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Question No 1 is compulsory

From Question No 2 t0 4, Solve any 2

From Question No 5 to 6 solve any 1

Q 1 The following Trial Balance was taken out on 31st March, 2006, from the Books of M/S Shahid
Kapoor. (20 Marks)

You are required to prepare a Trading and Profit and Loss Account for the year ended 31st March,
2006 and a Balance Sheet as at date, after making the necessary adjustments:

Particulars DR(RS.) CR(RS.)


Wages and salaries 6,000
Sales : cash 8,000
Sales: credit 18,000
Capital Account 34,000
Drawings 2,000
Purchases 18,000
Sales Returns 300
Office furniture 4,000
Buildings 12,000
Office expenses 800
Advertisement 500
Discount earned 340
Opening stock 5,000
Rent, Rates and Taxes 400
Commission 200
Purchase returns 460
Bills receivable 800
Travelling expenses 250
Trade expenses 350
Bad debts 190
Provision for doubtful debts 1,500
Sundry creditors 2,800
Sundry debtors 11,000
Cash in hand 1,800
Bank overdraft 1,300
Postage 50
Freight on purchases 210
Investments 2,000
Income from investments 250
Fuel and power (factory) 800

66,650 66,650

Adjustments:

1. Depreciation to be provided on building and furniture at 10%


2. Rent outstanding was Rs. 120.
3. Provision for doubtful debts to be maintained at 5%
4. Interest accrued but not received was Rs. 50
5. Closing stock was valued at Rs. 8,200

Q 2 Journalise the following transactions, prepare ledgers and trial balance:

2010 (15 Marks)

August

1 Raju commenced business with cash Rs. 5000, goods worth Rs. 10,000 and building Rs. 7000.
3 Purchase goods worth Rs. 5,000 less 10% trade discount from Mr. Sawant.
4 Sold goods worth Rs. 9000 less 15 % trade discount to Mr. Dhekhe.
5 Received cash Rs. 590 from Mr. Mayur and allowed him discount of Rs. 10.
6 Paid Rs. 660 to Mr. Royal after deducting Rs. 40 as discount.
7 Purchased goods worth Rs. 500 for cash on 5% cash discount terms.
8 Sold goods worth Rs. 600 for cash on 5% cash discount terms.
10 Received Rs. 575 from Mr. Raman in full settlement of his account of Rs. 600.
11 Took loan from Mrs. Shalini Rs.5000

Q 3 (a)
On 31st January, 2010, the cash book of M/S KHUSHI showed a bank overdraft balance of Rs. 13,000.
The pass book showed a different balance. On investigation the following discrepancies were found:
(5 Marks)
th
1 cheques of Rs. 2,500 were issued on 25 January to the creditors, out of which one
cheque of Rs. 1,500 was presented to the Bank for payment on 1st February and the
other cheque of Rs. 1000 was presented on 6th February 2010.
2 Cheques amounting to Rs. 1800 were deposited into the bank, out of which one
cheque of Rs. 400 was collected on 27th January, 2010.
3 Dividend collected by the bank and credited in the Pass Book Rs. 90 was not
recorded in the cash book.
4 Mr. Faithful directly deposited in our Bank account Rs. 350. The intimation of the
same was received on 3rd February, 2010.
5 Interest on overdraft debited in the pass book Rs. 150 but it was not recorded in the
cash book
6 Pass book showed a debit of Rs. 200 for dishonour of a Bill Receivable formerly
discounted.
Prepare a Bank Reconciliation Statement as on 31st January, 2010.

Q 3 (b)

The Trial Balance shows a difference of Rs. 689/- in the debit column and is made to agree by putting
this difference against a Suspense Account. Later the following errors were discovered. Rectify
them and prepare a Suspense Account: (10 Marks)

1. Goods worth Rs. 450 were sold to Desai on credit. This was recorded in the sales Book but
was not posted to Desais Account in the ledger.
2. Goods worth Rs.225 were returned by Mohan. The amount was credited to his account but
was not entered in the Return Inward Book.
3. Shyam stores paid Rs. 660 but their account was credited for Rs. 606.
4. Goods worth Rs. 125 purchased from Sohan were wrongly entered in the Sales Book.
5. An amount of Rs. 220 owned by Mahesh was omitted from the list of Sundry Debtors.
6. The purchase book was overcast by Rs. 152.

Q 4 From the following particulars prepare a Cash Book with Cash, Bank and Discount Columns

2010 (15 Marks)


April 1 Cash on hand Rs. 200
2 Bank overdraft Rs. 3000
3 Issued a cheque in favour of Mr. Salman Rs. 2,500 in full settlement of Rs. 2,600/-
5 Received a cheque from Mr. Patel for Rs. 3,250 in full settlement of Rs. 3,300 and
deposited the cheque into Bank.
7 Received an advice from the Bank stating that the bank has paid Rs. 250 on account
of Insurance premium.
9 Paid to petty cashier Rs. 100
10 Made cash sales for Rs. 3,500 and cash purchases for Rs. 900
15 Purchased machinery for Rs. 7,000 the amount being paid by cheque
19 Deposit by Zaveri Rs. 4,800
26 Received crossed cheque from Mr. Ritesh for Rs. 2,000 in full settlement of Rs. 2,200

Q5 (10 Marks)

Ravi Trading Co., Kalyan purchased furniture on 1st April, 2002 for Rs. 25,000. In the same year on
1st October, additional furniture was purchased for Rs. 10,000. On 1st October, 2003; the furniture
purchased on 1st April, 2002 was sold for Rs. 15,000 and on the same date, new furniture was
purchased for Rs. 12,000.

The company charges depreciation at 8% p.a. on reducing balance method.

Prepare Furniture Account and Depreciation Account for 3 years, assuming that the accounting year
of the company closes on 31st March every year.

Q6 (10 Marks)

A. What are accounting concepts and convention?


B. Distinguish between Indian Accounting standard and US Accounting standard

Q 1 pg 422 Q 12

Q 2 pg 127 and 129 Q 5 & Q 6

Q 3 (a) pg 302 Q 3

(b) pg 343 Q.4

Q 4 pg 180 Q 8

Q. 5 pg 210 Q