Board Question Paper Of Accounts


March 2009
Book-Keeping and Accountancy
Time : 3 Hours Marks : 100
Q.1 Attempt any FOUR of the following sub-question: [20]
(A) Answer in one sentence. (5)
1. What is Statement of Profit or Loss?
2. What is Reducing Balance Method?
3. What are the Methods of Valuation of Goodwill?
4. What do you mean by Debit balance of Joint Venture Account?
5. When do you mean by Discounting of Bill?
(B) Write the word/term/phrase which can substitute each of the following
statements: (5)
1. The balance which cannot be recovered from the debtors. (Bad debts)
2. An accounting system where rules of debit and credit are not followed. (single entry accounting system)
3. Money value of business reputation. (goodwill)
4. A person entered into a joint venture. (coventure)
5. The Gift received from legal representative as per the will of a deceased person. (legacies)
(C) Match the following pairs: (5)
Group 'A'
Group 'B'
1.        Opening stock
2.        Fixed installment method
3.        Software
4.        Joint bank account
5.        Subscription

1.        Amount of depreciation remains constant (2)
2.        Trading account (1)
3.        Revenue income (5)
4.        Capital income
5.        Balance sheet
6.        Converting symbolic language
7.        Separate set of books (4)
8.        Utility programme (3)
(D) Select the most appropriate alternative from those given below: (5)
1.         
1.        Interest on the capital of Partner is debited to ________.
1.        Trading account (b) Profit and Loss account (c) Partner's capital account (d) Partner's current account
1.         
1.        Computer is a / an _________.
1.        Mechanical device (b) Automation device (c) Electronic device (d) Electric device
1.        Joint venture is a _________.
1.        Trading concern (b) Non-trading concern (c) Religious concern (d) Public concern
1.         
1.        A donation received for a specific purpose is a _______.
(a) Capital Receipt (b) Revenue Receipt (c) Liability (d) Asset
1.         
1.        A bill drawn and accepted on 12th June, 2007 for two months will be due for payment on ________.
(a) 12th August, 2007 (b) 15th August, 2007 (c) 16th August, 2007 (d) 14th August, 2007
(E) State whether True / False (with reasons): (5)
1. Non-commercial concerns with 'no profit' base prepare income and expenditure
Account in place of profit and loss account.
2. Nothing charges are borne by Drawer.
(F) From the following details prepare a format of Bill of Exchange: (5)
1. Drawer : Mrs. Archana Patil, Vikram Nagar, Patan.
2. Drawee : Mrs. Nalini Maniyar, Jalaram Krupa, Mul.
3. Payee : Mrs. Sheela Ghatkar, Mangal Yog CIDCO, Aurangabad.
4. Amount of bill : Rs.17,575.
5. Period of bill : 60 days
6. Date of bill : 28th December, 2007
7. Accepted on : 2nd January, 2008
8. Accepted for : 90 days

Q.2 M/s. J.K Company, Maroda, purchased machinery for Rs.80,000 on 1st April, 2002.(10)
Company purchased additional machinery for Rs.36,000 on 1st October, 2003.
The company charges depreciation @ 10% p.a. on the original cost.
The financial year of the company ends on 31st March each year.
On 30th September, 2004 a part of the machinery, original cost of which was Rs.30,000 on 1st April, 2002 was sold by the company for 22,000.
Prepare Machinery Account for 3 years and give Journal Entries for the year 2002-2003.
OR
(A) The net profits of Suchak Trading Company after providing taxation for the past five years are as under: (5)
Year
Amount (Rs.)
2001-02
2002-03
2003-04
2004-05
2005-06
80,000
85,000
92,000
1,05,000
1,18,000
Profit
Profit
Profit
Profit
Profit
The capital employed in the business is Rs.8,00,000.
The normal rate of return expected in this type of industry is 10% p.a.
Calculate the value of goodwill at 'two' times of super profit.

(B) What are the Characteristics of Computer? (5)

Q.3 Sanjay drew on Pappu a bill for Rs.12,000 at 3 months. Pappu accepted it. (12)
On the same day Sanjay discounted the bill with his bank at 10%p.a.
On due date Pappu dishonoured the bill. Noting charges were Rs.200.
Pappu paid Rs.4,000 in cash and accepted a new bill for balance amount.
Sanjay endorsed the new bill to Vinayak.
Pass Journal entries in the books of sanjay and show sanjay's account in the ledger of Pappu.

OR

Journalise the following transactions in the books of Ranbir.
1.        Sonam informs Ranbir that Salman's acceptance for Rs.3,200 endorse to Sonam has been dishonoured and the noting charges amounted to Rs.80.
2.        Ravindra renews his acceptance to Ranbir for Rs.4,800 by paying Rs.1,800 in cash and
accepts a fresh bill for the balance, plus interest at 12%p.a. for 2 months.
1.        Dilip's acceptance to Ranbir for Rs.8,000 is retired one month before the due date at a
discount of 12%p.a.
1.        The bank informs Ranbir that Shirin's acceptance for Rs.5,500 to Ranbir discounted with
the bank earlier has been dishonoured and the noting charges amounted to Rs.75.

Q.4 Shivaji of Solapur and Sambhaji of Satara entered into a joint venture to purchase and sale goods and agreed to share profits and losses in the proportion of 3:2 respectively. (12)
Shivaji sent goods of Rs.75,000 to Sambhaji for sale.
Shivaji paid Rs.5,000 for freight and insurance.
He drew a bill for Rs.30,000 on Sambhaji.
Sambhaji paid Rs.3,000 for carriage.
Sambhaji sold Goods for Rs.1,25,000 and paid selling expenses Rs.2,500.
He remitted the balance to shivaji after charging 5%commission on sales.
Coventurers settled their accounts.
Give Journal Entries in the books of Shivaji.

Q.5 Following records of Mr. Raj were kept on single entry system. (10)
Particulars
31.3.2006
Rs.
31.3.2007
Rs.
Stock
Furniture
Plant and Machinery
Loan taken
Bank balance
Debtors
Creditors
15,000
53,500
42,500
21,000
1,900
43,000
18,000
14,000
44,000
55,500
21,000
2,100
35,000
14,900
Mr. Raj invested Rs.4,000 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:
1.        Statement of Affairs as on 31.3.2006.
2.        Statement of Affairs as on 31.3.2007.
3.        Statement of Profit and Loss for the year ended on 31.3.2007.

Q.6 The following is the Receipts and Payments Account of Modern Sports Club, Satara, for the
year ended on 31st March, 2007. (16)
Dr. Receipts and Payments Accounts for the year ended 31 st March, 2007 Cr.
Receipts
Amount
Rs.
Payments
Amount
Rs.
To balance b/d
To Subscription
To Entrance fees
To Interest on Investments
To Proceeds from Matches
To Life member fees
1,490
13,600
520
840
5,180
5,000
By Upkeep the Garden
By Wages
By Salary
By Printing
By Postage
By Bank balance
By Balance c/d
9,500
2,360
7,000
210
930
190
5,000
1,400
26,630
26,630
Adjustment :
1.        Ledger balances of the Club as on 31.3.2006 were : Capital fund Rs.66,430, Club house and ground Rs.40,000, Investments Rs.18,640, Furniture Rs.6,400 and Outstanding subscription Rs.600.
2.        Printing includes Rs.200, Upkeep of garden includes Rs.500 and Subscription includes Rs.400 for the previous year.
3.        Entrance fees are to be capitalized.
4.        The Rotary Club of Satara owed Rs.210 for the use of club hall.
5.        Provide 10% depreciation on furniture.
6.        Subscriptions outstanding for the current year were Rs.1,000.
Prepare: Income and Expenditure Account for the year ended 31st March, 2007 and Balance Sheet
as on that date.




Q.7 From the following Trial Balance and Adjustments of Kumbhar and Maroti you are required to
prepare Trading and Profit and Loss Account for the year ended on 31st March, 2005 and Balance
Sheet as on that date. (20)
Debit Balance
Rs.
Credit Balance
Rs.
Stock (1.4.2004)
Salary and Wages
Cash
Purchases
Sundry expenses
Wages
Bills Receivable
Travelling Expenses
Bad Debts
Factory Expenses
Commission
Investments
Debtors
Tools and Equipments
Furniture
Goodwill
Building
35000
4200
10000
225200
13600
12000
6000
2000
3000
8000
4000
20000
40000
6000
12000
21000
50000
Sales
Discount
Creditors
Bank Overdraft
Interest on Investment
Capitals:
Kumbhar
Maroti
330000
4000
20000
10000
8000

60000
40000
472000
472000

Adjustments:
1.        Partners share Profits and Losses in the ratio of their Capitals.
2.        Closing stock is valued at Cost Price Rs.40,000 and at Market Price Rs.45,000.
3.        Kumbhar has withdrawn goods worth Rs.1,200 for his own use, but no entry is made in the books.
4.        Uninsured goods worth Rs.12,000 were lost by fire.
5.        Rs.450 are to be written off as bad debts.
6.        Unpaid Expense :
Salary and Wages Rs.800
Rent Rs.1,200.
7. Depreciate building @ 7 ½ % p.a.



September 2008
Book-Keeping and Accountancy
Time : 3 Hours Marks : 100
Q.1 Attempt any FOUR of the following sub-question: [20]
(A) Answer in one sentence. (5)
1. To which account is gross profit transferred?
2. What do you mean by revenue expenditure?
3. What do you mean by scrap value?
4. What do you mean by renewal of bill?
5. When is Joint Bank Account opened?

(B) Write the word/term/phrase which can substitute each of the following statements: (5)
1. Debit balance of profit and loss account. (Net Loss)
2. Excess of income over expenditure in case of 'Not for Profit Concern'. (Surplus)
3. Excess of average profit over normal profit. (Super profit)
4. Payment of bill before the due date. (Retirement of Bill of exchange)
5. A partnership for specific purpose and for temporary period. (Joint Venture)

(C) Match the following pairs: (5)
Group 'A'
Group 'B'
1.        Refund fund
2.        Opening capital
3.        Control unit
4.        Joint venture A/c
5.        Residual value
1.        A nerve centre of the computer
2.        Real account
3.        Nominal account
4.        Sale proceeds of used assets
5.        Statement of affairs
6.        Liability side
7.        Asset side
8.        Super computer

(D) Select the most appropriate alternative from those given below: (5)
1.         
1.        Which of the following items will not appear in the balance sheet of a club?
1.        Subscriptions received in advance
2.        Special donation received during the year
3.        Subscription due for the year
4.        Entrance fees paid by new members
2.        A bill of exchange is called a ______________ by one who is entitled to receive the amount due on it.
1.        Bills payable (b) Draft (c) Bills receivable (d) Promissory note
1.         
1.        Expense incurred by co-venturer are debited to _____________.
1.        Joint venture A/c (b) Co-venturers A/c (c) Joint bank A/c (d) Agent's A/c
4. Single entry system is __________ record.
(a) Complete (b) Scientific (c) Accurate (d) Incomplete
5. Subscription received in advance during the accounting year is _________.
(a) an income (b) an expense (c) an asset (d) a liability

(E) State whether True / False (with reasons): (5)
1. The expenditure incurred on installation of machinery is revenue expenditure.
2. If discounted bill is honoured the drawer does not record this transaction.

(F) From the following details prepare a format of Bill of Exchange : (5)
Drawer : Shreenath Patil, Bridavan Dham, Nasik.
Drawee : Narayan Shastri, Shiv Colony, Dadar, Mumbai.
Payee : Gopal Sharma, Samrat Nagar, Thane.
Amount of bill : Rs. 9,990.
Period of bill : 90 days.
Date of bill : 15th October, 2007.
Date of acceptance : 19th October, 2007.

Q.2 (A) On 1st April, 2004 Saikripa Enterprises purchased two computers of Rs. 40,000 each. On 1st October, 2004 they purchased one more computer for Rs. 40,000. (5)[10]
On 1st October, 2006 they sold one of the computer, which was purchased on 1st April, 2004 for Rs. 18,780.
Depreciation on computers was provided @10% p.a.on diminishing balance method and the financial year closes on 31st March every year.
Prepare: Computer A/c and depreciation A/c for years 2004-05, 2005-06 and 2006-07.

OR

(A) The following is the Balance Sheet of Shehal and Minal. (5)

Balance Sheet as on 31 st March, 2008
Liabilities
Amount
Rs.
Assets
Amount
Rs.
Capitals :
Snehal
Minal
Reserve Fund
Sundry Creditors
Bills Payable
1,50,000
2,00,000
31,000
25,000
29,000
Land and Building
Furniture
Stock
Sundry Debtors
Cash
Prapaid Advertisement
2,70,000
1,00,000
27,500
12,500
10,000
15,000
4,35,500
4,35,500
Profits of the firm for the last three years were Rs. 55,000, Rs. 65,000 and Rs. 75,000. Normal rate of return on capital employed is 10% p.a.
You are required to find out the value of goodwill at 31/2 years' purchased of super profit for the last 3 years.

(B) Explain the components of computer hardware. (5)

Q.3 Shridhar owed Rs. 24,000 to Giridhar, hence accepted a bill drawn on him by Giridhar at
3 months on 12th March, 2007. On the same date Giridhar endorsed it to Murlidhar. (12)
On 12th June, 2007 Shridhar requested Giridhar for the renewal of the bill. Giridhar agreed on the condition that Shridhar should pay half the amount due immediately by cheque and should accept a bill for the balance along with interest @ 10% p.a. for 2 months.
These arrangement were carried through. On the same date, Giridhar sent the new bill to the bank for collection. On the due date, the new bill was honoured and bank charges debited were Rs. 100.
Give Journal Entries and show Shridhar's A/c in the books of Giridhar.

OR

Q.3 Journalise the following transactions in the books of Ashwin . (12)
(a) Bank informed that Sachin's acceptance for Rs. 5,750 sent to bank for collection had been honoured and bank charges debited were Rs. 50.
(b) Nitin renewed his acceptance for Rs. 7,200 by paying Rs. 2,200 in cash and accepting a new bill for the balance plus interest @ 8% p.a. for 3 months.
(c) Discharged our acceptance to Pravin for Rs. 4,250 by endorsing Bhavin's acceptance to us for Rs. 4,000
(d) Jatin who had accepted Ashwin's bill of Rs. 8,500 was declared insolvent and only 40% of the amount due could be recovered from his estate.




Q.4 Rajaram and Sitaram entered into joint venture to construct an office building for Bajrang
Enterprises and decided to share profits and losses in the ratio of 3:2. Rajaram and Sitaram
contributed Rs. 2,50,000 and Rs. 1,50,000 respectively. The money was deposited into a joijnt
bank account.
Rajaram supplied equipment and tools valued Rs. 4,00,000 and building materials valued
Rs. 3,50,000 were supplied by Sitaram. The following expenses were paid through joint bank
account.
Payment of wages Rs. 3,00,000, Staff salaries Rs. 1,75,000, Architect's fees Rs. 50,000
and Sundry expenses Rs. 25,000. On completion of construction, Bajrang Enterprises paid
Rs. 20,00,000 out of which Rs. 15,00,000 in cash and the balance of Rs. 5,00,000 in fully paid-
up shares of Rs. 10 each. These shares were taken over at Rs. 12 each by Rajaram and Sitaram in
equal ratio. At the close of joint venture, equipment and tools were taken up by Rajaram at an
agreed value Rs. 1,50,000 and unused materials were taken by Sitaram for Rs. 50,000.
Prepare: (a) Joint Venture Account (b) Joint Bank Account (c) Co-venture's Account in the Books of Joint Venture. (12)

Q. 5 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
2,500
20,000
25,000
20,000
10,000
25,000
10,000
3,000
2,000
5,000
30,000
40,000
20,000
25,000
40,000
10,000
2,000
Additional information:
1. Mr. Suryakant introduced further capital of Rs. 20,000 on 1st 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 1st October, 2006.
4. Write off depreciation 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 31st March, 2007. (10)

Q.6 From the following Balance Sheet and Receipts and Payments A/c of Padmavati High School,
Thane, prepare Income and Expenditure A/c for the year ended 31-03-2007 and balance sheet as
on that date. (16)
Trial Balance Sheet as on 31 st March, 2006
Debit Balance
Amount
Rs.
Credit Balance
Amount
Rs.
Entrance Fees
Capital Fund
30,000
5,19,000
Furniture
Computer Laboratory
Library
Investment
Cash in Hand
Cash at Bank
Outstanding Tuition Fees
84,000
1,00,000
1,25,000
2,00,000
5,000
15,000
20,000
5,49,000
5,49,000




Receipts and Payment Account for year ended 31 st March, 2007
Receipts
Amount
Rs.
Payments
Amount
Rs.
To Balance b/d
Cash in Hand
Cash at Bank
To Tuition fees
To Terms fees
To Government grant (Salary)
To Sundry receipts
To Sale of old newspapers
To Interest on investments
To Donation of library

5,000
15,000
4,00,000
1,20,000
1,04,500
11,000
500
10,000
1,50,000
By Furniture purchased
By Salaries
By Rent
By Sundry expenses
By Stationery
By Annual gathering expenses
By Repairs of buildings
By Insurance
By Balance b/d
Cash in Hand
Cash at Bank
52,000
3,00,000
1,40,000
27,000
49,000
24,000
32,500
20,000

44,500
1,27,000
8,16,000
8,16,000
Adjustment :
1.        Tuition fees receivable Rs. 1,50,000.
2.        Salary still payable Rs. 1,50,000.
3.        Rent paid in advance Rs. 20,000.
4.        Insurance premium is paid for one year ending 30-09-07.
5.        Depreciate furniture and library at 10% and computer laboratory at 20%. Depreciation to be charged on the closing balances of assets.
6.         
Q.7 Following is the Trial Balance of Premlal and Sundarlal as on 31 st March, 2006. (20)
Trial Balance as on 31 st March, 2006
Debit Balance
Amount
Rs.
Credit Balance
Amount
Rs.
Stock on 1-4-2005
Purchases
Drawings : Premla
Sundarlal
Sales Return
Wages :Productive
Unproductive
Salaries
Rent, Rates and Insurance
Bad Debts
Discount allowed
Machinery
Building
Sundry Debtors
Cash
90,000
2,25,000
33,000
30,000
7,200
10,500
1,800
18,600
10,200
1,200
3,900
45,000
1,08,600
1,53,000
3,000
Sales
Purchase Returns
Discount received
Sundry Creditors
Capital : Premlal
Sundarlal
Bank Overdraft
3,75,000
3,000
3,000
90,000
1,05,000
1,35,000
30,000
7,41,000
7,41,000
Adjustments:
1.        Closing stock was valued on 31-03-2006 at market price Rs. 60,000 which was 20% above its cost price.
2.        Outstanding productive wages Rs. 600.
3.        Rent, Rates and Insurance include Insurance Rs. 1,600 paid for one year ending on 30th June, 2006.
4.        Maintain Reserve for doubtful debts at 5% on debtors.
5.        Depreciate building by 5% and machinery at 10% p.a.
6.        Goods costing months interest is due on Bank Overdraft at 10% p.a.
Prepare: (1) Trading and Profit and Loss A/c for the year ended 31st March, 2006 and
(2) Balance Sheet as on that date.
September 2009
Book-Keeping and Accountancy
Time : 3 Hours Marks : 100
Q.1 Attempt any FOUR of the following sub-question: [20]
(A) Answer in 'one' sentence. (5)
1. What is Balance Sheet?
2. What type of institutions prepare Income and Expenditure account?
3. What is Statement of Affairs?
4. Who is a payee?
5. What is Joint Venture?

(B) Write the word / term / phrase which can substitute each of the following statements : (5)
1. Amount which is irrecoverable from debtors.
2. An expenditure, which in incurred for carrying the day by day business activities.
3. Realisable amount of the fixed assets at the end of useful life.
4. The money value of reputation of Business.
5. Bank account which is operated by all the Co-ventures.

(C) Match the following pairs: (5)
Group 'A'
Group 'B'
1.        Depreciation
2.        Super profit
3.        Noting charges
4.        Co-venturers
5.        Input Device
1.        Partners of Joint Venture (4)
2.        Mouse (5)
3.        Normal profit-Average profit 
4.        Fixed assets (1)
5.        Partners of the partnership firm
6.        Dishonour of bill (3)
7.        Current assets
8.        Average profit- Normal profit. (2)

(D) Select the most appropriate alternative from those given below: (5)

1.        Debit balance of Trading account shows _________.
a)       Gross profit
b)       Net profit
c)       Net loss
d)       Gross loss.
2.        The opening capital is greater than the closing, then the difference is ________.
a)      Loss
b)       Profit
(c) Assets
(d) Liabilities.

3.        There are __________ parties to a bill of exchange.
a)       One
b)       Two
c)       Three
d)       Four
4.  Expenses incurred by Co-Venturers are debited to the __________ account.
(a) Co-venturer's A/c
(b) Joint Venture A/c
(c) Joint Bank A/c
(d) Cash
5. A set of instructions to computer is __________.
(a) Programme
(b) Procedure
(c) Method
(d) Scanning.

(E) State whether True / False (with reasons): (5)
1. The Receipts and Payments Account record only cash transactions.
2. A bill can be endorsed only once.

(F) From the following details prepare a format of Bill of Exchange: (5)
Drawer : Renuka Hazari, 104, Umang Ambajogai.
Drawee : Vimal Wadikar, Nanded Road, Udgir.
Payee : Radhika Desai, Parli Vaijanath.
Amount of bill : Rs.5,590.
Period of bill : 60 days.
Date of bill : 20th November, 2007.
Date of acceptance : 22nd November, 2007.

Q.2 (A) Renuka Trading Company Ambajogai purchased furniture on 1st April, 2002 for Rs.50,000. In The same year on 1st October additional furniture was purchased for Rs.20,000. On 1st October, 2003 the furniture purchased on 1st April, 2002 was sold for Rs.30,000 and on the same date, new furniture was purchased for Rs.25,000.
The company charges depreciation at 10% p.a. on Reducing balance method.
Prepare Furniture A/c and Depreciation A/c for three years ending on 31-3-03, 31-3-04 and 31-3-05. (10)
OR
(A) The capital employed of a firm is Rs.10,00,000. Its Average Profit for last the three years
is Rs.2,00,000 and the normal rate of return in the firm is 15%. Calculate Goodwill at
four years purchase of the super profit. (5)

(B) What do you mean by Computer Hardware and Software? Give their uses. (5)

Q.3 Prakash owes Subhash Rs.20,000. Prakash accepted a bill for three months drawn by Subhash for Rs.20,000. Subhash discounted the bill with bank @ 10% p.a. immediately.
On the due date the bill was dishonoured. Noting charge amounted to Rs.100 paid by Bank.
Prakash paid half the amount of the bill and the full amount of the noting charges and accepted a fresh bill for the balance including interest Rs.500.
Pass journal entries in the books of Subhash and show Prakash Account. (12)
OR
Journalise the following transactions in the books of Sharad.

(a) Hemant informed Sharad that Vasant's acceptance for Rs.5,000 endorsed to Hemant has been dishonoured and noting charges amounted to Rs.50.
(b) Pramod renews his acceptance to Sharad for Rs.15,000 by paying Rs.5,000 in cash and accepting a fresh bill for balance plus interest @ 10% p.a. for three months..
(c) Shishir retired his acceptance to Sharad for Rs.7,600 by paying Rs.7,500 in cash.
(d) Sharad sent a bill of Amol for Rs.10,000 to bank for collection. But bank informed that the bill has been dishonoured by Amol.

Q.4 Krishna of Udgir and Sanjay of Lohara entered into Joint Venture to consign 500 bags of rice to Vijay Traders, Nerul to be sold on their joint risk which in proportion of 3/5 and 2/5 respectively.
Krishna sent 300 bags of rice @ Rs.1,200 each paying carriage Rs.10,000, insurance Rs.3,000 and other expenses Rs.2,000. Sanjay sent 200 bags of rice @ Rs.1,400 each, paying carriage Rs.8,000 and other expenses Rs.2,000.
Sanjay received and advance of Rs.40,000 from Krishna on account of venture. All the bags of rice were sold by Vijay Traders for Rs.9,00,000 out of which they deducted 2% for expenses and 3% for their commission on total sales.
Vijay Traders remitted Rs.4,00,000 to Krishna by Bank draft and the balance to Sanjay by one month's bill.
Co-venturers settled their accounts.
Prepare : (a) Joint Venture Account, (b) Sanjay A/c and
(c) Vijay Traders A/c in the books of Krishna. (12)

Q. 5 Harshada keeps her books on single entry system and following information is disclosed b y her: (10)
Particulars
31-3-2005
Rs.
31-3-2006
Rs.
Cash at bank
Stock in Trade
Debtors
Furniture
Sundry Creditors
Bills Payable
Loan from Vimal
Investments
10,000
8,000
15,000
20,000
20,000
1,000
-
-
15,000
10,000
25,000
20,000
30,000
5,000
3,000
12,000
Harshada had withdrawn Rs.2,500 in cash and took goods worth Rs.500 for her private use from business.
She sold her private car for Rs.10,000 and invested it as additional capital.
Furniture is to be depreciated by 10% and Reserve for Doubtful Debts is to be maintained @ 5% on Debtors.
Prepare Opening and Closing Statement of Affairs and Profit / Loss statement for the year ending 31.03.2006.

Q.6 Dr. Arjun Patil commenced Medical practice on 1.04.2006. He has prepared the following Receipts and Payments Account for the years 31.03.2007. (16)
Receipts and Payments Account For the year 31 st March, 2007
Receipts
Amount
Rs.
Payments
Amount
Rs.
To cash introduced
(Capital Fund)
To Income from Visits
To Receipts from Dispensary
To Miscellaneous receipts
To Interest received on Investment
To Receipts from Operation fees
30,000

40,000
80,000
1,000
500

10,000
By Furniture
By Honorarium to Doctor
By Equipments
By Purchase of Drugs
By Compounders Salary
By Rent of Dispensary
By Conveyance charges
By Stationary
By Operation Expenses
By Lighting
By Journals and Newspapers
By Telephone expenses
By Investment
By Balance c/d
(Closing balance)
40,000
10,000
50,000
10,000
12,000
6,000
2,000
600
8,000
400
800
500
7,200
14,000
Total
1,61,500
1,61,500
Adjustment:
1.        Rs.5,000 were still to be received on account of the visits.
2.        Compounders salary of Rs.3,000 and Bill of stationary Rs.1,000 and Rent of dispensary Rs.1,000 are outstanding.
3.        25% amount of conveyance charges were for private use.
4.        Stock of Drugs on hand was estimated at Rs. 2,000.
5.        Furniture and Equipments are to be depreciated at 10%.
Prepare - Income and Expenditure Account for year ended 31st March, 2007 and Balance Sheet as on that date from the above information.




Q.7 Ganga and Godawari are partners sharing profits and losses equally the Trial Balance of their firm on 31st March, 2007 was as following. (20)
Trial Balance as on 31 st March, 2007
Particulars
Debit Balance
Rs.
Credit Balance
Rs.
Stock (1-4-2006)
Purchases and Sales
Return Inward
Carriage
Power and Fuel
Wages
Trade Expenses
Debtors and Creditors
Salaries
Insurance
Postage
Commission
Plant and Machinery
Furniture
Advertisement
Building
Drawings :
Ganga
Godawari
CAPITAL:
Ganga
Godawari
12% Bank loan taken on 1.10.2006
Cash in hand
80,000
4,00,000
30,000
7,500
40,000
35,000
8,000
80,000
72,000
6,000
3,000
8,000
2,00,000
80,000
15,000
4,00,000

8,000
10,000




7,500

7,68,000





60,000



12,000








2,50,000
2,50,000
1,50,000
14,90,000
14,90,000
Adjustments:
1.        Stock on 31.3.2007 was valued at Cost price Rs. 1,00,000 and Market price Rs. 1,20,000.
2.        Depreciate plant and Machinery and Buildings at 20% and 10% respectively.
3.        Insurance is paid for one year ending on 30.06.2007.
4.        Goods withdrawn by Ganga for her personal use of Rs. 10,000 during the year were not recorded in the books.
5.        Provided Rs. 10,000 as Bad debts and Reserve for Doubtful Debts is to be maintained at 5% on Debters.
Prepare : Trading Account, Profit and Loss Account for the year ending on 31st March, 2007 and
Balance Sheet as on that date after making the above adjustments.



March 2010 
Board exam Question Paper
Q1. Attempt any four sub – questions of the following:
A.      Answer in ‘One’ Sentence each:
1.        What are Revenue Expenditures?
2.        Who is a Drawer?
3.        What is a Joint Venture?
4.        What is a computer?
5.        What is a Goodwill?

B.      Write a word / term/  phrase which can substitute each of the following sentences:
1.        The incomplete method of accounting system. (Single entry system)
2.        The gradual and permanent decrease in the value of fixed assets due to any cause. (Depreciation)
3.        Payment before the due date of the bill. (Retirement of Bill of exchange)
4.        An account opened in the bank in a joint name of the co – ventures. (Joint Bank Account)
5.        The unit of the computer which is popularly known as heart, brain and nervous system. (Central Procession Unit)

C.      Match the following pairs:
Group A
Group B
1.        Income and Expenditure account
2.        Drawings
3.        Bill of Exchange
4.        Co – venturers’ Liability
5.        Intangible Asset
a.        Withdrawals in cash or kind (2)
b.       Negotiable Instrument (3)
c.        Similar to Profit and Loss account (1)
d.       Limited
e.        Computer
f.         Unlimited (4)
g.       Goodwill (5)
h.       Building

D.      Select the most appropriate alternative from those given below and rewrite the sentences:
1.        The Indian Partnership Act in force since __________
a.        1933
b.       1932
c.        1956
d.       1934
2.        Receipt and Payment account is a _________ account.
a.        Personal
b.       Real
c.        Nominal
d.       None of these
3.        Under Fixed Installment Method depreciation is charged on _________
a.        Original cost
b.       Written down value
c.        Scrap Value
d.       Market value
4.         There are ___________ parties to a bill of exchange.
a.        Two
b.       Four
c.        Three
d.       Five
5.        Expenses of Joint Venture business are debited to _________
a.        Joint Bank A/c
b.       Joint Venture A/c
c.        Co – venturer’s A/c
d.       Debentures A/c

E.       State with reasons whether the following statements are True or false.
1.        Balance Sheet is an account of business result
2.        The main object of not for profit organizations is to earn profit. 

F.       Prepare a bill of exchange from the following information.
Drawer                                   :               Subhash Suryawanshi, Main Road, Ajara.
Drawee                                   :               Mudhukar Bharati, Amboli Road, Sawantwadi.
Payee                                     :               Manoj Desai, Amboli.
Peroid                                     :               60 days.
Date of Bill                            :               25thMay, 2006
Date of Acceptance             :               28thMay, 2006.
Amount of Bill                      :               Rs. 5,700.

Q2. On 1st April, 1995, Avadhoot Traders, Ajara, purchased machinery for Rs. 40,000. On 1st October, 1995 they purchased further machinery costing Rs. 20,000. On 1stOctober, 1997 they sold machinery which was purchased on 1st April 1995 for Rs. 28780. Depreciation on machinery was provided at the rate of 10% p.a. on Diminishing Balance method.
The Financial year closes on 31st march every year. Prepare Machinery account and Depreciation account for three years. 1995 – 96, 1996 – 97, 1997 – 98. 
OR
A. The capital of a partnership firm is Rs. 3,00,000. Profits for the last 4 years was Rs. 32,500, Rs. 36,000 and Rs. 39,000. The reasonable return on the capital employed is 11%. Calculate the value of goodwill on the basis of 3 years purchases of super profit.
B. Explain the role of computer in accounting. 

Q3. Madhav accepted a bill of Rs. 40,000 drawn by kashinath at 3 months. Kashi8nath got the bill discounted with his bank for Rs. 39,000. Before the due date, Madhav approached Kashinath for renewal of the bill. It was agreed to pay Rs. 30,000 immediately together with interest on the remaining amount at 10% p.a. for 3 months and for the balance Madhav accepted a new bill for 3 months. These arrangements were carried through.
But afterwards Madhav became insolvent. Only 35% of the amount could be recovered from his estate.
Pass necessary Journal entries in the books of ‘Madhav’
Prepare Madhav’s account in the books of ‘Kashinath’
OR
Journalise the following transactions in the books of ‘Avadhoot’.
a.        Nandini informs Avadhoot that Nisha’s acceptance for Rs. 5000 endorsed to Nandini has been dishonoured. Noting charges amounted to Rs. 100.
b.       Dhanashri renews her acceptance to Avadhoot for Rs. 2400 by paying Rs. 1200 in cash and accepting a new bill for the balance plus interest at 12% p.a. for 3 months.
c.        Honagekar’s acceptance to Avadhoot Rs. 6000 retired one month before its due date at a discount of 20% p.a.
d.       Bank informs to Avadhoot that the dishonour of Shashikala’s acceptance for Rs. 4000 discounted with the bank. Noting charges amounted to Rs. 70.
e.        Avadhoot sent a bill of Pravin for Rs. 6000 to the bank for collection.

Q4. Apate, Bachute and Chapate undertook construction of the Cultural Hall of a Company at a contract price of Rs.60,000 payable in Cash Rs.40,000 and Rs.20,000 in the form of Debentures of a company. (12)
They shared profits and losses in the ratio of 3:2:1 respectively.
Apate Rs.30,000, Bachute Rs.20,000, Chapate Rs.10,000.
The following payments are made out through Joint Bank Account.
1. Purchase of materials Rs.25,000
2. Payment of wages Rs.7,700
3. Purchase of plant Rs.4,500
4. Other charges Rs.1,100
Apate brings a truck of Rs.4,000, Bachute brings materials of Rs.5,500, Chapate brings a mixer worth Rs.1,000, At the close of the venture the unused materials were taken by Apate for Rs.500.
Bachute took over the mixer and plant for Rs.2,700. The truck was sold in the market for Rs.2,200.
The contract price was received as per the agreement. Chapate agreed to take over the debentures at Rs.19,000. Prepare : 1. Joint Venture Account, 2. Joint Bank Account, 3. Co-venturer's Account

Q.5 Mr. Balasaheb is dealing in the business of fruits. He maintains his accounting record with single entry. The following figures are taken from his record. (10)
Particulars
Balance as on
1.4.2004
Balance as on
31.3.2005
Land and Building
Machinery
Furniture
Sundry Debtors
Stock
Cash Balance
Bills Receivable
Sundry Creditors
Bank Overdraft
Bank Balance
40,000
30,000
10,000
20,000
10,000
5,000
5,000
25,000
5,000
-
50,000
40,000
10,000
40,000
25,000
15,000
5,000
25,000
-
10,000
Mr. Balassheb introduced Rs. 10,000 as further capital.
He spent Rs. 45,000 from the business for his daughter's marriage.
Depreciate Land and Building by Rs. 5,000
Create 5% Reserve for Doubtful Debts on Sundry Debtors.
Prepare:
1.       Opening Statement of Affairs.
2.       Closing Statement of Affairs.
3.       Statement of Profit and Loss.

Q.6 Following is the summary of Receipts and Payments of Jay Bajrangbali Vyayam Shala, Ajara for the year ending on 31.03.2007. (16)
Receipts and Payments Accounts
For the year ended on 31 st March, 2007
Receipts
Amount
Rs.
Payments
Amount
Rs.
To balance b/d
To Subsciption
2005-06
2006-07
To Donation for Building
To Receipts from Entertainments
To Interest
To Entrance fees
41,600

4,120
1,60,000
50,000
36,440
3,240
45,000
By Salary
By Lighting
By General Expenses
By Entertainment Expenses
By Taxes paid
By Printing and Stationery
By Expenses paid of 2005-06
By Investment
By Fixed Deposit with Ajara Urban Bank
By Balance c/d
55,000
10,000
15,360
25,800
5,000
9,440
24,000
1,20,000
40,000
35,800
Total
3,40,400
Total
3,40,400
Adjustment :
1.        Jay Bajrangbali Vyayam Shala has 4500 members paying annual subscription of Rs.40 each.
2.        Provide for outstanding salary Rs.5,000.
3.        On 1.4.2006 the assets stood as under :
(a) Land and Building Rs.60,000
(b) Furniture Rs.46,000
Depreciate the above assets at 10% p.a.
1.        Interest on Investment Rs.2,000 is not received.
2.        Capital Fund was Rs.1,27,720 on 1.4.2006.
3.        50% of the entrance fees is to be capitalized.
Prepare:
Income and Expenditure Account for the year ended 31st March, 2007 and Balance Sheet
as on that date.

Q.7 Ashok and Tanaji are Partners sharing Profits and Losses in the ratio 2:3 respectively. (20)
Trial Balance as on 31 st March, 2007
Particulars
Amount
Rs.
Particulars
Amount
Rs.
Purchases
Patents Right
Building
Stock (1.4.2006)
Printing and Stationery
Sundry Debtors
Wages and Salaries
Audit fees
Sundry expenses
Furniture
10% Investment (Purchased on 30.09.2006)
Cash
Provident Fund Contribution
Carriage Inwards
Travelling Expenses
98,000
4,000
1,00,000
15,000
1,750
35,000
11,000
700
3,500
8,000
10,000
4,000
800
1,300
2,700
Capitals :
Ashok
Tanaji
Provident Fund
Creditors
Bank Loan
Sales
Reserve for Doubtful Debts
Purchase Return

30,000
40,000
7,000
45,000
12,000
1,58,000
250
3,500
2,95,750
2,95,750
Adjustments :
1.        Closing stock is valued at the Cost of Rs.15,000 while its Market Price Rs.18,000.
2.        On 31st March, 2007 the stock of stationery was Rs.500.
3.        Provide reserve for bad and doubtful debts at 5% on debtors.
4.        Depreciate building at 5% and patent rights at 10%.
5.        Interest on capitals is to be provided at 5% p.a.
6.        Goods worth Rs.10,000 were destroyed by fire.
7.        The Insurance company admitted a claim for Rs.8,000.




MARCH 2011
Q1. Attempt any four sub – questions of the following:
A.      Answer in ‘One’ Sentence each:

6.        What is fixed capital method?
7.        What do you mean by capital expenditure?
8.        Under which method of depreciation, amount of depreciation, changes every year?
9.        What is retirement of Bill of Exchange?
10.     What do you mean by credit balance of Joint Venture Account?

B.      Write a word / term/  phrase which can substitute each of the following sentences:

6.        The statement showing list of Debit and Credit balances of all ledger accounts.
7.        Fees paid by persons to become members of a ‘Not for Profit’ concern.
8.        Excess of Average Profit over Normal Profit.
9.        The person who endorses a bill.
10.     A temporary partnership formed for carrying out a particular venture.

C.      Match the following pairs:
Group A
Group B
6.        Accured income
7.        Impersonal accounts are not maintained
8.        RAM
9.        Agent who sells goods of joint venture
10.     Installation charges
i.         Single entry system
j.         Volatile Memory
k.        Asset Side
l.         Charged paid for erection of New machinery
m.      Liability side
n.       Double Entry
o.       Non – volatile memory
p.       Entitled for commission on sale

D.      Select the most appropriate alternative from those given below and rewrite the sentences:

6.        Income and expenditure account includes items of __________ nature only.
a.        Capital
b.       Revenue
c.        Fixed
d.       Non – recurring
7.        Noting charges are paid when a bill is ____________
a.        Honoured
b.       Dishonoured
c.        Renewed
d.       Retired
8.        Unsold stock of Joint Venture taken over by co – venture is credited to ___________
a.        Co-venturer’s account
b.       Joint venture account
c.        Joint bank account
d.       Stock account
9.        Under single entry system, additional capital brought in during the year is __________ closing capital in order to calculate profit.
a.        Added to
b.       Deducted from
c.        Added twice to
d.       Deducted twice from
10.     Subscription received in advance during the account year is ____________
a.        An income
b.       An expenditure
c.        An asset
d.       A liability

E.       State with reasons whether the following statements are True or false.
3.        While calculating the average profit, the losses are ignored.
4.        Drawer and payee of a bill of exchange may be one and the same person.

F.       Prepare a bill of exchange from the following information.
Shri Suraj Patil, Bazarpeth, Sawantwadi, draws a bill for a period of 4 months on Anita Desai, M.G. Road, Pune, on 1stJanuary, 2011 for Rs. 19500. Anita Desai accepted the bill on 4thJanuary, 2011.

Q2. Shri Yashraj and Company, Kolhapur, purchased furniture for Rs. 60000 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, 12000. The company charges depreciation at the rate of 10% p.a. on Reducing Balance method. The financial year of the company ends on 31stmarch, every year.
Prepare : Furniture account and depreciation account for the years 2007 – 08,  2008 – 09, 2009 – 2010.
OR
A. Following is the Balance Sheet of Anil and Sunil.
Balance sheet as at 31st march, 2008
Liability
Amount
Rs.
Assets
Amount
Rs.
Capitals:
Anil
Sunil
Profit & loss a/c
Creditors
Bank Overdraft

360000
240000
60000
93000
87000
Machinery
Computer
Stock in Trade
Debtors
Cash
360000
60000
270000
126000
24000

840000

840000
The Profit and Loss for the last 5 years were:
Years
2003 – 04
2004 – 05
2005 – 06
2006 – 07
2007 – 08
Rs.
150000
Profit
180000
Profit
72000
Profit
12000
Loss
60000
Profit
You are required to calculate the value of Goodwill at 5 years’ purchase of super assuming that the normal rate of return is 10% on capital employed in the similar business.

B. Explain in brief, the importance of computers in modern age.

Q3. Ms. Smita purchases goods from Mr. Ramesh on 1st April, 2010 for Rs. 36,000. Smita accepts a billfor 2 months drawn by Ramesh for the same amount on the same day. Ramesh discounts the bill with the Bank for Rs. 35,100 on 2nd April, 2010. On due date the bill is dishonoured, noting charges are Rs. 60. Smita pays Rs. 18000 in cash with noting charges. A fresh bill drawn by Ramesh is accepted by her for the balance including interest Rs. 450 for two months. The new bill is retired one month before the due date at the rebate of Rs. 250. Pass journal entries in the books of Ms. Smita.
OR
Journalise the following transactions in the books of Mr. Vivek.
f.         On 1st January, 2010, Sameer informs Vivek that mahesh’s acceptance for Rs. 32,000 endorsed to Sameer has been dishoured. Nothing charges Rs. 800.
g.       On 1st February, 2010 Subhash renews his acceptance of Vivek for Rs. 30,000 by paying Rs. 14,000 in cash and accepting a fresh bill for the balance plus interest @ 10% p.a. for 3 months.
h.       On 5th February, 2010 Dinesh retired his acceptance to Vivek for Rs. 12000 by paying Rs. 11600 in cash.
i.         On 1st March, 2010. Vivek sent a bill on Sohan for Rs. 20000 to Bank for collection. Bank informed that the bill has been dishonoured by Sohan.
Q4. Rokadimal of Rajkot and Gunjal of Pune, entered into a Joint venture to purchase and sell goods andagreed to share profit and losses in the proportion of 4:1 respectively.
Rokadimal sent goods of Rs. 400000 to Gunjal for sale. Rokadimal paid Rs. 11500 for carriage. Rokadimal drew a bill of Rs. 95000 on Gunjal, Which he accepts. Rokadimal discounted this bill with the bank for Rs. 92000. The amount of discount is to be treated as Joint venture expenditure. Gunjal paid Rs. 13500 for advertisement. Gunjal sold all the goods for Rs. 500000. Gunjal paid Rs. 7000 for selling expenses and he is entitled for a commission on sales at 5%. Coventurers settled their account.
Give journal entries in the books of Gunjal of Pune.
Q5. Following incomplete information is available from the records maintained by Mr. Premnath.
Particulars
1.4.2009
31.3.2010
Cash balance
Bank balance
Sundry debtors
Stock
Furniture
Creditors
10% Bank loan
12000
26000
20000
24000
24000
20000
20000
13000
30000
26000
26000
24000
20000
20000
Additional information:
1.        Mr. Premnath introduced additional capital in the business amounted to Rs. 15000 on 1st January, 2010. .
2.        He has paid life insurance premium Rs. 10000 from the business account and withdrew goods worth Rs. 5000 for his personal use.
3.        Write off Rs. 1000 as bad and maintain reserve for doubtful debts at 5% on remaining debtors.
4.        Provide depreciation at 5% p.a. on furniture.
5.        The closing balance of sundry creditors has been overvalued by Rs. 2000 in the books of account.
6.        Provide interest on capital and Bank loan @ 10% p.a.
Prepare
1.        Statement of affairs as on 1.4.2009.
2.        Statement of affairs as on 31.3.2010 and
3.        Statement of Profit and loss for the year ended 31st March, 2010.

Q6. Following is the Balance sheet and Receipts and Payments account of the Memorial Hospital, Sawantwadi. Prepare Income and Expenditure account for the year ended on 31.03.2010 and a balance sheet as on that date.
Balance Sheet as on 01.04.2009
Liability
Amount
Assets
Amount
Capital Fund:
Outstanding
Salaries
Medical Bill unpaid
1004000

22000
6000
Cash in hand
Cash at bank
Land and building
Furniture
Equipment
Outstanding subscriptions
6000
34000
800000
70000
120000
2000

1032000

1032000
Receipts and payments account for the year ending 31st March, 2010
Receipts
Amount
Payments
Amount
To Balance b/d
Cash in hand
Cash in Bank
To Subscription
(Including Rs. 2000 for last year)
To Sale of furniture
(Book value Rs. 30000)
To Donations (Revenue)
To Life Membership Fees

6000
34000
130000

20000

40000
25000
By Salaries A/c
(including of the last year)
By Medicines
By Equipment purchase
By Taxes
By General Expenses
By Balance C/d
Cash in Hand
Cash at Bank
110000

52000
20000
3000
8600

15400
50000

259000

259000
Consider the following adjustments:
1.        Outstanding subscription Rs. 12000
2.        Capitalize the amount of membership fees.
3.        Prepaid Taxes Rs. 500.
4.        Outstanding Salary Rs. 12000.
5.        Write off depreciation Rs. 20000 from Land and Building and Rs. 30000 from Equipment.
6.        Outstanding Medicines Bill as on 1.4.09 is still due.

Q7. From the following Trial balance of M/s Sanjay and Vijay, you are required to prepare Trading and Profit and Loss account for the year ended on 31st March, 2010 and Balance Sheet as on that date after taking into consideration the additional information given below.
Trial balance as on 31st March, 2010
Particulars
Debit balances
Credit balances
Sundry debtors and creditors
Bills Receivable and Bills Payable
Purchases and sales
Return inward
Salaries and Wages
Carriage outward
Insurance premium
Postage and Telegram
Plant and machinery
Advertisement
Import duty
Bad debts
Printing and stationery
Cash in Hand
Leasehold premises
Opening stock
Dividend received
Outstanding Audit fees
10% bank Loan (Taken on 1.10.09)
Capital : Sanjay
Vijay
45800
28200
98500
2000
26000
1800
2200
1750
70000
3000
2100
1000
2400
1850
80000
12000
72700
40000
110000













1500
4400
60000
45000
45000

378600
378600
Additional information:
1.        Closing stock was valued at Rs. 25000
2.        Unused Postage Stamps of Rs. 250
3.        Uninsured goods worth Rs. 8000 were stolen from the godown.
4.        Leasehold property is to be run for 10 years w.e.f. 1. 10. 2009.
5.        Depreciate Plant and Machinery at 10% p.a.
6.        Our customer Mr. Ajay Became insolvent and could not pay his debts of Rs. 2000.



March 2008
Book-Keeping and Accountancy
Time : 3 Hours Marks : 100
Q.1 Attempt any FOUR of the following sub-question: (20)
(A) Answer in one sentence. (5)
1. What is a Balance Sheet?
2. What is Single Entry System?
3. What do you mean by Fixed Installment Method?
4. What is Goodwill?
5. When Joint Bank A/c is opened?

(B) Write the word/term/phrase which can substitute each of the following statements : (5)
1. A partner who lends only his name to the firm. (Nominal Partner)
2. Concerns established for providing services. (Not for Profit Organisation)
3. Profit earned over and above normal profit. (Super Profit)
4. A temporary partnership without firm name. (Joint Venture)
5. A person who endorse the bill. (Endorser)

(C) Match the following pairs: (5)
Group 'A'
Group 'B'
1.        Unpaid expenses
2.        Single Entry System
3.        Computer
4.        Co-venture
5.        Maker of a bill
1.        Electronic device
2.        Partnership firm
3.        Drawee
4.        Asset side
5.        Unscientific
6.        Liability side 
7.        Drawer
8.        Joint venture

(D) Select the most appropriate alternative from those given below: (5)

1.        subscription received in advance during the accounting year is ________.
a.        an income (b) an expense (c) an asset (d) a liability
2.        Depreciation is charged only on the _________.
a.        current assets (b) intangible assets (c) immovable assets (d) fixed assets
3.        Brain of computers is _________.
a.        microprocessor (b) RAM (c) DRAM (d) DOS
4.        Unsold stock of Joint Venture taken over by Co-venturer is credited to _______.
a.        Co-venturers' A/c (b) Joint Venture A/c (c) Joint Bank A/c (d) Stock A/c
5.        A one month's bill drawn on 31 st January, 2007 will be matured on ________.
(a) 3rd March, 2007 (b) 28th February, 2007 (c) 29th February, 2007
(d) 2nd march, 2007

(E) State whether True / False (with reasons): (5)
1. Receipts and Payments A/c is a Nominal A/c.
2. Drawee has no right to discount the bill with Bank.

(F) From the following details prepare a format of Bill of Exchange: (5)
Shri. Amar Patil, Guruwar Peth, Karad, draws a Two months bill on Mehul Maniyar, Mul, payable to Yogesh Ghatkar, CIDCO. Aurangabad, on 31st December, 2007 for
Rs. 9,500. Shri. Mehul Maniyar accepted it on 2nd January, 2008.




Q.2 M/s Jalaram Mill, Mul, showed a debit balance of Rs. 32,000 to the Machinery A/c on 1st April, 2001 (Original cost of the Machinery was Rs. 40,000). On 1st October, 2001 the Mill bought
additional Machinery for Rs. 15,000 and spent Rs. 1,000 for its installation.
One more machinery costing Rs.20,000 was purchased on 31st March, 2003.
Depreciation is charged on 31st March, every year at 10% p.a. under the Diminishing Balance Method.
On 31st March, 2004, the machinery which was purchased on 1st October, 2001 was sold for Rs. 12,000.
Prepare - Machinery A/c and Depreciation A/c for the years 2001 - 2002.
2002 - 2003 and 2003 - 2004.
OR

(A) Maruti and Dinesh are carrying on a business in partnership for last 5 years. Goodwill of the firm is to be valued at 2 years purchased at last 5 years average profit. The profits and losses were as under : (5)
Year
Amount
2000-2001
2001-2002
2002-2003
2003-2004
2004-2005
Rs.19,000 (Profit)
Rs.33,000 (Profit)
Rs.18,000 (Loss)
Rs.14,000 (Profit)
Rs.32,000 (Profit)
Calculate the value of Goodwill of the firm.

(B) Explain the importance of computer in modern age. (5)

Q.3 Priti owed to Manisha Rs. 9,000. Priti accepted the bill drawn by Manisha for the amount at 4 months.
Manisha endorsed the same bill to Shital. Before the due date, Priti approached Manisha for renewal of the bill.
Manisha agreed on thee condition that Rs. 3000 be paid immediately together with interest on the remaining amount at 8% p.a for 3 months and Priti should accept a new bill. These arrangements were carried through.
However, before due date Priti became insolvent and only 50% of the amount could be
recovered from her estate. Give Journal Entries in the books of Manisha. (12)

OR

Journalise the following transactions in the books of Motilal:
1.        Bhavna informed Motilal that Jvoti's acceptance for Rs. 3,600 endorsed to Bhavna has been dishonoured and noting charges have been Rs. 150.
2.        Anil renews his acceptance to Motilal for Rs. 3,400 by paying Rs. 900 in cash and accepting a new bill for the balance plus interest at 8% p.a. for 3 months.
3.        Prabhakar retired his acceptance to Motilal for Rs. 4,000 by paying Rs. 3,850 in cash
4.        Bank informed Motilal that Arun's acceptance of Rs. 7,000 Which was discounted with bank was been dishonoured with noting charges Rs. 100.

Q.4 Yashpal of Udgir and Balu of Latur entered into joint Venture to consign 300 machines to Amol of Amravati to be sold on their joint risk which is in the proportion of 2:3 respectively . Yashpal sent 120 machines at Rs. 300 each paid freight Rs. 700 and sundry expenses Rs.300. Balu sent 120 machines at Rs. 250 each and paid for insurance Rs. 500 and carriage Rs. 500.
Amol sold all the machines at Rs. 400 each.  He spent Rs. 4,000 for advertisement and Rs. 1,000 for godown charges.
Amol deducted 5% commission on sales and sent Rs. 80,000 to Yashpal and balance to Balu by bank draft.
Prepare
1.        Joint Venture A/c
2.        Balu's A/c
3.        Amol's A/c
In the Ledger of Yashpal. (12)



Q.5 Mrs. Archana keeps her books on Single Entry System & gives the following information: (10)
Particulars
31.3.2006
31.3.2007
Cash at Bank
Sundry debtors
Stock in trade
Furniture
Machinery
Bills Payable
Sundry Creditors
5,000
25,000
30,000
20,000
50,000
5,000
15,000
32,000
40,000
50,000
20,000
50,000
5,000
20,000
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. n. on Furniture and Machinery.
Prepare :
1.        Statement of Affairs as on 31.3.2006.
2.        Statement of Affairs as on 31.3.2007.
3.        Statement of Profit and Loss for the year ending 31.3.2007.

Q.6 Following is the Receipts and Payaments A/c of Phoenix Cricket Club, Patan. (16)
Dr. Receipts and Payments Accounts for the year ended 31 st March, 2007 Cr.
Receipts
Amount
Rs.
Payments
Amount
Rs.
To balance b/d
To Subsciption
2005-06
2006-07
2007-08
To Donation
To Entertainment receipts
To Interest
To Entrance fees
1,040

85
4,000
103
1,200
876
81
1,000
By Salaries
By Entertainment expenses
By Electricity charges
By General expenses
By Rent and Taxes
By Investments
By Printing and Stationery
By Expenses of 2005-06
By Fixed Deposit
By Balance c/d
1,300
645
234
350
120
3,000
241
600
1,000
895

8,385

8,385
Information :
1.        Club and 450 members paying an annual subscription of Rs. 10 each.
2.        Rs. 20 is still in arrears towards subscription for the year 2005-06.
3.        Carry forward Rs. 20 for rent paid in advance.
4.        Outstanding salary Rs. 200.
5.        Land and Building Rs. 15,000 and Furniture Rs. 1,150 in standing in the books on 1st April, 2006 on which depreciation at 5% and 20% is to be written off respectively.
6.        Capital fund on 1.4.2006 was Rs. 16,695.
7.        50% of the entrance fees and full domain are to be capitalized.
Prepare : From the above Receipts and Payments A/c and information, Income and Expenditure A/c for the year ended 31st March, 2007 and Balance Sheet as on that date.




Q.7 Swati, Swity and Sweta were partners sharing profits and losses equally.
Following is their Trial Balance for the year ended 31st March, 2006.
Trial Balance as on 31 st March, 2006 (20)
Particulars
Debit
Rs.
Credit
Rs.
Purchase and Sales
Salaries
Stock (1.4.2005)
Debtors and Creditors
Bills Receivable and Bills Payable
Land and Building
Returns
Wages
Cash at Bank
Insurance
Advertisement
Furniture
Rent and Taxes
Interest
Capitals :
Swati
Swity
Sweta
1,04,000
11,300
28,000
24,200
62,400
48,300
6,300
25,100
30,000
4,500
9,300
18,700
4,700
1,95,300


36,000
18,100

2,600






4,800

60,000
40,000
20,000

3.76,800
3,76,800
Adjustments :

1.        Closing stock is valued at Rs. 37,500.
2.        Depreciate Furniture @10% p.a. and Land and Building @5% p.a.
3.        Goods of Rs. 3,000 are purchased on 31.3.2006 are included in the closing stock but the entry is not passed in the books.
4.        Insurance is prepaid to the extent of Rs. 1,500.
5.        Salaries of Rs. 3,400 and wages of Rs. 4,700 are outstanding.
6.        Write off Rs. 1200 as bad debts from Debtors and provide 5% for Reserve for Doubtful Debts.

Prepare: Trading A/c and Profit and Loss A/c for the year ended 31st March, 2006 and Balance Sheet as on that date.


1 comment:

yash jain said...

where is the solution for september 2008 accounts paper????