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OMTEX – CLASSES

1. Prepare a bill of exchange from the following details.


Drawee :- Mangesh Mehta, 216, M.G. Road, Mumbai
Drawer :- Nagesh Shah, Shivaji Nagar, Pune.
Period :- 50 days
Amount :- Rs. 7,500
Date of Bill : - 20th January, 1996
Accepted on : - 23rd January, 1996

2. Find out the average due date from the following


Date of Acceptance Due Dates Amount Rs.
th
18 April, 1996 21st June, 1996 4,000
th
12 May, 1996 15th July, 1996 4,500
12th July, 1996 25th September, 1996 5,500
th
12 August, 1996 15th October, 1996 3,500

3. The profit of a firm for the 4 years from 1992 to 1995 were: Rs. 40,000, Rs. 45,000,
Rs. 55,000 and Rs. 53,000.
Calculate the goodwill of the firm at 2 ½ years purchase of the average profit for
the last 3 years.

4. Anil sold goods to Ravindra for Rs. 6,000. Ravindra accepted Anil’s bill for Rs. 6,000
payable after 3 months. Anil discounted the bill with his bank at 10% p.a. On the due date
Ravindra dishonoured his acceptance. Ravindra paid Rs. 3,000 to Anil and accepted a
fresh bill for 3 months for the balance including interest @ 8% p.a. Anil sent the bill to
bank for collection. On due date Ravindra honoured the bill.
Pas the journal entries in the books of Anil.

5. Mangesh and Mahesh entered into Joint venture to produce an advertisement film for
SANKET TRADERS at a contract price of Rs. 80,000. They opened a Joint Bank Account with
Bank of Maharashtra in which Mangesh deposited Rs, 20,000 and Mahesh Rs. 40,000.
They agreed to share profit and losses equally.
Mangesh purchased raw film for Rs. 16,000 and Mahesh a camera for Rs. 7,000.
They paid from Joint Bank Account: Artist’s Fees Rs. 36,000 Hire of sets Rs. 4,000 and
Technician’s charges Rs. 20,000.
The film was complete but due to certain defects in the film the Contract price
reduced by 10%, the amount received by cheque from Sanket Traders. At the end of the
venture the camera was sold for Rs. 5,000 and Mangesh took over the Unused film for
Rs. 1000.
Prepare: - Joint venture account
Joint Bank account
Co – venture account