Q.

(15) Ganga and Godawari are partners sharing profits and losses equally the Trial Balance of their firm on 31st March, 2013 was as following. Trial Balance as on 31 st March, 2013 Particulars Debit Balance Rs. 80,000 4,00,000 30,000 7,500 40,000 35,000 8,000 80,000 72,000 6,000 3,000 8,000 2,00,000 80,000 15,000 4,00,000 8,000 10,000 2,50,000 2,50,000 1,50,000 7,500 14,90,000 14,90,000 Credit Balance Rs. 7,68,000

Stock (1-4-2012) Purchases and Sales Return Inward Carriage Power and Fuel Wages Trade Expenses Debtors and Creditors Salaries Insurance Postage Commission Plant and Machinery Furniture Advertisement Building Drawings : Ganga Godawari CAPITAL: Ganga Godawari 12% Bank loan taken on 1.10.2012 Cash in hand

60,000

12,000

Adjustments: 1. Stock on 31.3.2013 was valued at Cost price Rs. 1,00,000 and Market price Rs. 1,20,000. 2. Depreciate plant and Machinery and Buildings at 20% and 10% respectively. 3. Insurance is paid for one year ending on 30.06.2013.

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4. Goods withdrawn by Ganga for her personal use of Rs. 10,000 during the year were not recorded in the books. 5. Provided Rs. 10,000 as Bad debts and Reserve for Doubtful Debts is to be maintained at 5% on Debters. Prepare : Trading Account, Profit and Loss Account for the year ending on 31 st March, 2013 and Balance Sheet as on that date after making the above adjustments. Q.2 Attempt the followings :(15)

(A) Write the word, term or phrase, which can substitute each of the following statement.(5) 1. 2. 3. 4. 5. An amount contributed by the partners into the business. A partnership agreement between the partners in the written form. A partner who acts and behaves like a partner, but he is not a partner of the firm. An association of two or more persons to carry on business. The transport expenses incurred to carry the goods purchased by the firm. (5)

(B) Fill in the blanks :1. 2. 3. 4. 5. Wages paid for installation of Machinery should be debited to ___________ account. A statement showing financial position of the business is called as ___________. Trading Account is prepared on the basis of ____________ expenses. Final accounts are prepared on the basis of ___________ and adjustments. Returns outward are deducted from the ___________.

(C) Match the following pairs :Group A 1. 2. 3. 4. 5. Income received in advance Interest accrued on Investment Fluctuating Capital Method Fixed Capital Method Credit balance of Profit & Loss A/c a. b. c. d. e. f. g. Group B Net Loss Assets side Net Profit Liability side Intangible Assets Capital A/c only Capital A/c and Current A/c

(5)

2 SET BY NOOR SIR (9967051296)