HSC Commerce (English Medium)
HSC Arts (English Medium)
HSC Commerce: Marketing and Salesmanship
Academic Year: 2013-2014
Date: October 2013
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Chapter: [0.05] Accounts of “Not for Profit” concerns
Chapter: [0.05] Accounts of “Not for Profit” concerns
What do you mean by 'sacrifice ratio'?
Chapter: [0.03] Reconstitution of Partnership
Chapter: [0.08] Company Accounts
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.09] Analysis of Financial Statements
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.02] Partnership Final Accounts [0.05] Accounts of “Not for Profit” concerns [0.06] Single Entry System
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
Give one word/term/phrase for the following statement.
An asset which can be converted into cash immediately.
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
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all the partners
the remaining partners
only the retiring partners
none of these
Chapter: [0.03] Reconstitution of Partnership
(b) revenue
(c) long term
(d) deferred revenue
Chapter: [0.02] Partnership Final Accounts
(b) Retirement of bill
(c) Renewal of bill
(d) Endorsement of bill
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
(b) company
(c) society
(d) government
Chapter: [0.06] Single Entry System
(b) credit
(c) asset
(d) liability
Chapter: [0.06] Single Entry System
The debenture holder is owner of the company.
Chapter: [0.08] Company Accounts
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
A bill can’t be deposited into a bank for collection.
True
False
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Prepare a specimen of a Bill of Exchange from the following information.
Drawer: Rahul Chaudhari, 105 Ghodbunder Road, Thane
Drawee: Prakash Patil, 207, Ganga Road, Nashik
Payee: Sonal Chaudhari, M.G. Road, Dhule
Period of a bill: 60 days
Amount of bill: Rs. 10,000
Date of a bill: 15th December 2013
Date of acceptance: 18th December 2013
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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| Particulars | 31.3.2011 Amount (Rs) | 31.3.2012 Amount (Rs) |
| Cash at Bank | 10,000 | 64,000 |
| Sundry debtors | 50,000 | 80,000 |
| Stock in Trade | 60,000 | 10,0000 |
| Furniture | 40,000 | 40,000 |
| Machinery | 1,00,000 | 1,00,000 |
| Bills Payable | 10,000 | 10,000 |
| Sundry Creditors | 30,000 | 40,000 |
Mrs. Asha withdrew from business Rs. 30,000 for personal use. She further introduced fresh capital of Rs. 50,000.
Depreciation is to be charged @ 10% p.a. on furniture and machinery.
Prepare:
(a) Statement of affairs as on 31.3.2011
(b) Statement of affairs as on 31.3.2012
(c) Statement of Profit or Loss for the year ending 31.3.2012.
Chapter: [0.06] Single Entry System
Chapter: [0.09] Analysis of Financial Statements
State any one limitation of Analysis of Financial Statement.
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
Anil and Sunil were partners sharing profits and losses in the ratio of 2:1 respectively. Their Balance Sheet was as follows:
| Balance Sheet as on 31st March 2010 | |||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Capital A/c | Cash at Bank | 4,000 | |
| Anil | 24,000 | Debtors | 15,000 |
| Sunil | 16,000 | Stock | 23,500 |
| Trade Creditors | 26,000 | Furniture | 5,000 |
| Anil’s Loan A/c | 6,500 | Building | 25,000 |
| 72,500 | 72,500 | ||
On 1st April 2010, Ram is admitted in the partnership on the following terms:
(1) Ram should bring in cash of Rs. 12,000 as capital for 1/5th share in future profit.
(2) Goodwill A/c is raised in the books of the firm for Rs. 4,500.
(3) A building is revalued at Rs. 28,000 and the value of stock be reduced by Rs. 1,500.
(4) Reserve for doubtful debts is provided at 5% on debtors.
Prepare:
(a) Profit and Loss Adjustment account.
(b) Capital Accounts of partners.
(c) Balance Sheet of the new firm.
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
| Balance Sheet as on 31st March 2012 | |||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Capital A/c | Land and Building | 50000 | |
| Supriya | 40000 | Stock | 30000 |
| Surekha | 40000 | Debtors 37500 | |
| Sujata | 20000 | (–) R.D.D. 2500 | 35000 |
| Reserve Fund | 10000 | Furniture | 10000 |
| Creditors | 16000 | Cash at Bank | 5000 |
| Outstanding Expenses | 4000 | ||
| 1,30,000 | 1,30,000 | ||
Sujata died on 1st July 2012 and the adjustments were agreed to as per the deed as follows:
(1) Land and Building to be valued at Rs. 60,000 and all debtors were good.
(2) Stock be depreciated by 10%.
(3) The drawings of Sujata up to the date of her death amounted to Rs. 2,000.
(4) Interest on capital was to be allowed at 10% p.a.
(5) The deceased partner’s share of goodwill is to be valued at 2 years’ purchase of average profit of last 3 years.
The profits were:
2009 – 10 = Rs. 15,000
2010 – 11 = Rs. 17,000
2011 – 12 = Rs. 13,000
(6) The deceased partner’s share of profit up to the date of her death should be based on the average profit of the last two years.
You are required to prepare:
(a) Profit and Loss Adjustment Account.
(b) Sujata’s Capital Account showing the balance payable to her Executor’s Loan Account.
(c) Working notes for calculation of (a) Goodwill and (b) Profit till the date of Sujata’s death.
Chapter: [0.03] Reconstitution of Partnership
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
| Balance Sheet as on 31st March 2012 | |||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Sundry Creditors | 15,000 | Cash at bank | 3,000 |
| Uday’s Wife’s Loan | 30,000 | Debtors 67,500 | |
| Capital A/c | (–) R.D.D. 7,500 | 60,000 | |
| Uday | 1,38,000 | Stock | 135000 |
| Prabhakar | 90,000 | Machinery | 45000 |
| Furniture | 30000 | ||
| 2,73,000 | 2,73,000 | ||
The assets were realised as under:
Goodwill Rs. 15,000, Stock Rs. 1,20,000 and Debtors Rs. 54,000.
Machinery was taken over by Prabhakar at Rs. 40,000 and furniture by Uday at book value.
Uday agreed to discharge his wife’s loan.
The creditors were paid at a rebate of Rs. 3,000
The expenses of dissolution amounted to Rs. 6,000
Pass necessary Journal Entries in the books of the firm.
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
Milind and Co. Ltd. issued 20,000 equity shares of Rs. 100 each payable as under:
On Application Rs. 20 per share.
On Allotment Rs. 35 per share.
On First Call Rs. 25 per share.
On Second Call Rs. 20 per share.
The company received applications for 30,000 equity shares. Applications for 20,000 shares were accepted and allotted shares. Applications for 10,000 shares were rejected and refunded in full. The money due on an allotment and both the calls were received in full. The expenses of issue amounted to Rs. 5,000. Pass necessary journal entries in the books of the company.
Chapter: [0.08] Company Accounts
| Balance Sheet as on 1st April 2007 | |||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Entrance Fees | 6,000 | Furniture | 16,800 |
| Capital Fund | 1,03,800 | Laboratory | 20,000 |
| Library | 25,000 | ||
| Investment | 40,000 | ||
| Cash in hand | 1,000 | ||
| Cash at bank | 3,000 | ||
| Outstanding Tuition Fees | 4,000 | ||
| 1,09,800 | 1,09,800 | ||
| Receipts and Payments Account for the year ended 31st March 2008 | |||
| Receipts | Amount (Rs) | Payments | Amount (Rs) |
| To Balance b/d | By Furniture Purchased | 5,400 | |
| Cash in hand | 1,000 | By Salaries | 60,000 |
| Cash at bank | 3,000 | By Rent | 28,000 |
| To Tuition Fees | 80,000 | By Sundry Expenses | 15,200 |
| To Term Fees | 26,200 | By Annual Gathering Expenses | 11,300 |
| To Government Grant | 16,000 | By Insurance | 4,000 |
| To Donation of Library | 30,000 | By Closing Balance | |
| To Interest on Investment | 2,000 | Cash at bank | 34,300 |
| 1,58,200 | 1,58,200 | ||
Adjustments:
1. Tuition fees still receivable are Rs. 10,000.
2. Salaries still payable are Rs. 30,000
3. An insurance premium is paid for one year ending 30.9.2008.
4. Rent paid in advance Rs. 4,000.
5. Depreciate furniture and library at 10%.
Depreciation to be charged on the closing balances of the assets.
Chapter: [0.05] Accounts of “Not for Profit” concerns
Jitesh and Lailesh are in partnership sharing profits and losses in the ratio of 2:1. From the following Trial Balance and adjustments given below, you are required to prepare Trading and Profit and Loss A/c for the year ended 31st March 2013 and the Balance Sheet as on that date:
| Trial Balance as on 31st March 2013 | ||
| Particulars | Debit Amount (Rs) | Credit Amount (Rs) |
| Prepaid Insurance | 800 | |
| Insurance | 2,000 | |
| R.B.D.D. | 1,000 | |
| Discount | 800 | |
| Postage and telephone | 3,200 | |
| Salaries | 56,000 | |
| Debtors and Creditors | 66,000 | 68,000 |
| Wages | 24,000 | |
| Opening Stock | 48,000 | |
| Carriage | 1,000 | |
| Purchases and Sales | 1,93,200 | 3,01,600 |
| Return inwards and outwards | 5,600 | 9,200 |
| Bank overdraft | 1,20,800 | |
| Plant & Machinery | 24,000 | |
| Land & Building | 1,76,000 | |
| Capital | ||
| Jitesh | 52,000 | |
| Lailesh | 48,000 | |
| Total | 6,00,600 | 6,00,600 |
2. Goods worth Rs. 4,000 were distributed as free samples.
3. Closing stock on 31.03.2013 was valued at the cost Rs. 56,000 while its market price was Rs. 60,000.
4. Salaries were outstanding Rs. 2,000.
5. Depreciate:
Plant & Machinery @ 10% p.a.
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
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