ICSE Set Set1 99 Year Icse Account Set1 99.php Exam Paper ICSE Board Exam Paper for students online

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Accounts - 1999 (I.C.S.E)
You on questions 1 to 3

-Answers to this paper must be written on the paper provided separately.
-You will NOT be allowed to write during the first 15 minutes.
-This time is to be spent in reading the question paper.
-The time given at the head of this paper is the time allowed for writing the answers.

-All working , including rough work , must be cleared shown ;it should be done immediately before/after the rest of the answers.
-Please also note that parts of the same question must be done continuously so as to facilitate evaluation.

-Attempt all questions from Section A and any two questions from Section B.
-The intended marks for questions or parts of questions are given in brackets [ ].

SECTION - A

Q 1 (a) State true or false :
(i) Every educational center- be it a nursery , primary , secondary or higher secondary school-is registered as a non - trading organisation in our country.
(ii) Only Trading Units compile Trial Balances to help complete Final Accounts.
(iii) Commercial organisations set up for business profits can undertake to do charities , but charitable organisations cannot be granted permission to register as profit -oriented units.
(iv) In a given year of accounting , Bad Debts A/c and Bad Debts Recovered A/c. necessarily involve the same client.
(v) A retrospective change in the method of depreciation involves adjustment in the reduced value of an asset , as on the date of decision.

(b) The following question has to be answered using two columns. Rewrite Column 1 in the order given. Column 2 contains descripitive phrases for the items in column 1. Match the phrases to suit the items in column 1 by selecting phrases from Column 2. Ignore those that remain:

Column 1	Column 2
i) Original Cost Price method related to	Surplus as the goal
ii)Building A/c .debited for structural repairs	use the Journal Proper.
iii)Professionals work for	the overall compensation paid
iv)Sole Trader works for	associates with Capital Expenditure.
v) To set off 'Mr. O Customer A/c .' against 'Mr. O Creditor A/c'	Landed cost of asset less scrap value if any, distributed over a given life-span.
	profit as the motive. aptly described as deferred repairs.

(c) Each statement given below has two blanks , a word or phrase blank and the rupee-value blank .As your answer for each, indicate the word or phrase or 'Rs.             ' in the blank spaces provided. The serial order of statements (i) to (iii) should not be disturbed.
(i) If Mr. A and Mr. B report current account bal. of Rs. 10000 (Dr) and Rs. 15000 (Cr.) respectively , and as per the Partnership Deed , if interest on current A/c. bal. @ 10% p.a. is to be charged from the relevant partner             , the interest will be Rs.      .

ii) If Capital Fund on 1.4.1995 = Rs. 1500000 and a legacy received capitalised = 10% of the amount , and the closing Capital Fund on 31.3.1996 works out to Rs. 1900000 the year's            is Rs.

iii)If the Net Profit ratio also referred to as the               is equal to 25% and if Net Turnover is quoted as Rs. 400000 , the Net Profit is Rs.               .

Q 2 Compile final accounts for Mr. Lockshy form the Trial Balance as on 31-3-1997

Particulars	Debit	Credit
Fixed Assets (Depreciation rate is 5% p.a. )	120000
Two -wheeler	2500
Reserve		15000
Wages & Manufacturing expenses	55000
Capital & Drawings	9000	170000
Investment in 10% Debentures	40000
Loan @ 15% p.a. (on mortgage of fixed Assets)		60000
Insurance & Taxes	3800
Goods	235000	440000
Bad Debts ( the year's Bad Debts total Rs. 2000 )	1500
Cash	7200
Interest on loan	4500
Returns and Adjustments	8000	7000
Current Account with the banker	33000
Carriage (1/3 of the amount = carriage outward )	18000
Interest Earned from Debentures		3000
Indirect Exp. incurred	77000
Debtors & Creditors	12000	9000
Rent (paid for 8 months and received for 15 months )	8000	10000
Goodwill	65000
Opening Stock	14500
	714000	714000
Adjustments:- a) Interest on loan is payable for the quarter ending 31.3.1997 b)The two-wheeler was sold at book -value to a friend on 1.4.1996 and the cash used up for domestic needs by Mr.lockshy- account for this left unrecorded. c) Insurance & Taxes include Rs. 900 paid for the quater ending 31.6.1997 d) Unsold stock at end , Rs. 16000

Section -- B
Attempt any two questions

Where required , candidates are advised to spread their answers across the two sides of the answer booklet to ensure neatness

Q 3 Computer Equipment A/c. in the ledger of an MBA in the consultancy line reflects a bal. b/d of Rs. 177500 for 3 units , as on 1.4.1993 Depreciation rate is 10% p.a. , Fixed Installment basis . The annual depreciation amounts are Rs. 10000 + Rs 5000 + Rs 7500 .Their annual servicing cost is Rs. 5000.
On 1.3.94 an advance of Rs. 20000 was paid to buy three 'printer ' units for the existing computers.
Finally , on 30.6.94 , the bal. amountof Rs. 70000 was cleared by a cheque issued against the delivery of the 'printer' units , put into immediate use.
In 1995-96 , on Oct. 1 , one of the three computer units with one printer was transferred home for the children's use , at no profit , no loss basis . The computer had been bought on 1.4.1991 paying Rs.50000.
Work out the computer Equipment A/c reflecting all its given data for the financial years 1993-94 , 94-95 and 95-96.

Q 4 Small , Big and Boost own Expanding Enterprises , with Fixed Capitals of Rs.200000 , Rs. 400000 and Rs 600000 .Their current account balances on 31.3.1995 are Rs. 50000 , Rs. 100000 (Dr) and Rs. 150000 (Dr).
On 1.4.1995 , they adopt the Fluctuating Capital Method of accounting, i.e. , they transfer their current account balances to the capital accounts , on this given date .

The clauses of the Partnership Deed provide for :-
(a) Interest on capital @10 % p.a. (now on the Fluctuating Capital balances as from 1.4.1995.)

(b)A monthly allowance of Rs. 6000 , Rs 4000 and Rs. 3000 for Big , Boost and Small respectively is to be accounted for

(c) Loan Capital of a partner earns him interest @ 20% p.a. (which interest is compulsorily to be drawn in cash , by the concerned partner each year, on the last date) .

(d) A 10% Reserve is to be set aside on the year's net profit.

(e) Profit- sharing ratio is 1 : 1 : 2 for Small, Big and boost respectively.

Compile the Profit and loss Appropriation A/c. and the capital A/c. of the Trio for the year April 1995 to March 1996. Net profit determined through the Profit and Loss A/c is Rs. 500000. Boost loan Capital reflects a credit Balance of Rs. 150000 . The monthly Drawings for 1995-1996 of each totalled to Rs. 25000 for the year.

Q 5 a)Compile the Income & Expenditure A/c . of Progress Club for the year ended on 31.3.1997 , from the given data .

Receipts & Payments A/c for the year ended on 31.3.1997

Particulars

Amount

Particulars

Amount

To bal.:

Cash	5000
Bank	8000

13000

By Rent

15000

To Membership Fees

66000

By Charities

12000

To Locker Rents

7800

By Administration

23000

To Club Activity Earnings

21400

By Honorarium (90%)

9000

To Unclaimed Lost Property-sold off

1700

By Subscriptions

4600

To Donations

10000

By Club Activity outgoings

12800

By Fixed Deposit

30000

By bal.:

Bank

Cash

7500
6000

119900

Other information :-
i) As on 31.3.97 Membership Fees accrued is Rs 5000 and Unpaid Rent is Rs 1500.
ii) As on 31.3.97 Activity earnings due are Rs. 4400 and a bill of Rs. 2000 is payable for the outgoings.
iii) Income from unclaimed articles by members = Club Income.

b) Give journal entries , using proper ruling for:
i) Salary payable Rs. 10000
ii) Rent Rs. 10000 paid for five quarters- adjust the account.
iii) Legacy Rs. 15000 already received earlier in the year , to be capitalised (for an educational institution )
iv) Interest earnings accrued Rs. 4000.
(Narrations need not be written for each entry )

Q 6 Mr. Analyst presents the data as under :-
Final Accounts of Mr. Analyst for the year ended on 31.3.1996

Particulars	Amount	Particulars	Amount
To Materials Consumed		By Net sales	150000
To Conversion Costs	20000
To Gross Profit c/d	50000
	150000		150000
To Administrative exp.		By Gross Profit b/d	50000
To Selling Exp.		By Non Operating Income (= 5% of the Gross Profit )	2500
To financial Exp.	500
To loss by Theft (goods were uninsured )	2000
To Depreciation	5000
To Net Profit (net profit ratio =10% )	______
	_______		_______
Balance sheet not reflected as it is not relevant to the questions asked. Answer the questions asked very clearly , in the given serial order .Serial numbers indicated must be very clearly written , to ensure accurate marking. What is the :- i) Loss suffered , resulting from the use of the fixed assets? ii) Total of each side of the Profit & Loss A/c ? iii) Net Profit ? iv) Total of the Administrative & selling Exp. ? v) Value of Materials consumed , if the ratio of Materials consumed to the Conversion costs is 4:1 ? vi) Difference between the balance of the trading A/c & Profit and loss A/c vii) Value each of the Selling Exp. and Administrative Exp. if the ratio is 4:1 ? viii) Margin on sales ? ix)Value of net purchases available to sell , if the opening stock = 8000 and the closing stock = Rs 7000 ? x) Gross Profit Ratio ?

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