HSC Commerce (English Medium)
HSC Arts (English Medium)
HSC Commerce: Marketing and Salesmanship
Academic Year: 2009-2010
Date: मार्च 2010
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Chapter: [0.02] Partnership Final Accounts
Answer in one sentence only.
Who is a Drawer?
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.01] Introduction to Partnership
What is a Computer?
Chapter: [0.01] Introduction to Partnership
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
Chapter: [0.01] Introduction to Partnership
The gradual and permanent decrease in the value of fixed assets due to any cause.
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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An account opened in the bank in a joint name of the co-venturers.
Chapter: [0.01] Introduction to Partnership
Chapter: [0.01] Introduction to Partnership
Match the following pairs :
| Group ‘A’ | Group ‘B’ | ||
| (1) | Income and Expenditure A/c | (a) | Withdrawals in cash or kind |
| (2) | Drawings | (b) | Negotiable instrument |
| (3) | Bill of Exchange | (c) | Similar to Profit and Loss account |
| (4) | Co-venturers’ Liability | (d) | Limited |
| (5) | Intangible Asset | (e) | Computer |
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(f) | Unlimited |
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(g) | Goodwill |
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(h) | Building |
Chapter: [0.05] Accounts of “Not for Profit” concerns
The Indian Partnership Act is in force since ______.
1933
1956
1934
1984
2000
1981
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts
Receipt and Payment account is a ______ account.
Personal
Nominal
None of these
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
Under Fixed Installment Method depreciation is charged on ______.
Original cost
Scrap value
Market value
Chapter: [0.02] Partnership Final Accounts [0.05] Accounts of “Not for Profit” concerns
There are _____ parties to a bill of exchange.
Two
Three
Five
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Expenses of Joint Venture business are debited to ______.
Joint Bank A/c
Co-Venturers’ A/c
Debentures A/c
Chapter: [0.01] Introduction to Partnership
Chapter: [0.05] Accounts of “Not for Profit” concerns
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The main objective of not for profit organizations is to earn profit.
Chapter: [0.05] Accounts of “Not for Profit” concerns
From the following details prepare a format of Bill of Exchange:
1. Drawer: Subhash Suryawanshi, Main Road, Ajara.
2. Drawee: Madhukar Bharati, Amboli Road, Sawantwadi.
4. Period: 60 days.
6. Date of acceptance: 28th May, 2006
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
On 1st April, 1995 Avadhoot Traders, Ajara, purchased machinery for Rs. 40,000. On 1st October, 1995 they purchased further machinery costing Rs. 20,000. On 1st October, 1997 they sold machinery which was purchased on 1st April, 1995 for Rs. 28,780. Depreciation on machinery was provided at the rate of 10% p. a. on Diminishing Balance Method. The financial year closes on every 31st March. Prepare: Machinery A/c and Depreciation A/c for three years: 1995-96, 1996-97 and 1997-98.
Chapter: [0.02] Partnership Final Accounts [0.05] Accounts of “Not for Profit” concerns
The capital of a Partnership firm is Rs. 3,00,000. Profit for the last 4 years was Rs. 32,500, Rs 35,000, Rs. 36,000 and Rs. 39,000. The reasonable return on the capital employed is 11%. Calculate the value of goodwill on the basis of 3 years purchases of super profit.
Chapter: [0.03] Reconstitution of Partnership
Explain the role of Computer in accounting.
Chapter: [0.01] Introduction to Partnership
Madhav accepted a bill of Rs. 40,000 drawn by Kashinath at 3 months. Kashinath got the bill discounted with his bank for Rs. 39,000. Before the due date, Madhav approached Kashinath for renewal of the bill. It was agreed to pay Rs 30,000 immediately together with interest on the remaining amount at 10% p. a. for 3 months and for the balance Madhav accepted a new bill for 3 months. These arrangements were carried through. But afterwards Madhav became insolvent. Only 35% of the amount could be recovered from his estate.
1. Pass necessary Journal Entries in the books of 'Madhav'.
2. Prepare Madhav's A/c in the books of 'Kashinath'.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
(a) Nandini informs Avadhoot that Nisha's acceptance for Rs. 5,000 endorsed to Nandini has been dishonoured. Noting charges amounted to Rs. 100.
(b) Dhanashri renews her acceptance to Avadhoot for Rs. 2,400 by paying Rs. 1,200 in cash and accepting a new bill for the balance plus interest at 12% p.a. for 3 months.
(c) Honagekar's acceptance to Avadhoot Rs. 6,000 retired one month before its due date at a discount of 20% p.a.
(d) Bank informs to Avadhoot that the dishonour of Shashikala's acceptance for Rs. 4,000 discounted with the bank. Noting charges amounted to Rs. 70.
(e) Avadhoot sent a bill of Pravin for Rs. 6,000 to the bank for collection.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Apate, Bachute and Chapate undertook construction of the Cultural Hall of a Company at a contract price of Rs. 60,000 payable in Cash Rs. 40,000 and Rs. 20,000 in the form of Debentures of a company. They shared profits and losses in the ratio of 3 : 2 : 1 respectively. Apate Rs. 30,000, Bachute Rs. 20,000, Chapate Rs. 10,000.
The following payments are made out through Joint Bank Account.
| 1. | Purchase of materials | Rs. | 25,000 |
| 2. | Payment of wages | Rs. | 7,700 |
| 3. | Purchase of plant | Rs. | 4,500 |
| 4. | Other charges | Rs. | 1,100 |
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Apate brings a truck of | Rs. | 4,000 |
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Bachute brings materials of | Rs. | 5,500 |
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Chapate brings a mixer worth | Rs. | 1,000 |
At the close of the venture the unused materials were taken by Apate for Rs. 500.
The truck was sold in the market for Rs. 2,200.
Chapate agreed to take over the debentures at Rs. 19,000.
| Prepare : | 1. | Joint Venture Account |
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2. | Joint Bank Account |
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3. | Co-Venturer's Account |
Chapter: [0.01] Introduction to Partnership
Mr. Balasaheb is dealing in the business of fruits. He maintains his accounting record with single entry. The following figures are taken from his record.
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Particulars |
Balance as on 1.4.2004 |
Balance as on 31.3.2005 |
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Land and |
40,000 |
50,000 |
Mr. Balasaheb introduced Rs. 10,000 as further capital.
He spent Rs. 45,000 from the business for his daughter's marriage.Depreciate Land and Building by Rs. 5,000
Create 5% Reserve for Doubtful Debts on Sundry Debtors.
Chapter: [0.06] Single Entry System
Following is the summary of Receipts and Payments of Jay Bajrangbali Vyayam Shala, Ajara for the year ending on 31.03.2007.
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Receipts and Payments Account For the year ended on 31st March 2007 |
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Dr. |
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Cr. |
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Receipts |
Amount |
Payments |
Amount Rs. |
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To Balance b/d To Subscription 2005-06 2006-07 To Donation for Building To Receipts from Entertainments To Interest To Entrance fees |
41,600
4,120 1,60,000 50,000
36,440 3,240 45,000 |
By Salary By Lighting By General Expenses By Entertainments Expenses By Taxes Paid By Printing and Stationery By Expenses paid of 2005-06 By Investment By Fixed Deposit with Ajara Urban Bank By Balance c/d |
55,000 10,000 15,360 25,800 5,000 9,440 24,000 1,20,000 40,000
35,800 |
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Total |
3,40,400 |
Total |
3,40,400 |
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1. Jay Bajrangbali Vyayam Shala has 4500 members paying annual subscription of Rs. 40 each.
2. Provide for outstanding salary Rs. 5,000.
3. On 1.4.2006 the assets stood as under:
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(a) |
Land and Building |
Rs. 60,000 |
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(b) |
Furniture |
Rs. 46,000 |
Depreciate the above assets at 10% p. a.
5. Capital Fund was Rs. 1,27,720 on 1.4.2006.
6. 50% of the entrance fees is to be capitalized.Prepare: Income and Expenditure Account for the year ended 31st March, 2007 and Balance Sheet as on that date.
Chapter: [0.05] Accounts of “Not for Profit” concerns
Ashok and Tanaji are Partners sharing Profits and Losses in the ratio 2 : 3 respectively. Their Trial Balance as on 21st March, 2007 is given below. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2007 and Balance Sheet as on that date after taking into account the given adjustments.
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Receipts |
Debit |
Particulars |
Credit |
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Purchases Patents Right Building Stock (1.04.2006) Printing and Stationery Sundry Debtors Wages and Salaries Audit fees Sundry Expenses Furniture 10% Investment (Purchased on 30.09.2006) Cash Provident Fund Contribution Carriage Inwards Travelling Expenses |
98,000 4,000 1,00,000 15,000 1,750 35,000 11,000 700 3,500 8,000
10,000 4,000
800 1,300 2,700
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Capitals : Ashok Tanaji Provident Fund Creditors Bank Loan Sales Reserve for Doubtful Debts Purchase Returns |
30,000 40,000 7,000 45,000 12,000 1,58,000
250 3,500 |
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2,95,750 |
2,95,750 |
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Adjustments:
1. Closing stock is valued at the cost of Rs. 15,000 while its market price is Rs. 18,000
2. On 31st March, 2007 the stock of stationery was Rs. 500.
3. Provided reserve for bad and doubtful debts at 5% on debtors.
4. Depreciate building at 5% and patent rights at 10%.
5. Interest on capitals is to be provided at 5% p. a.
6. Goods worth Rs. 10,000 were destroyed by fire.
The Insurance company admitted a claim for Rs. 8,000.
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
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