BOOK-KEEPING & ACCOUNTANCY
Time: 3 hrs.
OCTOBER 2015
Marks : 80
Q. 1. Attempt any THREE of the following sub-questions: [15]
(A) Answer the following questions in only ‘one’ sentence each : (5)
1) What is ‘bad debt’ 2
2) In what proportion is general reserve distributed among old partners?
3) Which account is debited on payment of dissolution expenses ?
4) Who is a drawer?
5) What is statement of affairs ?-
(B) Write a word/term/phrase which can substitute each of the following statements: (5)
1) Excess of income over expenditure of a ‘not for profit” concern.
2) Winding up of partnership business. -
3) Encashment of the bill before its due date.
4) A system of accounting which is unscientific.
5) A bill drawn in India and made payable in Japan.
(C) Select the most appropriate answer from the alternatives given below and rewrite the sentences : -- (5)
(1) The gross profit is transferred to account. . . . -
(a) trading
(b) profit and loss
(c) capital
(d) current
(2) A, B and C are partners sharing profit in the ratio of 5:3:2. If B retires, then the new ratio will be -
(a) 5: 2
(b) 5: 3 -
(c) 3:2
(d) 1 : 1
(3) If shares are issued at their face value, it is called as issued at _.
(a) premium
(b) discount
(c) par
(d) none of these
(4) The bill drawn on 12th June, 2013 at two months, would be payable on .
(a) 12th August, 2013
(b) 14th August, 2013
(c) 15th August, 2013
(d) 16th August, 2013
(5) From financial statement analysis, the creditors are interested to know .
(a) liquidity
(b) profit
(c) sale
(d) share capital
(D) State whether the following statements are True or False : (5)
1) Closing stock is always valued at market price.
2) Receipts and payments account is a real account.
3) Shares are issued for cash only. .
4) A bill of exchange can be endorsed only once.
5) Financial statements include only balance sheet.
(E) Prepare a format of a Bill of Exchange from the following information : (5)
1) Drawer : Krishna Hake, 104, Mondha Road, Ambajogai.
2) Drawee : Rahul Kukare, Sister Colony, Chandrapur.
3) Payee : Rajvardhan Patil, Nashik.
4) Amount of bill : Rs. 15,555.
5) Period of bill : 90 days
6) Date of bill : 23rd August, 2013
(7) Date of acceptance: 25th Agust, 2013
Q. 2. Shri Rajesh keeps his books by single entry method. - [8]
Following are the details of his business:
Particulars
|
01.04.2012
|
31.03.2013
|
Cash in hand
|
10000
|
16000
|
Cash at Bank
|
20000
|
36000
|
Stock
|
16000
|
24000
|
Furniture
|
18000
|
18000
|
Plant and Machinery
|
60000
|
90000
|
Creditors
|
15000
|
18000
|
Debtors
|
24000
|
30000
|
During the year Shri Rajesh has withdrawn Rs. 10,000 for his private purpose and taken goods of Rs. 2,000 for household use. On 1st October 2012, he sold his household furniture for Rs. 2,000 and deposited the same amount in the business bank account.
Provide depreciation on machinery at 10% p.a. (assuming additions were made on 1st October, 2012) and furniture at 5%. p.a.
Prepare : Opening and closing statement of affairs and-Statement of profit or loss for the year ended 31st March, 2013.
Q. 3. Ram and Krishna were partners sharing profits and losses in the proportion of 2/3 and 1/3 respectively. Their balance sheet is as follows: [10]
Liabilities
|
Amount
|
Amount
|
Assets
|
Amount
|
Amount
|
Capital A/c
|
Building
|
100000
| |||
Ram
|
96000
|
Furniture
|
30000
| ||
Krishna
|
64000
|
160000
|
Sundry Debtors
|
63000
| |
General Reserve
|
18000
|
Less. R.D.D.
|
-3000
|
60000
| |
Profit and Loss A/c
|
6000
|
Stock
|
84000
| ||
Sundry Creditors
|
80000
|
Cash
|
16000
| ||
Ram's Loan
|
26000
| ||||
290000
|
290000
|
On 1st April 2013, Hari is admitted in the partnership on the following terms:
(1Hari should bring in cash & 48,000 as capital for 1/5 share in future profit.
(2) Goodwill was raised in the books of the firm for r 18,000.
(3) Building is revalued at Rs. 1,12,000 and the value of stock to be reduced by Rs. 6,000.
(4) Reserve for doubtful debts be maintained at Rs. 1,800.
(5) Ram's loan is to be repaid.
Prepare : Revaluation account, Capital accounts of partners and Balance sheet of the new firm.
