Accountancy Answer Key - II Puc Annual Exam March 2019
Accountancy Answer Key - II Puc Annual Exam March 2019
Accountancy Answer Key - II Puc Annual Exam March 2019
Section A
1. Revenue Receipt
2. Partners current A/c is prepared in partnership firms when partners’ capital accounts
aremaintained under fixed capital method.
3. Hidden Goodwill
4. New Ratio = Old Ratio + Share Gained
5. Buy-back of shares means purchase of its own shares by a company
6. b) Provisions
7. c) Income statement & Balance sheet
8. False
9. Creditors, Bills Payable etc.
10. The Institute of Chartered Accountants of India.
Section B
11. a- Summary of cash book b- Includes both capital & revenue items.
12. a- P & L Sharing Ratio b- Capital Contribution by Partners.
13. Goodwill = 40,000 /4 x 2 = 20,000
14. Partners’ Capital A/c Dr
To Realisation A/c
(Being assets taken over by partner)
15. Forfeiture of shares means cancellation of membership of a shareholder who fails to
make
payment due on his shares.
16. Financial Statements are the basic and formal annual reports through which
corporatemanagement communicates financial information to its owners and various
other external parties.
17. a- Comparative Statements
b- Common Size Statements
18. a- Operating activities
b- Investing activities
Section C
Each question carries 6 marks. (4x6=24)
19. Calculation of Interest on drawings of under product method
Date Amount Outstanding month product
01-06-2017 4000 10 40000
30-09-2017 10000 6 60000
30-11-2017 6000 4 24000
01-01-2018 12000 3 36000
Total Product 160,000
Interest on drawings = 1,60,000 x 8/100 x 1/12 = 1,067
22.
23.
In the books of __
STATEMENT OF PROFIT OR LOSS
As per Schedul 3 of Co. Act 2013
Particulars Note 31-03-17
no.
I. Income
Revenue from operations 5,00,000
5,00,000
II. Expenses
Purchase of stock in trade 3,00,000
Employee benefit expenses 50,000
Other Expenses 50,000
Section –D
Each question carries 12 marks. (4x12=48)
26.INCOME AND EXPENDITURE ACCOUNT
For the year ending 31.03.2018
Expenditure Rs. Income Rs.
General expenses 900 Subscriptions
Salary 75,000
16,000 Add: O/s 17-18 81,400
Add: O/s 17-18 16,000 10,000 2,000
1,000 1,300 Less: O/s 16-17 7,000
Less: O/s 16-17 3,600 400
1,000 7,150 Entrance Fee
Postage 600 Rent from hall
Electric Charges 7,800 7200 Sale of old news paper
Less: Advance 17-18 650 880
News Paper
Meeting Expenses\ 56,770
Depreciation
( 620 + 260 )
Surplus
90,800 90,800
27.
In the Books of
REVALUATION ACCOUNT
Particulars Rs. Particulars Rs.
PBD 3000 Plant 20,000
( 60000 x 5 % ) ( 120000 - 100000)
Stock 5,000 Building 15,000
Partners Capital A/c 27,000 ( 150000 x 10%)
Kumar = 27000 x 2/3
.=Rs.18,000
Rajs = 27000 x 1/3
=Rs.9000
35,000 35,000
Bank a/c
Particulars Rs. Particulars Rs.
Balance b/d 5000 Realisation A/c 6000
Realisation A/c 11180 Realisation A/c 320
Rekha Cap A/c 9445
Chetna Cap A/c 415
16180 16180
,
= =4 Times
,
,
= =2 Times
" ,
"
=
, ,
%100
= 20%
• Operating Ratio
(
= x100
$
)
= %100 =90%
, ,
= %100
, ,
Section –E
Project oriented questions
Each question carries 5 marks