HIGHER SECONDARY MODEL EXAMINATION FEB 2011

ACCOUNTANCY WITH COMPUTERISED ACCOUNTING

Maximum : 60 Scores HSE : 11 Time : 2 hours Cool off Time : 15 minutes

PART-A ACCOUNTING
General instructions to candidates Read the questions carefully before answering. There is a cool off time of 15 minutes in addition to the writing time of 2hours. Use the cool off time to get familiar with questions and to plan your answers. All questions are compulsory and only internal choice is allowed. 1. Identify the situation where court intervention is not required. (a, change in profit sharing ratio b, insolvency of a partner c, the business become illegal) (score 1) 2. Rahul and Aneesh started a partnership business by an oral agreement. Rahul gave Rs.50000/- as loan to the firm. Calculate the interest payable to Rahul. (score 1) 3. On forfeiture of shares,sharecapital a/c is debited with---------------------(a, face value b, called up capital c, paid up capital ) (score 1) 4. Arjun , Amal and Ajith are partners in the ratio of 3:2:1.Arjun retires and his share is taken up by Amal and Ajith in the ratio 3:2. Calculate the new ratio. (score 2) 5. Ganga Ltd. is a newly started company. They are planning to make public issue of shares for the first time. One of the board of directors was in doubt whether they could raise enough funds during the period of recession. Another member Ashok suggested issue of shares at a discount .As a commerce student what is your response to the suggestion of Ashok. (score 2) 6. What do the following entries stands for. a, Debenture suspense a/c 9% Debentures a/c b, Old partners capital a/c Profit and loss a/c

(score 2)

7. KTC Ltd. forfeited 500 shares of Rs.10 each due to the non payment of final call of Rs. 3/ share. Out of these 300 shares were re-issued at Rs.8/ share. How much amount

should be transferred to capital reserve.

(score 2)

8. Anil says that there is no difference between dissolution of partnership and dissolution of firm .Do you agree with this. If your answer is no, clarifies it. (score 3) 9. Find out the value of goodwill of Raj enterprises in the following case Total capital employed Rs.1,00,000/- Normal rate of return-6% Average profitRs.15,000/- Remuneration to a partner-Rs.2000/-. The value of goodwill is equal to three years purchase of super profit of the firm. (score 4) 10.On 1st Jan.2008 Arun Ltd. issued 20,000,9% debentures of Rs.100 each, redeemable after 5years at a premium of 10%. Show the journal entries for issue and redemption of debentures (score 4) 11.Deepak Ltd. offers new shares of Rs.10 each at a premium of 20% to the existing shareholders in the ratio of one share for every 5 shares held. The present market value of shares is Rs.15. Calculate the value of right. (score 4) 12 A and B are partners sharing profits in the ratio of 3:2. On the date of dissolution their book reveals the following. Capital of A:Rs.80,000/- B: Rs.50,000/-, creditors-Rs.2,10,000, cash-Rs.8,000/-. The assets realized for Rs.2,54,300,the expenses of realization were Rs.15,300/Close the books of the firm. (score 6) 13.Rajesh and Ramesh are partners who share profits in the ratio of 2:1.Their Balance Sheet as on 31/03/2008 is follows Balance Sheet as on 31-3-2008 Liabilities Creditors Employees provident fund Profit &Loss a/c Capital Rajesh - 65,000 Ramesh-60,000 Amount Rs. 37,000 9,000 24,000 1,25,000 1,95,000 Assets Cash Bank Debtors Closing stock Fixed assets Amount Rs. 12,000 18,000 24,000 43,000 98,000 1,95,000

On this date, they admit Girish as a partner on the following terms 1, Girish should bring Rs.5000 as capital for 1/5th share in future profits and Rs.9000 for his share of goodwill. 2, Fixed assets appreciated by 10% of book value. Provision for bad and doubtful debts is to be created for 5% on debtors, creditors include Rs.7,000 were not likely to be paid. 3, Only 50% of the premium brought in by new partner is retained in the business. Prepare Revaluation a/c, capital a/c and new Balance Sheet of the firm.(score 8) 14.Kumar Ltd. issued 25,000 equity shares of Rs.10 each at a discount of 10% payable On Application-Rs.3/- share, on Allotment-Rs2/- share, on First and final call Rs.4/-share . The company received applications for 40,000 shares. Directors rejected 10,000 applications and a pro-rata allotment was made to the remaining. All money due were received except first call on 1000 shares. The directors forfeited these shares and re-issued 500 of these at Rs.7/ share credited as fully paid. Give journal entries in the books of the company. (score 8)

PART-B COMPUTERISED ACCOUNTING

15. Find the odd one a, COBOL, b, Visual Basic c, Java d, Tally 16. To display Trial Balance in ledger wise, press --------- key a, Alt +F1 b, F5 c, Alt +F2 d, F9 (score 1) (score 1)

17. Reghu created 6 ledger accounts in tally, but in the displayed list of ledger accounts , he founds the name of 8 ledgers. How does it happen . (score 2) 18. Identify stock category, stock group, and stock item from the following Washing soap, Soap, Toilet Soap, Lux, Hamam, Rin Bar, Sunlight Bar (score 2)

19. Give the voucher type and key to be selected to enter the following transactions 1,cash withdrawn from bank 2, wages outstanding 3, Goods purchased (score 3) 20. Anand, a commerce student intends to prepare a bank reconciliation statement after creating necessary ledger accounts and voucher entries.

a, Which ledger is to be selected to create Bank Reconciliation Statement b, Mention the different path to arrive at this ledger in Tally. (score 3) 21.Draw a chart showing the hierarchy of the following a, Creditors b,Debentures c,Liabilities d, Long term liabilities e, Bank Overdraft f, Bank loan for 15 years. (score 3) 22. Mr. Sajeesh purchased a machinery for Rs.50,000/- and spent Rs.5,000/- for its installation cost. Depreciation is charged at 10% p.a. on diminishing balance method. You are required to give the procedure to prepare a depreciation statement in Microsoft Excel for 5 years. (score 5) OR 23. Fill the missing columns and write remarks No. 1 2 3 4 5 6 Voucher Type Payment voucher ------------------Contra voucher Debit note voucher Stock journal ------------------Function key ----------------F6 ---------------------------------------------------------------F9 Remarks To record all payments --------------------------------------------------------------------------------To record all purchases . (score 5)