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. 1. Partners of Joint Venture 2. Mouse 3. Normal profit-Average profit 4. Fixed assets 5. Partners of the partnership firm 6. Dishonour of bill 7. Current assets 8. Average profit- Normal profit. |
(D) Select the most appropriate alternative from those given below: (5)
1.
1. Debit balance of Trading account shows _________.
1. Gross profit
2. Net profit
3. Net loss
4. Gross loss.
2. The opening capital is greater than the closing, then the difference is ________.
1. Loss
2. Profit
(c) Assets
(d) Liabilities.
1.
1. There are __________ parties to a bill of exchange.
1. One
2. Two
3. Three
4. 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
Dr. Cr.
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 Drawings : 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.