September 2008 Book-Keeping and Accountancy

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.
2. Excess of income over expenditure in case of 'Not for Profit Concern'.
3. Excess of average profit over normal profit.
4. Payment of bill before the due date.
5. A partnership for specific purpose and for temporary period.
(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.      
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.

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