Secondary Year Higher Secondary Model Exam - 2024 Accounting PDF

SECONDA YEAR HIGHER SECONDARY MODEL EXAMINATION FEBRUARY -- 2024 PART III -- ACCOUNTANCY WITH COMPUTERISED ACCOUNTING Maximum : 60 Scores Time : 2 Hours Cool -- off time : 15 Minutes [ANSWER KEY] 1. 6[\$\\frac{1}{2}\$]{.math.inline} months 2. Credited to Revaluation A/c. 3. 1:1 4. Loan A/...

SECONDA YEAR HIGHER SECONDARY MODEL EXAMINATION FEBRUARY -- 2024 PART III -- ACCOUNTANCY WITH COMPUTERISED ACCOUNTING Maximum : 60 Scores Time : 2 Hours Cool -- off time : 15 Minutes [ANSWER KEY] 1. 6[\$\\frac{1}{2}\$]{.math.inline} months 2. Credited to Revaluation A/c. 3. 1:1 4. Loan A/c 5. Difference between Fixed capital method and fluctuating capital method +-----------------------+-----------------------+-----------------------+ | Points | Fixed Capital Method | Fluctuating Capital | | | | Method | +=======================+=======================+=======================+ | 1.Number of accounts | Two accounts, viz., | One A/c viz.,Capital | | | Capital A/c and | A/c | | 2.Nature | Current A/c | | | | | Fluctuates | | 3.Adjustments | Remains almost | | | | unaltered | Adjustments are made | | 4.Appearence in the | | in the capital A/c | | Balance Sheet | Adjustments are made | itself. | | | in the current A/c | | | 5\. Specific mention | | Only capital A/c | | | Both capita A/c and | appears | | 6.Credit balance | Current A/c appear | | | | | Not Necessary | | | It should be | | | | specifically | May show debit | | | mentioned in the | balance | | | partnership deed | | | | | | | | Always show credit | | | | balance | | +-----------------------+-----------------------+-----------------------+ 6. Normal profit = 2,00,000 x 10/100 =20,000 Super profit =Average profit -- Normal profit = 30,000 -20,000 =10,000 Value of Goodwill = Super profit X 100/Normal rate =10,000 x 100/10 =1,00,000 7. \(a) Revaluation A/c......Dr. 2,000 To Machinery 2,000 ( Decrease in the value of Machinery) \(b) Provision for doubtful debt....Dr. To Revaluation A/c ( Decrease in the Provision for doubtful debt. 8. Situations where a firm become compulsorily dissolved Sec(41) i. Where all the partners or all except one become insolvent or insane. ii. Where the business becomes illegal. iii. Where all the partners except one decide to retire from the firm. iv. Where all the partners or all except one partner die 9. **Interest on drawings** 16,000 x 9/12 x 7% = 840 15,000 x 6/12 x 7% = 525 9,000 x 2/12 x 7% = **1,470** **Or** +-----------------+-----------------+-----------------+-----------------+ | Date | Amount | Period | Product | | | | | | | | | (months) | | +=================+=================+=================+=================+ | 1st April 2023 | 16,000 | 9 | 1,44,000 | | | | | | | 30^th^ June | 15,000 | 6 | 90,000 | | 2023 | | | | | | 9,000 | 2 | 18,000 | | 31^st^ | | | | | Octo.2023 | | | | +-----------------+-----------------+-----------------+-----------------+ | | | **Total** | **2,52,000** | +-----------------+-----------------+-----------------+-----------------+ Interest on drawings for one month on the sum of products: =Sum of products x [\$\\frac{1}{12}\$]{.math.inline} x [\$\\frac{\\text{Rate\\ of\\ interest\\ }}{100}\$]{.math.inline} = 2,52,000 x [\$\\frac{1}{12}\$]{.math.inline} x [\$\\frac{7\\ }{100}\$]{.math.inline} = **1470** 10. +-------------+-------------+-------------+-------------+-------------+ | Date | Particulars | LF | Debit | Credit | +=============+=============+=============+=============+=============+ | | Reserve A/c | | 50,000 | 30,000 | | |.......Dr. | | | | | | | | 12,000 | 20,000 | | | To Nandu's | | | | | | Capital A/c | | 8,000 | 20,000 | | | | | | | | | ,, Sindu's | | | | | | Capital A/c | | | | | | | | | | | | ( Transfer | | | | | | of reserve | | | | | | to old | | | | | | partner's | | | | | | | | | | | | Capital) | | | | +-------------+-------------+-------------+-------------+-------------+ | | Nandu's | | | | | | Capital | | | | | | A/c........ | | | | | | Dr. | | | | | | | | | | | | Sindu's | | | | | | Capital | | | | | | A/c........ | | | | | |.Dr. | | | | | | | | | | | | To Profit | | | | | | and Loss | | | | | | A/c | | | | | | | | | | | | ( Transfer | | | | | | of | | | | | | Accumulated | | | | | | loss to old | | | | | | partner's | | | | | | Capital) | | | | +-------------+-------------+-------------+-------------+-------------+ 11. +-----------+-----------+-----------+-----------+-----------+-----------+ | **Date** | **Particu | **Amount* | **Date** | **Particu | **Amount* | | | lars** | * | | lars** | * | +===========+===========+===========+===========+===========+===========+ | 2019 | Bank A/c | 27,800 | 2019 | Chandra's | 60,000 | | | (20,000+7 | | | Capital | | | Dec31 | 800) | 40,000 | Jan 1 | A/c | 7,800 | | | | | | | | | 2020 | Balance | | 2020 | Interest | | | | c/d | | | on loan | | | Dec31 | | | Jan 1 | | | | | Bank A/c | | | Balance | | | 2021 | (20,000+5 | | 2021 | b/d | | | | ,200) | | | | | | Dec31 | | | Jan 1 | Interest | | | | Balance | | | on loan | | | | c/d | | | | | | | | | | Balance | | | | Bank A/c | | | b/d | | | | (20,000+2 | | | | | | | ,600) | | | Interest | | | | | | | on loan | | +-----------+-----------+-----------+-----------+-----------+-----------+ | | | 67,800 | | | 67,800 | +-----------+-----------+-----------+-----------+-----------+-----------+ | | | 25,200 | | | 40,000 | | | | | | | | | | | 20,000 | | | 5,200 | +-----------+-----------+-----------+-----------+-----------+-----------+ | | | 45,200 | | | 45,200 | +-----------+-----------+-----------+-----------+-----------+-----------+ | | | 22,600 | | | 20,000 | | | | | | | | | | | | | | 2,600 | +-----------+-----------+-----------+-----------+-----------+-----------+ | | | 22,600 | | | 22,600 | +-----------+-----------+-----------+-----------+-----------+-----------+ Amount of instalment each year = 60,000/3 = 20,000 Amount paid each year = 20,000 + interest 12. Difference between Dissolution of partnership and Dissolution of firm +-----------------------+-----------------------+-----------------------+ | **Basis** | **Dissolution of | **Dissolution of | | | Partnership** | firm** | +=======================+=======================+=======================+ | Meaning | Relation of | Relationship between | | | partnership among | all the partners of a | | Termination | different partners | firm comes to an end. | | | changes. | | | Court's intervention | | The business of the | | | The business is not | firm is completely | | Settlement | terminated. | closed | | | | | | Closure of the books | No court | Court may intervene | | | intervention; | and order for | | Economic relationship | dissolved by mutual | dissolution of firm. | | | agreement and | | | | reconstituted | Assets are sold, | | | | Liabilities paid off | | | Assets and | and balance utilized | | | liabilities are | towards settlement of | | | revalued and new | partners. | | | balance sheet | | | | prepared. | All books of accounts | | | | are closed as | | | Books of accounts are | business is | | | not closed as the | terminated. | | | business is not | | | | terminated | Economic relationship | | | | among the partners | | | Economic relationship | comes to an end. | | | still continues, but | | | | with some changes. | | +-----------------------+-----------------------+-----------------------+ 13. **Profit and Loss Appropriation A/c** +-----------------+-----------------+-----------------+-----------------+ | Particulars | Amount | Particulars | Amount | +=================+=================+=================+=================+ | Salary -- Saju | 36,000 | Profit and Loss | 63,000 | | | | A/c | | | Interest on | 11,200 | | 5,000 | | Cpital: | | Interest on | | | | 20,800 | Drawings | | | Raju 7,000 | | | | | | | Raju 2,000 | | | Saju | | | | | [4,200]{.underl | | Saju | | | ine} | | [3,000]{.underl | | | | | ine} | | | Share of profit | | | | | | | | | | Raju,s Capital | | | | | A/c 12,480 | | | | | | | | | | Saju's Capital | | | | | A/c | | | | | [8,320]{.underl | | | | | ine} | | | | +-----------------+-----------------+-----------------+-----------------+ | | 68,000 | | 68,000 | +-----------------+-----------------+-----------------+-----------------+ 14. \(a) Gaining Ratio = New Ratio -- Old Ratio Maya [\$\\frac{3}{5}\$]{.math.inline} - [\$\\frac{2}{5}\$]{.math.inline} = [\$\\frac{1}{5}\$]{.math.inline} Roja [\$\\frac{2}{5}\$]{.math.inline} - [\$\\frac{1}{5}\$]{.math.inline} = [\$\\frac{1}{5}\$]{.math.inline} Gaining Ratio between Maya and Roja = 1:1 (b) +-------------+-------------+-------------+-------------+-------------+ | **Date** | **Particula | **LF** | **Debit** | **Credit** | | | srs** | | | | +=============+=============+=============+=============+=============+ | | Maya's | | 20,000 | 50,000 | | | capital A/c | | | | | |.....Dr. | | 20,000 | 40,000 | | | | | | | | | Sobha's | | 10,000 | | | | Capital A/c | | | | | |....Dr. | | 20,000 | | | | | | | | | | Roja's | | 20,000 | | | | Capital A/c | | | | | |......Dr. | | | | | | | | | | | | To Goodwill | | | | | | A/c | | | | | | | | | | | | ( Goodwill | | | | | | already | | | | | | appearing | | | | | | in the | | | | | | books | | | | | | | | | | | | written | | | | | | off) | | | | +-------------+-------------+-------------+-------------+-------------+ | | Maya's | | | | | | Capital | | | | | | A/c.....Dr. | | | | | | | | | | | | Roja's | | | | | | Capital A/c | | | | | |......Dr. | | | | | | | | | | | | To Sobha's | | | | | | Capital A/c | | | | | | | | | | | | ( Sobha's | | | | | | share of | | | | | | goodwill | | | | | | debited to | | | | | | continueing | | | | | | partners In | | | | | | their | | | | | | Gaining | | | | | | Ratio1:1) | | | | +-------------+-------------+-------------+-------------+-------------+ Note : Shobha's Share of Goodwill at the time of retirement = 1,00,000 x [\$\\frac{2}{5}\$]{.math.inline} = 40,000 (contributed by existing partners in their Gaining Ratio) 15. **Revaluation A/c** +-----------------+-----------------+-----------------+-----------------+ | **Particulars** | **Amount** | **Particulars** | **Amount** | +=================+=================+=================+=================+ | Stock | 2,000 | Land and | 5,200 | | | | Building | | | Provision for | 800 | | | | doubtful debt | | | | | | 1,000 | | | | Outstanding | | | | | Electricity | 1,400 | | | | bill | | | | | | | | | | Revaluation | | | | | profit(B/F) | | | | | | | | | | Anju's Capital | | | | | 1,050 | | | | | | | | | | Manju's Capital | | | | | {.underlin | | | | | e} | | | | +-----------------+-----------------+-----------------+-----------------+ | | 5,200 | | 5,200 | +-----------------+-----------------+-----------------+-----------------+ **Partners Capital A/c** +--------+--------+--------+--------+--------+--------+--------+--------+ | **Part | **Anju | **Manj | **Suja | **Part | **Anju | **Manj | **Suja | | icular | ** | u** | ** | icular | ** | u** | ** | | s** | | | | s** | | | | +========+========+========+========+========+========+========+========+ | Cash | 3750 | 1,250 | 20,000 | Balanc | 30,000 | 16,000 | 20,000 | | | | | | e | | | | | Balanc | 37,800 | 18,600 | | b/d | 7,500 | 2,500 | | | e | | | | | | | | | c/d | | | | Cash | 3,000 | 1,000 | | | | | | | | | | | | | | | | Cash( | 1,050 | 350 | | | | | | | Goodwi | | | | | | | | | ll) | | | | | | | | | | | | | | | | | | (10000 | | | | | | | | | \[3:1\ | | | | | | | | | ] | | | | | | | | | ) | | | | | | | | | | | | | | | | | | Reserv | | | | | | | | | e | | | | | | | | | fund | | | | | | | | | | | | | | | | | | Revalu | | | | | | | | | ation | | | | | | | | | | | | | | | | | | Balanc | | | | | | | | | e | | | | | | | | | b/d | | | | +--------+--------+--------+--------+--------+--------+--------+--------+ | | 41,550 | 19,850 | 20,000 | | 41,550 | 19,850 | 20,000 | +--------+--------+--------+--------+--------+--------+--------+--------+ | | | | | | 37,800 | 18,600 | 20,000 | +--------+--------+--------+--------+--------+--------+--------+--------+ **Balance Sheet as on 31^st^ December 2022** +-----------------+-----------------+-----------------+-----------------+ | **Liabilities** | **Amount** | **Assets** | **Amount** | +=================+=================+=================+=================+ | Creditors | 41,500 | Cash | 51,500 | | | | (26,500+20,000+ | | | Outstanding | 1,000 | 10,000-5,000) | 3,000 | | Electricity | | | | | bill | 76,400 | Bills | 15,200 | | | | Receivable | | | Capital: | | | 18,000 | | | | Debtors 16,000 | | | Anju 37,800 | | | 31,200 | | | | Pro.for | | | Manju 18,600 | | Doubtful debt | | | | | {.underlin | | | Suja | | e} | | | [20,000]{.under | | | | | line} | | Stock ( | | | | | 20,000-2,000) | | | | | | | | | | Land & Building | | | | | (26,000+5,200) | | +-----------------+-----------------+-----------------+-----------------+ | | 1,18,900 | | 1,18,900 | +-----------------+-----------------+-----------------+-----------------+ 16.