September 2009
Book-Keeping and Accountancy
Time
: 3 Hours Marks : 100
Q.1
Attempt any FOUR of the following sub-question: [20]
(A)
Answer in 'one' sentence. (5)
1. What is Balance Sheet?
2. What type of institutions prepare
Income and Expenditure account?
3. What is Statement of Affairs?
4. Who is a payee?
5. What is Joint Venture?
(B)
Write the word / term / phrase which can substitute each of the following
statements
: (5)
1. Amount which is irrecoverable
from debtors.
2. An expenditure, which in incurred
for carrying the day by day business activities.
3. Realisable amount of the fixed
assets at the end of useful life.
4. The money value of reputation of
Business.
5. Bank account which is operated by
all the Co-ventures.
(C)
Match the following pairs: (5)
Group 'A'
|
Group 'B'
|
1.
Depreciation
2.
Super profit
3.
Noting charges
4.
Co-venturers
5.
Input Device
|
1.
1.
Partners of Joint Venture
2.
Mouse
3.
Normal profit-Average profit
4.
Fixed assets
5.
Partners of the partnership firm
6.
Dishonour of bill
7.
Current assets
8.
Average profit- Normal profit.
|
(D)
Select the most appropriate alternative from those given below: (5)
1.
1.
Debit balance of Trading account
shows _________.
1.
Gross profit
2.
Net profit
3.
Net loss
4.
Gross loss.
2.
The opening capital is greater than
the closing, then the difference is ________.
1.
Loss
2.
Profit
(c) Assets
(d) Liabilities.
1.
1.
There are __________ parties to a
bill of exchange.
1.
One
2.
Two
3.
Three
4.
Four
4. Expenses incurred by Co-Venturers
are debited to the __________ account.
(a) Co-venturer's A/c
(b) Joint Venture A/c
(c) Joint Bank A/c
(d) Cash
5. A set of instructions to computer
is __________.
(a) Programme
(b) Procedure
(c) Method
(d) Scanning.
(E)
State whether True / False (with reasons): (5)
1. The Receipts and Payments Account
record only cash transactions.
2. A bill can be endorsed only once.
(F)
From the following details prepare a format of Bill of Exchange: (5)
Drawer : Renuka Hazari, 104, Umang
Ambajogai.
Drawee : Vimal Wadikar, Nanded Road,
Udgir.
Payee : Radhika Desai, Parli
Vaijanath.
Amount of bill : Rs.5,590.
Period of bill : 60 days.
Date of bill : 20th November, 2007.
Date of acceptance : 22nd November,
2007.
Q.2
(A) Renuka Trading Company Ambajogai
purchased furniture on 1st April,
2002 for Rs.50,000. In The same year on 1st October
additional furniture was purchased for Rs.20,000. On 1st October, 2003 the furniture purchased on 1st April, 2002 was sold for Rs.30,000 and on the same date, new
furniture was purchased for Rs.25,000.
The company charges depreciation at
10% p.a. on Reducing balance method.
Prepare Furniture A/c and
Depreciation A/c for three years ending on 31-3-03, 31-3-04 and 31-3-05. (10)
OR
(A) The capital employed of a firm is Rs.10,00,000. Its Average
Profit for last the three years
is Rs.2,00,000 and the normal rate
of return in the firm is 15%. Calculate Goodwill at
four years purchase of the super
profit. (5)
(B) What
do you mean by Computer Hardware and Software? Give their uses. (5)
Q.3 Prakash owes Subhash Rs.20,000. Prakash accepted a bill for
three months drawn by Subhash for Rs.20,000. Subhash discounted the bill with
bank @ 10% p.a. immediately.
On the due date the bill was
dishonoured. Noting charge amounted to Rs.100 paid by Bank.
Prakash paid half the amount of the
bill and the full amount of the noting charges and accepted a fresh bill for
the balance including interest Rs.500.
Pass journal entries in the books of
Subhash and show Prakash Account. (12)
OR
Journalise the following
transactions in the books of Sharad.
(a) Hemant informed Sharad that
Vasant's acceptance for Rs.5,000 endorsed to Hemant has been dishonoured and
noting charges amounted to Rs.50.
(b) Pramod renews his acceptance to
Sharad for Rs.15,000 by paying Rs.5,000 in cash and accepting a fresh bill for
balance plus interest @ 10% p.a. for three months..
(c) Shishir retired his acceptance
to Sharad for Rs.7,600 by paying Rs.7,500 in cash.
(d) Sharad sent a bill of Amol for
Rs.10,000 to bank for collection. But bank informed that the bill has been
dishonoured by Amol.
Q.4 Krishna of Udgir and Sanjay of Lohara entered into Joint
Venture to consign 500 bags of rice to Vijay Traders, Nerul to be sold on their
joint risk which in proportion of 3/5 and 2/5 respectively.
Krishna sent 300 bags of rice @
Rs.1,200 each paying carriage Rs.10,000, insurance Rs.3,000 and other expenses
Rs.2,000. Sanjay sent 200 bags of rice @ Rs.1,400 each, paying carriage
Rs.8,000 and other expenses Rs.2,000.
Sanjay received and advance of
Rs.40,000 from Krishna on account of venture. All the bags of rice were sold by
Vijay Traders for Rs.9,00,000 out of which they deducted 2% for expenses and 3%
for their commission on total sales.
Vijay Traders remitted Rs.4,00,000
to Krishna by Bank draft and the balance to Sanjay by one month's bill.
Co-venturers settled their accounts.
Prepare
: (a) Joint Venture Account, (b)
Sanjay A/c and
(c) Vijay Traders A/c in the books
of Krishna. (12)
Q.
5 Harshada keeps her books on single
entry system and following information is disclosed b y her:
(10)
Particulars
|
31-3-2005
Rs.
|
31-3-2006
Rs.
|
Cash at bank
Stock in Trade
Debtors
Furniture
Sundry Creditors
Bills Payable
Loan from Vimal
Investments
|
10,000
8,000
15,000
20,000
20,000
1,000
-
-
|
15,000
10,000
25,000
20,000
30,000
5,000
3,000
12,000
|
Harshada had withdrawn Rs.2,500 in
cash and took goods worth Rs.500 for her private use from business.
She sold her private car for
Rs.10,000 and invested it as additional capital.
Furniture is to be depreciated by
10% and Reserve for Doubtful Debts is to be maintained @ 5% on Debtors.
Prepare Opening and Closing Statement of Affairs and Profit / Loss
statement for the year ending 31.03.2006.
Q.6 Dr.
Arjun Patil commenced Medical practice on 1.04.2006. He has prepared the
following Receipts and Payments Account for the years 31.03.2007. (16)
Receipts
and Payments Account
For
the year 31 st March, 2007
Dr.
Cr.
Receipts
|
Amount
Rs.
|
Payments
|
Amount
Rs.
|
To cash introduced
(Capital Fund)
To Income from Visits
To Receipts from Dispensary
To Miscellaneous receipts
To Interest received on Investment
To Receipts from Operation fees
|
30,000
40,000
80,000
1,000
500
10,000
|
By Furniture
By Honorarium to Doctor
By Equipments
By Purchase of Drugs
By Compounders Salary
By Rent of Dispensary
By Conveyance charges
By Stationary
By Operation Expenses
By Lighting
By Journals and Newspapers
By Telephone expenses
By Investment
By Balance c/d
(Closing balance)
|
40,000
10,000
50,000
10,000
12,000
6,000
2,000
600
8,000
400
800
500
7,200
14,000
|
Total
|
1,61,500
|
1,61,500
|
Adjustment:
1.
Rs.5,000 were still to be received
on account of the visits.
2.
Compounders salary of Rs.3,000 and
Bill of stationary Rs.1,000 and Rent of dispensary Rs.1,000 are outstanding.
3.
25% amount of conveyance charges
were for private use.
4.
Stock of Drugs on hand was estimated
at Rs. 2,000.
5.
Furniture and Equipments are to be
depreciated at 10%.
Prepare - Income and Expenditure
Account for year ended 31st March,
2007 and Balance Sheet as on that date from the above information.
Q.7 Ganga
and Godawari are partners sharing profits and losses equally the Trial Balance
of their firm on 31st March,
2007 was as following. (20)
Trial Balance as on 31 st March, 2007
Particulars
|
Debit Balance
Rs.
|
Credit Balance
Rs.
|
Stock (1-4-2006)
Purchases and Sales
Return Inward
Carriage
Power and Fuel
Wages
Trade Expenses
Debtors and Creditors
Salaries
Insurance
Postage
Commission
Plant and Machinery
Furniture
Advertisement
Building
Drawings :
Ganga
Godawari
Drawings :
Ganga
Godawari
12% Bank loan taken on 1.10.2006
Cash in hand
|
80,000
4,00,000
30,000
7,500
40,000
35,000
8,000
80,000
72,000
6,000
3,000
8,000
2,00,000
80,000
15,000
4,00,000
8,000
10,000
7,500
|
7,68,000
60,000
12,000
2,50,000
2,50,000
1,50,000
|
14,90,000
|
14,90,000
|
Adjustments:
1.
Stock on 31.3.2007 was valued at
Cost price Rs. 1,00,000 and Market price Rs. 1,20,000.
2.
Depreciate plant and Machinery and
Buildings at 20% and 10% respectively.
3.
Insurance is paid for one year
ending on 30.06.2007.
4.
Goods withdrawn by Ganga for her
personal use of Rs. 10,000 during the year were not recorded in the books.
5.
Provided Rs. 10,000 as Bad debts and
Reserve for Doubtful Debts is to be maintained at 5% on Debters.
Prepare
: Trading Account, Profit and Loss
Account for the year ending on 31st March,
2007 and
Balance Sheet as on that date after
making the above adjustments.
