I am providing a practice set for book keeping and accountancy. As due to this pandemic everything even studies have come online. So here is a practice set for book keeping and accountancy, so that you can at least practice at home utilise your time and score good in book keeping and accountancy.
Q.1. Give Specimen of bill of exchange. (5 Marks)
1)Drawer : Kedar Pandit, 22/1, Kalpataru Estate, Pirangut, Pune.
2)Drawee : Gauri Mulay, Vashi, Navi Mumbai.
3)Date of Bill : 14th August, 2019.
4)Date of acceptance : 17th August, 2019.
B) Calculate the Following. (5 Marks)
1) Borrowed Loan from Bank of Maharashtra 2,00,000 on 1st October 2019 at rate of 15% p.a.
Calculate Interest on Bank Loan for the year 2019-20 assuming that the financial year ends on 31st
March, every year.
2) 10 % p.a. Depreciation on Furniture 50,000 (for three months)
3) Pramod and Vinod are partners sharing profits and losses in the ratio 3:2. After admission of.Ramesh the new ratio of Pramod, Vinod and Ramesh is 4:3:2. Find out the sacrifice ratio.
4) Creditors 30,000, Bills Payable 20,000 and Bank Loan 10,000. Available Bank Balance 40,000 what will be the amount that creditors will get in case of all partners insolvency.
5) Nisha’s acceptance for 16,850 sent to bank for collection was honoured and bank charges debited were 125. Find out the amount actually received by Drawer.
C) Answer in one sentence. (5 Marks)
1)What is the provision of Indian Partnership Act with regard to Interest on capital ?
2)What is Legacy?
3)Which account is debited on repayment of Partner’s Loan?
4)State the formula of cost of goods sold.
5)Explain the various type of voucher?
D) Fill in the blanks and rewrite the following sentence. (5 Marks)
1) If partners Current Account shows…………………. balance it is shown to the liability side of Balance
2) Income and Expenditure Account is a ………. Account.
3) Retiring Partner’s share of goodwill is………………to remaining partner’s capital account .
4) The part of Authorised Capital which is not issued to the public is known as………………..Capital.
5) Fixed Deposit A/c comes under ……………. group.
Q.2. Solve any one from the following: (10 Marks)
Q.3. Solve any one from the following :. (10 Marks)
Sagar drawn an after sight bill on 21st Nov. 2019 for 21,000 at 3 months on Prasad. The bill is
discounted by Sagar at 8 % p. a. with his bank. On maturity, Prasad finds himself unable to make
payment of the bill and requests Sagar to renew it. Sagar accepts the request and draws a new bill at
one month for 21,750 including interest which was duly accepted by Prasad. Sagar deposits the bill
into bank for the collection. Prasad honours the bill on the due date and Bank charges 250 as Bank
Pass necessary Journal Entries in the Books of Sagar and prepare Sagar’s account in the books of Prasad.
Q.4. Solve any one from the following : (08 Marks)
Preeti Company Limited invited applications for 50000 Equity Shares of ` 100 each at par, payable as follows.
On Application 30
On Allotment 40
On First & Final Call 30
The public applied for 35,000 shares and all these were allotted. All money due were collected with
an exception of first & final call on 4000 shares, these were forfeited. All forfeited shares were reissued by the Directors at 80 per share.
Pass Journal Entries in the Books of Preeti Company Limited.
Explain Importance of Computerized Accounting System.
Q.5. Solve any one from the following (8 Marks)
How was it? I know book keeping is a subject full of calculations but if one is focused he/she can easily solve it. Hope so the practice sets shared will be useful to you all. All the best and enjoy learning. Thank you.