s Special - Centum Coaching Team Question ... · PDF fileWhat are the difference between fixed capital account and fluctuating capital ... Prepare trading profit & loss A/c and balance

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Question Paper (2017-18) Time : 3:00 hrs ACCOUNTANCY Max. Marks : 200

Part - A

I.Fill in the blanks 30 x 1= 30 1. Outstanding expense are shown on the ……….side of the balance sheet

2. Debts which are not recovered from sundry debtors known as _____________

3. The trial balance01.03.2016 shows that the investment@10% is Rs.5,00,000.

Interest received on Investment is Rs.40,000. Accured interest on investment is

Rs._________.

4. If adjusted capital is more than opening capital it denotes……….

5. The total assets are Rs.3,50,000 his liabilities are Rs.1,25,500 his capital is Rs._

6. If Selling price of the machinery is Rs.3,25,000 and loss on sales Rs.48,800. The

book value of machinery is ……….

7. ……….method of depreciation is calculated on the book value of an asset

8. ………. can be calculated by deducting the cost of goods sold from sales.

9. Stock turnover ratio is otherwise known as ……….

10. Bank overdraft is an example of ……….

11. Mutual and ………. Agency is the essence of partnership

12. Undistributed profit will appear on the ……….side of the balance sheet.

13. At the time of admission the revaluation profit will be shared by ……….

14. Reserve Capital be issued only at the time of ……….

15. A public issue cannot be kept open for more than --------- day. Choose the correct answer:

16. All the items given in the adjustments will appear at ………. places in the final

account.

a) one place b) three place c) two place

17.The Trial balance as on 31.3.14 shows sundry debtors Rs.50,000. Write off

Rs.2,000 as bad debts. The provision for bad and doubts at 2.5%, Sundry debtors

value shown in the balance sheet Rs ….

a) 1,200 b) 46,800 c) 48,000

18. In single entry system the profit of a business is ascertained by preparing

a) Trading account b) Statement of profit and loss c) statement of affairs

19. The method depletion is used for:

a) Intangible assets b) fixed assets c) natural resources



20. All activities ratios are expressed in terms of:__________

a) Proportion b) times c) Percentage

21. Current asset of a business concern is Rs.60,000 and current liabilities are

Rs.30,000. Current ratio will be_____.

a) 1: 2 b) 1:1 c) 2:1

22. Budget is an estimate relating to___________ period.

a) Current b) Future c) Past

23. In a partnership business agreement is __________.

a) Compulsory b) Optional c) Not necessary

24. _____ ratio is computed at the time of retirement of a partner.

a) Gaining ratio b) capital ratio c) Sacrificing ratio

25. If the goodwill account is raised for Rs.30,000, the amount is debited in :

a) Capital Account b) Goodwill Account c) Cash Account

26. Under fixed capital method the profit or loss will be transferred to their

………accounts

a) Capital b) Current c) Drawings

27. The formula to calculate the super profit is ……….

a) Average profit + normal profit b) Average profit – Normal profit

c) Normal profit – Average profit

28. Gaining ratio will be calculated by ……….

a) New ratio minus old ratio b) Old ratio – new ratio

c) Old ratio -sacrificing ratio

29. A public issue must kept open for atleast ………. days

a) 3 b) 7 c) 10

30. According to Table A Interest charged on call in arrear is

a) 4% b) 5% c) 6%



Part B

II.Anwer any Ten question 10 x 5=50

31.What is accured income ?

32.What are two features of single entry ?

33.What is insurance method of depreciation ?

34.List the methods that can be used for preparing cash budget

35.Define: Ratio

36. What is forfeiture of shares ?

37. What is good will ?

38. Give adjusting and transfer entry for Interest on drawings Rs. 10,000

39. Find out rate of depreciation under straight line method. Cost of an asset

2,30,000, installation chares Rs.20,000, expected life 10 years scrap value

Rs.50,000.

40.Calculate the missing figure.

Closing capital Rs. 9,000; Drawing Rs. 3,000; Additional capital Rs.5,000;

opening Capital 12,500

41. Determine stock turnover ratio. Opening stock Rs. 15,000; closing stock

Rs.25,000; purchases Rs.60,000

42. P and Q are two partners P draws Rs.5,000 at the middle of every month, Q

draws Rs.1,000 at the end of every month .Calculate interest on drawings at

10% p.a

43. A and B were sharing profits in the ratio 3:2 C was admitted with 1/8th share

in profit . calculate new profit ratio and sacrificing ratio

44. Raji Ltd., issued 50,000 shares at Rs.20 each at a premium of 10%. Give

journal entry.

Part - C

III . Answer Any Five Questions. (Q.No. 45 is compulsory ) 5 x 12=60

45 . a) The Trial balance shows on 31.3.2011 as follows sundry debtors Rs. 75,000

Adjustments:

1. Bad debts to be written off Rs. 5,000

2. Create provision for bad and doubtful debts @5%on debtors

3. Create discount on debtors @ 2% on debtors

Pass adjusting entries and also show how this item will appear in final a/c

(Or)



b) Madhurai veeran maintains book on single Entry:

PARTICULARS 01.01.2017 31.12.18

Cash in hand 2000 3000

Cash at bank 1000 2000

Stock 12000 17000

Furniture 30000 30000

Debtor 10000 12500

Creditor 5000 7000

He has taken Rs.7000 from his business and introduce additional capital Rs.5000.

Depreciate stock by 10%.Prepare statement showing profit or loss .

46. Explain any four methods of providing depreciation?

47. Define Budget. What are the characteristics of a budget? List the methods that

can be used for the preparation of cash budget?

48. What are the difference between fixed capital account and fluctuating capital

account?

49. Sonali and co purchased a machinery on 1.4.2014 for Rs. 2,50,000 and on

31.03.2017 the machinery was sold for Rs.1,87,500. The firm charges

depreciation at 10% on straight line method. The books are closed on 31st

March every year. Prepare Machinery A/c and depreciation A/c for three

years.

50. From the following details calculate

1. Gross Profit Ratio; 2. Net Profit Ratio;3. Stock Turnover Ratio;

4. Debtors Turnover Ratio

Sales 1,50,000, Cost of Goods Sold 1,20,000; Opening Stock 29,000;

Closing Stock 31,000 Debtors 15,000 Administration Expenses 15,000

51. Ram and Rahim are partners sharing profits in the ratio of 3;2. Ram draws

Rs.5,000 on 1.04.2008, Rs. 3,000 on 30.06.2008, Rs.4,000 on 01.10.2008 and

Rs.2,000 on 30.11.2008. calculate interest on their drawings at 6% p.a. Rahim

draws Rs.1,500 regularly at the end of every month during the year 2008.



52. Shalini ltd issued 100 shares of Rs.10 each .The account payable as under

Rs.3 on application, Rs.5 on allotment,, Rs2 on first call and Rs2 on

shareholder who fail to pay first and final call. His shares of 40 reissued upon

payment of Rs.300 Give entries and prepare forfeiture account and capital

reserve account. .

Part – D

IV. Answer Any Three question (Q.No .53 Compulsory)

53.a) Mr.Ram maintains his book under single entry system. Prepare trading profit

& loss A/c and balance sheet for the year ending 31.03.2014

PATRICULARS 01.04.2014 31.03.2014

Stock 50,000 25,000

Sundry debtors 1,25,000 1,75,000

Cash 12,500 20,000

Furniture 5,000 5,000

Sundry creditors 75,000 87,500 .

Other details :

DrawingsRs.20,,000; Discount received Rs.7,500; Discount allowedRs.5,000,

Sundry expenses Rs.17,500; Cash paid to creditors Rs.2,25,000, cashreceived from

debtors Rs.2,67,500. Sales return Rs.7,500, cash sales Rs.2,500,

purchases return Rs.2,500. (Or)

b) Pallavan, Pandian and Chozhan were carrying on partnership business sharing

profits in the ratio of 3 : 2: 1. On March 31, 2009, the Balance Sheet of the firm

stood as follows:

LIABILITIES RS ASSET RS

Sundry creditors

Bills payable

Reserve fund

Outstanding expense

Capital:

Pandian: 1,60,000

Pallavan: 1,65,000

Chozhan: 95,000

94,500

31,500

1,20,000

4,000

4,40,000

Cash

Bank

Land & Building

Furniture

Stock

Debtors

10,000

1,20,000

2,50,000

35,000

1,45,000

1,30,000

TOTAL 6,90,000 TOTAL 6,90,000

They decided to admit cheran into the partnership with effect from 1st

January,2010 on the following terms:



a. Cheran should bring in Rs.80,000 as his capital for ¼ share of profits.

b. Furniture should be depreciated by Rs.3,500

c. Stock be depreciated by 10%.

d. The value of land & buildings having appreciated be brought upto Rs.3,25,000

Show revaluation account, capital accounts, bank account and the balance sheet

of the reconstituted partnership.

54. Prepare Trading and Profit or Loss account and Balance sheet as on 31.3.2012.

PARTICULARS DEBIT

( RS)

CREDIT

( RS)

Capital

Sales

Bank overdraft

Furniture

Business

Premises

Debtors

Opening Stock

Creditors

Rent

Purchases

Discount

Insurances

Wages

Salaries

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Carriage inwards

Provison for bad

& doubtful debts

Bad debts

Income tax

30,600

1,20,000

1,08,000

1,32,000

6,60,000

16,000

24,000

54,000

13,200

10,800

800

4000

1,50,000

9,03,000

25,200

79,800

6,000

2,400

7,000

TOTAL 11,73,400 11,73,400

Adjustment:

a) Closing Stock Rs.1,20,000

b) Make a provision of 5% on sundry debtors for bad and doubtful debts.

c) Rent received in advance Rs.2000

d) Provide 10% depreciation on furniture and business premises.



55. Calculate the following ratios:

a. Gross Profit Ratio b. Current Ratio c. Acid Test Ratio d.Stock Turnover

Ratio e. Fixed Asset Turnover Ratio TRADING AND PROFIT & LOSS ACCOUNT FOR THE YEAR ENDING 31.03.2016

To Opening stock

To Purchases

To Direct expense

To gross profit c/d

10,000

50,000

5,000

50,000

By sales

By Closing stock

1,00,000

15,000

1,15,000 1,15,000

PARTICULARS RS PARTICULARS RS

To Administrative

expense

To interest

To Selling expense

To net profit

15,000

3,000

12,000

20,000

By gross profit b/d 50,000

50,000 50,000

BALANCE SHEET AS ON 31.03.2016

LIABILITIES RS ASSETS RS

Capital

Current liabilities

Profit & loss A/c

1,00,000

40,000

20,000

Land & Buildings

Plant & machinery

Furniture

Stock

Debtors

Bills receivable

Cash in hand

50,000

30,000

20,000

15,000

15,000

12,500

17,500

1,60,000 1,60,000



56. From the following information prepare cash budget for the month of March,

April and May 2016

Credit sales Credit purchases office expenses

January 1,00,000 1,25,000 25,000

February 1,75,000 1,50,000 30,000

March 1.50,000 2,25,000 35,000

April 2,00,000 1,00,000 40,000

May 2,50,000 1,75,000 35,000

Additional information:

1. Opening balance of Cash as on 1.3.2016 Rs.37,500

2. Credit allowed by suppliers is Two month

3. Credit allowed to customers is two month

4. Office expenses are lag in payment of one month.

5. Sale of fixed assets in the month of February Rs.47,500

57. Ashok Ltd company issued 40,000 shares of Rs.10 each at a premium of Rs.2

payable as follows:

On application Rs.3

On Allotment Rs.4( including premium)

On first and final call Rs.5

The public applied for 50,000 shares. Excess application money was rejected. All

money due were received. Pass journal entries and prepare important ledger

accounts.

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s Special - Centum Coaching Team Question ... · PDF fileWhat are the difference between fixed capital account and fluctuating capital ... Prepare trading profit & loss A/c and balance

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