HIGHER SECONDARY MODEL EXAMINATION FEB 2011 ACCOUNTANCY WITH COMPUTERISED ACCOUNTING

Maximum : 60 Scores Time : 2 hours Cool off Time : 15 minutes HSE : 11 General Instructions to candidates There is a cool off time of 15 minutes in addition to the writing time of 2 hrs. Use the cool off time to get familiar with questions and to plan your answers Read questions carefully before answering All questions are compulsory and only internal choice is allowed When you select a question, all the sub- questions must be answered from the same question itself.

PART-I ACCOUNTING
1. The maximum amount of capital that a company can raise by issue of shares is termed as ________________ (1) 2. Analyze the journal entry and give a suitable narration Good will A/c Dr. 12% Debentures A/c 3. Find the odd one and state the reason (a) Admission of a partner (b) Insolvency of all but one partner (c) Retirement of a partner (d) Death of a partner

(1)

(1)

4. Navami and Pooja are partners sharing profits and losses in the ratio of 2:1. Sanjana is admitted into the partnership for 2/8th share, which she acquired equally from Navami and Pooja. Calculate new ratio (2) 5. Karona Ltd., purchases a plant for Rs. 3,00,000 from Monica Ltd., payable in 9 % Debentures of Rs. 1000/- each. Pass journal entries in the books of Karona Ltd., if the debentures are issued at 20% premium. (2)

2 6. Following is the balance sheet of Jithu , Joji and Jothi (5:3:2), when Jithu retired from the firm Balance Sheet Liabilities Rs Assets Rs Capitals :Jithu 40,000 Cash and other assets 70,000 Joji 40,000 Profit and Loss A/c 30,000 Jothi 20,000 1,00,000 1,00,000 (2)

Does any item in the Balance sheet require special treatment? If so how?

7. Following relate to the profit earned by a firm for the last four years Year 2006 2007 2008 2009 Profit (Rs) 15000 25000 65000 75000 The total assets of the firm are Rs. 6, 40,000 and outside liabilities Rs. 1, 40,000. Normal rate of return is 6 %. Calculate goodwill of the firm under capitalization of super profit method. (3) 8. Suppose you are proposed to start a partnership firm with your friends. While discussing the matter with them, one of your friends has the opinion that in order to avoid future confusion, it is better to have an evidence of agreement between them. a) Do you agree with him? b) Identify the document of evidence. c) State any six major contents of the document. (4) 9. Narayana Co. Ltd issued the following debentures. Pass journal entries in the books of the company in connection with the issue and redemption of debentures. a) 12 % Debentures of Rs. 4, 00,000 issued at a discount of 10% but redeemable at par. b) 12% Debentures of Rs. 4, 00,000 issued at a discount of 10 % and redeemable at 10% premium. (4) 10. Pass journal entries for the following transactions at the time of dissolution of the firm. a) Realisation expenses Rs. 3000 paid. b) Realisation expenses paid by Mr. Deepak, one of the partners Rs.2500.

3 c) Dinesh one of the partners agreed to take over the creditors of Rs.30, 000 for Rs. 20,000. d) Mohan, one of the partners has given loan to the firm of Rs. 10,000. It was paid back at the time of dissolution. e) Susha one of the partners took over the machinery for Rs. 15,000. f) Profit and loss Account balance of Rs. 50,000 appeared on the liability side of the Balance sheet. (6) 11. Aswin, Anoop and Rohit are in Partnership sharing profits and losses in the ratio of 2:2:1. Their Balance sheet was as follows as on 31st December 2009. Liabilities Creditors Capitals :Aswin Anoop Rohit Amount Rs 45,000 15,000 25,000 30,000 1,15,000 Assets Amount Rs 10,000 25,000 40,000 40,000 1,15,000

Cash at Bank Debtors Stock Plant and Machinery

Rohit died on 30th April 2010 and the partnership deed provides that in the event of death of a partner, his executors should be entitled to : 1. His capital on the date of previous Balance sheet. 2. His proportion of profit to the date of death on the basis of previous years profit. 3. His share of goodwill calculated on the basis of 3 years purchase of the average profits of the past four years. The profits of the firm for the past four years were: 2006- Rs.22, 000, 2007 Rs. 21,000, 2008 Rs. 19,000 and 2009 Rs. 18,000. You are required to ascertain the amount payable to the Executors of the deceased partner. (6) 12. (a) KRS & Co. Ltd invited applications for 10,000 equity shares of Rs. 10 each at a discount of Rupee.1/- per share payable as follows : Rs.2 on Applications, Rs. 3 on Allotment and Rs. 4 on First and final call. The applications were received for 9,000 shares and all of these shares were accepted . All money due was received except the first and final call on 600 shares. These shares were forfeited and 200 of these shares were reissued as fully paid for a payment of Rs. 8 per share.

Pass necessary journal entries in the books of the company 4 OR

(8)

12.(b) Kiran and Krishna are partners in a firm sharing profits and losses in the ratio of and respectively. The following is their Balance sheet as 31 st Dec 2010. Liabilities Rs Assets Rs Creditors 40,000 General Expense 6,000 Bank Balance 70,000 Capitals :Bills Received 30,000 Kiran 30,000 Debtors 15,500 Krishna 14,000 Provision 500 ______ 15,000 Stock Furniture Land & Building 90,000 21,000 2,000 25,000 90,000

They admit Karthik into partnership on 1st January 2011 on the following terms. a) That Karthik pays Rs. 10,000 as his capital for a fifth share in the future profits. b) That Karthik brings his share of goodwill Rs. 18,000. c) That the value of land & building be appreciated and brought upto Rs. 30,000. d) That stock and furniture be reduced by 10% and a provision of 5 % should be made for doubtful debts on Debtors. e) That the capital accounts of all the partners be readjusted on the basis of their new profit sharing ratio. Draw up necessary ledger accounts and Balance sheet of the new firm. (8)

PART- II COMPUTERISED ACCOUNTING

1. The function key to activate calculator is _____________ a) Alt+N b) Ctrl + N c) Ctrl+M d) Ctrl + R (1)

2. The total number of columns available in work sheet in Excel is ___________ (1)

5 3. Complete the path which is required to show the cost centers already created by the user. Gateway of Tally Cost centre (1) ? ? 4. Sreeja created 6 ledger accounts, but in the displayed list of ledger accounts she found names of 8 accounts. Name the default ledger accounts found in the displayed list. (2) 5. Consider the following entry Dr Sales Returns A/c Cr Michu Stores A/c Which Voucher will you use for entering this voucher entry? Is it available by default? If not how will you get it? (3) 6. Mr.Ratheesh wishes to create a sales budget using the Accounting Software Tally .But he could not find the Budget option anywhere in Tally Screen. a. Which menu contains the Budget option? b. Is it available by default? How the budget option is made available? (3) 7. Nithin purchased a machinery for Rs. 50,000 and spent Rs. 5000 for its installation cost. Depreciation is charged at 10% p.a on Diminishing Balance Method. You are required to prepare a Depreciation statement in Microsoft Excel. (4) 8. (a) From the following describe with the help of a table with columns (a) Sl.No (b) Accounts Involved (c) Account Group (d) Voucher type (e) Key used : 1. 2010 April 1 Nandu started business with cash Rs.1,00,000 2. 2010 April 2 Opened Current Account with SBT Rs.50,000 3. 2010 April 2 Purchased goods from Aravind Rs.10,000 4. 2010 April 2 Paid salary Rs.5000 5. 2010 April 2 Cash purchases Rs.4000 6. 2010 April 3 Paid for advertisement by cheque Rs.3000 7. 2010 April 4 returned goods to Aravind Rs.1000 8. 2010 April 6 paid to Aravind Rs.8500 in full settlement of his Account. (5) OR 8. (b) Mr Jeeva, a wholesaler found that balances as per pass book do not agree with his bank balance . He uses Tally in his firm. Is there any option in

Tally for reconciling such disagreement? What procedures are needed to reconcil the disagreement? (5)