March 2, 2014

IPE Senior Intermediate Commerce Model Paper - Part 2

Senior Inter Model Question Paper
Part-II (50 Marks)

Section - D
Answer the following question. 1 × 20 = 20

18. Pinky and Rinky are partners sharing profit & loss in the ratio of 3 : 2. Their Balance Sheet as at 31-12-2012 was as under.
Liabilities Amt. (Rs.)
Sundry Creditors 50,000
Bills Payable 1,60,000
General reserve 90,000
Pinky 1,50,000
Rinky 75,000
Total: 5,25,000

Assets Amt. (Rs.)
Cash 5,000
Sundry Debtors 1,95,000
Stock 1,25,000
Furnitures 50,000
Buildings 1,50,000
Total: 5,25,000

They decided to admit Tinku into partnership by giving him 1/4th share in the future profit on the following conditions.
1. Tinku is to bring Rs.50,000 as Capital and Rs.50,000 as goodwill in cash.
2. The amount of goodwill is withdrawn from the business by old partners.
3. Buildings are to be appreciated by 10%.
4. Furniture and Stock are to be depreciated by 5%.
5. Provide Rs.5250 for provision for doubtful debts. Prepare necessary ledger accounts and show the new balance sheet.

Section - E
Answer any ONE of the following. 1 × 10 = 10

19. Murthy of Nizamabad consigned 100 packets of turmeric (wholesale total cost price is Rs.7500) at a proforma invoice price of 25% profit on sale to his agent Das of Warangal. Murthy paid Rs. 600 as expenses. Das has took delivery of goods and paid Rs.1200 for octroi and other duties and remitted Rs. 4000 as advance. He sold 85 cases for Rs.10,500. Das is entitled to 5% commission on gross sales and 10% of
the sales price in excess of invoice price. Show consignment account and Das's account in the books of Murthy. OR

20. Following is the Receipts & Payments account of Vijayawada Sports Club, prepare income & expenditure account from as on 31-3-2008.

Receipts Amt. (Rs.):

To Balance 13,600
'' Subsriptions
2006-07 1,200
2007-08 16,500 } 2008-09 1,300 19,000
'' Legacies 3,500
'' Interest on deposits 1,100
'' Entrnace Fee 1,500
'' Life Membership fee 2,000
'' Sale of 500
old newspapers
Total: 41,200

Payments Amt. (Rs.):

By Salaries 3,400
'' Printing & 2,000
'' Telephone 1,000
'' Newspapers 900
'' Books 6000
'' Office expenses 2,500
'' Fixed deposits 20,000
'' Balance c/d 5,400
Total: 41,200

Additional information:
1) Outstanding salaries: Rs.600
2) Outstanding telephone bill: Rs.500
3) Interest receivable on fixed deposits: Rs.900
4) Subscriptions receivable for the year 2007-08: Rs.1500
5) Capitalise half of entrance fee.
6) Balances on first April 2008: Furniture Rs.3000, Outstanding Subscription Rs.1500, Books Rs.4000.
7) Provide Depreciation on furniture: 10% and on Books 15%

Section - F
Answer any TWO of the following questions. 2 × 5 = 10

21. Distinguish between consignment and sale?
22. M draws a three months bill for Rs.6000 upon N. After obtaining acceptance from N, the bill was endorsed to O in settlement of his debt. O discounted the bill at 12% p.a. The bill is dishonoured on the due date. Pass necessary journal entries in the books of M, N and O.

23. Amarish purchased machinery for Rs.20,000 on January 1, 2005. On 1st July 2006, another machine was purchased for Rs.30,000. The machinery is to be depreciated at 20% p.a. on the Diminishing Balance Method. Show the machinery account for the first 3 years.

24. Mr. Ramesh commenced business on 1st April, 2010 with a capital of Rs.35,000. On 31st March 2011, his position was as follows:

Furniture 2,000
Cash in hand 10,000
Machinery 18,000
Creditors 5,000
Debtors 20,000
Bills payable 3,000

During the year he withdrew Rs.12,000 for his personal use and introduced additional capital Rs.6000. Find out profit or loss made by Mr. Ramesh during the year.

Section - G
Answer any FIVE of the following questions. 5 × 2 = 10

25. Define the term bill of exchange?
26. Write any two causes of depreciation?
27. What are direct expenses?
28. Explain about legacy?
29. Find out profit or loss for the following. Capital at the beginning of the year Rs.15,000, drawings Rs.4,000, capital at the end of the year Rs.16,000.
30. What is scarifying ratio?
31. Write the entry for an increase in the value of an asset in revaluation of assets and liabilities.
32. P, Q are partners sharing profit and losses in 3 : 2 ratio. They admitted R by giving 1/5 th share. Find new profit sharing ratio.

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