12th Class Accountancy Private 2013 Paper Jkbose Jammu PDF Download

12th Class Accountancy Private 2013 Paper Jkbose Jammu PDF Download

12th Class Accountancy Previous Private 2013 Paper Jkbose Jammu PDF Download

Private paper

Set-Y

Part-A

(Long Answer Type Questions)

The following is the receipts and payments account of jolly Club for the first year ended 31^st March 2012:

Receipts	Rs	Payments	Rs
To Subscriptions To interest on investments To Life Membership subscription To Profit or from Entertainment To Entrance Fees	11000 100 2000 500 1000	By salaries By Postage By Rent By Telephone Charges By printing and Stationary By Furniture By Investments By Balance: Cash in Hand Cash at Bank	2200 100 1100 200 300 2000 4000 3600 1100
	14600		14600

Additional information:

(i)                 Salaries outstanding Rs. 200.

(ii)               Rent due Rs. 100.

(iii)             Subscriptions to be received Rs 400

(iv)             Depreciation on furniture 10%

Prepare Income and Expenditure Account for the year March 2012 and Balance sheet as on that date.

Or

From the following information derived from the books of Jammu Club, show the relevance items will appear in opening and closing balance sheet and in the Income and Expenditure Account for the Year ended 31-03-2012:

Receipts	Rs	Payments	Rs
31-03-2010 31-03-2011 31-03-2012	15000 95000 10000
	120000		120000

Additional Information:

(i)   Subscription outstanding 31-03-2011                  Rs 18000

(ii)  Subscription outstanding 31-03-2010                  Rs 21000

(iii) Subscription receive in advance 31-03-2010        Rs 7000

1. The partnership agreement of Mohsin and Ganesh provide that :

(i)                 profit will be shared equally.

(ii)               Mohsin will be allowed a salary of Rs 400. P.M

(iii)             Ganesh who manages the sales departmental will be allowed a commission equal to 10% of the net profit after allowing Mohsin salary.

(iv)             5% interest will be changed on partner’s annual drawings. Mohsin Rs. 800 and Ganesh Rs. 700.

(v)               The net profit for the year ending March 31, 2012 amounted to Rs. 40000

Prepare Firm’s Profit and Loss Appropriation Account.

Or

X and Y are partners sharing profit and losses in the ratio 2 : 1. Their capital were Rs 40000 and Rs 30000 respectively.

Show distribution of profit in each of the following cases:

Case A: Profits are Rs. 15000 and deed is silent as regards to interest on capital.

Case B: Profits are Rs 15000 and deed provides for interest @10% p.a on capital

Case C: Profits are Rs 5600 and deed provides for interest on capital @10% p.a

Case D: Profits are Rs 5600 and the deed provides for interest on capital @10% p.a even if there is a loss

Case E: Losses are Rs 2000 and the deed provides for interest on capital @10% p.a even if there is a loss.

3 firm earned net profit during the last five years as follows:

(i)    Rs. 7000

(ii)  Rs. 6500

(iii)                        Rs 8000

(iv)                        Rs. 7500

(v)  Rs 6000

The capital investment of the firm is Rs 40000. A fair return on Capital in the market is 12%. Find out the value of Goodwill of the business if it is based on the three year purchase of average super profits of the past five years.

Or

A and B are partners in 3:2 ratio. C is admitted. A gave 1/5  of his share to C while B gave 1/10 of his share to C. Find out (a) new profit sharing ratio and sacrifice ratio.

Ek like toh banta hai

OR