GHSS KODUVAYUR HIGHER SECONDARY MODEL EXAMINATION 2011 ACCOUNTANCY WITH COMPUTERISED ACCOUNTING

HSE 11 Time: 2hours cool off time: 15 minutes max score : 60

1. The balalnce in shares forfeited account is transferred to Account. (Score1) 2. share premium can be used for issuing shares ( Score1) 3. Share of goodwill brought in cash by the new partner is called( Score1) 4. find the odd one and state the reason a. admission of a partner b. retirement of a partner c. insolvency of partner except one. D. dissolution (Score1) 5. A fund created for the redemption of debentures is called ( Score1) 6. A company Ltd made an issue of 50000 shares of Rs. 10 each. Applications were received for 75000 shares a. explain the sitiation. b. alternatives before the directors in such a situation ( Score1) 7. a. Goodwill account .Dr share capital b. Cash account ..Dr old partners capitals c. Share application accountDr sharecapital share allotment bank Analyse the journal entries and write the narration. (Score3) 8. M and N are partners decided to share profits and losses in the ratio of 2:1. they decided to admit p with share in profits with a guaranteed amount for Rs. 25000. Both M and N undertake to meet the liability arising out of the guaranteed amount to P in their respective profit sharing ratio. The profit sharing ratio of M and N does not change. The firm earned a profit of Rs. 81000 for the year 2002. Prepare Profit and Loss Appropriation account. (Score3) 9. A. jack and jill are partners in a firm sharing profits and losses in the ratio . of 7:5. They admit tom in to partnership for a 1/6 share, the old partner

sacrificing equally. Calculate new profit sharing ratio B. Melky and Silky are partners sharing profits and losses in the ratio of 2:3 They admit maloo as a partner for 1/3 share in profit who brings Rs. 20000 as his share of goodwill. The new ratio will be 3:3:2. Melky and Silky withdraws the premium paid by Maloo. Record necessary journal entries in the books of the firm. (Score3) 10. Explain the differences between dissolution of partnership and dissolution of firm (Score3) 11. Black and White are equal partners decided to dissolve partnership as on 31- 3-2001. Their Balancesheet as follows Liabilities Amount Assets Amount Creditors 14000 building 40000 General reserve 8000 machinery 20000 Blacks loan 3000 furniture 10000 capitals debtors 10000 Black 50000 stock 24000 White 40000 90000 bank 11000 TOTAL 115000 115000 1. The assets realized as follows stock Rs.22000, debtors Rs.9500, machinery Rs.21000 and building Rs.30000. 2. White took over the furniture at Rs. 7000. 3. Black agreed to accept Rs. 2500 in full settlement of his loan account 4. Realization expenses amounted to Rs. 2500. Close the books of the firm (Score5) 12. Explain the following terms a. Calls in arrears. b. Forfeiture of shares c. conditions for issuing Shares at Discount d. uses of Share Premium e. ESOP (Score5) 13. write journal entries for the following transactions A. Star Ltd issued 1000, 14% debentures of Rs. 100 each at par redeemable at the end of 5 years at a premium of 10%. B. Blue chips Ltd issued 2000, 16% debentures of Rs. 200 each at a discount of 10% and are redeemable after 3 years at a premium of20%. (Score4)

14. Melky and Neethu are partners sharing profits and losses in the ratio of 3:1 their Balancesheet as on 1 st January 2003 as follows. Balance sheet as 1st January 2003 Liabilities Amount rent outstanding 2000 bank overdraft 12000 sundry creditors 15000 general reserve 8000 capitals Melky 120000 Neethu 70000 190000 Assets cash in hand investments stock Debtors 40000 less provision 2000 furniture machinery buildings Amount 6000 70000 25000 38000 18000 30000 40000 227000

19. What are the accounting vouchers available in Tally? (Score2) 20. Give the procedure to display the Trial Balance of a company (Score2) 21. How to enter the value of closing stock in Tally? (Score2) 22. How Budget Variance Report can be displayed? (Score2) 23. Explain how the financial statements of a company are prepared by using a Computerized accounting software (Score5)

Total

227000

On this date they admitted Maloo for th share in profit which she acquires wholly from Melky. The other terms of agreement are as follows 1. Goodwill of the firm was valued at 2 years purchase of the average of the last three years profits. The profits of the last three years were Rs. 40000, Rs 30000 and Rs 500 2. Maloo should bring Rs. 50000 as capital and necessary amount for her share of goodwill. 3. Investments reduced to Rs. 65000. 4. Furniture increased by Rs. 20000. 5. Provision for bad and doubtful debts was found in excess by Rs. 500. 6. Creditors were unrecorded to the extent of Rs. 1000. 7. Stock is found overvalued by Rs. 3000. Prepare Balance sheet of the new firm after the admission of Maloo. (Score8)

PART -B COMPUTERISED ACCOUNTING

15. Find the odd one a. Dac Easy b. Tally c. Peach tree d. M S Office 16. Explain journal voucher with examples 17. Write short notes on a. memo voucher b. contra voucher 18. What is meant by grouping of accounts? (Score1) (Score2) (Score2) (Score2)