Intermediate Part 2. I.COM- Accounting GUESS PAPER 2022.
2.
Write short answers.
i) What are
the disadvantages of single entry system?
ii) Define
straight line method of depreciation.
Iii) Define
consignor.
iv) Define
fluctuation.
v) Define
legacy.
vi) Define
surplus.
vii) Define
depreciation.
viii) Define
abnormal loss in case of consignment.
ix) Why the
necessity of valuation of good will arises?
x) Define
Delecredere Commission.
3. Write
short answer
i) What is
the formula of sacrificing ratio?
ii) What is
meant by account sale?
iii) What is
special subscription?
iv) Define
with example partnership
v) Define
public and private company.
vi) Define
straight line method of depreciation.
vii) Write
three difference between single entry system and double entry system.
ix) Define
Chartered Company.
x) Define
income and expenditure account.
xi) Define
Capital fund.
PAR –
II
4. Amin
Brothers purchase machinery for Rs. 500,000 on 1st January, 2016, Rs. 100,000
wes spent on its installation. Prepare machinery account for first
5 years if
depreciation is charged at 10% p.a. by diminishing balance method. 5. A company
had an authorized capital of Rs. 100,000 divided into 10000 shares @ Rs. 10
each. The company issued all the shares to public for subscription at par
value. Applications for 13000 shares were received. No allotment was made to
applicant for 3000 shares and their application money was refunded. Pass
journal entries and show how the items will appear in company balance sheet.
6. Mr. Ali
started his business with Rs. 50,000/- on 1st January 2012 and his capital on
31st December, 2012 was Rs. 80,000/- . His drawings during the year was Rs.
10,000/-. Prepare statement of profit under single entry system.
7. Stars
Limited had a nominal capital of Rs. 10,00,000 divided into 10000 shares of Rs.
100 each. The company lissued 5000 shares to public for subscription. Public
applied for 6000 shares.Shares were allotted for and excess application money
was refunded bacm.2000 shares wrere also allotted to promoters against
preliminary expenses. Pass the journal entries and prepare the balance sheet.