HIGHERSECONDARYMODELEVALUATIONFEBRUARY2011

ACCOUNTANCYWITHCOMPUTERISEDACCOUNTING
HSEII

MAX:60marks

Time:2hrs

Colofftime:15minutes

Generalinstructionstothecandidates;
1.
2.
3.
4.

Thereisacoolofftimeof15minutesinadditiontothewritingtimeof2hrs
Youarenotallowedtowriteyouranswersnortodiscussanythingwithothers
Readquestionscarefullybeforeanswering
Allquestionsarecompulsoryandaninternalchoiceisallowed

1. AcompanyforfeitssharesofRs.10duetononpaymentoffirstcallofRs.4.Maximum
discountthecompanycanofferforreissueis
Score1
2.Whichofthefollowingisnotanitemintheprofitandlossappropriationaccount?
a)Interestoncapital
b)Salarypaidtopartners
c)interestallowedtopartnersloan
d)noneoftheabove.

Score1

3Atthetimeofreconstitutionofthefirm,thevalueofmachineryisfoundlessby10%.What
journalentrywilbepassedforgivingeffecttotheabove.

Score1

4.SwathycompanypurchasedfurnitureforRs.2,00,000fromSaranyacompanyandissuedequity
sharesofRs.10eachatapremiumof20%.Passjournalentriesforgivingeffecttothistranasation.

Score2

5.Inwhichcasethefollowingjournalentriesarerequired.

a)RetiringpartnerscapitalA/cDr

b)DeceasedPartnersExecutorsloanA/cDr

cashA/c

RetiringpartnersloanA/c

score2

6AkhilandAmalareparners.AkhilscapitalisRs.20,000andAmalscapitalisRs.12000.Interestis
payable@6%p.a.AmalisentitledtoasalaryofRs.600permonth.Profitforthecurrentyearbefore
interstandsalarytoAmalisRs.20,000.DividetheprofitbetweenAkhilandAmal

Score2

Score2

7.whatisEscrowaccount?

8.Passjournalentriesforthefollowing.
a)Acompanyissued1000debenturesofRs.100eachatdiscountof5%repayableatRs.105
afterfiveyears
b)Acompanyissued2000debebturesofRs.100eachatparandredeemableatadiscount
of10%

score3

9.computethevalueofgoodwillatfouryearspurchaseoftheaverageprofitsoflastfiveyears.The
profitforthelastfiveyearswere:

Year: 1

Profit: 10,000

15,000

15,000

10,000

5
20,000

Score3

10.Acompanyforfeits1000sharesofRs.10fullycalledupfornonpaymentoffirstcallmoneyofRs.3
pershare.500ofthesesharewerelaterreissuedatRs.15pershare.passjournalentries

Score4

11.Anu,BinuandCinuarepartnerssharingprofitsandlossesintherario5:3:2.Cinuretiresandon
CinusretirementtherespectivecapitalsofAnuandBinuareRs.38000andRs.24000aftermakingall
adjustments.ThenewprofitsharingratiobetweenAnuandBinuwillbeequal.Itwasdecidedthatthe

capitalofthenewfirmwillbeRs.70,000anditwillbeinthenbewprofitsharingratio.The[artners
willbringinadditionalcapitalorwithdrawtheexcesscapitalasthecasemaybe.Calculatethe
amountofcapitaltobebroughtinorwithdrawnbyAnuandBinuandalsodrawthenecessaryjournal
entriesforthesame.Showtheworkingsclearly.

Score6

12.FollowinginformationobtainedfromthebooksofSureshandMahesh.

Suresh

Mahesh

Capitalon112007

60,000

40,000

Drawingsduringtheyear

4000

2000

Interestondrawings

5%

5%

Salaryfortheyear

1500

Interestoncapital

2%

2%

Shareofprofitfor2007

1500

1000

Commission

500

1000

Preparepartnerscapitalaccountsunderfluctuatingcapitalmethod.

Score5
13.(a)Asif,BijuandBrittotradinginpartnershipandsharingprofitsandlossesintheproportionof
1/2,1/3and1/6respectivelydesiretokeepupaworkingpartnerwhentheirbalancesheetstoodas
follows.
Liabilities

Amount

creditors
capitalaccounts
Asif570000
Biju320000
Britto160000

50,000

10,50,000

Total

11,00,000

Assets

Cashinhand
Debtors
Stock
Machinery
Landandbuilding

Total

Amount
8,000
2,52,000
2,90,000
70,000
4,80,000

11,00,000

Theyagreedtoadmitpradeepintopartnershipandgivenhim1/10shareonthefollowingterms.

1.ThatpradeepshouldbringinRs.30,000asgoodwillandRs.1,28,000ashiscapital
2.Thatmachineryisdepreciatedby12%
3.thatstockberevaluedatRs.2,61,000
4.thatareserveof5%becreatedfordoubtfuldebts
5.thatthevalueoflandandbuildingbebroughtuptoRs.6,20,000
Thataftermakingalladjustmentsthecapitalaccountsoftheoldpartnersbeadjustedonthebasisof
proportionofpradeepscapitatohisshareinthebusiness,(i.e,actualcashtobebroughtinortobe
withdrawnasthecasemaybe)
Preparenecessaryledgeraccountsandthebalancesheetofthefirmasnewlyconstituted.Showyour
workingsregardingdeterminationofnewprofitsharingratioandcapitalbalances.

OR

(b)Acompanyissued20,000equityshareofRs.10eachatapremiumof25%payableasRs.2on
application,Rs.5onallotment(includingpremium),Rs.3onfirstcallandbalanceonsecondandfinal
call.Alltheshareswereappliedforandallmoneyreceivedexcepttheallotmentmoneyon500shares
andfirstcallmoneyon100share.Companyforfeitsallthdsharesafterthefirstcall.Thecompany
reissued300ofthesesharesatRs.5pershare.Passjournalentries.

Score8

Computerizedaccounting
1.Excelspreadsheethas3worksheetsandcannotaddadditionalworksheetstrue/false.Iffalse
correct

Score1

2.spottheoddonefromthefollowing
(a)windows(b)linux(c)Daceasy(d)Unix

score1

3.whatisthefunctionkeytochangethecurrentperiodintally?

Score1

4.locatetheoddonefromthefollowingledgeraccounts.
(a)profitandlossaccount(b)purchaseaccount(c)salesaccount(d)salaryaccount

Score1

5.whichofthefollowingkeyisusedtodisplaythetrialbalanceindetailedform?
(a)F1(b)Alt+F1(c)Alt+F2(d)F2

Score1

6.Inacomputerizedaccountingpracticalexamonestudententeredcashpurchasethroughpurchase
voucher.Butanotherstudententeredthroughpaymentvoucher.Whichentryismoreappropriate?
Why?

Score3

7.calculatethenetpayfromthefollowingwiththehelpofexcelwoksheet

A1
Name

A2
Basic
pay

A3
Da
50%of
basic
pay

A4
HRA
2%of
basic
pay

A5
CCA5%
ofbasic
pay

A6
Gross
pay

A7
A8
Lic3% Contribution
ofbasic toPFRs.800
pay

A9
Net
pay

Score3

8.Fillupthemissingcolumnsandenteryourexplanationsregardingthepurposeofvouchershouldbe
givenintheremarks
Sl.no
1
2
3
4
5
6

Vouchertype
Contravoucher

Memovoucher

JOURNAL

Functionkey

Ctrl+F9

F8

F9

Remarks

SCORE4

9(A)createthecompanyintally,thestepsareCompanyinfocreate.Youarerequiredtogivethe
stepsforthefollowing
(a) Createstoccategories(b)createstockgroups(c)createstockitems(d)creategodowns
(e)createunitsofmeasure(f)createcostcentre(g)deletealedgeraccount

OR

(B)Fromthefollowingdescribewiththehelpofatablewithcolumns
Sl.no

Accountsinvolved

Accountgroup

1.startedbusinesswithcashRs.50,000
2.openedabankcurrentaccountforRs.30,000
3.purchasedgoodsfromanilforRs.7,000
4.paidforwagesRs.1000
5cashpurchasesRs.8,000
6.padforadvertisementbychequeRs.5000
7.returnedgoodstoAnilRs.400
8.paidtoanilRs.2650infullsettlementofhisaccount.

Score5

PreparedBy
SheelaKumari.K.,Razeena.A.N.,AjithKumar.V.

Vouchertype