MAY 2011 U/ID 1380/MWP

Time : Three hours Maximum : 100 marks

SECTION A — (10 × 3 = 30 marks)

Answer ALL questions.

All questions carry equal marks.

1. What are the subsidiary book system?

xøn HkPÒ ¯õøÁ?

2. What do you mean by ‘‘loss of profit insurance’’?

‘C»õ£ CǨ¦U Põ¨¥k’ £ØÔ }º AÔÁx GßÚ?

3. What do you understand by straight line method?

÷|º÷Põmk •øÓ Gߣx £ØÔ }º AÔÁx ¯õx?

4. What are the causes for depreciation?

÷u´©õÚ® HØ£kÁuØS›¯ Põµn[PÒ ¯õøÁ?

5. Define ‘‘Promissory Note’’.

EÖv ö©õÈ BÁn® C»UPn® u¸P.

6. Differentiate between retiring a bill and renewal of a bill.

©õØÖa^miøÚ K´zx ÂkuÀ ©ØÖ® ©õØÖa^miøÚ ¦x¨¤zuÀ

BQ¯ÁØøÓ ÷ÁÖ£kzxP.

7. What is ‘Goods in transit’?

‘ö\ßÓøh¯õ \µUS’ GßÓõÀ GßÚ?

8. What is ‘Minimum Rent’?

‘SøÓ¢uÍÄ ÁõhøP’ GßÓõÀ GßÚ?

9. How is the amount due to the outgoing partner settled?

»Qa ö\À¾® TmhõÎPÐUSa ÷\µ ÷Ási¯ öuõøP GÆÁõÖ

öPõkUP¨£kQÓx?
10. Mention any three factors which lead to creation of goodwill.

|ß©v¨¦ HØ£kzxÁuØPõÚ PõµoPÒ H÷uÝ® ‰ßøÓ TÖP.

SECTION B — (5 × 6 = 30 marks)

Answer any FIVE questions.

All questions carry equal marks.

11. From the following particulars prepare a bank reconciliation

statement.
Rs.

(a) Bank O/D balance as per pass book 9,300

(b) Cheques sent to bank not yet collected 850

(c) Cheques issued but not enchased 580

(d) Interest collected by the bank 250

(e) Bank charges not entered in cash book 10

RÌUPsh ÂÁµ[Pμ¸¢x Á[Qa \›Pmk® £mi¯À JßøÓ

u¯õ›UPÄ®.
¹.

(A) |P÷»miߣi Á[Q ÷©ÀÁøµ¨£ØÖ 9,300

(B) Á[QUS Aݨ£¨£mk Á`¼UP¨£hõu 850

Põ÷\õø»

(C) ÂkUP¨£mk BÚõÀ Á[Q¯õÀ 580

£n©õUP¨£hõu Põ÷\õø»PÒ

(D) Á[Q Á`¼zu Ámi 250

(E) Á[Q Pmhn® HmiÀ £v¯¨£hõux 10

12. Define inventory. What are the objectives of inventory

valuation?

\µUS Áøµ¯Ö. \µUS ©v¨¤ku¼ß ÷|õUP[PÒ ¯õøÁ?

2 U/ID 1380/MWP
13. On 1st April 2006, a firm purchases machinery worth
Rs. 1,50,000. On 1st October 2008 it buys additional machinery
worth Rs. 30,000 and spends Rs. 3,000 on its erection. The
accounts are closed on 31st march. Annual depreciation 10%.
Show that machinery account for 4 year under straight line
method.
H¨µÀ 1, 2006 AßÖ J¸ {Ö©® ¹. 1,50,000 ©v¨¦ÒÍ C¯¢vµzøu
Áõ[Q¯x. AU÷hõ£º 1, 2008 AßÖ ©ØöÓõ¸ ¹. 30,000 ©v¨¦ÒÍ
C¯¢vµzøu Áõ[Q Aøu {ÖÄÁuØS ¹. 3,000 ö\»Ä ö\´ux. A¢u
{Ö©® PnUøP ©õºa 31&À •iUQÓx. Bsk ÷u´©õÚ® 10%.
|õßS BskPÐUPõÚ C¯¢vµU PnUøP ÷|º÷Põmk •øÓ°À
GÊxP.

14. X Sold goods to Y for Rs. 5000 Y accepted a bill for Rs. 5,000
drawn by X. On the due date Y approached X and requested him
to cancel the original bill and to draw a new bill for Rs. 5,100
(including interest) which is agreed by X. On the due date, the
second bill was honoured.
Write the journal entries in the book of X and Y.
X GߣÁº YUS ¹. 5,000US \µUQøÚ ÂØÓõº. AuØPõP X GÊv¯ ¹.
5,000ØPõÚ ©õØÖa^miøÚ Y Hئ ö\´uõº. •vºÄ |õÎÀ Y, X–ø¯
AqQ £øǯ ©õØÖa^møh }UQÂmk, ¦v¯ ©õØÖa^mk JßøÓ ¹.
5100US (Ámi Em£h) Áøµ¯U ÷Põ›Úõº. X–® AuØS Cø\¢uõº.
•vºÄ ÷uv°À Cµshõ® ©õØÖa^mk ©vUP¨£mhx.
÷uøÁ¯õÚ SÔ¨÷£mk¨ £vÄPøÍ X, Y BQ÷¯õµx HkPÎÀ
GÊxP.

15. Anand, Banu and Chandar are sharing the profits in the ratio of
3:2:1 respectively. On 31st Dec. 2006 Balance Sheet of the firm
stood as follows :
Liabilities Rs. Assets Rs.
Sundry creditors 13,590 Cash 5,900
Capital : Debtors 8,000
Anand 15,000 Stock 11,690
Babu 10,000 Buildings 23,000
Chandar 10,000
48,590 48,590

3 U/ID 1380/MWP
Babu retired on the above mentioned date :

(a) Building be appreciated by Rs. 7,000

(b) Provision for bad debts be made at 5% on debtors.

(c) Goodwill a/c Rs. 9,000 of the firm created.

(d) Rs. 5,000 be paid to Babu immediately and the balance

may be treated as loan.

Give necessary ledger a/c and show the New Balance

Sheet.

BÚ¢z, £õ¦, \¢uº GÚ ‰Á¸® »õ£zøu 3:2:1 GßÓ ÂQuzvÀ

¤›zxU öPõÒQßÓÚº. 2006 i\®£º 31® |õøͯ
C¸¨¦{ø»U SÔ¨¦ ¤ßÁ¸©õÖ.
ö£õÖ¨¦PÒ ¹. ö\õzxUPÒ ¹.

£Ø£» PhÜ¢÷uõº 13,590 öµõUP® 5,900

•uÀ : PhÚõÎPÒ 8,000

BÚ¢z 15,000 \µUQ¸¨¦ 11,690

£õ¦ 10,000 Pmih® 23,000

\¢uº 10,000

48,590 48,590

£õ¦ ÷©÷» SÔ¨¤mh ÷uv°À »QÚõº.

(A) Pmih® ¹. 7,000 AvP›UP ÷Ásk®

(B) I¯UPhß JxURk PhÚõÎPÒ «x 5% E¸ÁõUP÷Ásk®.

(C) |Øö£¯º ¹. 9,000 E¸ÁõUP ÷Ásk®

(D) ¹. 5,000 £õ¦ÄUS EhÚi¯õP öPõkUP ÷Ásk®. «vø¯

AÁ›ß PhÚõPUöPõÒP.

÷uøÁ¯õÚ ÷£÷µmkU PnUSPøÍ AÎzx ¦v¯ C¸¨¦

{ø»USÔ¨¦ u¸P.
4 U/ID 1380/MWP
16. Tata limited leases a colliery on 2007 at a minimum rent of
Rs. 20,000 merging into a royally of Rs. 1.50 per ton with power
to recoup short workings over the first three years of the lease.
The output of the colliery for the four years was :

2007 – 9,000 tons, 2008 – 1,200 tons

2009 – 16,000 tons and 2010 – 20,000 tons

Pass journal entries in the books of Tata limited for the first
year four years.

hõhõ. {ÖÁÚ® J¸ _µ[Pzøu 1.1.2007À SzuøPUS GkzuÚº.

SøÓ¢u £m\ ÁõhøP Á¸hzvØS ¹. 20,000 E›©zöuõøP hß 1&US
¹. 1.50 Ãu® {ºn°UP¨£mh SøÓ EØ£zvø¯ «mS® E›ø© •uÀ
‰ßÓõõskPÐUS EÒÍx. |õßS BskPÎÀ EØ£zv ÂÁµ®.
2007 – 9,000 hß, 2008 – 1,200 hß

2009 – 16,000 hß, 2010 – 20,000 hß

hõhõ {ÖÁÚ® ¦zuPzvÀ •uÀ SÔ¨÷£mk¨£vÄPÒ |õßS
BskPÐUS u¸P.

17. ‘B’ Ltd issued 1,00,000 shares of Rs. 10 each. The amount
payable as follows :

On application Rs. 2; on allotment Rs. 3 and on 1st final call

Rs. 5.

The public applied for 90,000 shares and were allotted. All the
amount were received except the first and final call on 2500
shares. The directors forfeited the shares on which call money
was not paid and reissued them at Rs. 8 per share as fully paid.

Give necessary journal entries.

B ¼ªöhm JÆöÁõßÖ® ¹. 10 ©v¨¦ÒÍ 1,00,000 £[SPøÍ

öÁΰmhx. öuõøP RÌUPshÁõÖ ö\¾zu ÷Ásk®.

Âsn¨£UPhß ¹. 2
JxURmiß ÷£õx ¹. 3
•uÀ ©ØÖ® CÖv AøǨ¤ß ÷£õx ¹. 5.

5 U/ID 1380/MWP
 ö£õx©UPÒ 90,000 £[SPÐUS Âsn¨¤zuÚº. AøÁ AøÚzx®
JxURk ö\´¯¨ö£ØÓÚ. 2500 £[SPÒ «uõÚ •uÀ ©ØÖ® C¢u
AøǨ¦z öuõøP }[P»õP AøÚzx öuõøPPЮ ö£Ó¨£mhÚ.
C¯US|ºPÒ. AøǨ¦z öuõøP ö\¾zuõu £[SPøÍ JÖ¨¤Ç¨¦
ö\´x, AÁØøÓ £[S JßÔØS ¹. 8 Ãu® •ÊÁx®
ö\¾zu¨ö£ØÓuõP ©ÖöÁαk ö\´uÚº. ÷uøÁ¯õÚ SÔ¨÷£mk¨
£vÄPøÍz u¸P.

SECTION C — (2 × 20 = 40 marks)

Answer BOTH questions.

All questions carry equal marks.

18. (a) The Trial balance of Chandran as on 31st March 2008

revealed the following balances :
Debit balances Rs. Credit balances Rs.

Machinery 8,000 Capital 1,00,000

Purchases 66,725 Sales 1,26,000

Opening stock 30,000 Discount received 800

Discount allowed 350 Sundry creditors 25,000

Bank charges 75

Sundry debtors 45,000

Salaries 6,800

Wages 10,000

Freight inwards 750

Freight outwards 1,200

Rent and taxes 2,000

Advertisement 2,000

Cash at bank 6,900

2,51,800 2,51,800

6 U/ID 1380/MWP
 Adjustments :

(i) Closing stock on 31st March 2008 Rs. 35,000

(ii) Outstanding salaries Rs. 400

(iii) Write off 10% depreciation on machinery.

(iv) Create a provision of 5% on debtors for doubtful

debts.

Prepare the Trading, P & L account and the Balance

Sheets.

2008 ©õºa 31 AßÖÒÍ \¢vµÛß C¸¨¦a ÷\õuøÚ¨ £mi¯À

RÌUPõq® C¸¨¦PøÍ öÁΨ£kzv¯x.
£ØÖ C¸¨¦PÒ ¹. ÁµÄ C¸¨¦PÒ ¹.

C¯¢vµ® 8,000 •uÀ 1,00,000

öPõÒ•uÀ 66,725 ÂØ£øÚ 1,26,000

öuõhUP \µUQ¸¨¦ 30,000 ö£ØÓ uÒУi 800

AÎzu uÒУi 350 £Ø£» PhÜ¢÷uõº 25,000

Á[Q Pmhn® 75

£Ø£» PhÚõÎPÒ 45,000

Fv¯® 6,800

T¼ 10,000

EÒ\zu® 750

öÁÎ\zu® 1,200

ÁõhøP Á› 2,000

ÂÍ®£µ® 2,000

Á[Q°À öµõUP® 6,900

2,51,800 2,51,800

\›PmhÀPÒ :

(i) 2008 ©õºa 31&À EÒÍ \µUQ¸¨¦ ¹. 35,000

7 U/ID 1380/MWP
 (ii) öPõk£h ÷Ási¯ Fv¯® ¹. 400

(iii) C¯¢vµ® «x 10% ÷u´©õÚ® GÊxP.

(iv) PhÚõÎPÒ «x 5% I¯UPhß Põ¨¦ E¸ÁõUSP.

¯õ£õµ C»õ£ |mh PnUøP²® ©ØÖ® C¸¨¦{ø»U

SÔ¨ø£²® u¯õ›UPÄ®.

Or

(b) A company has acquired a lease of a Cinima theatre

building for a term. Of 5 years by payment of Rs. 4,00,000.
It is proposed to depreciate the lease by the annuity
method, charging 5% interest p.a. Show ledger account of
the asset during the period of the lease. Reference to the
annuity table shows that the amount for Re. 1 for 5 years
at 5% is Re. 0.230975.

J¸ P®ö£Û ¹. 4,00,000&zvØS ]Û©õ öPõmhøPø¯

5 Á¸hPõ»zvØS SzuøPUS Gkzux. AUöPõmhøP
Á¸hzvØS 5% Ámi Ãu® Bsk •øÓ°À ÷u´©õÚ®
ö\´ÁuØS wº©õÛzux. ]Û©õ öPõmhøP°ß PnUQøÚ
SzuøP •iÁøh²® Põ»® Áøµ PõmhÄ®. Bsk
AmhÁøn¨£i ¹. 1, 5 Á¸h Põ»zvØS 5% ÁmiUS
¹. 0.230975.

19. (a) The following purchases were made by a business house

having three departments.

Department X 1000 units

Department Y 2000 units at a total cost of Rs. 1,00,000

Department Z 2400 units

Stock on January 1, were :

Department X 120 units

Department Y 80 units

Department Z 152 units

8 U/ID 1380/MWP
 The sales were :

Department X 1020 units at Rs. 20 each.

Department Y 1920 units at Rs. 22.50 each.

Department Z 2496 units at Rs. 25 each.

The rate of gross profit is the same in each case prepare

the departmental trading accounts.

‰ßÖ xøÓPÐÒÍ J¸ {ÖÁÚ® RÌUPsh öPõÒ•uÀ

ö\´ux :

xøÓ GUì 1000 A»SPÒ

xøÓ J´ 2000 A»SPÒ ö©õzu Âø» ¹. 1,00,000

xøÓ C\ºm 2400 A»SPÒ

áÚÁ› 1&À Bµ®£ C¸¨¦ Á¸©õÖ

xøÓ GUì 120 A»SPÒ

xøÓ J´ 80 A»SPÒ

xøÓ C\ºm 152 A»SPÒ

ÂØ£øÚ Á¸©õÖ :

xøÓ GUì 1020A»SPÒ ¹. 20 Ãu®

xøÓ J´ 1920 A»SPÒ ¹. 22.50 Ãu®

xøÓ C\ºm 2496 A»SPÒ ¹. 25 Ãu®

ö©õzu »õ£ Ãu® AøÚzx® xøÓPξ® \©® GßÖ öPõsk

xøÓÁõ› ¯õ£õµ PnUS u¯õº ö\´P.

Or

(b) X, Y and Z were partners carrying on business in

partnership showing profits and losses in the ratio of 3:2:1
respectively. On 31st March 2008 the balance sheet of the
firm stood as follows :

9 U/ID 1380/MWP
 Liabilities Rs. Assets Rs.

Creditors 14,000 Cash 5,900

Capital A/c Debtors 8,000

X 15,000 Stock 12,100

Y 10,000 Buildings 23,000

Z 10,000

49,000 49,000

Y retired on the above mentioned date on the following

terms :

(i) Buildings be appreciated by Rs. 7000

(ii) Provision for bad debts be made @ 5% on debtors.

(iii) Goodwill of the firm is valued a Rs. 9,000

(iv) Rs. 5000 be paid to ‘Y’ immediately and balance due

to him be treated as loan.

X, Y ©ØÖ® Z GߣÁºPÒ C»õ£&|mhzøu 3:2:1 GßÓ

ÂQuzvÀ ¤›zx Á¸® TmhõÎPÒ. 2008 ©õºa 31® |õøͯ
AÁºPÎß C¸¨¦{ø»USÔ¨¦ ¤ßÁ¸©õÖ.
ö£õÖ¨¦PÒ ¹. ö\õzxUPÒ ¹.

PhÜ¢÷uõº 14,000 5,900

•uÀ P/S 8,000

X 15,000 12,100

Y 10,000 23,000

Z 10,000

49,000 49,000

÷©Øö\õßÚ ÷uv°ß ‘Y’ RÌUPsh {£¢uøÚPÐUS Em£mk

»QÚõº.

(i) Pmihzvß ©v¨¤À ¹. 7000 ÷©¾® AvP›UP¨£h

÷Ásk®.
10 U/ID 1380/MWP
(ii) PhÚõÎPÒ «x 5% I¯UPhß JxUS HØ£kzu ÷Ásk®.

(iii) ö©õzu |Øö£¯›ß ©v¨¦ ¹. 9,000US HØ£kzu

÷Ásk®

(iv) YUS ÷\µ ÷Ási¯ öuõøP°À ¹. 5,000 EhÚi¯õPU

ö\¾zvÂmk «vzöuõøP Phß PnUQØS ©õØÓ¨£k®.

©Ö©v¨¥mkP PnUS, TmhõÎPÎß •uÀ PnUSPÒ

©ØÖ® C¸¨¦{ø»USÔ¨¦ BQ¯ÁØøÓ u¯õº ö\´P.

——————————

11 U/ID 1380/MWP