HSE [II}

MODEL EXAMIANTION - FEB 2011 ACCOUNTANCY WITH CA

Mark : 60 Score Time : 2 Hours

1. In case, debentures are issued at par but payable at premium, the premium payable will be debited to [1] 2. Increase in the value of assets on re-constitution of the firm results into a) Gain to the existing partners b) Loss to the existing partners c). Loss to the existing assets d) neither loss nor gain to the existing assets [1] 3. A and B are partners sharing profits and losses in the ratio of 5:3. C is admitted with th share profits , the new profit sharing ratio is .. a) 4:2:1 b) 5:3:4 c) 15:9:8 [1] 4. On dissolution of a partnership firm, amount realized from unrecorded assets is credited to .. [1] 5. On an issue of 10,000 equity shares of Rs.10 each, there were defaulters on 100 shares who did not pay Rs.3 against calls. Later these shares have been forfeited. Pass journal entries. [2] 6. As a director of a company, you had invited applications for 30,000 equity shares of Rs.10 each at a premium of Rs.2 per share. The total application money received at Rs.2 per share was Rs.72000. Name the kind of subscription. List the three alternatives for allotting these shares. [2] st 7. A, B and C are sharing profits in the ratio of 2:2:1. C dies on 1 April 2005. Sales for the year was Rs.3,00,000, out of which sales of Rs.1,00,000 amounted between 1st January 2005 and 1st April 2005. The net profit for the year was Rs.30,000. Calculate the deceased partners share in the profits of the firm assuming that the accounts of the [2] firm are closed on 31st December every year. st 8. On 1 January 2010, Rahul and Ravi entered into partnership contributing Rs.20,000 and Rs.30,000 respectively and sharing profits in the ratio of 1:2. Rahul is allowed a salary of Rs.6000 per yea. Interest on capital is to be allowed at 5% p.a. Ravi is entitled to receive a commission of Rs.2000. During the year Ravi withdrew Rs.2000 and Rahul Rs.2500. Interest on the same being Rs.40 and Rs.50 respectively. Profit in the year 2010 before the above adjustments was Rs.15,000. You are required to prepare Profit and Loss Appropriation A/c and Partners capital A/c. [4] 9. Anil and sunil decided to start a partnership firm. Anil argues that the terms and conditions of the business should be prepared in writing. Are you support Anil? Justify your answer. [3] 10. Write the journal entries for issue and redemption. a) A company issued 1,000, 5% Debentures of Rs.100 each but redeemable at Rs.120. b) A company issued 1,000, 6% Debentures of Rs.100 each at 90 but redeemable at Rs.110. [4] 11. What journal entries should be passed for the following transactions at the time of dissolution of a firm. a) Bank loan Rs.75,000 paid b) Stock of Rs.6,000 taken over by a partner, Raju. c) Dissolution expense of Rs.600 paid by Thomas, a partner. d) Realisation loss of Rs.9,000 was distributed among Raju and Thomas in the ratio of 2:1. e) A typewriter completely written off in the books of accounts was sold for Rs.4,000. [5] 12. P, Q and R are in partnership sharing profits equally. Their Balance sheet was as follows on 31st December 2005. Liabilities Assets Creditors 24,000 Cash at bank 4,000 Reserve fund 6,000 Debtors 22,000 Capital Stock 15,000 P 35,000 Land & Building 40,000 Q 20,000 Furniture 19,000 R 15,000 _____ ______ 1,00,000 1,00,000 ======= ========

P dies on 31st March 2006. The partnership deed provides that: i) Goodwill of the firm shall be taken at one years purchase based on the average profits of the last 4years. ii) The land and building were valued at Rs.18,000 and furniture at Rs.25,000. iii) The firms last four years profits were Rs.11,000, Rs.13,000, Rs.14,000 and Rs.10,000. Find out the amount due to the deceased partner. [6] 13. Asif, Biju and Britto are partners in a firm sharing profits In the proportion of , 1/3 , and 1/6 respectively. Their balance sheet stood as follows. Liabilities Asset Creditors 50,000 Cash in hand 8,000 Capital Debtors 2,52,000 Asif 5,70,000 Stock 2,90,000 Biju 3,20,000 Machinery 70,000 Britto 1,60,000 Land & Building 4,80,000 ________ _________ 11,00,000 11,00,000 ======== ========= They agreed to admit Pradeep into partnership and give him 1/10 share in profits on the following terns. a) That Pradeep should bring in Rs.30,000 as goodwill and Rs.1,28,000 as capital. b) That machinery is depreciated at 12%. c) That stock to be revalued at Rs.2,61,000. d) That a reserve of 5% to be created for doubtful debts. e) That the value of land and building to be brought up to Rs.6,20,000. f) That after making the above adjustments the capital accounts of the old partners be adjusted on the basis of proportion of Pradeeps capital. Prepare ledger accoubts. [8]

COMPUTERISED ACCOUNTING
1. Whish is the voucher to be used to record sales return in Tally? What is the function key? [2] 2. After the company creation, Yamuna, a student cannot select the created company. Can you help her? [2] 3. Which among the following is not related to F11. a) Stock category b) Stock group c) Godown d) Budget [1] 4. An accountant of a company created a few ledger accounts as follows. Ledger Group Salary Indirect income Repair expense payable Indirect expense Security premium Duties and taxes Drawings Drawings Is it correct? Justify your answer. [2] 5. Give the procedure to insert a new work sheet and to delete a work sheet. [3] 6. Malappuram Foods Ltd. decided to use Tally in their accounting. The following are the transactions for the last month. Identify the ledger accounts, account groups, voucher type and its function key. a) Started business with Rs.2,00,000 b) Purchased goods from Mamy Ltd. Rs.25,000. c) Paid salaries to staff Rs.5,000. d) Paid electricity charges Rs.7,000. e) Sold goods to Brothers Ltd. Rs.40,000 f) Purchased Furniture Rs.4,500. g) Brothers Ltd. returned goods for Rs.2,000 h) Deposit Rs.12,000 in SB A/c at SBI. [8] 7. Write the steps involved in preparing Bank reconciliation statement by using Tally. [2]