- PDF Free Download

Size: px

Start display at page:

Download ""

Ashley Morrison
5 years ago
Views:

1 VIKAS PRE-UNIVERSITY COLLEGE II PUC-COMMERCE ACCOUNTANCY(30) Section A 1. Reserve means the amount set aside out of profits which are not earmarked in any way to meet any particular known liability on the date of balance sheet. It is a part of profit retained for any unknown contingency, liability or decrease in the value of asset. Reserve is an appropriation of profit and is debited to profit and loss appropriation account. 2. The profit and loss appropriation account is merely an extension or a continuation of usual profit and loss account. The profit and loss appropriation is the account which shows the appropriation of profit of the firm or the distribution of profits of the firm among the partners. It records the preliminary appropriation of profits among the partners such as interest on partners capital, interest on partners drawings, partner salary or commission and also the final appropriation of net profits or net losses among the partners Super profit method: under this method, goodwill is calculated by multiplying super profit with the given number of years of purchases, where super profit is the excess of a actual earnings of the business over the normal earnings. 2. Average profit method: Under this method, the given number of years of profit and loss are averaged and the average profit is multiplied by with the agreed number of years of purchase to ascertain goodwill. 4. Deceased partner capital a/c dr To Deceased partner Executors a/c (being balance transferred to deceased partner executors a/c) 5. Dissolution of partnership: 1. The business of the firm is not terminated. 2. Assets and liabilities are revalued and new balance sheet is drawn. Dissolution of partnership firm: 1. The business of the firm is not terminated. 2. Assets are realised and liabilities are paid off. 6. Authorised capital is the maximum amount of capital which a company is authorised to raise from the public by the issue of shares. It is mentioned in the capital clause of the memorandum of association of a company. It is also called a Registered Capital or Nominal Capital. 7. Dividend distribution tax is the amount of tax to be paid to Indian government on all the dividends declared by the company. The company has to pay tax at the rate of % Comparative statement analysis 2.Common size statement analysis

2 3. Trend analysis 9. Examples for Non profit organisations: Hospitals, schools, colleges, libraries etc. 10. Object based logical models Record based logical models 11. Section B Interest on drawings = Total product x Rate x 1/12 = X 10 % X 1/12 = Old Ratio = 6:4 C s share =6/20 Sacrifice share =4/20 : 2/20 New ratio = old ratio sacrifice ratio A = 6/10 4/20 = 8/20 B = 4/10 2/20 = 6/20 C = 6/20 New Ratio = 8:6:6 13. Date o/s month Amount Product Dr Sheenu's Executor's account cr Particulars Rs. Particulars Rs. To Drawings a/c 5000 By Sheenu's capital a/c To balance b/d Total Product By Int. on capital a/c 6000 By Goodwill a/c 5000 By profit and loss suspense a/c

3 14... Journal entries in the book of Karnataka co. ltd. Bank a/c dr To 8%debenture application a/c (being application money received) 8% Debenture application a/c dr To 8%debenture a/c (being application money transferred) 8% Debenture allotment a/c dr To 8% debenture a/c (being the allotment money due) Bank a/c dr To 8% Debenture allotment a/c (being allotment money received) 8%Debenture 1st and final call a/c dr To 8% debenture a/c (Being debentiure first and final call money due) Bank a/c dr To 8%Debenture 1st and final call a/c (being first & final call money received) 15. Inventory turnover Ratio = cost of goods sold =300000/75000 = 3 times Average stock Cost of good sold = sales net profit = = Average stock = = Gross profit Ratio = Gross profit = x 100 = 25% Net sales Shree Sports Club Dr Receipt and Payment a/c for the year ending cr Receipt Rs Payment Rs To balance c/d By subscription Toproceeds from concerts to newspaper 3000 To subscription received By upkeep of ground To rent received 2000 By computers purchased 5000 To Endowment fund 2000 By books purchased 5000 By balance c/d

4 17. Types of Data processing System: 1. Batch processing systems 2. Online processing systems 3. Real processing systems 4. Distributed data processing system (page ) Section c 18. Dr Lease a/c cr Date Particulars Rs Date Particulars Rs To Bank a/c By Depreciation a/c To Interest a/c 2500 By Balance b/d To balance c/d By Depreciation a/c To Interest a/c By Balance b/d To balance c/d By Depreciation a/c To Interest a/c By Balance b/d To balance c/d By Depreciation a/c To Interest a/c By Balance b/d To balance c/d By Depreciation a/c To Interest a/c Dr Interest a/c cr Date Particulars Rs Date Particulars Rs To P & L a/c(transferred) By Lease a/c To P & L a/c(transferred) By Lease a/c To P & L a/c(transferred) By Lease a/c To P & L a/c(transferred) By Lease a/c To P & L a/c(transferred) By Lease a/c

5 Revaluation a/c Particulars Rs Particulars Rs To P.B.D 2000 By Stock a/c 4000 To Dep. On machinery 2000 By App. On Buildings To deo on furniture 1000 To parrtners capital a/c x y z Partners capital a/c Particulars x y z particulars x y z To Goodwill a/c By balance b/d To Z's loan a/c By P&L a/c To Balance c/d By Reserve Fund BY Revaluation a/c By Goodwill a/c Balance sheet as on at Liabiliteis Rs Assets Rs Creditors bank Bills payable bills Receivable Z's loan Debtors less: less : PBD Stock add: App Capitals: Machinery x less: dep y furniture less: dep Building add: App

6 20. Dr Realisation a/c cr Particulars Rs Particulars Rs To Bills receivable By Creditors To Debtors By Bills payable To Motor car By Bank loan To Machinery To Furniture By Cash a/c: To Building Buildings Machinery To Cash a/c B/R Creditors Debtors Bills Payable 9500 Unrecorded assets Bank Loan By Raju's capital a/c To Cash a/c 2000 (motor car taken over) (dissolution expenses) By Ravi's capital a/c To Partners capital a/c (Furniture taken over) Raju Ravi Dr Partners capital a/c cr Raju Ravi Raju Ravi To profit and loss a/c By Balance b/d To realisation a/c By General reserve a/c (assets realised) By Realisation a/c To cash a/c Dr Cash a/c cr To Balance b/d 5000 By raju's loan a/c 5000 To Realisation a/c By Realisation a/c (assets realised) (liabiliteis paid off) By Realisation a/c 2000 By raju's capital a/c By Ravi's capital a/c

7 21... Journal entries in the books of Sagar co. ltd. particulars l.f debit credit Bank a/c dr To share application a/c (being application money received ) Share application a/c dr To share capital a/c (being application money transferred to share capital a/c) share allotment a/c dr Discount on issue of shares a/c To share capital a/c (being allotment money due) Bank a/c dr To share allotment a/c (being allotment money received ) share first call a/c dr To share capital a/c (being share first call money due) Bank a/c dr To share first call a/c ( being share first call money received) share final call a/c dr To share capital a/c (being share final call money due) Bank a/c dr To share final call a/c being final call money received exept 1000 shares) Share capital a/c dr To discount on issue of shares a/c To forfeited shares a/c To share final call a/c (being non payment of final call on 1000 shares) Bank a/c dr Forfeited shares a/c dr To Share capital a/c (being forfeited shares are reissued) Forfeited shares a/c dr To Capital Reserve a/c ( Being balance transferred to capital reserve a/c)

8 22.. Balance Sheet as on at equity & Liabiliteis notes Rs. I. Shareholder's Funds: Share capital Reserves and surplus II. Non Current Liabilities Long term Borrowings III. Current Liabiliteis Short term borrowings 4 nil Trade payable Other current liabiliteis 5 nil Short term provisions Assets TOTAL Non current assets fixed assets 7 Tangible assets Intangible assets Current assets Investments nil Inventories Trade receivables cash and cash equivalents Short term loans & advances TOTAL Statement of Profit &Loss for the year ending 31/3/2016 particulars Notes Rs. Income Revenue from operations less: Returns Revenue from operations less: Excise duty Revenue from operations Other income Total income from operations Expenses Cost of materials consumed Purchase of stock in trade Changes in inventory employee benefit expenses Finance costs 16000

9 Depreciation Other expenses Total expenses Profit before tax less: tax Profit after tax Note 1: Share capital Amt. Equity capital Note 2: Reserve & surplus General reserve add: Transferred to reserve Closing balance Surplus opening balance add: surplus from P&L less: Appropriation Proposed dividend transferred to G.R Note 3 : long term borrowings 8% debentures Note 4 : Short term borrowings Note 5: Other current liabiliteis Trade payable Note 6: short term provisions Provision for taxation DDT 8498 Prop. Dividend Note 7:fixed assets Particulars gross dep netblock Goodwill Patents Machinery Buildings Furniture Note 8: trade receivables Note 9: Cash & Cash equivalents Note 10: Short term loans & Advances nil

10 Note 11: employee benefit expenses Salary & Wages Note 12: Finance cost Int. on debenture Note 13: Depreciation Common size Balance sheet as on at 2015 & % 2016 % Share holders fund Share Capital Reserve & Surplus Total(A) Non Current Liabilities Debentures (B) Current Liabiliteis Trade payables Short term Provisions Total Total(A+B+C) Assets: Non Current assets Tangible assets Intangible Assets Total(A) Current Assets Current Investment Inventoreis Trade Receivable Cash in hand cash at bank total (B) Total (A+B)

11 24.. Sun Club Dharwad Income and expenditure a/c for the year ended 31/3/2016 Expenditure Rs Income Rs To salary By subscription add: o/s add: o/s 5000 To telephone charges To Games expenses less: received in advance To Office expenses By games fees To Depreciation : By Interest furniture 3000 Sports material Buildings to excess income over expenses Balance sheet as on at Liabiliteis Rs Assets Rs Tournament fund Sports materials less: tournament expenses less: dep outstanding salary 2000 Buildings subscription received in advance 3000 less: dep Capital fund: Furniture Life membership fees less: Dep Donation Investments Entrance fees Cash excess income O/S Subscription Section D Comparative statement of profit &loss of ABC co. for the year ending 2015 & increaseor decrease % Revenue from operations Other incomes Total (A) less: Expenses(B) (-)66000 (-)13.04 Profit before tax less:tax profit after tax

12 26.. Dr Machinery a/c cr Date Particulars Rs. Date Particulars Rs By Bank a/c By Depreciation a/c 5000 By balancce c/d To Balance b/d By depreciation a/c 5000 By Balance c/d Dr Partners Current a/c cr Particulars Bhavi Rakshi Particulars Bhavi Rakshi To drawings a/c By interest on capital To Interest on drawings a/c By salary 1500 To Balance c/d By Profit &Loss app. a/c

SURANA IND. PU COLLEGE

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