Date 26/02/2025 BCA XII Commerce Test No 003

Book-keeping & Accountancy

Time 3 Hours (6 Pages) Max Marks 80

Q I Attempt all of the following sub-questions : (20Marks)

A) Select the correct options and rewrite the statements : (05M)
(1) To find out the net profit or net loss of the business, …………………………………… Account is prepared.
a) Trading
b) Capital
c) Current
d) Profit and Loss
(2) From financial statement analysis, the creditors are specially interested to know ……………………………….
a) Liquidity
b) Profits
c) Sale
d) Share Capital
(3) Death is a compulsory ……………………………………………………
a) Dissolution
b) Admission
c) Retirement
d) Winding up
(4) The due date of the bill drawn for 2 months on 23rd November, 2019 will be …………………………..
a) 23rd January, 2010
b) 25th January, 2019
c) 26th January, 2019
d) 25th January, 2020
(5) Decrease in the value of assets should be ……………………………………… to Profit and Loss Adjustment Account.
a) Debited
b) Credited
c) Added
d) None of the above
B) Write a word/term/phrase as a substitute for each of the following statement (5M)
(1) Debit balance of Trading Account.
(2) Expenses incurred on dissolution of firm.
(3) Old Ratio Less New Ratio.
(4) Officer appointed by Govt. for noting of dishonor of bill.
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 (5) Donation received for a specific purpose.
C) Answer the following questions in only one sentence each : (5M)
(1) What is Legacy'
(2) What is CAS'
(3) Who is called Insolvent Person'
(4) What is Reserve Capital'
(5) What is Revaluation Account'
D) Complete the sentences: (5M)
(1) Partnership deed is an …………………………………….. of partnership.
(2) Aurangabad University prepares ……………………………. Account instead of Profit and Loss Account.
(3) Returns outward are deducted from ……………………………….
(4) New Ratio (-) ………………… = Grain Ratio.
(5) Cash receipts which are recurring in nature are called as …………………………….. Receipts.
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Q II Ram and Shyam were in partnership sharing profits and losses in the proportion of 3 : 1 respectively. Their Balance
sheet as on 31 st March, 2020 stood as follows : (10M)
Balance Sheet as on 31 March, 2020
st

Liabilities Amount (') Assets Amount

(')
Sundry Creditors 80,000 Cash 80,000
Bills Payable 42,000 Sundry Debtors 64,000
Capital Accounts : Land and Building 32,000
Ram 1,20,000 Stock 40,000
Shyam 40,000 1,60,000 Plant and Machinery 60,000
General Reserve 16,000 Furniture 22,000
2,98,000 2,98,000
They admit Bharat into partnership on 1st April, 2020. The term being that :
(1) He shall have to bring in ' 40,000 as his Capital for 1/5 share in future profits and 20,000 as his share of
Goodwill.
(2) A provision for 5% doubtful debts to be created on sundry debtors.
(3) Stock should be appreciated by 5% and Land and Building be appreciated by 20%.
(4) Furniture to be depreciated by 20%.
(5) Capital Accounts of all partners be adjusted in their new profit sharing ratio through Cash Account.
Prepare:
a) Profit and Loss Adjustment Account.
b) Partners Capital Account.
c) Balance Sheet of the new firm.
OR
Ajay, Vijay and Sanjay were partners sharing profits and losses in the ratio of 3 : 3 : 2. Their Balance Sheet as on
31st March, 2020 is as follows:
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 [10M]
Balance Sheet as on 31st March, 2020
Liabilities Amount Assets Amount
( )
Creditors Reserve 32,700 Bank 19,800
Fund Capital 12,000 Stock 19,800
Accounts : Debtors 15,000
Ajay 33,000 Live Stock 30,000
Vijay 45,000 Plant and machinery 62,100
Sanjay 24,000
1,46,700 1,46,700
On 1 April, 2020 Sanjay retired from the firm on the following terms :
st

1) R.D.D. is to be maintained at 10% on debtors.

2) 300 to be written off from creditors.
3) Goodwill of the firm is to be valued at 12,000, however, only Sanjay s share in it is to be raised in the book and
written off immediately.
4) Assets to be revalued as : Stock 18,900, Plant and Machinery 60,000, Live Stock 30,600.
5) The amount payable to Sanjay to be transferred to his loan account after retirement :
Prepare : (1) Revaluation Account (2) Partners Capital Account (3) Balance Sheet of the New Firm.
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Q III Asha, Usha and Nisha are partners in the firm sharing profits and losses in the ratio of 3 : 2 : 1 respectively. On 31 st
march, 2019 they decided to dissolve the firm when their Balance Sheet was as under : (10M)
Balance Sheet as on 31st March, 2019
Liabilities Amount (') Assets Amount
(')
Creditors : Bills 28,800 Building
Payable Capital 21,600 Machinery 1,02,000
Accounts: Motor Car 73,000
Asha 2,27,160 Goodwill 1,67,600
Usha 1,44,000 Investment 45,600
Nisha 1,08,000 Debtors 62,400
Stock 30,600
Bank 45,000
3,360
0 5,29,560
The firm was dissolved on the above date and the assets realised as under:
(1) Asha agreed to take over the Building at 1,23,600.
(2) Usha took over Goodwill, Stock and Debtors at book value and agreed to pay Creditors and Bills Payable.
(3) Motor car and Machinery realized at 1,51,080 and 31,680 respectively.
(4) Investments were taken by Nisha at an agreed value of 55,440.
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 (5) Realization Expenses amounted to 6,800.
Prepare : (a) Realisation Account (b) Partners Capital Account (c) Bank Account.
OR
Sonali draws a bill on Rupali for 50,000 for 3 months. Rupali accepts the bill on the same date. Sonali sends the
bill to the bank for collection. Before due date, Rupali finds herself unable to make payment of bill and requests
Sonali to renew it. Sonali agrees to the proposal on a condition that Rupali should pay 20,000 in case along with
interest 1,000 and accept a new bill for 2 months for the balance. Rupali retired the bill by paying 27,000.
Give Journal entries in the books of Sonali and prepare Rupali s Account in the books of Sonali. [10M]
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Q IV Ajita Ltd. Issued 2,00,000 equity shares of 10 each at a premium of 2 per share payable as : (08M)
3 on application 5 on allotment (including 2 premium) 4 on first and final call
Applications were received for 2,40,000 equity shares and prorata allotment was made to all the applicants.
The excess application money was adjusted with allotment. Prerna who was allotted 400 shares failed to pay first and
final call and her shares were forfeited. Pass Journal entries in the books of Ajita Ltd.
OR
State the difference between Manual Accounting Process and Computerised Accounting Process. (08M)
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QV Anil, Sunil and Mohit were partners sharing profits and losses in the proportion of their capital. Their Balance Sheet
as on 31st march, 2019 was as follows : (08M)
Balance Sheet as on 31 March, 2019
st

Liabilities Amount Assets Amount

(') (')
Capital A/cs : Land and Building 80,000
Anil 60,000 Motor Lorry 40,000
Sunil 40,000 Debtors 32,000
Mohit 20,000 Less : R.D.D. -4,000 28,000
Creditors 50,000 Furniture 36,000
Outstanding Salaries 6,000 Bank 28,000
Reserve Fund 36,000
2,12,000 2,12,000
Mohit died on 1st August, 2019 and the following adjustments were made:
(1) Assets to be revalued as under :
Land and Building 88,000; Motor Lorry 36,000; Furniture 34,000
(2) All debtors were good.
(3) Goodwill of the firm valued at two times the average profit of last 4 years profit.
(4) Mohit s share of profit to be calculated on the basis of average profit of the last three years.
(5) Profit for four years 1st Year 12,000, 2nd year 24,000, 3rd year 14,000, 4th year 22,000.
Prepare : (a) Mohit s capital account showing amount payable to his executor.
(b) Give working note of Mohit s share of goodwill and profit up to the date of his death.
OR
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 Following is the Balance Sheet of Parm Company Ltd. As on 31st March, 2019 and 31st march, 2020 : (08M)
Liabilities 31-03-2019 31-03- Assets 31-03- 31-03-2020
(') 2020 (') 2019 (') (')
Share Capital 2,50,000 3,70,000 Fixed Assets 2,80,000 4,40,000
Reserve and Surplus 60,000 1,00,000 Current Assets 1,30,000 1,20,000
Current Liabilities 1,00,000 90,000
4,10,000 5,60,000 4,10,000 5,60,000

You are required to prepare Comparative balance Sheet of Param Company Ltd. As on 31 st March, 2019 and 31st
March, 2020.
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Q VI From the following Receipts and Payments Account of Shahu Collage, Kolhapur for the year ending 31 st march, 2020
and additional information, prepare Income and Expenditure Account for the year ended 31 st March, 2020 and Balance
Sheet as on that date : (12M)
Receipts and Payments Account
Dr. for the year ended 31 st march, 2020 Cr.
Receipts Amount Payments Amount (')
(')
To Balance b/d By Salaries 11,77,500
Cash 6,000 By Printing and Stationery 13,500
Bank 1,00,000 By Books 44,000
To Interest 30,000 By Furniture 39,000
To Donation 3,50,000 By Drama Expenses 45,000
To Tuition Fees 9,50,000 By Postage 3,500
To Admission Fees 32,500 By Telephone Charges 3,000
To Drama Receipts 50,000 By Electricity 30,500
To Rent from use of Hall 3,000 By Magazine and Newspapers 3,000
To Legacies (Capital) 30,000 By Balance c/d
Cash 31,000
Bank 1,61,500
15,51,500 15,51,500
Additional information:
(1) Outstanding Salaries 35,000.
(2) 60% of donations are for Building Fund and Balance is to be treated as revenue income.
(3)
Particulars 1-4-2019 ( ) 31-3-2020 ( )
Capital Fund 3,05,500 '
Building Fund 4,13,500 '
Furniture 1,63,000 1,50,000
Books 4,50,000 4,44,000
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Q VII Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance and
adjustments you are required to prepare Final Accounts : (12M)
Trail Balance as on 31 March, 2019
st

Debit Balance Amount ( ) Credit Balance Amount ( )

Purchases 48,000 Capital accounts :
Salaries 7,500 Asha 80,000
Wages 2,800 Nisha 40,000
Advertisement (2 years) 4,000 Bank of Overdraft 34,000
Sales Return 8,000 Sales 1,48,000
Motor Van 63,000 R.D.D. 1,200
Stock (1.4.2018) 94,500 Purchase Return 6,000
Sundry Debtors 62,800
Coal, Gas and Fuel 1,000
Plant and machinery 17,600
3,09,200 3,09,200
Adjustments :
(1) Closing Stock is valued at cost price 88,000 and market price 90,000.
(2) Asha and Nisha withdrew goods from business 3,000 and 2,000 respectively for their personal use.
(3) Depreciate Motor Van by 5% and Plant and Machinery by 7%.
(4) Reserve for Doubtful debts on Debtors at 5% is to be created.
(5) Outstanding Wages 800.
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