March 2009 Accounts Question paper


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.
2. An accounting system where rules of debit and credit are not followed.
3. Money value of business reputation.
4. A person entered into a joint venture.
5. The Gift received from legal representative as per the will of a deceased person.
(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.       
1.      Amount of depreciation remains constant
2.      Trading account
3.      Revenue income
4.      Capital income
5.      Balance sheet
6.      Converting symbolic language
7.      Separate set of books
8.      Utility programme
(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.       
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.

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