HIGHER SECONDARY MODEL EXAMINATION FEBRUARY 2011

ACCOUNTANCY WITH COMPUTERISED ACCOUNTING

HSE II Maximum : 60 Scores Time : 2 hrs
1. In the absence of Partnership deed partners share profit & losses in the ratio of their a. Capital ratio b. Equally c. working time d. None of these (1 Score) 2. Voluntary return of shares by the shareholder to the company for cancellation is called a. Forfeiture b. Redemption c. Surrender d. None of these (1 Score) 3. Admission of a partner relates to ____________ of firm a. Reconstruction b. Reconstitution c. Dissolution d. All of these (1 Score) 4. A share is forfeited for the non-payment of Rs.6/- per share. These shares can be re issued at a maximum discount of Rs._____________. (1 Score) 5. Anil, Babu and Chandran are partners sharing profit and losses in the ratio of 2:2:1, Babu retires from the firm. Anil and Chandran agrees to share profits and losses equally in future. Calculate Gaining Ratio. (2 Score) 6. Johnson Ltd issed 50000 shares @Rs.10/- each at a premium of 10%. A share holder holds 100 shares failed to final call money of Rs.4/- per share. Premium is received with allotment money. Pass journal entries on forfeiture of shares. (2 Score) 7. During the dissolution of a firm a creditor of Rs.5000/- took over the furniture worth Rs.6000/- for the settlement of his credit. Pass journal entries if required. Justify your answer. (2 Score) 8. Kripal and Krishna are partners in a firm sharing profit and losses in the ratio of 3:2. Their capital balances as on 0101-2010 were Rs. 80,000 and Rs.60,000/- respectively. Kripal entitled to get salary of Rs.600 per month and Krishna entitled to receive a commission of Rs. 4000/- per annum. The drawings of partners were Rs.4000/- and Rs.3000/respectively and their interest on drawings were Rs.60/- and Rs.50/- respectively Partnership deed provides an interest @6% p.a. on their capitals. The profit for the year ended 31st December, 2010 were Rs.40,000/- Show how the profit can be distributed among partners and prepare partners current accounts. (4 Scores) 9. Taj Ltd. Offers to its shareholders the right to buy one share for every 3 shares held at Rs.150/- per share. The market value of the share is Rs.200/-. Calculate the value of right. (3 Score) 10. Premium collected through the issue of securities can be utilized only for certain purposes. List out the purposes. (3 Scores) 11. Binoy Ltd. Issued the following debentures of Rs.10/- each a. 12% debentures of Rs.6,00,000/- issued at par and redeemed at par b. 8% debentures of Rs.80.000/- issued at par and redeemed at a premium of 10% c. 10% debentures of Rs.70,000/- issued at a discount of 10% and redeemed at a premium of 10% (6 score) 12. Jai Hind Ltd. Issued 50000 shares @ Rs.10/- each at a premium of 10% payable Rs.3 on application, Rs.4 on allotment (including premium) and balance on first and final call. The company received 80000 applications company allotted the shares in the following manner a. On 20000 applications allotted in full b. On 50000 applications 30000 shares allotted c. Balance applications were rejected All calls were made, while receiving the allotment money 300 shares paid in full. All call money were received except on 200 shares. Journalize the entries in the books of Jai Hind Ltd. (7 scores)

13. The following is the balance sheet of Anu, Binu and Cinu sharing profits and losses in the ratio of 3:2:1 as on 31st December 2010 BALANCE SHEET Liabilities Amount Assets Amount Capitals Plant and machinery 11500 Anu 15000 Furniture 8500 Binu 9500 Investment 12000 Cinu 11000 Stock 2500 Creditors 6500 Debtors 6500 General Reserve 3500 Less Provision 1000 5500 Cash 5500 45500 45500

The firm dissolved on the above date and the assets and liabilities realized as under: Plant and machinery Rs.14000/-; Furniture Rs.5000/-; Debtors realized in full; Stock Rs.2500/-; Investments were taken over by Cinu. Creditors were paid off by Anu at a discount of 10%. Realization expenses Rs.2,000/-met by Binu. There is an unrecorded asset of Rs. 1000/- which was realized Rs.1100/Close the books of the firm. (7 Score) OR Prepare a trading firms partnership deed containing at least 14 assumed items (7 Score) COMPUTERISED ACCOUNTING 14. Control + N is used to activate calculator. Identify the key combination to activate calculator when the courser is at the amount field of the voucher entry. (1 score) 15. MS Excel is a ____________ a. Work book b. work sheet c. work journal d. None of these (1 score) 16. The function key used for bank reconciliation is ______ (1 Score) 17. Construct an equation for the following a. Basic pay Rs.10,000/b. DA 10% of Basic Pay and c. HRA 2% of Basic pay (2 Score) 18. Suraj Ltd maintaining accounts only in Tally. The company now wants to maintain stock details in Tally. Can the company do in the present company itself or need to create another company. Justify your answer. (3 score) 19. While preparing final accounts how will u enter the following adjustments a. Closing stock b. outstanding wages c. Provision for bad debts d. Depreciation (4 Scores) 20. Anil a general merchant approach you with a trial balance to enter it in Tally. How you help him to prepare the Trial Balance in Tally (5 Scores) 21. Prepare a table with columns Date, Transactions, Accounts involved, Account Group, voucher Type and function key from the following transactions a. 2010 Oct 1. Ameen Started a Business with cash Rs.60,000/- and Furniture Rs.20,000/b. 2010 Oct 3 Opened a current account with Federal Bank Rs.20,000/c. 2010 Oct 5 Paid wages Rs.600/d. 2010 Oct 7 Purchased goods from Ram Rs.6000/e. 2010 Oct 8 Returned goods to Ram Rs.600/(5 Score)