Cluster Centre MGM HSS

Prepared by Jessy Abraham (03036) Beena Jacob (03020)

Sinu A Cherian (03044)

XII. Commerce

Accountancy with Computerized Accounting

Part 1 Accounting Score : 60 Time : 2 hrs

1.

Find the odd and state the reason (a) Salary to partner (b) Interest on loan (d) Interest on capital [1]

(c) Share of Profit 2.

Discount on issue of debenture is a _______________ (a) Capital loss (c) Speculation (b) Revenue loss (d) None of these [1]

3. In the absence of a partnership agreement what should be the decision in the following cases? (a) Rajs capital is Rs. 200000 and Ajays capital Rs. 20000 (b) Ajay had advanced a loan of Rs. 45000 to the firm (C) Raj claims share of profit in capital ratio but Ajay demands equal share 4. [2]

A company offers to its share holders the right to buy one share of Rs. 100 each at 120 for every three shares hold. The market value of a share is Rs. 200. Calculate the value of right. [2]

5. On 31st January 2007 X Ltd issued 20000, 12% debentures of Rs.10 each at par redeemable on 31 December 2010 at a premium of 5%. Pass journal entries for issue and redemption of debentures. [2]
st

6. X Ltd forfeited 200 shares of Rs. 10 each issued of a premium of Rs.4 per share held by Arun on 1st December 2010, for non-payment of the final call of Rs.3 per share. Out of these 100 equity shares were reissued to Bobby on 31 December 2010 at a discount of Rs.4 per share Journalize the transactions. [2] 7. The capital employed of a firm on 31st December 2010 is Rs. 300000, the normal rate of return is 12%. The profits for the last 5 years were 2006 42000, 2007 48000, 2008 56000, 2009 64000, 2010 70000. Find out the value of Goodwill based on three years purchase of the super profit of the business. [4] 8. X and Y entered in to a partnership contributing Rs 8000 and Rs 4000 towards Capital and decided to share profits and losses in the ratio of 3:2.y is entitled to receive a monthly salary of Rs 800. The partnership deed provided interest on capital @8% per annum During the year X withdrew Rs6000 and y Es 4000 and the interest on drawings were rs 30 and Rs200 respectively. Profit for the year 2010 before above adjustments was Rs40000. Prepare profit and loss Appropriation account and capital a/c. [5] 9. Y Ltd took ones the assets of Rs120000 and liability of Rs 180000 of X Ltd for the purchase consideration of Rs.105000. The purchase consideration is to be discharged by the issue of 12% debentures of Rs 1000 each pass journal entries assuming that debentures are issued at par [5] 10. A and B are equal partners. They decided to dissolve their firm.The books of account showed the following balances. As Capital -40000 Bs Capital 50000, Loan from A=25000, Profit and Loss a/c (Dr)Rs100000. As current a/c (cr) 30000, Loan from Mrs. A Rs 110000, Creditors 120000, Cash-40000, Bs current a/c _Dr)-Rs 8000. Assets of the firm realized Rs 290000. Prepare realization a/c. [6] 11. X Ltd issued 5000 equity shears of Rs 10 each payable as follows, Application-3, Allotment 4 1st & final call 3 per share.

Application were received for 9000 shears and the board of directors allotted shares as follows Application for 2000 shares - Full Application for 6000 shares - 50% Application for 1000 shares - Nil All amounts were duly received except the call money on 200 shares held by Ajay. Pass journal entries. [8] 8. X and Y enterd in to a partnership contributing Rs 8000 and Rs 4000 towards Capital and decided to share profits and losses in the ratio of 3:2.y is entitled to receive a monthly salary of Rs 800.The partnership deed provided interest on capital @8% per annum During the year X withdrew Rs6000 and y Es 4000 and the interest on drawings were rs 30 and Rs200 respectively. Profit for the year 2010 before above adjustments was Rs 40000. Prepare profit and loss Appropriation account and capital a/c. [5] 9. Y Ltd took ones the assets of Rs120000 and liability of Rs 180000 of X Ltd for the purchase consideration of Rs.105000. The purchase consideration is to be discharged by the issue of 12% debentures of Rs 1000 each pass journal entries assuming that debentures are issued at par [5] 10 A and B are equal partners. They decide to dissolve their firm. The books of account showed the following balances. As Capital -40000 Bs Capital 50000, Loan from A=25000, Profit and Loss a/c (Dr) Rs100000. As current a/c (cr) 30000, Loan from Mrs. A Rs 110000, Creditors 120000, Cash-40000, Bs current a/c - Dr)-Rs 8000. Assets of the firm realized Rs 290000. Prepare realization a/c. [6] 11. X Ltd issued 5000 equity shears of Rs 10 each payable as follows, Application-3, Allotment 4 1st & final call 3 per share. Application were received for 9000 shears and the board of directors allotted shares as follows Application for 2000 shares - Full Application for 6000 shares - 50% Application for 1000 shares - Nil All amounts were duly received except the call money on 200 shares held by Ajay. Pass journal entries. [8]

Part-II Computerized 1. Name the default ledger accounts 2. 2_________ is a window based spread sheet a) Visual basic b) C++ C) Ms Excel [1] Accounting [1]

3. Help your friend to clarify the mistake Primary Group Parent Group Assets Current Assets

Ledger

:::::-

Stock Furniture Bills payable Ps a/c (cr) As a/c (cr) [2]

4. What do you mean by codification of accounts? 5. 6. Give the path to create stock group Explain to your friend the procedures needed to enter the closing stock in Tally

[2]

[2] 7. Prepare a Loan Repayment schedule Procedure. X Ltd for a period of 5 years payable in equal installments. The loan bears interest at 5% (flat rate) 8. Write down the procedure for cash budget. [4] [5]