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General Instructions:
(i) This question paper contains four Sections A, B, C and D.
(ii) Attempt any 8 questions from Section A,carrying 2 marks each.
(iii) Attempt any 3 questions from Section B, carrying 6 marks each .
(iv) Attempt any 4 questions from Section C, carrying 14 marks each.
(v) Attempt any 2 questions from Section D, carrying 5 marks each.
(vi) All parts of the questions should be attempted at one place.
Question 1
  • Q1

    State two features of Single Entry System. 

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  • Q2

    Mention any two rules to be followed in the absence of Partnership Deed. 

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  • Q3

    What is Revaluation Account?

     

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  • Q4

    Give the Journal entry for the asset taken over by partner in case of dissolution of firm. 

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  • Q5

    What do you mean by Issue of shares at par? Give an example.

     

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  • Q6

    Under what heading do you show the following in Company Balance Sheet?

    (a) Loans to Employees

    (b) Proposed Dividend.

     

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  • Q7

    What is Depreciation?

     

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  • Q8

    What are non-trading concerns? Give an example. 

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  • Q9

    Mention two features of Computerised Accounting. 

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  • Q10

    What is Data Processing?

     

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  • Q11

    Suraj, a partner in a firm, has withdrawn the following amounts during the year ended on 31. 12. 2013:

    Rs. 6,000 on 31. 3. 2013
    Rs. 10,000 on l. 7. 2013
    Rs. 4,000 on 31. 10. 2013
    Rs. 1,000 on 31. 12. 2013

    Calculate interest on drawings at 6% per annum under Product method.

     

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  • Q12

    Rama. Lakshmana and Bharatha are partners in a firm sharing profits and losses in the ratio of 2: 2: 1 respectively. Lakshmana retires from the firm. Rama and Bharatha agree to share the future profits equally.
     
    Calculate the Benefit Ratio of the remaining partners.

     

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  • Q13

    Anand, Ramesh and Suresh are partners sharing profits and losses in the ratio of 3: 2: 1. Their capital balances on 1. 1. 2013 stood at Rs. 45,000, Rs. 30,000 and Rs. 20,000 respectively. Ramesh died on 30. 9. 2013. Partnership deed provides the following:

    (a) Interest on capital at 10% per annum.

    (b) Salary to Ramesh Rs. 1,000 per month.

    (c) His share of goodwill.

    (d) His share of profit up to the date of death on the basis of previous year's profit.

    (i) Total goodwill of the firm Rs. 27,000.

    (ii) Profit of the firm for the year 2012 Rs. 15,000.

    You are required to ascertain the amount payable to Ramesh’s Executors by preparing Executor's Account.

     

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  • Q14

    ABC Co. Limited forfeited 500 shares of Rs. 100 each for non-payment of the final call money of Rs. 25 per share. Later, these shares were re-issued at Rs. 80 per share.

    Give necessary Journal entries in the books of ABC Co. Ltd.

     

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  • Q15

    Write any six differences between Manual Accounting and Computerised Accounting. 

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  • Q16

    Vijay Kumar is a merchant keeping his books of accounts under Single Entry system. He gave the following information:

    Particulars
    1. 1. 2013

    (Rs)

    31. 12. 2013

    (Rs)

    Sundry Debtors
    7,800
    7,250
    Sundry Creditors
    4,500
    5,450
    Bank Overdraft
    6,400
    Cash
    1,100
    2,000
    Cash in Bank
    3,200
    Bills Payable
    3,000
    Stock
    24,000
    40,000
    Machinery
    60,000
    60,000
    Motor Car
    80,000
    80,000

    During the year, he withdrew cash Rs. 5,000 and goods worth Rs. 5,000 for his personal use. He introduced Rs. 10,000 as fresh capital (additional) as on 1. 4. 2013.
            
    Adjustments:

    (a) Depreciate Machinery by 5% per annum and write off Rs. 4,000 from Motor Car.

    (b) Write off Bad Debts Rs. 250 and create 5% on debtors as RBD.

    (c) Outstanding Salary Rs. 1,000 and Commission due but not received Rs. 1,000.

    (d) Allow interest on capital at 5% including on additional capital.

     
    Prepare:

    (i) Statement of affairs

    (ii) Statement of Profit or Loss

    (iii) Revised statement of affairs as on 31. 12. 2013.

     

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  • Q17

    Vani and Sandhya are partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as on 31. 12. 2013 was as follows:

    Balance Sheet as on 31. 12. 2013
    Liabilities Amount
    (Rs)
    Assets Amount
    (Rs)
    Creditors 57,000 Cash at Bank 21,500
    Bills Payable 20,500 Bills Receivable 4,000
    Reserve 20,000 Debtors 60,000  
    Profit & Loss A/c 5,000   Less: RBD  3,000 57,000
    Capitals:   Stock 35,000
    Vani 60,000   Furniture 10,000
    Sandhya 30,000 90,000 Buildings 40,000
        Machinery 25,000
      1,92,500   1,92,500
           

    On l. 1. 2014 Lakshmi is admitted into partnership on the following terms:

    (a) She should bring Rs. 40,000 as capital for 14share and 25,000 towards goodwill.

    (b) Depreciate machinery and furniture by 10%.

    (c) Appreciate Buildings by 20%.

    (d) Increase RBD on Debtors by Rs. 3,000.

    (e) An amount of Rs. 2,000 due to a creditor is not likely to be claimed and hence to be written off.
     

    Prepare:

    (i) Revaluation A/c

    (ii) Partners' Capital Accounts

    (iii) Bank Account

    (iv) New Balance Sheet as on 1. 1. 2014.

     

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  • Q18

    Narayana and Raghurama are partners in a firm sharing profits and losses equally.

    Their Balance Sheet as on 31. 12. 2013 was as follows:

    Balance Sheet as on 31. 12. 2013
    Liabilities Amount
    (Rs)
    Assets Amount
    (Rs)
    Creditors 35,000 Cash at Bank 20,000
    Bills Payable 10,000 Debtors 45,000
    Narayana's Loan 27,000 Bills Receivable 15,000
    Reserve 18,000 Stock 40,000
    Capitals:   Building 60,000
    Narayana 60,000 Motor Vehicle 30,000
    Raghurama 70,000 Profit & Loss A/c 10,000
      2,20,000   2,20,000
           

    On the above date, they decided to dissolve the firm on the following terms:  

    (a) The Assets realised as follows:

    Debtors Rs. 42,000
    Bills Receivable Rs. 15,000
    Stock Rs. 60,000
    Building Rs. 40,000
    Motor Vehicle Rs. 22,000

    (b) Creditors and Bills Payable paid in full.

    (c) Dissolution expenses paid Rs. 2,000.

     Prepare:

    (i) Realisation Account

    (ii) Partners' Capital Accounts

    (iii) Bank Account.

     

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  • Q19

    A company acquires lease on 1. 1. 2010 for a term of 4 years, by payment, of Rs. 1,00,000. It is proposed to depreciate the lease by Annuity Method, charging 5% Interest.

    As per annuity tables, the amount to be written off annually comes to Rs. 28,201.18.
    Show

    (i) Lease Account for four years and

    (ii) Interest Account for four years.

     

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  • Q20

    Following is the Trial Balance of Bangalore Company Limited, Bangalore.

    Trial Balance as on 31. 12. 2013
    Particulars Debit
    Amount
    (Rs)
    Credit
    Amount
    (Rs)
    Share Capital 30,000 equity shares @ Rs. 10 each _ 3,00,000
    Reserve Fund 1,25,000
    Salary 10,000
    Furniture 50,000
    Building 2,00,000
    10% Debentures 1,50,000
    Opening Stock 65,000
    Purchases and Sales 1,50,000 2,60,000
    Returns 5,000 10,000
    Goodwill 50,000
    Investments 80,000
    Calls in arrears 25,000
    Cash at Bank 30,000
    Profit and Loss Appropriation A/c 25,000
    Vehicles 50,000
    Preliminary Expenses 30,000
    Freight 7,000
    Audit Fees 8,000
    Bills Receivable 35,000
    Bills Payable 10,000
    Dividend 20,000
    Debtors and Creditors 1,50,000 1,20,000
    Wages 35,000
      10,00,000 10,00,000
         

    Adjustments:

    (a) Closing stock was valued at Rs. 1,25,000 on 31. 12. 2013.

    (b) Depreciate Furniture and Building at 10% per annum.

    (c) Provide RBD on Debtors at 5%.

    (d) Transfer Rs. 30,000 to Reserve Fund

    (e) Interest on debenture was outstanding at 10% for one year.

    Prepare the Final Accounts of the company for the year ended 31.12. 2013 in the prescribed form.

     

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  • Q21

    Following are the Balance Sheet and Receipts and Payments Account of Chikmagalur Sports Club, Chikmagalur.

    Balance Sheet as on 31. 12. 2012
    Liabilities
    Amount
    (Rs)
    Assets
    Amount
    (Rs)
    Outstanding Salary
    3,500
    Cash
    10,500
    Pre-received Subscription
    2,000
    Sports materials
    25,000
    Capital Fund
    92,000
    Furniture
    12,000
     
     
    Land & Building
    50,000
     
    97,500
     
    97,500
     
     
     
     
     
    Receipts and Payments A/c for the year ended 31. 12. 2013
    Receipts
    Amount
    (Rs)
    Payments
    Amount
    (Rs)
    To Balance b/d
    10,500
    By Salary
    23,000
    To Subscriptions
    42,000
    By Sports Materials (1. 7. 2013)
    14,000
    To Entrance Fees
    5,000
    By Investments
    10,000
    To Sale of old newspapers
    1,500
    By Postage
    1,200
    To Sports Fees
    7,200
    By Electricity Charges
    2,300
     
     
    By Up-keep of grounds
    4,500
     
     
    By Balance c/d
    11,200
     
    66,200
     
    66,200
     
     
     

     

    Adjustments:

    (a) Outstanding-subscriptions for 2013 Rs. 1,000.

    (b) Outstanding salary as on 31. 12. 2013 Rs. 4,500.

    (c) Half of the entrance fees to be capitalised.

    (d) Depreciate Sports materials at 20% per annum and furniture at 5% per annum.


    Prepare:

    (i) Income and Expenditure Account on 31. 12. 2013.

    (ii) Balance Sheet on 31. 12. 2013.

     

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  • Q22

    Prepare a statement of affairs to find out opening capital with five imaginary figures. 

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  • Q23

    Prepare a Machinery Account for two years with imaginary figures under Diminishing Balance Method of depreciation.

     

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  • Q24

    Classify the following into Capital and Revenue:

    (a) Legacies

    (b) Purchase of Computer

    (c) Subscriptions

    (d) Life Membership Fees

    (e) Printing and Stationery

     

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