Duration 3 Hours COBK2

Marks: 80
2021-22

[20]
01. Attempt the following sub-questions:
A Complete the following Sentences. 151
1) Profit& Loss A/c is prepared on the basis of expenses.

2) Receipt and Payment A/c is a _ Nc.

Alc is credited.
3) When goodwill of the firm is written off,
4) Drawee becomes.
on acceptance of the bill.

5) Death is a compulsory-

statements.
B Write a word/ term/ phrase which can substitute the following
under the common seal of the company.
1) The acknowledgement of debt
changes as regards the terms of the bill.
2) Acceptance with some

beconme a member of the concern for his whole life.

3) Fees paid by a person who wants to
written fom.
4) Partnership agreement in
the new ratio from the old ratio.
5) The ratio which is obtained by deducting

sentences. 151
C Do you agree or disagree with the following
received by a Non-profit organisation as per the legal representative of the
1) Legacy is the gift
deceased person.
is known as the reconstitution of partnership.
2) Change in relationship between the partners

are deducted from

Sales.
3) Return outwards
4) Drawee can transfer the ownership of the bill
his Capital Ac.
date of his death will be credited to
5) Deceased partner's share of profit upto the

(5)
D Find the odd one out.

Salary, Commission, Computer.

1) Advertisement,
Fund, Tennis Table, Playground.
2) Library Books, Captal
Net Profit Ratio, Liquid Ratio, Operating Ratio.
3) Gross Profit Ratio,
of Bil, Retainment of Bill, Endorsement of Bill, Noting Charges.
4) Discounting
Reserve Fund.
5) Bank Overdraft, Machinery, Bills Payable,

Page: 1/6
4. ne
tollowing is the Balance Sheet of Madan and Mohan, who are partners sharing pro
losses
in the ratio 3: 2. 10
Balance Sheet as on 31" March, 2020
Rs
Liabilities Rs Assets
40,000
Capitals:Madan Plant & Machinery
36,000
40,000 Land & Building
Mohan 50,000 Debtors 1,000
Creditors . 20,000
6,000 RDD 1.000
Bills Payable 5,000 Bank 5,000
Reserve Fund 15,000 Furniture 15,000

1,16,000 1,16,000

On 1st April, 2020 Mukesh admitted on the following terms:

was

1) He is to pay Rs. 60,000 as his capital for 1/4h share and Rs. 20,000 as his share of goodwll.
2) Assets revalued as: Building Rs. 50,000, Plant & Machinery at Rs. 6,0o0 less, Furniture Rs. 12000.
3) RDD to be increased upto Rs. 2,500.
4) The old partners decided to retain half of the amount of goodwill in the business.
5) The old partners decided to sacrifice equally.
Prepare Profit and Loss Adjustment Alc, Partners Capital Ac and New Balance Sheet.

OR
02 Ravina, Mukta and Seeta are partners in
a fim sharing
On 31st March, 2019 their Balance Sheet was as follows:.
profits and losses in the ratio of 3:2:1
(10)
Balance Sheet as on 31st March, 2020

Liabilties Amount Assets Amount

Creditors 30,000 Cash 3000

Bills Payable 9,000 Bills Receivable 12,000
General Reserve 36,000 Debtors 1,80,000
Capital: Ravina 1,80,000 () ROD
Mukta
12.000 1,68,000
1,20,000 Investments 1,50,000
Seeta 60,000 Land and Building
1,02,000
4,35,000 4,35,000
On 30th September, 2020, Seeta retired and it was agreed that:
1) The assets to be revalued are: Land and Building Rs.1,20,000 and Investments Rs.1,41,600.

2) All debtors were good.

3) Goodwill of the firm is to be raised at Rs.60,000.
4) Seeta's share of profit to the date of her retirement was to be calculated on the basis of the

Page:2/6
 average profit of the last two years. The profits were Rs.1,60,000 and Rs.2,00,000 respecively.
Pass necessary Journal entries in the books of the firm.
On A p r i l , 2020 Karan purchased goods on credit from Anil for Rs.45,000.

Anil drew the bill for 3 months which was accepted by Karan on the same date and was relurned

to Anil
On 4" April, 2020, Anil discounted the bill with bank @ 127% p.a.
On the due date of the bill, Karan was unable to honour the bill and requested Anil to renew i for
a further period of 2 months. He agreed on the condition that Karan should pay Rs. 10,000 and

accept the new bill with interest 15% p.a.

nese conditions were carried through. Before one month of the new due date, Karan retired his

bill by paying cash and gaining a rebate 12% p.a.

Pass Journal Entries in the books of Anil. [10
OR
The following is the Balance Sheet of Suresh, Mahesh and Naresh as on 31-3-2020, who
Q3
are sharing profits and losses in the ratio of their capital. They decided to dissolve the firm. [10]

Balance Sheet as on 31-3-2020

Rs Assets Rs
Liabilities

Air Conditioner 20,000

Capitals: 30,000
Suresh 50,000 Computer
Mahesh 30,000 Stock ,000
Naresh 20,000 Debtors 45,000
Bills Payable 20,000 Profit and Loss Alc 5,000
Creditors
12,000 Bank 22,000
1,32,000 1,32,000
following conditions:
The firm was dissolved on the above date with the
The assets realized as follows: Computer
Rs.4,500 less, Air Conditioner Rs. 15,000 and
1)
Debtors at 5% discount.

was taken over by Suresh at 80% of its cost.

2) Stock
taken over by Mahesh at its book value.
3) Creditors were

Realization expenses amounted to Rs.1,000.

4)
for closing the books of the firm.
Pass necessary Journal Entries

10 each payable as
Ramesh & Co. Ltd. Invited applications for 25000 equity shares of Rs
Q4
All Applications were received for
Application,Rs 5 on Allotment, Rs 2.50 on First & Final call,
Rs 2.50 on
All the money was duly received except the
30000 equity shares and pro-rata allotment was made to all.

Page:3/6
Frst and Final call on 2500 equity shares of Mr Amit. Pass Journal entry for the same. f08
OR

A Explain the sources of the Computerised Accounting Package. 04]

BExplain the difference between Licenced and Pirated Versions of Accounting Software.
04]

95. The Balance sheet of Priti, Vishwa and Ratan sharing profits as 4:3:3 was as folloWS: [08]

Balance Sheetas on 31-3-2020

Liabilitiess Rs Assets Rs

Capitals Premises 60,000

Priti 45,000 Stock 20,000
Vishwa 45,000 Debtors 60,000
Ratan 30,000 ) RDD 2,000 58,000
General Reserve 28,000 Cash 10,000

1,48,00 1,48,00
Ratan died on 1st July, 2020 and the following adjustments were agreed upon:
1) Premises are undervalued by 20%.
.
2) RDD is to be increased to Rs.3,000.
3) Stock is revalued at Rs.19,000.
4) Ratan's share
o f goodwill is calculated on 3 years average profits of the last 4 years. The
profits were 44,000, 30,00, 12,dbo and 18,000.
5) The deceased partner is to be given his share of profit to the date of his death on the basi
of the average profit of the last two years.
6) Drawings of Ratan amounted Rs.30,000 and 6% p.a. interest to be charged on Drawings.
Prepare:
1) Profit and Loss Adjustment Alc, 2) Ratan's Capital A/c
3) Working of Goodwill and 4) Working for Profit.
 Club.
Account of Sudarshan Sports
DElow are the Balance Sheet and Receipts and Payments
OU Income and Expenditure Account for the year
ending 31.3.2020 and
are required to prepare:

Balance Sheet as on 31.3.2020. (12]

Balance Sheet as on 1-4-2019
Rs
Liabilities Rs Assets

4,45,000 Cash in Hand 5,000

Capitals fund
10,000
Building fund 2,00,000 Cashet Bank
3,00,000
Advance Subscription 5,000 Play Ground
1,00,000
Furniture
Building fund Investment 2,00,000
Stock of Sports material 20,000
Outstanding Subscription 15,000

6,50,000
6,50,000

ending 31.3.2020 Cr
Dr Receipts and Payments Account for the year

Rs Payments Rs
Receipts
By Sports Material 28,000
To Balance b/d
Cashh Hand 5,000 By Salaries 40,000
Cash at Bank 10,000 By Office Rent 60,000
To Subscriptions
1,05,000 By Printing and Stationery 2,000
To Admission fees 6,000 By Ground Maintenance 7,000

To Donations 26,000 By Balance c/d

To Sundry Receipts 1,200 Cash in Hand 8,200
To Interest on Investment Cash at Bank 20,000
of Building fund 12,000
1,65,200 1,65,200

Page:5l6
Additional Information:
uoscriptions received during the year include Rs.14,000 for the previous year and Rs.6,000 for next year. uurrent
year's Subscriplion is outstanding at Rs.10,000.
2. Stock of Sports Material in hand on 31-3-2020 was Rs.22,000.
3. Admission fees and Donations are to be capitalised.
4. Charge 10% depreciation on Furmiture.
Q7. The Tnal Balance of Kapil and Mihir being equal partners is given below. You are required to prepare
Trading and Profit & Loss Alc for the year ended 31st March, 2020 and Balance Sheet as on that date

Trial Balance as on 31* March, 2020 12 MKS

Particulars (Debit) Amount Particulars (Credit) Amount

Stock on 1-4-2019 60,000 Capital Alc
Drawings: Kapil 22,000
Kapil 1,000 Mihir 18,000
Mihir
1,500 Reserve Fund 21 600
Salaries and Wages 7,500 Sales 1,30,000
Carriage 2,000 Bank Loan 13,200
Purchase 65,500 Creditors 3,800
Bills Receivable 600 R.B.D.D 800
Rent&Insurance 6,800 Returns 500
Sundry Debtors 18,000
Returns 1,000
Machinery 12,000
Cash at Bank 1,000
Building 30,000
Advertisement (w.e.f
1 January, 2020 for 3 years) 3,000

2,09,900 2,09,900

Additional Information:
1. Closing stock is valued at market price Rs. 30,000 and cost price Rs.25,000.
2. Rent & Insurance includes prepaid Insurance of Rs.1000.
3. Provide for R.8.D.D. at 5% on debtors.
4. Uninsured goods worth Rs. 3000 were destroyed by fire. Insurance Company refused the claim.
5. Outstanding: Salaries Rs. 1000 and Rent Rs. 500 and Interest due on Bank loan Rs.550.
6. Provide depreciation on Machinery at 20%; Building 7 %%.