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| ALL Past Questions TOPIC WISE For The Last 10-12 years |
| Topic : Joint Venture |
1. |
Carter and Donald entered into a joint venture and agreed to share profit & losses in the ratio of 3:2 apart from this, Donald was entitled to a commission of 5% of the net profit of joint venture after charging such commission Carter supplied goods worth Rs. 75,000 and paid Rs. 5,000 for carriage. During transit goods costing Rs. 10,000 were damaged and a sum of Rs. 2,000 was recovered from the insurance company. Donald reported that 80% of the remaining goods were sold at a profit of 40% on their original cost. Towards the end of the venture the closing stock of goods which was lying in Donald's godown was taken over by him at an agreed valuation of Rs. 14,000.
You are required to prepare the joint venture account and Donald's A/c in the books of Carter. |
Marks [12] |
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2003 |
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2. |
Elder and Larch enter into a joint venture sharing profits and losses equally. Elder supplied goods to the value of Rs. 2,500 and incurred expenses of Rs. 200. Larch supplied goods to the value of Rs. 2,000 and his expenses amounted to Rs. 150. Larch sold the entire lot of goods on behalf of the joint venture and realized Rs. 6,000. Larch was entitled to a commission of 5% on sales. Larch settled his account by a bank draft. |
Marks [12] |
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You are required to: |
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a |
Prepare a memorandum of joint venture account. |
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b |
Journalize in the books of Elder and Larch the above transactions as are relevant to them. |
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2002 |
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3. |
A and B are doing business separately as building contractors. They undertook jointly to construct a building for a newly started joint stock company for a contract price of Rs. 2,00,000 payable as Rs. 1,60,000 by instalments in cash and Rs. 40,000 in fully paid shares of the company. A bank account is opened in their joint names. A depositing Rs. 50,000 and B Rs. 30,000. They are to share profits and losses in the proportion of 2/3 and 1/3 respectively. Their transactions were as follows: |
Marks [12] |
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Rs. |
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Paid Wages |
60,000 |
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Bought Materials |
1,40,000 |
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Materials Supplied by A |
8,000 |
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Materials Supplied by B |
10,000 |
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Architect's fee paid by B |
4,000 |
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The contract was completed and the price was duly received. The joint venture was closed by A taking up all the shares of the company at an agreed valuation of Rs. 35,000 and B taking up the stock of materials at an agreed valuation of Rs. 6,000. Show the following accounts: |
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a |
Joint Venture Account |
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b |
A's account |
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c |
B's account |
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d |
Joint Bank Account. |
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e |
Shares Account |
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2001 |
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| Topics Covered |
1. |
Cost Sheet |
2. |
Inventory (Stock) Valuation |
3. |
Consignment |
4. |
Joint Venture |
5. |
Self Balancing and Sectional Balancing System |
6. |
Partnership Fundamental |
7. |
Partnership Admission |
8. |
Partnership Retirement and Death |
9. |
Partnership Dissolution and Insolvency |
11. |
Shares |
12. |
Debentures |
13. |
Final Accounts of Company and Application of Schedule VI |
14. |
Funds Flow Statement |
15. |
Cash Flow Statement |
16. |
Ratio Analysis |
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| Advantages |
1. |
Chapterwise presentation of all past questions allows chapterwise revision. Past questions are
the most important questions you must solve first. |
2. |
Frequency analysis shows types of past questions with marks, year reference and
whether choice or compulsory, short or long. |
3. |
Eliminates questions on topics not part of a forthcoming Board Exam. |
4. |
Adds model questions for new topics in a forthcoming Board Exam. |
5. |
Data is presented from the most recent to earlier years, covering 10-12 years. |
6. |
Perfect for making strategy and for the prioritization of study objectives. |
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| Solutions To All Past Questions |
| Topic : Shares |
Question |
Solution
In the books of Decoy Trading Company Limited
Journal |
Tips |
Student own Remarks/ Tips |
The Decoy Trading Company Limited was registered with a nominal capital of Rs. 1,00,000 in shares of Rs. 10 each, 9,000 of which were issued payable as: Re. 1 on application, Rs. 2 on allotment, Rs. 3 on first call and the balance on final call. All the shares were applied for and allotted and all cash was received on the due dates except that one shareholder holding 100 shares failed to pay the allotment money and another shareholder holding 200 shares paid the first and final call together with allotment money.
You are required to journalise the above transactions in the books of the company particularly through calls in arrear account and calls in advance account as and when necessary. |
[12]
2002 |
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Particulars Dr.(Rs.) Cr.(Rs.)
Bank A/c Dr. 9,000
To share application A/c 9,000
(Being application money
received for 9,000 shares
@ Re. 1 per share
Share application A/C Dr. 9,000
To share capital A/c 9,000
(Being application money
transferred
to share capital A/c)
Share allotment A/c
hare allotment A/c Dr. 18,000
To share capital A/c 18,000
(Being allotment money receivable
transferred to capital A/c)
Bank A/c Dr. 19,200
Calls in arrear A/c Dr. 200
To share allotment A/c 18,000
To calls in advance A/c 1,400
(Being allotment money and calls
in advance received
on partly shares)
Share first call A/c Dr. 27,000
To share capital A/c 27,000
(Being the 1st call money receivable
transferred to capital A/c)
Bank A/c Dr. 26,100
Calls in arrear A/c Dr. 300
Calls in advance A/c Dr. 600
To share first call A/c 27,000
(Being the 1st call money received
on partly shares
and calls in advance adjusted)
Share Final call A/c Dr. 36,000
To share capital A/c 36,000
(Being the 2nd call money receivable
transferred to capital A/c)
Bank A/c Dr. 34,800
Calls in arrear A/c Dr. 400
Calls in advance A/c Dr. 800
To Share Final call A/c 36,000
(Being the 2nd call money received
partly and the balance adjusted
through calls
in advance)
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9000 shares were sold to public.
1. Money on share was payable as follows
Application - 1
Allotment - 2
1st call - 3
final call - 4
2. Calls in arrear at the time of allotment:
100 x 2 = 200
3. Calls in advance at the time of allotment:
200 x 7 = 1,400 |
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| Advantages Solutions To All Past Questions |
• |
They Allow Self Check. |
• |
They Guide As To How And How Much To Write In The Board Exam. |
• |
Learn Backwards From Answers. |
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Learn How To Answer In A Board Exam. |
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Tips And Formulae To Memorize. |
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Last Minute Help: Gain Marks Even While You Sit And Read In Bed! |
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| Revision Notes |
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Revision Notes On What Has Already
Come In The Last 10-12 Years Are Helpful
Throughout The Year, Just Before Examinations,
Or Even The Night Before Exam. They Provide
A Quick Synopsis Of Solutions And Tips On Each Topic. |
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| Topic 5: Self balancing and sectional balancing system |
| Topic 5: Self balancing and sectional balancing system 2005 |
No. Of Questions: 2 Questions
(in the last 11 year papers)
Marks of these questions range from 2 to 12. These questions have come in the compulsory and choice section. |
Question: (2005), 2 Marks, compulsory
State two differences between self balancing system and sectional balancing system. |
Basis |
Self Balancing System |
Sectional Balancing system |
| (I) Double entry system |
| (ii) Separate trial balance |
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| Under this system double entry system is completely applied. |
| A separate trial balance is prepared for each ledger |
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| Under this system double entry system is not completely applied. |
| A trial balance is prepared only for general ledger. |
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Guidelines / Tips |
| 1. |
Do not forget to show differences in tabular form. |
| 2. |
Mention the basis of differences to gain marks. |
| 3. |
Try to limit the answer according to the marks. |
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| Advantages |
• |
No Need To Make Separate Extensive Revision Notes. |
• |
Especially Excellent For Last Minute Revision. |
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Use Your Short-Term Memory To Boost Results By Reviewing These Notes The Night Before Exam, When Your Mind Is The Keenest! |
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| Prioritize Using
Smart Study Plan Interpretation |
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On Topic 4 - Joint Venture, there have been
nineteen past questions in the last 12 years. |
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They came in the years 2007, 2006, 2005, 2004, 2003,
2002, 2001, 2000, 1999, 1998 1997 and 1996. |
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Whether they were Compulsory (short) or Choice
(practical) questions is indicated by S or P. |
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For example, the 2007 question was worth twelve marks
and was Not Compulsory. |
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Suggested time to attempt all these 19 questions on your own is 137 minutes. |
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| Frequency Analysis And Planning Chart |
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| Advantages |
• |
Find Out Which Past Questions Were Difficult For You
By Filling Out Each Circle According
To How Difficult You Found A Question. |
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Study According To Your Personal Strengths. |
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Save Time By Planning Better. |
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Revise These Questions For A Second Time To Maximize Marks. |
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Have A Thorough Knowledge Of What Has Already Come In The Last
13 Years On Each Topic. |
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| Remember |
Going Over Past Questions Gives You More
Confidence. Solutions To Every Past Question
As Per Board Guidelines Ensure
You Gain Every Possible Mark. |
These Are The Most
Important Hours
You Will Spend Towards Preparation Of
Your Board Exam. |
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| Extras |
• |
How To Work Smart: 10 Keys To Success By Dr Sunita Gandhi. |
• |
Nutritional Guidelines By Dr Amitabh Pandit, A Well Known Naturopath. |
• |
Cd–Includes Ten Keys Of Dr Gandhi As Explained By The Students Of
City Montessori School (Cms), Lucknow, Up And Testimonies
of Students Who Have Used The Sure Success Series. |
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| Please Note |
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Questions And Topics Not Relevant To A Future Board Exam Are
Not Included. |
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New Model Questions Are Added Whenever A New Topic Has Been
Included By The Council For A Forthcoming Board Exam. |
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