me aE er capers SECTION “A EXS=A) . Answer any FIVE questions, yee Mr Raghu commenced busine personal Me : sy with a 1 of Rs 2,00,000 on 01.04. 2017. Subsequently further capital of Rs. 50,000 and ident 20,000 during the year for his ee ee his ussets and Tinbilities Were as followy ‘ Cush at bank Rs, 30,000. Delors te 40,000, Stock Rs. 1,60,000, Furniture Rs, 20,000, Plant 69,000, and Creditors Rs. $0,000, Cateulate the profit of fas. acquired On 1“4"" 2015, A Company purchased machinery for Rs 60,000 and on 30 * September 2016, it a another machinery at a cost Rs 1,00,000, On 31.03.2017, Halfof the original machine was sold for Rs'25,000. Prepare machinery account for two yenrs considering the rate of depreciation is 20% on SLM and acccamts are closed on 31st March every year. " ‘The following errors were found he books of business, Pass rectification entries. (a) Wages of Rs, 15,000 paid to Mohan has been debited to hix personal account, (b) Fumiture purchased for Rs. 10,000 was charged to office expenses account. (©) Purchase of goods for 50,000 was included in plant and machinery account. (d) Repairs of Rs. 2,500 was debited to Building account. (e) Drawings of the proprictor Rs. 5,000 included in Sundry expenses account. Raja has accepted the following bills drawn by Rani: ‘On 08.03.2018 Rs 8,000 For 4 months On 16.03.2018 Rs 10,000 For 3 months On 07.04.2018 Rs 12,000 For 5 months On 17.05.2018 Rs, 10,000 For 3 months Raja wants to pay all the bills on a single day with the interest of Rs. 300 only. Interest is charged @ 18% pa. Find out the date on which the payment must be made, 7. ‘Auand B are partners in a firm sharing profits in the ratio of 3:2. They admit C in to firm, who brings his share f goodwill in cash. The goodwill ofthe firm is valued at Rs, 40,000. A and B surrender half oftheir share in faviser of C. Pass journal entries and calculate ratios in the books ofthe firm. SECTION—B Answer any Fl questions. 8, Discus the difernces tween single entry and dob xy tem of wcouing "his books under single entry system. On 01.01.2017 his capital was 34,500 An orn ten the following, parti calor al 2.500, pts; Cash rece! in Drs 30,000, Additional capital 2,500. Rees Paymcot igbsnk 3.700 reir 12-50, general Experhes 5,000, wages 7.750, (5X 10~50) Assets and Liabilities « On 1.1.17 On 31.12.17 Cash at bank \y ~ 26,500 44,000 Debtors - 7,500 9,750 Creditors u 3,500 9,500 Stock 10.900 ne Plant Furniture P&L, Ale and balance sheet From the above particulars prepare trading, and ston opening capital (@ 5% depreciation on furniture @ 5%, on interest of 8 debtors. ~ Pp pou ada é Scanned with CamScannere 17.2015 se wai 01 1,60,000. 7 11. The Bank overdraft of a trad: Prepare bank reconciliation but not collected Rs12,750 credited in the pass book R cleared entered in ci by the Bank R: Electricity charges Rs.37,500 paid 12. On ee the premises of a concem were destroyed by fire; but sufficieat records were saved from which the Following particulars were obtained having cost Rs. cost of Rs. 1. % ler on 31.12.13 as per cash book is Rs 67,500. From th statement; (7). Cheques issued but not presented Rs + (ili) Interest on O.D debited in the pass book Rs 3,75 s 6,000 (2) Cheque deposited dishonored Rs 3, eae cash book only Rs 2,250. (vil) Customers directly depos Dividend collected s. 30,000,(&) Interest on deposit credited by the as per standing instructions. 1 following particul 22,500; (fi) Cheques deposi 0 ; (T¥) Bills collected ‘ 7150; (#4) Cheque deposited apd ited in the bank Rs. 30,000. (1 by the Bank Rs.7,500, .750. Stock at cost 31.12.2017 Rs. 39,800, Purchases for 2017 Rs..1,99,000. for 2017 Rs, 00. Purchases from 1.1.2018 to 15.06.2018 Rs. 81,000. Sales from J.01.2018-t0 ¥5.06.2018 Rs. 1,15,600._.- ~ = 8 g stock on 31.12.2017, Rs 1,150 had been written off certain stock which was a poor selling line, . A portion of these goods was sald in March 201 8at a loss of Rs. 100 on their original L725. The remaining stock was now estimated to be worth 80% of the original cost. Gross profit ‘had remained at uniform rate. The stock saved Rs. 2,900. Calculate the amount of elai 13, Prepare Account current for Nagesh in res pect of the following transactions with Basha: ‘Sept 16, 2017 Goods sold to Basha Rs. 400 (due 1" oct) ‘Oct. 1 Cash received from Basha | 180 Oct. 21 | Goods purchased from Basha | 1,000 (due 1" dec) ‘Nov. Paid to Basha 660 Dec.1 Paid to Basha 600 Dec 5 ‘Goods purchased from Basha | 1,000(due ™ Jan) Dec.10 Goods purchased from Basha | 440( due 1" jan) 2018 Jan. 1 Paid to Basha 1,200 alt Jan. 9 Goods sold to Basha 40 (due I" Feb) vt ‘The Account current isto be prepared up to 1B. Calculate Taterest @ 6¥ep.a yah . A and B are partners sharing profits in the ratio of 3:1.Their Balance Sheet stood as under on 31.12.2012. Liabilities Rs. Assets Rs. Capital : A 90,000 ‘Stock 30,000 B ‘60,000 1.50,000 | Prepaid Insurance 3.000 Salary due 15,000 | Debtors 24,000 Creditors 120,000 | Less Provision — 1,500 23.300 [Cs 55,500, ‘Machinery 66,000 { Buildings 90,000 TFumiture: 18,000 285000) 285,000] Cis admitted as a new partner introducing a capital of Rs.60,000, for his 1/4 th share in future profit on the following terms and conditions (I) Stock to be depreciated @ S*% (2) Furniture to be depreciated @ 10% 5. 100 3) Building is revalued at Rs.1. a The provision for doubrful debts should be increased to Rs 3,000. Prepare Revaluation Account and Balance Sheet after C's admission, Scanned with CamScanner