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22nd December 2014, 08:56 AM
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ISC Accountancy modal paper
Hi friends will you p,z send me ISC Accountancy modal paper , as I am going to appear in this exam in this year??
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#2
22nd December 2014, 11:55 AM
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Re: ISC Accountancy modal paper
Here I am providing ISC Accountancy modal paper for which you are looking here: Question 1 Answer briefly each of the following questions: (i) What is the accounting treatment when realization expenses are paid by the partner on behalf of the firm? (ii) Apart from issuing shares to the general public for cash, list two other groups to whom a company could issue shares for consideration other than cash. (iii) Give the adjusting and closing entry for recording interest on drawings charged from the partners when the firm follows the fixed capital method. (iv) Give any two points of difference (without examples) between tangible and intangible fixed assets. (v) What is meant by ‘Capitalized value of Average Profits’? Give the formula for determining it. (vi) Under what circumstances are no separate set of books kept for joint venture? ISC Accountancy modal paper PART I Question 1 [10 × 2] Answer each of the following questions briefly: (i) Define Prime Cost. (ii) Explain FIFO method of stock valuation. (iii) What do you mean by the term non-recurring expenses in joint venture? (iv) What is the purpose of opening a joint bank account for joint venture? (v) State two advantages of self-balancing system. (vi) Why is a profit and loss appropriation account necessary in a partnership firm? (vii) Why is there a need for revaluation of assets and liabilities of a firm if there is a change in profit-sharing ratio of partners? (viii) Explain ‘pro-rata allotment of shares’ by means of a suitable example. (ix) State two differences between ‘current assets’ and ‘current liabilities’. (x) Mention two uses of ratio analysis. Question 2 [10] Winston was allotted 100 equity shares of Rs.100 each by Diplod Ltd. originally issued at a discount of 6% per share. He failed to pay the final call at Rs.35. These shares were forfeited and out of these, 50 shares were re-issued to Morgan at Rs.90 each as fully paid up. Journalise the transactions in respect of forfeiture and re-issue of shares only. PART II Question 3 [14] Trading and Profit and Loss Account of Myers Ltd. for the year ended 31st March 2007. Particulars Rs. Particulars Rs. To opening stock 15,250 By sales 1,00,100 To purchases 63,050 By closing stock 19,600 To carriage 400 To wages 1,000 To Profit and Loss A/c 40,000 1, 19,700 1, 19,700 To Administrative expenses 20,200 By Trading A/c 40,000 To salaries 2,400 By non operating income 1,200 To financial expenses 1,400 To Non-operating expenses 400 To Balance c/d 16,800 41,200 41,200 Balance Sheet of Myers Ltd. As at 31st March, 2007. Liabilities Rs Assets Rs. Share capital 70,000 Fixed assets 60,100 Reserves 1,200 Stock 19,000 Profit and Loss A/c 16,800 Debtors 9,000 Creditors 3,700 Bank 3,600 91,700 91,700 From the above, calculate the follow ratios: (i) Gross Profit ratio (%) (ii) Net Profit ratio (%) (iii) Stock turnover ratio. (iv) Proprietary ratio (v) Current ratio (vi) Quick ratio. (vii) Working capital turnover ratio. Question 4 [14] The following are the Balance Sheets of Jardine Ltd. as on 31st December 2006 and 2007:- Liabilities 2006 2007 Assets 2006 2007 Share capital 5,10,000 5,50,000 Goodwill 25,000 20,000 Loan 2,50,000 1,50,000 Building 2,10,000 3,30,000 General reserve 1,00,000 1,00,000 Machinery 3,00,000 4,00,000 Profit and Loss A/c 55,000 95,000 Stock 1,25,000 1,05,000 Provision for taxation 20,000 55,000 Debtors 1,50,000 1,20,000 Creditors 25,000 20,000 Cash 1,50,000 12,000 Bills payable 10,000 15,000 Preliminary expenses 15,000 10,000 Provision for doubtful 5,000 12,000 debts. 9, 75,000 9, 97,000 9,75,000 9,97,000 Additional information:- (i) During the year, a part of the machinery costing Rs.2,500 was sold for Rs.1,500. (ii) Dividend of Rs.50,000 was paid during the year. (iii) Income tax of Rs.25,000 was paid during the year. (iv) Depreciation provided during the year on Building Rs.5,000 and Machinery Rs.25,000. From the above, you are required to prepare a cash flow statement as per Accounting Standard - 3. Question 5 [14] The following is the trial balance of Martin Ltd. as on 31st March 2007:- Debits Rs. Credits Rs. Opening stock 75,000 Purchase returns 10,000 Purchases 2, 45,000 Sales 3, 40,000 Wages 30,000 Discount 3,000 Carriage 950 Profit and Loss A/c 15,000 Furniture 17,000 Share capital 1, 00,000 Salaries 7,500 Creditors 17,500 Rent 4,000 General reserve 15,500 Trade expenses 7,050 Bills payable 7,000 Dividend paid 9,000 Debtors 27,500 Plant and Machinery 29,000 Cash at Bank 46,200 Patents 4,800 Bills receivable 5,000 5, 08,000 5, 08,000 Additional information: (i) Stock as on 31.3.2007 – Rs.88,000 (ii) Depreciate plant and machinery at 15%, furniture at 10% and patents at 5% (iii) The Board recommends payment of a dividend @ 15% p.a. From the above information, you are required to prepare the Profit and Loss account for the year ended 31.3.2007 and a Balance Sheet as on that date. Question 6 [14] Show by means of journal entries, how would you record the following issues in the books of Charles Ltd. Also show how would they appear in their respective Balance Sheets:- (i) A debenture issued at Rs.95 repayable at Rs.100. (ii) A debenture issued at Rs.95 repayable at Rs.105. [NOTE: Face value of each debenture is Rs.100] Question 7 [14] Robert and Smith were partners sharing profits and losses in the ratio of 3: 2. On the date of dissolution, their capitals were: Robert – Rs.7,650 and Smith – Rs.4,300 The Creditors amounted to Rs.27,500. The balance of cash was Rs.760. The assets realised Rs.25,430. The expenses on dissolution were Rs.1,540. All the partners are solvent. Close the books of the firm showing the realisation, capital and cash accounts. Question 8 [14] Johnson Ltd. kept bought and sales ledger on self-balancing principles. From the following particulars, prepare the necessary adjustment accounts for the year 2007 in the two ledgers:- Sundry Debtors (1.1.2007) 12,400 Sundry Creditors (1.1.2007) 5,000 Credit purchases 20,600 Credit sales 26,800 Cash received from debtors 15,600 Returns inward 600 Acceptances given 8,000 Returns outward 500 Debtors acceptances dishonoured 1,000 Discount allowed 200 Bad debts written off 400 Question 9 [14] S, T and W having agreed to share profits and losses equally, entered into a joint venture to construct a building at a price of Rs.10,00,000. A joint bank account was thus opened where S paid Rs.4,00,000, T – Rs.2,00,000 and W – Rs.3,00,000. Expenses incurred on behalf of the joint venture were as follows: Materials – Rs.2,00,000; wages Rs.1,50,000 and expenses Rs.1,25,000. Materials supplied by S from his stock amounted to Rs.1,25,000. Finally, the venture was closed by T taking the closing stock at a valuation of Rs.1,00,000. From the above, you are required to prepare the joint venture account, co-ventures’ accounts and the joint bank account. Question 10 [14] The following figures were extracted from the records of Alfred Engineering Company Ltd. for the year ended 31.3.2007. Opening stock of raw materials 40,000 Opening stock of work-in-progress 12,000 Opening stock of finished goods 30,000 Closing stock of raw materials 50,000 Closing stock of work-in-progress 30,000 Closing stock of finished goods 80,000 Raw materials purchased 4,00,000 Direct wages 2,00,000 Factory insurance 90,000 Carriage inwards 4,000 Dock charges 10,000 Cost of rectifying raw materials 20,000 Hire of special tools for manufacturing. 1,00,000 Cost of factory supervision 11,000 Wages paid to works gatemen 20,000 Sale of finished products 15,00,000 Selling and distribution overhead – 1% of sales. From the above, you are required to prepare a cost sheet for the year ended 31st March 2007. For collect whole paper here is attachment plz have a look: |