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Posted By: vijay kumar Member Level: Diamond Posted Date: 07 May 2008
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2007 Alagappa University B.B.M FINANCIAL ACCOUNTING Question paper
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Time : Three hours Maximum : 100 marks
PART A — (6* 5 = 30 marks)
Answer any SIX questions.
Answer to each theory question not to exceed 1 page.
1. Explain with examples the rules for journalising the transactions.
2. What is consignment? How does it differ from sales?
3. State the features of income and expenditure a/c.
4. How will you treat goodwill at the time of admission of a partner?
5. What are the conditions for the issue of shares at a discount?
6. How will you classify advances in Bank a/cs?
7. A holds 100 shares of Rs. 10 each on which he has paid Re. 1 as application money. B holds 200 shares of Rs. 10 each on which he has paid Re. 1 on application and Rs. 2 on allotment.
C holds 300 shares of Rs. 10 each on which he has paid Re. 1 on application, Rs. 2 on allotment and Rs. 2 for the first call.
They all fail to their arrears and the second call of
Rs. 2 per share and the directors, therefore, forfeit their shares. The shares are re-issued subsequently @ Rs.11 as fully paid. Pass necessary journal entries in the books of the company.
8. On 1.1.2004, Alan draws a bill of exchange on Balan for Rs. 2,000 payable after 2 months, Balan accepted the bill and returned to Alan, Alan discounted the bill with his bankers for Rs. 1,900. Pass journal entries in the books of Alan and Balan, for the above assuming that
(a) the bill is honoured on the due date and
(b) not honoured on the due date.
9. From the following Receipts and payments account, prepare an Income and Expenditure a/c for the year ended
31.3.2001.
Rs. Rs.
To Balance of cash 5,100 By Salaries 36,000
To Subscription (including
Rs. 2,000 for next year) 30,000 By Printing and Stationery 1,700
To Interest on Investments 15,000 By Postage and telegram 6,000
To Bank interest 100 By Purchase of bicycle 950
By Purchase Govt. bonds 6,800
To Sale proceeds of car 2,500 By closing balance of cash 1,250
Total 52,700 Total 52,700
PART B — (5 * 14 = 70 marks)
Answer any FIVE questions.
10. From the following Trial Balance as on 31.3.2004, prepare Trading A/c, Profit and Loss A/c for the year ended 31st March, 2004 and Balance Sheet as on that date .
Debit Balances Rs. Credit Balances Rs.
Cash in hand 13,170 Sales a/c 2,58,780
Purchases a/c 1,40,675 Return Outwards a/c 1,500
Returns Inwards 2,680 Capital a/c 82,000
Wages a/c 25,210 Sundry Creditors a/c 16,300
Carriage on sales a/c 3,200
Carriages on purchases a/c 2,040
Opening stock 25,760
Buildings a/c 50,000
Machinery a/c 27,500
Salaries a/c 15,000
General Expenses a/c 13,000
Insurance a/c 600
Drawings a/c 15,245
Sundry debtors a/c 24,500
3,58,580 3,58,580
Adjustments :
(a) Value of closing stock Rs. 26,800.
(b) Depreciate Machinery @ 10%.
(c) Salaries outstanding Rs. 1,500.
(d) Create a provision of 5% reserve for bad and doubtful debts on sundry debtors.
11. A and D are sharing profits in the ratio of 3:1. Their firm’s balance sheet as on 31.3.2000 was as follows :
Rs. Rs.
Creditors 37,500 Cash at bank 22,500
General reserve 8,000 Bills receivable 13,000
Capital a/cs : – A 60,000 Debtors 16,000
B 32,000 Stock 40,000
Furniture 11,000
Land and Buildings 35,000
Total 1,37,500 Total 1,37,500
They admit G into partnership on 1.4.2000, on the following terms :¬
(a) That G pays Rs. 30,000 as his capital for a fifth share in the future profits.
(b) That a goodwill a/c be raised in the books of the new firm at a value of Rs.40,000
(c) That stock and furniture be reduced by 10% and 5% provision for bad debts to be created on debtors
(d) That the value of land and buildings be appreciated by 20%
(e) That the capital a/cs of the partners be re-adjusted on the basis of their profit-sharing arrangements and any additional amount be debited or credited to their current account.
Show that P/L adjustment a/c, capital accounts of the partners and the opening Balance Sheet of the new firm.
12. A cotton mill at Ahamadabad send regular consignments of cloth to M/s. Lall and sons of Lucknow who are the selling agents and are entitled to a commission of Re. 1 per kg of cloth sold. This includes del credere commission.
From the following transactions prepare Consignment a/c Lall and sons a/c and show workings of abnormal loss in the books of the cotton mills company books.
Stock of cloth with agents at the beginning 2,000 kg costing Rs. 25,000
Total Quantity of cloth consigned 16,000 Kg @
Rs. 30 per kg.
Total quantity of cloth sold 15,000 Kg @ Rs.37.50
Total cash paid by the agents Rs. 5,10,000
Railway freight paid by the agents Rs. 40,000
Of the sales, Lall and Sons could not collect Rs. 11,000 due to insolvency of a customer.
500 kg of cloth was damaged by the railway for which the agents recovered Rs. 6,000 form railways. The damaged goods were sold @ Rs. 15 per kg.
13. A Ltd. invited applications for 80,000 shares of
Rs. 10 each, at a premium of Rs. 2.50 per share payable as follows : On application Rs. 3 ; On allotment Rs. 4.50
(including premium) On 1st call Rs. 2 ; On IInd and final call
Rs. 3.
Applications were received for 1,70,000 shares, out of which applications for 10,000 shares were rejected and application money was refunded. The allotment was made
pro¬rata to the remaining applicants. Money overpaid on application was used against the allotment money due.
Anil to whom 2,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the
first call, his shares were forfeited. Sunil, who holds
1,200 shares failed to pay the two calls and his shares were forfeited after the final call. Out of the forfeited shares, 2,400 shares reissued at the rate of Rs. 8 per share as fully paid, including Anil’s forfeited shares.
Pass necessary journal entries.
14. The following particulars relate to a club for the year ended 31.12.2004 and you are required to prepare
(a) a balance sheet as on 1.1.2004
(b) Income and expenditure a/c for the year ended
31.12.2004 and
(c) a balance sheet as on 31.12.2004.
Summary of cash book
Receipts Rs. Payments Rs.
To opening balance 2,350 By Salaries 1,200
To Entrance Fees 300 By Electricity exp. 120
To Subscriptions : By magazines 525
2003 50 By Fixed Deposits 2,500
2004 3,500 By Vessels 200
2005 75 By Payment to creditors 1,000
Profits from canteen 100 By closing Balance 1,150
Locker rents 200
Other income 120
6,695 6,695
The assets and liabilities as on 1.1.2004 were as
under :
Vessels Rs.800 ; Furniture Rs. 2,500 ; Consumable stores Rs. 350 : Creditors Rs. 1,200.
On 31.12.2004, value of consumable stores was Rs. 700 ; Creditors Rs. 550 ; the subscriptions outstanding were Rs.75 and the interest accrued on fixed deposits was Rs.25.
15. From the following information, prepare the
Balance Sheet of International Bank as on 31.3.2005, with necessary schedules.
Rs. In lakhs.
Debit balances Rs. Credit balances Rs.
Current a/cs 28.00 Share capital 198.00
Cash credits 812.10 Statutory reserve 231.00
Cash on hand 160.15 Net profit before appropriation 150.00
Cash with RBI 37.88 P/L a/c 412.00
Cash with other banks 155.87 Fixed deposits a/c 517.00
Money at call 210.12 Saving bank a/cs 450.00
Gold 55.23 Current a/cs 520.12
Government securities 110.17 Bills payables 0.10
Premises 155.70 Borrowing from other banks 110.00
Furniture 70.12
Term Loan 792.88
Total 2588.22 Total 2588.22
Additional information :
Bills for collection Rs. 18,10,000
Acceptances and endorsements Rs. 14,12,000.
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