HSC Commerce (English Medium)
HSC Arts (English Medium)
HSC Commerce: Marketing and Salesmanship
Academic Year: 2015-2016
Date & Time: 4th March 2016, 11:00 am
Duration: 3h
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What is bad debts?
Chapter: [0.02] Partnership Final Accounts
Answer in one sentence only.
What is Surplus?
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns
Answer the following question in one sentence only.
What are Noting Charges?
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
What is Gain Ratio?
Chapter: [0.05] Reconstitution of Partnership (Death of Partner)
What do you mean by Analysis of Financial Statement?
Chapter: [0.09] Analysis of Financial Statements [0.09] Analysis of Financial Statements
Expenses which are paid before due.
Chapter: [0.02] Partnership Final Accounts
Excess of expenditure over income of 'not for profit' concerns.
Chapter: [0.05] Accounts of “Not for Profit” concerns
Payment of the bill before due date.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
An account opened to find out the profit or loss on sale of assets and settlement of liabilities.
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
A statement similar to balance sheet.
Chapter: [0.06] Single Entry System
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If shares are issued at its face value, it is called as issue at
Chapter: [0.08] Company Accounts
A person who accepts the bill is called __________
drawer
acceptor
payee
creditor
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
The capital in the beginning of the accounting year is ascertained by preparing ______________
Chapter: [0.06] Single Entry System
If an asset is taken over by partner from firm his capital account will be ___________.
credited
debited
added
none of these
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
The proportion in which old partners make a sacrifice is called ___________ ratio.
Chapter: [0.03] Reconstitution of Partnership
The interest on capital is an income of the firm.
Chapter: [0.02] Partnership Final Accounts [0.06] Single Entry System
The inland bill which is drawn in and payable in the same country.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
The debenture holder is owner of the company.
Chapter: [0.08] Company Accounts
State whether following statement is true or false :
Purchase of fixed asset is operating cash flow.
True
False
Chapter: [0.09] Analysis of Financial Statements
Noting charges are payable to the Notary public, in case of honour of a bill.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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Mrs. Meena of Bilaspur has not kept proper books of accounts, following information is provided to you.
| Particulars | 31.3.2012 | 31.3.2013 |
| Amount (Rs. ) | Amount (Rs.) | |
| Machinery | 50000 | 50000 |
| Furniture | 50000 | 30000 |
| Debtors | 18000 | 25000 |
| Creditors | 18000 | 20000 |
| Stock | 30000 | 42000 |
| Outstanding Expenses | 1500 | - |
| Prepaid Expenses | - | 500 |
| Cash at Bank | 28000 | 40000 |
(1) Mrs. Meena introduced additional capital as on 1st October, 2012 by selling her personal car is Rs. 10,000.
(2) She paid her daughter's college fees from business bank account Rs. 3,000.
(3) Depreciate machinery by 5% p.a.
(4) Provide 2% on debtors for Bad and Doubtful debts.
(5) Interest on capital is to be provided @ 5% p.a. and on drawings @ 5% p.a.
Prepare : Opening and closing statement of affairs and statement of profit or loss for the year ended 31st March, 2013.
Chapter: [0.05] Accounts of “Not for Profit” concerns
What are the components of 'Current Ratio'?
Chapter: [0.09] Analysis of Financial Statements
What are the different cash inflows and cash outflows of investing activities?
Chapter: [0.09] Analysis of Financial Statements
Rani and Geeta are partners sharing profits and losses 3:2 respectively. Their position on 31st March, 2013 was as follows
Balance sheet as on 31st March, 2013.
|
Liabilities
|
Amount (Rs.)
|
Assets
|
Amount (Rs.)
|
Amount (Rs.)
|
|
Capital Accounts
|
Building
|
100000
|
||
|
Rani
|
100000
|
Furniture
|
10000
|
|
|
Geeta
|
75000
|
Stock
|
31000
|
|
|
Creditors
|
10000
|
Debtors
|
50000
|
|
|
Bills Payable
|
5000
|
Less: R.D.D.
|
-1000
|
49000
|
|
General Reserve
|
15000
|
Bank Balance
|
15000
|
|
|
205000
|
205000
|
(1) Suvarna should bring in cash Rs. 1,00,000 as capital for 1/5 th share in future profit and Rs. 25,000 as goodwill.
(2) Building should be revalued at Rs. 1,25,000.
(3) Depreciate furniture @ 12.5 % and stock @ 10% p.a.
(4) R.D.D. should be maintained as it is.
(5) The Capital Accounts of partners should be adjusted in their new profit sharing ratio through bank account.
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
|
Liabilities
|
Amount
(Rs.)
|
Assets
|
Amount
(Rs.)
|
|
|
Capital Accounts
|
Plant and machinery
|
32,000
|
||
|
Sunil
|
36,000
|
Factory Building
|
40,000
|
|
|
Pankaj
|
32,000
|
Stock
|
20,400
|
|
|
Paresh
|
17,600
|
Debtors
|
16,800
|
|
|
Creditors
|
21,200
|
Less: R.D.D.
|
|
16,00
|
|
General Reserve
|
14,000
|
Cash
|
12,400
|
|
|
1,20,800
|
1,20,800
|
(2) The goodwill of the retiring partner is to be valued at Rs. 8,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5:3.
(3) Amount due to Pankaj is to be transferred to his loan account.
Prepare :
(a) Profit and Loss adjustment account
(b) Capital account of partners.
(c) Balance sheet of new firm.
Chapter: [0.03] Reconstitution of Partnership (Admission of Partner) [0.03] Reconstitution of Partnership
On due date, Pradhan finds himself unable to make payment of the bill and requests Raja to renew it. Raja accepted a proposal on the condition that, Pradhan should pay Rs. 1,000 on account along with interest Rs. 250 in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. Afterwards, one month before due date of new bill Pradhan retired his acceptance by paying Rs. 4,850.
Give Journal entries in the books of Raja of Nagpur.
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
|
Liabilities
|
Amount
(Rs. )
|
Assets
|
Amount
(Rs.)
|
Amount
(Rs.)
|
|
Capital Account
|
Machinery
|
25,000
|
||
|
A
|
30,000
|
Stock
|
10,000
|
|
|
B
|
10,000
|
Debtors
|
27,500
|
|
|
C
|
10,000
|
Less: R.D.D.
|
1,500
|
26,000
|
|
General Reserve
|
3,000
|
Investment
|
12,000
|
|
|
Creditors
|
20,000
|
Profit and Loss A/c
|
9,000
|
|
|
A’s Loan Account
|
4,000
|
Bank
|
2,000
|
|
|
Bills Payable
|
7,000
|
|||
|
84,000
|
84,000
|
On the above date, the partners decide to dissolve the firm.(1) Assets were realised as -
Machinery Rs. 22,500, Stock Rs. 9,000, Investment Rs. 10,500, Debtors Rs. 22,500
(2) Dissolution expenses were Rs. 1,500.
(3) Goodwill of the firm realised Rs. 12,000
Pass the necessary journal entries int he books of the firm.
Chapter: [0.04] Dissolution of Partnership Firm [0.06] Dissolution of Partnership Firm
Pass journal entries to record these transactions assuming that call - in - arrears and interest money received from Mr. D. Kapse in the books of Kisan Co Ltd. Miraj.
Chapter: [0.08] Company Accounts
Marathi Vishwa Kosha Centre, Wai, has given you the following information from which, you are required to prepare. (i) Income and Expenditure Account for the year ending on 31.03.2013, (ii) Balance Sheet as on 31.03.2013.
Receipts and Payment Account for the year ending 31.03.2013
|
Receipts
|
Amount
(Rs.)
|
Payments
|
Amount
(Rs.)
|
|
To Balance b/d
|
By Stationery
|
5000
|
|
|
Cash in hand
|
13000
|
By Furniture
[Purchased on 01.01.2013]
|
50000
|
|
To Locker Rent
|
5000
|
By Investments
|
1,00,000
|
|
To Entrance Fees
|
19000
|
By Expenses of Drama
|
33500
|
|
To Sale of old newspapers
|
1500
|
By Postage and telegram
|
2,500
|
|
To Receipts from Drama
|
78,500
|
By Magazines and Newspapers
|
4000
|
|
To Legacies
|
1,10,000
|
By Salaries
|
22,000
|
|
To Miscellaneous Receipts
|
8000
|
By Balance c/d
|
|
|
Cash in Hand
|
3000
|
||
|
Cash at bank
|
1,10,000
|
||
|
330000
|
330000
|
Chapter: [0.05] Accounts of “Not for Profit” concerns
Trial Balance as on 31.03.2013
|
Particulars
|
Debit
Amount (Rs.)
|
Credit
Amount (Rs.)
|
|
Capital Accounts
|
||
|
Apeksha
|
60000
|
|
|
Pratiksha
|
35000
|
|
|
Purchases and Sales
|
46700
|
85000
|
|
Sundry Debtors and Creditors
|
28000
|
25000
|
|
Bills Receivable and Bills Payable.
|
9600
|
7800
|
|
Opening Stock
|
18000
|
|
|
Wages
|
9900
|
|
|
Investment
|
13500
|
|
|
Postage and Telegrams
|
3600
|
|
|
Insurance
|
1200
|
|
|
Plant and machinery
|
40700
|
|
|
Furniture
|
18000
|
|
|
Cash in hand
|
2500
|
|
|
Carriage
|
3200
|
|
|
Bad debts
|
400
|
|
|
Prepaid rent
|
7000
|
|
|
Salaries
|
10500
|
|
|
212800
|
212800
|
Chapter: [0.02] Partnership Final Accounts
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