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Section – A
I. Answer any seven of the following questions each carrying two marks: 7 × 2 = 14
1. What is depreciation?
2. Give the meaning of partnership deed?
3. How do you close revaluation account on admission of a new partner?
4. What is gain ratio? Why is it required?
5. What is realization account?
6. State any two difference between shares and debentures.
7. What is Amortisation?
8. What is trend analysis?
9. What do you mean by non-profit orgainisation?
10. What is data base?
Section – B
II. Answer any four of the following questions each carrying five marks: 4 × 5 = 20
11. Prajwal a partner withdrew Rs 1000 at the end of every month for the year ending 31/3/2014.
Calculate Prajwals interest on drawing at 6% per annum under product method.
12. Arun & varun are partners sharing profits and losses in the ration 3:2. They admit tarun into
partnership for 1/5th share which he acquires in the proportion of 2/15 & 1/15 from Arun and Varun.
Calculate the new ratio.
13. Indira, Mamatha and Soumya are partners in a firm sharing profit and losses in the ratio of 5:3:2.
Their balance sheet on 31/3/2013 was as follows:
Liabilities Amount Amount Assets Amount Amount
Creditors 15,000 Bank 5,000
Bills payable 5,000 Debtors 15,000
Capital accounts: Stock 20,000
Indira 50,000 Furniture 20,000
Mamatha 30,000 Plant and machinery 25,000
Soumya 20,000 1,00,000 Buildings 35,000
1,20,000 1,20,000
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On 1 Oct 2013, Soumya died. According to the articles of partnership, the executors of the
deceased partner are entitled to claim:
a) The capital of Soumya
b) Salary of Rs 300 per month
c) Interest on capital at 6% per annum
d) Her share of goodwill. Goodwill of the firm amounted to Rs 10,000
e) Her share of profit to the date of death, which shall be calculated on the basis of the average
profits of three preceding years.
The profits for the last 3 years were: 2010-11 = Rs 14,000; 2011 -12 = Rs 15,000 and for 2012-13 =
Rs 16,000
The drawings of the deceased partner upto the date of death amounted to Rs 7000.
Ascertain the amount payable to Soumya’s executors.
14. The prosperous company Ltd issued 20,000 10% debentures of 100 each at a premium of 10 per
debenture. The amount was payable as 20 on application, 50 on allotment including premium, 30 on
first call and 10 on final call. Pass the journal entries.
15. From the following information of ABC company Ltd, prepare the comparative statement of profit
and loss for the year ending 31st March 2014 and 31st March 2015.
20. Appu, Abhi and Akash were partners in a firm sharing profit and losses in the ratio of 2:1:1. Their
balance sheet on the date of dissolution was as follows:
Adjustments:
1. Closing inventories Rs 48,500
2. Prepaid advertisement Rs 25,000
3. Write off 1/5th of patents and copyrights and provide depreciation at 10% on data processing
equipment and 15% on plant & machinery.
4. Provide for taxation at 30%
5. Directors proposed a dividend of 5%
23. The following are summarized profit and loss account for the year ended at 31st march 2012 and
Balance sheet as on that date:
Trading and profit and loss a/c for the year ending 31st March 2012.
Particulars Amount Particulars Amount
To opening stock 10,000 By sales 1,00,000
To purchases 55,000 By closing stock 15,000
To gross profit 50,000
Total 1,15,000 Total 1,15,000
To administrative 15,000 By gross profit b/d 50,000
expenses
To selling expenses 12,000
To interest 3,000
To Net profit 20,000
Total 50,000 Total 50,000
26. Prepare exeutor’s loan account with imaginary figures showing the repayment in 2 annual equal
installments along with interest.
27. Classify the following into capital and revenue items.
a) Life membership fees
b) Sales proceeds of old tennis balls
c) Prize amount received from a lottery
d) Honorarium paid to the secretary
e) Legacies received.
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