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1.write the pro-forma of vertical balance sheet of a joint stock company with appropriate heads.
2. Prepare machinery account for two years under original cost method with imaginary figures
3. Prepare executor’s loan account with imaginary figure, showing the repayment in two annual equal instalments along with interest
4. Prepare the common size income statement of two years with five imaginary figures
5. Classify the following into capital receipts, capital expenditure, revenue receipts and revenue expenditure
Rent received
Life membership fees
Honorarium paid to the secretary
Locker rent paid
Prize amount received from a lottery
6. Following is the receipt and payment account of Sharada Education trust, Ramanagar, commenced on 01.01.2013
Adjustments
Salary outstanding Rs.6,500
Subscription received in advance Rs. 4,000 and subscription due Rs. 7,000.
Depreciate furniture at 10%
Depreciate books by Rs 5,000
Sports materials were valued on 31.3.14 at Rs. 6,200
Govt. Grant are to be considered as revenue
Prepare (i) income and expenditure account and (ii) balance sheet as on 31.3.2014
7. From the following receipts and payments account of Adarsha Hospital which was newly started on 1.4.13 and the adjustments given below prepare income and expenditure A/c and the Balance sheet as on 31.3.14
Adjustments
Donations are to be capitalised
The government securities represent investment of the endowment fund
Outstanding subscriptions Rs. 2,000
Outstanding interest on government securities Rs 7000.
Office expenses outstanding Rs. 200
Depreciate instruments and equipments at 20% and furniture at 10%
Stock of medicines as on 31.2.14 Rs 700
8. Following are the balance sheet and receipts & payments account of Mercury Sports Club, Madikeri
Adjustments
Rent due on 31.3.14 was Rs. 1,500
Subscription due for 2013-14 was Rs 6,500
Subscription received in advance for 2014-15 was Rs 4,000
Capitalise half of entrance fees & entire donations,
Depreciates sports equipment & furniture by 10% each. Prepare income and expenditure A/c & balance sheet as on 31.3.14
9. From the following particulars, prepare the Machinery A/c and Depreciation A/c for 4 years, closing the accounts every years on 31st March
‘A’ machine bought at a cost of Rs. 50000 on 1.4.10
‘B’ machine purchased for Rs. 30,000 on 1.10.11
‘A’ machine sold for Rs. 35,000 on 30.9.12
‘C’ machine bought for Rs. 40,000 on 1.4.13
Depreciation is charged at 10% p.a on original cost method
10. On 1.4.10 a firm acquired a lease costing Rs. 50,000 for a term of four years. It was proposed to depreciate it on the annuity method. Charging interest at 6% p.a with reference to the annuity table, to write off Rs. 1 at 6% over a period of four years, the amount to be charged is 0.288591.
Show the lease account and interest account for all four years
11. Indus limited has a nominal capital of Rs.5,00,000 divided into equity shares of Rs. 10 each. Of these, 40,000 shares were issued to public. The amount was to be paid as follows:
Rs 3 on application
Rs 2 on Allotment
Rs. 3 on first call and
Rs. 2 on final call
All the shares were subscribed and the money was duly received except the first and final call on 600 shares. The directors forfeited above shares and reissued that at Rs. 7 each as fully paid up
Pass necessary journal entries in the book of the company
12. Ganga,Yamuna and saraswathi are partners of a firm, sharing profit in the ration 5: 3: 2 with capitals of Rs. 1,00,000; 60,000 and 40,000 respectively. According to the partnership deed, they are entitled for the following;
a) interest on capital @ 12% p.a
b) interest on drawings @ 10% p.a
c) Yamuna is allowed a salary Rs. 1000 p.m
drawings of the parents during the year amounted to 16,000, 14,000 and 10,000 respectively and interest on drawings being 1600, 1400 and 1000 respectively
the profits for the year amounted to Rs 45,000. Prepare profit and loss appropriation A/c
13. Surya and Chandra are partner sharing profit in the ratio 7:3. They admit Taara in to partnership. Surya agrees to surrender ½ of his share and Chandra aggress to surrender ¼ of his share in favor of Taara. Calculate New Ration of Partners.
14. Rajesh, Suresh, and Umesh are partners sharing profits and losses in the ratio of 4:3:2. Rajesh retires, Suresh and Umesh share the future profits equally. Calculate the gain ratio.
15. Mr. Krish, a partner has drawn the following amounts during the year 13-14:
Rs 3,000 on 31.5.13
Rs 2,000 on 1.9.13
Rs 4,000 on 30.11.13
Calculate his interest on drawing @ 10% p.a under product method, up to the yare ending 31.3.14
16. Amar, Akbar and Anthony are partners sharing profits and losses in the ration of 5:3:2. Akbar retires from business. His share is gained by Amar and Anthony in the ratio of 2:1. Calculate their new profit sharing ratio.
17. Bring out the difference between the Reserves and the Provision
18. Define partnership
19. State any two causes of deprecation
20. What is meant by fixed capital system?
21. What is oversubscription?
22. What is capital fund?
23. Mention any two types of information
24. Give any two examples for “Revenue Reserves”.
25. Mention any four contents of a partnership deed.
