Single entry according system.

OMTEX CLASSES
“The Home of Success”

Book-Keeping & Accountancy Paper Pattern for BOARD EXAM

Time : 3 Hrs                                             Marks : 80

Q. 1   Attempt any THREE of the following. (15)

(A) Answer in one sentence only.       (05)
(B) Write the word/phrase which can substitute each of the following statement.  (05)
(C) Select the most appropriate alternative from those given below and rewrite the statement. (05)
(D) State whether the following statements are “True” or “False”.          (05)
(E) Preparation of format of Bill of Exchange.                                (05)

Q.2    Practical Problem on Single Entry System.                                     (08)
                                  OR
          Theory question on Financial Statements.
(A)        4 marks
(B)        4 marks

Q.3    Practical Problem on Admission/ Retirement / Death of Partner       .         (10)
                                  OR
          Practical Problem on Admission/ Retirement / Death of Partner       .        

Q.4    Practical Problem on Bills of Exchange.                      (10)

Q.5    Practical Problem on Dissolution of Partnership firm.    (10)
                                  OR
         Practical Problem on Accounting of Shares / Debentures.

Q.6    Practical Problem on Not for Profit Concern.                                    (12)

Q.7    Practical Problem on Partnership Final Accounts.                            (15)



single entry system

Statement of Profit or Loss for the year ended __________________

Particulars
Amount
Amount
Capital at the end of the year.

Add : Drawings
Less: Additional Capital introduced.
Adjusted Closing Capital
Less: Capital at the beginning of the year.

Profit Before Adjustments

Add: Incomes & Gains during the year.

Interest on Drawings.
Undervaluation of Assets.
Overvaluation of Liabilities
Prepaid Expenses.

Less: Expenses & Losses during the year.

Interest on Capital
Depreciation on Assets
Interest on Loan
Overvaluation of Assets
Undervaluation of Liabilities.
Bad Debts
Reserve for Doubtful Debts.
Salary to Partner
Outstanding Expenses.

Net Profit



Proprietary concerns

1. Following records of Mr. Raj were kept on single entry system. (March 2009)

Particular
31.03.2013
31.03.2014
Stock
15000
14000
Furniture
53500
44000
Plant and Machinery
42500
55500
Loan Taken
21000
21000
Bank Balance
1900
2100
Debtors
43000
35000
Creditors
18000
14900

Mr. Raj invested Rs. 4000 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: i. Statement of Affairs as on 31.3.2013. ii. Statement of Affairs as on 31.3.2014. iii. Statement of Profit and Loss for the year ended on 31.3.2014.

2. The following information is available from Ram’s records:
Particulars
1.4.13
31.3.14
Creditors
5000
8000
Bank Overdraft
-
15000
Bank Balance
10000
-
Plant and Machinery
10000
20000
Furniture
4000
4000
Debtors
30000
52000
Stock
34000
28000
Ram had withdrawn Rs.5000 for personal expenses and Rs. 4000 for son’s marriage. Out of business funds, he had also purchased a residential building costing Rs.20000, which is not shown in the above balance. Dep. at 10 %p.a. should be provided on plant and machinery. Find out Ram’s net profit for the year ended 31st march 14.

3. Rani keeps her books on single entry & following information is disclosed.
Particulars
31.3.06
31.3.07
Cash
Stock
Debtors
Furniture
Sundry creditors
Bills payable
Loan from ‘y’
Investments
18,000
15,000
30,000
7,500
26,250
-
-
-
27,000
18,750
45,000
7,500
31,500
9,000
3,000
15,000
Rani transferred Rs150 each month during first half year and Rs.100 each month for the remaining period from her business to her private banking account by way of drawing, and took away Rs.350 worth of goods for private use. She sold her private car for Rs.3, 500 and proceeds were utilised for business. Furniture to be depreciated by 10% and Reserve for Doubtful debts to be maintained at 5% on debtors. Prepare opening and closing statement of affairs and also profit and loss statement for the year ending 31/03/07.

4. Mr. Ganesh keeps his books by single entry method. His financial position on 1.01.04 and 31.12.04 was as under.
Particulars
1.1.04
31.12.04
Cash
Bank
Stock
Debtors
Creditors
Plant and machinery
Furniture and fitting
10,000
20,000
16,000
24,000
15,000
60,000
18,000
16,000
36,000
24,000
30,000
18,000
90,000
18,000

During the year Mr. Ganesh withdrew Rs.8,000 for his private purpose and he had used 2,000 worth of stock also for his private purpose. On 1.10.03 he sold some of his house hold furniture for Rs.2,000 and paid this amount into his Bank A/c of business.

Prepare a statement of profit & loss for the year ended 31.12.04 and a statement of affairs after taking into consideration the following:

1.    Provide interest on  capital  @ 5% p.a on opening balance and Interest on drawing ( only on cash drawings) @10% p.a. (on an average of 6 months)
2.    Depreciate plant and machinery @10 %( assuming addition were made on 1.10.04) and furniture at 5%. 
3.    Stock on 31.12.04 was overvalued by Rs.2, 000.
4.    Write off bad debts Rs.2, 000 and provide Reserve for Doubtful debts at 10 % on debtors.

5. 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
Amount Rs.
1.4.2009
Amount Rs.
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 1st October, 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.  Statement showing Profit or Loss for the year ended on 31.3.2010.

6. Prem a trader keeps his books by the single entry Method. His financial position on 1st April 06 and on 31st March, 07 were as follows:
Particulars
1.04.06
31.03.07
Cash in hand
Bank balance
Stock in trade
Debtors
Creditors
Plant and machinery
Furniture
1,500
1,200(Dr.)
4,000
3,400
2,400
6,000
1,200
1,600
1,800(Cr.)
4,650
3,800
3,600
8,000
1,600
During the year, Prem had withdrawn Rs.75 per month for his household use.
From the above information ascertain his profit or loss for the year ended and also give his statement of affairs as on 31.03.07 after taking into account the following further information:
1.    Depreciate plant and machinery by 15% and furniture by 12 ½ % p.a (assume the addition on 30th September,2006)
2.    Of the debtors Rs100 are bad and to be written off.
3.    Create a reserve for Discount on Debtors at 2% and a reserve for Doubtful debts at 5%.
4.    Allow interest on capital at 5% and charge interest on Drawing at 6%p.a

7. 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
2500
20000
25000
20000
10000
25000
10000
3000
2000
5000
30000
40000
20000
25000
40000
10000
2000
Additional information
  1. Mr. Suryakant introduced further capital of Rs. 20000 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 of deprecation 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.

8. Mrs. Archana keeps her books on single entry system and gives the following information.
Particulars
31-3-2006
31-3-2007
Cash at bank
Sundry debtors
Stock in trade
Furniture
Machinery
Bills payable
Sundry creditors
5000
25000
30000
20000
50000
5000
15000
32000
40000
50000
20000
50000
5000
20000
Additional information
Mrs. Archana withdrew from business Rs. 15,000 for personal use.
She further introduced fresh capital of Rs. 25,000. Depreciation is to be charged @10% p.a. on Furniture and Machinery.
Prepare: (i) Statement of Affairs as on 31-3-2006
(ii) Statement of Affairs as on 31-3-2007
(iii) Statement of profit or loss for the year ending 31-3-2007.

9. Mr. Anil keeps his books by single entry method. Following are the details of his business: [8][March 2015]

Particulars
01.04.2012
Amount(Rs.)
31.03.2013
Amount(Rs.)
Cash in hand
10000
16000
Cash at bank
20000
36000
Stock
16000
24000
Furniture
18000
18000
Plant and Machinery
60000
90000
Creditors
15000
18000
Debtors
24000
30000

During the year Mr. Anil has withdrawn Rs. 10,000 for his private purpose and bought goods of Rs. 2000 for household use.

On 1st October 2012, he sold his household furniture for Rs. 2,000 and deposited the same amount in the business bank account.

Provide depreciation on Machinery @ 10% p.a. (assuming additions were made on 1st October, 2012) and on furniture @ 5%.

Prepare:
(a) Opening Statement of Affairs.
(b) Closing Statement of Affairs.
(c) Statement of Profit or Loss for the year ended 31st March 2013.


10. Mr. Keshav keeps his books on single entry system and disclosed the following information of his business. [March 2014]
Particular
1 st April, 12 (Rs.)
31 st March, 13(Rs.)
Investments
30000
Bills payable
18000
Creditors
52500
69000
Furniture
15000
45000
Debtors
60,000
90,000
Stock in Trade
30,000
37,500
Cash at Bank
36,000
54,000

Additional information

(1) Mr. Keshav transferred Rs. 3,000 per month during the first half year and Rs. 2000 per month for the second half year from business account to his personal account.
(2) He also took goods worth Rs. 7,000 for private use.
(3) He sold his private asset for Rs. 27,000 and brought the proceeds into his business.
(4) Furniture to be depreciated by 10%
(5) Provide reserve for doubtful debts at 5% on debtors.
Prepare: (i) Opening statement of affairs. (ii) Closing statement of affairs. (iii) Statement of Profit and Loss for the year ended 31st March, 2013.

11. Mrs. Asha keeps her books on Single Entry System and gives the following information: [October 2014]
Particulars
31.3.2011
31.3.2012
Cash at Bank
10000
64000
Sundry debtors
50000
80000
Stock in Trade
60000
10000
Furniture
40000
40000
Machinery
100000
100000
Bills Payable
10000
10000
Sundry Creditors
30000
40000
Mrs. Asha withdrew from business Rs. 30,000 for personal use. She further introduced fresh capital of Rs. 50,000.
Depreciation is to be charged @ 10% p.a. on furniture and machinery.
Prepare:
(a) Statement of affairs as on 31.3.2011
(b) Statement of affairs as on 31.3.2012
(c) Statement of Profit or Loss for the year ending 31.3.2012
Pro forma of Balance Sheet

Liabilities
Rs.
Rs.
Assets
Rs.
Rs.
Partners' Capital A/c
Goodwill
Partners' Current A/c
Patents & Patterns
General Reserve
Trade Marks
Reserve Fund
Copyrights
Provident Fund
(+) Interest on Provident fund Investments (if any)
Freehold Property
Loan from Partners
Leasehold Property
Loan from Bank
Premises
Bank Overdraft
Land & Building
Sundry Creditors
Plant & Machinery
Bills Payable
Delivery Van
Outstanding Expenses
Motor Vehicle
Income received in Advance
Furniture
Fixtures
Office Equipments
Loose Tools
Investments
Provident Fund Investments
Interest Accrued on Investments
Loans (given)
Sundry Debtors
Stock of Stationery
Stock of Postal Stamps
Closing Stock
Bills Receivable
Insurance Claim Receivable
Cash in Hand
Cash at Bank
Prepaid expenses
Incomes Receivables
Partners' Current Account