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Accounts -
1999 (I.C.S.E)
You on questions 4 to
6
SECTION - B
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Q 4 Small ,
Big and Boost own Expanding Enterprises , with Fixed Capitals of
Rs.200000 , Rs. 400000 and Rs 600000 .Their current account
balances on 31.3.1995 are Rs. 50000 , Rs. 100000 (Dr) and Rs.
150000 (Dr).
On 1.4.1995 , they adopt the Fluctuating Capital
Method of accounting, i.e. , they transfer their current account
balances to the capital accounts , on this given date .
The
clauses of the Partnership Deed provide for :-
(a) Interest on
capital @10 % p.a. (now on the Fluctuating Capital balances
as from 1.4.1995.)
(b)A monthly allowance of Rs. 6000 , Rs
4000 and Rs. 3000 for Big , Boost and Small respectively is to be
accounted for
(c) Loan Capital of a partner earns him
interest @ 20% p.a. (which interest is compulsorily to be drawn in
cash , by the concerned partner each year, on the last date)
.
(d) A 10% Reserve is to be set aside on the year's net
profit.
(e) Profit- sharing ratio is 1 : 1 : 2 for Small,
Big and boost respectively.
Compile the Profit and loss
Appropriation A/c. and the capital A/c. of the Trio for the year
April 1995 to March 1996. Net profit determined through the Profit
and Loss A/c is Rs. 500000. Boost loan Capital reflects a credit
Balance of Rs. 150000 . The monthly Drawings for 1995-1996 of each
totalled to Rs. 25000 for the year.
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Q 5
a)Compile the Income & Expenditure A/c . of Progress Club
for the year ended on 31.3.1997 , from the given data
.
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Receipts
& Payments A/c for the year ended on
31.3.1997 |
| Particulars |
Amount |
Particulars |
Amount |
To bal.:
|
13000 |
By Rent |
15000 |
| To Membership Fees |
66000 |
By Charities |
12000 |
| To Locker Rents |
7800 |
By Administration |
23000 |
| To Club Activity
Earnings |
21400 |
By Honorarium (90%) |
9000 |
| To Unclaimed Lost Property-sold
off |
1700 |
By Subscriptions |
4600 |
| To Donations |
10000 |
By Club Activity
outgoings |
12800 |
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By Fixed Deposit |
30000 |
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By bal.:
|
7500
6000
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119900 |
|
119900 |
Other information :-
i) As on 31.3.97 Membership
Fees accrued is Rs 5000 and Unpaid Rent is Rs 1500.
ii) As
on 31.3.97 Activity earnings due are Rs. 4400 and a bill of
Rs. 2000 is payable for the outgoings.
iii) Income from
unclaimed articles by members = Club Income.
b) Give journal entries , using
proper ruling for:
i) Salary payable Rs. 10000
ii)
Rent Rs. 10000 paid for five quarters- adjust the
account.
iii) Legacy Rs. 15000 already received earlier in
the year , to be capitalised (for an educational institution
)
iv) Interest earnings accrued Rs. 4000.
(Narrations
need not be written for each entry )
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Q 6
Mr. Analyst
presents the data as under :-
Final Accounts of Mr. Analyst for
the year ended on 31.3.1996
| Particulars |
Amount |
Particulars |
Amount |
| To Materials
Consumed |
|
By Net sales |
150000 |
| To Conversion
Costs |
20000 |
|
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| To Gross Profit
c/d |
50000
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150000 |
|
150000 |
| To Administrative exp.
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By Gross Profit
b/d |
50000 |
| To Selling Exp.
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By Non Operating
Income (= 5% of the Gross Profit ) |
2500 |
| To financial
Exp. |
500 |
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| To loss by Theft
(goods were uninsured ) |
2000 |
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| To
Depreciation |
5000 |
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| To Net Profit (net
profit ratio =10% ) |
______ |
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Balance sheet not reflected as it
is not relevant to the questions asked.
Answer the
questions asked very clearly , in the given serial order
.Serial numbers indicated must be very clearly written , to
ensure accurate marking.
What is the :-
i) Loss suffered
, resulting from the use of the fixed assets?
ii) Total of
each side of the Profit & Loss A/c ?
iii) Net Profit
?
iv) Total of the Administrative & selling Exp.
?
v) Value of Materials consumed , if the ratio of
Materials consumed to the Conversion costs is 4:1 ?
vi)
Difference between the balance of the trading A/c & Profit
and loss A/c
vii) Value each of the Selling Exp. and
Administrative Exp. if the ratio is 4:1 ?
viii) Margin on
sales ?
ix)Value of net purchases available to sell , if
the opening stock = 8000 and the closing stock = Rs 7000
?
x) Gross Profit Ratio ?
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