March 2012 Accountancy Paper


Q1. Attempt any Four of Sub – Questions of the following.
(A)     Answer in ' one' sentence each.
(1)     What is partnership deed?
(2)     Which accounts are normally kept under single entry system?
(3)     Which account is credited when depreciation is charged on asset?
(4)     What is the relationship between co – ventures?
(5)     What do you mean by intangible asset?
(B)     Write a word/ term/ phrase which can substitute each of the following statements:
(1)     A list of debit and credit balances of all ledger accounts.
(2)     The major source of revenue to a non – trading concern from its members.
(3)     Date on which payment of a bill is to be made.
(4)     The account in which banking transactions of joint venture are recorded.
(5)     Excess of average profit over normal profit.
(C)     Match the following.
Group 'A'
Group 'B'
a.        Bad debts.
b.        Excess of assets over liabilities.
c.        Notary public
d.        Credit balance of Joint venture A/c
e.        Operating system
1.        Dishonour of cash bill
2.        Indicates profit of Joint venture.
3.        Indicates of loss of Joint venture
4.        System software
5.        Drawings
6.        Capital
7.        Recoverable amount from debtors
8.        Non – recoverable amount from debtors.
(D)    Select the most appropriate alternative from those given below and rewrite the sentences:
(1)     A gift given by a legal representative as per the will is called.…
a.        Donation         b. Subscription       c. Entrance fees      d. Legacy
(2)     Gradual and permanent decrease int he value of an asset is called …
a.        Scrap value     b. Cost price            c. Loss     d. Depreciation
(3)     A bill which is drawn in one country and made payable in other country is called
a.        Inland bill        b. Hundi  c. Foreign bill          d. Promissory note
(4)     Co-venturers' liability is ……
a.        Limited            b. Fixed   c. Unlimited            d. Specific
(5)     Physical devices of computer system are known as ……
a.        Software         b. Hardware            c. Programme         d. Humanware
(E)     State with reasons whether the following statements are true / false.
(1)     Indian cricket association prepares profit and loss account.
(2)     When the amount of bill is paid on its due date, it is said to be retired.
(F)     Prepare a format of bill of exchange from the following information.
(1)     Drawer:           Mr. Avadhoot Raktade, 586, Main road, Ajara.
(2)     Drawee:          Mr. Mukund Aglawe, 133, Chandni Chowk, Panvel.
(3)     Amount : Rs. 8,800
(4)     Period : Two months
(5)     Date of bill : 1stMay , 2010.
(6)     Date of Acceptance : 5thMay 2010.
Q2. M/s. J.P. Company,  purchased a motor lorry for Rs. 8,00,000 on 1stApril, 2007 company purchased a second – hand motor for Rs. 3,60,000 on 1stOctober, 2008. The company charges depreciation @10% p.a. on original cost. The financial year of the company ends on 31st March every year. On 30thSeptember 2009, the second – hand lorry was sold for Rs. 2,80,000. Prepare: Motor Lorry's account for the years 2007 – 2008, 2008 – 2009, 2009 – 2010 and journal entries for the year 2009 – 2010.                                       OR
Following is the Balance sheet of Usha and Sushila who share profits and losses equally.
Balance sheet as on 31st March, 2010
Liabilities
Amount
Assets
Amount
Capital: Usha
Sushila
Creditors
Bills Payable
200000
100000
60000
40000
Land and Building
Machinery
Debtors
Stock
Bank
150000
100000
80000
40000
30000


400000

400000
The net profits for the last three years were Rs. 60,000, Rs. 80,000 and Rs. 1,00,000.
It was decided to calculate the value of goodwill at 2 ½ years purchase of super profit taking into consideration the standard rate of return on the capital employed at 15% Calculate the value of goodwill.
(B) What is a Computer? Explain limitations of computerized accounting system.
Q4. Surekha and Sangita decided to undertake a venture jointly.
They agreed to share profits and losses in the ration of 3:2. Surekha supplied from her own stock goods worth Rs. 4,00,000 and paid Rs. 9,900 for freight and Rs. 2400 for insurance. Sangita purchased goods of Rs. 3,90,000 for the venture and paid Rs. 14,000 for selling expenses.
Sangita accepted a bill for 3 months of Rs. 1,90,000 drawn by Surekha as an advance. The bill was discounted immediately by Surekha for Rs. 1,84,000 and the amount of discount was charged to Joint Venture Account. Sangita sold all the goods for Rs. 10,00,000. At the end of the venture, the accounts were settled. Give journal entries in the books of Surekha.
Q5.  Mr. Prabhakar is a retail trader. He had no proper methods of accounting. But the following information is made available to you. [March 2012]
Particulars
1.4.2009
31.3.2010
Sundry Debtors
Sundry Creditors
Bank Overdraft
Stock
Cash in hand
Bills Receivable
Furniture
Motor van
Computer
10% Govt. Bonds
45000
60000
80000
65000
2000
60000
10000
80000
60000
50000
70000
40000
80000
8000
80000
10000
80000
120000
10000
Adjustments.
1.        On 1stOctober, 2009 Mr. Prabhakar had withdrawn Rs. 40000 for his personal use.
2.        10% Government Bonds were purchased of Rs. 10,000 on 1st October, 2009.
3.        He had also withdrawn Rs. 30000 for his daughter’s marriage.
4.        Depreciate furniture by 10% and write off Rs. 2000 from motor van.
5.        Rs. 2000 is written off as bad debts and provide 5% R.D.D. on debtors.
6.        Allow interest on capital at 10% p.a.
7.        Charge interest on drawings Rs. 2,000.
Prepare after taking into consideration the adjustments.
Opening statement of affairs of 1.4.2009.
Closing statement of affairs of 31.3.2010.
6.. Following is the Receipts and Payments Account and additional information of Kalpana Hospital, Sakri. (March 2012)
Receipts and Payments account for the year ended 31stMarch, 2010
Receipts
Amount
Payments
Amount
To Balance b/d
To Subscriptions
200 8 – 2009
2009 – 2010
2010 – 2011
To Donations
To Life Membership Fees
To Hospital Receipts (Revenue)
6000

7500
95000
15000
55000
25000
150000
By Medicines
By Honorarium to Doctors
By Ambulance Maintenance
By Hospital Equipments Purchased
By Furniture Purchased
By Fixed Deposits
By Balance C/d
10000
75000
44000
30000
25000
100000
69500
353500
353500
Additional Information:
i.                     Outstanding subscription for 200 9 – 2010 is amounted to Rs. 5000.
ii.                    Hospital Equipments and Furniture were purchased on 1.10.2009 and both were to be depreciated at 20% p.a.
iii.                  Life membership fees are to be capitalized.
iv.                   Donations represent donations for Building fund.
v.                    Staff salary for the current year is outstanding Rs. 7500.
vi.                   On 1.4.2009, the hospital had the following assets and liabilities: Land and Building Rs. 250000, Investments Rs. 50000, Ambulance Rs. 1,02,500, Bank Loan Rs. 2,00,000.
vii.                 Capital fund as on 1.4.2009 was amounted to Rs. 2,16,000.
Prepare: Income and Expenditure Account for the year ending 31st March, 2010 and the Balance Sheet as on that date.
7.  Following is the Trial Balance of Jitesh and Pritesh. The partners share profits and losses equally. [March 2012]     Trial balance as on 31st March, 2010
Particulars
Debit balances
Credit balances
Capital – Jitesh
Pritesh
Bills Receivable and Bills Payable
Opening Stock
Purchases and Sales
Returns
Salaries
Wages
Conveyance
Commission
Miscellaneous Expenses
Warehouse Rent
Brokerage
Dock charges
Insurance
Goodwill
Land and Building
Shares in Bajaj Ltd.
Cash in hand
Sundry Debtors and Creditors
Motor van


40000
70000
194000
3000
15600
28400
2200
3200
9000
3000
4200
4800
76000
180000
50000
3600
56000
60000
200000
120000
50000

363000
4000


6000







60000
803000
803000
Adjustments
1.        Closing stock was valued at Rs. 75000.
2.        Depreciate land and building and motor van at 5% p.a.
3.        Insurance is paid for the year ended 31st May, 2010.
4.        Jitesh has taken goods of Rs. 3000 for his personal use.
5.        Books of Rs. 8,000 were destroyed by fire and the Insurance Company admitted a claim of Rs. 6,400 only.
6.        Commission due but not received Rs. 1600
Prepare after taking into account the adjustments.
Trading and Profit and Loss account for the year ended 31st March 2010 and Balance sheet as on that date.

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