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7
-"I
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NOV 2010

Roll No. ............................
Total No. of Questions - 7

IPee
GROUp.I PAPER.!
A€COUNTINQ
TotalNo. of PrintedPages - 16

Time Allowed: 3 Hours

Maximum Marks: 100

.

AKG.
Answers to questions are to be given only in English except in the case of candidates who have opted for Hindi Medium. If a candidate has not opted for Hindi medium, his answers in Hindi will not be valued.

Q. No.1 is compulsory.
Attempt any five questions from the remaining six questions. Wherever necessary suitable assumption may be made by the candidates. Working notes should form part of the answer.

Marks
/
~

1.

(a)

Following two problems are regarding issues in Partnership Accounts, kindly solve both:
(i)

4x5
=20

Anil and Mukesh are partners sharing profit and losses in the ratio of 3 : 2. Govind is admitted for Wh share of firm. Thereafter Madan enters for 20 paisa in a rupee. Compute new profit sharing ratios under both the admission of partners.

(ii)

The following Goodwill Aycount was opened by the partners of Rand S, on the admission of H as a new partner into firm Om and Sons. Calculate the share of profit agreed to be given t? "H".

AKG

P.T.O.

(2)
AKG

Marks

Goodwill Ale.
Dr.

Cr.
f

f
..

1-4-2010 To R's CapitalNc

24,800

1-4-2010 By R's CapitalNc

12,400

1-4-2010 To S's CapitalNc

18,600

1-4-2010 By S's CapitalNc

12,400

1-4-2010 By H's CapitalNc

18,600

.

43,400
(b)

43,400

HP is a leading. distributor of petrol. A detail inventory of petrol in hand is taken when the books are closed at the end of each month. At the end of month following information is available:
Sales

f

47,25,000

General overheads cost

f

1,25,000

Inventory at begInning

1,00,000 litres @ 15/- per litre

Purchases
June 1 two lakh litres @ 14.25
June 30 one lakh litres @ 15.15
Closing inventory 1.30 lakh litres
Compute the following by the FIFO as per AS-2 :
(i)

Value of Inventory on June 30.

(ii)

Amount of cost of goods sold for June.

(iii) Profit/Loss for the month of June.
AKG

.

(3)
AKG
(c)

Marks

A and B decide to amalgamate themselves into Sharp Limited. The following are their Balance Sheets as on 31stDecember, 2009.
A Ltd.

Liabilities

BLtd.

Asses

A Ltd.

..

B Ltd.

Investments

Face value and paid UP
capital
Shre

capital (

100 5,00,000 4,00,000 1000 shares in B Ltd.

1,30,000

-

each)
-

C1eneralFleserves

2,00,000 1,00,000 2000 shares in A Ltd

.10% Debentures

2,00,000 1,50,000 Sundry Assets

7,70,000 4,40,000

9,00,000 6,50,000

9,00,000 6,50,000

2,10,000

Compute the amount of purchase consideration each of these' companies under purchase method as per AS-14.
(d)

H purchased 500 equity shares of ~ 100 each in the ABC fitto be shared, earned in subsequent period after death of Ramu till settlement of his executors' claim.
Ramu's heirs account was settled on 31-12-2009 by bringing in required cash by remaining partners in equal proportion leaving cash balance of ~ 1,234. Each partner had drawn @ ~ 1,000 per month for personal use.

Profit for the current year after charging depreciation of ~ 9,QOO 6,000 for first (~
three quarters and ~ 3,000 for last quarter) was ~ 46,600 earned evenly through-out the year.

You are requested to prepare Profit & Loss Appropriation Nc, Cash & Bank Nc, Ramu's Executor's Nc and Partners' Capital Accounts for the year ended on 31-12-2009 assuming remaining partners' decided not to retain goodwill in the books.

AKG

(11)
AKG
(a)

Marks
12

The following is the Balance Sheet of Bumbum Limited as at 31stMarch, 2009 : Sources of Funds

f

.

Authorized Capital
50,000 Equity shares of f 10 each

5,00,000

10,000 Preference shares off 100 each

10,00,000

Issued subscribed and paid up

15,00,000

30,000 Equity shares of f 10 each

3,00,000

5,000...
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