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Accounts Preliminary Paper 2 IIND Preliminary

Accounts Preliminary Paper 2 IIND Preliminary

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Published by: AMIN BUHARI ABDUL KHADER on Dec 10, 2008
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OMTEX CLASSES
THE HOME OF TEXTIIND PRELIMINARY EXAMINATION OF ACCOUNTS
Accounts Preliminary ExaminationTotal Marks 100
2008 - 09OMTEX - CLASSES Preliminary Examination 002ACCOUNTSTime 3 hrs. 4 PAGESMax. Marks : 100
Q1. Attempt any four of the following. (20 marks)
A.
Answer in one sentence each. (5 marks)
1.What do you mean by scrap value?2.What are noting charges?
3.
What is the relationship between coventurers?4.What is partnership deed?5.State the formula for calculating Normal Profit?
B.
Write the word/term/phrase which can substitute each of the following statement: (5marks)
1.Goods returned to the supplier.
2.
It is a stick or lever used to change the position of the cursor on a screen.3.A bill in which the period of the bill is counted from the date of the bill accepted.4.The receipts that are an unusual nature not arising through named activities of the business.5.A fixed asset which is not essential for conduct of business.
C.
Match the following pairs. (5 marks)
D.
Select the most appropriate alternative from hose given below each statement. (5 marks)
1.Partner’s drawings are transferred to his __________ a/c under fixed capital method.a.Capital A/c b.Current A/cc.Trading A/cd.Profit and loss A/c2.Sale of old materials must be shown on credit side of ___________a.Cash boo b.Income and expenditure accountc.Balance sheetd.Receipt and Payments account3.Cost of asset = ____________a.Purchase price + scrap value b.Purchase price + depreciationc.Purchase price + incidental costd.None of the above4.A person in whose favour the bill is endorsed is called ___________ a.Endorsee b.Endorsec.Drawed.None of the above5.Expenses incurred by coventurers is debited to ___________ a.None of the below b.Consignee’s account
 
OMTEX CLASSES
THE HOME OF TEXTIIND PRELIMINARY EXAMINATION OF ACCOUNTS
Accounts Preliminary ExaminationTotal Marks 100
c.Co venturers account
d.
Joint venture account.
Group AGroup B
1.Partner’s Salary2.Subscription received in advancefor the current year.3.Dishonour of bill.4.Cash in hand.5.Unsold goods taken over by co – venturesa.Balance sheet asset side. b.Current asset.c.Deducted from gross profit.d.Credited to joint venture account.e.Credited to coventurers A/cf.Noting Charges.g.Closing balance sheet liability side.h.Fixed assets.
E.
Select the most appropriate alternative from hose given below each statement. (5 marks)
1.Partner’s drawings are transferred to his __________ a/c under fixed capital method.a.Capital A/c b.Current A/cc.Trading A/cd.Profit and loss A/c2.Sale of old materials must be shown on credit side of ___________a.Cash boo b.Income and expenditure accountc.Balance sheetd.Receipt and Payments account3.Cost of asset = ____________a.Purchase price + scrap value b.Purchase price + depreciationc.Purchase price + incidental costd.None of the above4.A person in whose favour the bill is endorsed is called ___________ a.Endorsee b.Endorsec.Drawed.None of the above5.Expenses incurred by coventurers is debited to ___________ a.None of the below b.Consignee’s accountc.Co venturers account
d.
Joint venture account.
F.
State with reason whether the following statements are true of false. (5 marks)
1. Balance sheet is a statement and not an account.2. Partnership firm enjoys business continuity.3. When the bill is sent to bank for collection, bank A/c is credited.
F.
Drawer: Shekhar Desai, Spastic Road, Mahad.
(5 marks)
Drawee Sharad Verma, Narayan Peth, Pune.Payee Mukund Pande, Panvel.
 
OMTEX CLASSES
THE HOME OF TEXTIIND PRELIMINARY EXAMINATION OF ACCOUNTS
Accounts Preliminary ExaminationTotal Marks 100
Amount - Rs. 5775/-Period - 50 daysDate of Bill Drawn 15
th
March, 1995Date of Acceptance 19
th
March, 1995 (Accepted for only Rs. 5700)
Q2.
On 1-1-2002 Champaklal & Sons purchased furniture for Rs. 15000. On 1-7-2002 additionalfurniture was purchased for Rs. 8000. On 30-6-2003 the furniture purchased on 1-1-2002 was skid for Rs.12,000.The firm charges depreciation @ 10% p.a. under the reducing balance method.Prepare Furniture account, for the years 2002, 2003, 2004 assuming that accounting year of the firm iscalendar year and depreciation account for the year ending 31 – 12 - 2003.
(10marks)
OR 
A.
Find out value of goodwill from the following. Net profits for last 5 years are Rs. 30,000; Rs.36,000; Rs. 24,000; Rs. 4,000; Rs. 14,000. Goodwill to be valued at 3 years purchase of averagenet profit.
(5 marks)
B.
Explain 'Abacus’ as a phase in the history of computer.
(5 marks)
Ans. It was in about 400 B.C., that a sort of adding machine called ABACUS was invented inChina. It consists of a rectangular frame. The rods or wires are fitted to the frame which carrysound beads. Abacus is still being used in some countries. Counting id done by shifting the beadsfrom one side to another. It is proved that an expert operator of abacus is faster in calculationsthan a clerk using a calculator.
Q3.
Softy accepted a bill of Rs. 20,000 drawn by Kwality at 3 months. Kwality got the bill discountedwith his bank for Rs. 19,500. Before the due date softy approached Kwality for renewal of the bill. It wasagreed to pay Rs. 15,000 immediately together with interest on the remaining amount a 10% for 3 monthsand for the balance Softy should accept a new bill for 3 months. These arrangements were carriedthrough. But afterwards softy became insolvent and only 40% of the amount could be recovered from hisestate. Pass necessary Journal entries in the books of Softy & show Kwality’s account in Softy’s ledger.
(12 marks)OR Q3.
Raj sold goods worth Rs. 7,000 to Dev & Rs. 9,500 to Chetan on credit on 31-1-2004. On 1-2-2004, Dev accepted a bill of Rs. 5,000/- at 2 months paid cash Rs. 1,900 in full settlement of his account. On the same date Chetan accepted a bill for the due amount at 3 months.Raj discounted the first bill at 6% p.a. and sent the second bill to bank for collection. Onthe due date of the first bill, Dev approached bank for renewal of bill. Raj accepted on thecondition that Rs. 3000 be paid immediately, along with the interest on the balance Rs. 40 &accepts a fresh bill for the balance amount. These arrangements were carried through.Raj honoured his acceptance on the due date. However Dev became insolvent &dividend of 20% could be recovered from his estate. (
12 marks)Q4.
Ram and Shyam entered into joint venture to prepare building for a private firm who agree to pay Rs. 2,00,000 on the completion of the work. A bank account was opened in their joint namesRam contributing Rs. 25,000 and Shyam Rs. 25,000. They share the profits and losses in the ration2:3 respectively. Payments made out of the joint bank account where:Purchase of equipmentsRs. 15,000Hire Charge for equipmentsRs. 12,000WagesRs. 85,000MaterialsRs. 20,000

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