ACCOUNTANCY

I-PUC
MID-TERM-Question paper

SECTION – A

ANSWER ANY 8 QUESTIONS – EACH QUESTION CARRIES 1 MARK.

1. Government Grant is treated as ___ receipt
2. State the minimum number of persons requested to form a partnership.
3. Accumulated profits are transferred to all partners capital account including new partner
(True / False)
4. Amount due to deceased partner is settled in the following manner…..
a. Immediate full payment
b. Transferred to loan account
c. Partly paid in cash and balance bestirred to loan account.
d. All of the above
5. Profit on forfeited shares is transferred to ___ account
6. Name any one method of redemption of debentures.
7. Write one objectives of Financial statements.
8. Comparative Statements analysis is also known as ___
9. Expand EPS
10. What is the standard ratio of current ratio

SECTION – B

ANSWER ANY 5 QUESTIONS – EACH QUESTION CARRIES 2 MARK.

11. What is capital fund ?
12. Write any two contents of partnership deed.
13. State any two methods of valuation of goodwill
14. Give the journal entry for a liability taken over by a partner on dissolutions of firm.
15. What is oversubscription.
16. Write any two advantages of financial statements.
17. State any two types of shores
18. What is trend analysis

SECTION – C

ANSWER ANY 4 QUESTIONS – EACH QUESTION CARRIES 6 MARK.

19. Mahesh a partner is firm withdraw the following amounts during the year ended
31.03.2018
01/05/2017 Rs. 10,000

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 30/09/2017 Rs. 8,000
01/11/2017 Rs. 7,000
31/01/2018 Rs. 12,000
Calculate interest on his drawings at 9% P.a under product method.

20. Ankit and suchet partners in a firm sharing profits and losses in the ratio of 3:2 they
admitted Ramesh into the partnership giving him 1/5 th share which he acquire from
prakash and akash in 2:1 ratio. Calculate New profet sharing ratio.
21. A, B, C are – the partners in a business hsaring profit and losses in the ratio of 2:2:1
respectively. This balance sheet as on 31/03/2017 was a follows:

LIABILITIES AMOUNT ASSETS AMOUNT

Capitals
A – 6,00,000 Fixed Assets 15000
B - 1,00,000 Investments 70000
C - 40000 2,00,000 Current Assets 130000
Reserve fund 50000
Creditors 100000
350000 350000

Credited on 30.08.2017 the partnership deed provides the following.

a. The deceased partner will be entitled to his share of profit up to the date of death
calculated on the basis of previous years profit.
b. He will be entitled to his share of goodwill of the firm calculated on the basis of 3
years purchase of overage of last 4 years profits. The profits for last 4 years are
given below :
2013-2014 : Rs. 80,000
2014-2015 : Rs. 50,000
2015-2016 : Rs. 40,000
2016-2017 : Rs. 30,000
c. Interest on capital is to be allowed at 12% P.o
22. From the following particulars, calculate current ratio and quick ratio.
Investments Rs. 120000
Trade Receivables Rs. 90000
Cash in Hand Rs. 22800
Current investment Rs. 7200
Trade Payables Rs. 234000
Proposed dividend Rs. 6000
Bank Over Draft Rs. 60000

23. The Partnership agreement between Manesh and Girish provides that :
i. Profit will be shared equality
ii. Girish who manages the sales department will be allowed a commission equal to
10% of the net profits after allowing Manesh’s salary.
iii. Manehs will be allowed a salary of Rs. 400 P.M
iv. 7% interest will be allowed on partners fixed capital.

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 v. The fixed capital of Maneesh and Girish are Rs. 1,00,000 and Rs. 80,000
respectively. Their annual drawings were Rs. 16,000 and 14,000 respectively. The
net profit for the year ending 31.03.2006 amounted to Rs. 40000 prepare tirms
profit and low appropriation A/c.

24. From the following particulars taken from the cash book of health club, prepare a
receipts and payments account.
Cash in hand Rs. 5000
Cash at Bank Rs.25000
Subsuiplions Rs. 165000
Donations Rs. 35000
Investment Purchased Rs. 80000
Rent Paid Rs. 20000
General Expenses Rs.21500
Postage and stationery Rs. 2000
Couriers charges Rs.1000
Sundry expenses Rs. 2500
Closing cash in hand Rs. 12000

25. Anand Co Ltd issued 10000 10% debentures at Rs.100 each payable as :
Rs. 10 on application
Rs. 50 on allotment
Rs. 30 on first and final call
All the debentures were subscribed and money duly received pass necessary journal
entries.
SECTION – D

ANSWER ANY 4 QUESTIONS – EACH QUESTION CARRIES 12 MARK.

26. Following are the Balance sheet and receipts and payments accounts of golden sports
club, Vijayapur :

BALANCE SHEET AS ON 31.03.2017

LIABILITIES AMOUNT ASSETS AMOUNT
Out standing Salaryy 7000 Cash in hand 15500
Pre Received 4000 Sports Materials 35000
Subscription
Capital Fund 150500 Furniture’s 21000
Land & Building 90000
161500 161500

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 RECEIPTS AND PAYMENTS A/C OF THE YEARS ENDING 31.03.2018
RECEIPTS AMOUNT PAYMENTS AMOUNT
To Balance b/d 15500 By salary 25000
To Subscriptions 52000 By Sports Materials 18000
To Entrance fees 6000 By Investments 15000
To Sale of old newspaper 3000 By Postage 400
To Sports Fees 9500 By Electricity charges 1600
By Up Keep of Groups 6500
By Balance 19500
86000 86000

ADJUSTMENTS :-
 Out standing subscription for 2018 Rs. 1000
 Out standing salary as on 31.03.2018 Rs. 5000
 Half of the entrance fees to be capitalized
 Depreciate sports materials at 20% P G
Prepare (i) Income and expenditure account for the year ending 31.03.2018 and
(II) Balance sheet as on that date.

27. Raja and Rani are partners in firm sharing profits and losses in the ratio of 3:2:, Their
Balance sheet as on 31.03.2018 was as follows :

BALANCE SHEET AS ON 31.03.2018

LIABILITIES AMOUNT ASSETS AMOUNT
Creditors 40000 Cash 5000
Bills Payable 20000 Machinery 60000
General Reserve 25000 Stock 25000
Capital :- Debtors : 23000
Raja 60000 (-) P B D 3000 20000
Rani 40000 100000 Buildings 50000
Investments 20000
P & L A/c 5000
185000 185000

On 01.04.2018 they admitted Mantri as a partner and offer him 1/5 th share in the future
profits on the following time :
a. Mantri has to bring in Rs. 30000 as his capital and Rs. 10000 towards good will,
Goodwill is to be withdrawn by the old partners.
b. Depreciate machinery by 5%
c. Appreciate buildings by 10%
d. P B D is maintain at 4000 investments are to be revalued at Rs. 25000
Prepare : Revaluation A/c, Partners capital A/c, Balance sheet of the firm after admission
28. Tanu and Sonu are partners in a firm sharing profit and losses in the ratio of 3:2. They
decided to dissolve their firm as on 31.03.2018. Their balance sheet was as follows :

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 BALANCE SHEET AS ON 31.03.2018
LIABILITIES AMOUNT ASSETS AMOUNT
Capitals Machinery 70000
Tanu 90000 Investments 50000
Sonu 80000 170000 Stock 22000
Sunday Creditors 60000 Sunday Debtors 103000
Bills Payable 20000 Cash at Bank 15000
Reserve fund 10000
260000 260000

ADJUSTMENTS :-
 Machinery were given to creditors in full settlement of ____ account and stock wre
given to bills payable in full settlement.
 Investments are taken over by sonu at book value Sunday debtors book value of
Rs. 50,000 were taken over by tanu at 10% use and remaining debtors realized at
Rs. 51,000.
 Sonu paid realization expenses of Rs. 1000 & she was co get a remuneration of
Rs.2000 for completing the dissolution process.

Prepare ; Realization A/c, Bank A/c, Partners Capital A/c

29. Sun India Ltd, issued 20000 shares of Rs. 100 each at a premium of Rs. 10 each. The
amount wad payable as follows :
Rs. 20 on application
Rs. 50 on allotment (including premium)
Rs. 40 on first and Final call

All the shares were subscribed and money duly received except the first and final
call money on 1000 shares. The dissectors forfeited these shares and re-issued them as
fully paid @ Rs. 90 per share.

Pars the journal entries relating to ------- for feature and re-issues of shows in the
books of the company.

30. From the following balance sheet of LG industries Ltd computer the trend percentage,
base year 2016.
Particulars 31.03.2016 31.03.2017 31.03.2018
Share Capital 200000 250000 300000
Reserve 100000 150000 20000
Long Term Loans 200000 100000 50000
Trade payables 300000 400000 200000
Total 800000 900000 750000
Fixed Assets 400000 500000 450000
Investory 250000 200000 100000
Trade Receivable 100000 125000 100000

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 Cash 50000 75000 100000
Total 800000 900000 750000

31. From the following particular calculate

Inventory turn over Ratio
Operating Ratio
Gross profit Ratio
Debtors turn over ratio
Creditors turn over ratio
N/P Ration

(1) Revenue from operations Rs. 1000000

(2) Gross Profit Rs. 200000
(3) Average Inventory Rs. 100000
(4) Net Credit Sales Rs. 600000
(5) Average Debtors Rs. 150000
(6) Net Credit Purchase Rs. 500000
(7) Average Creditors Rs. 250000
(8) Operating Exp Rs. 100000
(9) Net Profit Rs. 100000

SECTION – E

ANSWER ANY 2 QUESTIONS – EACH QUESTION CARRIES 5 MARK

32. Write two Partners capital accounts with 5 imaginary figures.

33. Prepare comparative income statement of profit & lose with 5 imaginary figures.
34. Prepare profit and loss appropriation A/c.

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