PART -II

[ Marks : 30] Time : one and half hours Answer any three questions out of five. All questions carry equal marks. 46- Write short notes on any four 1- Fixed and fluctuating capital accounts. 2. Rule of Garner V/s Murray 3. Adjusting, closing and opening entries. 4. Treatment of normal and abnormal loss on consignment. 5. Memorandum joint venture account . 47- Write descriptive notes on any two 1- Computation of claim under loss of profit policy. 2. Treatment of goodwill in partnership account. 3. Depreciation causes, objectives and SLM v/s WDV 48- While preparing a trial balance, it was found that total of debits is short b Rs. 45. Following errors were located after the preparation of trail balance. Give journal entries for rectification and prepare suspense account. (i) A's account was debited by Rs. 149 instead of credit for Rs. 194. (ii) Depreciation written off on furniture for Rs. 190 was not posted to depreciation account. (iii) Furniture was purchased for Rs.3000 and posted to purchased account by mistake. (iv) Discount allowed to a customer for Rs. 74, credited to his account by Rs. 47 by mistake. (v) Total of S/R book was under casted by R.s 18. (vi) Sales of Rs. 103 was recorded in sales account by Rs. 310. 49- X ltd. has three departments A,B & C. From the particulars given below compute (a) the value of stock as on 31st March 2011 and (b) the department trading results. ( X fy- esa v] c] l

ABC Stock as on 1-4-2010 24000 36000 12000 Purchases 146000 124000 48000 Actual sales 172000 159000 74600 G.P on normal selling price 20% 25% 33.33% (ii) During the year certain items were sold at discount and these discounts were reflected in values at sales shown above. The items sols at discounts were. ABC Sales at normal price 10000 3000 1000 Sales at actual price 7500 2400 600 50- A and B are partners sharing profits in ratio of 3 : 2. on 31st March 2010, B/S of firm was as under : Liablities Rs. Assets Rs. Cash 20000 Creditors 20000 Less Debtors 600 00 P & L a/c 10000 Provisio n 500 0 55000 Capital a/c Stock 30000 Furniture 25000 70000 Goodwill 20000 50000 150000 150000

They agree to admit "C" on 1st April,2010 for 1/3 share in profits with following terms: (i) "C" will bring cash Rs. 60,000 for capital. (ii) "C" will bring in cash for share of goodwill. The goodwill nfirm be valued at 3 times of average profits for 3 years. Rs. 40000. Rs.10000 (loss) and Rs. 60000. (iii) Old partners will with draw half of amount of goodwill. (iv) Provisions for doubtful debts be reduced to Rs. 3000 (v) Stock is to be revalued at Rs. 22000 and furnitures at Rs. 21000 make Journal entries and capital accounts of partners.