ACCOUNT OBJECTIVES

Attempt any FOUR of the following:
A) Answer in one sentence.
1) What is Endorsement of a bill?
2) What do you mean by ‘Scrap Value’ of an asset?
3) When is Joint Bank Account opened?
4) What is not for profit concern?
5) What is statement of affairs?
B) Write the word/ term/ phrase, which can substitute each of the following statement:
1) A person who endorse a bill.
2) Written terms of agreement between the partners.
3) Debit balance of trading account.
4) The relationship between persons who have agreed to share profit or loss in Joint Venture Business.
5) Type of activities undertaken to earn profit.

C) Match the following pairs:
Group A .........................................Group B
1) Rebate..............................( a ) Only one aspect of transaction
2) Bill of exchange....................( b ) Financial Position
3) Single Entry Book-keeping system....( c ) 1932
4) Balance Sheet.......................( d ) 1945
5) Partnership Act.....................( e ) Negotiable Instrument
....................................( f ) Profit Sharing Ratio
....................................( g ) Retirement of Bill
....................................( h ) Endorsement of Bill

D) Select the most appropriate alternative from shoes given below
1) Under single entry system, capital at the beginning of the year ascertained by preparing.
a) Cash Account, b) Statement of Affairs at the beginning of the year, c) Statement of Affairs, d) Profit & Loss A/c
2) In the absence of any provision in the partnership agreement, parties can charge –
a) interest @6%, b) interest @2%, c) no interest, d) interest at 12%.
3) Sale of old materials must be shown on credit side of
a) Cash Book, b) Income & Expenditure A/c, c) Balance Sheet, d) Bank A/c.
4) A Bill of Exchange is accepted by
a) Drawer, b) Drawee, c) Payee, e) Debtor
6) Depreciation should be calculated on
a) Fixed assets, b) Outward charges, c) Current asset, d) Intangible asset.

E) State whether True or False (with reasons):
1] A Not Profit Organisation never undertakes trading activities
2] Joint Venture comes to an end as soon as the particular venture is over.

F) Prepare a Bill of Exchange from the following details:
Drawer : Neraj Gupta, Neelam Bahwan, Kalyan
Drawee : Shobha Kale, Dastur Nagar, Amravati
Payee : Nitin Naringrekar, Deogad
Period : 90 Days. Amount : Rs. 7,555
Date of Bill : 15th March, 1995. Accepted on : 20th March,1995.
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Q.1 Attempt any FOUR of the following:
A) Answer in one sentence:
i. What do you mean by Scrap-value of an asset?
ii. What is Noting-charges?
iii. Why Joint Venture Account is opened?
iv. What is Balance Sheet?
v. When the bill is said to be honoured?

B) Write the word/term/phrase, which can substitute each of the following statement:
i) A bill drawn in India and made payable in Japan.
ii) Such capital method in which Capital Account and Current Account maintained for each partner.
iii) The system of accounting, which records both the aspects of a transaction.
iv) Written agreement among the partners.
v) List of Debit and credit balances of the ledger accounts.

C) Match the following pairs:
Group A Group B
1. Interest on Partner’s Loan a) Balance Sheet
2. Opening Stock b) Death of Partner
3. Partnership c) Unlimited liability
4. Output Device d) Trading Account
5. Trade Bill e) Not exceeding 6%.
f) With consideration
g) Without consideration
h) Printer

D) Select the most appropriate alternative from shoes given below
1) Goodwill is
a) an intangible asset, b) tangible asset, c) bad debts, d) Profit.
2) A movable mark on a display screen is
a) Driver, b) Cursor, c) DOS, d) monitor
3) Joint Venture Account is
a) a Nominal A/c, b) a Personal A/c, c) Real A/c, d) Impersonal A/c.
4) Discounting of a bill refers to
a) encashment of the bill on due date, b) encashment of the bill on due date c) payment of the bill before due date, d) dishonour of bill.
5) Depreciation is
a) Loss, b) a liability, c) an asset, d) unrecorded revenue.

E) State whether True or False (with reasons):
i. Joint Venture is a non-trading concern.
ii. Drawings are added to capital.

F) Prepare a Bill of Exchange from the following:
On 10th March 1995, Rajesh Bhoyar, Gandhinagar, Nagpur draws a 2 months bill for Rs. 3,000 on Samir Choudhary, Main Road, Bela. Samir Choudhary acvepted the bill on 15th March 1995.
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Q.1 Attempt any FOUR of the following:
A) Answer in one sentence
i. Who is called working partner?
ii. What is not for profit concern?
iii. What is statement of affairs?
iv. What is depreciation?
v. What is rebate?

B) Write the word/term/phrase, which can substitute each of the following statement:
1) A person contributes the capital but does not take active part in the conduct of the business.
2) The balance, which cannot be receivable from the debtors.
3) A person who draws the bill.
4) Making the payment of bill before its due date.
5) A person who takes active part in the business of firm.

C) Match the following pairs:
Group A Group B
1. Bill of Exchange a) Asset side
2. Co-venturers b) Drawings A/c
3. Prepaid expenses c) Intangible Asset
4. Fixed Capital d) Negotiable Instrument
5. Goodwill e) Temporary Partners
f) Liability Side
g) Current Account

D) Select the most appropriate alternative from shoes given below
1) Balance Sheet shows
a) financial position on a certain date, b) debit & credit balances of all the accounts, c) receipts and payments of cash, d) Losses
2) Income and Expenditure Account is
a) a real A/c, b) a nominal A/c, c) a personal A/c, d) Impersonal A/c
3) Data relating various activities is called as
a) Tally, b) Disk, c) RAM, d) Monitor
4) Amounts contributed by Co-Venturers is debited to
a) Joint Venture A/c, b) Joint Bank A/c, c) Co-Venturers A/c, d) Agents A/c
5) Retirement of bill refers to
a) Payment of the bill on due date, b) payment of the bill before due date, c) payment of the bill after due date, d) Non payment of the bill.

E) State whether True or False (with reasons):
1) Joint-venture is not a permanent partnership.
2) Balance Sheet is a statement of business result.

F) Prepare a Bill of Exchange from the following details:
Drawer : Hira Sharma, 35, Lakhani Apartment, Ulhasnagar
Drawee : Neepu Shukla, 23, Prasad Bhawan, Thane(East)
Payee : Anita Ambarnath
Period : 90 Days
Amount : Rs. 9,755
Date of Bill : 15th March, 1995
Accepted on : 20th March,1995.
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Q.1 Attempt any FOUR of the following:
A) Answer in one sentence.
1) What is a Drawer?
2) What is a Bad Debt?
3) What is a Computer?
4) What is a Reducing Balance Method?
5) What does a credit balance on the Joint Venture Account show?

B) Write the word/term/phrase, which can substitute each of the following statement:
1) Payment before the due date of bill.
2) Officer appointed by the Government for noting of dishonoured bill.
3) Continuous, gradual and permanent reduction in the value of a fixed asset.
4) A statement showing the financial position of a business in the form of its assets and liabilities on a particular date.
5) A partnership for specific purpose and for temporary period.

C) Match the following pairs:
Group A Group B
1) Fluctuating Capital Method a) P & L A/c
2) Co-venturer b) Capital A/c
3) Single Entry c) Joint Venture
4) Noting Charges d) Current A/c
5) Special Fund e) Unscientific
f) Dishonour of bill
e) Partnership
f) Liability side

D) Select the most appropriate alternative from shoes given below
1) Salary to Partner should be debited to
a) Profit & Loss A/c, b) Partner’s Capital A/c, c) Trading A/c, d) Salary A/c.
2) Under Not Profit Concerns, Sale of old materials must be shown on credit side of
a) Cash Book, b) Income & Expenditure A/c, c) Balance Sheet, d) P & L A/c.
3) While preparing Statement of Profit & Loss, drawing made during the year is
a) added, b) deducted, c) either added or deducted, d) omitted.
4) Scrap value of asset is
a) Realisable value after the life of the asset, b) Cost at the time of purchase of the asset, c) Market value of the asset, d) Cost price of the asset.
5) Dishonour of a bill refers to
a) non payment of the bill, b) selling the bill to the bank, c) payment of the bill by the drawee on the due date. d) endorsement of the bill.

E) State whether True or False (with reasons):
1) The profit cannot be computed properly unless depreciation is provided.
2) Joint Venture is a non-trading concern.

F) Prepare a Bill of Exchange from the following details:
Drawer :Shri Narayandas Kela, Gandhi Chauk, Dhamangaon
Drawee :Shri Atul Khatke, Mandrup Road, Solapur
Payee :Shri Ranjeet Chavan, Ambajogai
Amount :Rs. 5,000
Period :90 Days
Date of Bill :1st March, 1995
Date of Acceptance : 5th March,1995.
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Q.1 Attempt any FOUR of the following:
A) Answer in one sentence.
1) Which Account is credited when depreciation is charged?
2) Who is Payee?
3) What is a Joint Venture?
4) What is Goodwill?
5) What are Noting Charges?

B) Write the word/term/phrase, which can substitute each of the following statement:
1) A person on whom the bill is drawn.
2) A bill drawn in India and payable in Japan.
3) A statement showing financial position of business.
4) Credit balance of Income and Expenditure Account.
5) Balancing figure on Joint Venture A/c.

C) Match the following pairs:
Group A Group B
1) Retirement of Bill a) Temporary Partnership
2) Joint Venture b) P & L Account
3) Trading Account c) Profit on sale of asset
4) Depreciation d) Liability side
5) Reserve Fund e) Permanent Partnership
f) Rebate
g) Power and Fuel
h) Carriage Outward

D) Select the most appropriate alternative from those given below
1) An intangible asset, which has realizable value
a) Machinery, b) Computer, c) Land, d) Goodwill
2) Brain of the computer is
a) Microprocessor, b) RAM, c) Disk, d) Mouse
3) Joint Bank A/c is opened when
a) no separate set of books are maintained, b) separate set of book is maintained, c) under no circumstances, d) sale of goods through agent
4) Renewal of the bill implies
a) Cancellation of the old bill and acceptance of the new bill, b) cancellation of the old bill and its payment, c) writing the bill on new paper, d) only cancellation of the old bill.
5) Carriage on purchases should be
a) added to cost of machinery, b) deducted from the cost of machinery, c) transferred to P & L A/c, d) transferred to Capital A/c.

E) State whether True or False (with reasons):
1) Noting Charge should be borne by the drawee.
2) Single Entry is scientific.

F) Prepare a Bill of Exchange from the following details:
Drawee : K. Prabhakar, Nehru Road, Soalpur.
Drawer : M. Sudhakaran, Shivaji Nagar, Nanded.
Period : 3 months. Date of Bill : 5th February, 1996. Amount : Rs. 4,000. Accepted on : 9th February,1996.
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Q.1 Attempt any FOUR of the following:
A) Answer in one sentence.
1) Who is an endorser?
2) In the absence of an agreement in which ratio profit on Joint Venture is shared?
3) What is Fixed Capital Method?
4) What is fixed installment method of depreciation?
5) What is Inland bill?


B) Write the word/term/phrase, which can substitute each of the following statement:
1) The gradual and permanent decrease in the value of fixed asset due to any cause.
2) The request by the acceptor of the bill to drawer to extend the period of credit.
3) The account opened in the bank in joint name of the co-venturers.
4) The part of sundry debtors, which are definitely not recoverable.
5) The account, which records all the expenses and incomes of the firm.

C) Match the following pairs:
Group A Group B
1) Notary Public a) Gross Profit
2) Machinery b) Intangible Assets
3) Trading Account c) Pico Second
4) Goodwill d) Net Profit
5) Speed of Computer e) Noting Charges
f) Acceptance not required
g) Liability
h) Tangible Assets.

D) Select the most appropriate alternative from those given below
1) Unsold stock on joint ventue taken over by a co-venturer is credited to
a) Co-venturers A/c, b) Joint Venture A/c, c) Stock A/c, d) Joint Bank A/c.
2) Under Statement of Affairs Method, net profit/net loss is ascertained by
a) Statement of affairs, b) Statement of Profit, c) Profit & Loss A/c, d) Trading A/c.
3) Under Fixed Capital Method, Partner salary is credited to
a) Partner’s Capital A/c, b) Partner’s Current A/c, c) Partner’s Loan A/c, Profit & Loss A/c. d) Trading A/c
4) The inputs stored permanently in the computer
a) Software, b) Hardware, c) Humanware, d) Monitor
5) Single Entry System of accounting shows
a) only three types of accounts, b) one aspect of the transaction, c) financial position of the business, d) two aspects of the transaction.

E) State whether True or False (with reasons):
1) Interest on partner’s drawings is gain to the firm.
2) A Public Library is a Not for Profit Organisation.

F) Prepare a Bill of Exchange from the following details:
Drawer : Vilas Patil, 44, M.G. Road, Nanded.
Drawee : Pankaj Pawar, 70, Bahavani Gali, Solapur
Payee : Ramchandra Rampure, Rampur.
Period : 60 Days. Date of Bill : 28th January, 1995
Date of Acceptance : 29th January,1995. Amount of the Bill : Rs. 2,800.
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Q.1 Attempt any FOUR of the following:
A) Answer in one sentence.
1) What is Depreciation?
2) What do you mean by Qualified Acceptance?
3) What are the Noting Charges?
4) What is the purpose of opening a Joint Venture Account?
5) What is a Balance Sheet?

B) Write the word/term/phrase, which can substitute each of the following statement:
1) The person who endorses the bill.
2) The method of depreciation under which depreciation is calculated on balance amount.
3) A firm which is formed for temporary.
4) The partner who contributes the capital only.
5) A place where computer programme and data are stored during processing.

C) Match the following pairs:
Group A Group B
1) Valuation of Goodwill a) Blaise Pascal
2) Profit of Partnership b) Gross Profit
3) Joint Venture c) Cash Positon
4) Calculator d) Permanent Partnership
5) Receipt & Payment A/c e) Divided among partners
f) Temporary partnership
g) Capital Fund
h) Average Profit.

D) Select the most appropriate alternative from those given below
1) Members who form and manage the partnership are individually called
a) Partners, b) Firm, c) co-venturers, d) Shareholders
2) Services that renders by not for profit organization...
a) commercial, b) social, c) individual, d) group
3) The difference between the capital at the end of the year and the capital at the beginning of the year called
a) Profit, b) income, c) drawings, d) expenses
4) Under this system the amount of depreciation remains constant every full year.
a) Fixed instalment, b) Reducing Balance, c) Change of Depreciation, d) Diminishing Balance.
5) Parties to a bill of exchange are
a) Four, b) Two, c) Three, d) One

E) State whether True or False ( with reasons ):
1) Days of grace are not allowed in case of Trade bill.
2) Liability of co-venturer is unlimited.

F) Prepare a Bill of Exchange from the following details:
Drawer : Rekha, Main Road, Jalgaon.
Drawee : Basanti, Sandesh, Nandura.
Payee : Uma chandak, Khamgaon.
Amount : Rs. 2,500. Period : 2 months
Date of Bill : 21st January, 1995 Date of Acceptance : 25th January,1995.
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Q.1 Attempt any FOUR of the following:
A) Answer in one sentence.
1) Which account is to be debited if wages paid for installation of new machinery?
2) What is Goodwill?
3) To which account discount of discounted bill is transferred in Joint Venture Business?
4) Under which capital method partner’s Current Accounts are maintained?
5) What are Noting Charges?

B) Write the word/term/phrase which can substitute each of the following statement:
1) Realisable amount of the fixed asset at the end of its estimated life.
2) The person in whose favor the bill is endorsed.
3) Irrecoverable amount from the debtors.
4) Written agreement among the partners.
5) A partner who takes active part in Partnership firm.

C) Match the following pairs:
Group A Group B
1) Rebate a) Trading Account
2) Bill of Exchange b) Partners in Joint Venture
3) Carriage c) Profit Sharing Ratio
4) Co-venturers d) Profit and Loss Account
5) Admission e) Negotiable Instrument
f) Net Profit
g) Retirement of Bill
h) Reasonable profit of the business

D) Select the most appropriate alternative from those given below
1) CPU is the abbreviation of
a) Central Processing Unit, b) Input Device, c) Output Device, d) Peripheral device.
2) Partners in Joint Venture are called
a) Owners, b) Members, c) Partners, d) Co-venturers.
3) The partner who contributes and takes active part in the business management is called
a) Minor partner, b) Working Partner, c) Financial Partner, d) Sleeping Partner.
4) Wages paid for installation of machinery should be to
a) Wages A/c, b) Machinery A/c, c) Profit & Loss A/c, d) Trading A/c.
5) The difference between assets and liabilities is called
a) Capital, b) Drawings, c) Incomes, d) Expenses.

E) State whether True or False (with reasons):
1) Joint Venture is a Permanent Partnership.
2) Each partner has a right to take part in the business.

F) Prepare a Bill of Exchange from the following details:
Drawer : Shekhar Desai, Shastri Road, Mahad.
Drawee : Sharad Verma, Narayan Peth, Pune.
Payee : Mukund Pande, Panvel.
Amount : Rs. 3,500. Period : 3 months
Date of Bill : 21st June, 1995 Bill accepted for Rs.3,000 on 25th June,1995.
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Q.1 Attempt any FOUR of the following:
A) Answer in one sentence.
1) What is Depreciation?
2) Who is Drawee of a Bill?
3) What is a Partnership Deed?
4) What is relationship between Drawer and Drawee?
5) What is Balance Sheet?

B) Write the word/term/phrase, which can substitute each of the following statement:
1) A person who draws a bill.
2) Debit balance of Profit and Loss Account.
3) A partner who only lends his name to the firm.
4) Partners of Joint Venture business.
5) Expenses due but not paid.

C) Match the following pairs:
Group A Group B
1) Depreciation a) Minimum Two persons
2) Dishonour of Bill b) Intangible Asset
3) Partnership Firm c) Liability side
4) Goodwill d) Noting Charges
5) Fluctuating Capital Method f) Bad Debts
e) Fixed Asset
f) Capital Balance remain constant
h) Capital balance changes every year.

D) Select the most appropriate alternative from those given below
1) Under Single Entry System, introduced capital during the years should be
a) added in the ending capital, b) deducted from the ending capital, c) deducted from the Profit,
d) added to creditors.
2) Not for profit organization is called
a) commercial, b) profit making, c) trading d) service
3) Under Fixed Capital Method the balance of the drawings A/c of a partner is transferred to
a) Capital A/c, b) Current A/c, c) Personal A/c, d) Firm’s A/c
4) A debit balance of Joint Venture A/c indicates
a) No profit no loss, b) Profit, c) Loss, d) Incomes
5) There are three parts of computer
a) Key Board, CPU, Screen, b) CPU, Mouse, RAM, c) Key board, Mouse, Hard Disk, d) Hard Disk, Mouse, CPU.

E) State whether True or False (with reasons):
1) Joint Venture is a temporary Partnership.
2) There is no maximum limits to the number of partners in a firm.

F) Prepare a Bill of Exchange from the following details:
Drawer : Vijay Bhat, Main Road, Nagpur.
Drawee : Ashok Kulkarni, M. G. Road, Nagpur.
Payee : Anil Jadhav, Pune.
Amount : Rs. 6,950. Period : 80 days
Date of Bill : 7th March, 1996 Accepted on : 10th March,1996.

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Q.1 Attempt any FOUR of the following:
A) Answer in one sentence.
1) What is dishonour of the bill?
2) What is interest on drawings?
3) What do you mean by credit balance of Trading Account?
4) What is the relation between the co-venturers?
5) What is Fixed Installment Method?

B) Write the word/term/phrase which can substitute each of the following statement:
1) A bill before acceptance.
2) Partners in Joint Venture.
3) Expenses paid in advance.
4) The written agreement between the partners.
5) It is an output device on which, we can see result given by the computer.

C) Match the following pairs:
Group A Group B
1) Make of a bill a) Income
2) Joint Venture b) Closing Balance of Stock
3) Partnership c) Opening Balance of Stock
4) Entrance Fees d) Partner
5) Closing Stock e) Partner’s Loan Account
f) Co-venturer
g) Drawer
h) Drawee

D) Select the most appropriate alternative from those given below
1) Debit side of Receipt & Payment A/c shows cash
a) Payments, b) Receipts, c) Expenses, d) Transactions
2) I this book-keeping system, every business transactions find two accounts.
a) Single entry, b) Double Entry, c) Triple Entry, d) Fixed Instalment
3) Under this system, the amount of depreciation remains constant every full year.
a) Fixed Instalment, b)Reducing Balance, c) Change of depreciation, d) Diminishing Balance.
4) When drawee makes payment of the bill before its due date, the bill is said to be. . .
a) retired, b) honoured, c) dishonoured, d) endorsed.
5) Expenses incurred by co-venturers are to debited to. .
a) Joint Bank A/c, b) Cash A/c, c) Joint Venture A/c, d) Bank A/c.

E) State whether True or False (with reasons):
1) Under fixed capital method current account of partners must be opened.
2) Joint Venture is a non-trading concern.

F) Prepare a Bill of Exchange from the following details:
Drawer : Namdev Tukaram, Palthan.
Drawee : Nivruti Sopan, Dehu.
Payee : Vitthal Pandurang, Pandharpur.
Amount : Rs. 5,111. Period : 3 months.
Date of Bill : 17th August, 1995 Date of Acceptance : 20th August,1995.
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Q.1 Attempt any FOUR of the following:
A) Answer in one sentence.
1) What are Days of Grace?
2) What is Fixed Installment Method?
3) Who is a Payee?
4) What is the relationship between the Co-venturers?
5) When is a current Account opened?

B) Write the word/term/phrase, which can substitute each of the following statement:
1) A person who accepts the bill.
2) A partner who takes active part in business.
3) Intangible asset measurable in terms of money.
4) A partnership firm for specific purpose and for temporary period.
5) Expenses paid in advance for the period of which has not expired.

C) Match the following pairs:
Group A Group B
1) Date of Maturity a) Creditors
2) Intangible Asset b) Joint Venture
3) Co-venturer c) Bill of Exchange
4) Outstanding Expenses d) Assets
5) Bad Debts e) Permanent Partnership
f) Sundry Debtors
g) Liability
h) Goodwill

D) Select the most appropriate alternative from those given below
1) It is the most useful accounting software.
a) Tally, b) Calculator, c)MS Word, d) spy ware
2) When drawee accepts the bill, he becomes. . .
a) Payee, b) Acceptor, c) Drawer, d) Drawee
3) Joint Venture is partnership of. . .
a) Real, b) Medium Term, c) Permanent , d) Temporary
4) Under this system amount of depreciation charges every year.
a) Fixed Instalment, b) Original Cost, c) Reducing Balance, d) Change of depreciation
5) To find out excess of income over expenditure service organization prepares. . .
a) Profit & Loss A/c, b) Income & Expenditure A/c, c) Trading A/c, d) Receipts & Payment A/c.

E) State whether True or False (with reasons):
1) Partners are entitled to salary.
2) Receipt and Payment A/c is a Nominal A/c

F) Prepare a Bill of Exchange from the following details:
Drawer : Priti Chavan, Chandrika Road, Malvan.
Drawee : Snehlata Patil, Prashant Nagar, Ambajogai.
Payee : Archana Ghime, Amaravati.
Amount of Bill : Rs. 10,000. Period : 2 months
Date of Bill : 1st January, 1996 Date of Acceptance : 5th January,1996.
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Q.1 Attempt any FOUR of the following:
A) Answer in one sentence.
1) What is an Depreciation?
2) What is a Joint Venture?
3) What is Retirement of Bill?
4) To which account is the amount of depreciation transferred?
5) What is a Balance Sheet?

B) Write the word/term/phrase, which can substitute each of the following statement:
1) The person who endorses the bill.
2) An account to which depreciation is transferred at the end of the every year.
3) The partner who not take active part in business activities.
4) An agreement between the partners that determines the relations among the partners.
5) The persons entered into Joint Venture.

C) Match the following pairs:
Group A Group B
1) Bill of Exchange a) Intangible Asset
2) Goodwill b) Temporary Partnership
3) Joint Venture c) Depreciation
4) P & L A/c d) Trading Account
5) Partnership Firm e) Negotiable Instrument
f) Permanent Partnership
g) Statement of affairs
h) Current Asset.

D) Select the most appropriate alternative from those given below
1) The Indian Partnership Act is in force since
a) 1942, b) 1947, c) 1935, d) 1932
2) ‘Not for Profit Organisation’ prepares this statement at the end of the year to find out financial position
a) Balance Sheet, b) Income Statement, c) Trading A/c, d) Profit & Loss A/c
3) Depreciation p.a. = Cost of Asset - __________
Estimated life of an asset

a) Residual Value, b) Purchase Price, c) Sales Proceeds, d) Installation charges
4) A bill is required to be. . . .by the drawee.
a) drawn, b) discounted, c) accepted, d) honoured
5) Partners in Joint Venture are called. . .
a) Partners, b) Shareholders, c) Members, d) Co-Venturers

E) State whether True or False (with reasons):
1) Depreciation increases the value of asset.
2) The drawer and the payee of a bill of exchange may be one and the same person.

F) Prepare a Bill of Exchange from the following details:
Drawer : Shri Ravindra Patil, Housing Society, Ambajogai.
Drawee : Shri Baburao Deshmukh, Bazar Chawk, Dhamangaon.
Payee : Shri Prasad Shendage, Malvan.
Amount : Rs. 7,500. Period : 3 months
Date of Bill : 1st January, 1995 Date of Acceptance : 5th January,1995.
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Q.1 Attempt any FOUR of the following:
A) Answer in one sentence.
1) What is ‘Fixed Installment Method’ of Depreciation?
2) Who is drawee?
3) What is the relationship between the co-venturers?
4) Who bears the Noting Charges?
5) What is Goodwill?

B) Write the word/term/phrase which can substitute each of the following statement:
1) The gradual and permanent decrease in the book value of fixed asset due to any cause.
2) A person entitled to receive the amount of a Bill of Exchange.
3) A statement showing the financial position of business on a particular date.
4) The reputation of the business of the partnership firm.
5) Debit balance of Profit and Loss Adjustment Account.

C) Match the following pairs:
Group A Group B
1) Notary Public a) Rebate
2) Prepaid expenses b) Discounting bill
3) Retirement of Bill c) Normal Profit – Average Profit
4) Super Profit d) Working Partner
5) RAM. e) Assets side
f) Noting Charges
g) Average Profit – Normal Profit
h) Speed of Computer

D) Select the most appropriate alternative from those given below
1) A person who is responsible when a bill is dishonoured.
a) Drawer, b) Drawee, c) Payee, d) Bank
2) Joint Venture is not. . ………..
a) Real Partnership, b) Medium Term Partnership, c) Permanent Partnership, d) Temporary Partnership
3) Worlds’ fastest computer can do ………...multiplications in just one second.
a) 12 crores, b)10 crores, c) 5 crores, d) two thousand
4) Income received in advance is shown on this side of Balance Sheet.
a) Liabilities, b) Asset, c) Debit d) Credit
5) Not for profit oraganisation never engages in this activities.
a) Charitable, b) non-trading, c) Profit Making, d) commercial.

E) State whether True or False (with reasons):
1) Joint Venture is a trading concern.
2) There is no maximum limit to the number of partners in a firm.

F) Prepare a Bill of Exchange from the following details:
Drawer : Jaydeep Patil, 104, Mondha Road, Parati Vaijanath.
Drawee : Rahul Shinde, M. G. Road, Pune-14.
Date of Bill : 4th October, 2001. Period : 3 months
Amount : Rs. 4,500. Date of Acceptance : 7th October,2001.
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