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

Liabilities Amount
Rs.
Assets Amount
Rs.
Creditors
Bills Payable
Reserve Fund
Capitals :
A 40,000
B 30,000 20,000
15,000
12,000

70,000

1,17,000
Sundry Debtors
Less Provision
Stock
Building
Patents
Machinery 40,000
3,600 36,400
20,000
25,000
2,000
33,600

1,17,000


They admitted C into partnership on this date. The new profit sharing ration is agreed as three : two : 1.
C brings in proportionate capital after the subsequent adjustments:
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 now valueless. Prepare Revaluation Account, Capital Accounts and the opening
Balance Sheet of A, B and C. (Marks 12)

OR

A, B and C were partners in a firm and shared profits in the ratio of three : two : 1. On 31st December, 1996 their Balance Sheet was as follows:

Liabilities Amount
Rs. Assets Amount
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
Profit and Loss 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 received commission on 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 books value, Plants Rs. 42,750. For realisation amounted to Rs. 4,100. Commission received in advance was returned to the customer deducting Rs. 3,000. Firm had to pay Rs. 7,200 for outstanding salary no given Compensation
paid to employees amounted to Rs. 9,800. This liability was not given for the Balance Sheet Rs. 25,000 had to be paid for Provident Fund.
Prepare Realisation Account, Capital Accounts and Cash Account.

Q9) XY Ltd. invited applications for issuing 50,000 equity shares of Rs. 10 every.
The amount was payable as follows :
On Application Rs. three per share
On Allotment Rs. four per share

Earning:   Approval pending.