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ACCOUNTS QUESTION PAPER II

AS PER NEW SYLLABUS MARKS: 80 MARKS



Q1. Attempt any THREE of the following.                                            (15 marks)


A. Answer in one sentence only: (5 MARKS)
          
  (1)        What is Partnership Deed?
Ans:     A partnership deed is a written agreement duly stamped, signed and registered document containing the terms and conditions of the partnership.

(2) What is Bill of Exchange?
Ans. A bill of exchange is a negotiable instrument containing an unconditional order signed by the maker directing a certain person to pay a certain sum of money only to the bearer of the instrument.

(3)        What do you mean by Scrap Value of an asset?
Ans:     The net amount which is expected to be realised on the final disposal of a fixed asset is called ‘scrap value’.

  (4)        What are Noting Charges?
Ans:     Noting charges are the fees charged by the Notary Public for noting the dishonour on the face of the bill and in his official register.

(5) What is Single Entry System?
Ans. It is an unscientific system of recording transactions where only one aspect of the transaction is recorded.


B. Write the word / Term / Phrase which can substitute each of the following statement:

1. A person who draws a bill of exchange. (Drawer)
2. Winding up of partnership business. (Dissolution of partnership firm)
3. The credit balance of Profit and Loss Account.  (Net Profit)
4. An excess of assets over liabilities. (Capital)
5. The account which shows change in the values of assets. (Revaluation Account)

C. Select the most appropriate alternative from the given below and rewrite the statement:  (5 MARKS)

1. There are ______ parties to a bill exchange. (Three)
a. Three            b. Two  c. Four d. Five
2. In case of dissolution assets and liabilities are transferred to ____ account. (Realisation)
a. Bank b. Partner's Capital        c. Realisation    d. Partner's Current.
3. When goodwill is withdrawn by old partners _________ Account is credited. (Cash or Bank)
a. Cash or bank b. Capital          c. Revaluation   d. Profit and Loss adjustment.
4. Generally incomplete records are maintained by ______ (Trader)
a. Trader           b. Company      c. Society                     d. Government 
5. Excess of income over expenditure is termed as _____(Surplus)
a. Deficit,          b. Profit            c. Surplus         d. Loss

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

1. Single entry system is based on certain rules and regulations. (False)
2. Not for profit concern do not have profit motive.  (True)
3. Bill of exchange is an instrument in writing, containing an unconditional order. (True)
4. A bill of exchange is signed by the person on whom it is drawn. (True)

5. Realisation loss is not transferred to insolvent partner's capital account. . (False)

E. Prepare bill of exchange from the following details.    (5 marks)
           Drawer -                                   Shekhar Desai, Shastri Road, Mahad.           
Drawee –                                   Sharad Verma, Narayan Peth, Pune.    
Amount -                                    Rs. 3500/-
Period -                                      3 months.
Payee -                           Mukund Pande, Panvel
Date of Bill Drawn –      21st June, 2007
Date of Acceptance -     23rd June, 2007





Q2. Following is the records of Mr. Raj were kept on single entry system. ( March 2009 board exam questions)
Particulars
31.3.2006
31.3.2007
Stock
Furniture
Plant and machinery
Loan taken
Bank balance
Debtors
Creditors
15000
53500
42500
21000
1900
43000
18000
14000
44000
55500
21000
2100
35000
14900

Mr. Raj invested Rs. 4000 in the business. Also he had withdrawn Rs. 15000 for his private expenses from business. Rs. 500 to be provided for bad debts. Depreciate plant and machinery @5% and furniture @ 5%.
Prepare : (1) statement of affairs as on 31.3.2006. (2) statement of affairs as on 31.3.2007. (3) statement of profit and loss for the year ended on 31.3.2007.
In the books of Mr. Raj
Statement of affairs as on 31st March, 2006
Liabilities
Amount
Assets
Amount
Loan taken
Creditors
Capital at the beginning of the year
21000
18000
116900
Stock
Furniture
Plant and machinery
Bank balance
Debtors
15000
53500
42500
1900
43000

155900

155900
Statement of affairs as on 31st March, 2007
Liabilities
Amount
Assets
Amount
Loan taken
Creditors
Capital at the end of the year
21000
14900
114700
Stock
Furniture
Plant and machinery
Bank balance
Debtors
14000
44000
55500
2100
35000

150600

150600
Statement of profit or loss for the year ended 31st March, 2007
Particulars
Amount
Capital at the end of the year
114700
Add: Drawings
15000

Less: Additional capital introduced
129700
(4000)

Less: Capital at the beginning of the year
125700
(116900)
GROSS PROFIT

Less: Depreciation
On Machinery = (55000)(5/100)(12/12) = 2775
On Furniture  = (44000)(5/100)(12/12) = 2200
8800



(4975)

LESS: BAD DEBTS
3825
(500)
NET PROFIT          
3325

OR

Q2. A. State the Objectives of Analysis of Financial Statements.(4)



(B) What is Cash Flow Analysis? (4)


Q3. The Balance Sheet of Rajkumar and Rajendra kumar as on 31st March, 2012 is set out below, they share profits and losses in the ratio of 2:1.
Balance sheet as on 31st March, 2012
LiabilitiesAmount Rs.AssetsAmount Rs. 
Capital A/c
Rajkumar
Rajendrakumar
General Reserve
Creditors

200000
150000
120000
80000
Buildings
Furniture
Stock
Debtors
Cash
Profit and Loss A/c
100000
30000
60000
300000
30000
30000


550000

550000
They agreed to admit Dhirajkumar on 1st April, 2012 as a partner into the firm on the following terms.
1.    Dhirajkumar to bring Rs. 60000 as capital and Rs. 45000 as goodwill, which is to be retained in the business. He will be entitled to 1/4 th share of profit of the firm.
2.    50% of General Reserve is to remain as Reserve for doubtful debts.
3.    Furniture is to be depreciated by 5%
4.    Stock is to be revalued at Rs. 65,000.
5.    Creditors of Rs. 5000 are not likely to claim and hence should be written of.
6.    Rent of Rs. 2,000 due but not received has not been recorded in the books.
Pass necessary journal entries in the books of new firm and prepare Balance sheet of the new firm.

Solution:

1. Rajkumar’s Capital A/c.........                Dr.       2000

   Rajendrakumar’s Capital A/c               Dr.       1000
            To Proft and Loss A/c                                           3000
[Being debit balance of Profit and Loss Accopunt is transfered to
Partners Capital Account in old ratio]

2. General Reserve A/c ....... Dr.                           60,000

            To Rajkumar’s Capital A/c                                   40000
            To Rajendrakumar’s Capital A/c                                    20000
[Being Credit Balance in General Reserve Account is transfered to
Old Partners Capital ACcount]

3. Cash / Bank A/c ......... Dr.                                             105000

            To Dhirajkumar’s Capital A/c                              60000
            To Goodwill A/c                                                      45000
[Being Capital and Goodwill brought in by new partner]



4.Goodwill A/c ....... Dr.                                           45000
            To Rajkumar’s Capital A/c                                   30000
            To Rajendrakumar’s Capital A/c                        15000
[Being Goodwill is retained in the business]



5. General Reserve A/c ..... Dr.                             60000
            To R.D.D. A/c                                                                       60000
[Being R.D.D. is created by transferring fund from General Reserve A/c )

6. Revaluation A/c ..... Dr.                                      1500
            To Furniture A/c                                                     1500
[Being depreciation is charged on furniture]



7. Stock A/c .... Dr.                                                  5000
   Creditors A/c ..... Dr.                                            5000
`   Rent receivable A/c .... Dr.                                            2000
            To Revaluation A/c                                                            12000
[Being Asset appreciated, Creditors written off and income receivable recorded.]



8. Revaluation A/c ..... Dr.                                      10500
            To Rajkumar’s Capital A/c                                               7000
            To Rajendrakumar’s Capital A/c                                    3500
[Being Profit on revaluation account is transferred to old partners capital A/c]




1. Working Note



Revaluation A/c
DebitCredit
150012000
10500

1200012000


OR

Sanil, Nitish, Sapna were partners in a firm sharing profits and losses in the proportion of 1/2 , 1/3, 1/6 respectively. Their Balance Sheet as on 31st March, 2012 was as follows:

Balance Sheet as on 31 - 03 - 2012


Liabilities
Amount
Assets
Amount
Bills Payable
Capitals:
Sanil
Nitish
Sapna
30000


80000
50000
30000
Machinery
Furniture
Sundry Assets
Stock
Debtors
Bank
40000
5000
60000
30000
32000
23000

190000

190000
Sapna decided to retire on 1st April, 2012 on following terms:
1. Goodwill of the firm will be valued at Rs. 30,000.
2. Furniture war taken over by Sanil for Rs. 4,700.
3. Make a Provision for unpaid expenses Rs. 1,700.
4. Out of the amount due to Sapna Rs. 7,500 to be paid by cheque and the remaining amount to be transferred to her loan account.
Prepare Profit and Loss Adjustment Account, Partners’ Capital Accounts and Balance sheet of New firm on 1st April, 2012.




4. Anjali of Nagpur sold goods worth Rs. 25,000 to Rupali of Amaravati. On next day Ruapali paid Rs. 10,000 in cash and accepted two months bill for the balance drawn by Anjali. Anjali discounted the bill at 12% p.a. with her bank. Before due date, Rupali finds herself unable to make payment of the bill; and requests Anjali to renew it. Anjali accepts the proposal on the condition that Rupali should pay Rs. 5,000 in cash and accept new bill for one month along with interest Rs. 200 for the balance. These arrangements were carried through. The new bill was met on due date. Give journal entries in the books of Anjali.
Journal of Anjali
Date
Particulars
L
F
Debit
Credit
? 1
Rupali’s A/c………Dr.
  To Sales A/c
(Being the goods are sold)

25000

25000
2
Cash / bank a/c ………Dr
Bills Receivable A/c ……… Dr.
    To Rupali’s A/c
(Being the part payment is made and bill is drawn)

10000
15000


25000
3
Cash/ Bank A/c ……… Dr.
Discount A/c ………… Dr.
  To Bills Receivable A/c
(being the bill is discounted)

14700
300


15000
4
Rupali’s A/c ……… Dr
  To Cash/Bank A/c
(being the bill is dishonored)

15000

15000
5
Cash/ bank a/c………… Dr
 To Rupali’s A/c
(being the part payment is made)

5000

5000
6
Rupali’s A/c ……… Dr.
  To Interest a/c
(being the interest is charged on balance amount)

200

200
7
Bills Receivable A/c ………… Dr.
  To Rupali’s A/c
(being the new bill is drawn along with interest)

10200

10200
8
Cash/ bank a/c ……… Dr.
 To Bills receivable a/c
(being the new bill is honored)

10200

10200


Q5. X and Y are equal partners. 

The following is their Balance Sheet as on 31st March, 2012.

Liabilities
Rs.
Rs.
Assets
Rs.
Rs.
X’s Capital
Y’s Capital
Reserve Fund
X’s Loan
Creditors
40000
30000
8000
2000
15000
Building
Machinery
Furniture
Debtors
Less: R.D.D.
Stock
Investments
Commission Receivable
Bank



8800
- 800
30000
10000
12000

8000
20000
4000
1000
10000
95000
95000
The firm was dissolved on 31st March, 2012
(i) The Assets realised as follows:
Stock Rs. 19,000, Debtors Rs. 7,500, Machinery Rs. 11,000, Building Rs. 14,000
ii. Y took over the investments Rs. 5000 and Furniture at Book Value.
iii. X agreed to accept Rs. 1500 in full settlement of his Loan Account.
iv. Dissolution expenses amounted to Rs. 2000.
v. Commission Receivable could not be recovered.
Prepare Realisation Account, X’s Loan Account, Capital Accounts and Bank Account.


Solution:
Realisation Account


Particulars
Rs.
Rs.
Particulars
Rs.
Rs
To Sundry Assets
By Sundry Liabilities
Building
30000
Creditors
15000
Machinery
10000
By R.D.D. A/c
800
Furniture
12000
By Bank A/c
Debtors
8800
Stock
19000
Stock
20000
Debtors
7500
Investments
4000
Machinery
11000
Commission Receivable
1000
85800
Building
14000
51500
To Bank A/c
2000
BY Y’s Capital A/c
(Dissolution Expenses)
Investments
5000
To Bank A/c
Furniture
12000
17000
Creditors
15000
By X’s Loan A/c
500
By Loss on Realisation A/C
X
9000
Y
9000
18000
102800
102800


Partners Capital Account
Particulars
X
Y
Particulars
X
Y
To Realisation A/c
17000
By Balance b/d
40000
30000
To Realisation A/c
(loss)
9000
9000
By Reserve Fund (1:1)
4000
4000
To Bank A/c
35000
8000
44000
34000
44000
34000


X’s Loan Account
Particulars
Rs.
Rs.
Particulars
Rs.
Rs
To Bank A/c
1500
By Balance b/d
2000
To Realisation A/c 
500
2000
2000



Bank Account

Particulars
Rs.
Rs.
Particulars
Rs.
Rs
To Balance b/d
10000
By Realisation A/c
2000
To Realisation A/c
51500
By Realisation A/c
15000
By X’s Loan A/c
1500
By X’s Capital A/c
35000
By Y’s Capital A/c
8000
61500
61500


Q6. From the following Receipt and Payment account of Patan Sports Association, Patan and the adjustments. You are required to prepare Income and Expenditure Account for the year ended 31st March, 2004 and a Balance sheet as on that date.    (16)
            Receipts and Payments Account for the year ended 31st March 2004.
Receipts
Amt. (Rs.)
Payments
Amt. (Rs.)
To Balance b/d
4,160
By Salaries
5,500
To Subscription:

By Entertainment Exp.
2,580
2003-04                16,000

By Lighting
1,000
2004-05                     412
16,412
By General Expenses
1,536
To Donation
2,000
By Taxes
500
To Receipt from Entertainment
3,644
By Investments
12,000
To Interest on Investment
324
By Printing & Stationery
944
To Entrance Fees
4,500
By Expenses of 2002-03
2,400
To Price Fund
3,000
By Fixed Deposit
4,000


By Bank Balance
3,000


By Balance c/d
580

34,040

34,040

Adjustments:
(1)           There are 450 members paying an annual subscription of Rs. 40 each.
(2)           Salary outstanding on 31st March, 2004 was Rs. 1,000.
(3)           Building stood in books Rs. 60,000 and furniture at Rs. 4,600 on 1st April, 2003. Write off depreciation on these assets @ 2% and 10% respectively.
(4)           Interest on investment @ 5% has accrued for 3 months.
(5)           The capital fund was Rs. 66,360 on 1st April, 2003.
(6)           60% of the entrance fee is to be capitalised.

Income & Expenditure A/c for the years ended 31-3-2004

Expenditure
Rs.
Rs.
Income
Rs.
Rs.
To Entertainment Exp.
To Salaries
Add: Outstanding
To Lighting
To General Expenses
To Taxes
To Printing & Stationery
To Depreciation
     Building
     Furniture

To Surplus

5,500
  1,000





1,200
    460
2,580

6,500
1,000
1,536
500
944


1,660

11198
By Donation
By Receipt from Entertainment
By Interest on Investment
Add: Interest
By Entrance Fees
Less: Capitalised
By Surplus




324
   150
4,500
  2,700
2,000
3,644



474

1,800
18,000



25,918


25,918

Balance Sheet as on 31-3-2004

Liabilities
Rs.
Rs.
Assets
Rs.
Rs.
Capital Fund
Add: Entrance Fees

Add: Surplus

Price Fund
Outstanding Salary
Subscription paid in advance
66,360
   2,700
69,060
  11198




80258

3000
1000
412
Building
Less: Depreciation
Furniture
Less: Depreciation
Investments
Add: Interest
Fixed Deposit
Bank Balance
Cash
Subscription receivable
60,000
   1,200
4,600
    460
12,000
    150

58,800

4,140

12,150
4,000
3,000
580
2,000


84670


84670



Q7. Following is the Trial Balance of Kalavati and Lilavati as on 31st March, 2005 who share profits and losses in the ration of 3:2. Interest on capital was allowed @5% p.a.
Trial balance as on 31st March, 2005
Particulars
Amount
Particulars
Amount
Opening stock
Sundry debtors
Purchases
Wages
Salaries
Office expenses
Discount
Rent, rates and taxes
Plant and machinery
Return inwards
Land and buildings
Cash at bank
Current account :Kalavati
Lilavati
Government bonds
10000
14100
20000
4250
1350
1223
650
900
15000
1750
32000
4327
2100
600
3000
Return outwards
Sundry creditors
Sales
R.D.D.
Capital accounts : Kalavati
Lilavati
Loan @ 9% p.a. (taken on 1-10-2004)
Bills payable
1250
15800
35000
200
35000
10000
2000
12000

1,11,250

1,11,250
 Additional information:

1.      Closing stock was valued at Rs. 20,500.
2.      Unpaid wages Rs. 750; outstanding salary Rs. 657.
3.      Write off Rs. 100 as bad debts and provide R.D.D. at 5% on debtors.
4.      Provide depreciation and plant and machinery at 10% p.a. and on Land and building at 5% p.a.
5.      Rent, Rates & Taxes were prepaid Rs. 100.
6.      Bills payable included a dishonoured bill of Rs. 3000.
Prepare Trading account and profit and loss account for the year ending 31st March, 2005 and a balance sheet as on that date.  (October 2006 board exam questions.)


In the books of Kalavati & Lilavati
Trading account for the year ended 31st March, 2005.
Particulars
Amount
Amount
Particulars
Amount
Amount
To opening stock
To purchases
(-)return
To wages
(+) outstanding
To Gross profit c/d

20000
(1250)
4250
750

10000

18750

5000
20000
By sales
(-) return
By closing stock
35000
(1750)

33250
20500




53750


53750
Profit and loss account for the year ended 31st March, 2005
Particulars
Amount
Amount
Particulars
Amount
Amount
To Salaries
(+) outstanding
To Office expenses
To discount
To rent, rates & taxes
(-) prepaid
To Bad debts
(+) FBD
(+) NRDD
(-) ORDD
TO Depreciation
Plant & machinery
Land & buildings
To interest on loan
To interest on capital
Kalavati
Lilavati
To current a/c
Kalavati
Lilavati
1350
657


900
100
-----
100
700
200

1500
1600


1750
500

5568
3712


2007
1223
650

800



600


3100
90


2250


9280
By gross profit b/d


20000


20000


20000

Partners’ current accounts
Particulars
Kalavati
Lilavati
Particulars
Kalavati
Lilavati
To balance b/d
To balance c/d
2100
5218
600
3612
By interest on capital
1750
5568
500
3712
7318
4212
7318
4212




Balance sheet as on 31st March, 2005
Liabilities
Rs.
Rs.
Assets
Rs.
Rs.
Capital account
Kalavati
Lilavati
Current account
Kalavati
Lilavati
Sundry creditors
(+) bills payable dishonoured
Bills payable
(-) bills payable dishonoured
Outstanding
Salaries
Wages
Load @ 9%
(+) interest


35000
10000

5218
3612
15800
3000
12000
3000

657
750
2000
90


45000


8830

18800

9000


1407

2090
Land & building
(-) depreciation@5%
Plan & Machinery
(-) depreciation @10%
Sundry debtors
(-) F.B.D.

(-) N.R.D.D.
Closing stock
Prepaid rent, rates, & tax
Cash at bank
Government bonds
32000
1600
15000
1500
14100
100
14000
700

30400

13500



13300
20500
100
4327
3000

85127

85127

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