HSC Commerce (English Medium)
HSC Arts (English Medium)
HSC Commerce: Marketing and Salesmanship
Academic Year: 2010-2011
Date: मार्च 2011
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Answer in one sentence only.
What is the Fixed Capital Method?
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.01] Introduction to Partnership
What do you mean by Capital Expenditure?
Chapter: [0.02] Partnership Final Accounts
Chapter: [0.06] Single Entry System
What is retirement of Bill of Exchange?
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.01] Introduction to Partnership
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Fees paid by persons to become members of a ‘Not for Profit’ concern.
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
Chapter: [0.03] Reconstitution of Partnership
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The person who endorses bill.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.01] Introduction to Partnership
Match the following pairs:
| Group ‘A’ | Group ‘B’ | ||
| (1) | Accrued Income | (a) | Single Entry System |
| (2) | Impersonal Accounts are not maintained | (b) | Volatile Memory |
| (3) | RAM | (c) | Asset side |
| (4) | Agent who sells goods of Joint Venture | (d) | Charges paid for erection of New Machinery |
| (5) | Installation Charges | (e) | Liability side |
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(f) | Double Entry | |
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(g) | Non-volatile memory |
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(h) | Entitled for commission on sale |
Chapter: [0.05] Accounts of “Not for Profit” concerns
Income and Expenditure Account includes items of ____ nature only.
capital
fixed
non-recurring
Chapter: [0.05] Accounts of “Not for Profit” concerns
Noting charges are paid when a bill is ____.
honoured
renewed
retired
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Unsold stock of Joint Venture taken over by co-venturer is credited to ____.
Co-venturer’s account
Joint bank account
Stock account
Chapter: [0.01] Introduction to Partnership
Under Single Entry System, additional capital brought in during the year is _____ closing capital in order to calculate profit.
added to
added twice to
deducted twice from
Chapter: [0.06] Single Entry System
Subscription received in advance during the accounting year is _______.
An income
An asset
A liability
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns
Chapter: [0.03] Reconstitution of Partnership
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Drawer and payee of a bill of exchange may be one and the same person.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
From the following details prepare a format of Bills of Exchange:
Anita Desai accepted the bill on 4th January, 2011.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Shri Yashraj and Company, Kolhapur, purchased furniture for Rs 60,000 on 1.4.2007.On 1.10.2009 the company sold out a part of the furniture for Rs 6,000, the original cost of which on 1.4.2007 was Rs 12,000.
The company charges depreciation at the rate of 10% p.a. on Reducing Balance method. The financial year of the company ends on 31st March, every year.
Prepare: Furniture Account and Depreciation Account for the years 2007-08, 2008-09, 2009-10.
Chapter: [0.02] Partnership Final Accounts
Following is the Balance Sheet of Anil and Sunil.
|
Balance Sheetas on 31st March, 2008 |
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|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
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|
Capitals : |
|
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Anil |
3,60,000 |
Machinery |
3,60,000 |
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Sunil |
2,40,000 |
Computer |
60,000 |
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Profit and Loss A/c |
60,000 |
Stock in trade |
2,70,000 |
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|
Creditors |
93,000 |
Debtors |
1,26,000 |
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|
Bank overdraft |
87,000 |
Cash |
24,000 |
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|
|
|
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8,40,000 |
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8,40,000 |
|
The Profit and Losses for the last 5 years were:
|
Years |
2003-04 |
2004-05 |
2005-06 |
2006-07 |
2007-08 |
|
(Rs) |
1,50,000 |
1,80,000 |
72,000 |
12,000 |
60,000 |
|
(Profit) |
(Profit) |
(Profit) |
(Loss) |
(Profit) |
You are required to calculate the value of Goodwill at 5 years’ purchase of super profit assuming that the normal rate of return is 10% on capital employed in the similar business.
Chapter: [0.05] Accounts of “Not for Profit” concerns
Chapter: [0.01] Introduction to Partnership
Ms. Smita purchases goods from Mr. Ramesh on 1st April, 2010 for Rs 36,000. Smita accepts a bill for 2 months drawn by Ramesh for the same amount on the same day.
Smita pays Rs 18,000 in cash with noting charges.
A fresh bill drawn by Ramesh is accepted by her for the balance including interest Rs 450 for two months.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
(a) On 1st January, 2010, Sameer informs Vivek that Mahesh's acceptance for Rs 32,000 endorsed to Sameer has been dishonoured. Noting charges Rs 800.
(b) On 1st February, 2010, Subhash renews his acceptance to Vivek for Rs 30,000 by paying Rs 14,000 in cash and accepting fresh bill for the balance plus interest @ 10% p.a. for 3 months.
(c) On 5th February, 2010, Dinesh retired his acceptance to Vivek for Rs 12,000 by paying Rs 11,600 in cash.
(d) On 1st March, 2010 Vivek sent a bill of Sohan for Rs 20,000 to Bank for collection. Bank informed that the bill has been dishonoured by Sohan.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Rokadimal of Rajkot and Gunjal of Pune, entered into a Joint Venture to purchase and sale goods and agreed to share profit and losses in the proportion of 4 : 1 respectively.
Rokadimal paid Rs 11,500 for carriage.
Rokadimal discounted this bill with the bank for Rs 92,000.
Gunjal paid Rs 13,500 got advertisement.
Gunjal paid Rs 7,000 for selling expenses and he is entitled for a commission on sales at 5% Co-venturers settled their accounts.
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
Following incomplete information is available from the records maintained by Mr. Premnath.
|
Particulars |
1.4.2009 |
31.3.2010 |
|
Cash Balance Bank Balance Sundry Debtors Stock Furniture Creditors 10% Bank Loan |
12,000 26,000 20,000 24,000 24,000 20,000 20,000 |
13,000 30,000 26,000 26,000 24,000 20,000 20,000 |
(1) Mr. Premnath introduced additional capital in the business amounted to Rs 15,000 on 1st January, 2010.
(2) He has paid life insurance premium Rs 10,000 from the business account and withdrawn goods worth Rs 5,000 for his personal use.
(3) Write off Rs 1,000 as bad debts and maintain reserve for doubtful debts at 5% on remaining debtors.
(4) Provide depreciation at 5% p.a. on furniture.
(5) The closing balance of sundry creditors has been overvalued by Rs 2,000 in the books of account.
(6) Provide Interest on Capital and Bank Loan @ 10% p.a.
(i) Statement of Affairs as on 1.4.2009.
(ii) Statement of Affairs as on 31.3.2010.
(iii) Statement of Profit or Loss for the year ended 31st March, 2010.
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
Following is the Balance Sheet and Receipts and Payments Account of the Memorial Hospital, Sawantwadi, Prepare Income and Expenditure A/c for the year ended on 31.03.2010 and the Balance Sheet as on that date.
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Balance Sheet as on 01.04.2009 |
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Liabilities |
Amount |
Assets |
Amount |
|
Capital Fund Outstanding Salaries Medical Bill unpaid |
10,04,000
22,000 6,000 |
Cash in Hand Cash at Bank Land and Building Furniture Equipments Outstanding Subscriptions |
6,000 34,000 8,00,000 70,000 1,20,000 2,000 |
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10,32,000 |
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10,32,000 |
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Receipts and Payments Account for the year ending 31.03.2010 |
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Dr. |
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Cr. |
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Receipts |
Amount |
Payments |
Amount |
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To Balance b/d Cash in hand Cash at Bank To Subscriptions (Includes Rs 2,000 received for previous year) To Sale of furniture (Book Value Rs 30,000) To Donations (Revenue) To Life Membership Fees |
6,000 34,000 1,30,000
20,000
44,000 25,000 |
By Salaries (Including of the previous year) By Medicines By Equipments purchased By Taxes By General Expenses By Balance c/d Cash in Hand Cash at Bank |
1,10,000
52,000 20,000 3,000 8,600
15,400 |
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2,59,000 |
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2,59,000 |
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(1) Outstanding subscriptions Rs 12,000.
(2) Capitalise the amount of membership fees.
(3) Prepaid Taxes Rs 500.
(4) Outstanding Salary Rs 12,000.
(5) Write off depreciation Rs 20,000 from Land and Building and Rs 30,000 from Equipments.
(6) Outstanding Medicine bill as on 1.4.2009 is still due.
Chapter: [0.05] Accounts of “Not for Profit” concerns
From the following Trial Balance of M/s Sanjay and Vijay, you are require to prepare Trading and Profit and Loss A/c for the year ended on 31st March, 2010 and Balance Sheet as on that date after taking into consideration the additional information given below :
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Trial Balance as on 31st March, 2010 |
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Particulars |
Debit |
Credit |
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Sundry Debtors and Creditors Bills Receivable and Bills Payable Purchases and Sales Return Inward Salaries and Wages Carriage outward Insurance Premium Postage and Telegram Plant and Machinery Advertisement Import Duty Bad Debts Printing and Stationery Cash in Hand Leasehold Premises Opening Stock Dividend Received Outstanding Audit fees 10% Bank Loan (Taken on 1.10.2009) Capital Accounts : Sanjay Vijay |
45,800 28,200 98,500 2,000 26,000 1,800 2,200 1,750 70,000 3,000 2,100 1,000 2,400 1,850 80,000 12,000
|
72,700 40,000 1,10,000
1,500 60,000 45,000 45,000
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Total |
3,78,600 |
3,78,600 |
Additional Information:
(1) Closing Stock was valued at Rs 25,000.
(2) Unused Postage Stamps of Rs 250.
(3) Uninsured goods worth Rs 8,000 were stolen from the godown.
(4) Leasehold property is to be run for 10 years w.e.f.1.10.2009.
(5) Depreciate Plant and Machinery at 10% p.a.
(6) Our customer Mr. Ajay became insolvent and could not pay his debts of Rs 2,000.
Chapter: [0.02] Partnership Final Accounts
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