IIIfiIIIilIMIHIII 30 (NS)
(English Version)
SECTION -A
Answer any seven questions. Each question carries 2 marks : (7 x 2 = 14)
1) What is Reserves?
2) What is Profit and Loss appropriation account?
3) State any two methods of valuing goodwill.
4) Write the journal entry to ctose the deceased partner capital account.
5) State any two differences between dissotution of partnership and
dissolution of partnership firm.
6) What is authorised capital?
7) What is Dividend Distributiori Tax?
8) state any two techniques of financiat statement analysis.
9) Give any two examples of non-profit organisations.
10) Mention any two models of batabase management system.
SECTION - B
Answer any four questions. Each question carries 5 marks : (4x 5 = 20)
11) Radha and Rani are partners in a firm. Radha's drawings for the year
2015-16 are given as under :
r 5,000 on 01 -04-2015
r 8,000 on 30-06-2015
r 3,000 on 01-12-2015
{ 2,000 on 31-03-2016
Calculate interest on Radha's drawings at 10% p.a. for the year ending
31-3-2016 under product method.
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30 (NS) -12-
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12) A and B are partners sharing profits and losses in the ratio of
6 :4.They admit'C' into the partnership, giving ni, share, which he
frth
t2
acquires in the proportion o, and from A and B.
; fi
calculate the new profit sharing ratio of all the partner's.
13) Sheenu, Shankar and Sharan are partners sharing profits and losses in
the ratio of 4 : 3 : 3. Their capital balance on 01 -04-2016 stood at
t 1,00,000; t 80,000 and { 50,000 respectively.
Sheenu died on 01-10-2016. The partnership deed provides the
followings :
a) lnterest on capital at 12oh P.a.
b) He had withdrawn < 5,000 upto date of death'
c) Sheenu's share of goodwill < 5,000
d) His share of profit upto the date of death on the basis of previous
year profits. Previous year profits t 20,000
Prepare Sheenu's Executors account.
14) Karnataka Co. Limited issued 10,000 B% debentures of t 10 each.
Payable as follows :
< 2 on applications
< 4 on allotments
< 4 on first and final calls
All the debentures were subscribed and the money duly received.
Pass the journal entries upto the stage of first and final calls made.
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-is- 30 (NS)
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15) Calculate lnventory Turnover Ratio and Gross Profits Ratio from the
following informations.
Netsales t 4,00,000
Gross profits t 1,00,000
Opening lnventory t 60,000
Closing lnventory t 90,000.
16) From the following ledger balance, prepare Receipts and Payrnent
Account of Shree Sports Club for the year ending 31 -3-201.6.
t
Cash balance 10,000
Subscription to newspapers 3,000
Upkeep ofground 10,000
concerts 10,000
Proceeds from
Computers purchased 5,000
Subscriptions Received 40,000
Endowmentfund 2,000
Rent received 2,000
Books purchased 5,000
17) Explain the types of data processing system with one example each.
SECTION -C
Answer any four questions. Each question carries 14 marks : (4x14=56)
18) A mining company took a lease at a cost of t 50,000 on 1-4-2011 for
5 years. lt was decided to depreciate the lease by annuity method,
charging interest at 5% p.a. The annuity table shows that Re. 1 can be
depreciated in full in 5 years with 5% interest p.a. by charging
Re. 0.230975 annually.
Prepare the Lease Account and lnterest Account for 5 years ending
31-3-2016.
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30 (NS) -14-
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1e) X, Y and Z were partners sharing profits and losses in the ratio of
2:2:1 respectively. Their Balance Sheet as on 31-3-2016 was as under.
Balance Sheet as on 31-3-2016
Liabilities t Assets
Creditors 25,000 Cash at Bank 10,000
Bills Payable 10,000 Bills receivable 10,000
Reserves fund 20,000 Debtors 40,000
Profits and loss A/c 3,000 Less : PBD 2,000 38,000
Capitals : Stock 20,000
X 50,000 Machinery 20,000
Y 30,000 Furniture 10,000
Z 20,000 1,00,000 Buildings 50,000
1,58,000 1,58,000
Z retired on 1-4-2016 from the business. The following adjustment are to
be made :
a) Stock to be increased by 2Oo/o.
b) Maintain P.B.D. at10% on debtors
c) Depreciate machinery and furniture by 10% each.
d) Buildings to be revalued at < 60,000
e) Goodwill of the firm is created r 25,000 and written off immediately.
Prepare :
i) Revaluation fuc
ii) Partners Capital A/c
iii) Balance Sheet as on 1-4-2016
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_15_ 30 (NS)
20) Raju and Ravi are partners sharing profits and losses in the ratio of 3 :2.
Their Balance Sheet as on 31-3-2016 was as follows :
Balance sheet as on 31-3-2016
Liabilities Assets < r
Creditors 20,000 Cash in hand 5,000
Bills payable1O,OOO Bills Receivable 15,000
Bank loan A/c15,000 Debtors 20,000
Raju's loan A/c
5,000 Motor car 10,000
General Reserves 10,000 Machinery 30,000
. Capitals : Furniture 15,000
Raju 50,000 Buildings 50,000
Ravi 40,000 gO,OOO Profits and loss fuc 5,000
1,50,000 1,50,000
On the above date the firm was dissolved. The assets realised as
follows :
a) Buildings t 60,000, Machinery t 28,000, Bills Receivable t 14,000.
Debtors t 19,000 and unrecorded assets realised { 20,000.
b) Motor car is taken over by Raju at book value.
I
c) Furniture is taken over by Ravi for t 13,000.
ii d) Creditors and Bills payable were paid off at a discount of 5'/o and
it
Bank loan paid in full.
e) Dissolution expenses < 2,000.
Prepare:
i) Realisation A/c
ii) Partners capital A/c
iii) Cash A/c
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30 (NS) -16-
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21) Sagar Company Ltd. issued 20000 shares of < 100 each, at a discount
t 10 per share. The amount payable as follows :
On applications < 20
On allotments < 20
On I't call r 30
On Final call < 20
All the shares were subscribed and the money duly received except the
final call on 1000 shares. The directors forfeited these shares and
re-issued them as fully paid at t 80 per share. Pass the Journal entries
related to issued shares, forfeited and re-issued.
22) From the following trial balance of TATA co. Ltd. as on 31-3-2016.
Prepare the financial statement in vertical form.
Trial Balance as on 31-3-2016
Sl. No. Name of the Accounts Debit Credit
t t
1. Equity share capital (Share of t 100 each) 8,00,000
2. Purchases and Sales 4,00,000 9,50,000
3. Goodwill 3,00,000
4. Trade Receivables 2,50,000
5. Opening lnventory 60,000 :
6. Patents 50,000
7. Surplus 1-4-2015 75,000
8. Machinery 2,60,000
9. Buildings 2,50,000
10. B% Debentures 2,00,000
11. Cash and cash equivalents 2,00,000
12. Trade payable t,go,ooo
13. Salaries and Wages t,zs,oo0
14. Freights 50,000
15. Rent, Rates and Taxes 60,000
16. lnterest on debentures 16,000
17. Power, Fuel expenses 50,000
18. General reserves t,oo,ooo
19. Advance given to employee's 84,000
20. Furniture 1,00,000
23,05,000 23,05,000
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Iillil lllll lllillll I|l 30 (NS)
Adjustments :
a) Closing inventories < 1,45,000
b) Create provision for taxation r 30,000
c) Transfer to General Reserves r 40,000
d) Directors proposed dividend t 50,000
e) Provide depreciation on rnachinery at 10% p.a. and furniture at
5% p.a.
f) D.D.T. at 16.995o/o on dividend.
23) From the foltowing balance sheet of ABC Co. Ltd. as on 31-g-2015 and
31-3-2016. Prepare common size Batance Sheet.
Balance Sheet as on 31-3-201b and 2016.
Liabilities 31-3-1S 31-3-16 Assets 31-3-15 31=3-16
{ {1t
capital 5,00,000
Equity share 6;bO,00O Buildings 3,00,000 4,0O,OOO
General Reserves 2,00,000 3,00,000 Machinery 2,S0,0O0 3,00,000
P&Lfuc 1,00,000 50,000 Goodwill
2,00,000 2,SO,OOO
Debentures 4,00,000 3,00,000 Currentlnvestment 2,60,000 2,0O,OOO
Trade payables 2,00,000 2,50,000 lnventories 40,000 75,OOO
Short-term provisions S0,000 75,000 Trade Receivables 3,75,000 2,90,000
Cash in hand 10,000 20,000
Cash at Bank 1S,0OO 40,000
14,50,000 15,75,000 14,50,000 15,75,000
24) sun club Dhanvad was started from 1-4-201s. lts Receipts
Payments Account for the year ending 31 -3-2016 was as follows :
Receipts and Payments A/c for the year ending 31 -3-2016.
Dr. Cr.
Receipts
-
To Subscription 70,000 By Salary 26,500
To lnterest 11,000 By Tournament expenses 20,000
To Tournament fund 30,000 By Telephone charges 0,500
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30 (NS) ililil ilIil ilIl Illllll
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Receipts t Payments t
To Games fees 25,000 By Games expenses 10,000
To Life membership fees 40,000 By Sports materials 20,000
To Donation 2,00,000 By Buildings 2,00,000
To Entrance fees 1,00,000 By Furniture 30,000
By Office expenses 10,000
By lnvestments 1,00,000
By Balance C/d 53,000
4,76,000 4,76,000
Adjustments :
a) O/S salaries t 2,000.
b) Donations and Entrance fees are capitalised.
c) Sports materials on 31 -3-2016 were valued at < 8,500'
d) Depreciate Buildings and Furniture by 10%
e) OiS subscription r 5,000 and subscription received in advance
{ 3,000.
Prepare :
i) lncome and ExPenditure A/c and
ii) Balance sheet.
SECTION -D I
(PRACTTCAL ORIENTED QUESTIONS)
Answer any two questions. Each question carries 5 marks (2 x 5 = 10) :
25) Prepare a Machinery account for two years with imaginary figures under
fixed installment method.
2O) Prepare current account of two partners under fixed capital system with
five imaginary figures.
27) Prepare the comparative lncome statement (Comparative Statement of
Profit and Loss) for two year with five imaginary figures.
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