ACCOUNTS TEST PAPER NO. 6


Q1. Answer the following
  1. A bill before acceptance.
  2. Normal Rate of Return x Capital employed.
  3. Who is an endorsee?
  4. Money value of business reputation.
  5. Payment of bill of exchange before its due date at rebate.
6.      What is the due date of bill drawn on 12th June, 2011 for a period of two months?

Q2. On 10th March, 1995 Rajesh Bhoyar, Gandhinagar, Nagpur draws a 2 months bill for Rs. 3,000 on Samir Choudhary, Main Road, and Belapur. Samir Choudhary accepted the bill on 15th March 1995.

Q3. From the following particulars, value good will of 2yrs. Purchase of last 5 years.
Year ended
Turn over
Net profit
31-12-1990
31-12-1991
31-12-1992
31-12-1993
31-12-1994
5,15,000
5,45,600
5,35,800
5,40,900
5,60,800
5%
6%
7%
7.5%
7%

Q4. Capital employed on 31st December, 1990 was Rs, 1, 00,000/-. The Profits earned by the business for the last 5 years where.
1986
30,000
1987
40,000
1988
50,000
1989
40,000
1990
60,000
Normal rate of return is 15%. Good will is valued at 3 years purchase of the super profits of the business. Find out the value of goodwill.


Q5. Journalise the following transactions in the books of Kamalakar.
·        Nisha informs Kamalakar that Shanti’s acceptance for Rs. 14,000 endorsed to Nisha has been dishonoured and noting charges have been paid Rs. 200.
·        Asha renews hare acceptance to Kamalakar for Rs. 12400 by paying Rs. 6000 in cash and accepting a new bill for the balance plus interest @ 12% p.a. for 3 months.
·        Devika’s acceptance to Kamalakar for Rs. 42000 is retired one month before its due date at a discount of 12% p.a.
·        The bank informs Kamalakar that Sindhu’s acceptance for Rs. 15000 has been dishonoured and it has paid noting charges Rs. 100.


Q6. On 1st March, Ramchandra sold goods to Raman worth Rs. 8,000/- and Raman accepted the Bill for Rs. 8,000/- at 3 months drawn by Ramchandra. Ramchandra discounted the bill with his bank @ 6% p.a. On due date the bill was dishonoured and Raman requested Ramchandra to accept Rs. 4,000/- immediately and draw upon him a new bill for the remaining amount at 3 months together with an interest at 10% p.a. Ramchandra agreed. The second Bill was duly honoured. Give Journal entries in the books of Ramchandra.

Q7. Shri Yuvraj and company, Kolhapur, purchased furniture for Rs. 60,000 on 1.4.2007. On 1.10.2009 the company sold out a part of the furniture for Rs. 6000, the original cost of which on 1.4.2007 was Rs. 12,000. The company charges depreciation at the rate of 10% p.a. on Original Cost method. The financial year of the company ends on 31st March, every year. Prepare: Furniture account and depreciation account for the years 2007 – 2008-, 2008 – 2009, 2009-2010.

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