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

(i) C brings Rs. 10,000 in cash as his share of goodwill.
(ii) Provision for doubtful debts is to be decreased by Rs. 2,400.
(iii) There is an old typewriter valued at Rs. 2,600. It does not appear in the books of the firm. It is now to be recorded.
(iv) Patents are valueless.
Prepare Revaluation A/c, Capital and the opening Balance Sheet of A, B and C.

OR

A, B and C were partners in a firm and shared profits in the ratio of three : two : 1. On 31.12.1996 their Balance Sheet was as follows:


Liabilities

Rs.


Assets
Rs.


Creditors
Bills Payable
Provident Fund
Investment -
Fluctuation Fund
Commission
Received in Advance
Capitals:
A 80,000
B 50,000
C 30,000 65,000
20,000
12,000

6,000

8,000

1,60,000
2,71,000
Cash
Debtors
Stock
Investments
Plant
P and L A/c. 22,500
52,300
36,000
15,000
91,200
54,000


2,71,000


On this date the firm was dissolved. A was appointed to realise the assets. A was to receive 5% commission on the sale of assets (except cash) and was to bear all expenses of realisation.

A realised the assets as follows :

Debtors Rs. 30,000, Stock Rs. 26,000, Investments 75% of book value, Plant Rs. 42,750. Expenses of realisation amounted to Rs. 4,100.

Commission received in advance was returned to the customers after deducting Rs. 3,000.
Firm had to pay Rs. 7,200 for outstanding salary not given for earlier. Compensation paid to employees amounted to Rs. 9,800. This liability was not given for in the above Balance Sheet. Rs. 25,000 had to be paid for Providend Fund.

Prepare Realisation Account, Capital Accounts and Cash Account.

Q7) The subsequent balances have been extracted from the books of Rama Ltd. on 31.12.1996 :
Share Capitals Rs. 10,00,000, Share Premium Rs. 1,00,000 12% Debentures Rs. 5,00,000 Creditors Rs. 2,00,000, proposed dividend Rs. 50,000, Profit and Loss Account (Dr.) Rs. 50,000, Live Stock Rs. 9,00,000, Government Bonds Rs. 4,00,000, Work in progress Rs. 4,00,000 and Discount on problem of 12% Debentures Rs. 1,00,000.
Prepare the Balance Sheet of the Company as per Schedule VI Par I of the Companies Act 1956.
(Marks 5)

Q8) A and B were partners with profit sharing ratio of two : 1. The Balance Sheet of the firm on 31.3.1996 was as follows :

Earning:   Approval pending.