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Posted Date: 21 Nov 2010      Posted By:: Sudhakar R    Member Level: Gold    Points: 5 (Rs. 1)

2010 B.Sc Mathematics Annamalai university - B.Sc.- Maths - Second year - Ancillary - Accountancy II Question paper



Course: B.Sc Mathematics   University/board: Annamalai University





B.Sc. DEGREE EXAMINATION, 2010
( MATHEMATICS )
( SECOND YEAR )
( PART - III - B - ANCILLARY )
670. ACCOUNTANCY - II
( Including Lateral Entry )
May ] [ Time : 3 Hours
Maximum : 75 Marks
SECTION - A (5 × 6 = 30)
Answer any FIVE questions.
All questions carry equal marks.
1. What is consignment ? How does it differ from sales ?
2. Under what circumstances a company can redeem its preference shares ?
3. Write notes on 'forfeiture' and 'reissue of forfeited shares'.
4. What is 'profit prior to incorporation' and why they are ascertained separately ?
5. Explain 'Hire purchase system'. How does it differ from installment system ?
6. Write notes on :
(a) Company debentures.
(b) Royalty accounts.
SECTION - B (3 × 15 = 45)
Answer any THREE questions.
All questions carry equal marks.
7. Laxmi Ltd. was incorporated on 1st May, 2008 and was entitled to commence business from 1st June, 2008. It acquired a running firm from 1st January, 2008. The profit and
loss account for the year ended 31st December, 2008 was as under :
drawings at 10 % pa. During 2008, the
drawings were :
Amar Rs. 10,000 ;
Akbar Rs. 6,000
and Antony Rs. 8,000.
Antony to whom a salary of Rs. 500 p.m. was payable and he had guaranteed that the firm would earn a profit of Rs. 30,000 before any charge of interest on capital or salary to him. The actual profit earned for 2008 was Rs. 27,000. Prepare profit and loss appropriation account and partner's capital
accounts for 2008.
9. Hari and Susee agreed to take up a venture to carry out repairs in private quarters. Hari
supplied goods worth Rs. 60,000. Susee supplied tools worth Rs. 10,000 and also paid
the wages of workers amounting to Rs. 75,000. The work was completed and a payment of
Rs. 2,00,000 was received by Hari. Hari took back the remaining goods at Rs. 5,000 and
tools by Susee for Rs. 1,000. They share profit and losses equally. Prepare the necessary
accounts in the books of both the parties.
Rs. Rs.
To Salaries 40,000 By Gross profit 2,00,000
,, General
expenses 10,000
,, Carriage
outwards 15,000
,, Advertising 20,000
,, Debenture
interest 6,000
,, Director's fees 4,000
,, Audit fees 5,000
,, Depreciation 20,000
,, Interest to
vendors (paid up to 30th June) 10,000
To Net profit 70,000
2,00,000 2,00,000
Ascertain the profit prior to incorporation.
Sales up to 1st May were Rs. 2,00,000 and
after 1st May Rs. 8,00,000.
8. Amar, Akbar and Antony entered into
partnership with a capital of Rs. 50,000,
Rs. 50,000 and Rs. 20,000 respectively and
agreeing to share profits and losses in the
ratio of 4 : 3 : 3 after allowing interest on
capital at 9 % p.a. and charging interest on
drawings at 10 % pa. During 2008, the
drawings were :
Amar Rs. 10,000 ;
Akbar Rs. 6,000
and Antony Rs. 8,000.
Antony to whom a salary of Rs. 500 p.m. was payable and he had guaranteed that the
firm would earn a profit of Rs. 30,000 before any charge of interest on capital or salary to
him. The actual profit earned for 2008 was Rs. 27,000. Prepare profit and loss
appropriation account and partner's capital accounts for 2008.
9. Hari and Susee agreed to take up a venture to carry out repairs in private quarters. Hari
supplied goods worth Rs. 60,000. Susee supplied tools worth Rs. 10,000 and also paid
the wages of workers amounting to Rs. 75,000. The work was completed and a payment of
Rs. 2,00,000 was received by Hari. Hari took back the remaining goods at Rs. 5,000 and
tools by Susee for Rs. 1,000. They share profit and losses equally. Prepare the necessary
accounts in the books of both the parties.
10. Wisdom Publishers Ltd. published a book written by Mr. Ablehand. The arrangement was
that Mr.Ablehand will get a royalty of Rs. 3 per copy sold subject to a minimum payment
of Rs. 5,000 per annum. Short-workings of each year could be recovered out of royalties
from the subsequent three years.
No. of copies sold were
I year - 800
II year - 1,500
III year - 2,000
IV year - 2,000
V year - 3,000
Give entries in the books of Wisdom Publishers Ltd.





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