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Accountancy XII

Mr. R. John, PGT(Commerce)

 

Answer all the questions

1. Give two example of not – for –profit organization    

2. Write two items appearing the debit side of capital account when capital is fixed

    3. How will you calculate interest on drawings when a partner withdraws a specific amount at the middle of every month?      

    4. How will you treat entrance fee while preparing accounts for not-profit-organization

    5. Define partnership?        

    6. What is subscription? How is it calculated?     

    7. Differentiate between fixed capital and fluctuating capital   

    8. In the absence of partnership deed, how will you treat the following items?

    a) Interest on Capital

    b) Profit or Loss

    c) Salary to a partner

    d) Loans and advances by a partner     

    9. What is meant by income and expenditure account? How does it differ from receipts and payment account (Any 3 points?)      

    10. Show how you would deal with the following items in the final account of a club

    Details Dr(Rs) Cr (Rs)

    Prize fund         1, 00,000

    Prize fund investments   1, 00,000

    Income from Prize fund Investments      12,000

    Prizes Awarded    9,000

  1.    The following is the account of cash transactions of an arts club for the year ended 31 st March   2009.

    Receipts   Amount  Payments  Amount

    Balance b/d   2,270   Rent   6,600

    Subscription   32,500   Electric charges 3,200

    Life membership fee  3,250   Lecturer’s fee  730

    Donation   2,500   Office expenses 1,480

    Printing charges 1,050

    Profit from entertainment 7,250   Legal fee  1,870

    Sales of old books

    (Book value of Rs 1000) 750   Books    6,500

    Furniture Purchased 8,600

    Interest    350   Expense on drama 1,300

    Balance c/d 

    Cash in hand  8,040

    Cash at bank  9,500

      ……..   ……..

          48,870 48,870

    You are required to prepare an Income and Expenditure Account after the following adjustments

    1. Subscription still to be received as Rs 750 but subscription include Rs 500 for the year 2009-10.
    2. In the beginning of the year  the club owned building Rs 20,000 and furniture Rs 3,000 and books Rs 2,000.
    3. Provide depreciation on furniture @ 5 % (Including purchase), books @10% and building @ 5%

    12. Ramesh and Suresh were partners in a firm sharing profits in the ratio of their capitals contributed on commencement of business which were Rs 80,000 and Rs 60,000 respectively. The firm started business on 1st April 2008.According to the partnership agreement, interest on capital and drawings are 12% and 10% p.a respectively. Ramesh  and Suresh are to get a monthly salary of Rs 2,000 and Rs 3,000 respectively.

    The profits for year ended 31 st March 2009 before making above appropriations was Rs 1,00,300. The drawings of Ramesh and Suresh were Rs 40,000 and Rs 50,000 respectively. Interest on drawings amounted to Rs 2,000 for Ramesh and Rs 2,500 for Suresh

    Prepare Profit and Loss Appropriation Account and Partner’s Capital Account, assuming that their capitals are fluctuating

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