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SHRI V.K. PANDE COLLEGE OF SCIENCE AND MANAGEMENT HINGANGHAT SESSIONAL EXAMINATION -2009 BACHLELOR OF COMMERCE WITH COMPUTER APPLICATION-I SUBJECT :- FINANCIAL ACCOUNTING-4 TIME:- THREE HOURS MARKS:-100 N.B N.B 1:1:- All All que questio stions ns are com compuls pulsor ory y an and ca carry rry equ equal al mark marks s EITHER: (20) 1. a) Name the fundametal conepts and principles of accounting and explain in business entity concept. OR b) Journalise the following transactions in the bolks of Raja:(10) 2006 Decembler 1 Received Rs. 10000 from from father-in-law father-in-law as gift and deposited deposited the same same into th 5000 2 took loan loan from Mrs.Shalini 75 3 Paid rent to landlord landlord in advance. 100 4 Received rent from sub-tenants 10 5 Paid from postal stamps. 40 6 Commissions due from gupta . 2 7 Sent money order to radhika Rs.80 Rs.80 Money order commission commission paid paid 600 8 Paid for mantri club bill bill 2000 12 Sold private scooter and invested in business 900 15 bought equity shares of bharat fertilizers 100 17 invested in national small saving certificates 19 Paid Rs.200 fo rcarriage on machinary 25000 19 Cash sales 2100 19 income tax paid c) M/s a.A,B co. Ltd. Of Nagpur consigned to Mr. Bajaj of Bombay 1000 bag (10) Rs.250 per bag. They were received at 20% above cost price. price. M/s A,B & Co. paid Rs.1500 for insurance Rs. 3500 for carriage and Rs. 5000 for sundry ex On receiving the consignment Mr. Bajaj of bombay accepted a bil for half the price. M/s A,B, & Co.Ltd. Co.Ltd. Of nagpur discounted discounted the same same bill for 147500 and and Charged to consignment account. Mr. Bajaj of bombay sent an account sales which showed as: 1. Cash sales of 600 bags of tobacco at Rs.350 each. 2. Credit sales of 300 bags of tobacco at Rs 400 each 3. Mr. bajaj of bombay took 50 bags of tobacco for his own use at Rs.3210 p 4. Expenses paid by Mr. Bajaj of bombay were: for godown rent Rs.3000/- and selling expesnes of Rs.5000/5.Mr.Bajaj of bombay remitted the balance due by a draft after duducting his and commisson at 10% on sales and Del credere commission at 2% on cre bags of tobacco only. Show consignement accunt in the books of M/s A,B,& Co. Ltd. Nagpur and i of Bajaj and Co. M/s A.B & Co. Ltd. Nagpur Account. EITHER: (10*2) 2. a) A Machinery Machinery was purchsed for Rs. 100000 o 1st January,2000. It has been for its annual annual depreciation fund fund system. A reference to the depreciation depreciation fun Rs.0.1810 per annum annum amounts to Rs. 1 in five yerar at 5%. At the end of the had to be scrped at at Rs. 20000. investments sold out on that that date for Rs.250
b) A machine is purchases for Rs.20000. At the end of four years it has to be r purpose an insurance policy is taken out the annual premium being Rs. 2200 fourth year a new machine costing Rs.31000 is installed. The old machine is
OR c) On 1 st Jan 2007;M/s Tallboy& co. ltd took delivery from plain vans lt (20) purchase system. 2000 being paid on delivery and the balance in five instal each payable annually on 31st dec. The vendor copany charges 5% interest balances. The cash value of motor vans was Rs. 15000. show the Journal entries and the vendor account. Interest account and the in the books of M/s tallboy & Co. Ltd for five years under: i. Asset Accrual Method ii. Credit purchases with Interest Method EITHER: (20) 3. a) Prepare incme and expenditure account and balance sheet for the y from the following infromation:Receipt and Payment Account for the year ending March 31, March 2007 Receipt
Amt 41000
Balance b/d Subscriptions: 2005-06 2006-07 2007-08 12000
7200 337600
Payment
Amt 6000
Salaries and Wages: 2005-06 4800 2006-07
356800 83200 88000 Entrance fees 16000 Sundry expenses 37000 Locker rent 58000 freehold land 60000 Revenue from refreshment 48000 Stationery 16000 Income from investment 56000 Rates 24000 Refreshment expenses 37500 Telephone charges 250000 Investments 250000 Balanced c/d 53300 5758000 ### The following additional infromation is provided to you: 1. There are 1800 members each paying an annual subscription of Rs.200, Rs 8000 were in arrears for 2005-06 as on april 2006. 2. On March 31,2007 the rates were prepaid to june 2007: the charge paid every ye 3. There was an outstanding telephone bill for Rs.1400 on March 31,2007. 4. There was an outstanding telephone bill for Rs.1400 on March 31,2007. 5. Stock of stationaery as on March 31, 2006 was Rs. 2000 on March 31 March 31,2 6. On March 31,2006 building stood at Rs. 400000 and it was subject to depreciatio 7. Investments on March 31, 2006 stood at Rs.800000 4. On March 31,2007, income accrued on investments purchased during the year a OR b) A and B have operated their own separate musical instrument retailing busines (10) decided to amalgamate their business and to from a partnership from 1st april 199 in repect of the individual business as at 31st March 1998 are as follows:
CREDITORS BILLS PAYABLE BANK OVERDRAFT
300000 250000
150000 150000
MACHINERY AND EQUI. FURNITURE AND FITTING STOCKS DEBTORS BILLS RECEIVABLE BANK
200000 50000 39000 500000 375000 237500 285000 150000 200000 112500 1000
### 900000 ### ### It was agreed by the partners that: 1. Profits are to be shared in the proportion of 3/5 to A and 2/5 to B. 2. The debtors of A are valued at Rs. 225000 the bills receivable at Rs.137500, stoc and equipment at Rs.275000 and free hold premises at Rs.875000. The other re cash recourses and liabilties, are to be taken over at book value. 3. The Debtors of B are valued at Rs. 262500 and stock at Rs.300000 the bank overdraft i funds and the furniture and fittings to be valued at Rs.52500. The remaining assets,in liabilites are at book to be taken over values. 4. Sufficient cash t be introduced by B so that his capital contribution is in the same propo You are required to; pass necessary journal entries to close the books of A and B and t partnership as at 1 st april 1998.
EITHER: (20) 4. a) On 31st December 1981 the following balances appeared in the boo English firm having its head office in London:-
Dr.Rs Cr.Rs. 12600 75000 112500 39000 26000 10400 9100 4800 3600 1500 4910 28900 33200 180800 ###
Stock 1.1.81 Purchases and Sales Debtors and Creditors Bills of Exchange Wages and Salaries Rent,Rates and Taxes Sundry Charges Furniture and Fixture Bank Balance London Office A/c
Stock on 3.12.81 was Rs.32500 Delhi Branch A/c in the books of London ofice showed a debit bal Furniture and Fixture were acquired from a remittance from London of £ 350 which exactly cover Fixtures. The Rates of Exchanges may be taken atDates 31.12.80 31.12.81
Rate Rs 14 per £ Rs 13 per £
The Average rate for the year 1981may be taken Prepare the Trading and Profit and Loss Account a Relating to Delhi Branch in the London Books.
OR 4.
b) From the following Trial balance for the year ended 31st March 2003 of Tejas consumers Co-operative Society Vasai. Prepare the final acc 31st March 2003.
Trial Balance Particular Share Capital
Dr.Rs
Cr.Rs. 800000
Salaries and Allowances to Staff 140000 Building Fund 140000 Share Capital Redemption Fund 25000 Contribution to Staff Provident Fund 10000 Sales 1600000 Staff Provident Fund 34000 Bad Debts 8000 Reserve for Bad and Doubtful Debts 20000 Postage 6000 Machinery (at cost) 28000 Travelling Exp. 10000 Bonus to Employess 10000 Printing and Stationery 3500 Insurance 11000 Building (at cost) 600000 Furniture (at cost) 100000 Depreciation Fund 90000 Sundry Debtors 200000 Sundry Creditors 25000 Investments in Shares of Co.op. Societies 120000 Staff Provident Fund Investments 34000 Fixed Deposit with District Central co-op.Bank 160000 Sundry Expenses 10000 Repairs to Building 20000 Interest on Fixed Deposit 16000 Dividend received on Shares 12000 Transfers Fees 5000 Profit and Loss Appropriation A/c Balance Last year 20000 Cash at Bank 100000 Cash in hand 6500 Total 2987000 2987000 Adjustments:1. Closing Stock on 31st March 2003 was Rs 320000.(Cost Price) Rs.400000(Market P 2. Salaries unpaid on 31.3.2003 was Rs.8000 3. Prepaid Insurance is Rs.1500 4. Provide Reserve for Bad and Doubtful Debts @ 5% 5. Provide Depreciation for the year as shown below: On Building:Rs.30000;On Furniture:Rs.10000; On Machinary: 2800. Transfer to Edu 6. Audit Fees are outstanding for the year : Rs 5000. 7. Provide for Share Capital Redemption Fund Rs. 3000 8. Directors recommend dividend to Members@10%
5
(4*5) a) Explain the following term:- i. Education Fund ii.Reserve Fund iii. Dividend iv. Share b) Write difference in Hire Purchases System and Instalment System. c) What is Depreciation and types of Depreciation Fund Method? d) Explain the following Term with fromat. :- i. Balance sheet ii. Trial Balance iii. Ledger
b) A machine is purchases for Rs.20000. At the end of four years it has to be r purpose an insurance policy is taken out the annual premium being Rs. 2200 fourth year a new machine costing Rs.31000 is installed. The old machine is
OR c) On 1 st Jan 2007;M/s Tallboy& co. ltd took delivery from plain vans lt (20) purchase system. 2000 being paid on delivery and the balance in five instal each payable annually on 31st dec. The vendor copany charges 5% interest balances. The cash value of motor vans was Rs. 15000. show the Journal entries and the vendor account. Interest account and the in the books of M/s tallboy & Co. Ltd for five years under: i. Asset Accrual Method ii. Credit purchases with Interest Method EITHER: (20) 3. a) Prepare incme and expenditure account and balance sheet for the y from the following infromation:Receipt and Payment Account for the year ending March 31, March 2007 Receipt
Amt 41000
Balance b/d Subscriptions: 2005-06 2006-07 2007-08 12000
7200 337600
Payment
Amt 6000
Salaries and Wages: 2005-06 4800 2006-07
356800 83200 88000 Entrance fees 16000 Sundry expenses 37000 Locker rent 58000 freehold land 60000 Revenue from refreshment 48000 Stationery 16000 Income from investment 56000 Rates 24000 Refreshment expenses 37500 Telephone charges 250000 Investments 250000 Balanced c/d 53300 5758000 ### The following additional infromation is provided to you: 1. There are 1800 members each paying an annual subscription of Rs.200, Rs 8000 were in arrears for 2005-06 as on april 2006. 2. On March 31,2007 the rates were prepaid to june 2007: the charge paid every ye 3. There was an outstanding telephone bill for Rs.1400 on March 31,2007. 4. There was an outstanding telephone bill for Rs.1400 on March 31,2007. 5. Stock of stationaery as on March 31, 2006 was Rs. 2000 on March 31 March 31,2 6. On March 31,2006 building stood at Rs. 400000 and it was subject to depreciatio 7. Investments on March 31, 2006 stood at Rs.800000 4. On March 31,2007, income accrued on investments purchased during the year a OR b) A and B have operated their own separate musical instrument retailing busines (10) decided to amalgamate their business and to from a partnership from 1st april 199 in repect of the individual business as at 31st March 1998 are as follows:
CREDITORS BILLS PAYABLE BANK OVERDRAFT
300000 250000
150000 150000
MACHINERY AND EQUI. FURNITURE AND FITTING STOCKS DEBTORS BILLS RECEIVABLE BANK
200000 50000 39000 500000 375000 237500 285000 150000 200000 112500 1000
### 900000 ### ### It was agreed by the partners that: 1. Profits are to be shared in the proportion of 3/5 to A and 2/5 to B. 2. The debtors of A are valued at Rs. 225000 the bills receivable at Rs.137500, stoc and equipment at Rs.275000 and free hold premises at Rs.875000. The other re cash recourses and liabilties, are to be taken over at book value. 3. The Debtors of B are valued at Rs. 262500 and stock at Rs.300000 the bank overdraft i funds and the furniture and fittings to be valued at Rs.52500. The remaining assets,in liabilites are at book to be taken over values. 4. Sufficient cash t be introduced by B so that his capital contribution is in the same propo You are required to; pass necessary journal entries to close the books of A and B and t partnership as at 1 st april 1998.
EITHER: (20) 4. a) On 31st December 1981 the following balances appeared in the boo English firm having its head office in London:-
Dr.Rs Cr.Rs. 12600 75000 112500 39000 26000 10400 9100 4800 3600 1500 4910 28900 33200 180800 ###
Stock 1.1.81 Purchases and Sales Debtors and Creditors Bills of Exchange Wages and Salaries Rent,Rates and Taxes Sundry Charges Furniture and Fixture Bank Balance London Office A/c
Stock on 3.12.81 was Rs.32500 Delhi Branch A/c in the books of London ofice showed a debit bal Furniture and Fixture were acquired from a remittance from London of £ 350 which exactly cover Fixtures. The Rates of Exchanges may be taken atDates 31.12.80 31.12.81
Rate Rs 14 per £ Rs 13 per £
The Average rate for the year 1981may be taken Prepare the Trading and Profit and Loss Account a Relating to Delhi Branch in the London Books.
OR 4.
b) From the following Trial balance for the year ended 31st March 2003 of Tejas consumers Co-operative Society Vasai. Prepare the final acc 31st March 2003.
Trial Balance Particular Share Capital
Dr.Rs
Cr.Rs. 800000
Salaries and Allowances to Staff 140000 Building Fund 140000 Share Capital Redemption Fund 25000 Contribution to Staff Provident Fund 10000 Sales 1600000 Staff Provident Fund 34000 Bad Debts 8000 Reserve for Bad and Doubtful Debts 20000 Postage 6000 Machinery (at cost) 28000 Travelling Exp. 10000 Bonus to Employess 10000 Printing and Stationery 3500 Insurance 11000 Building (at cost) 600000 Furniture (at cost) 100000 Depreciation Fund 90000 Sundry Debtors 200000 Sundry Creditors 25000 Investments in Shares of Co.op. Societies 120000 Staff Provident Fund Investments 34000 Fixed Deposit with District Central co-op.Bank 160000 Sundry Expenses 10000 Repairs to Building 20000 Interest on Fixed Deposit 16000 Dividend received on Shares 12000 Transfers Fees 5000 Profit and Loss Appropriation A/c Balance Last year 20000 Cash at Bank 100000 Cash in hand 6500 Total 2987000 2987000 Adjustments:1. Closing Stock on 31st March 2003 was Rs 320000.(Cost Price) Rs.400000(Market P 2. Salaries unpaid on 31.3.2003 was Rs.8000 3. Prepaid Insurance is Rs.1500 4. Provide Reserve for Bad and Doubtful Debts @ 5% 5. Provide Depreciation for the year as shown below: On Building:Rs.30000;On Furniture:Rs.10000; On Machinary: 2800. Transfer to Edu 6. Audit Fees are outstanding for the year : Rs 5000. 7. Provide for Share Capital Redemption Fund Rs. 3000 8. Directors recommend dividend to Members@10%
5
(4*5) a) Explain the following term:- i. Education Fund ii.Reserve Fund iii. Dividend iv. Share b) Write difference in Hire Purchases System and Instalment System. c) What is Depreciation and types of Depreciation Fund Method? d) Explain the following Term with fromat. :- i. Balance sheet ii. Trial Balance iii. Ledger
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