BMCC, PUNE-411001

Book Keeping and Accountancy

Time :- 1Hour Practice Application Based Test -1 Marks :-20
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Q.1 (A) State True or False with reasons:- [05]
1) Profit and Loss is a Real account.
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2) Excess of Assets over Liabilities is called Capital Fund.

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Q.1(B) Select the Correct option and rewrite the sentences [05]
1) All activities of Partnership firm ceases on ------------------of firm.
a) Dissolution b) admission c) Retirement d) Death
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2) Before acceptance the bill is called a ---------------------------.

a) Order b) Request c) Draft d) Instrument
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3) In the absence of an agreement, interest on loan advanced by the partner to the firm is
 allowed at the rate of -----------------------------.
a) 5% b) 6 % c) 10 % d) 9%
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4) The Common Size Statement requires------------------------

a) Common Base b) Journal Entries c) Cash Flow d) Current ratio
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5) Premium received on Issue of Shares is Shown to --------------------------------.

a) Liability side of Balance sheet b) Asset side of Balance sheet
c) Profit and loss account debit side d) Profit and loss account credit side,
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Q.1(C) Calculate the Following [05]

1) Insurance premium is paid for the year ending 1st Sept. 2010amounted to Rs 1,500.
Calculate prepaid insurance assuming that the year ending is 31st March 2020
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2) Furniture Rs.----------------------less 10% Depreciation Rs. 5,000= Rs.

45,000--------------------------------------------------------------------------------------------------------
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3) Anita and Sunita are partners sharing profits in the ratio of 5:1. They decide to admit
Kanika in the firm for 1/5th share. Calculate the Sacrifice ratio of Anita and Sunita.
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4) Insolvent partners Capital A/C debit side total is Rs. 10,000 & Credit side total is Rs.
6,000.
Calculate deficiency.
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5) Ganesh draws a bill for Rs. 40,260 on 15th Jan 2020 for 50 days . He discounted the
bill with Bank of India @ 15% p.a. on the same day. Calculate the amount of
Discount.
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Q.2 Prepare a Specimen of Bill of Exchange [05]

Drawer :- Shri Naryandas Jela , Gandhi chowk , Dhamangaon
Drawee :- Shri Atul Khatke, Mandrop Road, Saolapur
Payee:- Shri Ranjeet chavan , ambajogai
Period :- 90 days
Amount 5,000
Date of bill 1st March 1995
Date of Acceptance 5th March 1995
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 BMCC, PUNE-411001
Book Keeping and Accountancy
Time :- 1Hour Application Based Test -2 Marks :-20
__________________________________________________________________________
Q.1 (A) State True or False with reasons [05]
1) Gain ratio is calculated at the time of admission of Partner.
2) If goodwill is written off a deceased partner’s capital account is debited.
Q.1(B) Select the Correct option and rewrite the sentences [05]
1) Maximum number of partners in a firm are ----------------------according to Companies
Act, 2013.
a) 10 b) 25 c) 20 d) 50
2) Expenditure on Purchase of Building is a -------------------------organisation.
a) Capital b) Revenue c) General d) Recurring
3) When goodwill is withdrawn by the partner----------------account is credited.
a) Revaluation b) Cash/ Bank c) current d) Profit and loss Adjustment
4) The ratio by which existing partners are benefited---------------------
a) Gain Ratio b) Sacrifice Ratio c) Profit Ratio d) Capital Ratio
5) Deficiency of insolvent partner will be suffered by solvent partners in their ------------
ratio.
a) Capital ratio b) Profit Sharing ratio c) Sale ratio d)
Q.1(C) Calculate the Following [05]
1) Insurance premium is paid for the year ending 1st Sept. 2010 amounted to Rs. 2,000
Calculate prepaid insurance assuming that the year ending is 31st March 2020
2) Machinery Rs.----------------------less 10% Depreciation Rs. 5,000= Rs. 95,000
3) Anvi and Saanvi are partners sharing profits in the ratio of 3:1. They decide to admit
Tanvi in the firm for 1/4th share. Calculate the Sacrifice ratio of Anvi and Saanvi
4) Calculate Quick Ratio if Current liabilities are Rs. 3,00,000 and Working Capital Rs.
8,00,000 and Inventory Rs. 2,00,000
5) Vishnu draws a bill for Rs. 40,260 on 15th Jan 2020 for 50 days . He discounted the
bill with Bank of India @ 15% p.a. on the same day. Calculate the amount of
Discount.
Q.2 Prepare a Specimen of Bill of Exchange [05]
Drawer:- Ajit Patil , Viveknagar, Pune
Drawee :- Sujit Kale , Mani Road , Latur
Payee:- Ranjeet Jagadale , Nashik
Amount :- Rs. 5,500
Period :- Two Months
Date of bill 22/02/2008
Date of Acceptance :- 27/02/2008
Accepted bill for Rs. 5,000 only
 BMCC, PUNE-411001
Book Keeping and Accountancy
Time :- 1Hour Application Based Test -1 Marks :-20
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Q.1 (A) State True or False with reasons [05]

Book Keeping and Accountancy

Application Based Test -2

Q.1 (A) State True or False with reasons [05]

1) Gain ratio is calculated at the time of admission of Partner.

2) If goodwill is written off a deceased partner’s capital account is debited.

Q.1(B) Select the Correct option and rewrite the sentences [05]

1) Death is compulsory------------

a)Dissolution b) Admission c) Retirement d) Winding up

2)

Q.1(C) Calculate the Following [05]

Q.2 Prepare a Specimen of Bill of Exchange [05]

Drawer:- Ajit Patil , Viveknagar, Pune

Drawee :- Sujit Kale , Mani Road , Latur

Payee:- Ranjeet Jagadale , Nashik

Amount :- Rs. 5,500

Period :- Two Months

Date of bill 22/02/2008

Date of Acceptance :- 27/02/2008

Accepted bill for Rs. 5,000 only

Book Keeping and Accountancy

Application Based Test -3

Q.1 (A) State True or False with reasons [05]

1) On dissolution Bank Overdraft is transferred to Realisation Account.
2)

Q.1(B) Select the Correct option and rewrite the sentences [05]

Q.1(C) Calculate the Following [05]

Q.2 Prepare a Specimen of Bill of Exchange [05]

Drawer :- Mrs. Archana Patil , Vikram nagar , Patn

Drawee :- Mrs. Nalini Maniyar , Jlalaram Krupa, Mul

Payee :- Mrs. Sheela Ghatkar, Mangal Yog, CIDCO, Aurangabad

Amount Rs.17,575

Period :- 60 days

Date of Bill 28th Dec,2007

Accepted on 2Jan. 2008

Accepted for 90 days

 Book Keeping and Accountancy

Application Based Test -4

Q.1 (A) State True or False with reasons [05]

Q.1(B) Select the Correct option and rewrite the sentences [05]

Q.1(C) Calculate the Following [05]

Q.2 Prepare a Specimen of Bill of Exchange [05]

Mr Shantanu of Malkapur draws a bill of Exchange of Rs. 3,000 for Two months after date on
11thFeb. 1983 . Mr. Hemant main road, Jalgaon accepted the bill on 15 th Feb.1983 Darft a bill
of Exchange.

Book Keeping and Accountancy

Application Based Test -5

Q.1 (A) State True or False with reasons [05]

Q.1(B) Select the Correct option and rewrite the sentences [05]

Q.1(C) Calculate the Following [05]

Q.2 Prepare a Specimen of Bill of Exchange [05]

Prepare a bill of Exchange from the following details
Drawee:- Umed Singh, Defence Colony, Jaipur
Drawer :- Ajay Shekhawat, Ring Road, Jodhpur
Amount of Bill:- Rs.81,000/-
Period of Bill:- 33 days
Date of Bill:- 6th December ,2001
Date of Accepatance :- 7th December , 2001
Accepted for 45 days.