Rs. 5,800 ..Adjustments:a) Subscriptions outstanding were Rs. 600 for the year 2004 and

Rs. 700 for the year 2005.b) . The outstanding rent was Rs. 1,800 for the year 2004 and Rs. 2,000

for the year 2005."c) Write off depreciation Rs. 500 from furniture and Rs. 3,000 from

sports materials.


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15d) Entrance fees and donations to be capitalised.

You are required to prepare the following:Balance Sheet as on 01. 01. 2005)

it)ill.)

Income and Expendlture Account \Balance Sheet-as on 31. 12.2005.


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CodeNo. 30-NS 16 - . . f J .Particulars Debit ~Credlt

Rs. Rs.Wages 40,000

"Preliminary expenses 17,000Buildings 1,36,000Profit and LossAccount 40,000Reserve Fund 50,000Sala:1y 30,000Directors' fees 5,000Dividend 15,000Insurance 8,000Debentures .10% 1,00,000Furniture 24,000 :.Iriterest on Debentures 5,000Investments 55,000Goodwill 80,000.Cash at Bank 5,000

7,45,000 7,45,000

Adjustments. :a) Closing Stock Rs. 65,000b) Dividend declared 25%c) Wrtteoff half of preliminary expensesd) Transfer Rs. 20,000 to Reserve Funde) Depreciate Buildings 5% and 'Machinery 10%f) Provide for 6 months outstanding debenture interest.Prepare:1 ) Trading and Profit& LossAccount.11) Profit and LossApproprtation Account 'iii) Balance'Sheet.

accountancy jul 2006 eng

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