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OMTEX CLASSES

THE HOME OF SUCCESS

OMTEX CLASSES TIME: - 3 HRS

I ST PRELIMINARY EXAMINATION DATE: - 16.11.2010

BOOK KEEPING & ACCOUNTANCY DAY - TUESDAY (20 marks)

GROUP: A MARKS: 100

Q1. Answer Any four of the following. A. Answer the following. (5)

1. What is Balance Sheet? 2. Who is co venture? 3. What is Super Profit? 4. What is Endorsement of Bill? 5. What is Good will of the firm? B. Write word/term/phrase which can substitute each of the followings: 1. Reputation of a firm expressed in terms of money. 2. Payment of expenses before they have become due. 3. Payment of bill of exchange before its due date at rebate. 4. The person on whom the bill of exchange is drawn. 5. The account that is credited when depreciation is charged. C. Match the pairs. A 1. Depreciation 2. Dishonour of bill 3. Joint Venture 4. Goodwill 5. Co Ventures (5) B 1. Temporary Partners 2. Intangible Asset 3. Wear and tear 4. Notary public 5. Temporary partnership 6. Tangible Asset (5)

OMTEX CLASSES
THE HOME OF SUCCESS

D. Select the most appropriate alternative from those given below: 1. Debit Balance in Profit and Loss Account shows _______________ a. Net profit b. Gross profit c. Net loss d. Gross loss 2. A bill of exchange must be accepted by ___________________ a. A drawer b. A payee c. An endorsee d. A drawee

(5)

3. At the end of the financial year balance of Depreciation account is transferred to _______________ a. Depreciation account b. Asset account c. Trading account d. Profit and loss account. 4. In the absence of partnership deed the partners share the profit and loss of the firm _____________ a. In the ratio of capital b. Equally c. As per rights in management d. On the basis of experience.

OMTEX CLASSES
THE HOME OF SUCCESS

5. ____________ has to ultimately bear the noting charges. a. Drawer b. Drawee c. Endorser d. Bank

E. State True / False with reasons. (Any Two)

(5)

1. Under fixed capital method for each partner two accounts are maintained. 2. Under fixed instalment method depreciation is charged on the diminishing value of the asset. 3. Interest on partners drawings is debited to Profit and loss appropriation account. F. Prepare a bill of exchange from the following information: Drawer: Vilas Patil, 21. M.G. Road, Pune Drawee: Vikas Pawar, 31. S.V. Road, Nasik. Payee: Viraj Potade, 41, A.B. Road, Sholapur, Period: 2 months Amount: Rs. 7,500/Date of Bill: 1st January, 2007. Date of acceptance: 3rd January, 2007. Q2. Ravindra Trading company. Ambajogai Purchased machinery for Rs. 55,000/- on 1st April, 1996 and spent Rs. 5,000/- on its fixation and erection. In the same year on 1st October, additional machinery costing Rs. 40,000/- was purchased. On 1st October, 1998 the machinery purchased on 1st April, 1996 became obsolete and was sold for Rs. 43,000/- On 1st January, 1999, a new machinery was also purchased for Rs. 20,000. Depreciation was provided annually on 31st March at the rate of 10% per annum on Fixed Instalment Method. Prepare Machinery A/c and Depreciation A/c for the years 1996 97, 199798, 1998-99. (March 2005 Board exam Question).

OMTEX CLASSES
THE HOME OF SUCCESS

OR
Q2. (A) The books of a business showed that the capital employed on 31st December, 1992 was Rs.1, 00,000/-. Profits for the last five years are_1988, 1989, 1990, 1991 & 1992 were Rs, 60,000, Rs, 55,000, Rs, 75,000, Rs, 85,000 & Rs, 65,000 respectively. Goodwill is valued at 2 years purchase of the Super profit of the business. NRR is 10%.

&
Q2. (B) Importance of computer in accounting. Q3. Anil sold goods to Ravindra for Rs. 6000. Ravindra accepted Anils bill for Rs. 6000 payable after 3 months. After a month, Anil discounted the bill with his bank at 10% p.a. On the due date, Ravindra dishonoured his acceptance. Ravindra paid Rs. 3000 to Anil and accepted a fresh bill for 3 months for the balance including interest @ 8% p.a. Anil sent the bill to bank for collection. On due date, Ravindra honoured the bill. Pass the journal entries in the books of Anil. (October 2002 board exam questions).

OR
Q3. Journalize the following transactions in the books of Motilal:
a.

Bhavna informed Motila that Jyotis acceptance for Rs. 3600 endorsed to Bhavna has been dishonoured and noting charges have been Rs. 150. Anil renews his acceptance to Motilal for Rs. 3400 by paying Rs. 900 in cash and accepting a new bill for the balance plus interest at 8% p.a. for 3 months. Prabhakar retired his acceptance to Motilal for Rs. 4000 by paying Rs. 3850 in cash. Bank informed Motilal that Aruns acceptance of Rs. 7000 which was discounted with bank has been dishonoured with noting charges Rs. 100. (March 2008 board exam questions)

b.

c. d.

Q4.

Ajay and Abhijeet were partners in a Joint Venture sharing profits and losses in the proportion of 4/5 and 1/5 respectively. Ajay supplied goods to the value of Rs. 25000 and incurred expenses amounting to Rs. 2700. Abhijeet also supplied goods to the value of Rs. 7000 and his expenses amounted to Rs. 400. Abhijeet sold all the goods for Rs. 46000. Abhijeet is entitled to a commission at 5% on sales. Abhijeet settled Ajays account by bank draft. Prepare Joint venture account and Abhijeet account in the books of Ajay. (March 2006 board exam questions.)

OMTEX CLASSES
THE HOME OF SUCCESS

Q5. Mrs. Archana keeps her books on single entry system and gives the following information: (March 2008 board exam question) Particulars Cash at bank Sundry debtors Stock in trade Furniture Machinery Bills payable Sundry creditors Further information: 1. Mrs. Archana withdrew from business Rs. 15000 for personal use. 2. She further introduced fresh capital of Rs. 25000. 3. Depreciation is to be charged @ 10% p.a. on Furniture and Machinery. Prepare : (1) statement of affairs as on 31.3.2006. (2) statement of affairs as on 31.3.2007. (3) statement of profit and loss for the year ended on 31.3.2007. 31.3.2006 5000 25000 30000 20000 50000 5000 15000 31.3.2007 32000 40000 50000 20000 50000 5000 20000

Q6. Sanjay, Ajay and Vijay undertook the construction of building at a contract price of Rs. 6,00,000 payable in cash Rs. 4,00,000 and in the form of debentures of company Rs. 2,00,000. They shared profits and losses in the ration of 3:2:1 respectively. They opened a Joint Bank account wherein they deposited the following amounts. Sanjay Rs. 3,00,000, Ajay Rs. 2,00,000 and Vijay Rs. 1,00,000. The following payments are made out through Joint bank account. 1. 2. 3. 4. Purchase of materials Rs. 2,50,000. Payment of wages Rs. 77,000. Purchase of plant Rs. 45,000 and Other charges Rs. 11,000.

Sanjay bring the truck of Rs. 40,000. Ajay brings in the material of Rs. 55,000. Vijay brings mixer worth Rs. 10,000. At the close of venture the unused materials were taken by Sanjay for Rs. 5,000. Ajay took over the mixer and plant for Rs. 27,000. The truck was sold in the market for Rs. 22,000. The contract price was received as per ther agreement and Vijay agreed to take over the debentures at Rs. 1,90,000. Prepare : Joint venture account, Joint Bank account and Co ventureres account. (March 2008 board exam questions)

OMTEX CLASSES
THE HOME OF SUCCESS

Q7. Following is the Trial Balance of Premlal and Sundarlal as on 31st March 2006. Trial balance as on 31st March, 2006. Particulars Stock on 1-4-2006 Purchases Drawings: Premlal Sundarlal Sales return Wages : productive Unproductive Salaries Rent, rates and insurance Bad debts Discount allowed Machinery Building Sundry debtors Cash Government bonds Amount Particulars Amount

1. 2. 3. 4. 5. 6. 7.

90000 Sales 375000 225000 Purchase returns 3000 33000 Discount received 3000 30000 Sundry creditors 90000 7200 Capital : Premlal 105000 10500 Sundarlal 135000 1800 Bank overdraft 30000 18600 10200 1200 3900 45000 108600 153000 1000 2000 741000 741000 Closing stock was valued on 31.3.2006 at market price Rs. 60,000 which was 20% above its cost price. Outstanding productive wages Rs. 600 Rent, Rates and insurance include insurance Rs. 1600 paid for one year ending on 30th June 2006. Maintain Reserve for doubtful debts at 5% on debtors. Depreciate buildings by 5% and machinery at 10% p.a. Goods costing Rs. 2500 were distributed as free samples for which no record has been made in the books. Six months interest is due on Bank Overdraft at 10% p.a.

Prepare trading and profit and loss account for the year ended 31 st March 2006 and Balance Sheet as on that date. (September 2008 board exam questions)