HSC Commerce (English Medium)
HSC Arts (English Medium)
HSC Commerce: Marketing and Salesmanship
Academic Year: 2012-2013
Date: मार्च 2013
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what is trial balance ?
Chapter: [0.01] Introduction to Partnership
Answer in one sentence only.
What is Capital Fund?
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns
Why depreciation is charged ?
Chapter: [0.02] Partnership Final Accounts [0.05] Accounts of “Not for Profit” concerns
When is a bill said to be honoured ?
Chapter: [0.02] Partnership Final Accounts
5. If the profit sharing ratio is not decided by the co-venturers, in which ratio will they share profits and losses?
Chapter: [0.03] Reconstitution of Partnership
Chapter: [0.02] Partnership Final Accounts
The expenditure which is recurring in nature ?
Chapter: [0.02] Partnership Final Accounts
Chapter: [0.03] Reconstitution of Partnership
A bill drawn in India and made payable in America ?
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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Chapter: [0.08] Company Accounts - Issue of Shares [0.08] Company Accounts
Match the following pairs:
| Group ‘A’ | Group ‘B’ | ||
| (a) | Partnership Deed | (1) | Central Processing Unit |
| (b) | Excess of assets over liabilities | (2) | Purchase price plus installation charges |
| (c) | CPU | (3) | Written agreement |
| (d) | Co-venturer | (4) | Purchase price less Scrap Value |
| (e) | Cost of fixed assets | (5) | Capital |
| (6) | Partner in joint venture | ||
| (7) | Oral agreement | ||
| (8) | Liabilities | ||
Chapter: [0.01] Introduction to Partnership
Expenditure on purchase of a building is a _____.
(a) Revenue
(c) Recurring
(d) General
Chapter: [0.05] Accounts of “Not for Profit” concerns
A person on whom a bill of exchange is drawn, is called as ______.
(a) Drawer
(c) Payee
(d) Endorsee
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Goods brought into the joint venture by a co-venturer from his own stock is debited to _____.
Joint Venture Account
Company
All of the above
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
Single Entry System is more popular for ____.
Sole trader
Company
All of the above
Chapter: [0.06] Single Entry System
A sum of money, goods or any asset, given to someone voluntarily, without any compensation is called ____.
Subscription
Donation
Capital Fund
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
Chapter: [0.03] Reconstitution of Partnership
State whether the following statement is True or False.
A bill of exchange can be endorsed only once.
True
False
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
From the following details prepare a format of Bill of Exchange:
| 1. | Drawer | _ | Rajesh Patil 205, High Towers, M.G. Road, Pune |
| 2. | Drawee | _ | Rajnath Gandhi, 210, Business House, Main Road, Surat. |
| 3. | Payee | _ | Vasundhra Joshi 403, Commerce House, Nashik. |
| 4. | Period of bill | _ | 60 days |
| 5. | Amount of bill | _ | Rs 9,500 |
| 6. | Date of bill | _ | 5th January, 2011 |
| 7. | Date of Accepted | _ | 10nd January, 2011 |
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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M/s. Ram Brothers, Pune purchased machinery worth Rs 1,25,000 on 1st April, 2006. On 1st October, 2006 they purchased additional machinery worth Rs 50,000.
On 1st October, 2008, the machinery purchased on 1st April, 2006 was sold by them at 20% below its written down value and on the same date, new machinery worth Rs 75,000 was purchased.
Depreciation was charged on 31st March every year @ 20% p.a. under diminishing balance method.
Prepare Machinery Account and Depreciation Account for the years 2006-07, 2007-08 and 2008-09.
Chapter: [0.02] Partnership Final Accounts [0.05] Accounts of “Not for Profit” concerns
Mahesh and Umesh are partners in a partnership firm carrying on business for the last 10 years.
The profit and losses for the six years are:
| Year | Amount (Rs) |
| 2003 – 2004 | 1,50,000 (Profit) |
| 2004 – 2005 | 1,00,000 (Loss) |
| 2005 – 2006 | 4,50,000 (Profit) |
| 2006 – 2007 | 5,00,000 (Profit) |
| 2007 – 2008 | 50,000 (Loss) |
| 2008 – 2009 | 5,50,000 (Profit) |
Chapter: [0.03] Reconstitution of Partnership
Write a short note on E-Commerce ?
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
For the amount receivable Ms. Jaya draws a bill on Ms. Maya, on 1st January, 2010 for Rs 54,000, for a period of 4 months.
Jaya draws a new bill for the balance plus interest @ 12% p. a. for two months on 4th May, 2010 as per the request and received the accepted bill from Maya.
Pass Journal entries in the books of Ms. Jaya and show Ms. Jaya's account in the books of Ms. Maya.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Journalise the following transactions in the books of Jwala:
(a) Abdul informed Jwala that John's acceptance endorsed to Abdul for Rs 16,000 has been dishonoured and noting charges amounted to Rs 200.
(b) Sony renews her acceptance to Jwala for Rs 24,000 by paying half the amount of the bill in cash together with interest @10% p.a. on balance due and accepting a fresh bill for 3 months.
(c) Trupti who had given an acceptance to Jwala for Rs 36,000 was declared insolvent and could pay only 40% of the amount due.
(d) Raja's acceptance to Jwala for Rs 6,000 was endorsed to Rani in full settlement of her account for Rs 6,300.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Devendra of Ahmednagar and Mahendra of Pune entered into joint venture to consign goods to Virendra of Jalgaon to be sold on their joint risk, which is proportion of 4/5 and 1/5 respectively.
Mahendra sent goods worth Rs 6,00,000 paying carriage and freight Rs 9,500 and other expenses Rs 3,400.
The amount of discount, Rs 6,000 was to be treated as joint venture expense.
Virendra remitted Rs 11,00,000 to Devendra and the balance to Mahendra both by bank draft.
You are required to prepare Joint Venture A/c, Mahendra's A/c and Virendra's A/c in the books of Devendra.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Mr. Yogesh keeps his books on Single Entry system. From the following particulars, prepare Opening and Closing Statement of Affairs and Statement of Profit and Loss.
|
Particulars |
Amount |
Amount |
|
Bank balance Cash balance Sundry debtors Stock Furniture Machinery Sundry creditors Bills payable |
36,000 7,500 90,000 60,000 9,000 60,000 36,000 16,500 |
27,000 9,000 1,20,000 90,000 9,000 90,000 60,000 27,000 |
Additional information:
(1) Mr. Yogesh has withdrawn Rs 22,500 from the business for his personal use.
(2) He has introduced additional capital of Rs 7,500 in the business on 1st January, 2010.
(3) Additions to machinery were made on 1st January, 2010.
(4) Depreciate furniture and machinery @ 10% p.a.
(5) Maintain reserve for doubtful debts @ 2% on sundry debtors.
(6) Closing stock is overvalued by 20% in the books.
Chapter: [0.06] Single Entry System
Following is the Balance Sheet as on 1.4.2009 and the Receipts and Payments Account for the year ending 31.3.2010 of Bright Students Junior College, Pune.
Balance Sheet as on 1.4.2009
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital fund (Balancing figure) |
13,18,000 |
Building Furniture Books Bank deposits Tuition fees receivable Cash in hand Cash at bank |
10,00,000 1,20,000 60,000 1,00,000 10,000 19,000 9,000 |
|
13,18,000 |
13,18,000 |
Receipts and Payment Account
For the year ended 31.03.2010
|
Receipts |
Amount |
Payments |
Amount |
|||
|
To Balance b/d |
|
By Salaries to teachers |
1,80,000 |
|||
|
Cash in hand |
9,000 |
By Salaries to office staff |
30,000 |
|||
|
Cash at bank |
19,000 |
By Books purchased on 1.1.2010 |
20,000 |
|||
|
To Tuition fees |
|
By Printing and stationary |
41,000 |
|||
|
2008-2009 : |
10,000 |
|
By Office rent |
10,000 |
||
|
2009-2010 : |
1,70,000 |
1,80,000 |
By Repair to Jr. College building |
24,000 |
||
|
To Fine collected |
5,200 |
By Sports expenses |
8,600 |
|||
|
To Admission fees |
20,000 |
By Annual gathering expenses |
14,000 |
|||
|
To Donations |
1,00,000 |
By Furniture (Purchased on 1.1.2010) |
80,000 |
|||
|
To Interest on bank deposits |
5,000 |
By Balance c/d |
|
|||
|
To Government grant (Revenue) |
2,00,000 |
Cash in hand |
2,600 |
|||
|
|
|
Cash at bank |
1,28,000 |
|||
|
|
5,38,200 |
|
5,38,200 |
|||
Additional information:
(1) For the current year (2009–2010) tuition fees receivable (outstanding) Rs 24,000.
(3) Salary to teachers is outstanding Rs 12,000.
You are required to prepare:
(b) Balance Sheet as on 31.3.2010
Chapter: [0.05] Accounts of “Not for Profit” concerns
Abhijeet and Sujeet are partners sharing profits and losses in the ratio of `3/5` and `2/5`respectively. From the following trial balance and adjustments, prepare Trading, Profit and Loss Account for the year ended 31st March, 2010 and the Balance Sheet as on that date.
| Trial balance as on 31st march 2010 | |||
| Debit Balance | Amount (Rs) | Credit Balance | Amount (Rs) |
| Drawing accounts: | Capital accounts: | ||
| Abhijeet | 6,000 | Abhijeet | 1,32,000 |
| Sujeet | 4,000 | Sujeet | 88,000 |
| Land and building | 1,70,000 | Sales | 1,69,000 |
| Plant (Addition on 1.1.2010, Rs 20,000) | 90,000 | Sundry creditors | 81,900 |
| Opening stock | 44,000 | Bank overdraft | 80,000 |
| Wages | 13,500 | Reserve for doubtful debts | 2,000 |
| Cash at bank | 6,500 | Outstanding expenses | 4,600 |
| Sundry debtors | 69,200 | Sundry income | 4,000 |
| Purchases | 1,22,500 | Pre-received rent | 5,000 |
| Carriage | 2,100 | 10% Bank loan (Taken on 1st Oct., 2009) | 32,000 |
| Rent, rates and insurance | 4,500 | ||
| Furniture | 50,000 | ||
| Salaries | 7,600 | ||
| Bad debts | 3,200 | ||
| Office expenses | 5,400 | ||
| 5,98,500 | 5,98,500 | ||
- Closing stock was valued at cost Rs 34,000 and at market price Rs 40,000.
- Depreciate plant @ 10% p. a.
- Insurance was prepaid Rs 600.
- Office expenses include personal expenses of Sujeet Rs 800.
- Maintain R.D.D. at 5% on sundry debtors.
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
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