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Mark 60


1. A partner is entitled to get 6% pa as a) Profit, b) Interest on capital c) interest on loan d) Remuneration 1 2. find out the odd one a) fixed capital method b)m simple profit method c) super profit method d) capitalization method 1 3. Unless otherwise mentioned , the sacrificing ratio will be a) equal ratio b) old ratio, c) new ratio d) none of these 1 4. The amount due to the deceased partner is transferred to a) his capital a/c b) his loan a/c c) his executers loan a/c d) his executers capital a/c 1 5. The minimum percentage of shares held by a government in a govt. company is a )100% b) 51%, c) 49% d) 25% 1 6. What do you understand by right issue 2 7. A firm has an average profit of Rs. 50,000 during the last certain years. The normal rate of return is 10%. The firm has net tangible asset of Rs. 3,00,000. Calculate the value of goodwill using capitalization method. 2 8. X, Y,Z are partners sharing profits in the ratio 5:3:2. X retires and for this purpose goodwill is valued at Rs. 25000. Continuing partners agrees that their new profit sharing ratio shall be equal. Record necessary journal entries. 2 9. ABC Ltd has issued 1000 shares of Rs. 10 at a premium of 40% on its face value. Pass journal entries for recording the transactions if, a) It has been issued to promoters of the company b) It has been issued in consideration of assets acquired from a vendor 3 10. P,Q and R sharing profit and losses in the ratio of 5:3:2 took out a joint life policy for Rs.15000, paying an annual premium of Rs. 600 starting from Ist January 2005. The surrender value of policy was as follows 2005-nil , 2006- 200, 2007-500, 2008- 850,2009-1500 Q died on 6th October 2008 and insurance company paid Rs. 15800 on 30 th November 2008.The books of the firm was closed on 31 st December each year. Prepare Joint Life Policy assumed as the premium paid is treated as an expense. 3 11. L and M were partners of a firm sharing profit and losses in the ratio of 4:3. Their Balance sheet as on 31st Dec 2009 were as follows: Liabilities Sundry creditors Bills payable General reserve Capital L M Assets 5000 15000 22500 20000 15000 --------77500

20000 10000 7500 25000 15000 -------77500

Cash at bank Sundry Drs. 16500 Less Provision 1500 stock Furniture Machinery

The firm is dissolved as on the Balance sheet date. The assets realized as follows: Sundry Drs. 14000, furniture 17500, Stock 21000, machinery 25000. Sundry Crs were paid at a discount of 15%. The expenses on realization amounted to Rs.2500. Prepare necessary ledger account in respect of dissolutions of the firm. 5 12. Shyam Ltd issued 15000 Equity shares of Rs 10 payable Rs. 2 on application , Rs 4 on allotment , Rs 2 on first call and Rs. 2 on second and final call. All shares were fully subscribed and paid for except call money on 200 shares held by a shareholder while making second call. Pass necessary journal entries. 5 13. X Ltd. buys its own 6% debenture with nominal value of Rs. 20000 on 31st March 2008. Pass necessary journal entries. a) If it was purchased at Rs 96 per debenture, b) If it was purchased at Rs. 110 per debenture. 5 14. Lal ltd. issued 20000Equity shares of Rs. 10 per share at premium of Re 1. each payable as Rs. 3 on application, Rs. 4 on allotment (including premium) and Rs. 4 on first call. Applications were received for 30,000 shares. 7,500 shares were rejected and application money refunded. Allotment were made on pro-rata to the applicants of 22,500 shares and money overpaid on application was adjusted to allotment money. A share holder who holds 2000 shares failed to pay the first call money. His share were later forefeited. Pass the necessary journal entries. 8 OR 14. S and J are partners in a firm sharing profits and losses equally. The following is the balance sheet as on 31.12. 2010. BALANCE SHEET LIABILITIES Bank overdraft Reserve Capital S J 90,000 25,000 75,000 50,000 ASSET Cash in hand Sundry debtors Stock Furniture Machinery P & L A.c

5,000 50,000 30,000 45,000 1,00,000 10,000 2,40,000


On the balance sheet date T is admitted into the partnership on the following basis:i. T should bring in Rs. 60,000 as his capital. ii. Furniture should be revalued at Rs. 50,000 and machinery @ 25% less. iii. Bank overdraft should be decreased to Rs. 75,000. iv. Provision of 10% is to be made for bad debts. v. An unrecorded liability of Rs. 5000 on rent is to be recorded. Prepare necessary ledger accounts and balance sheet. 8

COMPUTERISED ACCOUNTING 1. Find out the odd one:a) wages b) rent c) insurance


2. The function key used to activate the reconciliation statement is ___________ 1 3. Vinu a +2 commerce student identified debit and credit aspects of certain transactions. Help him to choose right voucher types. 2 Sl. No. Debit Credit Voucher Type 1. Canara Bank Cash ? 2. Wages Cash ? 3. Cash Commission ? 4. Depreciation Fixed Assets ? 4. To prepare a pay slip in MS Excel, Mohan entered Basic Pay in Cell D4. DA is 52% and the Professional Tax is calculated as 3% Of BP + DA. Calculate his net salary in Cell G4. Give entries to be made in E4 for DA, F4 for Professional Tax and G4 for Net salary. 2 5. An accountant tried to create budget by using tally. He selected Accounts Info Menu but he could not find Budget option in that menu. You are asked to describe him below:a) How this option be made available. B) Help him by giving path of budget creation. 2 6. Mohammed created three stock categories namely Telcom powder, Toilet soap and Toothpaste. After creating stock categories he viewed them in display mode. Narrate the path used by Mohammed in the creation and display of stock category. 3 7. On 01.01.2010 Megha Ltd. purchased a machinery for Rs. 5 lacs. The company decided to write off depreciation @ 8% on diminishing value of the machinery. You are requested to prepare a statement of depreciation for the first 4 years using MS Excel. 4 8. Mr. Akash decided to implement computerized accounting system by using Tally. He wants to enter all transactions so far occurred into the system. Enter it by using tally. a) Started business with cash Rs. 70,00,000 b) Opened a current account with ICICI Rs. 15,00,000 c) Purchased goods from Alex Rs. 1,50,000 d) Bought furniture and issued cheque Rs. 6,00,000 e) Received cheque from Alex Rs. 1,50,000 f) Purchased computer from Computer Plus, Kozhikode Rs. 25,000. 5 OR 8. Mr. Shinoj wants to create a Bank Reconciliation Statement. Help him to prepare Bank Reconciliation Statement using Tally. 5 Muhammed Basher Zubaida K. Manoj K.P. Sumesh John P.V.