HSC Commerce (English Medium)
HSC Arts (English Medium)
HSC Commerce: Marketing and Salesmanship
Academic Year: 2011-2012
Date: March 2012
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What is a partnership deed?
Chapter: [0.01] Introduction to Partnership
Which accounts are normally kept under single entry system?
Chapter: [0.06] Single Entry System
Which account is credited when depreciation is charged on the asset?
Chapter:
What is the relationship between co-venturers?
Chapter: [0.01] Introduction to Partnership
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
The major source of revenue to a non-trading concern from its members.
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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The account in which banking transactions of joint venture are recorded.
Chapter: [0.01] Introduction to Partnership
Chapter: [0.03] Reconstitution of Partnership
| Group ‘A’ | Group ‘B’ |
| (a) Bad debts | (1) Dishonour of cash bill |
| (b) Excess of assets over liabilities | (2) Indicates profit of joint venture |
| (c) Notary public | (3) Indicates loss of joint venture |
| (d) Credit balance of joint venture a/c | (4) System software |
| (e) Operating system | (5) Drawings |
|
|
(6) Capital |
|
|
(7) Recoverable amount from debtors |
|
|
(8) Non-recoverable amount from debtors |
Chapter: [0.02] Partnership Final Accounts [0.06] Single Entry System
A gift given by a legal representative as per the will is called ________.
donation
entrance fees
legacy
Chapter: [0.08] Company Accounts
Gradual and permanent decrease in the value of an asset is called ________.
scrap value
loss
depreciation
Chapter: [0.06] Single Entry System
A bill which is drawn in one country and made payable in other country is called __________.
inland bill
foreign bill
promissory note
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Co-venturers’ liability is_________.
limited
unlimited
specific
Chapter: [0.01] Introduction to Partnership
Physical devices of computer system are known as ____________.
software
programme
humanware
Chapter: [0.01] Introduction to Partnership
Chapter: [0.05] Accounts of “Not for Profit” concerns
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When the amount of a bill is paid on its due date, it is said to be retired ?
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
From the following information prepare a format of a Bill of Exchange:
| (1) Drawer | – | Mr Avadhoot Raktade |
| 586, Main Road, Ajara | ||
| (2) Drawee | – | Mr Mukund Aglawe |
| 133, Chandni Chowk, Panvel | ||
| (3) Amount | – | Rs. 8,800 |
| (4) Period | – | Two months |
| (5) Date of Bill | – | 1st May, 2010 |
| (6) Date of Acceptance | – | 5th May, 2010 |
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
M/s J. P. Company, Sakri, purchased a motor lorry for Rs. 8,00,000 on 1st April, 2007. Company purchased a second-hand motor lorry for Rs. 3,60,000 on 1st October, 2008. The company charges depreciation @ 10% p.a. on original cost. The financial year of the company ends on 31st March every year. On 30th September 2009, the second-hand motor lorry was sold for Rs. 2,80,000. Prepare: Motor Lorry's Account for the years 2007-2008, 2008-2009 and 2009-2010 and Journal Entries for the year 2009-2010.
Chapter: [0.02] Partnership Final Accounts [0.05] Accounts of “Not for Profit” concerns
Following is the Balance Sheet of Usha and Sushila who share profits and losses equally.
|
Balance Sheet as on 31st March, 2010 |
|||
|
Liabilities |
Amount Rs. |
Assets |
Amount Rs. |
|
Capital: |
|
Land and Building |
1,50,000 |
|
Usha |
2,00,000 |
Machinery |
1,00,000 |
|
Sushila |
1,00,000 |
Debtors |
80,000 |
|
Creditors |
60,000 |
Stock |
40,000 |
|
Bills Payable |
40,000 |
Bank |
30,000 |
|
|
4,00,000 |
|
4,00,000 |
The net profits for the last three years were Rs. 60,000, Rs. 80,000 and Rs. 1,00,000. It was decided to calculate the value of goodwill at\[2\frac{1}{2}\] years’ purchase of super profit taking into consideration the standard rate of return on the capital employed at 15%. Calculate the value of goodwill.
Chapter: [0.03] Reconstitution of Partnership
What is a Computer? Explain limitations of computerised accounting systems ?
Chapter: [0.02] Partnership Final Accounts
Vicky owes Rs. 12,000 to Bunty and accepts 3 months' bill drawn by Bunty who discounts the same after a month at 10% p. a. with his bank. On due date the bill has been dishonoured and noting charges amounted to Rs. 100. Vicky then paid 25% of the amount of the bill and full amount of noting charges by crossed cheque and accepted a new bill for the balance plus interest at 12% p. a. for 3 months. New bill was sent to the bank for collection by Bunty. On due date the bank collected the amount of the new bill from Vicky and debited the bank charges Rs. 70 to Bunty's account. Pass Journal Entries in the books of Bunty and Bunty's account in the ledger of Vicky.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Journalise the following transactions in the book's of Bhaskar.
(a) Suresh informed Bhaskar that Nishad's acceptance for Rs. 2,500 endorsed to Suresh has been dishonoured and noting charges amounted to Rs. 25.
(b) Rajesh renews his acceptance to Bhaskar for Rs. 7,500 by paying Rs. 2,500 in cash and accepting a fresh bill for the balance plus interest @ 10% p. a. for three months.
(c) Mandar retired his acceptance to Bhaskar for Rs. 3,800 by paying Rs. 3,750 in cash.
(d) Bhaskar sent a bill of Dayaram for Rs. 5,000 to the bank for collection. But the bank informed that the bill has been dishonoured by Dayaram.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Surekha and Sangita decided to undertake a venture jointly. They agreed to share profits and losses in the ratio of 3 : 2. Surekha supplied from her own stock goods worth Rs. 4,00,000 and paid Rs. 9,900 for freight and Rs. 2,400 for insurance. Sangita purchased goods of Rs. 3,90,000 for the venture and paid Rs 14,000 for selling expenses. Sangita accepted a bill for 3 months of Rs. 1,90,000 drawn by Surekha as an advance. The bill was discounted immediately by Surekha for Rs. 1,84,000 and the amount of discount was charged to Joint Venture Account. Sangita sold all the goods for Rs. 10,00,000. At end of the venture, the accounts were settled. Give journal entries in the books of Surekha.
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
Mr. Prabhakar is a retail trader. He had no proper methods of accounting. But the following information is made available to you.
|
Particulars |
Amount |
Amount |
|
Sundry Debtors Sundry Creditors Bank overdraft Stock Cash in hand Bills receivable Furniture Motor Van Computer 10% Govt. Bonds |
45,000 60,000 80,000 65,000 2,000 60,000 10,000 80,000 60,000 − |
50,000 70,000 40,000 80,000 8,000 80,000 10,000 80,000 1,20,000 10,000 |
Adjustments:
(1) On 1st October, 2009 Mr. Prabhakar had withdrawn Rs. 40,000 for his personal use.
(2) 10% Government Bonds were purchased of Rs. 10,000 on 1st October, 2009.
(3) He had also withdrawn Rs. 30,000 for his daughter's marriage.
(4) Depreciate furniture by 10% and write off Rs. 2,000 from motor van.
(5) Rs 2,000 is written off as bad debts and provide 5% R.D.D. on debtors.
(6) Allow interest on capital at 10% p.a.
(7) Charge interest on drawings Rs. 2,000.
Prepare after taking into consideration the adjustments:
Closing statement of affairs of 31.3.2010.
Chapter: [0.08] Company Accounts
Following is the Receipts and Payments Account and additional information of Kalpana Hospital, Sakri.
|
Receipts and Payments Account for the year ended on 31st March, 2010 |
||||||
|
Dr. |
Cr. |
|||||
|
Receipts |
Amount |
Payments |
Amount |
|||
|
To Balance b/d |
6,000 |
By Medicines |
10,000 |
|||
|
To Subscriptions: |
|
By Honorarium to Doctors |
75,000 |
|||
|
2008-2009 |
7,500 |
|
By Ambulance Maintenance |
44,000 |
||
|
2009-2010 |
95,000 |
|
By Hospital Equip. purchased |
30,000 |
||
|
2010-2011 |
15,000 |
1,17,500 |
By Furniture purchased |
25,000 |
||
|
To Donations |
55,000 |
By Fixed Deposits |
1,00,000 |
|||
|
To Life Membership Fees |
25,000 |
By Balance c/d (31.3.10) |
69,500 |
|||
|
To Hospital Receipts (Revenue) |
1,50,000 |
|
|
|||
|
|
3,53,500 |
|
3,53,500 |
|||
Additional Information:
(1) Outstanding subscription for 2009-2010 is amounted to Rs. 5,000.
(2) Hospital equipments and furniture were purchased on 1.10.2009 and both were to be depreciated at 20% p. a.
(3) Life membership fees are to be capitalized.
(4) Donations represent donations for Building fund.
(5) Staff salary for the current year is outstanding Rs. 7,500.
(6) On 1.4.2009, the hospital had the following assets and liabilities:
Land Rs. 2,50,000, Investments Rs. 50,000, Ambulance Rs. 1,02,500, Bank Loan Rs. 2,00,000.
(7) Capital Fund as on 1.4.2009 was amounted to Rs. 2,16,000.
Prepare: Income and Expenditure Account for the year ending 31st March, 2010 and the Balance Sheet as on that date.
Chapter: [0.05] Accounts of “Not for Profit” concerns
Following is the Trial Balance of Jitesh and Pritesh. The partners share profits and losses equally.
|
Trial Balance as on 31st March, 2010 |
||
|
Particulars |
Debit |
Credit |
|
Capital - Jitesh - Pritesh Bills Receivable and Bills Payable Opening Stock Purchases and Sales Returns Salaries Wages Conveyance Commission Miscellaneous Expenses Warehouse Rent Brokerage Dock Charges Insurance Goodwill Land and Building Shares in Bajaj Ltd. Cash in hand Sundry Debtors and Creditors Motor Van |
40,000 70,000 1,94,000 3,000 15,600 28,400 2,200 − 3,200 9,000 3,000 4,200 4,800 76,000 1,80,000 50,000 3,600 56,000 60,000 |
2,00,000 1,20,000 50,000 − 3,63,000 4,000 − − − 6,000 − − − − − −
60,000 − |
|
8,03,000 |
8,03,000 |
|
Adjustments−
(1) Closing stock was valued at Rs. 75,000.
(2) Depreciate land and building and motor van at 5% p. a.
(3) Insurance is paid for the year ended 31st May, 2010.
(4) Jitesh has taken goods of Rs. 3,000 for his personal use.
(5) Books of Rs. 8,000 were destroyed by fire and the Insurance Company admitted a claim of Rs. 6,400 only.
(6) Commission due but not received Rs. 1,600.
Prepare after taking into account the adjustments:
Chapter: [0.03] Reconstitution of Partnership
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