SEAT A 2 4 2 4 2 4 NUMBER : 1 2 1 3

CENTRE NO :

ADVANCED ACADEMY Mock Board

BOOK KEEPING & ACCOUNTANCY

Time: 3 Hours Date: 30|01|2023
NOTES: 1. All questions are compulsory
2. Draw tables/diagrams wherever necessary
3. Figures to the right indicate full marks
4. Write answers of every new questions on new page
Q.1. [A] Find the odd word out: [5]
1. Land, Furniture, patents, bank loan
2. General donations, subscription, sale of scrap, sale of furniture
3. Notary public, drawer, drawee, payee
4. Creditor, drawee, drawer, seller
5. Authorized capital, issued capital, subscribed capital, cash at bank
[B] State whether true or false with reasons: [5]
1. A bill can be endorsed only once.
2. Company can issue shares only for cash.
3. Subscription is an income of recurring in nature.
4. Days of grace are not allowed in case of trade bill.
5. Fixed assets helps to find out current ratio.
[C] Complete the following sentences: [5]
1. Return outward are deducted from _____.
2. The ratio in which the old partners sacrifice their share of profit is called as _____.
3. Revaluation A/cis also known as _____.
4. Paying the bill on its due date is _____.
5. When face value of a share is ₹ 100 and issued price is ₹ 120, then it is said that the shares are
issued at ______.
[D] Complete the table: [5]
1.
Total Drawings – ₹ 20000 Interest rate on drawings – 6% Interest – __________

2.
Income – ₹ 10000 Expenditure - _________ Deficit – ₹ 5000

3.
Old ratio – 1/2 New ratio – 2/3 Gain ratio – __________
4.
Date of Bill – Tenure – 60 days Nominal Date – Legal Due date –
5th February, 2019 __________ __________

5.
Called up capital – __________ Calls in arrears – ₹ 5000 Paid up capital – ₹ 195000

Q.2. Solve the following word problem: [10]

Following is the Balance sheet of Ankur and Aaliya:
 Balance Sheet as on 31st March, 2020
Liabilities Amt Assets Amt
Creditors 19000 Cash in Hand 18500
Bills payable 23000 Stock 10500
Profit and Loss A/c 8000 Debtors 23000
Capital: Less: R.D.D. 3000 20000
Ankur 50000 Equipments 6000
Aaliya 70000 Furniture 12500
Plant 42500
Building 60000
170000 170000
st
They admitted Ashok on 1 April, 2020 in the firm on the following conditions:
a. For his 1/3rd sharer in future profits Ashok will bring ₹ 1,00,000 as his capital.
b. It is decided to raise the goodwill by ₹ 45000 and write off fully after Ashok’s admission.
c. Equipments and plant to be depreciated @ 20% and 10% respectively. Building to be appreciated
@ 15%.
d. Bills payable were retired for ₹ 17500.
e. All debtors were considered good.
f. Furniture of the book value ₹ 6000 will be taken over by Ankur 40% of the book value.
Prepare: (a) Revaluation A/c (b) Partner’s capital A/c (c) Balance sheet off the new
firm
OR
Kale, Lele and Tele are sharing profits and losses as 3:2:1 respectively. Their Balance Sheet as on
31st March, 2020 was as follows:
Balance Sheet as on 31st march, 2020
Liabilities Amt. Assets Amt.
Capital: Cash 10800
Kale 24000 Debtors 18000
Lele 18000 Stock 12000
Tele 12000 Plant and Machinery 30000
Creditors 16800
70800 70800
Tele retires from the business on the above date on the following terms:
a. Stock and Plant and Machinery to be appreciated by 5% and 10% respectively.
b. Provision for doubtful debts to be created at 5% on debtors.
c. The provision of ₹ 600 be made in respect of outstanding rent.
d. Goodwill of the firm is valued at ₹ 18000 and the remaining partners decided that goodwill should
be written back.
e. The amount payable to the retiring partner be transferred to his loan account.
Prepare: (a) Profit and Loss Adjustment A/c (b) Partner’s capital A/c
(c) Balance Sheet of kale and Lele
Q.3. Solve the following word problem: [10]
Amit sold goods to Sumit of Rs. 60000 and draws a bill for a period of 3 months. The bill is then
discounted with the bank at a discount of 10% p.a.. On the due date, the bill was dishonored. Amit
asks Sumit to pay Rs. 10000 as a part payment and to accept a new bill for the remaining amount
along with interest of 12% p.a. for 2 months. These arrangements were carried through. The bill is
endorsed to Karan. On the due date, the bill is honoured.
Pass the Journal Entries in the books of Amit.
Q.4. Solve the following word problem: [8]
 XYZ Ltd. Issued 65000 equity shares of Rs. 100 each along with a premium of Rs. 10 each. Money
received as follows:
Application – Rs. 20 Allotment – Rs. 40 (including premium)
First call – Rs. 30 Final call – Rs. 20
Company received applications for 70000 shares. Directors decided to refund all the excess shares.
All the money was received. Pass the journal entries.
Q.5. Solve the following word problem: [8]
Ram, Madhav and Keshav are partners profits and losses in the ratio 5:3:2 respectively. There
balance sheet as on 31st March, 2020 was as follows:
Balance Sheet as on 31st March, 2020
Liabilities Amt Assets Amt
General Reserve 25000 Goodwill 50000
Creditors 100000 Loose tools 50000
Unpaid rent 25000 Debtors 150000
Capital A/c: Live Stock 100000
Ram 100000 Cash 25000
Madhav 75000
Keshav 50000
375000 375000
st
Keshav died on 31 July, 2020 and the following adjustments were agreed by as per partnership deed:
a. Creditors have increased by ₹ 10000.
b. Goodwill is to be calculated at 2 years purchase of average profits of 5 years.
c. The profits of the preceding 5 years were: ₹ 90000, ₹ 100000, ₹ 60000, ₹ 50000, ₹ 50000 (loss).
d. Loose tools and Live Stock were valued at ₹ 80000 and ₹ 120000 respectively.
e. R.D.D. was maintained at ₹ 10000.
f. Commission ₹ 2000 was payable to Keshav.
g. Keshav’s share of profit up to the date of his death was given on the basis of current year’s profit
which was estimated at ₹ 45000.
Prepare Keshav’s Capital A/c and give the working of his profit up to death and goodwill.
Q.6. Solve the following word problem: [12]
Following is the summary of Receipts and Payments of Shri Babanrao Apte Gym, Valsad for the
ending 31st march, 2020.
Dr. Receipts and payments A/c for the year ended 31st March, 2020 Cr.
Particulars Amt Particulars Amt
To balance b/d 41600 By Salary 55000
To Subscription By electricity charges 10000
2018 – 19 4120 By General expenses 15360
2019 – 20 160000 By entertainment expenses 25800
To Donation for Building Fund 50000 By Taxes paid 5000
To Receipts from entertainment 36440 By Printing and stationery 9440
To Interest on Investment 3240 By expenses paid 2018 – 19 24000
To Entrance fees 45000 By Investment 120000
By Fixed deposit 40000
By Balance c/d 35800
340400 340400
Additional Information:
1. It has 4500 members paying annual subscription of ₹ 40 each.
2. Provide for outstanding salary ₹ 5000.
 3. On 1st Apr, 2019 the assets stood as under: land and Building ₹ 60000, Furniture ₹ 46000.
Depreciate
both the assets @ 10% p.a.
4. Interest on investment ₹ 2000 is not received.
5. Capital Fund was ₹ 127720 on 1st Apr, 2019.
6. 50% entrance fees is to be capitalized.
Q.7. Solve the following word problem: [12]
Soham and Prashant are Partners. Prepare Trading and Profit and Loss A/c for the year ended
31st March, 2020. You have to find out Gross Profit and Net Profit only.
Trial Balance as on 31st March, 2020
Particulars Amt Particulars Amt
Stock (1/4/19) 8700 Sales 68000
Purchases 18300 Dividend 2000
Wages 1000 Purchase return 500
Insurance 800 Sundry Creditors 13000
Unproductive wages 1400 10% Bank loan (w.e.f. 1/7/2019) 8000
Warehouse Rent 600 Other receipts 1000
Carriage outward 1200
Sales return 600
Export duty 1400
Customers Duty 800
Sundry Debtors 40000
Investments 15700
Factory Rent 1600
Postage and Telegram 400
92500 92500
Adjustments:
1. The closing stock is valued at ₹ 15400.
2. Outstanding wages ₹ 500.
3. Create provision for Bad Debts ₹ 800 and maintain R.D.D. 3% on Sundry Debtors.
4. Goods of ₹ 1800 distributed as free samples.
5. Goods of ₹ 2000 were sold and delivered on 313st March, 2020 but no entry is passed in the books
of accounts.