March 2011 Accounts Board Exam Question Paper


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

1.       What is fixed capital method?
2.       What do you mean by capital expenditure?
3.       Under which method of depreciation, amount of depreciation, changes every year?
4.       What is retirement of Bill of Exchange?
5.       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:

1.       The statement showing list of Debit and Credit balances of all ledger accounts.
Ans. Trial balance
2.       Fees paid by persons to become members of a ‘Not for Profit’ concern.
Ans. Entrance Fees Or Admission Fees
3.       Excess of Average Profit over Normal Profit.
Ans.  Super Profit
4.       The person who endorses a bill.
Endorser
5.       A temporary partnership formed for carrying out a particular venture.
Ans. Joint Venture

C.      Match the following pairs:
Group A
Group B
1.       Accured income
2.       Impersonal accounts are not maintained
3.       RAM
4.       Agent who sells goods of joint venture
5.       Installation charges
a.       Single entry system
b.      Volatile Memory
c.       Asset Side
d.      Charged paid for erection of New machinery
e.      Liability side
f.        Double Entry
g.       Non – volatile memory
h.      Entitled for commission on sale

Ans. (1-c), (2 - a) , (3 - b), (4 - h) , (5 - d)


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

1.       Income and expenditure account includes items of __________ nature only.
a.       Capital
b.      Revenue
c.       Fixed
d.      Non – recurring
2.       Noting charges are paid when a bill is ____________
a.       Honoured
b.      Dishonoured
c.       Renewed
d.      Retired
3.       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
4.       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
5.       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.
1.       While calculating the average profit, the losses are ignored.(False)
2.       Drawer and payee of a bill of exchange may be one and the same person.(True)

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 31st march, 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 bill for 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 2ndApril, 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.
a.       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.
b.      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.
c.       On 5th February, 2010 Dinesh retired his acceptance to Vivek for Rs. 12000 by paying Rs. 11600 in cash.
d.      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 and agreed 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 31stMarch, 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 31stMarch, 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.       Out customer Mr. Ajay Became insolvent and could not pay his debts of Rs. 2000.

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