S.Y.J.C ALL BATCHACCOUNT EXAM PAPAER 100 Marks by fanzhongqing

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									                                                ACCOUNT
            S.Y.J.C                                                (16-10-2011)
            Time: 3.00hours                                        Max Marks: 100

Q.1)                                                                                                (20)
Attempt any Four of the following sub-question:-.
A)                                                                                                  (05)
Answer in “One “Sentence
1) What is Statement of Profit or Loss?
2) What is reducing Balance Method?
3) What are the Method of Valuing of Goodwill?
4) What do you mean by debit balance of Joint Venture Account?
5) What do you mean by Discounting of Bill?

B)                                                                                                  (05)
Match the following pairs:
                           Group “A”                                    Group “B”
                1)   Opening Stock                    a)   Amount of deprecation remains constant
                2)   Fixed Installment Method         b)   Trading Account
                3)   Soft ware                        c)   Revenue Income
                4)   Joint Bank Account               d)   Capital Income
                5)   Subscription                     e)   Balance Sheet
                                                      f)   Converting Symbolic language
                                                      g)   Separate set of books
                                                      h)   Utility programme

C)                                                                                                  (05)
Write the world/ term/phrase which can substitute each of the following statements.
1) The balance which cannot be recovered from the debtors.
2) An Accounting system where rules of debit and credit are not followed.
3) Money value of business reputation.
4) A person entered into a joint venture.
5) The gift received from legal representative as per the will of a decreased person.
D)                                                                                                  (05)
   Select the most appropriate alternative from those given below:
1) Interest on the Capital of Partner is debited to……………………
   a) Trading Account                      b) Profit and Loss Account
   C) Partner’s Capital Account            d) Partner’s Current Account
2) Computer is a /an ………………….
    a) Mechanical Device                   b) Automation Device
    C) Electronic Device                   d) Electric Device
3) Joint Venture is a ……………………
   a) Trading Concern                      b) Non- Trading Concern
   c) Religious                            d) Public Concern
 4) A donation received for a specific purpose is a ……………………………….
  a) Capital Receipt                      b) Revenue Receipt
  c) Liability                            d) Asset

 5) A bill drawn and accepted on 12th June, 2007 for two months will be due for payment on …….]
 a) 12th August, 2007                    b) 15th August, 2007
 c) 16th, August, 2007                   d) 14th August, 2007

E)                                                                                          (05)
State whether True/False (With Reason) :
1) Non- Commercial concern with “no Profit” base prepare Income and Expenditure account in place
    of Profit and Loss Account
2) Noting charges are borne by Drawer.

F)                                                                                                (05)
Drawer: Mrs. Archana Patil, Vikram Nagar, Patan.
Drawee: Mrs. Nalini Maniyar, Jalram Krupa, Mul.
Payee: Mrs. Sheela Ghatkar, Mangal Yog, CIDCO, Aurangabad.
Amount: Rs. 17,575.
Period:        60 days
Date of Bill: 28th December, 2007
Acceptance on: 2nd January, 2008
Accepted for: 90 days

Q2)                                                                                               (10)
M/S. J.K. Company, Maroda, purchased Machinery for Rs. 80,000 on 1   st April, 2002.

Company purchased additional Machinery for Rs. 36,000 on 1st October, 2003.
The Company charges deprecation @10% p.a. on the original cost.
The Financial year of the company ended on 31st March each year.
On 30th September, 2004 a part of the Machinery, original cost of which was Rs. 30,000 on 1st April,
2002, was sold by the Company for Rs. 22,000.
Prepare Machinery Account for 3 year and give journal Entries for the Year 2002-2003.
                                          OR
Q.2)                                                                                              (05)
A) The net profit of Suchak Trading Company after providing taxation for the past five years are as
under:
                 Year                                       Amount
     2001-02                          80,000 (Profit)
     2002-03                          85,000 (Profit)
     2003-04                          92,000 (Profit)
     2004-05                          1,05,000 (Profit)
     2005-06                          1,18,000 (Profit)
The capital employed in the business is Rs. 8,00,000.
The normal rate of return expected in this type of industry is 10% p.a.
Calculate the value of goodwill at “Two” times of super profit.

B)                                                                                                (05)
What are the characteristics of Computer?
Q.3)                                                                                               (12)
Sanjay drew on Pappu a bill for Rs. 12,000 at 3 months. Pappu accepted it.
On the same day Sanjay discounted the bill with his bank at 10% p.a.
On due date Pappu dishonored the bill. Nothing charges were Rs. 200.
Pappu paid Rs. 4,000 in cash and accepted a new bill for the balance amount.
Sanjay endorsed the new bill to Vinayak.
Pass journal entries in the books of Sanjay and show Sanjay’s Account in the Ledger of Pappu.
                                            OR
Q.3)                                                                                               (12)
Journalize the following Transaction in the books of Ranbir.
a) Sonam informs Ranbir that Salman’s acceptance for Rs. 3,200 endorsed to Sonam has been
   dishonored and the nothing charges amounted to Rs. 80.
b) Ravindra renews his acceptance to Ranbir for Rs. 4,800 by paying Rs. 1,800 in cash and accepts a
   fresh bill for the balance, plus interest at 12% p.a. for 2 months.
c) Dilip’s acceptance to Ranbir for Rs. 8,000 is retired one month before the due date at a discount of
   12% p.a.
d) The bank informs Ranbir that Shirin’s acceptance for Rs. 5,500 to Ranbir discounted with the bank
   earlier has been dishonored and the nothing charges amounted to Rs. 75.

Q.4)                                                                                                (12)
Shivaji of Solapur and Sambhaji of Satara entered into a Joint Venture to purchase and sale goods and
agreed to share profits and losses in the proportion of 3:2 respectively. Shivaji sent goods of Rs.
75,000 to Sambhaji for sale.
Shivaji paid Rs. 5,500 for freight and insurance.
He drew a bill for Rs. 30,000 on Sambhaji.
Sambhaji paid Rs. 3,000 for carriage.
Sambhaji sold goods for Rs. 1,25,000 and paid selling Expense Rs. 2,500.
He remitted the balance to Shivaji after charging 5% commission on sales.
Co-Venture settled their accounts.

Q.5)                                                                                               (10)
Following records of Mr. Raj were kept on Single Entry System.
        Particulars                    31-03-2006 (Rs.)              31-03-2007(Rs.)
Stock                                       15,000                       14,000
Furniture                                   53,500                       44,000
Plant & Machinery                           42,500                       55,500
Loan Taken                                  21,000                       21,000
Bank Balance                                1,900                         2,100
Debtors                                     43,000                       35,000
Creditors                                   18,000                       14,900
Mr. Raj invested Rs. 4,000 in the business.
Also he had withdrawn Rs. 15,000 for his private expenses from business.
Rs. 500 to be provide for Bad Debts. Deprecation Plant & Machinery @ 5% and Furniture @ 5%
Prepare:-
1) Statement of Affairs as on 31-03-2006.
2) Statement of Affairs as on 31-07-2007.
3) Statement of Profit or Loss for the year ended on 31-03-2007.
 Q.6)                                                                                           ( 16)
The following is the Receipts and Payment Account of Modern Sports Club, Satara, for the year ended
on 31st March, 2007.
                Receipts and Payment Account for the year ended on 31st March, 2007
                Receipts                 Amt.                  Payments                  Amt.
   To Balance B/D                          1,490     By Up Keep Of Garden                  9,500
   To Subscription                        13,600     By wages                              2,360
   To Entrance Fees                          520     By Salary                             7,000
   To Interest on Investment                 840     By Ground Rent                          210
   To Proceeds from Matches                5,180     By Printing                             930
   To Life Member Fees                     5,000     By Postages                             190
                                                     By Bank Balance                       5,000
                                                     By Balance C/D                        1,440
                                        26,630                                          26,630
Adjustment:
a) Ledger Balance of the Club as on 31-03-2006 were:
   Capital Fund Rs. 66,430, Club house and ground Rs. 40,000, Investments Rs. 18,640, Furniture Rs.
   Rs.6,400, Outstanding Subscription Rs.600
b) Printing includes Rs. 200, Upkeep of garden includes Rs. 500 and Subscription includes Rs. 400 for
   The previous year.
c) Entrance Fees are to be capitalized.
d) The Rotary Club of Satara owned Rs. 210 for the use of Club hall.
e) Provide 10% deprecation on furniture.
f) Subscription outstanding for the current year were Rs. 1000
   Prepare:-
   Income and Expenditure Account for the year ended 31st March, 2007 and Balance Sheet as on
   that date.

Q.7)                                                                                           (20)
From the following Trial Balance and Adjustment of kumbhar and Maroti. You are required to prepare
Trading and Profit and Loss Account for the year ended on 31st March, 2005 and Balance Sheet as on
That date.
                                Trial Balance as on 31st March, 2005
             Particulars                 Rs.                  Particulars                  Rs.
    Stock (01-04-2004)                    35,000     By Sales                            3,30,000
    Salary and wages                       4,200     By Discount                            4,000
    Cash                                  10,000     By Creditors                          20,000
    Purchases                           2,25,200     By Bank Overdraft                     10,000
    Sundry Expense                        13,600     By Interest on Investment              8,000
    Wages                                 12,000     Capital:-
    Bills Receivable                       6,000     Kumbhar                               60,000
    Travelling Expense                     2,000     Maroti                                40,000
    Bad Debts                              3,000
    Factory Expenses                       8,000
    Commission                             4,000
    Investment                            20,000
    Debtors                               40,000
    Tools and Equipments                   6,000
    Furniture                             12,000
    Goodwill                              21,000
    Building                              50,000
                                       4,72,000                                         4,72,000
Adjustment:-
1) Partners share Profits and Losses on the ratio of their Capitals.
2) Closing stock is valued at Cost Price Rs. 40,000 and at Market Price Rs. 45,000.
3) Kumbhar has withdrawn goods worth Rs. 1,200 for his own use, but no entry is made in the books.
4) Uninsured goods worth Rs. 12,000 were lost by fire.
5) Rs. 450 are to be written off as Bad debts.
6) Unpaid Expense:-
    a) Salary and Wages Rs. 800
    b) Rent Rs. 1,200.
7) Deprecation Building @ 7.5 % p.a.




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                            ON SUNDAY: 23/10/2011

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