Sub: B.

K Atmiya Classes Date: 20

th
Aug 2014
Marks: 25 Topic: Single Entry System Time: 1 hrs Std: XIIth Com

Q.I
1) Mr. Amit maintains his books of accounts under Single Entry System. His capital as on 1
st

April,2012 was ` 2,50,000. His financial position sa on 31
st
March,2013 was as follows: (10)


Additional Information:
i. His drawings during the year amounted to ` 5,000.
ii. Allow Interest at 5% on Capital.
iii. Interest on Drawings ` 1,000.
iv. Depreciate Building by 10%.
v. Write Off further Bad Debts ` 1,000. Provide R.D.D.@5% on Debtors.
Prepare Statement of Affairs as on 31
st
March, 2013 and Statement of Profit or Loss for the
year ended 31
st
March, 2013.

2) Darshan and Sagar are in Partnership. Their Capitals on 1
st
April 2011 were ` 25,000 each. Their
financial position as on 31
st
March,2012 were as follows: Cash in Hand ` 10,000, Cash at Bank `
10,000, Bills Receivable ` 30,000, Debtors ` 20,000, Stock ` 12,000, Machinery ` 20,000, Furniture `
35,000, Bills Payable ` 20,000, Sundry Creditors ` 8,000. (10)
Additional Information:
i. Provide ` 1,200 as Bad Debts.
ii. Depreciate Furniture @ 10%p.a and Machinery @ 5%p.a.
iii. Stock is found undervalued by ` 5,000.
iv. Additional Capital introduced by partners ` 8,000 each.
v. Drawings of Darshan ` 3,000.
Calculate the profit for the year ended 31
st
March 2012.

Q II Fill on the Blanks: (5)
i. Generally incomplete records are maintained by _____________ .
ii. Under Single Entry System only ______________ .
iii. The Capital in the beginning of the accounting year is ascertained by preparing ______________ .
iv. Under Single Entry System, Opening Capital = Opening Assets less _______________ .
v. When Closing Capital is greater than Opening Capital it denotes _______________ .
Particulars Amount
(`)
Cash at Bank
Bills Receivable
Sundry Creditors
Bills Payable
Bank Loan
Sundry Debtors
Plant & Machinery
Building
Stock
Furniture
30,000
20,000
12,000
8,000
10,000
50,000
60,000
1,00,000
20,000
30,000

All the Best