VIJAYAM JUNIOR COLLEGE::CHITTOOR

SENIOR COMMERCE I TERM EXAMINATION

01.08.2019 MARKS:100 TIME :3Hrs
I. ANSWER THE FOLLOWING QUESTIONS. 6X5=30
1. Gokul Krishna keeps his books under single entry system. He started his business on 1 st april 2017 with
a capital of Rs. 5,00,000/-. His position on 31st march 2018 was as below. Creditors-50,000, Debtors-
40,000, Cash 25,000, Bills receivable-30,000, Bills payable- 20,000, buildings- 3,50,000, Furniture –
1,00,000, Stock-1,50,000, In the year he withdrawn 2,500 per month and introduced 50,000 as
additional capital. Prepare a statement of capital and find out the profit or loss.
2. Mr. Manoj Prakash commenced his business on 1st april, 2018 with a capital of Rs.12,00,000.
On 31st march, 2019 his position was as follows:
Stock Rs. 40,00,000; Debtors Rs. 30,50,000 Cash at bank Rs. 20,00,000; Cash in Hand Rs.
10,00,000; Machinery Rs.30,00,000; Bills Receivable Rs10,00,000; Creditors Rs.16,50,000. Bills
Payable Rs.10,85,000. During the year, Manoj introduced Rs 15,00,000 towards further capital and his
drawing were Rs.10,000 per month.
You are required to prepare a statement showing profit or loss made by Mr Manoj Prakash.
3. Jagadeesh and Suresh are doing partnership business . Their position on 01-4-17 combined capital
was6,50,000/-. On 31-03-18 their combined capital was 8,50,000/-, In that year they withdraw 10,000 every
month. They introduced a fresh capital of 2,00,000 during the year. Calculate divisible profit.
4. ZION Private Ltd., issued 20,000 shares of 250/- each payable at 50/- on application, 100/- on allotment
and remaining on first and final call. Issue was successes full and all the shares were made full payment.
Write journal entries.
5. Karvey Limited issued 10,000 shares of 100/- each at a premium of 25/- each payable at 25/- on
application, 50/- (including premium )on allotment, 25/- on first call and 25/-on second call. All the calls
were paid fully. Write journal entries.
6. Bharath Computers limited issued 30,000 shares of 200/- each at 5% discount, payable in the following
way. Application-50/-, Allotment – 40/-, First call- 50/-, Second call – 50/-. All the calls were paid with full
amount. Record journal.
II ANSWER THE FOLLOWING. 2X10=20

7. From the following Receipts and Payments account of Chittoor Masanical club prepare the
Income and Expenditure for the year ended 31-3-2016:
Receipts Amount Payments Amount
Rs. Rs.
To Balance b/d By Charities 29,000
Cash 500 By Salaries 5,200
Bank 5,000 By Printing and Stationery 800
Fixed Deposits 30,000 By Rent & Taxes 2,400
To Donations 16,000 By Advertisements 500
To Subscriptions 8,000 By Purchase of furniture 2,000
To Legacies 12,000 By Government Bonds 32,000
To Receipts for building fund 30,000 By Advance to Building 16,000
 construction
To Interest on Investments 19,000 By Balance c/d
To Interest on deposits 300 Cash 1,050
To Sale of old furniture 150 Bank 2,000
Fixed Deposits 30,000
1,20,950 1,20,950
Additional Information:
1. Treat half of amount received on legacies and donations as income.
2. Outstanding expenses at the end of the year Rent Rs.400, Salaries Rs.600, Advertisements
Rs.100
3. Interest on Investments Rs.500 had accrued but not received.

8. Tirupathi Sports club ‘s Receipts and Payments account for the year ending 31-3-201 6 is given
here under.
Receipts Amount Payments Amount
Rs. Rs.
To Cash in hand 1,250 By Salary to workmen 2,000
To Cash at Bank 3,250 By Grass Cutting Machine 13000
To Subscriptions 8,750 By Rent 1,450
To Tournament fund 3,500 By Games expenditure 4,500
To Life Membership fee 2,500 By Tournament expenditure 3,000
To Entrance fee 1,250 By Office expenditure & 3,250
Postage
To Donation for pavilion 6,000 By Games equipment 2,500
To Sale of grass 1,200 By Balance c/d
Cash in hand 1,750
Cash at Bank 6,250
27,700 27,700
Additional Information’s:
1. Subscriptions receivable for 2014 – 15 were Rs.1,000 and for 2015 –16 Ars.1,050.
2. Games equipment in the beginning was Rs.1,000 and at the end Rs.1,250
3. Provide depreciation at 10% on grass cutting machine
Prepare Income and Expenditure for the year ending 31-3-2016
II. ANSWER THE FOLLOWING QUESTIONS. 2X5=10
9. Write two differences between Receipt and Payments account and Income and Expenditure account.
10 Write about two types of Share Capital.
11. Mr. Venkat Commenced business with a capital of Rs. 10,000. During the year he introduced a fresh
capital of Rs.4,500. His drawings were Rs. 3500. At end of the Year his capital stool at Rs. 12,000.
ascertain the profit or loss made during the year.
12. Capital of Mr. Vsu at the beginning of the year was Rs. 65,000. During the year, his business earned
a profit of Rs.15,000. He withdrew Rs. 7,000 for his private use. He sold his car for Rs.12,000 and
invested the same into the business. Find out his capital at the end of the year.
13. Calculate the capital fund of Udatabhanu Trust from the following balances as on 31-3-2016:
Buildings Rs.35, 000
Outstanding subscriptions Rs.800
Prepaid Insurance Rs.400
Reserve Fund Rs.3, 000
Outstanding Salaries Rs.1, 800