Madras University (UnOM) 2007 B.C.A Computer Application Accounts - Question Paper

Pass necessary journal entries in the books of AB Ltd.

OR
The subsequent balances appeared in the books of Madhu Ltd. as on first April 1997:

12% Debentures
Debenture Redemption Fund
Debenture Redemption Fund Investments Rs. 1,50,000
Rs. 1,25,000
Rs. 1,25,000


The Debenture Redemption Fund Investments were represented by Rs. 1,30,000 9% government securities.
The annual instalment added to the fund was Rs. 20,600. On 31st March 1998 the bank balance before the receipt of interest on investments was Rs. 40,000. On that date all the investments were sold at 84% and the debentures were duly redeemed.
Prepare Debentures Accounts, Debenture Redemption Fund Account, Debenture Redemption Fund Investment Account and Bank Account for 1997-98. The company closes its books on 31st March every year. (Marks 11)

Q9) A, B and C were partners sharing profits in the proportions of 1/2, 1/3 and 1/6 respectively. The Balance Sheet of the firm on 31st March 1998 was as follows :

Liabilities Amt. (Rs.) Assets Amount (Rs.)
Sundry
Creditors
Provident Fund
Reserve Fund
Capitals:
A
B
C 12,600
3,000
9,000

40,000
36,500
20,000
1,21,100
Cash at Bank
Debtors
Rs. 30,000
Less Provision Rs. 1,000
Stock
Investments
Patents
Plant and Machinery 4,100

29,000
25,000
10,000
5,000
48,000
1,21,100


C retired on the above date on the subsequent terms :
(i) Goodwill of the firm was valued at Rs. 27,000, but it was not to remain in the books of the new firm.
(ii) Value of the patents was to be decreased by 20% and that of Plant and Machinery by 10%.
(iii) Provision for doubtful debts was to be raised to 6%.
(iv) C took over the Investments at a value of Rs. 15,800.
(v) Liability on account of Provident Fund was only Rs. 2,500.
Show the necessary journal entries for the treatment of goodwill, prepare revaluation account, capital accounts of the partners and the Balance Sheet of A and B after C’s retirement. (Marks 14)

OR


subsequent is the Balance Sheet of Hari, Ram and Shyam as on 31st December 1994.


Liabilities Amount (Rs.) Assets Amount (Rs.)
Sundry creditors
Reserve fund
Capital Accounts:
Hari
Ram
Shyam 3,000
3,200

10,000

5,000
5,000 Tools
Furniture
Stock
Debtors
Cash at Bank

Earning:   Approval pending.