Professional Documents
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C OMTEX – CLASSES
TIME – 2HRS
ACCOUNTS “THE HOME OF TEXT” TEST – 60 MARKS
NAME OF THE
STUDENT
CHAPTER NAME VOFG.ADD.BOFE. ROLL NUMBER TEST NO. 6
Q2. Find out the Average Due Date from the following details 6marks
Due Date of Bills Amount
(Rs.)
5 – 10 – 1995 1,000
25 – 10 – 1995 5,000
10 – 11 – 1995 3,000
15 – 12 – 1995 2,000
30 – 12 – 1995 4,000
Q3. Mahipati and Ganpati are partners sharing profits and losses in the ration of 4:3. They admitted in
partnership Shripati for 1/8th share. For the purpose of admission of Shripati, goodwill of the firm
should be valued on the basis of 2 years purchase of the last 5 years average profit. 6 marks
Years Profits (Rs.)
1991 75,000
1992 1,00,000
1993 1,25,000
1994 85,000
1995 1,15,000
Q4. Mr. Amol draws a bill on Mr. Atul for Rs. 14,000 at 3 months. Mr. Atul accepts the bill. The bill is
sent to bank for collection on maturity Atul finds himself unable to make payment of the bill and
requests Amol to renew it. Amol accepts the proposal on the condition that Atul should pay Rs. 7,000
in cash along with interest of Rs. 100 and accepts a new bill at one month for the balance. These
arrangements were carried through. Afterwards Atul retired the bill by paying Rs. 6,950.
Give journal entries and Atul's Account in the books of Amol. 12 marks
1. Classification of capital.
2. Types of demand.