RollNe, ms Series SSR code Ne. 67/1 ° Pease check that this question paper contains 19 printed pages. Code number given on the right hand side of the question paper should be written on the title page of the answer-book by the candidate. Please check that this question paper contains 16+7+6 questions. © Please write down the serial number of the question before attempting it. og of at a fi ce wesae H yes ye 158 | © Fe H eAeA gee a ae RET ae Tee we sae er Fe qe-yS or fee © Bat oie az a fis ga eeaT H 16ers weT E 1 © guar ae ar ae Ferma ye AG wee, wer a aaa seaea fee | z ACCOUNTANCY Terie ‘Tine allowed : $ hours Maximum Marks ; 80 Frulficr ae > 3 ae TET FH + BO General Instructions = (i) This question paper contains three parts A, B and C. (ii) Part A is compulsory for all candidates. (iii) Candidates can attempt only one part of the remaining parts B and C, (iv) All parts of the questions should be attempted at one place, aura Fear: Ome eae tt ait Hanes b&w ite GO WT eH oat & fre otra BY (iu) Wy oT w@ sie 7-H S aie ee TTT eT AAT 2 1 (iu) Pe wer apa aT & see Wwe a war aT festa 1 PART A (Not for Profit Organisations, Partnership Firms and Company Accounts) we (Corman dex, agent wi am eer wert) 1. Distinguish batween Income and Expenditure Account and Receipt and Payment Account on the basis of nature of items rocerded therein. 1 arr Fer Sra are Us a Te Ta GIF er St Ve at He at ashy Haren 1 Fan ATT | 67/1 1 PTO.2. Ram and Mokan are partners in a firm without any partnership deed. Their capitole are Ram Rs. 8,00,000 and Mohan Rs, 6,009,000. Ram is an active partnor and looks after the ‘business. Ram wants that profit should be shared in proportion of capitals, State with reason whether his claim is valid or not, 1 wt oat ea Um wa A aMeR ¢) Sah ma aE Rat der aA #1 saat. het Fr war @ FH 8,00,000 %. Tat FEF 6,00,000 %. 1 TH um Hise ater 2 air Se a Gate wer #1 cH agar 8 fh aM aT PT YT y sq a A | Sr] Sat ame Fe Tea eer eat @ sree Fat 1 & Define goodwill. ware BH atta dita | ‘State any two reasons for the preparation of ‘Revaluation Account’ on’ the admission of a . partner. 1 aRkR oor e yripior ae aan & ae a mer sae | 5. Give the meaning of ‘minimum subscription’, 1 “ann after’ ay ot aire | & Calculate the amount of sports material to be debited to the Income and Expenditure Account of Capital Sports Club for the year ended 31.9.2007 on the basis of the following information 14.2006 31.8.2007 Rs, Ra, Stock of sports material 7,500 6.400 Creditors fur sports material 2,000 2,600 Amount paid for sports material during the yoar was Rs. 19,000. a Frevfehan Gaal STIR R 91.3207 Fart ae ay fru Mier ets eae S ST a art + See at ot ach sitet aah st afer i mer aSe 14.2006 813.2007 a %. We Te a Ts 7,500 6,400 wer ana & Ser 2,000 2,600 af % they wisn are & fre 19,000 %. a1 yaaa feat oy 1 67/1 2Samta Ltd, forfeited 800° equity shares of Rs. 100 each for the non-payment of first call of Ra, 30 per sharé, ‘Phe final eall of Rs, 20 per°share was not yet made, Out of the forfeited shares 400 were re-issucd at the rate of Re, 105 per chare fully paid up. Pass necessary journal entries in the books of Samta Ltd. for the above transactions. aa fe. 9 20%. oi Sit ot wan ARE aT TTA WET 7 Set WT 100%. aetH ATE 800 Sear sigh aT eer ax fora | eH ait 1 20%, oft ott at sc aT A Hin ait ae ret at ad at | geet fe ae sie FF 400 Se aT 1055. He sig BT Spi wea er frier ae fear rar | win fa. at aa A ors Gata & fee snags ora sfafeat aif | 8. Deepak Lid, purchased furniture Rs. 2,20,000 from M/s Furniture Mart. 50% of the Amount was paid to Furniture Mart by accepting 1 bill of exchange and for tho balance the company issued 9% debentures of Rs, 100 cach at a premium of 10% in favour of Furniture Mart, Pags necessary journal entrivs in the books of Deepak Ltd. for the above transactions. dum fe. 4 4. wifar ad @ 2200008. a7 water aier | afer A som a PRI write ae ai fatara fae at eltela tae fer rar aa ve ferme amr A oh We % AH] 100%, Te % om FTA ST aon hate oe Eri fT | arm cae & fee dew fe. at ye TP sraete Taare staat site | 9, Kumar and Raja were partners in a firm sharing profits in the ratio of 7: 8, Their xed capitals were ; Kumar Rs, 9,00,000 and Raja Rs. 4,00,000. The partnership decd provided for the following but the: profit for the year was distributed without providing. for (i) Interest on capital @ 9% per annum, (ii) Kumar's solary Rs. 60,000 per year and Raja's salary Re. $,000 per month. The profit for the year ended 31.3.2007 was Rs. 2,78,000. Pass the adjustment entry. IR aa Tat ue wi A aden 8 om 723% ome Ham Refs ae a | oe tari Gaet eT sare af; SAR 9.00.00 & Ta Ta 400,000 8. | ase acta F fefaten a saat a dtr sade ar eae fe fr a at & fee wre mr fae at feat WaT : a hi one saat af a ae S11 (i) FAR aT ATT 50,000. afr St Ta THT aT Ses 3,000 ©. aft AE I 313.2007 St wand ey ae & fore Mt 2,78,000 5. aT 1 saris siete afc 1 ‘ort 3 PTO.10. P,Q and R were partners in a firm-shering profits in 2: 2:1 ratio, The firm closes ite bocks on 31 March every year. P died three months after the last accounts were prepared, On that date the goodwill of the firm was valued at Rs. 90,000. On the death of a partner his share of profit in the year of death was to be calculated on the basis of the average profits of the last four years. The profits of lust four years were : Your ended 313.2007 Rs. 2,00,000 Year ended 31.3.2006 Rs, 1,80,000 Year ended 318.2005 + Rs. 2,10,000) Year ended 31,9.2004 Rs. 1,70,000 (Luoss) Pass necessary journal entries for the treatment of goodwill and P's share of profit on his death. Show dearly the calculation of P's share of profit. fF wa Se we wa A wR Aon 252218 sigue H ony ated 9 | we aod Yer aft at ai arf at aq aedt ¢ 1 fee sey ort & aa ait oe Wea tt a Serr eon | sa fale at ol at waft a Artias 90,000 ¥, far va | fet erter at ay are TH ert A gry aH F seer sig wal % Gee ax ail & stacey sree we ae feat ame | fee an ah aT aM fT a oT: 31.9.2007 #1 BAT ee ad FH fare -2,00,000 %. 31.8.2006 1 aur gE ad fey 1,80,000 . 91,.8:2005 ®) BANA ge at fer 2,10,000 %, 31.8.2004 1 SHIT gE at fee 1,70,000 %. (if) Hoa me Say sah eae & si ae ae sit & fee sas tea sfefeet sie | ore A Farr st aay aT ae aise | Ji. Sagar Ltd. was registered with an authorised capital af Rs. 1,00,00,000 divided into 1,00,000 equity shares of Rs. 100 each. The company offered for publie subscription 60,000 equity shares, Applications for 66,000 shares were received and allotment was ‘made to all the applicants. All the calls were made and were duly received except the second and final call of Rs. 20 per share on 700 shares. Prepare the Balance Sheet of the company showing the different types of share capital APR fei. 1,00,00,000%. at sigma Yet 2 tater & at fF 100 %. sets % 1,00,000 waa ivi 9 fone 2 | set 4 60000 caer sig & athe & fee yaar at onafar A | 56,000 Sat & fax Seq WH ae aM a sodas at sigh a onder ae fe vay | wh arent ai ae aft 700 sit 208. Ait ser a ae a fara aa ae aed at disex, wit at oor a me 1 Bir san st sin tht a ae eT wer or fain fart arET | 67/1 4j 12, Following is the Receipt and Payment Account of Indian Sports Club for the year ended SP1Z2006 : Amount Amount Receipts Rs, | Payments Res. | Balance bd 10,000 | Salary 15,000 } ‘Subscriptions 2,000 | Billiards Table 20,000 | Fntranco Feo 5,000 | Offico Exponsos 6,000 ‘Tournament Fund 26,000 | Tournament Expenses 31,000 | Sale of old 1,000 | Sports Equipment 40,000 newspapers Legacy 87,000 | Balance e/t 19,000 1,31,000 1,81,000 Other Information On 31.12.2006 subscription outstanding was Rs. 2,000 and on 31.12.2005 subscription outstanding was Rs, 3,000. Salary outstanding on 31,12,2006 was Rs, 1,500. On 1.1.2006 the club had building Rs. 76,000, furniture Rs, 16,000, 12% investment Ra. 90,000 and sports equipment Rs. 90,000. Depreciation charged on -these items including purchases was 10%, Prepare Income and Expenditure Account of the Club for'the year ended 31.12.2006 and ascortain the Capital Fund on 81.12.2006. 31122006 H wrt ex af % fae sean elds aca at wid mal qe GT frafatad @ aT ofa safle & | ane 3 We 3/87, 10,000 | Sa 16,000 art 52,000 | fafeaea Sat 20,000 wag US 5,000 | arate Ge 6,000 Grigg fate 26,000 | teres aH 31,000 Qe waa wat at faa S aT 1,000 | GriES SHE 40,000 adize 37,000 | as se 19,000 1,31,000 1,31,000 | 87/1 5 PTO,TT eT: §1.122006 Ft HEM SMT 2,000 F. TAI 31.12.2008 A en sive 3,000 %. 4 | 81.12.2006 Hee Aaa 1,600 %. aT 1 1.1,2006 31 FEF 7 IH 75,000 %. FH A, 18,000 %. 47 Wilat, 90,0008. % 126 fatrait car sooo %. % Gagq see F 1 or Hel oe wa at we acl wie 10% years aay TAT g1122006 at Fart et ay H fae sae a aT ce Sa aM dan sie car sLiz2n0s # ot aT we sie | 18, K and ¥ were partners in a firm sharing profits in. 3:2 ratio, They admitted % us a new partner for 1/8 share in the profits of the firm. Z acquired his share from K and Y in 2; 3 ratio, Z brought Rs. 80,000 for his capital and Rs, 30,000 for his 1/3"! share a5 premium. Caleulate the new profit sharing ratio of K, ¥ and % and pass necesiary Journal entries for the above transactions in the books of the fim, a ca ag ua wi A ager A am aso sau A ory wed a | a mH vam & fore sts Ht wa tar aaa aa) ste A oer af J om erm aT ST 2:9 aa A ava fear | HE Smet Yt % fem sooo %. aM aT % vs sit % form soo00 . Whar eu F ora 1 ae war ats ar er ara found agen aa aise aa wi at eal # aahe ata fae onaers tecaer aPaieat aia | 14, Pass necessary jourmal entries in the books of Varun Litd. for the following transactions + (i) Tssued 58,000, 99 debentures of Rs. 1,000 each at = premium of 10%, Gi) Converted 350, 9% debentures of Rs, 100 each into equity shares of Re, 10 each issued ‘at a premium of 25%, (ii), Redeemed 450, 9% debentures of Rs. 100 each by draw of lots. aon fe. at gent frafefan crea % faq onaeaa dear afeteat ate: @ 1,000 %. 58 % 58,000, om HEMET aT Prinz aon % steer oH fe | Gi) 100%. Sets % 250, 9% FUT St 10%. AE HS o5e AtETT TE Fale fae am gam sig 9 aRafia fear var 1 Gi) 100%. sete % 450, 9% aT aT attea eed are fear en 1 er!) 85OR, S and T were partners in a firm shering profits in 2; 2:1 ratic, On 14.2004 their Balance Sheet was as follows : | Amount Amount Libiities Rs, | Assets Bs, Bank Loan 12,800 | Cash 51,300 | Sundry Creditors 25,000 | Bills Receivable 10,800 Capitals Debtors 35,800 R 80,000 Stock 44,00 $50,000 Furiture 7,000 7 40,000 Plant and Machinery 19,500 Protit and Loss Ale Building 48,000 2.16,800 2,16,800 8 retired from the firm on 1,4.2004 and his share was ascertained on the revaluation of assets a9 follows : : Stock Rs. 49,000; Furniture Rs. 6,000; Plant and Machinery Rs 18,000; Building Ry, 40,000; Rs. 1,700 were vo be provided for doubtful debts. The goodwill of the firm was valued at Re, 12,000, 5 was to be paid Re’ 18,080 in cash on’ retirement and the balanso in throo equal yeurly instalments, Prepare Revaluation Account, Partner's Capital Accounts, S's Loan Account and Balance Sheet on 14,2004. oR D and © were partners in a firm sharing profits in 3 : 1 ratio. On 14.2007 they admitted F as a new partner for 1/4" share in the firm which he acquired from D. ‘Thoit Balance Shect on that date was as follows : Amount Amount “Liabilities Re | Assets Rs, Craditors 54,000 | Land and Building 50,000 Capitals = Machinery 60,000 D_ 1,02,000 Stock 15,000 E _70,000 | 1,70,000 | Debtors 40,000 General Reserve 82,000 | Less provision for bad debts _3,000 37,000 Investments 50,000 Cash 444,000 2,56,000 mn 7 P.T.O,7h F will bring Rs, 40,000 as his capital and the other terms agroed upon were ei (Goodwill of the firm was valiied at Rs. 24,000. (i) Land and Building were valued at Rs, 70,000. (ii) Provision for bad debts was found to he in excess by Rs, 800. (iy) A liability for Rs, 2,000 included in sundry creditors was not likely to arise, (~) The capital of the pariners be adjusted on the basis of F's contribution of capital to the firm (vi) Excess or shortfall; if any, to be transferred to current accounts, Prepare Revaluation Account, Partner's Capital Accounts and the Balance Sheet of the now firm, on, WH sa at ws WH ater aa + a Sear fester faaroy fer sare 21 8 age Farr ait 4 1 zoo a a wife afer Te % aera %, a5 aT 12,800 | ty 61,300 fafey crak 25,000 | T= Fey 10,800 aia : eran 96,800 HM 80,000 ae 44,500 TH 50,000 witet 7,000 40,000 1,70,000 | ‘ete er weit 19,500 r- eit eT 9,000 | Fat 48,000 2,18,800 2,106,800 14.2004 1 UH TH A Sear wer Be Ter sam sit at eran ead a ea Jar % yalcaiet ath ai we Bis 40,0008; weiter 6.000%; "aie Ta AAG 15,0003, Faq 40,000 %; efor amit % fee 1.700%. A WAI aay | wE at eerie ar qeaisa 12,000 8. Peat Tar | ASR ART AI WUE ST 18080 %. 3G Pa eT Ta Ta Se aT PT se ae aoe ats feed 3 a at 14.2000 gadetiss cat, emtert & Gt we, we ar ay wen wer Ref Fawr ter aif | a0Sowa fw ve SF aac A oa: aqua 4 am aie 2) 142007 at salt cae Here Hava art & fee wh a ue aT Ge aaaE | hh A ore ater ae St Sone fae | sa fale St saan Peale faa a sa ay: aR ue Saat % wait % aaa 54,000 | fH aa FAT 50,000 apa: meiat 60,000 Bl 1,00,000 eit 15,000 € 70,000 1,70,000 | erent 40,000 ary aa 32,000 | eet ere avi % feu wr 3,000 87,000 freer 0,000 | tas 44,000 |. 236,000 5 Ue art Yst hfe 40,0008. ore aH ort at FT eR a ef : (i) 9H at cenit ay yeaiaet 24,000 %. frat at | Gi) MPT war Nar aT Yeates 70,000 %. fewer war | (iy Ser ae & fre aTAT 800%. sa GET TAT | (iw) fata eter) 7 tated 2.000%, at ea Saar ar pra Te ao eT | ) eee a Gah ar aaraise wy amr wat # org mE Sh sree we eh | (i) afer ar aah, ae Se a, at ae emit ¥ eraraer fear are | waieiar ae, weet & Yst are ver ae wi wy fale fawn fax aif | 16. Janata Ltd. invited applications for issuing 70,000 equity shares of Rs, 10 cach at premium of Rs, 2 per share. The amount was payable as follows : On application Rs, 4 per share Gncluding premium) On allotment Rs. 3 per share On first and final call — Balance. Applications for 1,00,000 shares were received. Applications for 10,000 shares were rejected. Shares were allotted to the remaining applicants on pro-rata basis. Excess monay received with applications were adjusted towards sums due on allotment, All calls were made and were duly recoived excopt first and final call on 700 shares allotted to Kanwar. His shares were forfeited. The forfeited shares were re-issued for Rs, 77,000 fully paid up. Pass necessary journal entries in the books of the company for the above transactions, OR 8 67/1 9 P.T.0.Shubham Lid. invited applications for the allotment of 80,000 equity shares of Is, 10 each ats discount of 10%. The amount was payable as follows : On application ‘Rs. 2 per share On allotment Rs, 3 per share On first and final eal — Balance. Applications for 1,10,000 shares were received. Applications for. 10,000 shares wore rejected. Shares were allotted on pro-rita basis to the remaining applicants, Excoss application money received on application was adjustod towards sums due on allotment, All calls were made and were duly received. Manoj who had applied for 2000 shares failed to pay the allotment and first and final call. His shares were forfeited. ‘The forfoited shuros were re-issued for Rs. 24,000 fully paid up, Pass necessary journal entries in the books of the company for the above transactions, Waal fet, 110%. wes 70,000 AMT at a Gein S fee saken onmPat fare | oth 2m aie st & siterara at Pita wen at aar aie fet vee @ Ba eh; SGT 4%, ait siti (afiert Bfra) aT IE oF afr sie aH aa] Sif area aT — Gy aT | 1,00,000 siz % fore sraea wrt BU 1 10000 siz 3 fey ante ove ae fea way | aN rae ay Seu A wat aT areas aT TH | onGT We eT safatt Ue at wana Srter oR Se ae A ax fer rn | ast are ab Me ear aie a 7g, Feary Fax ferret 700 ofeit ay oneten fren wen a, seat aon eer srPaW asa Hera et fare | See Ske BT BT aK fea TAT | eon fa mT aitit at T7000 % A yh wen yar fairer ax feat aT | aqde CFT % fee seri at yeral F sneer Tevarer Mafra ae | aaa UM fs. 3 10%. Aer % 80.000 aM ORT & ander H fee aga samt Fae | 31 oi BY 10m aE ve Poles ae ar cer ai fa a Boy aH sae 2%. He oi ares Te 3%. ate ar 3aH et san aaa — Fs afer | 1,10,000 Sit 4 fe SRT aT SE | 10,000 sist fee sed ate ae fe Ta | Wh aeeat at saguits ora sit ay seg fear Te 1 ater RT sitter at aaa we 2a of B aaciaa aa fet ra 1 ait seat. abt oe am wa et we, fears wate fart 2000 sieht & fae ondeq fret at, seh onder we Fa aan Sa AST ST Tay ae fear | Sees sbeit am weer ae fear aT | ee We Se BH 24,000 %. 4 yeh xen yar iia ax fear Ter 1 any cred & fae aert t qeat F naan dsarrar aafeet aif | 7/1 10PART B (Analysis of Financial Statements) me (Farita faaroit ar fereetem) 17. The stock turnover ratio of a company is 3 times, State, giving reason, whether the ratio improves, declines or does not change because of increase in the value of dosing stock by Rs, 6,000, 1 Uh sent a els sad sigue da GA #1 aR AR AE ace at af wie aT aime 4 50008. at aa #78 seq Tem, Tem seat FAT Be aitads ai eT | 18, State whother the payment of cash to creditors will result in inflow, outflow or no fow of cath 1 aa fe erent w des A qram a tee sidae, tes afeaie saat ate sare ae orl 49, Dividend paid by a manufacturing company is classified under which kind of activity while: preparing cash flow statement ? ¥ ‘ey wae far aad ama we fais seri ara emi yas St oT fee firearms % oreriy a? 20, Show the major headings on the abilities side of the Balance Sheet of a company as por Schedule VI Part I of the Companies Act, 1956. 8 aor afar, 1956 St Get via 1 sqEn TH sar & feria fare H caer a sit gor aitat at aaiec | 21. Krom the following information prepare a Comparative Income Statement of Victor Lid: 4 2006 2007 Re. Rs, Salos 15,00,000 118,00,000 Cost of goods sold 11,00,000, 114,00,000 Indirect Expenses 20% of Grass Profit | 25% of Grose Profit Income Tax 50% 50% en W PTO.ee Frafefies gam 3 Ter & feet fe. or ue Gea ara fae aaRE 2008 2007 % a fant 15,00,000 18,00,000 aa 1 wa at ame 11,00,000 14,00,000 Sra Br Heel OM aT 20% | Fae TT aT 25% art aa 0% 50% 22, From the following information calculate any two of the following ratios : 4 (i) Not Profit Ratio (ii) Debt-Bquity Ratio (ii) Quick Ratio Information + Paid up Capital Capital Reserve 9% Debentures Net Sales Gross Profit Indirect Rxpenses Current Assets Current Liabilities Opening Stock 20,00,000, 2,00,000 8,00,000 14,00,000 8,00,000 2,00,000 4,00,000 3,00,000 50,000 Closing Stock — 20% more than opening stock. Prifetad year sme fe HS feed @P aque st war aif ; ® Fe oF agar fi) EAT SET Gi) TET ETT arn 12sen el Sh daa 9% FET We Pet wat oH are Be aie, aaaiar Se, Saat anfng ea z :20,00,000 2,00,000 8,00,000 14,00,000 800,000, ,00,000 4,00,000, 3,00,000 150,000 ore rela — smfore sie 8 zoe afta | 23. From the following Balance Sheets of Som Ltd. as on 31,8.2006 and 31.9.2007 prepare a Cash Plow Statement » 2006 2007 2006 2007 Linbilities Amount | Amount | Assets Amount | Amount Rs. Rs. Rs, Rs. Equity Share Capital | 2,00,000| 500,000 | Fixed Assets | 3,00,000| <,60,000 Profit and Loss 1,25,000] 25,000 | Stock 1,00,000'} 1,60,000 10% Debentures 1,00,000 | 75,000 | Debtors 75,000 | 1,25,000 89 Preference Share 50,000] 75,000 | Bank 45,000] 65,000 Capital General Reserve 45,000 1,15,000 6.20,000| 790,000 5,20,000 | 7,90,000 During the year a machine costing Re. 70,000 Rs. 24,000. 67/1 13 was sold for Rs, 15,000. Dividend paid PTO.313.2006 TI 31.3.2007 a1 SH fer. & frafefies felt Paw a dag sere faa waRT, 2006 2007 2008 2007 ae af ai | astra ue | ae % % 3. % arm set fei 2,00,000 | 5,00,000 | art aeafrat | 3,00,000| 4,590,000 era 1,25,000 25,000 | Te 100,000 | 1,50,000 109% FETA 1,00,000| 75,000 | Saar 75,000 | 1,26,000 a vata air ff | 50,000] 75,000 | a 45,000 65,000 ara aaa 45,000 | 1,215,000 5,20,000 | 7,90,000 5.20000) 7,90,000 ad % um avi frat arma 70,000 %. i, 15,0008, Fa me | arate ya 24,000 5, feT TAT | PART C (Computerised Accountancy) am 7 (aireies craies) 24, What are the subsystems (types) in the Computerised Accounting System ? afretar caler sore 4 sumef (wan) ae ? 25, Explain tho concept of Data Definition Language (DDL), sel Siete was (sea. deer at arETET | 26, Differentiate between Database and File, eRe Ta oa A state aay | 27, What are the limitations of the computerised accounting system ? afater tater vrei st sar date ? 28, What are the disadvantages of DBMS ? datum, Ha abet e 7 e7/1 4of assets. The following are the rates of depreclatio Plant and!Machinery + 20%; Computers : 35% Furniture : 25%: Motor vehicles : 200. Round off calculations to the nearest rupoe. Assets ] Opening vaiua | Depreciation | Written down value | Plant and Machinery 6,25,000 j Computers 7,248,000 s Furmitore and Mitings 29,000 ; Motor Vehicles 8,89,000 wa A wer set aay waht A we a ges A aad are aT H fee Hevie | & 3G at fefiaw 1 err ot xt fraiefen & Tete qa AMI : vom; FMT : soe; ThlfaL + 28%; MeL MMs : 20% 1 Peer TIE wh TET BE | anieat oni Te a Sey eat PT i Taig ania 6,25,000 i mT 724,000 vw = Fate 0,000 = met mst 9,89,000 67/1 15