12 Account March 2022.pdf

DAY-14 SEAT NUMBER 2022111 21 1500 J-805 L (E) BOOK KEEPING & ACCOUNTANCY (50) Time: 3 Hrs. Max. Marks : 80 (11 Pages) Q.1. Attempt all of the...

DAY-14 SEAT NUMBER 2022111 21 1500 J-805 L (E) BOOK KEEPING & ACCOUNTANCY (50) Time: 3 Hrs. Max. Marks : 80 (11 Pages) Q.1. Attempt all of the following sub-questions: (20 (A) Select the correct options and rewrite the statements: (5) (1) To find out the net profit or net loss of the business Account is prepared. (a) Trading (b) Capital (c) Current (d) Profit and Loss (2) From financial statement analysis the creditors are specially interested to know (a) Liquidity (b) Profits (c) Sale (d) Share Capital (3) Death is a compulsory (a) dissolution (b) admission (c) retirement (d) winding up 8 05 Page P.T.O.  (4) The due date of the bill drawn for 2 months on 23rd November, 2019 will be (a) 23d Jan, 2020 (b) 25th Jan, 2019 (c) 26th Jan, 2019 (d) 25th Jan, 2020 (5) Decrease in the value of assets should be to Profit and Loss Adjustment Account. (a) debited (b) credited (c) added (d) none of the above (B) Write a word / term/ phrase as a substitute for each of the followingstatements: (5) (1) Debit balance of Trading Account. (2) Expenses incurred on dissolution of firm. (3) Old Ratio less New Ratio. (4) Officer appointed by Govt. for noting of dishonour of bill. (5) Donation received for a specific purpose. (C) Answer the following questions in only 'one' sentence each (5) (1) What is Legacy? (2) What is CAS? (3) Who is called Insolvent Person? (4) What is Reserve Capital? (5) What is Revaluation Account? Page 2  (D) Complete the sentences: (5) (1) Partnership deed is an of partnership. (2) Aurangabad University prepares Account instead of Profit and Loss Account. (3) Returns outward are deducted from (4) New Ratio (). = Gain Ratio. (S) Cash receipts which are recurring in nature are called as receipts. Q.2. Ram and Shyam were in and losses partnership sharing profits 10 in the proportion of 3 : 1 respectively. Their Balance sheet as on 31st March, 2020 stood as follows Balance Sheet as on 31st March, 2020 Amount Amount Liabilities Assets Sundry creditors 80,000 Cash 80,000 Bills payable 42,000 | Sundry debtors 64,000 Capital Accounts Land and Building 32,000 Ram 1,20,000 Stock 40,000 Shyam 40,000 1,60,000 Plant and Machinery 60,000 General Reserve 16,000 Furniture 22,000 2,98,000 2,98,000 They admit Bharat into partnership on 1st April, 2020. The term being that: (1) He shall have to bring in 40,000 as his Capital for 1/5 share in future profit and 20,000 as his share of Goodwill. Page 3 P.T.O.  (2) A provision for 5% doubtful debts to be created on sundry debtors. 3) Stock should be appreciated by 5% and Land and Building be appreciated by 20%. (4) Furniture to be depreciated by 20%. (5) Capital Accounts of all partners be adjusted in their new profit sharing ratio through Cash Account. Prepare (a) Profit and Loss Adjustment Account (b) Partners' Capital Account. (c)Balance Sheet of the new firm. OR Ajay, Vijay and Sanjay were partners sharing profits and losses in the ratio of 3 3:2. Their Balance Sheet as on 31st March, 2020 is as follows: Balance Sheet as on 31 March, 2020 Amount Amount Liabilities Assets Creditors 32,700 Bank 19,800 Reserve fund 12,000 Stock 19,800 Capital Accounts Debtors 15,000 Ajay 33,000 Live Stock 30,000 Vijay 45,000 Plant and Machinery 62,100 Sanjay 24,000 1,46,700 1,46,700 On 1"April, 2020 Sanjay retired from the firm on the following terms (1) R. D. D. is to be maintained at 10% on debtors. Page 4  (2) 300 to be written off from creditors. (3) Goodwill of the fim is to be valucd at 12,000, however, only Sanjay's share in it is to be raised in the book and written off immediately. (4) Assets to be revalued as Stock 18,900, Plant and Machinery F 60,000, Live Stock 30,600. (5) The amount payable to Sanjay to be transferred to his loan account after retirement: Prepare: 1) Revaluation Account. 2) Partners' Capital Account 3) Balance Sheet of the New firm. Q.3. Asha, Usha and Nisha are partners in the firm sharing profits [10 and losses in the ratio of 3:2: 1 respectively. On 31st March, 2019 they decided to dissolve the firm when their Balance Sheet was as under: Balance Sheet as on 313 March, 2019 Amount Amount Liabilities Assets Creditors 28,800 Building 1,02,000 Bills Payable 21,600 Machinery 73,000 Capital Accounts Motor Car 1,67,600 Asha 2,27,160 Goodwill 45,600 Usha 1,44,000 Investment 62,400 Nisha 1,08,000 Debtors 30,600 Stock 45,000 Bank 3,360 5,29,560 5,29,560 Page 5 P.T.O.  The firm was dissolved on the above date and the assets realised as under (1) Asha agreed to take over the Building at 7 1,23,600. (2) Usha took over Goodwill, Stock and Debtors at book value and agreed to pay Creditors and Bills payable. (3) Motor car and Machinery realised at 1,51,080 and 31,680 respectively. (4) Investment were taken by Nisha at an agreed value of 7 55,440. (5) Realisation Expenses amounted to 6,800. Prepare (a) Realisation Account (b) Partners' Capital Account (c) Bank Account OR Sonali draws a bill on Rupali for 50,000 for 3 months. Rupali accepts the bill on the same date. Sonali sends the bill to the bank for collection. Before due date, Rupali finds herself unable to make payment ofbill and requests Sonali to renew it. Sonali agrees to the proposal on a condition that Rupali should pay 20,000 in cash along with interest 1,000 and accept a new bill for 2 months for the balance. Rupali retired the bill by paying T 27,000. Give Journal entries in the books of Sonali and prepare Rupali's Account in the books of Sonali. 8 0 Page 6 Q. 4. Ajita Ltd. issued 2,00,000 equity shares of ? 10 cach at a 181 premium of R 2 per share payable as 3 on application 5 on allotment (including 2 premium) 4 on first and final call Applications were received for 2,40,000 equity shares and pr0 rata allotment was made to all the applicants. The excess application money was adjusted with allotment. Prerna who was allotted 400 shares failed to pay first and final call and her shares were forfeited. Pass Journal entries in the books of Ajita Ltd. OR State the difference between Manual Accounting Process and Computerised Accounting Process. Q.5. Anil, Sunil and Mohit were partners sharing profits and losses 81 in the proportion of their capital. Their Balance Sheet as on 31st March, 2019 was as follows Balance Sheet as on 31" March, 2019 Amount Amount Liabilities Assets Capital Accounts: Land and Building 80,000 Anil 60,000 Motor Lorry 40,000 Sunil 40,000 Debtors 32,000 Mohit 20,000 Less:R. D. D. -4,000 28,000 Creditors 50,000 Furniture 36,000 Outstanding Salary 6,000 Bank 28,000 Reserve fund 36,000 2,12,000 | 2,12,000 805 Page 7 P.T.O.  Mohit died on 1 August, 2019 and the following adjustments were made: (1) Assets to be revalued as under Land and Building 88,000 Motor Lorry 36,000 Furniture 34,000 (2) All debtors were good. (3) Goodwill ofthe firm valued at two times the average pront of last 4 years' profit. (4) Mohit's share of profit to be calculated on the basis of average profit of the last three years. (5) Profit for four years 1s year 12,000, 2nd year 24,000, 3rd year 14,000, 4th year 22,000. Prepare (a) Mohit's capital account showing amount payable to his executor. (b) Give working note of Mohit's share of goodwill and profit up to the date of his death. OR Following is the Balance Sheet of Param Company Ltd. as on 31s March, 2019 and 31s* March, 2020 31.3.2019 31.3.2020 31.3.2019 31.3.2020 Liabilities Assets Share capital 2,50,000 3,70,000 Fixed assets 2,80,000 4,40,000 Reserve and Current surplus 60,000 1,00,000 assets 1,30,000 1,20,000 Current liabilities 1,00,000 90,000 4,10,000 5,60,000 4,10,000 5,60,000 Page8  You are required to prepare Comparative Balance Sheet of Param Company Ltd. as on 31* March, 2019 and 31" March, 2020. 0.6. Q.6. From the following Receipts and Payments Account of Shahu College, Kolhapur for the year ending 31" March, 2020 and additional information, prepare Income and Expenditure Account for the year ended 31st March, 2020 and Balance Sheet as on that date Receipts and Payments Account Dr. for the year ended 31st March, 2020 Cr. Amount Amount Receipts Payments To Balance b/d By Salaries 11,77,500 Cash 6,000 By Printing and Stationery 13,500 Bank 1,00,000 By Books 44,000 To Interest 30,000 By Furniture 39,000 STo Donation 3,50,000 By Drama Expenses 45,000 To Tution fees 9,50,000 By Postage 3,500 To Admission fees 32,500 By Telephone Charges 3,000 To Drama receipts 50,000 By Electricity 30,500 To Rent from use of By Magazine and 3,00 hall 3,000 Newspapers To Legacies (Capital) 30,000 By Balance c/d Cash 31,000 Bank 1,61,500 15,51,500 15,51,500 L Page 9 P.T.O.  Additional information (1) Outstanding Salaries 35,000 (2) 60%% of donations are for Building Fund and Balance is to be treated as revenue income. 3) Particulars 1-4-2019 31-3-2020 T) | Capital fund 3,05,500 ? Building fund 4,13,500 Furniture 1,63,000 1,50,000 Books 4,50,000 4,44,000 Q.7. Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and adjustments you are required to prepare Final Accounts: Trial Balance as on 31st March, 2019 Amount Amount Debit Balance Credit Balance Purchases 48,000 Capital accounts: Salaries 7,500 Asha 80,000 Wages 2,800 Nisha 40,000 Advertisement 4,000 Bank Overdraft 34,000 (2 years) Sales 1,48,000 Sales Return 8,000 R.D. D. 1,200 Motor Van 63,000 Purchase Return 6,000 Stock (1.4.2018) 94,500 Page 10  Sundry Debtors 62,800 Coal, Gas and Fuel 1,000 Plant and machinery 17,600 3,09,200 3,09,200 Adjustments: 88,000 and market () Closing stock is valued at cost price price 90,000. (2) Asha and Nisha withdrew goods from business 3,000 and2,000 respectively for their personal use. (3) Depreciate Motor Van by 5% and Plant and Machinery by 7 %. Reserve for Doubtful debts on Debtors at 5% is to be (4) createa. (5) Outstanding Wages 800. Page 11