Single entry according system.

OMTEX CLASSES

“The Home of Success”

Book-Keeping & Accountancy Paper Pattern for BOARD EXAM

Time : 3 Hrs                                             Marks : 80

Q. 1   Attempt any THREE of the following. (15)

(A) Answer in one sentence only.       (05)

(B) Write the word/phrase which can substitute each of the following statement.  (05)

(C) Select the most appropriate alternative from those given below and rewrite the statement. (05)

(D) State whether the following statements are “True” or “False”.          (05)

(E) Preparation of format of Bill of Exchange.                                (05)

Q.2    Practical Problem on Single Entry System.                                     (08)

                                  OR

          Theory question on Financial Statements.

(A)        4 marks

(B)        4 marks

Q.3    Practical Problem on Admission/ Retirement / Death of Partner       .         (10)

                                  OR

          Practical Problem on Admission/ Retirement / Death of Partner       .        

Q.4    Practical Problem on Bills of Exchange.                      (10)

Q.5    Practical Problem on Dissolution of Partnership firm.    (10)

                                  OR

         Practical Problem on Accounting of Shares / Debentures.

Q.6    Practical Problem on Not for Profit Concern.                                    (12)

Q.7    Practical Problem on Partnership Final Accounts.                            (15)

single entry system

Statement of Profit or Loss for the year ended __________________

Particulars	Amount	Amount
Capital at the end of the year. Add : Drawings Less: Additional Capital introduced. Adjusted Closing Capital Less: Capital at the beginning of the year. Profit Before Adjustments Add: Incomes & Gains during the year. Interest on Drawings. Undervaluation of Assets. Overvaluation of Liabilities Prepaid Expenses. Less: Expenses & Losses during the year. Interest on Capital Depreciation on Assets Interest on Loan Overvaluation of Assets Undervaluation of Liabilities. Bad Debts Reserve for Doubtful Debts. Salary to Partner Outstanding Expenses. Net Profit

Proprietary concerns

1. Following records of Mr. Raj were kept on single entry system. (March 2009)

Particular	31.03.2013	31.03.2014
Stock	15000	14000
Furniture	53500	44000
Plant and Machinery	42500	55500
Loan Taken	21000	21000
Bank Balance	1900	2100
Debtors	43000	35000
Creditors	18000	14900

Mr. Raj invested Rs. 4000 in the business.

Also he had withdrawn Rs. 15,000 for his private expenses from business.

Rs. 500 to be provided for bad debts.

Depreciate plant and machinery @ 5% and furniture @5%

Prepare: i. Statement of Affairs as on 31.3.2013. ii. Statement of Affairs as on 31.3.2014. iii. Statement of Profit and Loss for the year ended on 31.3.2014.

2. The following information is available from Ram’s records:

Particulars	1.4.13	31.3.14
Creditors	5000	8000
Bank Overdraft	-	15000
Bank Balance	10000	-
Plant and Machinery	10000	20000
Furniture	4000	4000
Debtors	30000	52000
Stock	34000	28000

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. Dep. at 10 %p.a. should be provided on plant and machinery. Find out Ram’s net profit for the year ended 31^st march 14.

3. Rani keeps her books on single entry & following information is disclosed.

Particulars	31.3.06	31.3.07
Cash Stock Debtors Furniture Sundry creditors Bills payable Loan from ‘y’ Investments	18,000 15,000 30,000 7,500 26,250 - - -	27,000 18,750 45,000 7,500 31,500 9,000 3,000 15,000

Rani transferred Rs150 each month during first half year and Rs.100 each month for the remaining period from her business to her private banking account by way of drawing, and took away Rs.350 worth of goods for private use. She sold her private car for Rs.3, 500 and proceeds were utilised for business. Furniture to be depreciated by 10% and Reserve for Doubtful debts to be maintained at 5% on debtors. Prepare opening and closing statement of affairs and also profit and loss statement for the year ending 31/03/07.

4. Mr. Ganesh keeps his books by single entry method. His financial position on 1.01.04 and 31.12.04 was as under.

Particulars	1.1.04	31.12.04
Cash Bank Stock Debtors Creditors Plant and machinery Furniture and fitting	10,000 20,000 16,000 24,000 15,000 60,000 18,000	16,000 36,000 24,000 30,000 18,000 90,000 18,000

During the year Mr. Ganesh withdrew Rs.8,000 for his private purpose and he had used 2,000 worth of stock also for his private purpose. On 1.10.03 he sold some of his house hold furniture for Rs.2,000 and paid this amount into his Bank A/c of business.

Prepare a statement of profit & loss for the year ended 31.12.04 and a statement of affairs after taking into consideration the following:

1.    Provide interest on  capital  @ 5% p.a on opening balance and Interest on drawing ( only on cash drawings) @10% p.a. (on an average of 6 months)

2.    Depreciate plant and machinery @10 %( assuming addition were made on 1.10.04) and furniture at 5%. 

3.    Stock on 31.12.04 was overvalued by Rs.2, 000.

4.    Write off bad debts Rs.2, 000 and provide Reserve for Doubtful debts at 10 % on debtors.

5. Mr. Prabhakar is a retail trader. He had no proper methods of accounting. But the following information is made available to you. [March 2012]

Particulars	Amount Rs. 1.4.2009	Amount Rs. 31.3.2010
Sundry Debtors Sundry Creditors Bank Overdraft Stock Cash in hand Bills Receivable Furniture Motor van Computer 10% Govt. Bonds	45000 60000 80000 65000 2000 60000 10000 80000 60000	50000 70000 40000 80000 8000 80000 10000 80000 120000 10000

Adjustments.

1.    On 1^st October, 2009 Mr. Prabhakar had withdrawn Rs. 40000 for his personal use.

2.    10% Government Bonds were purchased of Rs. 10,000 on 1^st October, 2009.

3.    He had also withdrawn Rs. 30000 for his daughter’s marriage.

4.    Depreciate furniture by 10% and write off Rs. 2000 from motor van.

5.    Rs. 2000 is written off as bad debts and provide 5% R.D.D. on debtors.

6.    Allow interest on capital at 10% p.a.

7.    Charge interest on drawings Rs. 2,000.

Prepare after taking into consideration the adjustments.  Opening statement of affairs of 1.4.2009.Closing statement of affairs of 31.3.2010.  Statement showing Profit or Loss for the year ended on 31.3.2010.

6. Prem a trader keeps his books by the single entry Method. His financial position on 1^st April 06 and on 31^st March, 07 were as follows:

Particulars	1.04.06	31.03.07
Cash in hand Bank balance Stock in trade Debtors Creditors Plant and machinery Furniture	1,500 1,200(Dr.) 4,000 3,400 2,400 6,000 1,200	1,600 1,800(Cr.) 4,650 3,800 3,600 8,000 1,600

During the year, Prem had withdrawn Rs.75 per month for his household use.

From the above information ascertain his profit or loss for the year ended and also give his statement of affairs as on 31.03.07 after taking into account the following further information:

1.    Depreciate plant and machinery by 15% and furniture by 12 ½ % p.a (assume the addition on 30^th September,2006)

2.    Of the debtors Rs100 are bad and to be written off.

3.    Create a reserve for Discount on Debtors at 2% and a reserve for Doubtful debts at 5%.

4.    Allow interest on capital at 5% and charge interest on Drawing at 6%p.a

7. Mr. Suryakant maintains books on single entry and who gives you the following information.

Particulars	31-3-2006	31-3-2007
Cash in hand Cash at bank Stock Sundry debtors Investments Furniture Machinery Sundry creditors Outstanding expenses	500 2500 20000 25000 20000 10000 25000 10000 3000	2000 5000 30000 40000 20000 25000 40000 10000 2000

Additional information

1. Mr. Suryakant introduced further capital of Rs. 20000 on 1^st July, 2006 and had withdrawn Rs. 10,000 during the year.
2. Interest on capital is allowed at 10% p.a.
3. Additions to furniture and machinery were made on 1^st October, 2006
4. Write of deprecation on furniture and machinery at 10% p.a.
5. Create reserve for doubtful debts at 5% on sundry debtors.

Prepare: a. Statement of affairs. B. Statement of profit and loss for the year ended 31^st March, 2007.

8. Mrs. Archana keeps her books on single entry system and gives the following information.

Particulars	31-3-2006	31-3-2007
Cash at bank Sundry debtors Stock in trade Furniture Machinery Bills payable Sundry creditors	5000 25000 30000 20000 50000 5000 15000	32000 40000 50000 20000 50000 5000 20000

Additional information

Mrs. Archana withdrew from business Rs. 15,000 for personal use.

She further introduced fresh capital of Rs. 25,000. Depreciation is to be charged @10% p.a. on Furniture and Machinery.

Prepare: (i) Statement of Affairs as on 31-3-2006

(ii) Statement of Affairs as on 31-3-2007

(iii) Statement of profit or loss for the year ending 31-3-2007.

9. Mr. Anil keeps his books by single entry method. Following are the details of his business: [8][March 2015]

Particulars	01.04.2012 Amount(Rs.)	31.03.2013 Amount(Rs.)
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 Mr. Anil has withdrawn Rs. 10,000 for his private purpose and bought goods of Rs. 2000 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 @ 10% p.a. (assuming additions were made on 1st October, 2012) and on furniture @ 5%.

Prepare:

(a) Opening Statement of Affairs.

(b) Closing Statement of Affairs.

(c) Statement of Profit or Loss for the year ended 31st March 2013.

10. Mr. Keshav keeps his books on single entry system and disclosed the following information of his business. [March 2014]

Particular	1 st April, 12 (Rs.)	31 st March, 13(Rs.)
Investments		30000
Bills payable		18000
Creditors	52500	69000
Furniture	15000	45000
Debtors	60,000	90,000
Stock in Trade	30,000	37,500
Cash at Bank	36,000	54,000

Additional information

(1) Mr. Keshav transferred Rs. 3,000 per month during the first half year and Rs. 2000 per month for the second half year from business account to his personal account.

(2) He also took goods worth Rs. 7,000 for private use.

(3) He sold his private asset for Rs. 27,000 and brought the proceeds into his business.

(4) Furniture to be depreciated by 10%

(5) Provide reserve for doubtful debts at 5% on debtors.

Prepare: (i) Opening statement of affairs. (ii) Closing statement of affairs. (iii) Statement of Profit and Loss for the year ended 31^st March, 2013.

11. Mrs. Asha keeps her books on Single Entry System and gives the following information: [October 2014]

Particulars	31.3.2011	31.3.2012
Cash at Bank	10000	64000
Sundry debtors	50000	80000
Stock in Trade	60000	10000
Furniture	40000	40000
Machinery	100000	100000
Bills Payable	10000	10000
Sundry Creditors	30000	40000

Mrs. Asha withdrew from business Rs. 30,000 for personal use. She further introduced fresh capital of Rs. 50,000.

Depreciation is to be charged @ 10% p.a. on furniture and machinery.

Prepare:

(a) Statement of affairs as on 31.3.2011

(b) Statement of affairs as on 31.3.2012

(c) Statement of Profit or Loss for the year ending 31.3.2012

Pro forma of Balance Sheet

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Partners' Capital A/c			Goodwill
Partners' Current A/c			Patents & Patterns
General Reserve			Trade Marks
Reserve Fund			Copyrights
Provident Fund (+) Interest on Provident fund Investments (if any)			Freehold Property
Loan from Partners			Leasehold Property
Loan from Bank			Premises
Bank Overdraft			Land & Building
Sundry Creditors			Plant & Machinery
Bills Payable			Delivery Van
Outstanding Expenses			Motor Vehicle
Income received in Advance			Furniture
			Fixtures
			Office Equipments
			Loose Tools
			Investments
			Provident Fund Investments
			Interest Accrued on Investments
			Loans (given)
			Sundry Debtors
			Stock of Stationery
			Stock of Postal Stamps
			Closing Stock
			Bills Receivable
			Insurance Claim Receivable
			Cash in Hand
			Cash at Bank
			Prepaid expenses
			Incomes Receivables
			Partners' Current Account