Q. 1 Attempt
any FOUR sub-questions of the following:
(20)
A] Answer
in ‘One’ sentence each: (5)
(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 CPU?
Ans: The central processing unit
is that hardware part of a computer that controls the entire working of the
computer, processes the commands and data, and outputs the result.
(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 the relationship
between the Co-ventures?
Ans: The relationship between the
co-ventures is similar to that of temporary partners i.e., principal and agent.
B] Write a word / term /
phrase which can substitute each of the following statements: (5)
(1) An intangible asset which
has realisable value:- Goodwill.
(2) An
organisation not having object of earning profit:- Not for Profit Concern / Non-trading organisation.
(3) Credit balance on Joint Venture Account:- Profit on Joint Venture.
(4) A
system which have no hard and fast rules for accounting:- Single Entry System.
(5) A movable mark on the display screen of
computer:- Cursor.
C] Match the following pairs: (5)
|
Group ‘A’
|
Answers
|
|
(1)
Fixed Asset
(2)
Statement of Affairs
(3)
Co-venturers’
Liabilities
(4)
Dishonour of Bill
(5)
Active Partner
|
- Plant
& Machinery
- Single
Entry System
-
Unlimited
- Noting
Charges
- Takes Active Part in the Partnership
|
D] Select the most appropriate alternative
from those given below and rewrite the sentences: (5)
(1) Single entry system is Incomplete.
(a) Complete (b) Scientific (c) Incomplete (d) Accurate
(2) Credit balance of Trading
account shows Gross Profit.
(a) Net Profit (b) Net loss (c) Gross Profit (d) Gross loss
(3) A person to whom a bill is
endorsed is the Endorsee
(a) Endorser (b) Endorsee (c) Drawer (d) Drawee
(4) Income and expenditure
account is Nominal Account.
(a) Real A/c (b)
Nominal A/c (c) Personal A/c (d)
Capital A/c
(5) Amount contributed by
co-venturer’s is debited to Joint
Bank Account.
(a) Joint venture account (b) Joint Bank account (c)
Co-venturer’s account (d) Shares’ account
E] State with reasons whether the following
statements are True / False: (5)
(1) Public
Library is a “Not for Profit” concern.
Ans: This
statement is TRUE.
Public Library is setup not to earn profit but to serve the society.
Hence, it is a not for profit concern.
(2) Payment of bill after due date is called
“Retirement of Bill”.
Ans: This
statement is FALSE.
Payment of the bill before the due date is called Retirement of Bill.
F] Preparation a Formate of Bill of Exchange
from the following information: (5)
(1) Drawer:- Ankur Shah, Anand Park
(2) Drawee:-
Sharad Shah, Anand Sadan, Bandra (W), Mumbai: 50.
(3) Payee:-
Anish Shah, Anand Mahal,
Kandiwali (W), Mumbai: 57.
(4) Amount:-
Rs. 15,555.
(5) Period :
3 months.
(6) Date of Bill:- 1st January, 2008.
(7) Date of Acceptance:- 3rd January, 2008
(8) Accepted for :- Rs. 12,000.
