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Accountancy XII (Unit Test-1)

Mr. R.John, PGT (Com)

 

Answer all questions

 

1

Give two examples of revenue receipts of not for profit organization.

 

2

Write two items appearing in the credit side of capital a/c when capital is fixed.

 

3

How will you calculate interest on drawings when a partner withdraws at the end of the month?

 

4

What is sacrificing ratio?

 

5

Distinguish between fixed capital and fluctuating capital.

 

6

    State how will you treat the following items in the absence of partnership deed

    1. Profit sharing ratio

    2. Interest on loans & advances

    3. Salary to a partner

     

    7

    What is goodwill? State the factors affecting valuation of goodwill.

     

    8

      How will you show the following items in the books of non-trading institutions

      1. Life membership fee

      2. Sale of old assets

      3. Entrance fees

       

      9 

      10

      What is the income & expenditure account? How does it differ from receipts & payments accounts

      A, B and C are partners in a firm. They share profits and losses in the ratio of 4:3:1. Their fixed capitals were Rs. 4, 00,000, Rs. 2, 40,000 and Rs, 1, 60,000 respectively for the year 2009. Interest on capital was credited to them @10% instead of 8% p.a. Pass necessary adjustment journal entry. Show your working clearly.

        

      11

      The following are the particulars of Prince Club for the year ending 31st Dec 2009.

       
       

      Receipts and Payment A/c

       
       

                          Receipts

      Amount

      Payments

      Amount

       
       

      Balance b/d

      800

                              Salaries

      1300

       
       

      Subscription

       

                          Stationery

      250

       
       

                  2008     :               30

       

                     Rent & Taxes

      350

       
       

                  2009     :           1300

       

           Telephone expenses

      50

       
       

                  2010     :               60

      1390

                         Investment

      800

       
       

      Profit from canteen

      1000

      Advertisement

      120

       
       

      Miscellaneous Receipts

      50

      Postage

      80

       
       

      Sale of News papers

      100

      Sundries

      400

       
       

      Dividends

      500

      Balance c/d

      490

       
         

      3840

       

      3840

       

       

       

          You are required to prepare the Income & Expenditure a/c after making the following adjustments:

          • There are 400 members each paying an annual subscription of Rs. 5, Rs.35 are in arrears on 31st Dec 2008, at the beginning of this year.

          • Stock of stationery on 31st Dec 2008 was Rs 30 and on 31st Dec 2009 Rs 60.

          • Cost of building Rs 8000 and rate of depreciation is 5%.

         

        12

        A and B are partners sharing profits and losses in the ratio of 5:3. Their balance sheet as on 31st Dec 2009 was as follows: 

         
         

        Liabilities

        Amount

        Assets

        Amount

         
         

        Creditors

        12,500

        Cash in hand

        10,000

         
         

        Bills payable

        10,000

        Buildings

        1,00,000

         
         

        Capital

         

        Machinery

        62,500

         
         

                       A:        1,00,000

         

        Debtors

        7,500

         
         

                       B:           75,000

        1,75,000

        Stock

        17,500

         
           

        1,97,500

         

        1,97,500

         
         

        On 1st Jan 2010, C is admitted for 1/8th  share and revaluation of assets and liabilities  is as follows:

         
         
        1. The value of building appreciated by 10%

        2. Provide Rs. 375 for bad & doubtful debts on debtors

        3. Machinery be revalued at R. 57,500 and stock be brought upto Rs.20,000.

        4. Create a provision for discount on creditors @ 2%

        5. C contributed Rs 60,000 as capital.

            • Prepare revaluation a/c Capital a/c and Balance sheet of the new firm.

           

            

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