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School/+2

  Accounts - 1999 (I.C.S.E)
You on questions 1 to 3


-Answers to this paper must be written on the paper provided separately.
-You will NOT be allowed  to write during the first 15 minutes.
-This time is to be spent in reading the question paper.
-The time given at the head of this paper is the time allowed for writing the answers.

-All working , including rough work , must be cleared shown ;it should be done immediately before/after the rest of the answers.
-Please also note that parts of the same question must be done continuously so as to facilitate  evaluation.

-Attempt all questions from Section A and any two questions  from Section B.
-The intended marks for questions or parts of questions are given in  brackets
 [ ].


SECTION -  A

Q 1 (a) State true or false :
(i) Every educational center- be it a nursery , primary , secondary or higher secondary school-is registered as a non - trading organisation in our country.
(ii) Only Trading Units compile Trial Balances to help complete Final Accounts.
(iii) Commercial organisations set up for business profits can undertake to do charities , but charitable organisations cannot be granted permission to register as profit -oriented units.
(iv) In a given year of accounting , Bad Debts A/c and Bad Debts Recovered A/c. necessarily involve the same client.
(v) A retrospective change in the method of depreciation involves adjustment in the reduced value of an asset , as on the date of decision.

(b) The following question has to be answered  using two columns. Rewrite  Column 1 in the order given. Column 2 contains descripitive phrases for the items in column 1. Match the phrases to suit the items in column  1 by selecting phrases from Column 2. Ignore those that remain:

Column 1

Column 2

i) Original Cost Price method related to

Surplus as the goal

ii)Building A/c .debited for structural repairs

use the Journal  Proper.

iii)Professionals work for

the overall compensation paid

iv)Sole Trader works for

associates with Capital Expenditure.

v) To set off 'Mr. O  Customer A/c .' against 'Mr. O Creditor A/c'

Landed cost of asset less scrap value   if any, distributed over a given life-span.

 

profit as the motive. aptly described as deferred repairs.

 

(c) Each statement given below has two blanks , a word or phrase blank and the rupee-value blank .As your answer for each, indicate the word or phrase  or 'Rs.             ' in the blank spaces provided. The serial order of statements (i) to (iii)  should not be disturbed.
(i) If Mr. A and Mr. B report current account bal. of Rs. 10000 (Dr) and Rs. 15000 (Cr.) respectively , and as per the Partnership Deed , if interest on current A/c. bal. @ 10% p.a. is to be charged from the relevant partner             , the interest will be Rs.      .

ii) If Capital Fund on 1.4.1995 = Rs. 1500000 and a legacy received capitalised = 10% of the amount , and the closing Capital Fund on 31.3.1996 works out to Rs. 1900000 the year's             is Rs.            

iii)If the Net Profit ratio also referred to as the               is equal to 25% and if Net Turnover is quoted as Rs. 400000 , the Net Profit is Rs.               .

 

 Q 2 Compile final accounts for Mr. Lockshy form the Trial  Balance as on 31-3-1997
Particulars Debit Credit
Fixed Assets (Depreciation rate is 5% p.a. ) 120000  
Two -wheeler 2500  
Reserve   15000
Wages & Manufacturing expenses 55000  
Capital & Drawings 9000 170000
Investment in 10% Debentures 40000  
Loan @ 15% p.a. (on mortgage of fixed Assets)   60000
Insurance & Taxes 3800  
Goods 235000 440000
Bad Debts ( the year's Bad Debts total Rs. 2000 ) 1500  
Cash 7200  
Interest on loan 4500  
Returns and Adjustments 8000 7000
Current Account with the banker 33000  
Carriage (1/3 of the amount = carriage outward ) 18000  
Interest Earned from Debentures   3000
Indirect Exp. incurred 77000  
Debtors & Creditors 12000 9000
Rent (paid for 8 months and received for 15 months ) 8000 10000
Goodwill 65000  
Opening Stock 14500               
  714000 714000  
Adjustments:-
a) Interest on loan is payable for the quarter ending 31.3.1997
b)The two-wheeler was sold at book -value to a friend on 1.4.1996 and the cash used up for domestic needs by Mr.lockshy- account for this left unrecorded.
c) Insurance & Taxes include Rs. 900 paid for the quater ending 31.6.1997
d) Unsold stock at end , Rs. 16000

  Section   -- B
Attempt any two questions

Where required , candidates are advised to spread their answers across the two sides of the answer booklet to ensure neatness


Q 3
Computer Equipment A/c. in the ledger of an MBA in the consultancy line reflects a bal. b/d  of Rs. 177500 for 3 units , as on 1.4.1993 Depreciation rate is 10% p.a. , Fixed Installment basis . The annual depreciation amounts are Rs. 10000 + Rs 5000 + Rs 7500 .Their annual  servicing cost is Rs. 5000.
On 1.3.94 an advance of Rs. 20000 was paid to buy three 'printer ' units for the existing computers.
Finally , on 30.6.94 , the bal. amountof Rs. 70000 was cleared by a cheque issued against the delivery of the 'printer' units , put into immediate  use.
In 1995-96 , on Oct. 1 , one of the three computer units with one printer was transferred home for the children's use , at  no profit , no loss basis . The computer had been bought on 1.4.1991 paying Rs.50000.
Work out the computer Equipment A/c reflecting all its given data for the financial years 1993-94 , 94-95 and 95-96.

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