“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Also he had withdrawn Rs. 15,000 for his private expenses from business.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
31st 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 1st October,
2009 Mr. Prabhakar had withdrawn Rs. 40000 for his personal use.
2.
10% Government Bonds were
purchased of Rs. 10,000 on 1st 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 1st April 06 and on 31st 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 30th
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
- Mr. Suryakant introduced further capital of Rs.
20000 on 1st July, 2006 and had withdrawn Rs. 10,000 during the
year.
- Interest on capital is allowed at 10% p.a.
- Additions to furniture and machinery were made on
1st October, 2006
- Write of deprecation on furniture and machinery
at 10% p.a.
- 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 31st
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 31st 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
|
|||||
