DAY-II SEATNUMBER · I I I I I ·1 1

2023 Im 1.10 I I 1soo 1·

J-297 I (E)

BOOK KEEPING & ACCOUNTANCY (50)

. . .

Time: 3 Hrs. ( 11 Pages) Max. Marks : 80

'

Q. 1. . All objective questions are compulsory: (20)

(A) · Write the word/phrase/term which can substitute each of

the following statements : (5)

( 1) . Credit balance of profit and loss account.

(2) ·Donation received for. a specific purpose.

· (3) The ratio which is obtained by deducting old ratio
from new ratio.
(4) Expenses incurred on dissolution of firm.
(5) Tally software is classified into this category.

(B) Calculate the following : (5)

( l) Calculate 12.5% p.a. depreciation on furniture

..
(a) On~ 2,20,000 for 1 year
(b) On I0,000 for 6 months
(2) Library books~ _ _ _ _ Less I 0% depreciation
5,000 = 45,000

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 . fit and losses in
(3) ~pte and Bhate are shanng pr9 s .
the ratio 3 : .2, if Kate is admitted at J/4 share then
caiculate new profit sharing ratio.
(4) Ganesh draws a biirfor 40,000 on IS'' January,
2020 for 2 months. He discounted the bill with Bank
of India @ 15% p.a. ·on~he saITie day. Calculate the

, amount of discount.
(5) From the· following information, calculate ·Current

Assets :
Debtors t 60,000~ Creditors 30,000, Bills payable
t 20,000, Stock~ 30,000, Loose tools~ 10,000, Bank
overdraft~ 10,000.
(C) r)o you AGREE./ DISAGREE with the following statements : (5)
(1) Partnership is an association of two or more persons.
(2) Not for profit concerns do not prepare Balance sheet.
1
(3) Retiring partner . is not entitled to share in general
reserve and accu.mulated profit.
(4) Dissolution takes place when the relation among the ·
partners comes to an end.
(5) The Authorised Capital is also known as Nominal
Capital.

(D) Select the most appropriate alternative from the following

and rewrite the sentences : (5)

( 1) Maximum number of partners in a firm are - : - - - - -

according to the Companies Act 2013.
(a) 10 (b) 25
(c) 20 (d) 50

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 (2) Income and expenditure account is a account. ·
(a) Capital - (b) Real
(c) Personal (d) Nominal
(3) If asset is t_aken over by the partner account is
debited.
(a) Revaluation (b) Capital
(c) Asset (d) Balance sheet
(4) Death is compulsory
(a) dissolution (b) admission
(c) retirement (d) winding.up
(5) The person on whom a bill is drawn is called a _ __ .
(a) drawee · (b) payee
(c) drawer (d) acceptor

Q. 2. The following is the Balance sheet of p~rtners Aditya and [10]

· · Chaitanya on 31 st March, 20.19, they share profits and losses
in the ratio of 3 : 2 :
Balan_c e Sheet as on 31 st March, 2019 .
Amount Amount
Liabilities .Assets
~) ~ /

Creditors 60,000 Building 30,000

Capital Accounts : Furniture 1,800
'
Aditya 42,000 Machinery _42,000 ' I

Chaitanya 42,000 Stock ·24,600

Current Accounts : D.ebtors 54,000
Aditya 7,500 . Cash · 6,000
Chaitanya 6,900
I 1,58,400 1,58,400

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 Adjustments :
, . · · · •· · · st 'l 20 l 9 on the
They admitted Sachin into partnership on 1 Aprt '
following tenns : . .
.· . · ·h, ry and furniture
( 1) · Bu1ldmg to be valued at~ 36,000, mac me
to be reduced by l 0%.
(2) Sachin should pay~ 6,000 as his·share of Goodwill. 50%
of goodwill withdrawn by partners in cash.
·(3) A provision of 5% on debtors to be made for doubtful
debts.
th
( 4) He should bring~ 18,000 as capital for I/4 share in future_
profit . .
(5) Stock is to be tak~n at the value of~ 30,000.
Prepare: · ,
(a) Profit and Loss Adjustment Account
(b) Partners' Current Account.
(c) · Balance Sheet of the New Firm. · ·
OR
Giv~n below is the Balance shee~ of Amar, Akbar and Antho~y
who were sharing profits and losses equally :
Balance Sheet as on 31 st. March, 2020
- .
Amount Amount
Liabilities Assets
(~) (~ -
.
Creditors 31,000 Cash 39,000
General Reserve 24,000 Debtors 32,000
j

Capital Accounts : Less: R.D.D. .4,000 28,000

Amar I 57,400 Furniture 30,000
· Akbar 63,600 .Ma~hinery / 80,000
Anthony 60,000 Motor Car / so,ooo
Profit and Loss.Ale 9,00i
2,36,000 2,36,000
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 51
Aniar retired on 1 April, 2020 from the firm on the following
terms:

(1) Furniture to be valued at t 28,000, Machinery t 76,000

and Motor car .t 47,600.
(2) R.D.D. to be maintained at 5% on debtors.

(3) Goodwill of the firm is to be valued at~ 30,000. H~wever,

only Amar's share is to be raised in the books.
( 4) 1

.
A part payment oft 20,000 to be made to Amar and the
'

balance to be transferred to his Loan Account.

Prepare:· ( 1) Profit and Loss Adjustrnent Ale
(2) Partners' Capital Account
(3) Balance Sheet of the New firm.

Q. 3. Hema, Manisha and Limsy were in partnership firm sharing· [10]

profits and losses in the ratio of 5 : 3: 2. They decided to
dissolve their partnership firm on 31 st March 2019 and their
B'alance sheet as on that date stood ·as :

Balance Sheet as on 31 st March, 2019

,,
Liabilities > Amount
Amount~) .
Assets
- (~)
·Capital Ac.counts: Machinery 1,00,000
Hema 1,50,000 Debtors 50,000
. .
Manisha 80,000 Stock · 70,000
Reserve Fund 10,000 Cash at bank 30,000
Sundry Creditors . . 20,000 Limcy Capital Ale 20,000
Bills payable 10,000
\ ' j •

2,70,000 2,70,000

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 The firm was d_issolved on 31 st March, 2019 and assets were
realised as under :· .
( 1) Machinery realis~d 60% of its book value.
(2) - Out ~f debtors, Mr. Jagdish, our customer fort 20,000 was
declared insolvent and nothing could be recovered from
him. Other debtors are good and recovered and realised.

(3) Hema took stock at an agreed value oft 50,000.

(4.) Creditors and Bills payable were paid at 10% discount.
•
(5) Limsy became insolvent and nothing was recovered from
her estate.
Prepare:
(a) ·Realisation Account
(b) Par~ners' Capital Account
(c) Bank Account
OR

Rajesh sold goods on credit to Sulochana fort 25,000. Rajesh

draws a bill for < 25,000 on Sulochana for 3 months. Rajesh
. . I
discounted the bill with his bank @ 'I 0% p.a. on the same day.;
On the due date. of bill, Sulochana
,....
requested
:...
Rajesh
... to
.
accept
, .

< 5,000 including< 1,000 for interest and to draw a bill for the
\r _ ,' IJi, , I/ •
balance for 3 months. Rajesh agreed to this proposal. One month
"' , .
before tht! due date, Sulochana retired the bill for< 20,200. -
Pass necessary Journal Entri/sin the books ofRajesh . .

Q. 4. Sameer and Company Limited invited applications for 25,000 [8]

Equity shares of<· 100 each payable as :
< 25 on application
< 50 on allotment
<25 on first and final call
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L -
 Applications were r~ceived for 30,000 Equity shares and
pro-rata allotment were made to all. All the money was duly
received except first and final ~all.on 2,500 Equity .shares.
Enter the above transactions in· the books of Sameer and
· Company Limited.
OR
'
9"ive comparison between Manual Accounting Process
and Computerized Accounting Process . . -
I

Q. 5. Arun, Varun and Karun were p_a rtners in a busine_ss sharing [8]
profits and losses in the ratio of 2 : 2: I respectively. Their
Balance sheet as on· 31 st March, 2019 was ~s und_e r
Balance Sheet as on 31 st March, 2019
Amount Amount
Liabilities Assets
(t) ~)
Capjtal ~ccounts : Land and Building~ 27,900

Arun 20,000 Investment · 15,000

_20,000 Furniture - 8,000
Varun .
Karun 10,000 Debtors 10,400

Creditors 16,000 Less: R. D ..D. 400 10,000

Bank Loan 4,000 Bank 4,100

Goodwill 5,000
70,000 70,000

On 1SI July, 20 19 Karun died and the , following adjustments

were made:
(I) All the debtors were considered as good.
(2) Bank Loan were paid off.
(3) Furniture was depreciated by t 550.

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 (4) · Investments were sold out in the Market at l 0% .profit.
· · t 0 be
(5) Goodwill of the firm was valued _at t 7,500. _It was
raised in the books.
th
(6) Karun was entitled to get his share in the profit up to e
date of his death. Profit for-2019-2020 was est_imated at
t
5,000.
(7) The amount due to Karun's Executor was paid by NEFT.
Prepare:
- (a) Profit and Loss Adjustment Ale
(b) Partners• ·capital Account
(c) Balance sheet of New Firm.
OR
_Convert following Trading Account and Profit and Loss Account
into Vertical Income Statement
. . :
· Trading, Profit and Loss Account .
for the year eneded as on 31 st March, 2020-
Cr.
Dr.

Particulars - Amount~) Particulars Amount (f)

1,20,000
\

To Opening stock 20,000 By Sales

90,000 By Closing Stock 30,000
To Purchases .
.To Carriage inward 500

To Wages 10,000

To Gross Profit c/d 29,5.00

Total 1,50,000 Total · 1,so,000-
To Office expenses . 12,500 By Gross Profit b/d 29;500
To Selling expenses I 0,000
I

To Finance expenses 3,000

To Net Profit c/d 4000
29,500 29,500
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Q. 6. From the foll · ' · · · ·
· . . owing Receipts and Payments Account of"Matsyodari [12]
Engmeermg c0 ll . . .
. ege, Aurangabad" . for the year · endmg on -
3 pt . March, 20 . ' , ·
· 20 and additional informations, prepare
Income and E d' · · h.
_ - xpen 1ture Account for the year endmg 31 st Marc ,
as
2020 and Balance Sheet on that date : .
Receipts and Payments Account
-Dr. for th_e year ended 31 st March, 2020 Cr.
:

Receipts Amount(?) Payments Amount(~)

To Balance b/d ·,

.By Salaries to .·
Cash in hand · ·8,000 Teaching Staff 10,00,000
Cash at bank · 1,00,000 . By Electricity charges 50,000
To Interest 50,000 By Books -64,.000
To ~ubscription _ 30,000 By Furniture . 55,000
To Life Membership Fees ,40,000 By Stationary . .
24,000
To Donation 5,00,000' By-Fixed n'eposit · 7,00,000
\

To Tution fees 11,50,000 By Balance c/d

..
To Term fees 2,00,000 Cash in hand 20,000
To Sundry Receipts 10,000 Cash at Bank 2,25;000
..
T6 Admission Fees (Revenue) 50,000
21,38,000 21,38,000

Additional information :

Particulars 01.04.2019 - 31.03.2·020

Books .. 7,00,000 7,00,000 .·
Furniture
,
3,19,000 3,00,000
Building fu.nd · 10,00,000 ')

Fixed Deposit 9, I 0,000 ')

Capital.'Fund 10,37,000 ?
.
. Page 9 -P.T.O.
 Adjustments :
(1) · 50% Donations are for Building fund and the balance is to
betreated as Revenue Income.
'
(2) Outstanding subscription t 5,300.
(3) Life Membership fees are to be capitalised.

Q. 7. · . va'rsha and Harsha are partners sharing profits and losses i.n [12]
their capital ratio. You are required to prepare Trading Account,
st
Profit and Loss Acc0unt for the year ending 31 March, 2020
and Balance sheet as on that date :
st
Trial Balance as on 31 March, 2020
Credit Balance Amount(<)
Debit Balance Amount(<)
2,40,000
Sundry Debtors 56,000 Sales
99,600
Purchases 1?10,000 Sundry Creditors
2,000
Plant and Machinery ·1,60,000 Purchase Return

Furniture 1,05 ,800 Capital Accounts :

Varsha 1,80,000
Salaries 8,600
1,000 . Harsha 60,000
Sales Return
Cash in hand 1,02,000 Current Accounts :
35,600 Varsha 10,000
Opening Stock
9,000 Harsha 6,000
Rent, Rates & Taxes
Advertisement 9,60Q

5,97,600 5,97,600

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Adjustments :

(1) Stock on 31st March, 2020 ~as valued at~ 74,000.

. .
(2) Depreciation on Plant and Machinery@ 5% p.a.
(3) Partners are entitled to get Interest on Capital at 5~ p.a.
( 4) Outstanding expe~ses : Salaries 700.
(5) Provide further Bad debts oft 1,680 on Sundry debtors.

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