University Of Pune Question Paper
F. Y. B. Com. Examination - 2013
FINANCIAL ACCOUNTING
(New 2008 Pattern)
Time : 3 Hours] [Max. Marks : 80
Instructions :
(1) All questions are compulsory.
(2) Figures to the right indicate full marks.
(3) Use of calculator is allowed.
Q.1) Objective type questions :
(a) State whether the following statements are true or false :
(Any Five) [05]
(i) On Dissolution of Partnership Firm the Assets are transferred
on Debit Side of Realisation A/c.
(ii) Accounting Standard - I is disclosure of Accounting
Policies.
(iii) All Cash Transactions are recorded on Receipt and
Payment A/c.
(iv) When Goodwill is raised on admission of a partner the
Capital A/c. of old partners is credited in their old Profit
and Loss Sharing Ratio.
(v) The relationship of Consignor and Consignee is that of
Debtor and Creditor.
(vi) Discount on Bills Receivable discounted by Consignor is
credited to Consignment A/c.
(vii) All Nationalised Banks are the example of Non-trading
Organisation.
[4369]-102 1 P.T.O.
Seat
No.
(b) Fill in the blanks using appropriate words from the brackets :
(Any Five) [05]
(i) The amount paid on the date of purchases of Assets on
Hire-purchase Agreement is called as ___________.
[Down Payment, Cash Payment, Bank Payment]
(ii) Appreciation in value of Asset, on Revaluation of Asset
is ________ to Revaluation A/c.
[Credited, Debited, Ignored]
(iii) Surplus Capital Method is also called as_________.
[Proportionate Capital Method, Maximum Loss Method,
None of these]
(iv) Excess of Minimum Rent over Royalty is called as
_________.
[Short Working, Surplus, Profit]
(v) The Balance on Capital Account of deceased partner is
transferred to _________.
[Executor’s Loan A/c., Partner’s Loan A/c., Current A/c.]
(vi) Delcradre Commission is paid to Consignee on _________.
[Cash Sales, Credit Sales, Total Sales]
(vii) Excess of Income over Expenditure of Non-trading
Organisation is called as __________.
[Surplus, Deficit, Loss]
(c) Write short notes : (Any Two) [14]
(i) Difference between Hire-purchase and Instalment System
(ii) Tally Package
(iii) Accounting Standard - 2, Valuation of Inventories
(iv) Capital Receipts and Revenue Receipts, with examples
[4369]-102 2 Contd.
Q.2) A, B and C shared profits and losses in the ratio of 5 : 3 : 2 on
31-2-2011. When they decided to dissolve the firm, their Balance Sheet
was as follows :
Balance Sheet
Liabilities Rs. Assets Rs.
Creditors 30,000 Plant and Machinery 50,000
Bank Loan 20,000 Stock 24,000
General Reserve 10,000 Investment 60,000
Municipal Taxes 5,000 Debtors 20,000
Capital A/c. :
A 50,000
B 21,000
C 18,000
1,54,000 1,54,000
The assets realised in instalment as follows :
1st Instalment Rs. 44,000
2nd Instalment Rs. 50,000
3rd Instalment Rs. 60,000
Provide Rs. 9,000 for realisation expenses out of the amount collected
from instalment one and it was recorded that actual cost of realisation
was Rs. 4,000.
Prepare :
(a) Statement showing Surplus Capital
(b) Statement showing Distribution of Cash under Surplus Capital
Method [14]
OR
[4369]-102 3 P.T.O.
Q.2) Following were the Balance Sheet of Megha and Varsha and Ram and
Sham as on 31-03-2011 :
Balance Sheet (31-03-2011)
Liabilities Megha and Ram and Assets Megha and Ram and
Varsha Sham Varsha Sham
Creditors 25,000 30,000 Building – 42000
Loan A/c. 10,000 – Plant 40,000 25,000
Bills Payable – 9,000 Furniture 10,000 8,000
Outstanding Tools 3,000 5,000
Salary 1,000 900 Stock 20,000 15,000
Capital A/c.:
Megha 36,000 – Debtors 12,000 11,000
Varsha 18,000 – Cash 5,000 3,900
Ram – 40,000
Sham – 30,000
90,000 1,09,900 9,000 1,09,000
Megha and Varsha shared profits and losses in the ratio of 2:1 and
Ram and Sham were sharing profits and losses in the ratio of 3:2.
The two firms decided to amalgamate the firms of following terms :
(1) Outstanding Salaries were to be paid by the respective firms.
(2) Furniture of both firms were not taken over by the new firm,
Megha and Varsha sold furniture for Rs. 12,000 and Ram and
Sham sold furniture for Rs. 7,000.
(3) Tools of both firms not taken over by new firm and distributed
to partners in their profit and loss sharing ratio.
(4) Building was valued at Rs. 45,000.
(5) Stock of Megha and Varsha was undervalued by Rs. 2,000
and Stock of Ram and Sham was overvalued by Rs. 3,000.
[4369]-102 4 Contd.
(6) Debtors of Megha and Varsha include Rs. 2,000 bad debts.
Debtors were taken over by new firm subject to 5% reserve
for doubtful debts.
(7) Loan was taken over by Megha and bills payable were
taken over by Ram.
Close the Books of Megha and Varsha and Ram and Sham, also
prepare amalgamated Balance Sheet. [14]
Q.3) (A) Sagar, Pravin and Prashant shared profits and losses in the ratio
of 4:3:3. Their Balance Sheet as on 31-3-2012 was as follows :
Balance Sheet
Liabilities Amt. Assets Amt.
Creditors 25,000 Cash in Hand 15,000
Bills Payable 15,000 Machinary 35,000
Mrs. Sagar Loan 10,000 Investments 25,000
General Reserve 10,000 Stock 25,000
Capital A/c. : Debtors 20,000
Sagar 30,000 Bills Receivables 10,000
Pravin 25,000
Prashant 15,000
1,30,000 1,30,000
The firm was dissolved on the date of Balance Sheet :
(1) The assets realised as follows :
Machinary Rs. 34,000, Investment Rs. 24,000, Stock
Rs. 27,000, Debtors Rs. 18,000, Bills Receivables were
taken over by Sagar and agreed value of Rs. 9,000.
(2) Mrs. Sagar loan was taken over by Sagar.
(3) Creditors and Bills Payable were paid at 5% discount.
(4) Cost of realisation amounted to Rs. 2,000.
Close the Books of Partnership Firm, by opening necessary
A/cs. [08]
[4369]-102 5 P.T.O.
(B) Coal Company of Darbhanga leased coal mine to Assam Colliary
Company Limited at a royalty of Rs. 2 per tonne subject to a
minimum rent of Rs. 20,000 per annum with a provision to reduce
the minimum rent proportionately for the period of stoppage of
work during strike. The stortworkings if any can be recovered
in first three years only. The output for four years from 2007
was follows :
2007 – 6,000 tonnes
2008 – 8,000 tonnes
2009 – 14,000 tonnes
2010 – 6,000 tonnes
During the year 2010 there was a strike for 6 months. Pass
necessary journal entries in the Books of Assam Colliary
Company Ltd. (Tenant) for 4 years. [14]
Q.4) Ashok Sports Club, Ashoknagar submit you like following Receipts
and Payment Account for year ended 31-3-2011 :
Receipts and Payments Account
Receipts Amount Payments Amount
(Rs.) (Rs.)
To Opening Balance : By Upkeep of Ground 1,500
Cash 2,000 By Wages 4,000
Bank 5,000 By Salaries :
To Subscription 2009-10 – 1,000
Received : 2010-11 – 8,000 9,000
2009-10 – 500 By Investments 10,000
2010-11 – 15,000 By Sport Materials 6,000
2011-12 – 1,000 16,500 By Sport Match
To Receipts from Expenses 4,000
Sport Matches 6,000
[4369]-102 6 Contd.
[4369]-102 7 P.T.O.
Receipts Amount Payments Amount
(Rs.) (Rs.)
To Interest on By Telephone Bill 2,000
Investment 1,000
To Locker Rent 2,000 By Subscription
To Entrance Fees 1,500 to Sport Magazine 2,000
To Donation for By General Expenses 1,200
Construction of By Closing Balance :
Gymkhana 8,000 Cash 2,000
To Sale of Sport Bank 5,300
Material
(Book Value
6,000) 5,000
47,000 47,000
Additional Information :
(1) On 1-4-2010, the club had Furniture Rs. 15,000, Sports Materials
Rs. 20,000, Outstanding Subscription Rs. 1,500, Outstanding
Salary Rs. 1,500, Investments Rs. 5,000.
(2) Half of the Entrance Fees is to be capitalised.
(3) For the year ended on 31-3-2011, the subscription of Rs. 3,000
is outstanding.
(4) Salary Outstanding as on 31-3-2011 amounted to Rs. 1,000.
(5) On Investment Rs. 500 interest is still to be received at the end
of the year 2010-11.
You are required to prepare :
(a) Income and Expenditure A/c.
(b) Balance Sheet as on 31-3-2011 [20]
OR
Q.4) (A) Ratnakar of Ratnagiri consigned 100 tricycles to Prabhakar of
Panji at a cost of Rs. 1,000 per tricycle. Ratnakar paid Rs.10,000
towards transportation and other charges. He also received a bill
duely accepted by Prabhakar for Rs. 30,000. Ratnakar got bill
discounted with bank for Rs. 29,500.
Prabhakar paid on receipt of consignment Rs. 4,000 towards
freight and other charges. Prabhakar sold to tricycles for
Rs. 1,300 each for cash and 30 tricycles Rs. 1,500 each on credit.
Prabhakar is to get commission of 5% on total sales and 2%
Del Cradre Commission. Prabhakar remitted balance due to him
by bank draft.
You are required to prepare :
(a) Consignment A/c.
(b) Prabhakar A/c. in the books of Ratnakar [10]
(B) Arvind Ltd. purchased a machinary on Hire-purchase System
from Natraj Ltd. at a cost of Rs. 60,000 on 1-1-2007. Arvind
Ltd. paid Rs. 15,000 on the date of purchases and agreed to
pay balance in 3 equal annual instalments of Rs. 15,000 each.
The accounting year is closed on 31 December every year. The
vendor charge interest @ 10% p.a. Arvind Ltd. decided to
depriciate the machinary @ 15 % p.a. on Original Cost Method.
You are required to prepare :
(a) Natraj Ltd A/c. (Hire Vendor)
(b) Machinery A/c.
in the books of Arvind Ltd. [10]
F. Y. B. Com. Examination - 2013
FINANCIAL ACCOUNTING
(New 2008 Pattern)
Time : 3 Hours] [Max. Marks : 80
Instructions :
(1) All questions are compulsory.
(2) Figures to the right indicate full marks.
(3) Use of calculator is allowed.
Q.1) Objective type questions :
(a) State whether the following statements are true or false :
(Any Five) [05]
(i) On Dissolution of Partnership Firm the Assets are transferred
on Debit Side of Realisation A/c.
(ii) Accounting Standard - I is disclosure of Accounting
Policies.
(iii) All Cash Transactions are recorded on Receipt and
Payment A/c.
(iv) When Goodwill is raised on admission of a partner the
Capital A/c. of old partners is credited in their old Profit
and Loss Sharing Ratio.
(v) The relationship of Consignor and Consignee is that of
Debtor and Creditor.
(vi) Discount on Bills Receivable discounted by Consignor is
credited to Consignment A/c.
(vii) All Nationalised Banks are the example of Non-trading
Organisation.
[4369]-102 1 P.T.O.
Seat
No.
(b) Fill in the blanks using appropriate words from the brackets :
(Any Five) [05]
(i) The amount paid on the date of purchases of Assets on
Hire-purchase Agreement is called as ___________.
[Down Payment, Cash Payment, Bank Payment]
(ii) Appreciation in value of Asset, on Revaluation of Asset
is ________ to Revaluation A/c.
[Credited, Debited, Ignored]
(iii) Surplus Capital Method is also called as_________.
[Proportionate Capital Method, Maximum Loss Method,
None of these]
(iv) Excess of Minimum Rent over Royalty is called as
_________.
[Short Working, Surplus, Profit]
(v) The Balance on Capital Account of deceased partner is
transferred to _________.
[Executor’s Loan A/c., Partner’s Loan A/c., Current A/c.]
(vi) Delcradre Commission is paid to Consignee on _________.
[Cash Sales, Credit Sales, Total Sales]
(vii) Excess of Income over Expenditure of Non-trading
Organisation is called as __________.
[Surplus, Deficit, Loss]
(c) Write short notes : (Any Two) [14]
(i) Difference between Hire-purchase and Instalment System
(ii) Tally Package
(iii) Accounting Standard - 2, Valuation of Inventories
(iv) Capital Receipts and Revenue Receipts, with examples
[4369]-102 2 Contd.
Q.2) A, B and C shared profits and losses in the ratio of 5 : 3 : 2 on
31-2-2011. When they decided to dissolve the firm, their Balance Sheet
was as follows :
Balance Sheet
Liabilities Rs. Assets Rs.
Creditors 30,000 Plant and Machinery 50,000
Bank Loan 20,000 Stock 24,000
General Reserve 10,000 Investment 60,000
Municipal Taxes 5,000 Debtors 20,000
Capital A/c. :
A 50,000
B 21,000
C 18,000
1,54,000 1,54,000
The assets realised in instalment as follows :
1st Instalment Rs. 44,000
2nd Instalment Rs. 50,000
3rd Instalment Rs. 60,000
Provide Rs. 9,000 for realisation expenses out of the amount collected
from instalment one and it was recorded that actual cost of realisation
was Rs. 4,000.
Prepare :
(a) Statement showing Surplus Capital
(b) Statement showing Distribution of Cash under Surplus Capital
Method [14]
OR
[4369]-102 3 P.T.O.
Q.2) Following were the Balance Sheet of Megha and Varsha and Ram and
Sham as on 31-03-2011 :
Balance Sheet (31-03-2011)
Liabilities Megha and Ram and Assets Megha and Ram and
Varsha Sham Varsha Sham
Creditors 25,000 30,000 Building – 42000
Loan A/c. 10,000 – Plant 40,000 25,000
Bills Payable – 9,000 Furniture 10,000 8,000
Outstanding Tools 3,000 5,000
Salary 1,000 900 Stock 20,000 15,000
Capital A/c.:
Megha 36,000 – Debtors 12,000 11,000
Varsha 18,000 – Cash 5,000 3,900
Ram – 40,000
Sham – 30,000
90,000 1,09,900 9,000 1,09,000
Megha and Varsha shared profits and losses in the ratio of 2:1 and
Ram and Sham were sharing profits and losses in the ratio of 3:2.
The two firms decided to amalgamate the firms of following terms :
(1) Outstanding Salaries were to be paid by the respective firms.
(2) Furniture of both firms were not taken over by the new firm,
Megha and Varsha sold furniture for Rs. 12,000 and Ram and
Sham sold furniture for Rs. 7,000.
(3) Tools of both firms not taken over by new firm and distributed
to partners in their profit and loss sharing ratio.
(4) Building was valued at Rs. 45,000.
(5) Stock of Megha and Varsha was undervalued by Rs. 2,000
and Stock of Ram and Sham was overvalued by Rs. 3,000.
[4369]-102 4 Contd.
(6) Debtors of Megha and Varsha include Rs. 2,000 bad debts.
Debtors were taken over by new firm subject to 5% reserve
for doubtful debts.
(7) Loan was taken over by Megha and bills payable were
taken over by Ram.
Close the Books of Megha and Varsha and Ram and Sham, also
prepare amalgamated Balance Sheet. [14]
Q.3) (A) Sagar, Pravin and Prashant shared profits and losses in the ratio
of 4:3:3. Their Balance Sheet as on 31-3-2012 was as follows :
Balance Sheet
Liabilities Amt. Assets Amt.
Creditors 25,000 Cash in Hand 15,000
Bills Payable 15,000 Machinary 35,000
Mrs. Sagar Loan 10,000 Investments 25,000
General Reserve 10,000 Stock 25,000
Capital A/c. : Debtors 20,000
Sagar 30,000 Bills Receivables 10,000
Pravin 25,000
Prashant 15,000
1,30,000 1,30,000
The firm was dissolved on the date of Balance Sheet :
(1) The assets realised as follows :
Machinary Rs. 34,000, Investment Rs. 24,000, Stock
Rs. 27,000, Debtors Rs. 18,000, Bills Receivables were
taken over by Sagar and agreed value of Rs. 9,000.
(2) Mrs. Sagar loan was taken over by Sagar.
(3) Creditors and Bills Payable were paid at 5% discount.
(4) Cost of realisation amounted to Rs. 2,000.
Close the Books of Partnership Firm, by opening necessary
A/cs. [08]
[4369]-102 5 P.T.O.
(B) Coal Company of Darbhanga leased coal mine to Assam Colliary
Company Limited at a royalty of Rs. 2 per tonne subject to a
minimum rent of Rs. 20,000 per annum with a provision to reduce
the minimum rent proportionately for the period of stoppage of
work during strike. The stortworkings if any can be recovered
in first three years only. The output for four years from 2007
was follows :
2007 – 6,000 tonnes
2008 – 8,000 tonnes
2009 – 14,000 tonnes
2010 – 6,000 tonnes
During the year 2010 there was a strike for 6 months. Pass
necessary journal entries in the Books of Assam Colliary
Company Ltd. (Tenant) for 4 years. [14]
Q.4) Ashok Sports Club, Ashoknagar submit you like following Receipts
and Payment Account for year ended 31-3-2011 :
Receipts and Payments Account
Receipts Amount Payments Amount
(Rs.) (Rs.)
To Opening Balance : By Upkeep of Ground 1,500
Cash 2,000 By Wages 4,000
Bank 5,000 By Salaries :
To Subscription 2009-10 – 1,000
Received : 2010-11 – 8,000 9,000
2009-10 – 500 By Investments 10,000
2010-11 – 15,000 By Sport Materials 6,000
2011-12 – 1,000 16,500 By Sport Match
To Receipts from Expenses 4,000
Sport Matches 6,000
[4369]-102 6 Contd.
[4369]-102 7 P.T.O.
Receipts Amount Payments Amount
(Rs.) (Rs.)
To Interest on By Telephone Bill 2,000
Investment 1,000
To Locker Rent 2,000 By Subscription
To Entrance Fees 1,500 to Sport Magazine 2,000
To Donation for By General Expenses 1,200
Construction of By Closing Balance :
Gymkhana 8,000 Cash 2,000
To Sale of Sport Bank 5,300
Material
(Book Value
6,000) 5,000
47,000 47,000
Additional Information :
(1) On 1-4-2010, the club had Furniture Rs. 15,000, Sports Materials
Rs. 20,000, Outstanding Subscription Rs. 1,500, Outstanding
Salary Rs. 1,500, Investments Rs. 5,000.
(2) Half of the Entrance Fees is to be capitalised.
(3) For the year ended on 31-3-2011, the subscription of Rs. 3,000
is outstanding.
(4) Salary Outstanding as on 31-3-2011 amounted to Rs. 1,000.
(5) On Investment Rs. 500 interest is still to be received at the end
of the year 2010-11.
You are required to prepare :
(a) Income and Expenditure A/c.
(b) Balance Sheet as on 31-3-2011 [20]
OR
Q.4) (A) Ratnakar of Ratnagiri consigned 100 tricycles to Prabhakar of
Panji at a cost of Rs. 1,000 per tricycle. Ratnakar paid Rs.10,000
towards transportation and other charges. He also received a bill
duely accepted by Prabhakar for Rs. 30,000. Ratnakar got bill
discounted with bank for Rs. 29,500.
Prabhakar paid on receipt of consignment Rs. 4,000 towards
freight and other charges. Prabhakar sold to tricycles for
Rs. 1,300 each for cash and 30 tricycles Rs. 1,500 each on credit.
Prabhakar is to get commission of 5% on total sales and 2%
Del Cradre Commission. Prabhakar remitted balance due to him
by bank draft.
You are required to prepare :
(a) Consignment A/c.
(b) Prabhakar A/c. in the books of Ratnakar [10]
(B) Arvind Ltd. purchased a machinary on Hire-purchase System
from Natraj Ltd. at a cost of Rs. 60,000 on 1-1-2007. Arvind
Ltd. paid Rs. 15,000 on the date of purchases and agreed to
pay balance in 3 equal annual instalments of Rs. 15,000 each.
The accounting year is closed on 31 December every year. The
vendor charge interest @ 10% p.a. Arvind Ltd. decided to
depriciate the machinary @ 15 % p.a. on Original Cost Method.
You are required to prepare :
(a) Natraj Ltd A/c. (Hire Vendor)
(b) Machinery A/c.
in the books of Arvind Ltd. [10]
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