Q.5 From the following information available in the  books of a manufacturer. Prepare a Cost Sheet for the month ending 31 December , 1998

Q6(a) X, Y and Z are in partnership with capital of Rs. 120000 (Credit), Rs 100000 (Credit ) and Rs 8000 (Debit ) respectively on 1 st April , 1997.
Their partnership deed provides the following:
i) Partners are to be  only allowed interest  on  capital  @5% p.a. and are to be charged interest on drawings @ 6% p.a.
ii)X is entitled to a remuneration of 10% of the net  profit  for securing contacts with customers .
iii) Y is also entitled to a commission of 10% of the net profit  after charging clause (ii) above.
iv)Z is entitled to a rent of Rs 1000 per month for the use of his premises by the firm .
During the year , x withdrew Rs. 200 at the beginning of every month , Y Rs. 300 during the month and Z Rs. 400 at the end of every month.
The net profit of the firm for the year ended 31st March , 1998, before providing for any of the above clauses was Rs. 111000. From the above you are required to draft only the profit and loss appropriation account for the ended 31st March , 1998.
(All calculations are to be made nearest to the rupee.)

Q. 6(b) D & Company Ltd. does not maintain continuous stock records but rather values stock at the end of every month based
on physical verification .
Their  books of accounts during the month of Jan 1999 reflect the following :
1st Jan , 1999-- Stock in hand 50 units @ Rs 10 per unit
10th Jan , 1999--Acquisition 75 units @ Rs 11 per unit
15th Jan , 1999--Acquisition 60 units @ Rs 10 per unit
25th Jan , 1999--Acquisition 80 units @ Rs 12 per unit
On 31st Jan , 1999 ,physical examination of stock reflects 250 units in hand .
Examine the effect on gross profit using the FIFO and LIFO methods of valuation of inventory. 

Q7. PQR & Company Ltd. with an authorised capital of 100000 equity shares of Rs. 10 each made a public issue of 80000 equity
shares at a premium of Rs. 3per share payable Rs. 2 on application , Rs. 5 on allotment (including premium) , Rs 3 on first call
and the balance after some time.
Application were received for 100000 shares . The Board of Directors decided to refund the excess application money and
therefore allot the remaining shares.
During allotment , Mr. M holding 1000 shares failed to pay the allotment money while Mr. N holding 2000 shares and subsequently
re-issued 800 of the forfeited shares to Mr.O at Rs. 11 each fully paid up at Rs.13 each.
You are required to journalise the above issue of shares through calls in arrears in the books of PQR & Company Ltd.

Q8 A, B ,C and D were partners in a firm .Their balance sheet on the date of dissolution was as follows :

Balance  Sheet (As on 31-3-97)
Liabilities	Amount	Assets	Amounts
A's Capital	20000	Cash in hand	45000
B's Capital	15000	C's Capital	19000
Creditors	14000	D's Capital	5000
Realisation accounts	20000
	69000		69000
C is insolvent and cannot contribute anything. Show the partners capital accounts assuming:- a) Garner Vs Murray is applicable. b) Garner Vs Murray is not applicable . (All calculations to be done to the nearest rupee.)

Q9 S, T and W , having agreed   to share profits and losses equally, entered into a joint venture to construct a multi-storied
commercial complex for a multi-national company at a contract price of Rs. 1000000 payable Rs. 800000 in cash and the
balance in shares of the company.
A joint bank accounts was thus opened where S paid Rs. 400000, T Rs 200000 and W Rs. 300000
Expenses incurred on behalf of the joint venture were as follows :
Materials---Rs 200000
Wages-----Rs. 150000
Expenses--Rs 125000
Materials supplied by S from his stock amounted to Rs. 125000
Finally, the venture was closed by taking  T taking the closing stock at a valuation of Rs. 100000 and W taking up the shares
at Rs. 174000.
From the above , you are required to prepare the joint venture account and the shares account only.

Q9(b)(i) E and F are partners sharing profits and losses in the ratio of  4:1 respectively .G is admitted as a partner for which
he pays Rs. 10000 as premium for goodwill and in future  E, F and G decided to share profits and loses in the ratio of 2:1:1
respectively.
you are required  to pass a single journal entry to give effect to the above arrangement .

(ii) J and R are partners .V is admitted as a partner for 1/4 share of profit but is unable to contribute premium for goodwill in
cash amounting to Rs. 8000 and so it is decided to raise a loan account in the name of V.
You are required to pass a single journal entry in order to give effect to the above problem.