ACCOUNTS PRACTICE PAPER

Q.1                                                                                                     (15)

        Ganga and Godawari are partners sharing profits and losses equally the Trial Balance of their firm on 31^st March, 2013 was as following. 

Trial Balance as on 31 ^st March, 2013

Particulars	Debit Balance Rs.	Credit Balance Rs.
Stock (1-4-2012) Purchases and Sales Return Inward Carriage Power and Fuel Wages Trade Expenses Debtors and Creditors Salaries Insurance Postage Commission Plant and Machinery Furniture Advertisement Building Drawings :    Ganga    Godawari CAPITAL:    Ganga    Godawari 12% Bank loan taken on 1.10.2012 Cash in hand	80,000 4,00,000 30,000 7,500 40,000 35,000 8,000 80,000 72,000 6,000 3,000 8,000 2,00,000 80,000 15,000 4,00,000 8,000 10,000 7,500	7,68,000 60,000 12,000 2,50,000 2,50,000 1,50,000
	14,90,000	14,90,000

Adjustments:

1.  Stock on 31.3.2013 was valued at Cost price Rs. 1,00,000 and Market price Rs. 1,20,000.

2.  Depreciate plant and Machinery and Buildings at 20% and 10% respectively.

3.  Insurance is paid for one year ending on 30.06.2013.

4.  Goods withdrawn by Ganga for her personal use of Rs. 10,000 during the year were not recorded in the books.

5.  Provided Rs. 10,000 as Bad debts and Reserve for Doubtful Debts is to be maintained at 5% on Debters.

Prepare : Trading Account, Profit and Loss Account for the year ending on 31^st March, 2013 and Balance Sheet as on that date after making the above adjustments.

Q.2 Attempt the followings :-                                                                       (15)

(A) Write the word, term or phrase, which can substitute each of the following statement.(5)

1.  An amount contributed by the partners into the business.

2.  A partnership agreement between the partner’s in the written form.

3.  A partner who acts and behaves like a partner, but he is not a partner of the firm.

4.  An association of two or more persons to carry on business.

5.  The transport expenses incurred to carry the goods purchased by the firm.

(B) Fill in the blanks :-                                                                             (5)

1.  Wages paid for installation of Machinery should be debited to ___________ account.

2.  A statement showing financial position of the business is called as ___________.

3.  Trading Account is prepared on the basis of ____________ expenses.

4.  Final accounts are prepared on the basis of ___________ and adjustments.

5.  Returns outward are deducted from the ___________.

(C) Match the following pairs :-                                                                    (5)

                Group ‘A’                                      Group ‘B’

1.   Income received in advance                     a.      Net Loss

2.   Interest accrued on Investment               b.      Assets side

3.   Fluctuating Capital Method                     c.      Net Profit

4.   Fixed Capital Method                            d.      Liability side

5.   Credit balance of Profit & Loss A/c           e.      Intangible Assets

                                                        f.      Capital A/c only

g.      Capital A/c and Current A/c