SURANA IND. PU COLLEGE

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1 SURANA IND. PU COLLEGE SOUTH END ROAD, BANGALORE II PUC ACCOUNTANCY MODEL QUESTION PAPER VI Time 3Hrs 15Mins Max. Marks: 100 SECTION A I. Answer any seven questions each carrying two marks: 7x2=I4 1. Bring out the difference between the Reserves and the Provision. 2. Mention any four contents of Partnership Deed? 3. Name any two methods of valuation of Goodwill. 4. Give Journal entry for payment made immediately to the retiring partner. 5. Why is realization account prepared? 6. What is Oversubscription? 7. Name the two types of financial statements. 8. State any four techniques of financial statement analysis? 9. What are legacies? 10. Give the meaning of Data base Management system? SECTION - B II. Answer any four of the following questions, each carrying five marks: 4 x 5 = A and B commenced business with capitals of 1,50,000 and 1,00,000 respectively on They agreed to share profits in the ration of 6:4. Their profits for the year ending 31st March 2016 were 55,000 before allowing the following: a) Interest on partners' capital at 6% p.a. b) Interest on partners' drawings A 2,000 and B1750 c) Interest on partners' loan at 10% p.a. d) Annual salary of B 2,400 Their drawings during the year were: A Rs and B Rs 17,500. B has advanced a loan of 30,000 to the firm on

2 Prepare profit and Loss Appropriation Account for the year ending 31st March, X, Y and Z are partners sharing profits and losses in the ratio of5:3:2.akbar retires from business. His share is gained by X and Z in the ratio of 2:1. Calculate their new profit sharing ratio. 13. Ajith, Sujith & Punith were partners in a firm sharing profit & losses in 2:2:1. On , they had capitals of 60,000, 40,000 & 30,000 respectively. On 31st July, 2016, Ajith died & his executors are entitled for the following: a. His capital as on b. Interest on his 6% p.a. c. His share of goodwill. The goodwill of the firm was valued at 25,000. d. His share of accrued profit upto the date of his death, to be calculated on the basis of average profits of two preceding years. The profits were : : & : 28,000 e. His drawings up to the date of death amounted to Rs 4,250. Prepare Ajith's Capital Account. 14. Rajesh Ltd. issued 10,000 6% debentures of Z100 each at a discount of 10% payable Z 20 on application Z 20 on allotment and 50 on first and final call. Pass Journal entries upto allotment money received. 15. Compute stock turnover ratio from the following information: Net Sales: Rs 1,00,000 Gross profit: Rs 25,000 Closing stock: Rs 30,000 Excess of closing stock over opening stocks Rs 10, From the following particulars, prepare the receipts and payments account of Mangalore club for the year ending Rs. Cash in hand on Subscriptions received 15,000 Legacies 5,000 Government grants for buildings 40,000

3 Tournament expenses 5,000 Rates and taxes 1,500 Honorarium to secretary 6,000 Sports material purchased 10,000 Interest due but not receivable 2,000 Rent payable 3, Briefly explain the qualities of information. SECTION C III. Answer any four questions, each question carries fourteen marks: 4 x 14 = A lease is purchased on for a term of 5years by payment of Rs It is proposed to depreciate the lease by the annuity method charging 5% interest. If annuity of Re.1 for 5years at 5%is , show the lease a/c and depreciation a/c. 19. Arathi and Bharathi are partners in a firm sharing profits and losses in the ratio of 2:1.Thier Balance sheet as on stood as follows: Balance Sheet as on Liabilities Rs. Assets Rs. Creditors Bills Payable 14,000 Cash at bank Stock 16,000 Capitals: Debtors 16,000 Arathi Bharathi P and L a/c 40,000 3,000 Less:Provision 500 Furniture Plant and Machinery Land and Buildings Patents 15,500 3,500 18,000 4,000 97,000 97,000 On , Spoorthi is admitted into the partnership on the following terms: a) Spoorthi should bring Rs.18,000 as capital. b) Goodwill of the firm is valued at Rs.6,000 and is to be shown in balance sheet. c) Stock and Buildings are to be increased at 5% each.

4 d) Provision for doubtful debts is to be increased to Rs.1,200. e) Patents and Machinery are to be reduced by 20% and 10% respectively. Prepare: Revaluation Account, Partners` Capital Accounts, Bank Account and Balance Sheet of the new firm. 20. Jyothi, Preeti and Keerti are partners sharing profits and losses int he ratio of 5 : 3 : 2. Their Balance Sheet as on was as follows: Balance Sheet as on Liabilities Rs Rs Assets Rs Rs Creditors 15,000 Cash in hand 1,000 Jyothi's loan 5,000 Cash at Bank Bills payable 10,000 Debtors 26,000 Bank Loan 8,000 Less: RBD 1,000 25,000 Reserve fund 12,000 Investments 18,000 Profit and Loss A/c 10,000 Machinery 25,000 Capitals: 50,000 Furniture 16,000 Jyothi Bills receivables 5,000 Preeti Keerti 10,000 1,10,000 1,10,000 On the above date the firm was dissolved: a. The assets were realized as under: Debtors 24,000, Bills Receivable 4,000, Investments 15,000 and Machinery 22,000. b. Preeti took over Furniture for Rs. 10,000. c. Creditors and Bills payable are discharged at 5% Discount d. Bank loan paid in e. Unrecorded Investment realized for Rs. 4,000 f. Realization Expenses paid Rs. 1,250. Prepare: Realization Account, Partners' Capital Accounts and Bank A/c. 21. The ABC Co. Ltd., with a registered capital of Rs.30,00,000 divided into 30,000 shares of Rs.100 each. The Co. Issued shares at a discount of Rs.10 per share. The amount was payable as follows. Rs.10 on application

5 Rs.40 on allotment Rs.20 on first call and Rs.20 on final call. The public have subscribed 18,000 shares and all the money was duly received expect the first call on 1,000 shares and the final call on 2,000 shares. The directors forfeited these shares and then re-issued the same as fully paid at Rs.90 per share. Pass the necessary journal entries in the books of the company. 22. From the following trial balance prepare Final Accounts of Nishi Trading Company Limited for the accounting period 31 st March, 2016 Particulars Debit Credit Sales 6,54,000 General reserve 12,000 Opening Inventories 58,400 Trade Payables 25,890 Purchase of Traded Goods 2,32,080 Depreciation on Tangible Assets 15,500 Trade Receivables 85,000 Salary Expenses 98,470 Provision for Bad and Doubtful Debts 5,000 Cash and cash Equivalents 35,500 Tangible Assets 1,55,000 Freight 48,880 Amortisation on Tangible Assets 18,500 Sundry Expenses 42,860 Share capital (equity shares of Rs.100 each) 2,50,000 P & L A/c 7,000 Preliminary Expenses Power Fuel 54,200 Bad Debts 3,500 Intangible Assets 86,000 Total 9,53,890 9,53,890

6 Adjustments:- 1. Closing Inventories Rs.28, Create Provision for taxation at 30% 3. Write off 1/5 th of Preliminary Expenses 4. Directors proposed dividend of 15% 5. Write off Rs.2,500 as Bad debts and maintain PBDD at 10% on Debtors. 23. Convert the following Balance sheet into Comparative Balance Sheet. Balance sheet as on 31 st march 2015 and 2016 Liabilities 31/3/ /3/2016 Assets 31/3/ /3/2016 Equity share capital Buildings Reserves and surplus Machinery Debentures Furniture Creditors Investment Bills payable Cash Stock Debtors Rajesh cricket Club, Bangalore was started on Its Receipts and Payments Account for the year ending was as follows: Dr Receipts and Payments A/c for the year ending Cr Receipts Rs. Payments Rs. To Endowment Fund To Donations To Tournament Fund To Life Membership Fees To Entrance Fees To Fees from Functions To Subscriptions 45,000 12,000 12, ,000 6,000 By Tournament expenses By Furniture By Sports Materials By Function Expenses By Printing By Rent By Salaries By Postage Stamps By Fixed Deposit in Bank 7,600 15,800 30,400 18,000 1,000 2,400 7, ,000

7 By Balance c/d 1,900 1,19,600 1,19,600 Adjustments: a) Expenses Outstanding: Salaries Rs.2,400 and Printing Rs.1,000. b) Subscriptions due for the year ending were Rs.4,000. c) Sports Materials on were valued at Rs.20,400 and postage stamps on hand Rs.40 d) Entrance fees and life membership fees are to be capitalized. Prepare the Income and Expenditure Account for the year ended and the Balance sheet as on that date. SECTION D (Practical Oriented Questions) IV. Answer any two questions, each carrying five marks. 2 X 5 = How do you treat the following in the absence of partnership deed? a) Interest on capital of partner b) Interest on drawings on partners c) Interest on loan of partners d) Distribution of profit and loss and e) Salary and commission to partners 26. Write the pro-forma of vertical balance sheet of a joint stock company with appropriate heads only. 27. Prepare the common size income statement for two years with five imaginary figures.

SURANA IND. PU COLLEGE

SURANA IND. PU COLLEGE SOUTH END ROAD, BANGALORE II PUC ACCOUNTANCY MODEL QUESTION PAPER III Time 3Hrs 15Mins Max. Marks: 100 SECTION A I Answer any seven questions each carrying two marks: 7x2=I4 1. State