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Sub:- A/C

Std-12th(GSEB)
Exam No. 15

CH-2

Marks- 30
Time- 1
Paper No-1

Q-1 A, B and C are the Partners of a firm. The proportion of their Capitals is 3:2:1. C is to be paid 6%
commission on Profit after Charging his Commission. If Profit of the firm for the year ending on 31-3-06 is Rs
20,988, then What total amount Should C get?
(3 Mks)
Q-2 Pravin,Karan and Hema are Partners of a firm. On 1-4-07, their Capitals were Rs 1,60,000 ; Rs 1,40,000
and Rs 3,00,000 respectively. At the end of the year after Distributing the Profit, It was Found that interest at
8% p.a. On Capital was not calculated. Give a journal entry to rectify the error.
(3 Mks)
Q-3 From the following trial balance and adjustments of Shyam,Madhav and Bansidhar, Prepare the firms
annual accounts for the year ending on 31-3-07:
[ 12 Mks]
Trial balance as on 31-3-07
Debit Balance
Amount
Credit balance
Amount Rs
Rs
Drawings:
Capital:
Shyam
17,000 Shyam
60,000
Madhva
13,000 Madhav
50,000
Bansidhar
15,000 Bansidhar
40,000
Stock(1-4-06)
35,000 Creditors
20,000
Purchases
1,65,000 Sales
2,75,500
Stationery
12,000 Bills Payable
5,000
Bank
10,001 Bad debts reserve
1,500
Insurance Premium
1,200 Purchase return
3,000
Salary and Wages
16,000
Carriage inward
2,500
Discount
899
Building
70,000
Furniture
30,000
3,000
Carriage outward
1,200
Post telegram
20,600
Debtors
Cash balance
8,000
600
Interest
34,000
Investment in shares
4,55,000
4,55,000
Adjustments:

(1)
(2)
(3)
(4)
(5)

Closing Stock was Rs 60,000 which was 10% less than the market value.
Building is kept on a lease of 14 years from 1-4-06.Depreciate furniture by 8 1/3%.
Insurance premium paid in advance Rs 300 and Goods of Rs 4,000 is distributed as samples.
8% dividend on sharesin declared but not yet received.
Calculate interest on capital at 6% and on drawings at 8%for the whole year.

Q-4 Ashok and Samrat are Partners of Samrat brothers. They share Profits and losses in the ratio of 2:3. From
the following trial balance and adjustments prepare the final accounts for the year ending on 31-3-07: [12 Mks]
Trial balance as on 31-3-07
Debit Balance
Opening stock
Purchases
Land-building
Furniture fixtures
Sales return
Debtors
Salary
Ashoks Drawings
SamratDrawings
Goodwill
Post and telegram
Stationery
Bad debts
Cash balance
Bank balance
Plant-Machinery
Current account of Samrat
Office expenses
Interest on loan
Depreciation on land-building
Bills receivable
Freight and Octroi
Carriage on Purchases
Carriage on sales
Discount

Amount
Rs
30,000
1,80,000
30,000
12,000
6,000
49,500
23,000
9,000
6,000
8,000
2,000
4,000
4,000
4,500
7,000
65,000
4,000
7,600
600
4,000
6,000
4,000
8,200
5,000
1,100
4,80,500

Credit balance
Ashoks capital
Samrats capital
Ashoks current A/c
Sales
Creditors
Bad debts reserve
10% loan taken
From Kunwar on 1-7-06
Outstanding salary
Purchase return
Bills Payable
Discount

Amount
Rs
50,000
50,000
6,000
3,14,000
30,380
1,000
15,000
1,000
5,500
5,000
2,620

4,80,500

Adjustments:

(1) Closing Stock is Rs 50,000, of which the market value of 60% goods is 50% less.
(2) Write off bad debts Rs 1,500 from debtors and make a reserve for bad debts at 5% and create a discount
reserve of 2% on debtors.
(3) Calculate 10% interest on fixed capital of partners. And interest on drawings is to be charged at 12 %.
Ashok has withdrawn on 1-7-06 and Samrat has withdrawn on 1-1-07.
(4) Out of the furniture, Rs 7,000 Furniture was Purchased on 1-10-06.Calculate depreciation on furniture by
10%.
(5) Goods worth Rs 12,000 were burnt by fire and insurance Company has accepted a claim of 80% of the
amount.