|
Accounts 1997
(I.S.C)
You are on questions 1 to
4
PRINCIPLES OF
ACCOUNT
|
-Answer question 1
(Compulsory) from part 1 and question 2(compulsory) and any other three question from part
II.
- The intended marks
for questions or parts of questions are given in brackets
[].
- Transactions should
be recorded in the proper forms of accounts .
- All calculations should be shown clearly .
- All working , including rough
work , should be done on the the same sheet as ,and adjacent
to , the rest of the answer.
Material to be supplied with this paper
:
(1)journal: 3
sheets (6 pages)
(2)Ledger: 3 sheets ( 6 pages)
(3) Balance sheet: 2 sheets (3
pages)
(4)Writing paper :Booklet
1(8pages)
|
|
Part-1
Q.1.
Answer the following questions very briefly
and to the point:
(i) How are debenture holders
different from share holders? Give two differences.
(ii)How will
you deal with sale of old assets while preparing the final accounts
of a non-trading organization?
(iii)What is Abnormal
loss in consignment Accounts ?
(iv)what is the purpose of opening
a joint Bank Account for a joint venture?
(v)When is a profit and
loss appropriation account made? Why ?
(vi)Why is General Reserve
distributed amongst the old partners before a new partner is
admitted?
(vii)What is the object of Realisation Account in
dissolution of partnership?
(viii)State what is meant by
statement of affairs ?
(ix)What is Reserve
Capital?
(x)List two objectives of stock valuation
|
|
Part
II |
Q
2.The treasurer of a club has prepared the following
Receipts and Payment Account for the year ended 31st
march 1995.
Receipts and payments A/C for the ended
31.3.1995 |
Receipts and payments A/C for the ended
31.3.1995
|
| Receipts |
Amount |
Payments |
Amount |
| Bank bal. |
6400 |
Rent of
rooms |
2800 |
| Subscriptions |
20000 |
Wages of
caretaker |
40000 |
| Entrance
fees |
3000 |
Purchase of sports
equipment |
12800 |
| Sale of
refreshments |
7600 |
Dance
expenses |
3800 |
| Sale of Dance
tickets |
4500 |
Refreshment supplies
|
5200 |
| Interest on
investments @ 7% for full year |
3500 |
Secretary's
Expenses |
800 |
| |
|
General
Expenses |
2500 |
| |
|
Printing &
Stationary |
1400 |
| |
|
Bank balance |
11700 |
| |
45000 |
|
45000 | |
You are given the following information :
(i)At
31.3.1994 assets comprised:
Furniture Rs.9600, sports Equipment Rs.5200:
subscription in arrears Rs. 1500;
Liabilities were: Accrued rent RS.600 and
subscription received in advance Rs 400.
(ii) At 31.3.1995 assets comprised :
furniture RS. 8600. sports
Equipment Rs. 15200; Subscription
in arrears Rs. 1300.
Liabilities were : Accrued rent Rs. 300 and
Subscription received in advance Rs 1800
The members require :
(a) Income and Expenditure Account for
the year ended 31.3.1995
(b)
Balance Sheet as on that due. |
| As per receipts
|
20000 |
| ADD:-
received in advance (31-3-94) |
400 |
|
arrears
(31-3-95) |
1300 |
| |
21700 |
| LESS:- arrears
(31-3-94)
1500 |
|
|
advance
(31-3-95) 1800 |
3300 |
| |
18400 |
| (4) Opening
sports equipment |
5200 |
| ADD:- Purchase during
the year |
12800 |
| |
18000 |
| LESS:-
Closing |
15200 |
| Dep.on
Sports |
2800 |
|
|
Q.3 Hari Bhai
Ahmedabad sent 100 boxes of Tea on consignment to Chitti
Babu of Calcutta costing Rs. 1000/- per box at a
proforma invoice price to show 20% profit on invoice price. Hari
Bhai spent Rs. 5000/- on loading ; Rs. 8000/- on freight
and insurance and Rs. 2000/- on miscellaneous expenses
in sending the goods . 10 boxes were lost in transit .
Chitti Babu received 90 boxes a nd sent Rs.
50000 as an against the goods .Chitti Babu spent as
follows : |
Carriage inwards ---------------Rs 8,000
Duties
& taxes --------------- Rs 10,000
Godown
rent --------------- Rs
2,000
Advertisement ---------------- Rs
5,000 |
He sold
as follows:
60 boxes @ Rs 1800 per box
10 boxes @ Rs. 1900 per
box
. 2000 per box |
Chitti Babu is
entitled to a commission of 10% on sales. He reported Rs. 2000/-as
bad debts. Prepare the following accounts in the books of the
consignor:
(i) Consignment
account
(ii) Goods sent on consignment account
(iii)Chitti babu's account |
|
Q4.D , R ,and L were in
partnership sharing profits and losses in the ratio of 3:2:1
respectively .
The draft Balance sheet as on 31-3-1996 was
as follows:-
|
| Capital Accounts Rs |
Rs |
|
Rs |
D
24000
R 12000
L 6000 |
42000 |
Buildings |
12000 |
Current Accounts
D
1920
R 1680
L 1120 |
4720 |
Plant &
equipment |
18800 |
| Loan -D |
5000 |
Stock |
9200 |
| Creditors |
15600 |
Debtors
12400
Less:- Provisions 1200 |
11200 |
| |
|
Bal at Bank |
16120 |
| |
67320 |
|
67320
| |
|
D retires on 31-3-1996 and R and L
continued in partnership sharing profits and losses in the ratio of
2:1 .D's loan was repaid on 1-4-1996 and it was agreed that the
remaining balance due to him , other than that of the current
account , should remain as loan to the partnership.
For
the purpose of D's retirement it was agreed that
:-
(1) Building be revalued at Rs 24000 and the plant
equipment at Rs 15800
(ii) The provision for bad debts was to be
increased by Rs 400
(iii) A provision of Rs 500 included in
creditors was no longer required
(iv) Rs 1500 was to be written
off the stock in respect of damaged items included therein.
(v)
The provision of Rs 4240 be valued at Rs 14400. Both the partners
decide that goodwill should not appear in the books of
accounts of the firm.
You are required to prepare :-
(a)
Revaluation Accounts
(b) Capital and current Accounts
of the partners
(c)The Balance sheet of R and L as
1-4-1996.
|
