OMTEX CLASSES ACCOUNTS SAMPLE
PAPER
AS PER NEW PAPER PATTERN MODEL
QUESTION PAPER NO. TWO
Q. 1. Attempt any Three of the following. [15]
A. Answer in one sentence only:
1. What do you mean by freight?
Ans. Transport charges paid to shipping company, railways or airways for carrying goods are called freight.
Ans. Transport charges paid to shipping company, railways or airways for carrying goods are called freight.
2. What is meant by Reconstitution of Partnership?
Ans. Reconstitution of partnership means change in the relationship between the partners and the form of partnership. It includes admission, retirement or death of partner from an existing firm.
Ans. Reconstitution of partnership means change in the relationship between the partners and the form of partnership. It includes admission, retirement or death of partner from an existing firm.
3. Who is a drawer?
Ans. A person who draws a bill is known as drawer. He is the creditor and he has to receive the money from the debtor.
Ans. A person who draws a bill is known as drawer. He is the creditor and he has to receive the money from the debtor.
4. What is dissolution of partnership firm??
Ans. Dissolution of partnership firm means complete closure of partnership firm.
5. Define call - in - advance?
Ans. When some shareholders pay future amount of calls in advance, is called calls - in advance.
Ans. When some shareholders pay future amount of calls in advance, is called calls - in advance.
B. Write the word / Term / Phrase which can substitute each of
the following statement:
1. Payment of the bill
before due date. (Retirement of bill)
2. Debit Balance in
Realisation Account. (Realisation Loss)
3. Stock in hand at the end
of the accounting year. (Closing Stock)
4. A Statement similar to
Balance sheet. (Statement of Affairs)
5. Name of intangible Assets
having a value. (Goodwill.)
C. Select the most appropriate alternative from the given below
and rewrite the statement:
1. Noting charges must be
borne by ____ (Drawee)
a. Drawer b. Drawee c. Payee d. Endorser
2. Realisation Account is
_____ on realisation of assets. (credited)
a. Debited b. Credited
c. Deducted d. Added.
3. Increase in the value of
assets should be ____ to profit and loss adjustment account. (Credited)
a. Debited b. Credited
c. Added d. Deducted
4. The capital balances are
ascertained by preparing ________ (Statement of affairs)
a. Statement of
affairs. b. Cash Account c. Drawing Account. d. Debtors account.
5. Income and Expenditure Account
is a ______ (Nominal Account)
a. Capital Account. b. Real Account C. Personal Account d. Nominal Account.
D. State whether the following statements are True or False.
1. All transactions are
recorded in Single Entry System. (False)
2. Receipts and Payment
Account do not have any opening Balance. (False)
3. A bill can't be deposited
into bank for collection. (False)
4. Drawee can transfer the
ownership of the bill. (False)
5. On Dissolution, cash or
bank account is closed automatically. (True)
E. Prepare a bill of exchange from the following details.
On 10th March, 2013 Rajesh Bhoyar, Gandhinagar, Nagpur draws
a 2 months bill for Rs. 3,000 on Samir Choudhary, Main Road, and Belapur. Samir
Choudhary accepted the bill on 15th March 2013.
Q2. The following information is available from Ram’s
records:
Ans.
Beginning
Capital 83000
|
End
Capital 81000
|
Trading
Profit 27000
|
Net
Profit 25000
|
Particular
|
1.4.06
|
31.3.07
|
Creditor
Bank overdraft
Bank balance
Plant and machinery
Furniture
Debtors
Stock
|
5,000
-
10,000
10,000
4,000
30,000
34,000
|
8,000
15,000
-
20,000
4,000
52,000
28,000
|
Ram had withdrawn Rs.5000 for personal expenses and Rs. 4000 for son’s
marriage. Out of business funds, he had also purchased a residential building
costing Rs.20000, which is not shown in the above balance. Additions to
Machinery were made on 1/04/06. Dep. at 10 %p.a. should be provided on plant
and machinery. Find out Ram’s net profit for the year ended 31st
march 07.
CLICK FOR ANSWER
OR
Q2. A. State the Objectives of Analysis of Financial Statements.(4)
(B) What is Cash Flow
Analysis? (4)
Q3. The Balance Sheet of Ramakant and Shyamkant who shared the profits in the ratio of 2:1 is as under:
Balance Sheet as on 31 st March, 2012
Liabilities
|
Amount
|
Amount
|
Assets
|
Amount
|
Amount
|
Capital: Ramakant
|
134000
|
Leasehold Property
|
20000
| ||
Shyamkant
|
120000
|
254000
|
Livestock
|
6600
| |
Creditors
|
51000
|
Loose Tools
|
90200
| ||
Rent Outstanding
|
10000
|
Stock
|
84800
| ||
Reserve Fund
|
7200
|
Debtors
|
48000
| ||
Current A/c: Ramakant
|
2800
|
(-) R.D.D.
|
-2000
|
46000
| |
Bank
|
75400
| ||||
Current A/c: Shyamkant
|
2000
|
On 1st April, 2012 Umakant was admitted as 1/4th partner on the following terms:
1. He brings equipments of Rs. 80,000 as his capital.
2. Firm's Goodwill is valued at Rs. 1,44,000 and Umakant agreed to bring his share in firm's goodwill by cheque.
3. R.D.D. should be maintained at 7.5% on debtors.
4. Increase the value of livestock by Rs. 2,600 and write off loose tools by 20%.
5. Outstanding rent paid Rs. 9040 in full settlement.
Pass necessary journal entries to record the above scheme of admission.
OR
Pai, Amba and Manoj are
partners in a firm sharing profit and losses in the proportion to their
capitals. Their Balance Sheet as on 31st March 2012 is as follows.
[Ans. Profit on Revaluation
Rs. 1800, Pai's loan A/c 37720 Balance sheet total 150800]
Liabilities
|
Amount
|
Assets
|
Amount
|
Capitals:
Pai
Amba
Manoj
Creditors
Outstanding Expenses
Profit and Loss A/c
|
30000
30000
15000
7000
15000
20000
|
Cash
Stock
Debtors
Plant
Building
Motor Van
Goodwill
|
3000
12000
20000
13000
20000
31000
18000
|
117000
|
117000
|
On the above date Pai retired
and the following adjustments have been agreed upon.
1. Goodwill was valued at Rs. 15,000
2. Assets and liabilities were revalued as under Debtors Rs. 17,000 stock
at 90% of book value Building Rs. 35,000. Plant Rs. 11500, Motor Van Rs. 29500
and outstanding expenses Rs. 18,000.
3. Amba and Manoh contributed additional capital of Rs. 20,000 and Rs.
10000 respectively.
4. Balance due to Mr. Pai is transferred to his loan account after paying
him Rs. 1000.
Prepare: Profit and loss Adjustment
A/c, Partner’s Capital A/c and balance Sheet of new firm.
Q4. On 1st March, 2013.
Ramchandra sold goods to Raman worth Rs. 8,000/- and Raman accepted the Bill
for Rs. 8,000/- at 3 months drawn by Ramchandra. Ramchandra discounted the bill
with his bank @ 6% p.a. On due date the bill was dishonoured and Raman
requested Ramchandra to accept Rs. 4,000/- immediately and draw upon him a new
bill for the remaining amount at 3 months together with an interest @ 10% p.a.
Ramchandra agreed. The second Bill was duly honoured. Give Journal entries in
the books of Ramchandra.
CLICK FOR ANSWER
Q5. Devendra and Ganesh were partners sharing profits and losses in the ratio of 3:2. They dissolved the partnership firm on 31st March, 2013 when their position was as follows.:
Balance Sheet as on 31. 03. 2013
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Sundry Creditors
|
12,500
|
Debtors
|
56250
| ||
Bank overdraft
|
10,000
|
(-) R.D.D.
|
( - ) 6250
|
50,000
| |
Reserve Fund
|
15,000
|
Stock
|
1,12,500
| ||
Capital Accounts
|
Furniture
|
25,000
| |||
Devendra
|
1,15,000
|
Motor Car
|
37,500
| ||
Ganesh
|
75000
|
190000
|
Cash in hand
|
2500
| |
227500
|
227500
|
The assets realised as follows:
(1) Debtors Rs. 45,000, stock Rs. 1,00,000 and goodwill Rs. 12,500
(2) Motor car was taken over by Devendra for Rs. 35,000 and furniture by Ganesh for Rs. 30,000.
(3) The creditors were paid Rs. 11,250 in full settlement.
(4) The realisation expenses were Rs. 5,000.
Pass necessary journal entries in the books of the firm.
OR
ABC Industries Co. Ltd
issued 15000 equity shares of Rs. 100 each. Payable as follows:
On Application : Rs. 20, On
Allotment : Rs. 30. On First Call : Rs. 25. On Second call :Rs: 25
The company received
application for 12000 shares. All the applications were accepted and shares
were allotted. The company made both calls.
One shareholding holding 400
shares failed to pay the final call. His shares were forfeited.
Pass journal entries in the
books of ABC industries Co. Ltd.
Q6. Dr. Subhash Raje started practice as a medical practitioner
on 1st April, 2007. He gives you the Receipts & Payments
Accounts for the year 2007 – 08 and the adjustments to be made. Prepare his
Income and Expenditure Account and Balance sheet for 2007 -08.
[Ans.]
Surplus 80800
|
Tally 148200
|
Receipts and payments account for the year ended 31st
March, 2008.
Receipts
|
Amount
|
Payments
|
Amount
|
To Cash
Introduced
To Visits
To Receipts From
Dispensary
To Sundry
Receipts
|
107500
84000
64000
12000
|
By Furniture
By Equipment
By Drugs
By Salary
By Rent
By Conveyances
By Stationery
By Lighting
By Journals
By Drawings
By Balance c/f
|
50000
40000
35000
24000
6000
18000
5600
10000
1200
37700
40000
|
267500
|
267500
|
Adjustments:
1.
Receipts in arrears are: Visits Rs. 11,500 and Dispensary Rs.
9,000.
2.
The outstanding salaries are Rs. 1,800 and the outstanding
expenses on drugs are also Rs. 3,000.
3.
40% of the amount spent on conveyance was for domestic use.
4.
Stock of drugs in hand at the close of the year was worth Rs.
4,200.
5.
Depreciate furniture at 5% p.a. and equipments at 10% p.a. Furniture and equipment purchased on 1st
April 2007.
Q7. Misha and Latha are partners sharing profits
and losses in the ratio of 2 : 1. From the following Trial Balance prepare
Trading and Profit and loss account for the year ending 31st
December, 2004.
G.P. 28100
|
N.P 12154
|
Partner's
Capital Account 68103-33951
|
Tally 133855
|
Trial
Balance as on 31.12.2004
Particulars
|
Debit (Rs.)
|
Credit (Rs.)
|
Stock (1st January)
Sundry Debtors
Bills payable
Purchases
Wages
Returns Outward
Salaries
Office Expenses
Insurance
Plant & Machinery
Sundry Creditors
Rent
Sales
Reserve for Doubtful Debts
Travelling Expenses
Returns Inward
Land and Building
Bills Receivable
Bank
Misha’s capital
Latha’s capital
|
10, 000
28, 000
40, 000
8, 500
2, 700
2, 446
1, 300
30, 000
1, 800
1, 400
3, 500
44, 800
3, 400
6, 655
|
10, 101
2, 500
21, 500
60, 000
400
60, 000
30, 000
|
1, 84, 501
|
1, 84, 501
|
Adjustments:
1.
Closing stock was valued at Rs. 26,500.
2.
Provide 10% Depreciation on Plant and
Machinery.
3.
Goods worth Rs. 1000 were distributed as
free samples.
4.
Prepaid Insurance Rs. 300.
5.
Maintain Reserve for Doubtful debts at
1% of Sundry debtors.
6.
Outstanding rent for the current year
Rs. 200.
7.
Goods worth Rs. 100 were taken over by
Latha for her personal use, but no entry is made in the books.
