Q. 1. A. Answer the following questions in one sentence each. [5]
(1) What is bad debts?
(2) What is surplus?
(3) What are Noting Charges?
(4) What is Gain Ratio?
(5) What do you mean by Analysis of Financial Statement?
(B) Write a word / term / phrase which can substitute each of the
following statements: (5)
(1) Expenses which are paid before due.
(2) Excess of expenditure over income of 'not for profit' concerns.
(3) Payment of the bill before due date.
(4) An account opened to find out the profit or loss on sale of assets
and settlement of liabilities.
(5) A statement similar to balance sheet.
(C) Select the most appropriate alternative from those given below and
rewrite the statements. (5)
(1) If shares are issued at its face value, it is called as issue at
_____________.
(a) premium.
(b) discount.
(c) par.
(d) none of these.
(2) A person who accepts the bill is called __________
(a) drawer.
(b) acceptor.
(c) payee.
(d) creditor.
(3) The capital in the beginning of the accounting year is ascertained
by preparing ______________
(a) closing statement of affairs.
(b) cash account.
(c) statement of profit or loss.
(d) opening statement of affairs.
(4) If any asset is taken over by partner from firm his capital A/c will
be ____________
(a) credited
(b) debited
(c) added
(d) none of these
(5) The proportion in which old partners make a sacrifice is
called ___________ ratio.
(a) capital
(b) gaining
(c) sacrifice
(d) new
(D) State whether the following statements are True or False. (5)
(1) The interest on capital is an income of the firm.
(2) The inland bill which is drawn in and payable in the same country.
(3) The debenture holder is owner of the company.
(4) Purchase of fixed asset is operating cash flow.
(5) Noting charges are payable to the Notary public, in case of honour
of a bill.
(E) Prepare a specimen of Bill of Exchange from the following
information: (5)
(1) Drawee : M.P. Shinde, Siddharth Nagar, Panchgani.
(2) Drawer: M.M. Shaikh, Satara Road, Sangli.
(3) Period of bill : 90 days.
(4) Amount of bill : Rs. 12,800/-
(5) Date of bill : 10th March, 2013.
(6) Date of Acceptance: 14th March, 2013.
Q. 2. Mrs. Meena of Bilaspur has not kept proper books of accounts,
following information is provided to you. (8)
|
Particulars
|
31.3.2012
|
31.3.2013
|
|
Amount (Rs. )
|
Amount (Rs.)
|
|
|
Machinery
|
50000
|
50000
|
|
Furniture
|
50000
|
30000
|
|
Debtors
|
18000
|
25000
|
|
Creditors
|
18000
|
20000
|
|
Stock
|
30000
|
42000
|
|
Outstanding Expenses
|
1500
|
-
|
|
Pre - Paid Expenses
|
-
|
500
|
|
Cash at bank
|
28000
|
40000
|
Further information:
(1) Mrs. Meena introduced additional capital as on 1st October, 2012 by
selling her personal car is Rs. 10,000.
(2) She paid her daughter's college fees from business bank account Rs.
3,000.
(3) Depreciate machinery by 5% p.a.
(4) Provide 2% on debtors for Bad and Doubtful debts.
(5) Interest on capital is to be provided @ 5% p.a. and on drawings @ 5%
p.a.
Prepare: Opening and closing statement of affairs and statement of
profit or loss for the year ended 31st March, 2013.
(A) What are the components of 'Current Ratio'?
(B) What are the different cash inflows and cash outflows of investing
activities?
Q. 3. Rani and Geeta are partners sharing profits and losses 3:2
respectively. Their position on 31st March, 2013 was as follows: [10]
Balance sheet as on 31st March, 2013.
|
Liabilities
|
Amount (Rs.)
|
Assets
|
Amount (Rs.)
|
Amount (Rs.)
|
|
Capital Accounts
|
Building
|
100000
|
||
|
Rani
|
100000
|
Furniture
|
10000
|
|
|
Geeta
|
75000
|
Stock
|
31000
|
|
|
Creditors
|
10000
|
Debtors
|
50000
|
|
|
Bills Payable
|
5000
|
Less: R.D.D.
|
-1000
|
49000
|
|
General Reserve
|
15000
|
Bank Balance
|
15000
|
|
|
205000
|
205000
|
On 1st April, 2013 hey admitted suvarna on the following terms:
(1) Suvarna should bring in cash Rs. 1,00,000 as capital for 1/5 th
share in future profit and Rs. 25,000 as goodwill.
(2) Building should be revalued at Rs. 1,25,000.
(3) Depreciate furniture @ 12.5 % and stock @ 10% p.a.
(4) R.D.D. should be maintained as it is.
(5) The Capital Accounts of partners should be adjusted in their new
profit sharing ration through bank account.
Prepare: Profit and loss adjustment account, capital account and balance
sheet of the new firm.
OR
Q3. The balance sheet of 'Anand Traders, Wardha' is as follows.
Partners share profits and losses as 5/10 , 2/10, 3/10.
Balance Sheet as on
31st March, 2013.
|
Liabilities
|
Amount
(Rs.)
|
Assets
|
Amount
(Rs.)
|
|
|
Capital Accounts
|
Plant and machinery
|
32,000
|
||
|
Sunil
|
36,000
|
Factory Building
|
40,000
|
|
|
Pankaj
|
32,000
|
Stock
|
20,400
|
|
|
Paresh
|
17,600
|
Debtors
|
16,800
|
|
|
Creditors
|
21,200
|
Less: R.D.D.
|
·
800
|
16,00
|
|
General Reserve
|
14,000
|
Cash
|
12,400
|
|
|
1,20,800
|
1,20,800
|
Pankaj retired from the business on 1st April, 2013 on the following
terms:
(1) The assets were revalued as under .....
(i) Stock at Rs. 28,000.
(ii) Factory building is appreciated by 10%.
(iii) Reserve for doubtful debts is to be increased up to Rs. 1,000.
(iv) Plant and machinery is to be depreciated by 10%
(2) The goodwill of the retiring partner is to be valued at Rs. 8,000
and the remaining partners decided that goodwill be written back in their new
profit sharing ratio which will be 5:3.
(3) Amount due to Pankaj is to be transferred to his loan account.
Prepare : (a) Profit and Loss adjustment account
(b) Capital account of partners.
(c) Balance sheet of new firm.
Q4. Raja of Nagpur draws a bill on Pradhan of Bhandara for Rs. 6,000 at
3 months. Pradhan accepted and returned it to Raja. Raja then sent the bill to
bank for collection.
On due date, Pradhan finds himself unable to make payment of the bill
and requests Raja to renew it. Raja accepted a proposal on the condition that,
Pradhan should pay Rs. 1,000 on account along with interest Rs. 250 in cash and
should accept new bill for the balance at 2 months. These arrangements were
carried through. Afterwards, one month before due date of new bill Pradhan
retired his acceptance by paying Rs. 4,850.
Give Journal entries int he books of Raja of Nagpur. [10]
Q5. A, B, and C were partners sharing profits and losses in the
proportion of 2:2:1. Following is their balance sheet as on 31st March, 2013.
[10]
Balance sheet as on
31st March, 2013
|
Liabilities
|
Amount
(Rs. )
|
Assets
|
Amount
(Rs.)
|
Amount
(Rs.)
|
|
Capital Account
|
Machinery
|
25000
|
||
|
A
|
30000
|
Stock
|
10000
|
|
|
B
|
10000
|
Debtors
|
27500
|
|
|
C
|
10000
|
Less: R.D.D.
|
·
1500
|
26000
|
|
General Reserve
|
3000
|
Investment
|
12000
|
|
|
Creditors
|
20000
|
Profit and Loss A/c
|
9000
|
|
|
A’s Loan Account
|
4000
|
Bank
|
2000
|
|
|
Bills Payable
|
7000
|
|||
|
84000
|
84000
|
On the above date, the partners decided to dissolve the firm.
(1) Assets were realised as -
Machinery Rs. 22,500, Stock Rs. 9,000, Investment Rs. 10,500, Debtors
Rs. 22,500
(2) Dissolution expenses were Rs. 1,500.
(3) Goodwill of the firm realised Rs. 12,000
Pass the necessary journal entries int he books of the firm.
OR
Q5. Kisan Co. Ltd. Miraj, issued Rs. 50,000 shares at par Rs. 10 each,
payable Rs. 3 on application, Rs. 4 on allotment and the balance on the final
call. All the shares were fully subscribed and paid except a shareholder Mr. D.
Kapse having Rs. 1,000 shares could not pay the final call. Mr. D. K. Kapse
paid the call - in - arrears amount together with interest after four months of
due date of final call. Company charged interest on the arrears received as per
table ‘A’.
Pass journal entries to record these transactions assuming that call -
in - arrears and interest money received from Mr. D. Kapse in the books of
Kisan Co Ltd. Miraj.
Q. 6. Marathi Vishwa Kosha Centre, Wai, has given you the following
information from which, you are required to prepare. (i) Income and Expensiture
Account for the year ending on 31.03.2013, (ii) Balance Sheet as on 31.03.2013.
Receipts and Payment Account for the
year ending 31.03.2013
|
Receipts
|
Amount
(Rs.)
|
Payments
|
Amount
(Rs.)
|
|
To Balance b/d
|
By Stationery
|
5000
|
|
|
Cash in hand
|
13000
|
By Furniture
[Purchased on 01.01.2013]
|
50000
|
|
To Locker Rent
|
5000
|
By Investments
|
1,00,000
|
|
To Entrance Fees
|
19000
|
By Expenses of Drama
|
33500
|
|
To Sale of old newspapers
|
1500
|
By Postage and telegram
|
2,500
|
|
To Receipts from Drama
|
78,500
|
By Magazines and Newspapers
|
4000
|
|
To Legacies
|
1,10,000
|
By Salaries
|
22,000
|
|
To Miscellaneous Receipts
|
8000
|
By Balance c/d
|
|
|
Cash in Hand
|
3000
|
||
|
Cash at bank
|
1,10,000
|
||
|
330000
|
330000
|
Additional Information:
(1) Capital fund on 01.04.2012, was Rs. 1,08,000.
(2) Legacies are to be capitalized.
(3) Outstanding salary Rs. 3,000.
(4) 50% of entrance fees is to be capitalized.
(5) Depreciation on Furniture @ 10% p.a.
Q7. From the following Trial Balance and adjustments of M/s Apeksha and
Pratiksha; you are required to prepare Trading and Profit and Loss account for
the year ended 31st March 2013 and Balance sheet as on that date:
Trial Balance as on
31.03.2013
|
Particulars
|
Debit
Amount (Rs.)
|
Credit
Amount (Rs.)
|
|
Capital Accounts
|
||
|
Apeksha
|
60000
|
|
|
Pratiksha
|
35000
|
|
|
Purchases and Sales
|
46700
|
85000
|
|
Sundry Debtors and Creditors
|
28000
|
25000
|
|
Bills Receivable and Bills Payable.
|
9600
|
7800
|
|
Opening Stock
|
18000
|
|
|
Wages
|
9900
|
|
|
Investment
|
13500
|
|
|
Postage and Telegrams
|
3600
|
|
|
Insurance
|
1200
|
|
|
Plant and machinery
|
40700
|
|
|
Furniture
|
18000
|
|
|
Cash in hand
|
2500
|
|
|
Carriage
|
3200
|
|
|
Bad debts
|
400
|
|
|
Pre - paid rent
|
7000
|
|
|
Salaries
|
10500
|
|
|
212800
|
212800
|
Adjustments:
(1) The closing stock is valued at Rs. 31,000
(2) Outstanding wages Rs. 1,400.
(3) Depreciate furniture at 10% p.a.
(4) Insurance Rs. 500 is paid in advance.
(5) Provide for further bad debts of Rs. 1,500.
(6) Goods worth Rs. 2,000 withdrawn by Apeksha for her domestic use but
not recorded in the books of account.