DAY SEAT NUMBER 2

2023 VIn 01 1100

J-609 (E)

BOOK KEEPING & ACCOUNTANCY (50)

(11 Pages ) Max. Marks : 80

Time : 3 Hrs.

Q. 1. Allobjective questions are compulsory : [20]

(A) Write the word/phrase/term which can substitute each of

the following statements : (5)
(1) Debit balance of trading account.

(2) The receipts which are not recurring in nature.

N.R.R.
(3) Capital employed X
100
(4) Fees charged by notary public for getting the fact of
dishonour noted.

(5) The person who purchases the share of a company.

(B) Conmplete the following statements : (5)
(|) Return outwards are deducted from
(2) Receipts and Payments account falls under the
category of account.

(3) Revaluation Account is also known as account.

(4) Making payment of the bill before the due date of

maturity is known as
(5) Benefit Ratio = New Ratio
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 (C) Answer in one sentence only (5)

(1) When is partners' current account opened?

(2) What is surplus?
(3) What is sacrifice ratio?
(4) Who is called insolvent person?
(5) What isComputerized Accounting System?
(D) Select the most appropriate alternatives from the following
and rewrite the sentences : (5)
(1) The Indian Partnership Act is in force since
(a) 1932 (b) 1881
(c) 1956 (d) 1984
(2) Not for profit organisation is also called
organisation.
(a) Service (b) Trading
(c) Profit making (d) Commercial

(3) Rishi, Ratna and Ruchira are sharing profits and losses
1 3 1
and if Rishi retires then their new ratio
2 10 5

will be
(a)5: 2 (b) 3:2
(c) 5:3 (d) 2:5
(4) Assets and liabilities are transferred to Realisation
account at their value.

(a) market (b) purchase

(c) sales (d) book

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 (S) The common size statement requires
(a) Common base (b) Journal entry
(c) Cash flow (d) Current ratio

sharing [10|
0. 2. Mr. Rajeev and Mr. Sanjeev were in partnership,
profit and losses in the proportion of 3:1respectively.Their
Balance Sheet as on 31 March, 2020was as follows:
Balance Sheet as on 31 March, 2020
Amount Amount
Liabilities Assets
)
Building 1,80,000
Capital.:
1,80,000 Stock 1,20,000
Mr. Rajeev
Mr. Sanjeev 1,50,000 Debtors 93,000
12,000 Cash 12,000
General reserve
Sundry creditors 63,000
4,05,000 4,05,000

in the firm on the

Mr. Mahesh is admitted as a partner
following terms :
(1) Mahesh shall have th share in profit of the firm.
4
his capital and R60,000
(2) He shallbring in cash ?1,20,000 as
as his share of goodwill.
24,000 and the stock is
(3) Building overvalued by
undervalued by 25% in the books.
debts2,400 on debtors.
(4) Provide reserves for the doubtful
Revaluation Account, Capital
Youare required to prepare:
Sheet of the firm after
Accounts of partners and Balance
admission of Mr. Mahesh.
OR
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 The Balance Sheet of Kiran, Suraj and Dhiraj sharing profit and
losses 3:2:1respectively.
Their Balance Sheet as on 31 March, 2020 was as follows :
Balance Sheet as on 31 March, 2020
Liabilities Amount Amount
Assets

Capital: Bank 1,08,000

Kiran 2,40,000 Debtors 1,80,000
Suraj 1,80,000| Building 1,20,000
Dhiraj 1,20,000 | Investment3,00,000
Creditors 44,000
Bills payable 24,000
Loan 1,00,000
7,08,000 7,08,000
Dhiraj has taken retirement on 1April, 2020 on the
following terms:
(1) Building and investment to be appreciated by 5% and 10%
respectively.
(2) Provision for doubtful debts to be created at 5% on
debtors.
(3) The provision of 6,000 to be made in
respect of
outstanding salary.
(4) Goodwill of the firm is valued at
1,80,000 and partner
(Dhiraj) decided that his share of goodwill should be
written back immediately.
(5) The amount payable to the retiring partner is to be
transferred to his loan account.
Prepare (a) Profit and Loss Adjustment Account
(b) Partners' Capital Account
(c) Balance Sheet of the New firm.
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 |10|
0.3. The following is the Balance Sheet of partners Aarti and
Akanksha as on 31 March, 2019:
Balance Sheet as on 31 March, 2019
Amount Amount
Liabilities Assets
()
Capital : Furniture 12,000
Aarti 12,000|Patents 2,400
Akanksha 10,000 Goodwill 4,000
General reserve 4,000 Debtors 7,600
Aarti's Loan A/c 4,000 Less: R.D.D. 400 7,200
Creditors 6,000 Stock 10,000

Bills payable 2,000 Bank 2,400

38,000 38,000

On 1 April, 2019 the firnm was dissolved :

() Aartitook over patents at a value of4,000.

(2) The assets were realised as under :

Furniture Z13,000, Goodwill Z6,000, Stock 8,000 and

Debtors R6,000.
(3) Creditors were paid off at a discount of 10% and other
liabilities were paid in full.
(4) Expenses for realisation amounted to ? 3,000 which were
borne by Akanksha.
Prepare :
(a) Realisation Account
(b) Partners' Capital Account
(c) Bank Account
OR

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 24,000. Varun
Mr. Aman sold goods to Varun worth
accepted the billfor 2 months for the same amounton the same
date.

Aman discounted the bill with bank after one month at

15% p.a.
The bill was dishonoured on the due date and Varun
requested Aman to accept 4,000 and interest in cash on
remaining amount at 11% p.a. for 3 months. Aman agreed and
for the balance Varun accepted a new bill at 3 months.
On the due date of the new bill, Varun became insolvent
and only 20% amount could be recovered from his estate.
Pass journal entries in the books of Aman.

Q. 4. Ankur Company Limited invited applications for 65,000 equity 8]

shares of 100 each at par payable as follows :
On applícation 30
On allotment 40

On first and final call 30

The public applied for 50,000 shares and all these were
alloted. Allmoney due were collected with an exception of first
and final call on 5,000 shares, these were forfeited.
Pass journal entries in the books of Ankur Company
Limited.
OR

Explain the features of Computerised Accounting System.

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 sharing profit and losses in [8]
0.5. Jay, Ajay and Vijay were partners
the ratio 2:2:1respectively.
follows :
Their balance sheet as on 31S March, 2020 was as
Balance Sheet as on 31S March, 2020
Amount Amount
Liabilities Assets
()
Building 40,000
Capital Account
40,000 Furniture 30,000
Jay
50,000 Debtors 30,000
Ajay
30,000 Bank 80,000
Vijay
General reserve 20,000

Creditors 30,000

Bills payable 10,000

1,80,000 1,80,000

Vijay died on 1st July, 2020.

Building was revalued to 60,000 and reserve for doubtful
(1)
debtors.
debts is to be created at5,000 on
revalued to 35,000.
(2) Furniture was to be
The drawing of Vijay upto the date of his death amounted
(3)
to12,000.
of1,000 is to be charged.
(4) Interest on drawing
Vijay's share of goodwill should be calculated at 2 years
(5)
the last 5 years which
purchases of the average profitfor
were :

60,000; Il year ?50,000; IIl year 780,000;

Iyear
year |,00,000 and V year 1,20,000.
IV
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 (6) The deceased partnersshare of profit
upto his death to be
calculated on the basis of average profit of last two
(IV and V years). years
Prepare :
(a) Working of Vijay's share of
profit.
(b) Working of Vijay's share of
(c) Revaluation Account.
goodwill.
OR
Income statement for the year ended 31S March, 2019
and
31St March, 2020 is given below :

Particulars 31St March 2019 31St March 2020

() )
Net sales
10,00,000 12,00,000
Less : Cost of goods sold 6,00,000 7,20,000
Gross Profit 4,00,000. 4,80,000
Less : Office and administrative
expenses 1,10,000 1,44,000
Selling and distribution
expenses
1,05,000 1,32,000
Net Profit 1,85,000 2,04,000

Prepare :
(1) Common size income statement for the
year 31 March.
2019 and 31 March, 2020.
(2) State in which year the profitability was better?

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0. 6. Dr. Dhanashri started (business) of medical practitioner on 1" April, |12|
2019. She gives you the Receipts andPayment Account for theyear
ended 3 1S March, 2020 and the adjustiments.
Prepare Income and Expenditure account for the year ended
31s March 2020 and Balance Sheet as on that date:
Receipts and Payments Account
Cr.
Dr. for the year ended 31" March, 2020
Amount Amount
Receipts Payments
)
To Cash introduced 50,000| By Furniture 16,000

To Visit fees 20,000 By Equipment 20,000

By Drugs 14,000
To Receipts from
60,000| By Salary 36,000
dispensary
10,000| By Conveyance 8,000
To sundryreceipts
By Stationery 11,000

By Journals 1,000

By Drawings 30,000

By Balanced c/d

cash 4,000

1,40,000 1,40,000

Additional information:
dispensary 1,000
(1) Visit fees 74,000 and receipts from
outstanding.

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 (2) Stock of drugs 2,000
(3) Depreciate furniture @10% p.a. and equipments 1,000.
(4) 40% conveyance was for domestic purpose.
(S) Cash introduced s0,000 should be considered as, capital
fund.

Q.7. Seema and Vivek are partners sharing profit and losses in the |12]
ratio of1:1.
From the following trial balance and additional information
prepare Trading and Profit and Loss Account for the year ended
31S March, 2020 and Balance Sheet as on that date :

Trial Balance as on 315 March, 2020

Amount Amount
Debit Balance Credit Balance
() ()
Stock (1st April, 2019) 65,000 Capital :
Wages and salary 9,000 Seema 1,60,000
Debtors 1,32,500 Vivek 1,20,000
Bad debts 1,000| Creditors 78,000
Purchases 1,48,000 |Sales 1,84,200
Motor car 68,000 Purchases return 4,000
Sales return 2,000| Interest 1,800
Building 75,000
Bank balance 35,000
Advertisement
(paid for 9 months) 4,500
Audit fees 5,000
Printing and stationery 3,000
5,48,000
5,48,000
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 Adjustments :
(1) Closing stock 40,000.
(2) Depreciate building @5% and motorcar (@3% p.a.
(3) Create a provision for bad-debts ?1,800.
(4) Prepaid expenses - wages 700.
(5) Interest receivable 900.

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