ACCOUNTANCY WITH COMPUTERISED ACCOUNTING TIME 2 HRS 11 YEAR

1) 1) Debenture redeemed by issue of equivalent amount in terms of equity share is one of the ways of redemption which is called---------------(1) . 2) When the new partner is unable to bring his share of goodwill in cash then ----------- a/c is debited ( a cash a/c b. asset a/c c old partners capital a/c d. new partners capital a/c ) (1) 3)Total profits of a firm is RS 18000 where shivi and suku are partners Interst on capital provided was Rs 3000 to Shivi and Rs 2500 to Suku How much do you guess the increase in net worth that might have been accrued to Mr Shivi(2) 4)A Share capital transaction is given to you Cash a/c Dr 30000 Share first call in advance Dr 10000 Share first in arrear Dr 10000 To Share first call 50000 Having observed the above Give a journal entry for first call being due (2) (5) Match the following (4) 1 2 3 4 Partners own investment Interest on capital Interest on partners loan Partners loan Appropriation of profit Capital a/c liability Charge against profit Extra ordinary item

6) leksmi ,nikil and sam are partners sharing profits in the ratio of 5:3:2 Sam to retire as per the deed The Goodwill to be valued at 3 years of average profits The profits being Rs 10000 ,20000 and 30000 respectively for the 3 Years Other particulars relating to Sam were: His capital a/c Cr balance Rs 12000 His loan Dr balance Rs 8000 Profit on revaluation before sharing g Rs 3000 General Reserve before sharing Rs 9000 Prepare an a/c or as a statement to show how much the firm owe to Sam on Retirement (4) 7) Equity shares issued to promoters are debited to ----------a/c 1 8) Give examples of accounts which are credited to capital reserve 1 9) why a revaluation a/c is prepared? 3 10) Prepare a realization a/c for the information as you see which was extracted from the books of alpha stationary mart (5)

particulars KEERTHI ALFIA FIXED ASSETS STOCK B/R NOT RECORDED CREDITORS Expense not recorded Goodwill realized 30000 20000

Assets

liabilities

amt realized

Amt paid

100000 20000

110000 18000 3000 6000 5500 1500 6000

11)Abey and Neha are partners They have admitted Anil being an equal partner The agreement contains certain conditions on admission of a that a) He brings Rs 100000 towards capital b) goodwill valued at Rs 30000 c) stock worth Rs 1000 being damaged has to be written off d) Bad debts written off earlier now realized Rs 4000 e) furniture to be valued less by 10% f) Neha brings Rs 10000 to the business as loan See now below their financial state just before Anils admission Capital Abey 90000 Cash 4000 Neha 90000 180000 Sundry receivables 6000 Reserves 9000 Stock in trade 30000 Sundry Crs 18000 furniture 60000 Expenses payables 2000 investments 9000 Building 100000

209000 209000 Draft the new Balance Sheet after the adjustments above duly accommodated 12) The due entries in the matter of share capital transactions are given beneath (8) 1/2/2010 share application a/c Dr 10000 To share capital 10000 2/3/2010 share allotment a/c Dr 30000 To security premium 1 0000 To share capital 20000 share application a/c Dr To share allotment 2000 2000 (8)

2/4/2010

1/5/2010

share first call a/c Dr To share capital Calls in arrear a/c Dr To share first call a/c

70000 70000 700 700

2 /6/2010

PREPARE A CASH BOOK BY REFERRING TO THE ABOVE