SECTION A (5 8 = 40 marks) Answer any FIVE questions. All questions carry equal marks.
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1 OCTOBER 20 Time : Three hours Maximum : 00 marks SECTION A (5 8 = 40 marks) Answer any FIVE questions. All questions carry equal marks.. Explain the accounting concepts in detail. PnUQ ¼ß uzxá[pøí ÂÁ. 2. Explain the types of errors. øçpîß ÁøPPøÍ ÂÁ. 3. A owes B the following sums of money due on the dates stated : Rs. 400 due on 5 th Jan Rs. 200 due on 20 th Jan Rs. 800 due on 24 th Jan Rs. 00 due on 26 th Feb Rs. 50 due on 0 th Mar Find out average due date. A Gß Áº B h ö ØÓ PhÝUPõÚ uvpò ßÁ õö ¹. 400 {¾øÁ ¹. 200 {¾øÁ ¹. 800 {¾øÁ ¹. 00 {¾øÁ ¹. 50 {¾øÁ. \µõ\ uáøn õøí PnUQkP. 4. Anand purchased a machine under hire purchase system. Accounting to the terms of the agreement of Rs. 40,000 was to be paid on signing of the contract. The balance was to be paid in four annual instalments of Rs. 25,000 each plus interest. The cash price was Rs.,40,000. Interest is chargeable on outstanding balance at 20% p.a. Calculate interest for each year and the instalment amount.
2 BÚ z Gß Áº Jº C vµzøu ÁõhøP öpõò uà øó À öpõò uà ö\ QÓõº. J u øó À ¹. 40,000US øpö ÊzvkQÓõº. uáøn øó À õßs BskPÐUS ¹. 25,000 ö\¾zxqóõº. CuØS Ámi õp BskUS 20% ö\¾zxqóõº. C vµzvß v ¹.,40,000 JÆöÁõ Á hzvøpõú Ámi ØÖ uáønz öuõøpø U PnUQkP. 5. The following balances are extracted from the books of Ramesh. You are required to prepare the Trial balance as on Particulars Amount Particulars Amount (Rs.) (Rs.) Purchases 20,000 Miscellaneous income 400 Purchase returns 800 Bills payable 7,000 Sales 30,000 Bill receivable,000 Sales returns,000 Cash-in-hand,800 Capital 30,000 Sundry creditors 4,000 Interest (Dr) 400 Discount earned 800 Wages 7,000 Sundry debtors 5,000 Rent 800 Commission (Dr),000 Telephone charges,000 Plant and Machinery 8,000 Cash at Bank 6,000 RÌSÔ mkòí C PÒ Cµ æß HkPμ x vµmh mhx. Cv¼ x ß C õ øá u õº ö\ P. ÂÁµ v ÂÁµ v (¹.) (¹.) öpõò uà 20,000 CuµÁ õú[pò 400 öpõò uà v 800 ö\. õøöa ^mk 7,000 ÂØ øú 30,000 ö. õøöa ^mk,000 ÂØ øú v,000 øp öµõup,800 uà 30,000 PhÜ uõº 4,000 Ámi ( ) 400 uòð i ö ØÓx 800 T¼ 7,000 PhÚõÎPÒ 5,000 ÁõhøP 800 PÈÄ ( ),000 öuõø» ] Pmhn,000 ö õô² ö õôp»ßpð 8,000 Á[Q öµõup 6, Ravi Bros. operate a retail branch at Delhi. All purchases are made by the Head office at Madras goods being charged out to the branch at cost price. All cash received by the branch is remitted to Madras Branch petty expenses are paid out of an interest which is reimbursed by the head office from time to time. From the following particulars relating to Delhi branch. You are required to prepare branch account in the books of the Head office. 2
3 (Rs.) (Rs.) Jan., 983 stock at cost 8,000 Petty exps paid by the Petty cash 800 branch out of interest 700 Plant 0,000 Cash sales during the Dec. 3, 983 stock on cost 7,000 year sale of plant Goods sent to branch 50,000 on July, ,000 (Book value of the plant on the date of sale Rs. 900) 800 Exps. paid by the H.O. 5,000 It is required to write off plant at 20% p.a. µâ µuºì ]À»øÓ Â õ õµ QøÍ JßøÓ öh༠À hzv Á QßÓõº. GÀ»õ öpõò uà háiuøppðus ö\ßøú uø»ø Pzvß» ö\ mhx. ö õ ÒPÎß Âø» QøÍ õà {ºn UP mhx. AøÚzx ]À»øµ öµõup ö\ßøú QøÍ õà ö Ó mhx. QøÍ A¾Á»P ö\ ² ]À»øµ ö\»äpò uø»ø A¾Á¾PzuõÀ öpõkup mhx. R Ç öpõkup mh ÂÁµ[PøÍ öpõsk öh༠QøÍ ß PnUøPz u õ UP. (¹.) (¹.) áúá, 983 ]À»øµ ö\»ä QøÍ õà öuõhup \µuq 8,000 ö\¾zu mhx 700 ]À»øµ öµõup 800 öµõup ÂØ øú 70,000 ö õôp»ß 0,000 ö õô ÂØ øú áüø», ,000 \µuq 7,000 ( zup v ö õôp»ß QøÍUS AÝ mh ÂØ øú õò \µus 50,000 ¹. 900) 800 uø»ø A¾Á»P ö\¾zv ö\»äpò 5,000 ö õôp»ß u õú 20% ( Bsk). 7. Show how the following items will appear in the capital a/c. of the partner Ramesh & Raju when their capital are fixed. Ramesh Raju (Rs.) (Rs.) Capital as on ,200 2,800 Drawings during, ,400 5,600 Interest at 5% on drawings Share of profits for ,360 2,640 Interest on capital at 6%,920,680 Salary 2,800-3
4 ßÁ upáàpøíu öpõsk µ è ØÖ µõáü {ø» uà PnUøPz u õº ö\ P. µ è µõáü (¹.) (¹.) uà AßÖ 3,200 2,800 Gk PÒ ,400 5,600 Gk ß «x 5% Ámi C»õ zvà [S & ,360 2,640 uà «uõú Ámi & 6%,920,680 \ Í 2, X, Y, Z share profits of a firm is the ratio : 4 : 4 On the date of dissolution their balance sheet as follows: Liabilities Rs. Assets Rs. Creditors 0,000 Sundry assets 60,000 X s Loan 5,000 Cash-in-hand,000 Y s Loan 3,000 X s Capital 20,000 Y s Capital 5,000 T s Capital 8,000 6,000 6,000 2 respectively. The assets realised Rs. 45,000 which were received in instalments of Rs. 5,000, Rs. 6,000 and Rs.4,000. Show how proceeds should be distributed as and when required by the following the proportionate capital method. X, Y, Z AÁºPÎß C»õ [S ÂQu : 4 : 4 »PÎß õx C {ø» SÔ ßÁ ÁÚ. ö õö PÒ ¹. ö\õzxupò ¹. PhÜ uõº 0,000 Cuµ ö\õzxupò 60,000 X s Phß 5,000 øp öµõup,000 Y s Phß 3,000 X s uà 20,000 Y s uà 5,000 T s uà 8,000 6,000 6,000 2 TmhõÎ ö\õzxupøí ¹. 45,000US ÂØS AÁØøÓ ßÖ uáønpíõà ö Ó mhx. AøÁ øó ¹. 5,000, ¹. 6,000, ¹. 4,000 BS. CøÁ GÆÁõÖ uà ÂQuõ\õµ i zxu öpõkup mhx Gß øu Põs UP. 4
5 SECTION B (3 20 = 60 marks) Answer any THREE questions. All questions carry equal marks. 9. The following are the Balances extracted from the books at Thiru. Muruga as on Prepare Trading and Profit and Loss a/c. for the year ended 3 st Dec and a balance sheet as on the date. Debit balance Rs. Credit balance Rs. Opening stock 20,000 Capital,00,000 Machinery 40,000 Purchase returns,000 Purchases 70,000 Sales 90,000 Sales Returns,000 Creditors 29,000 Wages 2,000 Salaries 5,000 Office rent 2,000 Insurance,000 Debtors 50,000 Cash 4,000 Bank 25,000 2,20,000 2,20,000 Adjustments : (a) Closing stock is valued at Rs. 20,000 (b) Outstanding salaries Rs.,000 (c) Prepaid insurance Rs. 500 (d) Bad debts Rs.,000 (e) Provide 0% Depreciation on machinery. ßÁ C PÒ Põ Gß Á ß HkPÎÀ AßÖ vµmh mhx. Cv¼ x UPõÚ C»õ mh ØÖ CÖ {ø»u SÔ u õ UP. ØÖ v (¹.) ÁµÄ v (¹.) öuõhupa \µuq 20,000 uà,00,000 C vµ 40,000 öpõò uà v,000 öpõò uà 70,000 ÂØ øú 90,000 ÂØ øúzv,000 PhÜ uõº 29,000 T¼ 2,000 \ Í 5,000 5
6 A¾Á»P ÁõhøP 2,000 Põ k,000 PhÚõÎ 50,000 öµõup 4,000 Á[Q 25,000 \ UPmkuÀPÒ 2,20,000 2,20,000 (A) CÖva \µuq ß v ¹. 20,000 (B) öpõk h Ási \ Í ¹.,000 (C) ßTmia ö\¾zv U Põ k ¹. 500 (D) ÁõµõUPhß ¹.,000 (E) C vµzvß «x u õú 0%. 0. Vijay and Ragavan are equal partners in a business in which the books are kept by single entry. Their position on was as under : Liabilities Rs. Assets Rs. Bills payable 2,400 Cash in hand 540 Sundry creditors 40,000 Cash at bank 27,760 Capital a/c : Bills receivable 9,200 Vijay -,60,000 Sundry debtors 97,300 Ragavan,60,000 3,20,000 Stock 67,600 Plant and Machinery,60,000 Furniture 0,000 3,72,400 3,72,400 On the following was the statement of affairs. (Rs.) (Rs.) Cash-in-hand 800 Cash at bank 3,600 Sundry creditors 42,400 Stock 73,400 Sundry debtors,32,600 Bills payable,200 Bills receivables 7,600 Plant and Machinery and Furniture are to be depreciated by 0%. Drawings : Vijay - Rs. 20,000 and Ragavan Rs. 6,000. Ascertain the profit for the year ended and statement of affairs as on the that date. Prepare capital accounts of partners. 6
7 Âá ØÖ µõpáß C Á TmhõÎPÒ. CÁºPÐUPõÚ JØøÓ vä øó PnUSPøÍ u õº ö\ P UPõÚ upáàpò ßÁ õö : ö õö PÒ ¹. ö\õzxupò ¹. ö\. õøöa ^mk 2,400 øpöµõup 540 PhÜ uõº 40,000 Á[Q öµõup 27,760 uà : ö. õøöa ^mk 9,200 Âá -,60,000 PhÚõÎPÒ 97,300 µõpáß -,60,000 3,20,000 \µuq 67,600 ö õô & C vµ,60,000 øúzxøn ö õ Ò 0,000 3,72,400 3,72, AßøÓ {ø»usô ßÁ õö : ÂÁµ v (¹.) ÂÁµ v (¹.) øpöµõup 800 Á[Q öµõup 3,600 PhÜ uõº 42,400 \µuq 73,400 PhÚõÎPÒ,32,600 ö\. õøöa^mk,200 ö. õøóa^mk 7,600 ö õô ØÖ C vµ øúzxøn ö õ ÒPÎß u õú 0%. Gk PÒ : Âá & ¹. 20,000, µõpáß & ¹. 6, UPõÚ C»õ zøuu PnUQmk, Esø {ø» AÔUøP ØÖ TmhõÎPÎß uà PnUøP² u õº ö\ P.. The following is the baalance sheet of Ram and Ravi Showing profit and losses as to Ram 60% and Ravi 40% as to st May, Liabilities Rs. Assets Rs. Creditors 25,000 Cash 2,000 Bank OD 3,000 Debtors 30,000 P and L a/c. 4,000 Stock 20,000 Capital : Furniture 8,000 Ram - 40,000 L and Building 50,000 Ravi - 30,000 70,000 Goodwill 2,000,22,000,22,000 7
8 They agree to take Rajiv into the partnership to /0 th share on the following terms : (a) That the shall bring in a capital of Rs. 30,000 (b) That the goodwill of the firm be increased to Rs. 5,000 (c) (d) That the provision of Rs.,000 be made for outstanding repairs bills That the value of land and buildings be brought upto Rs. 60,000 being their present worth. Pass the necessary journal entries and prepare the balance sheet of the new firm. µõ ØÖ µâ AÁºPÎß.5.07 Cß C {ø»u SÔ ßÁ ÁÚ. AÁºPÎß C»õ mhu [S ÂQu 60% ØÖ 40%. ö õö PÒ v ¹. ö\õzxupò v ¹. PhÜ uõº 25,000 öµõup 2,000 Á[Q ÀÁøµ ØÖ 3,000 PhÚõÎPÒ 30,000 C»õ mhu P/S 4,000 \µuq 20,000 uà : AøÓP»ß 8,000 µõ - 40,000 {» ØÖ Pmih 50,000 µâ - 30,000 70,000 Øö º 2,000,22,000,22,000 TmhõÎPÒ µõáüæ Gß Áøµ \ºzxU öpõòí J U öpõshúº. AÁ ß /0 [S ÂQuzvÀ JzxU öpõshõº. (A) µõáüæ öpõsk Á u uà ¹. 30,000 (B) Øö ß v Tku»õUP mhx ¹. 5,000 (C) öpõk h Ási Êx õº ØPõÚ JxUP ¹.,000 (D) {» ØÖ Pmihzvß v øó ¹. 60,000 h Âø». uøá õú SÔ k ØÖ v {ÖÁÚzvß C {ø»u SÔ ø z u õº ö\ P. 2. Mumbai Transport Ltd. purchased from Delhi motors three buses costing Rs. 20,000 each. Hire purchase system. Payment was to be made Rs. 5,000 down and the remainder in three equal instalments together with interest at 5%. Mumbai transport writes of 20% on the straight line method it paid the instalment at the end of the first year but could not pay the next. Give the necessary ledger accounts the books of both parties for two years if the hire vendor book possession of all the three busses. The hire vendor spent Rs. 5,800 on getting the busses. Throughly overhawled and sold them for Rs. 50,000. 8
9 ø õusáµzx {ÖÁÚ öh༠À ßÖ xupò öpõò uà AhUP Âø» ¹. 20,000. ßÖ \ õú uáøn øó À ¹. 5,000 ö\¾zv x. CuØPõÚ Ámi 5% ø õusáµzx {ÖÁÚzvß u õú 20%. µi õú øó À ö\¾zu mhx. uà uáøn øó À ö\¾zv x Akzu uáøn øó À ö\¾zu h ÂÀø». CuØPõÚ µk Cµsk ºPÎÀ Cµsk Á h ßÖ xpîß ÁõhøP ÂØ øú AÇS ö\¾zv x ¹. 5,800. v ö Ó mh xpò ¹. 50,000US ÂØP mhx. 3. Ajay, Arun and Ananth share profits in the ratio at 3:2: on their balance sheet was as follows : Liabilities Amount Rs. Assets Amount Rs. Creditors 24,000 Machinery 50,000 General Reserve 6,000 Stock 22,000 Capital : Debtors 9,000 Ajay - 40,000 Goodwill 26,000 Arun - 30,000 Cash 3,000 Ananth - 20,000 90,000,20,000,20,000 On the above date, the firm was dissolved. The assets except cash realised Rs.,20,000. The creditors were settled at Rs. 23,000. Dissolution expenses amounted to Rs.,600. Give necessary ledger accounts. Aá, A s ØÖ BÚ z Gß Á ß [S C»õ 3:2: GßÓ ÂQuzvÀ zx AÎUP kqóx. AÁØÔß UPõÚ C {ø»u SÔ ßÁ õö. ö õö PÒ v ¹. ö\õzxupò v ¹. PhÜ uõº 24,000 C vµ 50,000 ö õxpõ 6,000 \µus 22,000 uà : PhÚõÎPÒ 9,000 Aá - 40,000 Øö º 26,000 A s - 30,000 öµõup 3,000 BÚ z - 20,000 90,000,20,000,20,000 9
10 ØTÔ uv À C u {ÖÁÚ õúx ÈÄØÓx. ö\õzx öµõupzøuz uâµ ¹.,20,000. PhÜ uõ US öpõkup mhx ¹. 23,000, {Ö U Pø» ö\»ä ¹.,600. ØTÔ ÁØÔØS µmku PnUøPz u õº ö\ P. 0
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