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?

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 (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.

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 (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

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 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

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 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 [12]
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

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 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.

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