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MODEL EXAMINATION FEB 2010-2011
HSE II Max.Mark-60
COMPUTERISED ACCOUNTING
PART A
1. On admission of a partner the goodwill brought in cash to be shared by the old partners in the ……………………………… ratio. (old ratio,new ratio,sacrificing ratio) 1
2. A & B are partners sharing profits and losses in the ratio of 5:3. They admit C for ¼ share ,the sacrificing ratio will be…………………………… (2:1,3:2,5:3) 1
3. If a company decided to forfeite the shares of the face value of Rs.10 per share due to the non payment of final call of Rs.3 per share .Determine the minimum price at which the company can reissue the above share. 2 4. After reissue the balance in forfeited share can be transferred to ………………..account. 1 5. AB Co. Ltd.purchased assets worth Rs.500000 and tookover liabilities of Rs.25000.The company decided to issue debentures worth Rs.525000 as purchase consideration for the amount.Record the above transaction. 3 6. On dissolution the assets realized should be transferred to the …………………side of realization account. 1 7. Reji &Raju maintains their accounts under fixed capital method.Soja &Sofi maintains their accounts under fluctuating method.As a commerce student observe the differences b etween these two method. 4 8. Xtra Ltd issued shares of Rs. 10 each @ 10% premium payable as follows: Rs. 3/- on Application; Rs.2/- on allotment (including premium); Rs. 4/- on first call and Rs. 2/on second and final call. Binu who was holding 100 shares did not pay his allotment and first call and his shares were forfeited. Rahul, who was holding 50 shares did not pay first call and his shares also were forfeited. Pass the journal entries in relation with the forfeiture. 4
9 .W, X, Y & Z were partners sharing profit & Losses in the ration of 4:3:2:1. W retired from the
firm and X, Y & Z decided to share profits in the ratio of 2:1:2 . Calculate the gaining ratio. 2 10 .SreeRam Ltd.commenced business on 1April 2010.Theydeided to issue equity shares at a discount of 10% on the above date.Do you agree with this.Then what are the conditions to be fulfilled to issue shares at a discount. 5
11. Give below is the balance sheet of Anu ,Binu& Cinu as on 31-3-2010 LIABILIIES Creditors General reserve Capital Anu Binu Cinu Amount 4000 3000 ASSETS Cash Bank Debtors Stock Funiture Investment Amount 3000
20000 20000 230000 70000 Cinu ecide to retire on the above date on the following terms a.debtors estimated to realize Rs.9300 b.Furniture to be depreciated by 10% c.Ceditors are expected to grant a discount of Rs.450
70000
d.Investments are revalued at Rs.8000 and Cinu has agreed to accept the investment at the revalud figure and balance to be retained as loan account bearing an interest @8%p.a. Prepare necessary accounts and balance sheet
12. The Cash book of a company relating to share apital transactionsa are gven below 8
RECEIPT Share Application (application money received for 12000 shares @Re.1 per share) Share Allotment Share first call Share second call (second call money received on 9000 shares)
AMOUNT PAYMENT 12000 Share application (excess application money refunded) 40000 30000 18000 Balane c|d 100000
AMOUNT 2000
98000
100000
the cashbook.
Give journal entries for the share capital transactions by referring 8
PART C 1. Fnd the oddone out. (Tally,Dac Easy,Peach Tree ) 2 .Carriage outward is placed under the group. (Direct expense,Indirect expense,Indirect income) 3. The function key used for activating journal voucher. 4 .What are the default ledgers in tally? 5. What are the steps required for vouchert entry? 6. How can a cost centre be altered. 7. What do you mean by cell address 8 How formulas are entered in a cell in Excel. 9. Complete the following Transactions Started business with cash Deposited nito bank Accounts involved Cash capital Bank cash Purchase _ Wages cash Under _ Capital _ Cash in hand _ Creditors _ Cash in hand Dr./Cr. Voucher type Dr Cr _ _ Dr _ _ _ _ Function key 1 1 2 3 2 2 3 1
Contra _ _
_ F9 _
Purchased good from Binu Paid wages
5
HSE II Max.Mark-60
COMPUTERISED ACCOUNTING
PART A
1. On admission of a partner the goodwill brought in cash to be shared by the old partners in the ……………………………… ratio. (old ratio,new ratio,sacrificing ratio) 1
2. A & B are partners sharing profits and losses in the ratio of 5:3. They admit C for ¼ share ,the sacrificing ratio will be…………………………… (2:1,3:2,5:3) 1
3. If a company decided to forfeite the shares of the face value of Rs.10 per share due to the non payment of final call of Rs.3 per share .Determine the minimum price at which the company can reissue the above share. 2 4. After reissue the balance in forfeited share can be transferred to ………………..account. 1 5. AB Co. Ltd.purchased assets worth Rs.500000 and tookover liabilities of Rs.25000.The company decided to issue debentures worth Rs.525000 as purchase consideration for the amount.Record the above transaction. 3 6. On dissolution the assets realized should be transferred to the …………………side of realization account. 1 7. Reji &Raju maintains their accounts under fixed capital method.Soja &Sofi maintains their accounts under fluctuating method.As a commerce student observe the differences b etween these two method. 4 8. Xtra Ltd issued shares of Rs. 10 each @ 10% premium payable as follows: Rs. 3/- on Application; Rs.2/- on allotment (including premium); Rs. 4/- on first call and Rs. 2/on second and final call. Binu who was holding 100 shares did not pay his allotment and first call and his shares were forfeited. Rahul, who was holding 50 shares did not pay first call and his shares also were forfeited. Pass the journal entries in relation with the forfeiture. 4
9 .W, X, Y & Z were partners sharing profit & Losses in the ration of 4:3:2:1. W retired from the
firm and X, Y & Z decided to share profits in the ratio of 2:1:2 . Calculate the gaining ratio. 2 10 .SreeRam Ltd.commenced business on 1April 2010.Theydeided to issue equity shares at a discount of 10% on the above date.Do you agree with this.Then what are the conditions to be fulfilled to issue shares at a discount. 5
11. Give below is the balance sheet of Anu ,Binu& Cinu as on 31-3-2010 LIABILIIES Creditors General reserve Capital Anu Binu Cinu Amount 4000 3000 ASSETS Cash Bank Debtors Stock Funiture Investment Amount 3000
20000 20000 230000 70000 Cinu ecide to retire on the above date on the following terms a.debtors estimated to realize Rs.9300 b.Furniture to be depreciated by 10% c.Ceditors are expected to grant a discount of Rs.450
70000
d.Investments are revalued at Rs.8000 and Cinu has agreed to accept the investment at the revalud figure and balance to be retained as loan account bearing an interest @8%p.a. Prepare necessary accounts and balance sheet
12. The Cash book of a company relating to share apital transactionsa are gven below 8
RECEIPT Share Application (application money received for 12000 shares @Re.1 per share) Share Allotment Share first call Share second call (second call money received on 9000 shares)
AMOUNT PAYMENT 12000 Share application (excess application money refunded) 40000 30000 18000 Balane c|d 100000
AMOUNT 2000
98000
100000
the cashbook.
Give journal entries for the share capital transactions by referring 8
PART C 1. Fnd the oddone out. (Tally,Dac Easy,Peach Tree ) 2 .Carriage outward is placed under the group. (Direct expense,Indirect expense,Indirect income) 3. The function key used for activating journal voucher. 4 .What are the default ledgers in tally? 5. What are the steps required for vouchert entry? 6. How can a cost centre be altered. 7. What do you mean by cell address 8 How formulas are entered in a cell in Excel. 9. Complete the following Transactions Started business with cash Deposited nito bank Accounts involved Cash capital Bank cash Purchase _ Wages cash Under _ Capital _ Cash in hand _ Creditors _ Cash in hand Dr./Cr. Voucher type Dr Cr _ _ Dr _ _ _ _ Function key 1 1 2 3 2 2 3 1
Contra _ _
_ F9 _
Purchased good from Binu Paid wages
5
