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General Instructions:
(i) This question paper contains four Sections A, B, C and D.
(ii) Attempt any 7 questions from Section A, carrying 2 marks each.
(iii) Attempt any 4 questions from Section B, carrying 5 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 any two causes of Depreciation. 

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  • Q2

    What is meant by fixed capital system? 

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  • Q3

    What is Sacrifice Ratio? 

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  • Q4

    Mention any two modes of payment on settlement to Retiring partner. 

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  • Q5

    Give the journal entry to close partners loan account on Dissolution of Firm. 

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  • Q6

    What is over subscription? 

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  • Q7

    Give the meaning of Interim Dividend. 

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  • Q8

    State any two uses of Financial Statement Analysis. 

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  • Q9

    What are Non-profit organisations? 

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  • Q10

    State any two disadvantages of Data Base Management System. 

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  • Q11

    Pratham and Chethan are partners sharing profits and losses in the ratio of 3 : 2. On 1-4-2013 they had capitals of Rs 60,000 and Rs 40,000 respectively.
    According to their partnership deed they are entitled to the following :
     

    (a) Interest on capital at 6% p.a.
    (b) Interest on Drawings at 5% p.a.
    (c) Chethan is allowed a salary of Rs 500 p.m. for first 6 months and for the remaining period Rs 1,000 p.m.
    (d) Their drawings during the year Pratham Rs 8,000 and Chethan Rs 10,000. Interest on the same Rs 400 and Rs 500 respectively.
     
    The profits for the year before making the above adjustments was Rs 24,100.
    Prepare profit and loss appropriation A/c for the year ending 31-3-2014. 

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  • Q12

    Ramesh and Suresh are partners sharing profits and losses in the ratio of 3 : 2. They admit Satish into partnership for 1/5th share.
    Calculate the new profit sharing ratio of all the partner’s. 

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  • Q13

    Anil, Sunil and Rahul are the partners sharing profits and losses in the ratio of 3 : 2 : 1. Their capitals as on 1-4-2014 were Rs 70,000 Rs 90,000 and Rs 60,000 respectively.
    Anil died on 31-12-2014 and the partnership deed provided the following :
     

    (a) Interest on Anil’s capital at 8% p.a.
    (b) Anil’s salary Rs 2,000 p.m.
    (c) His share of accrued profit upto the date of death based on previous year’s profit. Firm’s profit for 2013-2014 Rs 24,000.
    (d) His share of Goodwill Rs 12,000

    Ascertain the amount payable to Anil’s executor by preparing Anil’s Capital A/c.

     

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  • Q14

    Kaveri Co. Ltd. Issued 5,000 5% Debentures at Rs 250 each, at a discount of Rs 50 per debenture payable as follows.
    Rs. 50 on Application
    Rs. 100 on Allotment
    Rs. 50 on first and final call.
    All the debentures were subscribed and the money duly received upto the stage of allotment.
    Pass the Journal entries related to the above information. 

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  • Q15

    Karnataka Co. Ltd. had the following on 31-3-2014:
     

    Current Assets Rs 2,40,000
    Current Liabilities Rs 60,000
    Quick Assets Rs 1,20,000
     
    Calculate :
    (i) Current Ratio
    (ii) Quick Ratio
     

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  • Q16

    From the following ledger balances prepare Receipts and Payments A/c of Bharani Charitable Trust.
     

    Particulars Amount (Rs) Particulars Amount (Rs)
    Cash in hand 6,000 Subscriptions Received 12,000
    Periodicals cost 600 Rent paid 5,000
    Furniture bought 19,000 Salary paid 4,000
    Legacies received 18,000 Electricity Charges 800
    Postage 200    
     

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  • Q17

    Explain the stages of data processing cycle. 

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  • Q18

    Following are the particulars related to Pushpak Co. Ltd., prepare machinery A/c and depreciation A/c for four years, charging depreciation at 10% p.a. on 31st March every year under straight line method.

    (a) Machine “X” purchased on 1-4-2009 at Rs 50,000 and spent further cost of Rs 10,000 for installation.
    (b) Machine “Y” purchased on 30-6-2010 at a cost of Rs 40,000.
    (c) Machine “X” sold on 30-9-2011 for Rs 42,400. 

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  • Q19

    Srikanth, Girish and Manju are partners sharing profits and losses equally. Their balance sheet as on 31-3-2014 was as follows :
     

    Balance Sheet
    as on 31.3.2014
    Liabilities Amount Rs Assets Amount Rs
    Creditors 30,000 Cash 24,000
    Bills payable 20,000 Bills receivables 28,000
    Bank overdraft 25,000 Stock 36,000
    Reserve Fund 15,000 Investments 9,000
    Capitals   Debtors 20,000
    Srikanth
    60,000   Furniture 25,000
    Girish
    50,000   Machinery 32,000
    Manju
    30,000 1,40,000 Buildings 50,000
          Profit-loss A/c 6,000
      2,30,000   2,30,000
           

    Manju retired on 1-4-204 from the business and the following adjustments are to be made.
    (a) Goodwill of the firm is created Rs 18,000 (Retain in the business).
    (b) Maintain provision for doubtful debts at 5% on Debtors.
    (c) Increase stock by Rs 4,000.
    (d) Depreciate Machinery and Furniture by 10% each.

    Prepare :
    (i) Revaluation A/c
    (ii) Goodwill A/c
    (iii) All the partner’s capital A/c
    (iv) Balance Sheet as on 1-4-2014
     

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  • Q20

    Girija and Sudha are partners sharing profits and losses in the ratio of 3 : 2. They dissolved their firm on 31-3-2014.
     

    Balance Sheet
    as on 31.3.2014
    Liabilities Amount Rs Assets Amount Rs
    Creditors 20,000 Bank 15,000
    Bills Payable 17,000
    Debtors
    25,000  
    Girija’s Loan 21,000
    Less: Provision
    1,000 24,000
    Reserve Fund 10,000 Investments 10,000
    P/L A/c 12,000 Stock 14,000
    Capitals :   Furniture 16,000
    Girija
    44,000   Motor car 30,000
    Sudha
    40,000 84,000 Computer 25,000
          Buildings 30,000
      1,64,000   1,64,000
           

    The details available are:

    (a) Assets realised as follows :
     
    Debtors
    Rs 22,000
    Stock
    Rs 16,000
    Furniture
    Rs 14,000
    Motor car
    Rs 25,000
    Buildings
    Rs 40,000
     
    (b) Investment is taken over by Girija at Book value.
    (c) Computer is taken over by Sudha at 10% less.
    (d) All liabilities are paid in full.
    (d) Realisation on Expenses Rs 2,500.

    Prepare :
    (i) Realisation A/c
    (ii) Partners capital A/c
    (iii) Bank A/c 

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  • Q21

    Varsha Co. Ltd. issued 10,000 Preference Shares at Rs 100 each at a premium of Rs 5 per share payable as follows :

    Rs 10 on Application
    Rs 45 on Allotment (including premium)
    Rs 30 on First call
    Rs 20 on Final call

    All the shares were subscribed and the money duly received except on final call for 500 shares. The Directors forfeited these shares and re-issued at Rs 90 each fully paid.
    Pass the necessary Journal Entries related to the above information. 

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  • Q22

    Following is the Trial Balance of Kumar Co. Ltd., Davanagere, as on 31-3-2014.
     

    Trial Balance
    as on 31. 3. 2014
    Sl. No. Name of Accounts Debit Balance (Rs) Credit Balance (Rs)
    1. Share Capital 10,000 Eq. Shares of Rs 10 each 1,00,000
    2. Stock on 1-4-2013 75,000
    3. Purchases/Sales 1,05,000 2,30,000
    4. Returns 10,000 5,000
    5. Wages 15,000
    6. Salaries 20,000
    7. Gas and Water 9,000
    8. Sundry Expenses 1,000
    9. Preliminary Expenses 12,000
    10. Commission
    6,000
    5,000
    11. Debtors/Creditors 30,000 20,000
    12. Goodwill 25,000
    13. Furniture 10,000
    14. Plant and Machinery 40,000
    15. Buildings 50,000
    16. P/L Appropriation A/c 24,500
    17. Reserve Fund 24,000
    18. Bad Debts 2,000
    19. Investments 25,000
    20. Interest on Investment 1,500
    21. Cash at Bank 20,000
    22. 10% Debentures 50,000
    23. Interest on Debentures 5,000
        4,60,000 4,60,000
           

    Adjustments :
    (a) Depreciate buildings at 10%
    (b) Write off 13 of preliminary Expenses
    (c) Transfer Rs 10,000 to Reserve Fund
    (d) Dividend declared at 10% for the current year
    (e) Closing Stock Rs 1,25,000.

    Prepare :
    (i) Income Statement for the year ending 31-3-2014.
    (ii) Position statement. 

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  • Q23

    From the following Balance Sheets of Narayan Industries Ltd., computer the trend percentage using 31-3-2011 as the base year.
     

    Particulars 31-3-2011 (Rs) 31-3-2012 (Rs) 31-3-2013 (Rs)
    Share Capital 1,00,000 1,25,000 1,50,000
    Reserves 50,000 75,000 75,000
    Loans 1,00,000 50,000 25,000
    Creditors 1,50,000 2,00,000 1,00,000
    Buildings 1,00,000 1,25,000 1,50,000
    Plant and Machinery 1,00,000 1,25,000 50,000
    Stock 1,25,000 1,25,000 75,000
    Debtors 50,000 50,000 50,000
    Cash at Bank 25,000 25,000 25,000
     

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  • Q24

    Following is the Balance Sheet and Receipts and Payments Account of Bengaluru Education Society.
     

    Balance Sheet

    as on 31.3.2013

    Liabilities Amount Rs Assets Amount Rs
    O/S Salaries 5,000 Cash at Bank 22,000
    Building Fund 50,000 Books 25,000
    Capital Fund 72,500 Furniture 30,000
        Buildings 50,000
        O/S Subscription 500
      1,27,500  

    1,27,500

           
     
    Receipts and Payments Account
    for the year ended 31.3.2014
    Dr.   Cr.
    Receipts Amount (Rs) Payments Amount (Rs)
    To Balance b/d 22,000 By Salaries 20,000
    To Subscriptions 18,800 By Printing and Stationery 2,000
    To Entrance fee 10,000 By Office expenses 4,000
    To Sale of old Newspaper 200 By Books Bought (1-4-2013) 5,000
        By Newspaper Subscription 500
        By Refreshment Expenses 600
        By E-mail charges 200
        By Balance c/d 18,700
      51,000   51,000
           

    Adjustments :
    (a) O/S subscription for 31-3-2014 Rs 5,000.
    (b) O/S Salary for 31-3-2014 Rs 600.
    (c) Half of the Entrance fee is to be capitalised.
    (d) Depreciate Furniture at 10% and Books at 30%.
     
    Prepare :
    (i) Income and Expenditure A/c for the year ending 31-3-2014
    (ii) Balance Sheet. 

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  • Q25

    How do you treat the following in the absence of partnership deed?
    (a) Interest on capital
    (b) Interest on drawings
    (c) Interest on loan
    (d) Distribution of profit or losses
    (e) Salary to partner. 

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  • Q26

    Write the pro-forma of Vertical Balance Sheet of the Joint Stock Company with
    appropriate heads. 

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  • Q27

    Prepare the tree diagram of hierarchical data base model. 

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