Sample Question Paper IN Accountancy
Sample Question Paper IN Accountancy
Sample Question Paper IN Accountancy
IN
ACCOUNTANCY
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Time: Three Hours Maximum Marks: 100
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Note: The question paper is divided into two sections A and B. Attempt all questions of
Section A and any one question of Section B:
Section A
2. What is the legal provision of Profit sharing ratio if nothing is given in ‘Partnership
Deed”? 1
3. A student of Accountancy feels that a Simple Cash Book always shows a credit
balance. Give your opinion. 2
4. Define anyone of the following:
i) Vouchers
ii) Supporting Vouchers
iii) Accounting Vouchers 2
5. What is Bank Reconciliation Statement? 2
6. Give the names of any four assets in liquidity order. 2
7. Give the formulae of ‘Sacrificing ratio’ and ‘Gaining Ratio’. 2
8. Explain in brief the term ‘Accounting’ and give any two differences between book-
keeping and Accounting. 3
14. A Ltd. Co. having a nominal capital of Rs. 20,00,000 divided into 2,00,000
equity shares of Rs. 10 each, offered to the public for subscription 1,00,000
equity shares at a premium of Rs. 2 per share payable as:
All the shares offered were applied for and alloted. The allotment money was received in
full. A shareholder holding 100 shares failed to pay the first call and his shares were
forfeited. These shares were reissued at Rs. 6 per share, Rs. 7 per share paid up. Final call
has not been made.
10
15. The following Trial balance is extracted from the books as on 31st March 98.
Prepare Trading and Profit and Loss Account for the year ended 31st March 98 and Balance
Sheet as on that date. 12
16. A and B Sharing profits in the ratio of 5:3 admit C as a partner with 1/5th share
in profits. He has to contribute Rs. 20,000 as his capital. The Balance Sheet of A
and B before admission was as follows:
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Liabilities Rs. Assets Rs.
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Sundry Creditors 21,000 Goodwill 10,000
Pass Journal entries, preapre Revaluation A/c and Capital A/cs of Partners. 12
OR
A, B and C are partners in a business sharing profits and losses in the ratio of 3:2:1. Their
Balance Sheet on 31st March 97 was as follows:
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Liabilities Rs. Assets Rs.
Sundry Crediors 1600 Cash in hand 600
General Reserve 6,000 Cash at bank 1,000
Capitals Sundry Debtors 9,000
A 10,000 Stock 7,000
B 10,000 Machinery 6,000
C 10,000 Factory Building 14,000
37,600 37,600
Pass journal entries, prepare Revaluation A/c and Capital A/cs of Partners 12
1998
May 15 Withdraw cash from bank
for office use vide cheque No. 1785 Rs. 1,500 2
Section B
18. a) i. Calculate current Ratio from the Balance Sheet given below:
Balance Sheet
3,42,000 3,42,000
ii) How will you interpret the ratio calculated in the above question? 5
iii) Calculate the funds from operation from the information given below:
Net Profit for the year Rs. 65,000
c) Prepare Schedule of changes in working capital and funds flow statement from the
information given below:
Assets 31.12.96 31.2.97
Goodwill 10,000 5,000
Cash 1,23,000 1,60,000
Closing Stock 87,000 1,20,000
Long-term investments 15,000 10,000
Debtors 5,000 3,000
Land 15,000 27,000
2,55,000 3,25,000
Liabilities
Creditors 50,000 45,000
B/P 20,000 35,000
Loans (Long-term) 20,000
Capital 1,25,000 1,50,000
P and L A/c 60,000 75,000
2,55,000 3,25000
10
i) Donations
ii) Entrance fees
For 1996-Rs.80
For 1997-Rs.4,220
For 1998-Rs. 160
There are 450 members, each paying Rs. 4,460 as annual subscription of Rs. 10, Rs. 90
were in arrears for 1996 at the beginning of 1997.
ii) Why do we prepare Income & Expenditure A/c in place of P&L A/c for Non
Trading organization 2
c) From the information given below, prepare Income and Expenditure A/c for the
year ended Dec. 31, 1997
i) There are 250 members in the club, each paying Rs. 10 as subscription.
ii) Salaries include Rs. 100 for 1996 and Rs. 1.50 for 1998 Salaries outstanding for
1997 Rs. 200. 10