Test No. 4 Accounts

Omtex – classes

Test No. 4

Q1. Calculate the value of goodwill of the firm from the following information: (5 marks) i. Total capital employed in the business Rs. 4,00,000. ii. Net profit of the firm for the past three years was Rs. 53,800, Rs. 45,350 and Rs. 65,250. iii. Normal rate of return at 10%. iv. Goodwill is to be valued at three years purchase of super profit. Q2. The following is the balance sheet of M/s Anna and Chunna as on 31st March 1995. Balance sheet as on 31st march, 1995. (5 marks) Liabilities Amount Assets Amount Capital Machinery 10,000 Anna 1,64,000 Building 26,000 Chunna 40,000 Plant 56,000 Creditors 35,000 Stock 56,000 Profit/ Loss A/c 3,040 Debtor 19,040 Bank 75,000 2, 42, 2, 42, 040 040 Net profits for the past 3years are 1st year Rs, 43,350, 2nd year Rs, 36870, 3rd year Rs, 32,280 Normal rate of return on capital employed is 10%. Calculate the value of goodwill at 2years purchase of the average super profit.

(5 marks)

Omtex classes

Algebra Test

Test No. 14. 20 marks

1. The sum of the squares of three consecutive positive even numbers is 380. Find those numbers. 2. The product of two consecutive positive numbers is 182. Find the numbers. 3. The sum of the squares of two consecutive odd natural numbers is 202. Find the numbers. 4. A teacher wants to divide 150 bananas equally among certain number of students. If there were 25 students more, each student would have received 1 banana less. Find the number of students. 5. Three sides of a right – angled triangle are three consecutive even numbers. Find the hypotenuse. 6. The product of Yusuf’s age 5 years ago with his age 9 years later is 176. Find Yusuf’s present age. 7. The length of a rectangle is twice as long as the side of a square. The side of a square is 4cm longer than the width (breadth) of the same rectangle. If their areas are equal, find their dimensions. 8. The product of two consecutive even natural number is 120. Find the numbers. 9. The sum of the squares of two consecutive odd natural numbers is 290. Find the numbers.

10. The product of Sachin’s age 8 years ago and his age 6 years later is 680. Find his present age.

4. Mahendra sold goods to Ravindra worth Rs. 6000 and for that Ravindra accepted a bill drawn by Mahendra for 3 months. After a month Mahendra discounted the bill with his bank at 10 % p.a. On the due date Ravindra dishonoured his acceptance. Ravindra paid Rs.3, 000 to Mahendra and accepted a fresh bill for 3 months for the balance including interest @ 8% p.a. Before Maturity of the Bill Ravindra become insolvent and 50 paise in a rupee was discovered from his estate as first and final dividend. Give Journal entries in the books of Mahendra and Ravindra. (12 marks) 5. Akbar owed to Barbar Rs. 6,000. Akbar accepted the bill drawn by Barbar for the amount at four months. Barbar discounted the bill with his bank for Rs. 5850. Before the Due date, Akbar approaches Barbar with the request for renewal of the bill. Barbar agreed on the condition that Rs. 4,000 is paid immediately in cash together with an interest on the remaining amount at 12%p.a. for three months and for the balance Akbar should accept a new bill at three months. These arrangements were carried through. Barbar endorsed the new bill to Kadar. Akbar met the bill on due date. Give the transaction in the books of Akbar and prepare Akbar’s account in the books of Barbar. (12 marks) Q6. Answer the following questions. i. What is bill of exchange? ii. What is good will? iii. Who is the drawer? iv. Who is the drawee?

(4 marks)