Professional Documents
Culture Documents
DATE: 18/11/2013
MARKS: 70
TIME: 10 a.m to 1 p.m
________________________________________________________________
Q-1 Mr. Rajendra runs business. His trial balance as on 31st March 2004
was as follows:
(14)
Particulars
Dr
Cr
Capital
1250000
Drawings
125000
Purchase
1962000
2590000
220000
22000
55000
25000
295000
57500
Discount
25000
Dividend
32000
Bad debts
19500
15000
265000
64500
26000
Investment
205000
Furniture
220000
Creditors
200000
Salesmens commission
15000
Office expenses
72500
Sales tax
122000
Cash
629000
Sales
Opening stock
Returns outward
Fright inward
Discount
Salaries
Commission
4256000
4256000
Additional Information:
1) Mr. sharma purchased running business of Mr. Gour for Rs.590000 on
31st March, 2004. He took over stock of Rs. 325000, debtors Rs. 265000,
furniture Rs. 75000 and creditors Rs. 75000. No entry was passed.
2) Closing stock as on 31st March 2004 was not valued. Mr. Sharma earned
a uniform rate of gross profit of 25% on net sales.
3) Provision for doubtful debts is to be maintained at 7.5% on debtors.
4) Sales includes sale of old furniture for Rs. 16000 on 1 st October,
2003(WDV of such furniture on 1st April 2003 was Rs. 26000)
5) Purchase includes purchase of furniture on 1st January, 2004 worth Rs.
45000.
6) Furniture was to be depreciated by 10% p.a.
You are required to prepare Final Accounts.
Q-2 A) A firm purchases a lease for 5 years for RS. 40000. It decides to write
off depreciation on the Annuity Method charging the rate of interest at 5% per
annum. The annuity table shows that annual amount necessary to write off RS.1
for 5 years at 5% is 0.230975.
(07)
(07)
OR
Q-2 A) A mine was purchased for RS. 2000000 on 1st Jan. 2000. And it was
estimated content of being 100000 tones. The actual quantity was 2001- 20000
tones, 2002- 25000 tones and 2003- 30000 tones. You are required to prepare a
Mine Account using Depletion Method of depreciation for the above said years.
(07)
Q-2 B) What is Accounting?? Explain Internal users and External users of
accounting statement.
Q-3 A) Journalize the following transitions:
(07)
(07)
(14)
OR
[P.T.O]
Q-4 A) On 1st April, 2005 XYZ purchased machinery for RS. 200000. On 1 st
October, 2006 the machinery purchased on 1st April, 2005 having become
obsolete, was sold off RS. 90000. On 1st October, 2007 new machinery was
purchased for RS. 250000 while the machinery purchased on 1st October, 2005
was sold for RS. 85000 on the same day.
The firm provides depreciation on its machinery @ 10% per annum
on original cost on 31st March every year.
Show Machinery Account, Provision for Depreciation Account
and Depreciation Account for the period of three years ending 31st March,
2008.
(14)
(14)
A)
B)
C)
D)
________________________________________________________________
Faith, faith, faith in ourselves, faith, faith in God -this is the secret of greatness.