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OMTEX CLASSES 09
OMTEX III RD PRELIMINARY BOOK KEEPING & GROUP: B
CLASSES EXAMINATION ACCOUNTANCY
4. Temporary e. Liability
Partnership f. Only personal A/cs.
5. Pure Single Entry g. Profit & Loss A/c.
System
h. Income and Expenditure A/c.
A. Select the most appropriate alternative from hose given below each statement. (5
marks)
1. Reserve for discount on ______________ has a debit balance.
a. Debtors
b. Creditors
c. Bills Receivable
d. Loan advanced.
1. Income Statements and Balance Sheet are prepared in a systematic and scientific manner
under ________________
a. Double Entry System.
b. Single Entry System
c. Partial Entry System.
d. Indian System.
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OMTEX CLASSES 09
1. Before accepting a bill, it is called a _________
a. Note
b. Draft
c. Hundi
d. Request.
1. Valuation of goodwill depends upon ________ capacity of business.
a. Normal
b. Repaying
c. Earning
d. Capital
1. If two or more persons come together to carry on a business activity for a short period, it is
known as ___________
a. Joint venture
b. Consignment
c. Partnership
d. Stock exchange
A. State with reason whether the following statements are true of false. (5 marks)
1. Scrap value of asset reduces the amount of annual depreciation.
2. When the amount of the bill is paid on the due date, it is said to be retired.
A. Prepare bill of exchange from the following details.
Drawer - Shekhar Desai, Shastri Road, Mahad. (5 marks)
Drawee – Sharad Verma, Narayan Peth, Pune.
Amount - Rs. 3500/-
Period - 3 months.
Payee - Mukund Pande, Panvel
Date of Bill Drawn – 21st June, 2007
Date of Acceptance - 23rd June, 2007
Q2. Avinash Traders, Nashik purchased furniture on 1.1.2002 for Rs. 25,000 on 1st July, 2002 additional
furniture was purchased for Rs. 10,000. On 1st July 2003 his furniture purchased on 1.1.2002 was sold for
Rs. 15,000 and on the same date new furniture was purchased for Rs. 12,000. The company charges
depreciation at 8% p.a. on diminishing balance method.
Prepare Furniture A/c for all the years and depreciation account for the last year. Assuming that the
accounting year of the company closes on 31st December, every year.
OR
Q2. (A) For the purpose of valuation of goodwill it was agreed to consider net profits of the last 4 years
and goodwill is to be calculated at one year’s purchase of average net profits of last 4 years. The profits
were
IST YEAR IIND YEAR IIIRD YEAR IVTH YEAR
Q3. Abha purchased goods from Prabha on credit for Rs. 10,000 and accepted a bill drawn by Prabha for
four months. Prabha discounted the bill with her bank for Rs. 9,800. Before due date Abha accprached
Prabha with a request to renew the bill. Prabha agreed but with the condition that Abha should pay Rs.
6,000 with interest of Rs. 150 and accept a new bill for the balance. The arrangements were duly carried
out. New bill is met on due date. Pass the necessary journal entries in the books of Prabha.
Q4. Yash and Jay entered into joint venture to purchase and sell cycles. They decided to share profit and
losses equally.
Yash purchased 150 cycles at Rs. 400 each and spent Rs. 2,000 for carriage Rs. 4,000 for insurance
and draws a bill for Rs. 35,000 on Jay, which is duly accepted by Jay.
Jay purchased 210 cycles at Rs. 400 each and spent Rs. 1,400 for carriage and Rs. 2,000 for selling
expenses.
Yash sold 180 cycles at Rs. 750 each. All the remaining cycles of venture were sold by Jay at Rs.
550 each.
Joint venture was completed and both the parties settled their accounts you are required to pass
journal entries in the books of Yash.
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OMTEX CLASSES 09
Q5. The following is the balance sheet of M/s A, B, and C as on 31st march 06:
Liabilities Amt Asset Amt
B
1,020
1,13,4 1,13,4
60 60
A, B and C share profit and losses in the ration of 3:2:1 after charging interest on capital at 5%p.a. During
07, the monthly drawing on the partners were: A-1,200 , B-900,C-750.
On 31st march 07, the asset and liabilities of the firm were :
Cash in hand Rs.900; stock Rs 30,600; Plant and machinery Rs 75,000; Bill payable Rs7,200; sundry
debtors Rs 28,800 , Furniture Rs5,400 , sundry creditors Rs 10,200 and Bank overdraft Rs 18,000.
You are asked to : 1. Ascertain the profit or loss made by the firm as on 31/03/07
2. Show the Balance sheet of the firm 31.03.07
Q6. Following is the Receipts and Payments Account for the year ended 31st March 2006, of
Residency Sports Club, Raipur.
Receipts and Payments Account for the year ended 31st March 2006.
Receipts Amo Payments Amo
unt unt
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OMTEX CLASSES 09
To Balance B/D By Rent and Rates 4600
Additional Information:
1. The assets and liabilities as on 1-4-2005 were as follows: cash in hand 1500, Cash at Bank 9000,
Furniture 30000, Subscriptions Receivable 1800, 6% investments 30000, Outstanding Salaries 900,
Rent Payable 600, Stationery Expenses due but not paid 300, Capital Fund 70,500.
2. Subscription of Rs. 3,000 is receivable for 2005 – 06.
3. Entrance Fees and Membership Fees are to be treated as capital receipts in full.
4. Provide depreciation on Furniture @ 10% p.a.
5. You are required to prepare Income and Expenditure account for the year ended 31 – 3 – 2006 and
Balance sheet as on that date.
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OMTEX CLASSES 09
Q7. From the following Trial Balance, Prepare Final Account for the year ended 31st December,
2002
Trial Balance
Debit Balance Rs. Credit Balance Rs.
Royalties 1, 800
Furniture 3, 000
Priya 2, 000
Insurance 400
ADJUSTMENTS: