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PART – A (5 X1 = 5 MARKS)
ANSWER ALL QUESTIONS. CHOOSE THE BEST ANSWER.
PART – B (2 X5 = 10 MARKS)
ANSWER ANY TWO QUESTIONS OUT OF THREE
PART – A (5 X1 = 5 MARKS)
ANSWER ALL QUESTIONS. CHOOSE THE BEST ANSWER.
PART – B (2 X5 = 10 MARKS)
ANSWER ANY TWO QUESTIONS OUT OF THREE
PART – A (5 X1 = 5 MARKS)
ANSWER ALL QUESTIONS. CHOOSE THE BEST ANSWER.
1. Creditors in respect of rent, salary, taxes and rates are
a) Unsecured creditors b)Secured creditoras c) Partly secured creditors d) Preferential
creditors
2. Liability of the creditors is classifical into
a) Two list b) Threee list C) Four list d) Five list
3. Consumption by the owner is debited to
a) Trading a/c b) Drawing a/c c) crop a/c d)None
4. The Profit calculated by balancing the contract account is called
a) Notional profit b) Gross profit c)Net profit d) None
5. The work done approved by the contractees engineer
a) Work completed b)work certified c) work uncertified d) work in progress
PART – B (2 X5 = 10 MARKS)
ANSWER ANY TWO QUESTIONS OUT OF THREE
6. From the information given below prepare “Crop Account” to ascertain the profit made
by this section of the farm.
Opening stock:
Grains 8000
Seeds 600
Fertilizers 3000
Purchases:
Seeds 1800
Fertilizers 8200
Sale of grains 32000
Grains distributed as wages 5300
Wages paid in cash 3700
Grains used by the proprietor 4700
Grains consumed by livestock 2700
Repairs of farm Machinery 1900
Depreciation of farm machinery 2500
Crop insurance 1000
Closing stock:
Grains 3700
Seeds 300
Fertilizers 400
7. The following are the expenses incurred on the contract, the price of which is Rs.200000.
Materials purchased 12000
Wages 40000
Plant issued 16000
Direct Expenses 4000
Indirect Expenses 1000
Materials on hand 2000
Plant at close 14400
The contract was commenced and completed in the same accounting period. On
completion of the contract, the contract price was duly received.
8. Give specimen of Contract account.