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PROF ROHAN’S PRIVATE TUTORIALS

SYJC TIME: 3 HOUR


ACCOUNTANCY PRELIM PAPER 5 MARKS: 80
Q.1 Attempt any three of the following:

(a) Write the word/term/phrase which can substitute each of the


following statement: (5)
1) Such capital method in which Capital Account and Current Account is maintained for
each partner.
2) A bill before acceptance.
3) An account of non trading concern where cash & bank transactions are recorded.
4) List of the debit and credit balances of the ledger accounts.
5) A partner who does not take active part in the partnership firm.

(b) Fill in the gaps: (5)


1) When Closing Capital is greater than Opening Capital it denotes _________.
2) Expenses incurred on dissolution of a firm should be debited to __________Account.
3) Lumpsum payment made by the members towards membership instead of paying
subscription periodically is called _________.
4) Drawing a fresh bill in cancellation of old bill is called as ________.
5) The debts which is irrecoverable is called_____.

(c) State whether the following statements are true or false. (5)
1) Partners must share profits and losses equally.
2) Discount allowed to debtors is called as bad debts
3) The credit balance of revaluation account means loss on revaluation account
4) Total amount due to deceased partner is paid in cash to executor immediately
after his death.
5) Shares are always issued at par.

(d) From following details prepare a bill of exchange: (5)

Drawer : Shri Narayandas Kela, Gandhi Chauk, Dhamangaon


Drawee : Shri Atul Khatke, Mandrup Road, Solapur
Payee : Shri Ranjeet Chavan, Ambajogai
Amount : Rs. 5,000
Period : 90 days after sight
Date of Bill : 1st March 2005
Date of : 5th March 2005
Acceptance

Q.2 Mr. G. K. does not keep a double entry set of books.


On 1st April, 2008 he had following assets and liabilities.
Stock – Rs. 20,000, Debtors – Rs. 30,000, Furniture – Rs. 5,000, cash at Bank Rs. 12,000,
Creditors Rs. 20,000.
On 31st March, 2009 his position was as follows:
Stock – Rs. 25,000, Debtors – Rs. 45,000, Creditors – Rs. 32,000, Cash at Bank Rs. 18,000,
Furniture Rs, 7,000.
During the year he introduced a fresh capital on 1st January, 2009 Rs. 3,000 while he
withdrew Rs. 8,000 for household expenses.

1
You are required to ascertain his profits during the year after making the following
adjustments:
1) Furniture to be depreciated by 10%
2) Reserve for Bad debts is to be raised at 5% of Debtors.
3) Provide interest on capital @ 12% pa (8)

Q.3 Ram and Krishna are partners in a firm sharing profits and losses in the ratio of 3 : 2
respectively. Their Balance Sheet as on 31st March, 2008 was as follows :

Balance Sheet as on 31st March, 2008


Liabilities Amount Rs. Assets Amount Rs.
Capital Account : Land and Building 40,000
Ram 50,000 Stock 25,000
Krishna 40,000 Furniture 10,000
Reserve 15,000 Debtors 35,000
Creditors 30,000 Investments 20,000
Bills Payable 5,000 Cash at Bank 10,000
1,40,000 1,40,000

On 1st April, 2008 they admitted Hari as a partner on the following terms :
(1) Hari shall bring Rs. 25,000 as his capital for 1/4 share in future profit.
(2) Hari shall pay Rs. 10,000 as his share of goodwill in cash. The amount of goodwill
withdrawn by old partners.
(3) The Assets and Liabilities revalued as under :
(a) Land and Building be appreciated by Rs. 2,000.
(b) Furniture and Stock be depreciated by 10% and 5% respectively.
(c) 5% R.D.D. to be maintained on Debtors.
(d) Half of the investments were taken over by Ram for Rs 9,000.
(4) The Capital Accounts of all partners be adjusted in their new profit sharing ratio by
making necessary adjustment in cash.
Prepare : (1) Profit and Loss Adjustment A/c (2) Partner’s Capital A/c
Balance Sheet of new firm. (10)

Q.4 Arun owed Sameer Rs. 20,000. Sameer drew a bill for Rs. 20,000 on Arun for a period of 3
months. Arun accepted it & returned it to Sameer. Sameer discounted the bill with his bank
at a discount of 16% p.a. On the due date the bill was dishonoured. Sameer paid in cash
the amount due to bank on dishonour of the bill. Arun then paid 12000 to Sameer &
accepted a fresh bill of 2 months for balance including interest @ 15% p.a. on balance
amount.
The new bill is sent to the bank for collection. Before due date of fresh bill, Arun became
insolvent & only 25 paise in a rupee could be recovered as first & final dividend from his
estate.
Pass necessary Journal entries in the books of Sameer & prepare Sameer Account in the
books of Arun. (10)

2
Q.5 Eknath, Namdeo and Tukaram were carrying on a business. They share Profits and Losses
in the ratio of 5 : 3 : 2 respectively. Their Balance Sheet as on 31st March, 2009 was as
under :
Balance Sheet as on 31st March,2009
Liabilities Amount Assets Amount
Sundry Creditors 21,000 Plant and Machinery 20,000
Namdeo’s Loan 5,000 Investments 8,000
Reserve Fund 20,000 Stock 30,000
Capital Accounts : Debtors 18,000
Eknath 20,000 Less : R.D.D. 1,000 17,000
Namdeo 10,000 Cash at Bank 5,000
Tukaram 4,000
80,000 80,000
On the above the date the firm was dissolved and the assets realized as under :
(1) Investments Rs. 5,000; Stock Rs. 24,000 and Debtors Rs. 15,000.
(2) The Plant and Machinery was taken over by Eknath at book value.
(3) Sundry Creditors and Namdeo’s Loan were paid in full.
(4) Realisation expenses incurred Rs. 1,000.
Prepare : Realisation Account; Partners Capital Account and Bank Account (10)

Q.6 You are given below the balance sheet of a students association on 1st April 2009 and
receipts and payments account for the year ended 31st March 2010.
Student’s Association
Balance Sheet as on 1st April 2009

Liabilities Rs. Asset Rs.


Capital Fund 23,500 Cash on hand 500
Liabilities for Expense Cash at Bank 3,000
For Salary 300 Furniture 10,000
For Rent 200 O/s Subscription 600
For Stationery 100 600 6% Investments 10,000

24,100 24,100

Receipts and Payments Account for the year ended 31st March 2010
Receipts Rs. Payments Rs.
To Balance b/d By Rent 2,200
Cash on hand 500 By Stationery 1,400
Cash at bank 3,000 3,500 By Salaries & Wages 3,600
To Entrance fees 750 By Furniture repairs 300
To Subscription: By Party Expenses 290
2008-2009 500 By Honorarium to
2009-2010 5,000 secretary 1,200
2010-2011 100 5,600 By Balance c/d
To Donation 300 Cash on hand 250
Cash at Bank 910 1,160
10,150 10,150

3
You are also given the following further information:
1) Rent for 2009-2010 Rs. 400 is still due.
2) Stationery expenses payable on 31st March 2010 are Rs. 150.
3) Subscription for 2009-2010 not yet received Rs. 1,000.
4) Entrance fees & donation are to be capitalized.
5) Depreciate furniture @ 10% per annum.
Prepare:
a) Income and Expenditure Account for the year ended 31st March 2010.
b) Balance Sheet as on that date. (12)

Q.7 Following is the Trial Balance of Tosha and Sonali as on 31st March, 2004 who share Profits
and Losses in the ratio of 1:1. Interest on capital was allowed @ 5% p.a.
Trial Balance as on 31st March 2004

Liabilities Rs. Assets Rs.


Plant & Machinery 1,60,000 Commission 1,000
Advertisement 6,000 Creditors 82,000
Power and Fuel 12,000 Capital Accounts
Wages 56,000 Tosha 1,60,000
Stock (01-04-2003) 41,600 Sonali 1,20,000
Trade expenses 1,200 Sales 3,00,800
Postage & Telegram 2,000 15% Bank Loan
Return inwards 800 (Taken on 1-10-2003) 1,20,000
Patents 20,000 Return outwards 600
Goodwill 40,000
Debtors 48,000
Carriage 17,200
Furniture 28,400
Printing & Stationery 10,400
Land & Building 2,13,200
Cash in hand 2,000
Discount 1,600
Interest on Bank Loan 6,000
Purchases 1,18,000
7,84,400 7,84,400
Adjustments:
1) Closing stock on 31st March, 2004 was valued at cost price Rs. 48,000 and market
price Rs. 50,000.
2) Depreciate Plant and Machinery at 10% and Furniture by Rs. 1,600.
3) Outstanding Wages Rs. 4,000.
4) Write off Rs. 3,000 for bad debts.
5) Goods worth Rs. 4,000 were destroyed by fire & Insurance Company agreed to pay
70% in full settlement of the claim.
6) Goods worth Rs. 3,000 purchased & received on 27th March 2004 were not recorded
in the purchase book.
You are required to prepare Trading and Profit and Loss A/c for the year ended 31st March
2004 and a Balance Sheet as on that date (15)