Omtex classes | i st PRELIMINARY EXAMINATION | BOOK KEEPING & ACCOUNTANCY | GROUP: b |
TIME: - 3 HRS | DATE: - 16.07.2011 | DAY - tuesday | MARKS: -100 |
- Answer in one sentence each. (5 marks)
- Write the word/term/phrase which can substitute each of the following statement: (5 marks)
- Match the following pairs. (5 marks)
Group A | Group B |
1. Partnership deed 2. Fixed capital method. 3. Unexpired expenses 4. Temporary Partnership 5. Pure Single Entry System |
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- Select the most appropriate alternative from hose given below each statement. (5 marks)
- State with reason whether the following statements are true of false. (5 marks)
- Prepare bill of exchange from the following details. (5 marks)
Date | Particulars | J F | Amount | Date | Particulars | J F | Amount |
1.4.2004 | To cash / bank a/c | 40000 | 31.3.2005 | By Depreciation a/c | 10000 | ||
1.4.2004 | To cash/ bank a/c | 40000 | |||||
1.10.2004 | To cash/ bank a/c | 40000 | 31.3.2005 | By Balance c/d | 110000 | ||
120000 | 120000 | ||||||
1.4.2005 | To balance b/d | 110000 | 31.3.2006 | By depreciation a/c | 11000 | ||
31.3.2006 | By balance c/d | 99000 | |||||
110000 | 110000 | ||||||
1.4.2006 | To balance b/d | 99000 | 1.10.2006 | By depreciation a/c | 1620 | ||
1.10.2006 | By cash/ bank a/c [Machinery sold] | 18780 | |||||
1.10.2006 | By profit / loss a/c [ loss on machinery sold] | 12000 | |||||
31.3.2007 | By depreciation a/c | 6660 | |||||
31.3.2007 | 59940 | 49500 | |||||
99000 | 99000 | ||||||
1.4.2007 | To balance b/d | 59940 |
Date | Particulars | J F | Amount | Date | Particulars | J F | Amount |
31..3.2005 | To machinery a/c | 10000 | 31.3.2005 | By profit / loss a/c | 10000 | ||
10000 | 10000 | ||||||
31.3.2006 | To Machinery a/c | 11000 | 31.3.2006 | By profit/ loss a/c | 11000 | ||
11000 | 11000 | ||||||
1.10.2006 | To Machinery a/c | 1620 | |||||
31.3.2007 | To Machinery a/c | 6660 | 31.3.1999 | By profit / loss a/c (balancing figure) | 8280 | ||
8280 | 8280 |
IST YEAR | IIND YEAR | IIIRD YEAR | IVTH YEAR |
Rs. 80,000 | Rs. 90,000 | Rs. 1,05,000 | Rs. 1,10,000 |
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 |
Date | Particulars | L F | Debit | Credit |
a | Amit’s’s A/c ……… Dr. To Kailas’s’s (being the endorsed bill is dishonored along with noting charges) | 1040 | 1040 | |
b i. | Vila’s A/c ……… Dr. To Bills Receivable a/c (being the bill is dishonored) | 800 | 800 | |
ii. | Cash / bank a/c ……… Dr. To Vila’s a/c (being the part payment is made) | 400 | 400 | |
iii. | Vila’s A/c ……… Dr. To Interest A/c (being the interest is charged on balance amount) | 12 | 12 | |
iv. | Bills receivable a/c ……… Dr. To Vila’s A/c (being the new bill is drawn along with interest) | 412 | 412 | |
c | Cash/ bank a/c ……… Dr. Rebate’s A/c ……… Dr. To Bill’s Receivable A/c (being the bill is retired) | 5950 50 | 6000 | |
d | Kavita’s A/c ………… Dr. To Cash/ bank A/c (bein the discounted bill is dishonored along with noting charges) | 2550 | 2550 |
Particulars | Amount | Amount | Particulars | Amount | Amount |
To Goods a/c To cash / bank account To Varsha’s account To Varsha’s Account To Cash/ Bank account To Varsha’s Account To profit on joint venture transferred to Profit / loss A/c Varsha’s account | 39000 19500 | 400000 12000 336000 10000 2000 2500 58500 | By Cash / bank a/c By varsha’s a/c By cash /bank a/c | 384000 405000 32000 | |
821000 | 821000 |
Particulars | Amount | Amount | Particulars | Amount | Amount |
To Joint venture a/c | 405000 | By Joint venture a/c By Joint venture a/c By Joint venture a/c By Joint venture a/c (profit) By cash/ bank a/c (balancing figure) | 336000 10000 2500 19500 37000 | ||
46000 | 46000 |
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 |
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 |
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 |
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 |
Particulars | Amount | Amount | Particulars | Amount | Amount |
To Join bank a/c Materials Wages Plant To Ashok’s A/c (architect fees) To Kishor’s A/c (venture mixture) To Anup’s A/c (truck) To profit on joint venture transferred to Ashok Kishor Anup | 450000 150000 30000 118000 118000 118000 | 630000 10000 25000 55000 354000 | By Joint Bank a/c (contract price) By Shares a/c (contract price) By joint bank a/c (plant sold) By Ashok’s A/c (Materials taken over) By Kishor’s A/c (Mixer taken over) By Anup’s A/c (truck taken over)( | 600000 400000 6000 8000 15000 35000 | |
1074000 | 1074000 |
Particulars | Ashok | Kishor | Anup | Particulars | Ashok | Kishor | Anup |
To Joint venture a/c To shares a/c To joint bank a/c | 8000 420000 | 15000 410000 18000 | 35000 338000 | By joint bank a/c By joint venture A/c By joint venture A/c | 300000 10000 118000 | 300000 25000 118000 | 200000 55000 118000 |
428000 | 443000 | 373000 | 428000 | 443000 | 373000 |
Particulars | Amount | Particulars | Amount |
To Ashok’s A/c To Kishor’s A/c To Anup’s A/c To joint venture A/c To Joint Venture A/c | 300000 300000 200000 6000 600000 | By joint venture a/c By Ashok’s A/c By Kishor’s A/c By Anup’s A/c | 630000 420000 18000 338000 |
1406000 | 1406000 |
Particulars | Amount | Particulars | Amount |
To Joint venture A/c To Joint venture a/c (Bal. Fig.) | 400000 10000 | By Kishor’s A/c | 410000 |
410000 | 410000 |
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 |
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 |
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 |
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 |
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 |