MODEL EXAMINATION, FEB 2011 ACCOUNYANCY WITH COMPUTERISED ACCOUNTING HSE I Score-60 Time-2 Hrs.

Cool Off Time -15 Minutes PART-A ACCOUNYANCY (40 Scores) 1. Partnership is a form of business organization in which business debts can be recovered from a)the managing partner b) all the officials and partners b) the firm and officials d) the firm and all the partners (1) 2. The balance in the shareforfieted account is transferred to ---a)Share capital b)General Reserve c) Capital Reserve d)Debenture Redemption Reserve (1) 3. A share of Rs.10 is forfeited for non payment of final call of Rs.3 can be reissued at a maximum discount of a)10% b)Rs.3 c)Rs.7 d)10% or Rs.3 (1) 4) Partners are entitled to get ------- percent interest on capital (1) 5) What is revaluation account And how it differ from realisation account? (2) 6)A and B are partners sharing profits and losses equally. They decided to admit C into partnership for share which he acquires equally from A and B. Calculate the new ratio of partners. (2) 7) The particulars of a firm is given below. Normal Profit Rs. 10,000 Normal rate of return 10% Liabilities Rs.30,000 Assets Rs.1,10.000 Calculate the value of goodwill

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8) X Ltd purchased assets worth Rs.3,00,000 from Mr. Nair . Rs.80,000 is paid in cash and the balance in equity shares of Rs.10 each at 10% premium. Pass journal entries to record the above. (3) 9) Gomez and Arun are partners sharing profits and losses in the ratio of 2:1.They Are allowed interest at 10% per annum on capitals and loans to the partnership. CapitalGomez Rs.20,000 and Arun Rs.8,000 Loan to the firmGomez Rs.3,000 The partnership has made a net profit of Rs.40.000 for the year. How much is the total increase in the networth of Gomez? (3) 10.A Ltd decided to issue shares at a premium. What are the points to be considered by the company asper the Companies Act (3) 11.X,Y and Z were partners in a firn with capitals of Rs.15.000 Rs.9,500 and Rs.10,000 respectively and sharing profits in the proportions of . and . On 31 st December 2008, Y retires and for the purpose of his retirement ,the goodwill of the firm ihas been valued at Rs.12,000. Pass necessary journal entries assuming that Y has been paid and show the capital accountsof all partners. (5) 12) Basheer and Sa;eem are partners. The partnership deed provides that

a)the accounts be balanced on 31 st December each year b)the profit is divided as follows, Basheer Saleem 1/3 and 1/6 to reserve. c)in the event of death of a partner his executors are entitlrd to be paid off== 1)the capital of his credit on the date of his death. 2)his proportion of reserve on the date of last balancesheet. 3)his proportion of profit to the date of dearh based on the average p rofit of the last three completed years. d)by way of goodwill on the basis of the average profit of the last three completed years. On 31 st December 1996 the ledger account balances are CapitalBasheer Rs.10,000 Saleem Rs.15,000 General reserve Rs.6,000 The profit for the years were1995 Rs.10,000 1996 Rs.15000 1997 Rs,15000 and 1998 Rs.6,000. Basheer died on 1 st April 1999. Calculate the amount due to the deceased partner. (5)

13) The following is the balancesheet of Anil and Babu who share profits in the ratio of 3:2. BALANCESHEET Liabilities Sundry Creditors Anils Capital BabusCapital 2,500 8.000 3,500 Assete Land and Building 3,500 Plant 4,500 Debtors 2,200 Less provision 200 2,000 Stock 3,500 Bank 500 ______ 14000 14000 They agreed to admit Chandran into partnership by giving hum 1/5 share on the following terms. a) The value of plant to be increased to Rs.5,500 b) The value of land and building be appreciatrd by Rs.1,500. c) The capitals of the partners were to be in profit sharing ratio by opening current account. d) Chandran brings in Rs.2,000 for goodwill e) Prepare necessary ledger account and Balanceshrrt on Chandrans admission. 14) X Ltd invited applications for 10,000 equity shares of Rs.10 each at Rs.12,payable as Rs.2 on application. Rs.5 on allotment Rs.3 on first call and the balance on final call. The company received applications for 15,000 shares and applications for 5,000 shares were rejected. All the

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money due were fully received except on 100 shares held by Roy who failed to pay the allotment and the two calls. These shares were forfeited and out of these 60 shares were reissued at Rs.8 as fully paid. Pass journal entries in the books of rhe company. PART-B COMPUTERISED ACCOUNTING (20 scores) 15) The ledger carriage inward comes under the group of ---------16) There are ------- reserved group in Yally. 17) Certain transactions and their respective vouchers are given below. Correct the mistakes if any. a) Wages Outstanding -----contra voucher b) Cash sales ---------------- journal voucher c) Purchased goods from Mohan --- payment voucher 18) create a chart of account from the following, the primary group being liabilities a) bank a/c b) 5% debenture a/c b) Bank O/D d) Ravi A/C (Dr) d) bills payable A/C f ) Babus A/c (Cr) 19) From the given list prepare a hierarchical chart of stock category ,stock group, stock items a) washing soap b) Lux c) pears d) toilet soap e) soap f ) sun light g) rin 20) Write the procedure to prepare a depreciation schedule for 5 year under straight line method Cost of machinery Rs 100000 Errectian charge Rs 20000 Scrap value Rs 10000 Expected life live 5 year 21) From the following particulars , you are required to give the formula in cell Net Pay. Name A B C D Basic pay 5000 7000 8000 10000 LIC 150 200 700 750

DA 20% of Basic pay ,HRA 2% of Basic pay , PF 10% of Basic pay OR 22) explain the procedure to be following for the preparation of Bank Reconciliation Statement by using Tally accounting software Udaya Sooria Bala Murali Krishnan GBHSS Parayanchery, Kozhikode