Sample Papers
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SAMPLE PAPER
SET-III
ACCOUNTANCY
Time Allowed : 3 Hours
Maximum MArks : 100
General Instructions :
(i) This paper is divided into two parts A and B.
(ii) Each part carries 50 marks.
(iii) Each question carries marks indicated against it.
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| Q.1. |
Define Partnership and state the
main provisions of the Partnership Act relating to Partnership Accounts in the absence of
Partnership Deed. (4) |
| Q.2. |
A and B are partners sharing
profits in the ratio of 4:3. C is admitted as a partner. The new profit
sharing ratio is 3:2:1. Find out the sacrificing ratio. (2) |
| Q.3 |
Mention the items that may appear
on the debit side of the capital account of a partner when the capitals are fluctuating.
(2) |
| Q.4. |
A and B are partners sharing
profits in the ratio 3:@ with capitals of Rs. 50,000 and Rs. 30,000 respectively.
Interest on capital is agreed @ 6% p.a. B is to be allowed an annual salary of Rs.
2,500. During 1995, the profits of the year prior to calculation of interest on
capital but after charging B's salary amounted to Rs. 12,500. a provision of 5 % of
the profits is to be made in respect of manager's commission. Prepare an account showing the allocation of profits and partners; capital
accounts. (5) |
| Q.5. |
A,B,and C are partners sharing
profits and losses in the ratio of 3:2:1. On 31st MArch 1998, their Balance Sheet
was as follows : (14) |
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Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.)
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Creditors |
40,200 |
Cash at Bank |
12,500 |
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Bills Payable |
16,800 |
Stock |
57,400 |
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A's Loan |
57,000 |
Debtors
57,000 |
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Capital |
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Less :Provision 3,000 |
54,000 |
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A 80,000 |
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Plant and Machinary |
1,31,000 |
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B 12,000 |
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C 40,000 |
1,32,000 |
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General Reserve |
9,000 |
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2,55,000 |
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2,55,000 |
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The firm was disssolved on 1st
April'1998. 1. There was a Joint Life Policy
of Rs. 60,000 . The policy was surrendered for Rs. 15,000.
2. The assets were realised as under : Stock Rs. 47,000;
goodwill Rs. 12,000; Debtors 60 % of the book value; Machinery Rs. 90,000.
3. Liabilities were paid in full.
4. The expenses on realisation amounted to Rs. 400.
You are required to prepare the Realisation A/c,
Partners' Capital Accounts, and Bank A/c. |
| Q.6. |
Name the major heading under which
the liabilities and assets side of a company's Balance Sheet is organised and presented.
(5) |
| Q.7. |
Explain the meaning of
"Debentures issued as collateral security" by a company. show its
treatment in Balance - Sheet. (3) |
| Q.8. |
'N' Ltd. issues 10,000 debentures
of Rs. 100 each at a discount of 10 % with the condition that they will be redeemed at a
premium of 5 % after the expirey of three years. Pass the necessary journal entries
for the issue and redemption of these debentures after the expirey of three years. (10) |
| Q.9. |
A limited Company invites
applications for 50,000 equity shares of Rs. 10 each payable as follows : |
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On application |
Rs. 3 per share |
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On allotment |
Rs. 4 per share |
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On final call |
Rs. 2 per share |
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Application were received for
55,000 shares. Allotments were made on the following basis : (i) To applicants for 35,000 shares - in full.
(ii) To applicants for 20,000 shares - 15,000 shares.
Excess money paid on application was utilised towards
allotment money.
A shareholder who was allotted 1,500 shares out of the
group applying for 20,000 shares failed to pay allotment money and money due on calls.
These shares were forfeited. 1,000 forfeited shares were re-issued as fully paid on
receipt of Rs. 8 per share.
show the journal entries in the books of company.
(12) |
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Part - 'B' (Analysis of Financial Statements)
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| Q.10. |
What is meant by "Analysis of
Financial Statements"? Give its advantages. (6) |
| Q.11. |
State the significance and method
of calculation of any two of the following : (i) Current Ratio
(ii) Operating Ratio
(iii) Return on Investment (6) |
| Q.12. |
From the following information,
calculate Debtors Turnover Ratio and Average Collection Period. (3) |
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Rs. |
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Opening Debtors |
37,000 |
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Closing Debtors |
43,000 |
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Sales |
6,00,000 |
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Cash Sales |
80,000 |
| Q.13. |
Calculate Cash from operations
from the following information : (5) |
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Particulars |
1997(Rs.) |
1998(Rs.) |
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Stock |
60,000 |
50,000 |
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Debtors |
25,000 |
23,000 |
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Creditors |
32,000 |
28,000 |
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Expenses Outstanding |
3,500 |
4,500 |
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Bills Payable |
35,000 |
22,000 |
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Accrued Income |
8,000 |
9,000 |
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Profit and Loss Account |
80,000 |
90,000 |
| Q.14. |
What is Cash Budget ? Give its
advantages. (6) |
| Q.15. |
From the following information
prepare a Comparative Income Statement (5) |
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Particulars |
1997 (Rs.) |
1998 (Rs.) |
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Sales |
4,00,000 |
5,00,000 |
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Cost of Goods Sold |
2,00,000 |
3,00,000 |
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Administrative, Selling and
Distribution Expenses |
40,000 |
1,00,000 |
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Other Incomes |
20,000 |
30,000 |
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Income Tax |
60,000 |
70,000 |
| Q.16. |
On the basis of following
information, calculate (6) (i) Gross
Profit Ratio
(ii) Working Capital Turnover Ratio
(iii) Debt Equity Ratio |
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Rs. |
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Net Sales |
30,00,000 |
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Cost of Goods sold |
20,00,000 |
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Curent Assets |
6,00,000 |
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Current Liabilities |
2,00,000 |
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Paid-up Share Capital |
5,00,000 |
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Debentures |
2,50,000 |
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Loan |
1,25,000 |
| Q.17. |
From the following Balance Sheet
of Avinash Ltd., you are required to prepare (i) A statement of changes in working capital
and (ii) Funds Flow Statement |
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Balance
- Sheet |
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Assets |
31.3.97(Rs.) |
31.3.98 (Rs.) |
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Fixed Assets |
4,00,000 |
5,50,000 |
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Less : Accumulated Depression |
80,000 |
1,35,000 |
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3,20,000 |
4,15,000 |
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Investiments |
80,000 |
1,10,000 |
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Stock |
2,00,000 |
2,25,000 |
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Debtors |
2,10,000 |
1,80,000 |
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Cash |
30,000 |
10,000 |
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8,40,000 |
9,40,000 |
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Liabilities |
31.3.97 (Rs.) |
31.3.98 (Rs.) |
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Equity share Capital |
3,00,000 |
4,00,000 |
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General Reserve |
85,000 |
1,10,000 |
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Bank Loan |
1,00,000 |
75,000 |
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Creditors |
3,10,000 |
2,90,000 |
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Bank Overdraft |
- |
5,000 |
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Proposed Dividend |
45,000 |
60,000 |
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8,40,000 |
9,40,000 |
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Additional Informations : A piece of machinery costing Rs. 50,000 was sold for Rs. 30,000,
accumulated depreciation there on being Rs. 10,000.
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