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Name ________________

Signature of candidate ____________

Signature of invigilator _______________

Principal of Accounting I.Com-II

SECTION-A
TIME ALLOWED:- 15 MINUETES
Choose the best answer:

1. If the adjusted capital at the end is more than the capital in the beginning then the
difference will be:
a) Gross profit
b) Gross loss
c) Net profit
d)
net loss
2. If the capital in the beginning 1 st jan 2004 Rs. 80,000; capital introduced on 1 st may
2004 Rs. 20,000 rate of interest per annum , then the interest on capital at 31 st
December will be,
a) 5600

b) 4800

c) 6000

d) 4000

3. If cost of good sold Rs. 350000: gross profit on cost 15% , then the value of sales
will be,
a) 42500

b) 402500

c) 42250

4. The term depreciation used with reference to


a) Tangibles asset
b) Intangible asset
asset
5. Scrap value is also known as:
a) Residual value b) break up value
these

d) 40500
c) Current asset

c) both a & b

6. depreciation is charged on ;
a) only fixed assets b) only current asset
these

d) Fixed

d) None of

c) both a & b

7. If depreciation is not taken into the account the value of asset may be :
a) may b more
b) may b less
c) no change
more or less

d) All of

d)may b

8. when capitals accounts are fluctuating , than all the adjustments are made in:
a) Partners capital account
b) partners loan account
c) partners fixed account

d) partners current account

9. In the absent of agreement the interest on drawings will be charged @


a) 6%
b) 5%
c) 2%
no interest
10.A partner has a right to
a) Take part in the conduct of business

d)

b) inspect the books of firm

c) share in profits

d) all of these

Principal of Accounting I.Com-II


SECTION-B

TIME ALLOWED:- 2.5 Hrs


Give short answer s of the following: (any ten)
30
1) Statement of affairs 2) Double entry system 3) Depreciation 4) Depletion
5) Cost price of an asset 6) Amortization 7) Intangible asset 8) Reserve
9) Specific reserve 10) secret reserve 11) Essential of partnership 12) Partnership
Attempt any one Question

20

1 ) Mr. Tipu keeps the book under single entry system. The position of his business as
on 1st jan. 2005was as under:
Sundry creditors, Rs. 17000, Freehold premises, Rs. 50000, stock Rs. 25000:sundry
debtors, Rs. 20000; Furniture, 2000. An abstract of cash book is appended below:
Receipt

RS.

Payments

RS.

Sundry debtors

15000

Overdraft(1.1.2005)

10000

Cash sales

80000

Expenses

50000

Drawings

3000

Sundry creditors

Total

95000

20000

Cash in hand

2000

Cash at bank

10000

Total

95000

Closing stock , 30000; Closing debtors , 25000, Closing Creditors, 12000, No additions
were made during the year to premises and furniture account, but they are to be
depreciated at 10% and 15% respectively. A bad debt reserve of 2.5% is to be raised.
Prepare Trading & an Profit & Loss account for the year ended 31, December 2005 and
a Balance Sheet as on that date.

2) A transport company purchases 10 motor trucks at Rs. 90000 each on 1 st April ,


2002 . On 1st October, 2004 one of the truck got an accident and was completely
destroyed. Rs. 54000 are received from the insurer in full settlement. On the same day
another truck was purchased for the sum of Rs. 100000. The company wrote off
depreciation at 20% on original cost per annum and observed the calendar as its
financial year. Give the motor truck account from 2002 to 2004.
Attempt any three question

30

1) Sagheer is not writing his books properly. From the following information prepare a
statement showing profit or loss and statement of affairs for the year ending 30 th June,
2005.
1.7.2004
Cash

30.6.2005

900

2800

Debtors

22800

21400

Creditors

31200

28400

Stock

33400

37400

Bills receivables

30500

28800

Bank overdraft

40800

39200

Motor Vans

4200

4200

Furniture

3400

3400

Drawings Rs. 4800: Depreciate Furniture at 10%. Write off Rs. 800 on motor van.
Provide Rs. 1000 as bad Debts and 5% as reserve on debtors. Provide reserve of Rs
1600 on Bill receivables.
2) A firm purchased a truck for Rs. 50000on 1st January 2002 Rs. 20000 on its
overhauling. Depreciation is written off 10% p.a on reducing balance method. On 30 th
June 2005 the truck was sold for Rs 30000 . Prepare the truck account from 2002 to
2005 assuming that the year will be ended on 31 st December.
3) X and Y set up a partnership firm on 1.12005. They contributed Rs. 150000 and
120000 respectively as their capitals and decided to share profit at the ratio of 3:2. X
received salary 3000 per month and Y received commission of Rs. 15000. Interest on
capital is 6% p.a. drawings for the year were X Rs. 18000, Y Rs. 12000 and interest on
drawings was charged 810 and 540 respectively. Net profit for the year are amounting
to 106980.
You are required to prepare P & L Appropriation account and necessary Journal entries.

4) A and B are the partners sharing profit and Losses in the ratio of 3:2 .They admit C
into the partnership. C pays Rs. 5000 as his capital and 1000 as his good will for
share . Pass journal entries and calculate the value of good will of whole business. New
profit sharing ratio is 3:2:2.