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EE II P.U.C. MID-TERM EXAMINATION, NOVE'WBER .20I9

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Time : 3.15 hours ACCOT]I.{TANCY - 30 Max. Marks: 100
INSTRUCTIONS:1 )All the sub questions of section-A should be answered continuously at one place.
2) Provide Working Notes Vy'herever necessary. 3) 15 rninutes extra has been allotted for candidates to read the questions.
4) Figures in the right hand margin lndicate f ull marks.

SECTION-A
l. Answer any Eight questions, each question carries ONE mark. 8x01 =08
1. Name any one final accounts of N.P.O
2. The agreement between the partners should be
(a) Oral (b)Written (c) Oral & written (d) None of these
3. Old Ratio - New Hatio =
4. lncrease in the Value asset is debited to Revaluation Account (State True or False)
5. Who is an "Executor" ?
6. Accrued Profit is Calculated on the basis of
7. When shares are forfeited?
B. What is the minimum paid up capital of a public company?
9. Expand DRR.
10. Debenturescannotberedeemedat: (a) Premium (b) Discount (c) Par (d) Morethanl0T"Premium
SECTION-B
ll. Answer any FIVE of the following questions Each question carries TWO marks. 5X 02=10
11. State any two examples of capital Expenciiture.
12. Define Partnership.
13. State any two reasons for admitting a new partner.
14. Give the meaning of good will.
15. What is Fleaiization account?
16. Pass the Journal Entry for Transfer of accrueC profit to the deceased partner.
17. State any two features of a company.
18. Give the meaning of Redemption of Debentures.
SECTION.C
lll. Answer any FOUH of the following questions Each question carries SIX marks. 4\Q$=24
19. Prakash and Sukhesh are partners in a firm. Prakash drawings for the year 2018-19 are given as under.
T 3000 on 01-06-2018 { 6000 on 01-10-2018
T 4000 on 30-1 1-2018 < 2000 on 01-02-2019
Calculate lnterest on Prakash drawings al1O"k p.a. for the year ending 31 st March 201 g.Under Product rnethod.
20. Ajay and Vijay commenced business in partnership on 0'1 .04.2018 with capital of { 1,00,000 and i 80,000
respectively agreeing to share profits and losses in the ratio of 3:2. Far the year ending 31.03.2019 they
earned the profits of Rs.36,000 before allowing.
a) lnterest on capital all"hp.a b) lnterest on drawing, Ajay{ 600 and Vijay( 1,000
c) Yearly salary of Vijay < 10,000 & Commission to Ajay t 4000
d) Their drawings during the year Ajay ( 16,000 and Vijay t 20,000.
Prepare Profit & Loss appropriation Account.
21 . Rahul and Rohith are parlners sharing prof its and losses in the ratio of 4:3. They admit Hahane into partnership.
The new profit sharing ratio is agreed al7:4:3 respectively. Find out the sacrifice ratio of old parlners.
22. X,Y, and Z were partners sharing Profit and losses ln the ratio of 2:1:1.Y retires his share is acquired by'X'
andZ in the proportion of 213 and 1/3. calculate New Profit sharing ratio.
(P.r.o)

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-2.
on
23. Arun, Kiran, and Charan are partners sharing profit and losses in the ratio of 4:3:3 Their capital balances
01-04-2018 stood { 1,00,000 < 80,000 & < 50,000 respectively.
Arun died on 01 .10.2018.The partnership deed provides the followings.
a) lnterest on capital al12"k p.a b) He had withdrawn < 5,000 up to the date of death.
c) Arun's share of goodwill{ 5,000
d) His share of profit up to the date of death on the basis of previous year profits.
Previous year's profits < 20,000.
Prepare Arun's Executors Account.
24. The TATA company Ltd lssued 5000,10% debentures of < 100 each The amount Payable
as follows:
( 20 on application { 40 on allotment T 40 on first and final call
All debentures were subscribed and the money duly received.
Pass the journal Entries in the books of the Tata Company Ltd'
per
25. From the Following lnformation prepare statement of Profit and loss for the year ended 31-03-2019 as

Particulars I <
Sales 500000
Purchase of goods 200000
Salaries to Employees 30,000
Leave Encashment 10,000
Rent & Taxes 20,000
Repairs to machinery 20,000
Tax 30%
SECTION'D
lV. Answer any Four of the following questions Each question carries Twelve marks' 4X12=48

26. From the following Receipts and Payment account and Balance sheet of ABC club prepare lncome and

Expenditure account for the year encjed 31-03-2019 and the Balance sheet as on that date'
Balance Sheet as on 31-03-2018
Liabilities I < Assets {
Outstanding Salary 1 000 Cash in hand 3500
Books 6200
Capitalfund 39900 o/s subscriptions 3600
furniture 2600
buildinq 25000
40,900 40,900
Receipt and Payment account for the yealerylng 31-03-2019
Dr Receipts
To Balance B/d 3500
P
By Generai expenses
_-3 <
eoo
900
Cr
I

To Subscription 75000 By Salary ,9::?

16000
I

To Entrance fees 2000 By Posiage 1300

To Rent from use of hall 7000 By Electricity charges 7800
To Donation 1 0000 By Furniture 26500
To Sale of New Paper 400 By New Papers 600
To Life membershiP fee 7300 By Meeting ExPenses 7200
By Books 1 3000

By TV Set 1 6000

Bv Balance c/d 1 5900

1,05,200 1,05,200

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Additional lnformation :
a) Subscription outstanding T 10,000 b) Salary outstanding < 1000
c) Depreciate furniture and books al10o/" each (only on opening Balance)
d) Donation to be capitalized. e) Electricity charge paid ln advance < 550
27. Given below is the balance sheet of Ramya and Divya who are carrying on partnership business as on 31-
03-2019. The profit sharing ratio is 3:2.
Balance sheet of Ramya & as on 31-03-2019
Liabilities t Assets t
Bills payable 1 0000 Cash in hand 1 0000
Sundry creditors 40000 Cash at bank 11000
o/s Legal charges 1 000 Sundry Debtors 30,000
Reserve Fund 10000 lnvestments '10,000
Capitals: plant & Machinery 50,000
Ramya 1 20000 Stock in trade 30000
Divya 80000 Furniture 20000
Land & buildinqs 1 00000

2.61000 2.61000
Kavya is admitted as a partner on the date of the Balance Sheet on the following terms.
1. Kavya Brings in { 80,000 as her capital and { 50,000 as her share of good will.
2. P.B. D on Debtors at 5% P.A
3. Plant & Machinery Valued at { 47,000 stock ln trade at < 27000 and depreciate furniture at 5% P.A
4. Appreciation on Land & Buildings at20"/"P.A
Prepare:- (1) Revaluation A/c (2) Partners Capital account and
(3) New Balance sheet of Ramya, Divya and Kavya.
28. Mr. X Mr. Y and Mr. Z are Partners sharing prof it and losses ln the ratio of 1 :2:3 the Balance sheet as on
31-03-2019 was as follows Balance sheet as on 31-03-2019
Liabilities Assets *\
Creditors 13000 Cash in hand 1 0000
P&L A/c 12000 Cash at Bank 1 5000

Reserve fund 24000 Furniture 20000

Bills Payable 6000 lnvestments 1 0000

Capitals: Plant & machinery 30000

Mr. X - 30000 Stock in trade 40000
Mr. Y - 40000 Land & buildings 60000
Mr.Z- 60000 30000
1

1.8s000 18s000
On the above date Mr. Z relired from the business at that time the following adjustments are made.
1. The good will of the firm valued at < 30000. 2. OiS wages { 4000.
3. Appreciation on Land & building al20'/"P.4
4. Depreciation on f urnitu re at 5o/", plant & machinery at 6"/" and stock in trade al 4"/" P .4.
Prepare:- (1) Revaluation A/c (2) Partners Capital A/c (3) New Balance sheet of the firm
29. Roopa Deeepa and Krupa are partners sharing Profit and losses ln the ratio of 2:1:1 The balance sheet
as on 31-03-2019 was as follows: Balance sheet as on 31st March 2019
Liabilities ( Assets
Loan from Bank 1 5000 Cash in hand 5000
Reserve fund 20000 Cash at Bank 10000
Creditors 20000 Debtors 20000

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-4-
Capitals:- Stock in trade 20000
Roopa- 20000 Plant & Machinery 30000
Deepa-30000 Furniture 20000
Krupa-40000 90000 Land & Buildings 40000
1,45000 145000
On the above date the firm was dissolved at that time the followirrg adjustment are made:
1. Furniture took over by Krupa at ( 15000/-
2. Plant & Machinery and stock in trade were sold for. t 25000 and < 15000 respectively'
3. Land and building realized at { 38,000 4. Debtors were took over by Deepa at ( 14000/-
5. The cost of Dissolution were < 600/- 6. Liabilities were paid in {ull by the firm.
Prepare: (1) Realization Account (2) Partners Capital Accounts and (3) Bank Account
30. Mysore paper Mill Ltd., Mysore, lssued 40,OOO equity shares of ( 100 each at a premium of t 20 per
share the amount payable was as follows:
On application t 20 On allotment t 60 (lncluding Premium)
On First and final call t 40
All the shares were subscribed and the money duly received except on final call on 2000 shares.
These shares were forfeited and re-lssued at ( B0 per share fully paid up"
Pass journal Entries for issue, forfeited and re-issue of shares.
g'l . Give the journal entries for issue of Debentures for the following cases in the books of ABC Co. Ltd. Bangalore.
a) t
lssue of < 1OO00O, 9% Debenture of 100 each at par and redeemable at par
b) t
lssue of 100000,10% Debentures of T 1 0O Each at a premium of 5"h but redeemable at par.
c) lssue of < 1OOOOO,1 2"h Debenlures of < 1OO Each at a discount of 5 "h redeemabie at par.
d) lssue of < 100000, B% Debentures of < 100 Each at par but redeemable at premium of 5"h
g2. From the following Balance sheet of Mysore Co. Ltd as at 31-03-2018 and 31 -03-201 9
Particulars 31-03-2018 31-03-2019
1. Equity and Liabilities
Equity Share capital 200000 400000
Reserve & surplus 1 00000 1 50000

Long term loans 200000 300000

Current liabilities 1 20000 1 70000

Total 620000 1020000

ll. Assets
Fixed Assets 200000 500000
Non current lnvestment 1 00000 1 25000

Current assets 255000 325000

Term Loan & Advances 65000 70,000
Total 620000 10,20,000
You are required to prepare a comparative Balance sheet'
SECTION-E (Practical oriented Questions)
V. Answer any Two questions Each question carries FIVE marks 2x05=10
33. prepare Receipts and payments account of Ncn profit organization with Five lmaginary figures.
84. How do you treat the following items in the absence of partnership deed
(a) profit sharing Ratio (b) lnterest on Capital (c) lnterest on Drawing
(d) lnterest on advarrces from Partners (e) Remuneration to pafiners for firm's work
35. prepare Executgrs Loan Account with imaginary figures showing the repayment in two annual equal
. installments along with interest.

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