Hsc Accounts Model Question Paper For Board Exam

OMTEX CLASSES

2008 09

OMTEX CLASSES

III RD PRELIMINARY EXAMINATION

BOOK KEEPING & ACCOUNTANCY

GROUP: B

TIME: - 3 HRS

DATE: - 12TH, FEBRUARY, 2009

DAY - THURSDAY

MARKS: -100

Q1. Attempt any four of the following.

(20 marks)

A. Answer in one sentence each.

(5 marks) 1. Which types of expenses are debited to trading account? 2. What is Reserve Fund? 3. Who is an endorser? 4. What is non – profit organisation? 5. Why is Joint Bank Account opened? A. Write the word/term/phrase which can substitute each of the following statement: (5 marks) 1. A statement showing financial position of the business. 2. Making the payment of bill before its due date. 3. Summary of actual cash receipts and cash payments. 4. The relationship between persons who have agreed to share profit or loss in Joint Venture Business. 5. A Partner who only lends his name to the firm. A. Match the following pairs. (5 marks)

Group A 1. Not for profit concerns

Group B a. Capital A/c. of partner. b. Current A./c of Partner.

2. Fixed capital method.

c. Joint venture

3. Unexpired expenses

d. Asset

4. Temporary Partnership

e. Liability

5. Pure Single Entry System

g. Profit & Loss A/c.

f. Only personal A/cs.

h. Income and Expenditure A/c. A. Select the most appropriate alternative from hose given below each statement. (5 marks) 1. Reserve for discount on ______________ has a debit balance. a. Debtors b. Creditors c. Bills Receivable d. Loan advanced. 1. Income Statements and Balance Sheet are prepared in a systematic and scientific manner under ________________ a. Double Entry System. b. Single Entry System c. Partial Entry System. d. Indian System.

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1. Before accepting a bill, it is called a _________ a. Note b. Draft c. Hundi d. Request. 1. Valuation of goodwill depends upon ________ capacity of business. a. Normal b. Repaying c. Earning d. Capital 1. If two or more persons come together to carry on a business activity for a short period, it is known as ___________ a. Joint venture b. Consignment c. Partnership d. Stock exchange A. State with reason whether the following statements are true of false. (5 marks) 1. Scrap value of asset reduces the amount of annual depreciation. 2. When the amount of the bill is paid on the due date, it is said to be retired. A. Prepare bill of exchange from the following details. Drawer Shekhar Desai, Shastri Road, Mahad. (5 marks) Drawee – Sharad Verma, Narayan Peth, Pune. Amount Rs. 3500/Period 3 months. Payee Mukund Pande, Panvel Date of Bill Drawn – 21st June, 2007 Date of Acceptance 23rd June, 2007 Q2. Avinash Traders, Nashik purchased furniture on 1.1.2002 for Rs. 25,000 on 1st July, 2002 additional furniture was purchased for Rs. 10,000. On 1st July 2003 his furniture purchased on 1.1.2002 was sold for Rs. 15,000 and on the same date new furniture was purchased for Rs. 12,000. The company charges depreciation at 8% p.a. on diminishing balance method. Prepare Furniture A/c for all the years and depreciation account for the last year. Assuming that the accounting year of the company closes on 31st December, every year. OR Q2. (A) For the purpose of valuation of goodwill it was agreed to consider net profits of the last 4 years and goodwill is to be calculated at one year’s purchase of average net profits of last 4 years. The profits were

IST YEAR

IIND YEAR

IIIRD YEAR

IVTH YEAR

Rs. 80,000

Rs. 90,000

Rs. 1,05,000

Rs. 1,10,000

Q2. (B) Name the two output devices of computers and explain them in brief: Q3. Abha purchased goods from Prabha on credit for Rs. 10,000 and accepted a bill drawn by Prabha for four months. Prabha discounted the bill with her bank for Rs. 9,800. Before due date Abha accprached Prabha with a request to renew the bill. Prabha agreed but with the condition that Abha should pay Rs. 6,000 with interest of Rs. 150 and accept a new bill for the balance. The arrangements were duly carried out. New bill is met on due date. Pass the necessary journal entries in the books of Prabha. Q3. Journalize the following transactions in the books of Smita: 1. Nita informs Smita about dishonor of Anita’s acceptance endorsed to her by Smita for Rs. 15,000. Nita paid noting charges of Rs. 70.

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2. Smita retired her acceptance for Rs. 7,000 one month before due date at a rebate of 12% p.a. to Smita. 3. The bank informs Smita that Sudha’s acceptance for Rs. 8,000 sent to bank for collection has been honoured. Bank charges debited Rs. 160. 4. Our acceptance to Soni for Rs. 5100 is settled by endorsing Chitra’s acceptance to us for Rs. 4,950.

Q4. Yash and Jay entered into joint venture to purchase and sell cycles. They decided to share profit and losses equally. Yash purchased 150 cycles at Rs. 400 each and spent Rs. 2,000 for carriage Rs. 4,000 for insurance and draws a bill for Rs. 35,000 on Jay, which is duly accepted by Jay. Jay purchased 210 cycles at Rs. 400 each and spent Rs. 1,400 for carriage and Rs. 2,000 for selling expenses. Yash sold 180 cycles at Rs. 750 each. All the remaining cycles of venture were sold by Jay at Rs. 550 each. Joint venture was completed and both the parties settled their accounts you are required to pass journal entries in the books of Yash.

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Q5. The following is the balance sheet of M/s A, B, and C as on 31st march 06:

Liabilities Sundry creditors Bills payable

Amt

Asset

12,60 Cash in hand 0 Cash at bank 8,400 Sundry debtors

Capital A/c

Stock

A 45,000 B 30,000

1,200 11,40 0 25,20 0 20,10 0

Furniture 90,00 Plant and 0 machinery Current A/c - C

C 15,000 Current A/c

Amt

6,000 48,00 0 1,560

2,460

A 1,440 B 1,020 1,13,4 60

1,13,4 60

A, B and C share profit and losses in the ration of 3:2:1 after charging interest on capital at 5%p.a. During 07, the monthly drawing on the partners were: A-1,200 , B-900,C-750. On 31st march 07, the asset and liabilities of the firm were : Cash in hand Rs.900; stock Rs 30,600; Plant and machinery Rs 75,000; Bill payable Rs7,200; sundry debtors Rs 28,800 , Furniture Rs5,400 , sundry creditors Rs 10,200 and Bank overdraft Rs 18,000. You are asked to : 1. Ascertain the profit or loss made by the firm as on 31/03/07 2. Show the Balance sheet of the firm 31.03.07 Q6. Following is the Receipts and Payments Account for the year ended 31st March 2006, of Residency Sports Club, Raipur. Receipts and Payments Account for the year ended 31st March 2006.

Receipts

Amo unt

Payments

Amo unt

OMTEX CLASSES To Balance B/D i. ii.

By Rent and Rates

Cash in Hand Cash at bank

To Entrance Fees To Membership Fees To subscriptions: • • •

2004 – 05 2005 – 06 2006 – 07

1,500 15,000 300

To Miscellaneous Receipts To Locker Rent for thirteen months To Sale of Old Furniture (on 1-4-2005) To Non – Member’s Fees

1500 By Stationery Expenses 9000 By Printing 1250 By Salaries 1000 By Repairs to Furniture By Honorarium to Secretary 1680 By other expenses 0 By Telephone Charges

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4600 1300 1800 9900 900 3600 600 750 1000 200

500 By Insurance 2600 By Social Events 2000 Expenses 400 By Balance C/D

To Grant from local Authority

1600

i.

To Social Events

1350

ii.

3800 0

Cash in Hand Cash at Bank

350 1300 0

3800 0

Additional Information: 1. The assets and liabilities as on 1-4-2005 were as follows: cash in hand 1500, Cash at Bank 9000, Furniture 30000, Subscriptions Receivable 1800, 6% investments 30000, Outstanding Salaries 900, Rent Payable 600, Stationery Expenses due but not paid 300, Capital Fund 70,500. 2. Subscription of Rs. 3,000 is receivable for 2005 – 06. 3. Entrance Fees and Membership Fees are to be treated as capital receipts in full. 4. Provide depreciation on Furniture @ 10% p.a. 5. You are required to prepare Income and Expenditure account for the year ended 31 – 3 – 2006 and Balance sheet as on that date.

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Q7. From the following Trial Balance, Prepare Final Account for the year ended 31st December, 2002 Trial Balance

Debit Balance

Rs.

Credit Balance

Land and Building

30, 000

Sundry Creditors

Sundry Debtors

45, 000

Reserve for Bad debts

Machinery

25, 000

Capital: Uma

Purchases

48, 000

Opening Stock ( 1- 1- 2002)

25, 000

Unpaid Wages

Wages

23, 000

Sales

Factory Expenses

8, 000

Royalties

1, 800

Carriage Inward

1, 300

Carriage Outward

1, 700

Office Expenses

2, 550

Bad debts

750

Furniture

3, 000

Drawing: Uma

3, 000

Priya

4, 300

Cash in hand

500

Insurance

Discount

49, 000 1, 000 20, 000 25, 000 1, 000 1, 31, 000 1, 300

2, 000

Cash at Bank

Advertisement( for 6 year)

Priya

Rs.

3, 000 400 2, 28, 300

2, 28, 300

ADJUSTMENTS: a. Closing stock on 31st December, 2002 was Rs. 18500 b. Goods worth Rs. 3, 000 taken by Uma for his personal use were not entered in the books of accounts.

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c. Fire occurred in the godown and goods worth Rs. 5, 000 were destroyed, but Insurance Company admitted Claim for Rs. 3, 500. d. Write off Rs. 1, 000 for bad debts and create bad debts reserve on debtors at 5% e. Insurance is paid for the year ended 31st March 2002. f.

Charge depreciation at 2.5% on Land and Building 10% on Machinery, 15% on Furniture.