SAGDISH: Ae BA. CM. ss! pari senor [TT TTT 2025 | VII BOOK KEEPING & ACCOUNTANCY (50) 07] [1100 | J-422 | (11 Pages) Q.1. All objective questions are compulsory : [20] (A). Select the most appropriate alternatives from the following and rewrite the sentences : (6) _ @ 2) @) 4) }) In tally, Fixed Deposit Account comes under ~ group. (a) Investments / (&) Current Liabilities (ce). Bank Account (d) Current Assets Before acceptance the bill is called a/an aa; (a) order (b) request © draft/ @) instrument If asset is taken over by the partner, account is debited. (a) revaluation (b) capital ~ (©) asset. (d)_ balance sheet Donation for building fund is . (a) revenue receipt (b) capital receipt ~ (©) capital expenditure (d) revenue expenditure The Indian Partnership Act is enforced since . (@) 1932 7 (b) » 1881 (© 1956 @) 1984 — 94)®) We Write a word / term / phrase which can substitute each of the following sentences .: ®) ) Issue of shares at its face vahie. 4 2) Money value of business reputation earned by the firm over a number of years. 4402 peat, Goi (8) Capital employed NER. oar VE (4). The receipts which are recurring in nature. (6) Under this method, capital balances of partners ; A Cop who remain constant. eee ‘ (C) Answer in one sentence‘only : ©) (1) To which account profit is to be transferred upto the date of death of partner? >" (2) How many days of grace are allowed to honour a ‘tt -- +4; (3) Who should bear the capital deficiency of insolvent partner? eo (4) What is Entrance Fees? (5) What do you mean by pre-received income? (D) Do you agree or disagree with the following statements : (5) (1) On dissolution, cash/bank account is . closed automatically. ~~ ws (2) Financial statement includes only Balance Sheet. » (3) On retirement of a partner, sacrifice ratio is considered. * ~ (4). Receipts and Payments Account is a Real Account. (5) Current Account always shows debit balance. x[10] i d @2. Nishant and Yogesh were partners sharing profits 2” \) Jogses in the ratio 3: 1. Their Balance Sheet as oD 31% March, 2022 was as follows: : Balance Sheet as on 31* March, 2022 Pe [ mee | Gapttal’Account :- =: Cash in hand Nishant Yogesh Reserve Fund 75,000 Bills Receivable 1,56,000 | Debtors 75,000 7,500 81,000 24,000 | Less: R.D.D. Creditors 45,000 They admitted Niharika for $* share on 1* April, 2022 on the following terms : (1) Niharika shall bring 60,000 as her capital. (2) Niharika shall pay her share of goodwill in cash. Goodwill will be calculated on the basis of 4 years’ purchase of profits of last 5 years. : Profits since last five years are given as under : 2016 - 17 — % 30,000 2017 - 18 — % 22,500 2018 - 19 — % 37,500 2019 - 20 — 15,000 : Qs , 2020 - 21 — % 22,600 ge roo(8) Assets were revalued as under : sock Furniture € 22,500, Bills Receivable © 60, 000, % 30,000, R.D_D. to be increased upto € 15,000. (Bills payable of € 7,500 have been omitted from books. Prepare : (a) Revaluation Account = (b) Partners’ Capital Account (©) Balance Sheet of the new firm. OR Riddhi, Siddhi and Kirti are partners in a firm. They share profits and losses in the ratio 3: 1: 1 respectively. - Their Balance Sheet as on 31" March, 2020 is given below : Balance Sheet as on 31* March, 2020 Creditors Bills Payable ,000 | Plant and Machinery General Reserve ,000 | Building Capital Accounts : Livestock Riddhi 30,000 | Debtors Siddhi ,05,000 | Freehold property Kirti - 0 Bank , On 1st April, 2020 Kirti retired on the following terms : (1) Goodwill was valued at % 50,000 and to be retainedin the _ business. C (2) Assets were revalued as under: Page 4Debtors - % 57 000, Live Stock — z 65, 000, Building — 82,000, Plant and Machitiery ~ € 41,000, Motor Truck -%1,00,000 (3) Riddhi and Siddhi contributed additional capital through RTGS of € 55,000 and % 30,000 respectively. (4) Balance of Kirti’s capital account to be transferred to her loan account. Pass Journal Entries in the books of the new firm. / Virat, Rohit and Hardik were partners sharing Profits and [10] Losses in the ratio 2: 2: 1. They decided to dissolve the firm on 31* March, 2021 when their position was as under : Balance Sheet as on 31" March, 2021 Capital Accounts : Building Virat 52,000 | Furniture _ Rohit 44,000 | Goodwill Hardik 36,000 | Debtors Creditors © 2,40,000 | Bank The firm was dissolved on the above date and the assets were realised as under : : (1) Building - % 80,000, Furniture - % 60,000, Debtors — % 20,000. :(2) Realisation expenses amounted to % 4,000. (3) All the partners were insolvent and amount recovered from Virat % 4,000 and Rohit % 4,000. Prepare necessary ledger accounts to close the books of. the firm. OR On 1* April, 2022 Disha sold goods to Priya worth 50,000. Priya accepted the bill on the same date for 3 months drawn by Disha. _ On 30" June, 2022 Priya requested to Disha for renewal ofthe bill. Disha agreed on the condition that Priyashould pay % 20,000 in cash and accept a new bill for the balance plus interest % 600. Priya accepted the new bill drawn by Disha for 2 2 months for the balance plus interest. On the due date of the new bill, it was honoured by Priya. : Pass. Journal Entries and prepare Priya’s Account in the Books of Disha. Dhiraj, Suraj and Leena were partners sharing profits and losses in the ratio 2.: 1: 1 respectively. Their Balance Sheet as on 31" March, 2022 was as under : [8]Balance Sheet as on 31 March, 2022 Capital Accounts : Furniture Dhiraj Land and Building Suraj Leena Creditors 50,000 | Bank General Reserve Leena died on 30% June, 2022 and the following adjustments were agreed as per deed : (1) Stock, furniture and Land and Building are tobe revalued at % 16,700, % 16,200, % 30,100 respectively. (2)' Leena’s share in goodwill is to be valued from firm's goodwill which was valued at three years’ purchases of average profits of last 4 years. ot/ Profits for last four years: ° | Year Amount of Profit ®) I 30,000 fy AS IL 25,000 Il 25,000 Iv 40,000 (3) Leena’s profit upto the death is to be calculated on the “basis of profit of last year. (4) Interest on capital at 10% p.a. is to be allowed. (308 DLE Page7 P. .T.O.(5) Leena’s drawings upto the date of death was % 2,700. Prepare : (a) Leena’s Capital Account () Lena's share of goodwill (©) Leena’s share of profit upto the date of her death : OR Explain the classification / types of Accounting packages. t Q.5. Saraswati and Sons Ltd., Nagpur invited applications for [8] 50,000 equity shares of @ 10 each,-payable as’ under : Q6 1 On Application ta.” | 1 On Allotment | - %3 ; On First and Final call %4 Applications were received for 50,000 shares. All the | shares were allotted. Ail the money was duly received éxcopt =... | First and Final call on 5000 shares, which were forfeited: Pass Journal Entries in Books of Saraswati and | [cenit Sons Ltd. OR Bank Balance Sheet of Olam Ltd. for the year ending 31" March, 2021 is given below : Balance Sheet as on 31 March, 2021 Equity Share Capital 4,50,000 | Fixed Assets Preference Share Capital 40,000 | Investments ° * 2]2] Page 875,000 | Current Assets 3,65,000 Reserve and Surplus Secured Loans Unsecured Loans Current Liabilities You.are required to prepare common size statement for the year ending 31" March, 2021. 8] Q.6. Following information has been provided by Gajanan Charitable Hospital, Yavatmal. You are required to prepare Income and Expenditure Account for the year ending 31" March, 2021 and Balance sheet as on that date : Balance Sheet as on 1" April, 2020 Capital Fund Hospital Equipments Bank Loan Ambulance Outstanding Bill for drugs Building Stock of drugs Cash in hand Page 9 fay P.T.O.Receipts and Payments Account , for the year.ended 31" March, 2021 apt ir, Dr. g 4 Amount ipts eceip © To Balance b/d _ 2,000 | By Staff Salary To Life Membership By Honorarium to Fees Doctors To Hospital Receipts By Repairs (Revenue) By Furniture To Subscriptions By General Expenses By Purchase of drugs (includes ¥ 20,000 for 2019-2020) By Balance C/d 3,83,200 Adjustments : (1) Depreciate Building by 5% p.a. and Ambulance by % 15,000. : : (2) On 31* March, 2021 Stock of drugs was valued at % 11,000. (3) Life Membership Fees has to be capitalised."Ram and Shyam are partners sharing profits and losses equally. You are required to. prepare Profit and Loss Account and Balance Sheet only for the year ending 31% March, 2022 from the information given below : Trial Balance as on 31" March, 2022 Debit Balances , Credit Balances Insurance 30,000 | Capital Account: Ram Land and Building (Addition of % 40,000 w.e.f. 1* July, 2021) Salaries Shyam 10% Bank loan | (taken on Export Duty Rent 1* October, 2021) Interest Furniture | Bills Payable Debtors Adjustments : (1) Closing stock was valued at %69,000. (2) Grogs Profit amounted to % 69,000 (8) Insurance paid for 15 months w.e.f. 1* April, 2021. (4) Depreciate Land and Building @10% p.a. and Furniture @ 5% p.a. (5) Write off % 2,000 for bad debts and Maintain R.D.D.@5% on Sundry Debtors. ooo 1 \ a 0 ee Mo p22] ge