Book Keeping & Accountancy March 2016 Board Paper

Book Keeping & Accountancy March 2016 Board Paper


Book Keeping & Accountancy

March 2016 Board Paper

Q. 1. A. Answer the following questions in one sentence each. [5]

(1) What is bad debts?

Ans. An amount irrecoverable from debtors is known as bad debts.

(2) What is surplus?

Ans. Excess of income over expenditure in case of not for profit concern is known as surplus.

(3) What are Noting Charges?

Ans. Fee charged by Notary public for noting the dishonoured inland bill are known as noting charges.

(4) What is Gain Ratio?

Ans. The proportion in which continuing partners are benefitted, due to retirement or death of a partner is termed as gain ratio.

(5) What do you mean by Analysis of Financial Statement?

Ans. Critical evaluation of financial statement to measure the profitability, solvency and growth of the organisation is known as Analysis of Financial Statement.

(B) Write a word / term / phrase which can substitute each of the following statements: (5)

(1) Expenses which are paid before due.

Ans. Prepaid expenses

(2) Excess of expenditure over income of 'not for profit' concerns.

Ans. Deficit

(3) Payment of the bill before due date.

Ans. Retirement of bill

(4) An account opened to find out the profit or loss on sale of assets and settlement of liabilities.

Ans. Realisation account.

(5) A statement similar to balance sheet.

Ans. Statement of Affairs.

(C) Select the most appropriate alternative from those given below and rewrite the statements. (5)

(1) If shares are issued at its face value, it is called as issue at _____________.

(a) premium.
(b) discount.
(c) par.
(d) none of these.


(2) A person who accepts the bill is called __________

(a) drawer.
(b) acceptor.
(c) payee.
(d) creditor.

(3) The capital in the beginning of the accounting year is ascertained by preparing ______________

(a)  closing statement of affairs.
(b) cash account.
(c) statement of profit or loss.
(d) opening statement of affairs.

(4) If any asset is taken over by partner from firm his capital A/c will be ____________

(a) credited
(b) debited
(c) added
(d) none of these

(5)  The proportion in which old partners make a sacrifice is called ___________ ratio.

(a) capital
(b) gaining
(c) sacrifice
(d) new

(D) State whether the following statements are True or False. (5)

(1) The interest on capital is an income of the firm. (False)

(2) The inland bill which is drawn in and payable in the same country. (True)

(3) The debenture holder is owner of the company. (False)

(4) Purchase of fixed asset is operating cash flow. (False)

(5) Noting charges are payable to the Notary public, in case of honour of a bill. (False)


(E) Prepare a specimen of Bill of Exchange from the following information: (5)

(1) Drawee : M.P. Shinde, Siddharth Nagar, Panchgani.
(2) Drawer: M.M. Shaikh, Satara Road, Sangli.
(3) Period of bill : 90 days.
(4) Amount of bill : Rs. 12,800/-
(5) Date of bill : 10th March, 2013.
(6) Date of Acceptance: 14th March, 2013.

Answer:

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Q. 2. Mrs. Meena of Bilaspur has not kept proper books of accounts, following information is provided to you. (8)

Particulars
31.3.2012
31.3.2013

Amount (Rs. )
Amount (Rs.)
Machinery
50000
50000
Furniture
50000
30000
Debtors
18000
25000
Creditors
18000
20000
Stock
30000
42000
Outstanding Expenses
1500
-
Prepaid Expenses
-
500
Cash at bank
28000
40000

Further information:

(1) Mrs. Meena introduced additional capital as on 1st October, 2012 by selling her personal car is Rs. 10,000.

(2) She paid her daughter's college fees from business bank account Rs. 3,000.

(3) Depreciate machinery by 5% p.a.

(4) Provide 2% on debtors for Bad and Doubtful debts.

(5) Interest on capital is to be provided @ 5% p.a. and on drawings @ 5% p.a.

Prepare: Opening and closing statement of affairs and statement of profit or loss for the year ended 31st March, 2013.

Solution:

In the books of Mrs. Meena
Opening Statement of Affairs as on 31. 03. 2012

Liabilities
Amount (Rs)
Assets
Amount (Rs.)
Creditors
18, 000
Machinery
50, 000
Outstanding Expenses
1, 500
Furniture
50, 000
Capital (Balancing Figure)
1, 56, 500
Debtors
18, 000


Stock
30, 000


Cash at Bank
28, 000





1, 76, 000

1, 76, 000

Closing Statement of Affairs as on 31. 03. 2013
Liabilities
Amount (Rs.)
Assets
Amount (Rs.)
Creditors
20,000
Machinery
50, 000
Capital (Balancing Figure)
1, 67, 500
Furniture
30, 000


Debtors
25, 000


Stock
42, 000


Prepaid Expenses
500


Cash at Bank
40, 000





1, 87, 500

1, 87, 500

Statement of Profit or Loss or Mrs. Meena for the year ended 31. 03. 2013


Particulars
Amount (Rs.)
Amount (Rs.)
Capital at the end of the year.

1, 67, 500
Add: Drawings during the year

+  3000


1, 70, 500
Less: Capital at the beginning of the year

- 1, 56, 500


14, 000
Additional capital introduced

- 10, 000
Profit Before Adjustments

4000
Add: Income and Gains during the year.


Interest on Drawings (3000 x 5% x 6 months)

75
Profit before adjustments.

4075
Less: Expenses and Losses During the year.


Depreciation: On Machinery

50,000 x 5%

- 2500


1575
Interest on Capital:
On Opening Capital : 156500 x 5%
7825

On Additional Capital : 10000 x 5% x 6 months
250
- 8075


-6500
Reserve for Doubtful Debts
On debtors : 25, 000 x 2%

- 500
Net Loss for the year.

- 7000


(A) What are the components of 'Current Ratio'?

Ans. Meaning: Current ratio is a ratio showing the relationship between current assets and current liabilities.

Formula: Current ratio is calculated as per the following formula:

Current Ratio: Current Assets / Current Liabilities

Components of Current Ratio: The following are the components of Current Ratio.

Current Assets: Cash and Bank balances, debtors, bills receivable, stock of goods, prepaid expenses, short loans, advances given, incomes receivable, disposable investments etc.

Current Liabilities: Bank overdraft, creditors, bills payable, outstanding expenses, short term loan taken, provision for taxation, pre received income, proposed and unclaimed dividend etc.


(B) What are the different cash inflows and cash outflows of investing activities?

Ans. Meaning of Investing Activities: Investing activities are related to purchase and sale of fixed assets such as machinery, furniture, building, computer etc. It excludes operating and financing activities.

Example of cash inflow from investing activities:
Cash receipts from sale of fixed assets including intangible assets. Sale of shares and other investments. Interest and Dividend received on investments.

Example of cash outflow from investing activities:
Purchase of fixed assets. Cash payments for purchase of shares and other investments. Payment of brokerage, commission etc. for buying fixed assets and investments.

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Q. 3. Rani and Geeta are partners sharing profits and losses 3:2 respectively. Their position on 31st March, 2013 was as follows: [10]

Balance sheet as on 31st March, 2013.

Liabilities
Amount (Rs.)
Assets
Amount (Rs.)
Amount (Rs.)
Capital Accounts

Building

100000
Rani
100000
Furniture

10000
Geeta
75000
Stock

31000
Creditors
10000
Debtors
50000

Bills Payable
5000
Less: R.D.D.
-1000
49000
General Reserve
15000
Bank Balance

15000

205000


205000

On 1st April, 2013 hey admitted suvarna on the following terms:

(1) Suvarna should bring in cash Rs. 1,00,000 as capital for 1/5 th share in future profit and Rs. 25,000 as goodwill.

(2) Building should be revalued at Rs. 1,25,000.

(3) Depreciate furniture @ 12.5 % and stock @ 10% p.a.

(4) R.D.D. should be maintained as it is.

(5) The Capital Accounts of partners should be adjusted in their new profit sharing ratio through bank account.
Prepare: Profit and loss adjustment account, capital account and balance sheet of the new firm.
Solution: In the books of the firm

Profit and Loss Adjustment A/c

Particulars
Amount Rs.
Amount Rs.
Particulars
Amount Rs.
Amount Rs.
To Furniture A/c

1250
By Building A/c

25000
To Stock A/c

3100



To Revaluation Profit :





Rani Capital A/c
12390




Geeta Capital A/c
8260
20650





25000


25000

Partners’ Capital Accounts

Particulars
Rani
Geeta
Suvarna
Particulars
Rani
Geeta
Suvarna




By Balance b/d
100000
75000





By Bank A/c


100000




By General Reserve A/c
9000
6000





By Goodwill A/c
15000
10000





By Profit and Loss Adjustment A/c
12390
8260

To Balance C/d
240000
160000
100000
By Bank A/c
103610
60740


240000
160000
100000

240000
160000
100000

Balance Sheet as on 1st April, 2013


Liabilities
Amount
Rs.
Amount
Rs.
Assets
Amount
Rs.
Amount
Rs.
Capital A/c:


Building
100000

Rani
240000

Add: Appreciation
25000
125000
Geeta
160000

Furniture
10000

Suvarna
100000
500000
Less: Depreciation
1250
8750
Creditors

10000
Stock
31000

Bills Payable

5000
Less: Written off
3100
27900



Debtors
50000




Less: R.D.D.
1000
49000



Bank Balance

304350


515000


515000


OR


Q3. The balance sheet of 'Anand Traders, Wardha' is as follows.
Partners share profits and losses as 5/10 , 2/10, 3/10.
Balance Sheet as on 31st March, 2013.
Liabilities
Amount
(Rs.)
Assets

Amount
(Rs.)
Capital Accounts

Plant and machinery

32,000
Sunil
36,000
Factory Building

40,000
Pankaj
32,000
Stock

20,400
Paresh
17,600
Debtors
   16,800

Creditors
21,200
Less: R.D.D.
  • 800
16,00
General Reserve
14,000
Cash

12,400

1,20,800


1,20,800
Pankaj retired from the business on 1st April, 2013 on the following terms:

(1) The assets were revalued as under .....

(i) Stock at Rs. 28,000.
(ii) Factory building is appreciated by 10%.
(iii) Reserve for doubtful debts is to be increased up to Rs. 1,000.
(iv) Plant and machinery is to be depreciated by 10%

(2) The goodwill of the retiring partner is to be valued at Rs. 8,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5:3.

(3) Amount due to Pankaj is to be transferred to his loan account.

Prepare : (a) Profit and Loss adjustment account

(b) Capital account of partners.

(c) Balance sheet of new firm.

Answer:
In the books of Anand Traders, Wardha
Profit and Loss Adjustment A/c


Particulars
Amount Rs.
Amount Rs.
Particulars
Amount Rs.
Amount Rs.
To R.D.D. A/c

200
By Stock A/c

7600
To Plant & Machinery A/c

3200
By Factory Building A/c

4000
To Revaluation Profit :





Sunil Capital A/c
4100




Pankaj Caipital A/c
1640




Paresh Capital A/c
2460
8200





11600


11600

Partners’ Capital Accounts

Particulars
Sunil
Pankaj
Paresh
Particulars
Sunil
Pankaj
Paresh
To Goodwill A/c
5000
-
3000
By Balance b/d
36000
32000
17600
To Loan A/c

44440

By General Reserve A/c
7000
2800
4200
To Balance C/d
42100

21260
By Profit and Loss Adjustment A/c
4100
1640
2460




By Goodwill A/c
-
8000
-








To Balance C/d
42100

21260





47100
44440
24260

47100
44440
24260

Balance Sheet as on 1st April, 2013


Liabilities
Amount
Rs.
Amount
Rs.
Assets
Amount
Rs.
Amount
Rs.
Capital A/c:


Stock
20400

Sunil
42100

Add: Appreciation
7600
28000
Paresh
21260
63360
Factory Building
40000




Add: Appreciation
4000
44000
Creditors

21200
Debtors
16800

Pankaj’s Loan

44440
Less: R.D.D.
1000
15800



Plant & Machinery
32000




Less: Depreciation
3200
28800



Cash

12400


129000


129000



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Q4. Raja of Nagpur draws a bill on Pradhan of Bhandara for Rs. 6,000 at 3 months. Pradhan accepted and returned it to Raja. Raja then sent the bill to bank for collection.

On due date, Pradhan finds himself unable to make payment of the bill and requests Raja to renew it. Raja accepted a proposal on the condition that, Pradhan should pay Rs. 1,000 on account along with interest Rs. 250 in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. Afterwards, one month before due date of new bill Pradhan retired his acceptance by paying Rs. 4,850.

Give Journal entries in the books of Raja of Nagpur.  [10]

Answer:
Journal Entries in the books of Raja of Nagpur.


Date
Particulars
L.F.
Debit
Rs.
Credit
Rs.
(1)
Bills Receivable A/c ...... Dr.

6000


To Pradhan A/c


6000

[Being the bill is drawn]








(2)
Bank for collection A/c ....... Dr.

6000


To Bills Receivable A/c


6000

[Being the bill is sent for bank for collection]








(3)
Pradhan A/c ....... Dr.

6000


To Bank for collection A/c


6000

[Being the bill is dishonoured]








(4)
Pradhan A/c ....... Dr.

250


To Interest A/c


250

[Being interest is charged on balance Amount]








(5)
Cash A/c

1250


To Pradhan A/c


1250

[Being the part payment is made along with interest]








(6)
Bills Receivable A/c

5000


To Pradhan A/c


5000

[Being the new bill is drawn]








(7)
Cash / Bank A/c .... Dr.

4850


Rebate A/c ..... Dr.

150


To Bills Receivable A/c


5000

[Being the bill is retired]





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Q5. A, B, and C were partners sharing profits and losses in the proportion of 2:2:1. Following is their balance sheet as on 31st March, 2013.  [10]

Balance sheet as on 31st March, 2013



Liabilities
Amount
(Rs. )
Assets
Amount
(Rs.)
Amount
(Rs.)
Capital Account

Machinery

25000
A
30000
Stock

10000
B
10000
Debtors
      27500

C
10000
Less: R.D.D.
  • 1500
26000
General Reserve
3000
Investment

12000
Creditors
20000
Profit and Loss A/c

9000
A’s Loan Account
4000
Bank

2000
Bills Payable
7000




84000


84000

On the above date, the partners decided to dissolve the firm.

(1)  Assets were realised as -
Machinery Rs. 22,500, Stock Rs. 9,000, Investment Rs. 10,500, Debtors Rs. 22,500

(2) Dissolution expenses were Rs. 1,500.

(3) Goodwill of the firm realised Rs. 12,000

Pass the necessary journal entries int he books of the firm.

Answers: Journal Entries in the books of the firm.
Date
Particulars
L.F.
Debit
Rs.
Credit
Rs.
(1)
Realisation A/c ......... Dr.

74500


To Machinery A/c


25000

To Stock A/c


10000

To Debtors A/c


27500

To Investment A/c


12000

[Being assets transferred to Realisation A/c]








(2)
Creditors A/c ....... Dr.

20000


Bills Payable A/c ..... Dr.

7000


To Realisation A/c


27000

[Being outside liabilities transferred to Realisation A/c Credit side]








(3)
R.D.D. A/c ...... Dr.

1500


To Realisation A/c


1500

[Being R.D.D. transferred to Realisation A/c]








(4)
General Reserve A/c .... Dr.

3000


To A’s Capital A/c


1200

To B’s Capital A/c


1200

To C’s Capital A/c


600

[Being General Reserve Transferred to Partners’ capital Account]








(5)
A’s Capital A/c ...... Dr.

3600


B’s Capital A/c ....... Dr.

3600


C’s Capital A/c ....... Dr.

1800


To Profit and Loss A/c


9000

[Being accumulated loss distrubuted]








(6)
Bank A/c .... Dr.

76500


To Realisation A/c


76500

[Being Sundry Assets Realised]








(7)
Realisation A/c ...... Dr.

28500


To Bank A/c


28500

[Being liabilities and dissolution expenses paid]








(8)
A’s Loan A/c .... Dr.

4000


To Bank A/c


4000

[Being A’s Loan is paid]








(9)
Realisation A/c ..... Dr.

2000


To A’s Capital A/c


800

To B’s Capital A/c


800

To C’s Capital A/c


400

[Being Profit made on Realisation]








(10)
A’s Capital A/c ..... Dr.

28400


B’s Capital A/c .... Dr.

8400


C’s Capital A.c .... Dr.

9200


To Bank A/c


46000

[Being the final settlement is made]





OR


Q5. Kisan Co. Ltd. Miraj, issued Rs. 50,000 shares at par Rs. 10 each, payable Rs. 3 on application, Rs. 4 on allotment and the balance on the final call. All the shares were fully subscribed and paid except a shareholder Mr. D. Kapse having Rs. 1,000 shares could not pay the final call. Mr. D. K. Kapse paid the call - in - arrears amount together with interest after four months of due date of final call. Company charged interest on the arrears received as per table ‘A’.

Pass journal entries to record these transactions assuming that call - in - arrears and interest money received from Mr. D. Kapse in the books of Kisan Co Ltd. Miraj.

Answer:
Journal Entries in the Books of Kisan Co. Ltd, Miraj.

Date
Particulars
L.F.
Debit
Rs.
Credit
Rs.
(1)
Bank A/c ..... Dr.

150000


To Equity Share Application A/c


150000

[Being Share application miney received]








(2)
Equity Share Application A/c .... Dr.

150000


To Equity Share Capital A/c


150000

[Being Share application money transferred to share capital A/c ]








(3)
Equity Share Allotment A/c .... Dr.

200000


To Equity Share Capital A/c


200000

[Being share allotment money due is recorded]








(4)
Bank A/c .... Dr.

200000


To Equity Share Allotment A/c


200000

[Being share allotment money received]








(5)
Equity Share Final Call A/c ... Dr.

150000


To Equity Share Capital A/c


150000

[Being Share finall call Due is recorded]








(6)
Bank A/c .... Dr.

147000


To Equity Share Final Call A/c


147000

[Being share final call amount received]








(7)
Equity Share Call - in - Arrears A/c .... Dr.

3000


To Equity Share Finall Call A/c


3000

[Being calls - in - arrears on 1000 shares recorded]








(8)
Mr, D. Kapse A/c .... Dr.

50


To Interest on Calls - in - Arrears A/c


50

[Being interest charged on calls - in - arrears @ 5% p.a. )








(9)
Bank A/c .... Dr.

3050


To Mr. D. Kapse A/c


50

To Equity Share Calls - in - Arrears A/c


3000

[Being amount due on calls- in - arrears received with interest]





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Q. 6. Marathi Vishwa Kosha Centre, Wai, has given you the following information from which, you are required to prepare. (i) Income and Expenditure Account for the year ending on 31.03.2013, (ii) Balance Sheet as on 31.03.2013.

Receipts and Payment Account for the year ending 31.03.2013


Receipts
Amount
(Rs.)
Payments
Amount
(Rs.)
To Balance b/d

By Stationery
5000
Cash in hand
13000
By Furniture
[Purchased on 01.01.2013]
50000
To Locker Rent
5000
By Investments
1,00,000
To Entrance Fees
19000
By Expenses of Drama
33500
To Sale of old newspapers
1500
By Postage and telegram
2,500
To Receipts from Drama
78,500
By Magazines and Newspapers
4000
To Legacies
1,10,000
By Salaries
22,000
To Miscellaneous Receipts
8000
By Balance c/d



Cash in Hand
3000


Cash at bank
1,10,000

330000

330000

Additional Information:

(1) Capital fund on 01.04.2012, was Rs. 1,08,000.
(2) Legacies are to be capitalized.
(3) Outstanding salary Rs. 3,000.
(4) 50% of entrance fees is to be capitalized.
(5) Depreciation on Furniture @ 10% p.a.

Solution:
In the books of Marathi Vishwa Kosha Centre
Income and Expenditure Account for the year ended 31. 03. 2013

Expenditure
Amount Rs.
Amount Rs.
Income
Amount Rs.
Amount Rs.
To Stationery

5000
By Locker Rent

5000
To Expensies of Drama

33500
By Entrance Fees
19000

To Postage and Telegram

2500
Less: 50% Capitalized
9500
9500
To Magazines and newspapers

4000
By Sale of old newspapers

1500
To Salaries
22000

By Receipts from Drama

78500
Add: Outstanding
3000
25000
By Miscellaneous Receipts

8000
To Depreciation Furniture

1250



To Surplus C/d

31250











102500


102500

Balance Sheet as on 31.03.2013

Liabilities
Amount
Rs.
Amount
Rs.
Assets
Amount
Rs.
Amount
Rs.
Capital Fund
108000

Furniture
50000

Add: Entrance Fees
9500

Less: Depreciation
1250
48750
Add: Legacies
110000

Investment

100000
Add: Surplus
31250
258750
Cash in Hand

3000
Outstanding Salary

3000
Cash at Bank

110000


261750


261750

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Q7. From the following Trial Balance and adjustments of M/s Apeksha and Pratiksha; you are required to prepare Trading and Profit and Loss account for the year ended 31st March 2013 and Balance sheet as on that date:

Trial Balance as on 31.03.2013


Particulars
Debit
Amount (Rs.)
Credit
Amount (Rs.)
Capital Accounts


Apeksha

60000
Pratiksha

35000
Purchases and Sales
46700
85000
Sundry Debtors and Creditors
28000
25000
Bills Receivable and Bills Payable.
9600
7800
Opening Stock
18000

Wages
9900

Investment
13500

Postage and Telegrams
3600

Insurance
1200

Plant and machinery
40700

Furniture
18000

Cash in hand
2500

Carriage
3200

Bad debts
400

Prepaid rent
7000

Salaries
10500


212800
212800

Adjustments:

(1) The closing stock is valued at Rs. 31,000
(2) Outstanding wages Rs. 1,400.
(3) Depreciate furniture at 10% p.a.
(4) Insurance Rs. 500 is paid in advance.
(5) Provide for further bad debts of Rs. 1,500.
(6) Goods worth Rs. 2,000 withdrawn by Apeksha for her domestic use but not recorded in the books of account.

Answer:
M/s Apeksha and Pratiksha
Trading A/c for the year ended 31.03.2013
Particulars
Amount Rs.
Amount Rs.
Particulars
Amount Rs.
Amount Rs.
To Opening Stock

18000
By Sales

85000
To Purchases

46700
By Drawing of Goods by Apeksha

2000
To Wages
9900

By Closing Stock

31000
Add: Outstanding
1400
11300



To Carriage

3200



To Gross Profit C/d

38800











118000


118000


Profit and Loss A/c for the year ended 31.03.2013

Particulars
Amount Rs.
Amount Rs.
Particulars
Amount Rs.
Amount Rs.
To Salaries

10500
By Gross Profit b/d

38800
To Postage and Telegram

3600



To Insurance
1200




Less: Prepaid
500
700



To Bad debts
400




Add: N.R.D.D.
1500
1900



To Depreciation on Furniture

1800



To Net Profit Transferred to partners’s Capital Account.





Apeksha Capital A/c
10150




Pratiksha Capital A/c
10150
20300











38800


38800

Partners’ Capital Accounts



Particulars
Apeksha
Pratiksha
Particulars
Apeksha
Pratiksha
To Drawings
2000
-
By Balance b/d
60000
35000
To Balance c/d
68150
45150
By Profit & Loss Account. [Net Profit]
10150
10150







70150
45150

70150
45150

Balance Sheet as on 31.03.2013


Liabilities
Amount Rs.
Amount Rs.
Assets
Amount Rs.
Amount Rs.
Capital :


Plant and Machinery

40700
Apeksha
68150

Furniture
18000

Pratiksha
45150
113300
Less: Depreciation
1800
16200
Sundry Creditors

25000
Investment

13500
Bills Payable

7800
Bills Receivable

9600
Outstanding Wages

1400
Sundry Debtors
28000




Less: R.D.D.
1500
26500



Cash in Hand

2500



Prepaid Rent

7000



Closing Stock

31000



Prepaid Insurance

500








147500


147500


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