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Accounts -
1999 (I.C.S.E)
You on questions 1 to 3
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-Answers to this paper must be
written on the paper provided separately.
-You will NOT be
allowed to write during the first 15 minutes.
-This time is
to be spent in reading the question paper.
-The time given at the
head of this paper is the time allowed for writing the
answers.
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-All working , including
rough work , must be cleared shown ;it should be done immediately
before/after the rest of the answers.
-Please also note that
parts of the same question must be done continuously so as to
facilitate evaluation.
-Attempt all questions from
Section A and any two questions from Section B.
-The
intended marks for questions or parts of questions are given
in brackets
[ ].
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SECTION -
A
Q 1 (a)
State true or false :
(i) Every educational center- be it a
nursery , primary , secondary or higher secondary school-is
registered as a non - trading organisation in our country.
(ii)
Only Trading Units compile Trial Balances to help complete Final
Accounts.
(iii) Commercial organisations set up for business
profits can undertake to do charities , but charitable organisations
cannot be granted permission to register as profit -oriented
units.
(iv) In a given year of accounting , Bad Debts A/c and Bad
Debts Recovered A/c. necessarily involve the same client.
(v) A
retrospective change in the method of depreciation involves
adjustment in the reduced value of an asset , as on the date of
decision.
(b) The following question has to be
answered using two columns. Rewrite Column 1 in the
order given. Column 2 contains descripitive phrases for the items in
column 1. Match the phrases to suit the items in column 1 by
selecting phrases from Column 2. Ignore those that
remain:
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Column
1 |
Column
2 |
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i) Original Cost Price method
related to |
Surplus as the
goal |
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ii)Building A/c .debited for
structural repairs |
use the Journal
Proper. |
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iii)Professionals work
for |
the overall compensation
paid |
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iv)Sole Trader works for
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associates with Capital
Expenditure. |
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v) To set off 'Mr. O Customer
A/c .' against 'Mr. O Creditor A/c' |
Landed cost of asset less scrap
value if any, distributed over a given
life-span. |
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profit as the motive. aptly
described as deferred
repairs. | (c) Each statement given below has two
blanks , a word or phrase blank and the rupee-value blank .As your
answer for each, indicate the word or phrase or 'Rs.
' in the blank spaces provided. The serial order of statements
(i) to (iii) should not be disturbed.
(i) If Mr. A and Mr.
B report current account bal. of Rs. 10000 (Dr) and Rs. 15000 (Cr.)
respectively , and as per the Partnership Deed , if interest on
current A/c. bal. @ 10% p.a. is to be charged from the relevant
partner
, the interest will be Rs.
.
ii) If Capital Fund on 1.4.1995 = Rs. 1500000 and a
legacy received capitalised = 10% of the amount , and the closing
Capital Fund on 31.3.1996 works out to Rs. 1900000 the year's
is Rs.
iii)If the Net Profit ratio also referred to as the
is equal to 25% and if Net Turnover is quoted as Rs. 400000 ,
the Net Profit is Rs.
.
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Q 2 Compile final accounts for Mr. Lockshy
form the Trial Balance as on 31-3-1997
| Particulars |
Debit |
Credit |
| Fixed Assets
(Depreciation rate is 5% p.a. ) |
120000 |
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| Two -wheeler |
2500 |
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| Reserve |
|
15000 |
| Wages &
Manufacturing expenses |
55000 |
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| Capital &
Drawings |
9000 |
170000 |
| Investment in 10%
Debentures |
40000 |
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| Loan @ 15% p.a. (on
mortgage of fixed Assets) |
|
60000 |
| Insurance &
Taxes |
3800 |
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| Goods |
235000 |
440000 |
| Bad Debts ( the year's
Bad Debts total Rs. 2000 ) |
1500 |
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| Cash |
7200 |
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| Interest on
loan |
4500 |
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| Returns and
Adjustments |
8000 |
7000 |
| Current Account with
the banker |
33000 |
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| Carriage (1/3 of the
amount = carriage outward ) |
18000 |
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| Interest Earned from
Debentures |
|
3000 |
| Indirect Exp.
incurred |
77000 |
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| Debtors &
Creditors |
12000 |
9000 |
| Rent (paid for 8
months and received for 15 months ) |
8000 |
10000 |
| Goodwill |
65000 |
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| Opening
Stock |
14500
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714000 |
714000
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Adjustments:-
a)
Interest on loan is payable for the quarter ending
31.3.1997
b)The two-wheeler was sold at book -value to a
friend on 1.4.1996 and the cash used up for domestic needs by
Mr.lockshy- account for this left unrecorded.
c) Insurance
& Taxes include Rs. 900 paid for the quater ending
31.6.1997
d) Unsold stock at end , Rs.
16000 |
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Section -- B
Attempt any
two questions
Where required ,
candidates are advised to spread their answers across the two sides
of the answer booklet to ensure neatness |
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Q 3 Computer
Equipment A/c. in the ledger of an MBA in the consultancy line
reflects a bal. b/d of Rs. 177500 for 3 units , as on 1.4.1993
Depreciation rate is 10% p.a. , Fixed Installment basis . The annual
depreciation amounts are Rs. 10000 + Rs 5000 + Rs 7500 .Their
annual servicing cost is Rs. 5000.
On 1.3.94 an advance of
Rs. 20000 was paid to buy three 'printer ' units for the existing
computers.
Finally , on 30.6.94 , the bal. amountof Rs. 70000 was
cleared by a cheque issued against the delivery of the 'printer'
units , put into immediate use.
In 1995-96 , on Oct. 1 ,
one of the three computer units with one printer was transferred
home for the children's use , at no profit , no loss basis .
The computer had been bought on 1.4.1991 paying Rs.50000.
Work
out the computer Equipment A/c reflecting all its given data for the
financial years 1993-94 , 94-95 and 95-96.
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