Q 1: A) Select the correct alternative and rewrite the statements.                      (05)

1.         The Indian Partnership Act is in force since ________.

a) 1932                                              b) 1956         

c) 1960                                               d) 1984

 

2.         A _________ is an intangible asset.                                                                   

a) goodwill                                        b) stock         

c) building                                         d) cash

 

3.         Income and Expenditure Account is a ___________.                 

a) capital account                            b) real account        

c) personal account                         d) nominal account

 

4.         ‘Outstanding subscription’ at the end of Accounting year represents___________. 

a) liability                                           b) an expenditure   

c) an asset                                         d) a capital fund

 

5.         Expenditure on the purchase of building is a _______ expenditure.

a) revenue                                        b) recurring  

PADMA.jpgc) general                                          d) capital

 

Q 1: B) Answer the following in one sentence .                                                        (05)

1)         What do you mean by Not for Profit concern?

2)         What is Receipts and Payments Account?

3)         What is Capital fund?

4)         What is Fixed Capital Method?

5)         What is a partnership deed? 

                                                                        

Q 1:C) Find Odd one from the following:                                                                    (04)

1.         Discount received, Dividend received, Interest received, Depreciation.

2.         Building, Machinery, Furniture, Bills payable.

3.         Postage, Stationery Advertising, Purchases.

4.         Surplus, Deficit, Net Profit, Capital fund,

 

Q 2: Rudra and Saransh are partners in a firm sharing profits and losses in the ratio of 2:3 respectively.

 

With the help of the trial balance and adjustments given below, you are required to prepare their Trading, Profit and Loss Account for the year ended 31st March, 2013 and the Balance Sheet as on that date:                                                                               (12)

 

Trial balance as on 31.03.2013

Debit Balances

Amount

(`)

Credit Balances

Amount

(`)

Purchases

Insurance

Rent, rates and taxes

Office expenses

Land and buildings

Plant and Machinery

Furniture

Carriage inwards

Sundry Debtors

Stock

(as on 01-04-2012)

Wages and Salaries

Cash in hand

Cash at bank

Drawings A/cs

Rudra

Saransh

1,09,000

3,700

14,600

7,300

3,00,000

60,000

15,000

3,700

88,000

32,800

 

28,600

4,700

40,200

 

500

1,500

Sundry Creditors

Sales

R.D.D

Commission

Capital A/cs.

Rudra

Saransh

Current A/cs.

Rudra

Saransh

45,600

1,94,000

2,000

5,500

 

2,00,000

2,50,000

 

3,400

9,100

 

7,09,600

 

7,09,600

PADMA.jpg

Adjustments:

1.         Closing stock was valued at  ` 22,600.

2.         Purchases include purchase of furniture of ` 10,000 made on 1st October, 2012.

3.         Depreciate land and buildings at 10% p.a., plant and machinery at 10% p.a. and furniture at 20% p.a.

4.         Create R.D.D at 5% on sundry debtors.

 

Q 3: Padma Vishwa Kosha Centre, Wai, has given you the following information from which, you are required to prepare:

(i).          Income & Expenditure Account for the year ending 31.03.2013

(ii).         Balance Sheet as on 31.03.2013

 

Receipts & Payments Account for the year ending 31.03.2013

Receipts

Amount

(`)

Payments

Amount

(`)

To Balance b/d

Cash in hand

Cash at bank

To Locker Rent

To Entrance Fees

To Sale of Old Newspapers

To Receipts from Drama

To Legacies

To Miscellaneous Receipts

 

13,000

95,000

5,000

19,000

1,500

78,500

1,10,000

8,000

 

 

 


3,30,000

By Stationery

By Furniture (Purchased on 01.01.2013)

By Investments

By Expenses of Drama

By Postage & Telegram

By Magazines &  Newspapers

By Salaries

By Balance c/d

Cash in hand

Cash at bank

5,000

 

50,000

1,00,000

33,500

2,500

4,000

22,000

 

3,000

1,10,000

 

3,30,000

 

 

Additional Information:

(1)          Capital fund as on 01.04.2012 was ` 1,08,000.

(2)          Legacies are to be capitalized.

(3)          Outstanding salary ` 3,000

(4)          50% of entrance fees is to be capitalized.

(5)          Depreciation on Furniture @ 10% p.a.                                                                 (12)

 

Q 4: Virat and Samrat are in partnership sharing profit and losses in the ratio of 2:1. From the following trial balance and adjustments given below, you are required to prepare Trading and Profit and Loss Account for the year ended on 31st March, 2016 and Balance Sheet.                                                                                                                                               (12)

Trial Balance as on 31.03.2016

Particulars

Debit  (`)

Credit  (`)

Prepaid insurance

Insurance

R.D.D

Discount

Postage and telephone

Debtors and Creditors

Salaries

Wages

PADMA.jpgOpening Stock

Carriage

Purchases and Sales

Return inwards / outwards

Bank overdraft

Plant and Machinery

Land and Building

Partner’s Capital Accounts

Virat

Samrat

3,200

8,000

 

3,200

12,800

2,64,000

2,24,000

96,000

1,92,000

4,000

7,72,800

22,400

 

96,000

7,04,000

 

 

 

4,000

 

 

2,72,000

 

 

 

 

12,06,400

36,800

4,83,200

 

 

 

2,08,000

1,92,000

 

24,02,400

24,02,400

Adjustments:

1.         Write off ` 8,000 for bad debts and provide R.D.D @ 5% on debtors.

2.         Goods worth ` 16,000 were distributed as free samples.

3.         Closing stock on 31st March 2016 was valued at the cost of ` 2,24,000 while its market price was ` 2,40,000.

4.         Salaries were outstanding ` 8,000.

5.         Depreciate Land and Building @ 5% p.a. and Plant and Machinery @ 10% p.a.

 

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