OMTEX CLASSES: 07/01/2014

Absence makes the heart grow fonder
[His] bark is worse than his bite
A bad penny always turns up
A bird in the hand is worth two in the bush
A dog is a man’s best friend
A fool and his money are soon parted
A foolish consistency is the hobgoblin of little minds
A friend in need is a friend indeed
A good man is hard to find
A little learning is a dangerous thing
A man is known by the company he keeps
A man’s home is his castle
A man spends his health to gain some wealth, then spends his wealth to try to “regain” his health!
A miss is as good as a mile
A new broom sweeps clean
A penny saved is a penny earned
A place for everything and everything in its place
A rolling stone gathers no moss
A soft answer turneth away wrath
A stitch in time saves nine
A watched pot never boils
A woman’s work is never done
A word to the wise is sufficient
Actions speak louder than words
All for one and one for all
All roads lead to Rome
All that glitters is not gold
All work and no play makes Jack a dull boy
All’s fair in love and war
All’s well that ends well
An apple a day keeps the doctor away
An army marches on its stomach
An ounce of prevention is worth a pound of cure
Any port in a storm
April showers bring May flowers
Bad news travels fast
Beauty is only skin deep
Beggars can’t be choosers
Better late than never
Better safe than sorry
Beware of Greeks bearing gifts
Birds of a feather flock together
Blood is thicker than water
Boys will be boys
Brevity is the soul of wit
Build a better mouse trap, and the people will break your door down fo it
Business before pleasure
Buyer’s are liars (real estate)
Carpe diem
Cleanliness is next to godliness
Close, but no cigar
Cold hands, warm heart
Curiosity killed the cat
De gustibus non est disputandum
Discretion is the better part of valor
Do not cast your pearls before swine
Do unto others as you would have them do unto you
Don’t count your chickens before they hatch
Don’t cry over spilt milk
Don’t cut off your nose to spite your face
Don’t fire until you see the whites of their eyes
Don’t give up the ship
Don’t hide your light under a bushel
Don’t judge a book by its cover
Don’t lock the stable door after the horse has been stolen
Don’t look a gift horse in the mouth
Don’t put all your eggs in one basket
Don’t put the cart before the horse
Don’t throw out the baby with the bath water
Early to bed and early to rise makes a man healthy, wealthy, and wise
East is East, and West is West, and never the twain shall meet
Easy come, easy go
Eat, drink, and be merry, for tomorrow we die
Every cloud has a silver lining
Every dog has his day
Everybody will be world famous for fifteen minutes
Expenses rise to meet income
Experience is the best teacher
Familiarity breeds contempt
Feed a cold; starve a fever
Finders keepers, losers weepers
Fish or cut bait
Fish out of water
Fools rush in where angels fear to tread
For want of a nail the kingdom was lost
Forewarned is forearmed
Frailty, thy name is woman!
From the sublime to the ridiculous is but a step
Genius is one percent inspiration and ninety-nine percent perspiration
Give a man a fish, he will eat for one day, teach a man to fish, and he will eat for a lifetime.
Give him enough rope and he’ll hang himself
Give the devil his due
God helps those who help themselves
Good fences make good neighbors
Great oaks from little acorns grow
Half a loaf is better than none
Haste makes waste
He who hesitates is lost
He who laughs last, laughs best
Hell hath no fury like a woman scorned
Here today, gone tomorrow
Hitch your wagon to a star
Honesty is the best policy
Hope springs eternal
If at first you don’t succeed, try, try again
If the mountain will not come to Muhammad, then Muhammad will go to the mountain
If the shoe fits, put it on
If the shoe fits, wear it
If wishes were horses, then beggars would ride
If you can insure it, you can sell it (real estate)
If you can finance it, you can sell it (real estate)
If you can’t stand the heat, get out of the kitchen
Ignorance is bliss
Imitation is the sincerest form of flattery
In the spring a young man’s fancy lightly turns to thoughts of love
In this world nothing is certain but death and taxes
It ain’t a fit night out for man or beast
It takes a heap o’ livin’ in a house t’ make it home
It takes a thief to catch a thief
It takes two to tango
It’s never over till it’s over
It’s never too late to mend
It’s not whether you win or lose, it’s how you play the game
Knowledge is power
Laugh, and the world laughs with you; weep, and you weep alone
Leave well enough alone
Let bygones be bygones
Let sleeping dogs lie
Let them eat cake
Let’s cross that bridge when we come to it
Life is short; art is long
Lightning never strikes twice in the same place
Little pitchers have big ears
Little strokes fell great oaks
Live and learn
Live and let live
Look before you leap
Love conquers all
Love makes the world go `round
Make haste slowly
Make hay while the sun shines
Man does not live by bread alone
Man proposes, God disposes
Many hands make light work
Marry in haste, repent at leisure
Misery loves company
Money is the root of all evil
Money buys speed (with race cars and personal cars)
Murder will out
Music has charms to soothe a savage breast
Necessity is the mother of invention
Never give a sucker an even break
Never put off until tomorrow what you can do today
Never say die
Nice guys finish last
No man can serve two masters
No man is an island
No news is good news
No one ever went broke underestimating the intelligence of the American people
No rest for the weary
Nothing succeeds like success
Nothing ventured, nothing gained
Nothing will come of nothing
Oil and water don’t mix
Old soldiers never die; they only fade away
Once bitten, twice shy
One [or A] picture is worth a thousand words
One good turn deserves another
One man’s meat is another man’s poison
One rotten (or bad) apple spoils the barrel
Out of sight, out of mind
Out of the frying pan, into the fire
People who live in glass houses shouldn’t throw stones
Poets are born, not made
Politics makes strange bedfellows
Practice makes perfect
Practice what you preach
Pride goeth before a fall
Procrastination is the thief of time
Render unto Caesar the things which are Caesar’s
Rome wasn’t built in a day
Seeing is believing
Sic transit gloria mundi
Silence is golden
Slow but steady wins the race
Step on a crack, break your mother’s back
Still waters run deep
Stone walls do not a prison make
Strike while the iron is hot
Take the bitter with the sweet
Teach a man to fish, he will live for a lifetime, give a man a fish and he will live for one day
The bad workman always blames his tools
The best of friends must part
The best things in life are free
The best-laid plans of mice and men often go awry
The bigger they come, the harder they fall
The buck stops here
The chickens have come home to roost
The course of true love never did run smooth
The devil can cite Scripture for his purpose
The devil is in the details
The devil made me do it
The early bird catches the worm
The game is not worth the candle
The grass is always greener on the other side of the fence
The leopard cannot change its spots
The love of money is the root of all evil
The meek shall inherit the Earth
The more the merrier
The one who pays the piper calls the tune
The pen is mightier than the sword
The proof of the pudding is in the eating
The road to hell is paved with good intentions
The show must go on
The truth lies in the eyes of the beholder
The wish is father of the deed
The worm turns
There are plenty of fish in the sea
There’s many a slip ’twixt the cup and the lip
There’s more than one way to skin a cat
There’s no accounting for taste
There’s no fool like an old fool
There’s no place like home
Things to store will expand to fill the space available for storage
Those who cannot remember the past are condemned to repeat it
Time and tide wait for no man
Time heals all wounds
Time is money
To err is human, to forgive divine
Too many cooks spoil the broth
Truth is stranger than fiction
Truth will out
Turnabout is fair play
Two heads are better than one
Two wrongs don’t make a right
Two’s company, three’s a crowd
Uneasy lies the head that wears a crown
Variety is the spice of life
Walls have ears
Waste not, want not
We have met the enemy, and they are us
Well begun is half done
What will be, will be
What’s good for the goose is good for the gander
When in Rome, do as the Romans do
When it rains, it pours
When the cat’s away, the mice will play
When the going gets tough, the tough get going
Where are the snows of yesteryear?
Where there’s a will, there’s a way
Where there’s smoke there’s fire
While there’s life, there’s hope
Win this one for the Gipper
Winning isn’t everything; it’s the only thing
Work expands to fill the time available for its completion
Yes, Virginia, there is a Santa Claus
You can catch more flies with honey than with vinegar
You can lead a horse to water, but you can’t make him drink.
You can’t fit a round peg in a square hole
You cannot serve God and mammon

Trial balance as on 31^st March, 2005

Particulars	Amount	Particulars	Amount
Opening Stock	10000	Return Outwards	1250
Sundry debtors	14100	Sundry Creditors	15800
Purchases	20000	Sales	35000
Wages	4250	R.D.D.	200
Salaries	1350	Capital Account
Office Expenses	1223	Kalavati	35000
Discount	350	Lilavati	10000
Rent, Rates and Taxes	900	Loan @ 9% p.a. (Taken on 1-10-2004)	2000
Plant & machinery	15000	Bills Payable	12000
Return inwards	1750
Land and Buildings	32000
Cash at bank	4327
Current Account
Kalavati	2100
Lilavati	600
Government bonds	3000
	111250		111250

Additional information:

1. Closing stock was valued at Rs. 20,500.

2. Unpaid wages Rs. 750; outstanding salary Rs. 657.

3. Write off Rs. 100 as bad debts and provide R.D.D. at 5% on debtors.

4. Provide depreciation and plant and machinery at 10% p.a. and on Land and building at 5% p.a.

5. Rent, Rates & Taxes were prepaid Rs. 100.

6. Bills payable included a dishonoured bill of Rs. 3000.

Prepare Trading account and profit and loss account for the year ending 31^st March, 2005 and a balance sheet as on that date. (October 2006 board exam questions.)

In the books of Kalavati & Lilavati

Trading account for the year ended 31^st March, 2005.

Particulars	Amount	Amount	Particulars	Amount	Amount
To Opening Stock		10000	By Sales	35000
To Purchases	20000		(-) Return	(1750)	33250
(-) Return	(1250)	18750	By Closing Stock		20500
To Wages	4250
(+) Outstanding	750	5000
To Gross Profit C/d		20000
		53750			53750

Profit and loss account for the year ended 31^st March, 2005

Particulars	Amount	Amount	Particulars	Amount	Amount
To Salaries	1350		By Gross Profit b/d		30000
(+) Outstanding	657	2007
To office Expenses		1223
To Discount		650
To Rent, Rates & Taxes	900
(-) Prepaid	(100)	800
To Bad debts	-
(+) F. B.D.	100
(+) NRDD	700
(-) ORDD	(200)	600
To Depreciation
Plant & Machinery	1500
Land & Buildings	1600	3100
To Interest on Loan		90
To Interest on Capital
Kalavati	1750
Lilavati	500	2250
To Net Profit Transferred to Current A/c
Kalavati	5568
Lilavati	3712	9280
		20000			20000

Partners’ current accounts

Particulars	Kalavati	Lilavati	Particulars	Kalavati	Lilavati
To Balance b/d	2100	600	By Interest on Capital	1750	500
To Balance c/d	5218	3612	By Net Profit b/d	5568	3712
	7318	4212		7318	4212

Balance sheet as on 31^st March, 2005

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital Account			Land & Building	32000
Kalavati	35000		(-) Depreciation @ 5%	(1600)	30400
Lilavati	10000	45000	Plant & Machinery	15000
Current Account			(-) Depreciation @ 10%	(1500)	13500
Kalavati	5218		Sundry Debtors	14100
Lilavati	3612	8830	(-) F.B.D.	(100)
Sundry Creditors	15800			14000
(+) Bills Payable Dishonoured	3000	18800	(-) N.R.D.D.	(700)	13300
Bills Payable	12000		Closing Stock		20500
(-) Bills Payable Dishonoured	(3000)	9000	Prepaid Rent, Rates & Tax		100
Outstanding			Cash at Bank		4327
Salaries	657		Government bonds		3000
Wages	750	1407
Loan @9%	2000
(+) Interest	90	2090
		85127			85127

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Following is the Trial Balance of Kalavati and Lilavati as on 31st March, 2005 who share profits and losses in the ration of 3:2. Interest on capital was allowed @5% p.a.