Q.1
(15)
Ganga and Godawari are
partners sharing profits and losses equally the Trial Balance of their firm on
31st March, 2013 was as
following.
Trial
Balance as on 31 st March, 2013
|
Particulars
|
Debit Balance
Rs.
|
Credit Balance
Rs.
|
|
Stock (1-4-2012)
Purchases and Sales
Return Inward
Carriage
Power and Fuel
Wages
Trade Expenses
Debtors and
Creditors
Salaries
Insurance
Postage
Commission
Plant and Machinery
Furniture
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Building
Drawings :
Ganga
Godawari
CAPITAL:
Ganga
Godawari
12% Bank loan taken
on 1.10.2012
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 31.3.2013
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 30.06.2013.
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 Goods withdrawn by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, 2013 and Balance Sheet as on that date after making the above
adjustments.
Q.2
Attempt the followings :- (15)
(A) Write the word, term or phrase, which can
substitute each of the following statement.(5)
1. An amount contributed by the partners into the
business.
2. A partnership agreement between the partner’s
in the written form.
3. A partner who acts and behaves like a partner,
but he is not a partner of the firm.
4. An association of two or more persons to carry
on business.
5. The transport expenses incurred to carry the
goods purchased by the firm.
(B) Fill in the blanks :- (5)
1. Wages paid for installation of Machinery
should be debited to ___________ account.
2. A statement showing financial position of the
business is called as ___________.
3. Trading Account is prepared on the basis of
____________ expenses.
4. Final accounts are prepared on the basis of
___________ and adjustments.
5. Returns outward are deducted from the
___________.
(C) Match the following pairs :- (5)
Group
‘A’ Group
‘B’
1.
Income
received in advance a. Net Loss
2.
Interest
accrued on Investment b. Assets side
3.
Fluctuating
Capital Method c. Net Profit
4.
Fixed
Capital Method d. Liability side
5.
Credit
balance of Profit & Loss A/c e. Intangible Assets
f. Capital A/c only
g. Capital A/c and Current A/c
