HIGHER SECONDARY MODEL EXAMINATION 2011

COMPUTERISED ACCOUNTING
Maximum Score : 60
HSE II General instructions to candidates There is cool off time of 15 minutes in addition to writing time of 2 hrs. Use the cool off time to get familiar with questions and to plan your answers You are not allowed to write the answer nor to discuss anything with others during the cool off time. All the questions are compulsory to answer and only internal choice is allowed. Time : 2.15 Hrs

PART A 1. Find the odd one and state the reason (a) Admission of a partner (c ) Insolvency of a partner

ACCOUNTING

(b) Retirement of a partner (d) Death of a partner (Score : 1)

2. In the absence of a partnership deed, what is the rule relating to interest on partners capital? (Score : 1)

3. Securities premium account of Supreme Ltd. Shows a credit balance of Rs.5 lakhs. The directors of the company decided to use the amount to distribute it as dividend. Whether the company can do so ? why? (Score : 2)

4. A furniture amounting Rs.12000 was revalued for Rs. 15000 while admitting a new partner. How much amount is recorded in revaluation account ? Give journal entry. (Score : 2)

5. Sigma Co. Ltd forfeits 500 Equity shares of Rs.10 each issued at a discount of Re.1 for non payment of final call of Rs.2. Give journal entry for forfeiture of shares (Score : 3)

6. On 01.01.2010, Arun and Kiran entered into partnership contributing Rs.80000 and Rs.100000 respectively and share profits in the ratio 1:2. Arun is allowed salary of Rs.15000 per month. Interest on capital is to be allowed @ 5% p.a. Kiran is entitled to receive a commission of Rs.7000 p.a. During the year Kiran withdrew Rs.4000 and Arun Rs. 5500. Interest on the same being Rs.200 and Rs.275. Profit for the year after the above adjustments was Rs.40000. You are required to prepare capital accounts of Arun and Kiran. (Score : 4) 7. Ram and Rahim are partners in a firm sharing profits in the ratio of 3:2. On 1 st April 2010, they admit Roy into the firm for a 5 th share in profits. Roy contributed the following in respect of his capital: Machinery Rs.30000 Plant Rs. 40000 Building Rs.60000 Stock Rs.8000

Goodwill has been valued at 2 years purchase of super profit of past 3 years Year Profit 2007 20000 2008 25000 2009 30000

Capital employed is Rs.250000 and normal rate of return is 10% Give journal entries relating to (i) (ii) Capital contributed by Roy Goodwill brought in by Roy (Score : 5)

8. Wipro Ltd. decided to issue shares to its existing shareholders in the ratio of one share for every three shares held. Company made this issue at Rs.125/- per share. The market value of the share is Rs.140/-. Calculate the value of right (Score : 3)

9. Anoop and Pradeep are partners in a firm sharing profits in the ratio 3:2. They admit Chandy as a new partner. Chandy brings Rs.300000 as capital and could not bring any amount for goodwill. The firms goodwill was valued at Rs.200000. Record necessary entry in the books of the firm. (Score : 6)

10. Alex, Andrews and Ahammed are in partnership sharing profits and losses in the ratio 2:2:1. Their balancesheet as on 31st December 2009 was as below:Liabilities Assets

Creditors Capital Alex Andrews Ahammed

45000

Cash at bank Debtors

10000 25000 40000 40000

15000 25000 30000

Stock Plant & Machinery

115000

115000

Alex died on 30th June 2010. Partnership deed provides that in the event of death of a partner, his executor should be entitled to the following: (i) His capital on the date of previous balance sheet. (ii) His proportion of profit up to the date of death on the basis of previous years profit (iii) His share of goodwill calculated on the basis of 3 years purchase of the average profits of the last 4 years The profits of the firm for the past 4 years were : 2006 Rs.22000, 2007 Rs.21000, 2008 Rs.19000, 2009 Rs.18000 Ascertain the amount payable to the executors of the deceased partner. (Score : 5) 11 (a). Following is the balance sheet of Sumesh and Satheesh sharing profits in the ratio of 3:2 on December 31, 2010. Balancesheet as on 31.12.2010 Liabilities Assets

Creditors Loan by Sumeshs brother Loan by Satheesh Reserve Fund Capital Sumesh Satheesh

19000 5000 7500 1500

Cash at bank Debtors 10000

6000

Less Provision 500 Stock Plant & Machinery

9500 3000 12000 4000 5000 2500 42000

5000 4000

Furniture Investment P/L A/c

42000

The firm was dissolved on 31st December 2010. As a result (a) Sumesh tookover investments at an agreed value of Rs.4000/- and agreed to pay loan taken from his brother (b) Revaluation of assets are as follows:Stock Rs.2000/Debtors Rs.9250/Furniture 4250/Plant & Machinery 10500/(c) Expense on realization were Rs.500/(d) Creditors allowed 3% discount in full settlement Prepare ledger account and close the books. (Score :8) 11 (b). LAL Brothers issued for public subscription 20,000 equity shares of Rs.10 each at a premium of Re.1 per share payable as under. On application Rs.2 On allotment Rs.4 (including premium) On first call Rs.2 On final call Rs.3 Application were received for 30000 shares. Allotment was made prorata to the applicants of 24,000 shares , the remaining applications were rejected. Money overpaid on application was applied towards sums due on allotment. Sri. Dasan to whom 1200 shares were allotted failed to pay the allotment money and Sri. Vijayan , to whom 1500 shares were allotted failed to pay the two calls. These were subsequently forfeited after the final call was made. Pass entries in the books of the company. (Score : 8)

PART B

COMPUTERISED ACCOUNTING (Score : 1) (Score :1)

1. The intersection of row and column in excel is called 2. The function key to create company in Tally is 3. Manoj created a godown at Kollam in Tally. He wants to display godown he had created. Help him to display it

(Score :2)

4. To prepare payroll in MS Excel, Govind entered the basic pay in cell D4. D.A is 64% and professional tax is calculated as 5% on BP+DA. Calculate his NET Salary in G4 (Score :3)

5. Hareesh and Suresh are +2 Commerce students. Suresh argues that manual accounting is better than computerized accounting. What is your opinion?(Score : 4) 6. On 1st January 2010, ABC Ltd purchased a machinery for Rs.1000000. The company decided to write off depreciation at 10% per annum on diminishing value of machinery. You are required to prepare a statement of depreciation for the first 5 years using electronic spread sheet. (Score : 4)

7. Prepare a table consisting of accounts involved, voucher group, function key according to the transactions given below: (a) Starting business with Rs.100000 (b) Opened a current account with Federal Bank Rs.25000 (c) Purchased Machinery Rs.30000 (d) Paid Salary Rs.4000 (e) Received Commission Rs.3000 (f) Purchased goods from R.V Traders Rs.20000 (Score : 5)

Prepared by Mavelikara Cluster (Alappuzha District)