Solapur University Question Paper
M.Com. (Part – I) (Old Syllabus) (Semester – II) Examination, 2014
ADVANCED ACCOUNTANCY (Paper – I) (Group – A)
Day and Date : Saturday, 19-4-2014 Total Marks : 50
Time : 11.00 a.m. to 1.00 p.m.
Instructions : 1) All questions are compulsory.
2) Figures to the right indicate full marks.
1. Choose the correct alternatives from alternatives given below each question : 10
1) ___________ is a system for accounting which purports to record as a built up
in mechanism all economic events in terms of current cost.
a) Inflation accounting b) Costing
c) Financial accounting d) Management accounting
2) ___________ is mainly responsible for maintaining accounts of the
government of India.
a) Finance secretary b) Comptroller and auditor general
c) Governor d) Registrar of companies
3) The Current Cost Accounting (CCA) method, takes into consideration the
changes in the value of ___________
a) Closing stock b) Opening stock
c) Money d) Cost of production
4) ___________ is a statement which shows or explains the changes in cash
position of a concern from the period to the other period.
a) Cash flow statement b) Funds flow statement
c) Cash account d) Master budget
5) For recording provision for outstanding fees ___________ is prepared.
a) Receipt and payment A/c b) Fees accounts
c) Bills of cost d) Clients disbursement ledger
6) The union treasuries are controlled by a ___________
a) Central government b) State government
c) Governor d) Union finance minister
SLR-N – 26 -2-
7) ___________ is the amount received by the shipping company for carrying
goods to their destination.
a) Rent b) Hire charges
c) Primage d) Freight
8) ___________ costs are incurred to identify the possible sources of employees.
a) Orientation b) Recruitment
c) Selection d) Hiring and placement
9) ___________ is the fare collected from passengers carried in the ship.
a) Passage money b) Fare charges
c) Travelling ticket d) All of the above
10) Consolidated funds of union or state government are divided into
___________
a) 3 b) 4 c) 5 d) 2
2. Answer the following :
A) Explain the objectives of government accounting system. 5
B) The ship S. S. Abhay commenced its voyage from Mumbai to Calcutta and
back on list January 2013. The voyage was completed on 28th February, 2013.
The following particulars are given. 5
Rs.
Coal 2,50,000
Stores 16,000
Wages 30,000
Port charges 3,000
Sundry expenses 2,000
Depreciation (annual) 24,000
Fright earned (outward) 100,000
Address commission, 5% on fright –
Fright earned (return) 50,000
Prepare the voyage account.
-3- SLR-N – 26
3. Answer the following :
A) Write a note on, ‘Human Resource Accounting’. 5
B) Determine price level loss from the accounts of Sankalp, a debtor, assuming
that the accounts are closed on 31st March. 5
Sankalp A/C
Date Particulars Rs. Date Particulars Rs.
Jan. 1 To balance b/d 30,000 Mar. 15 By cash 41,600
Feb. 1 To Sales 51,000 Mar. 31 By balance c/d 39,400
81,000 81,000
General price index during quarter :
January 1 : 100
March 15 : 104
February 1 : 102
March 31 : 105
4. Answer any one : 10
i) The ship, Jalmoti commenced a voyage on 1st April 2013 from Mumbai to
New York and back. The voyage was completed on 31st May, 2013. The ship
carried jute on its outward journey and machinery on it’s return journey. The
following information is given :
Rs.
Harbour charges 50,000
Coal purchased 100,000
Salaries of crew 32,000
Stores purchased 80,000
Captains expenses 8,000
Stevedoring charges 20,000
Premium on voyage policy 22,000
Freight earned (outward) 2,00,000
Fright earned (return) 1,80,000
Passage money received 10,000
Primage 10% on freight
Address commission 4% on outward and 5% on return freight.
Other information :
1) The stock of coal and stores at the beginning of the voyage was valued at
Rs. 2,000 and the end of the voyage at Rs. 12,700.
2) The written down value of the ship was Rs. 4,80,000 on which depreciation
is to be provided at 10% per annum.
3) The manager is entitled to a commission of 5% on net profit before charging
such commission. Show the voyage account.
ii) Following is the Balance Sheet of Dr. A.S. Patil as on 31st March, 2012 and
receipt and payment A/c for the year ended 31st March 2013.
Balance Sheet
as on 31st March, 2012
Liabilities Rs. Assets Rs.
Outstanding expenses 5,000 Cash in hand 4,000
Reserve for outstanding fees 6,000 Cash at bank 12,000
Capital 81,000 Fees due but not received 8,000
Equipments 20,000
Furniture 8,000
Motar car 40,000
92,000 92,000
Receipt and Payments A/c
For the year ended 31st March 2013
Receipts Rs. Payments Rs.
Cash balance 4,000 Office expenses 15,000
Bank balance 12,000 Motar car expenses 14,000
Fees received 60,000 Travelling 8,000
Cash in hand 9,000
Cash at bank 30,000
76,000 76,000
1) Fees outstanding as on 31-3-2013 Rs. 10,000.
2) Depreciate motar car by 20%, furniture at 10% and equipments are valued
at Rs. 17,000.
3) Prepare income and expenditure account, receipts and expenditure A/c
for the year ended 31-3-2013 and balance sheet as on 31-3-2013.
SLR-N – 26 -4-
5. Answer any one : 10
i) On 1-1-2013, the New India Insurance Company Ltd. purchased Rs. 20,000,
6% government securities at 95% cum-interest. The brokerage paid was
Rs. 100 on 1-5-2013, the company sold cum-interest Rs. 12,000 of the above
securities at 92%. The brokerage on sale was Rs. 80. On 1-9-2013 the
company purchased ex-interest Rs. 2,000 of the same security at 90%.
The brokerage paid was Rs. 40. Interest is payable on 31st March and 30th
September every year.
Show the investment account for 2013.
ii) From the following balance sheets of P Ltd. Prepare a cash flow statement.
31-3-2012 31-3-2013 31-3-2012 31-3-2013
Liabilities Rs. Rs. Assets Rs. Rs.
Equity share Goodwill 1,15,000 90,000
Capital 3,00,000 4,00,000 Land and building 2,00,000 1,70,000
8% Red. pref. Plant 80,000 2,00,000
Share capital 1,50,000 1,00,000 Debtors 1,60,000 2,00,000
General reserve 40,000 70,000 Stock 77,000 1,09,000
Profit and Loss A/c 30,000 48,000 Bills receivable 20,000 30,000
Proposed dividend 42,000 50,000 Cash in hand 15,000 10,000
Creditors 55,000 83,000 Cash at bank 10,000 8,000
Bills payable 20,000 16,000
Provision for
taxation 40,000 50,000
6,77,000 8,17,000 6,77,000 8,17,000
Additional informations :
a) Depreciation of Rs. 10,000 and Rs. 20,000 have been charged on plant and
land and building respectively in 2012-13.
b) An interm dividend of Rs. 20,000 has been paid 2012-13.
c) Rs. 45,000 income tax was paid during the year 2012-13.
__________________
M.Com. (Part – I) (Old Syllabus) (Semester – II) Examination, 2014
ADVANCED ACCOUNTANCY (Paper – I) (Group – A)
Day and Date : Saturday, 19-4-2014 Total Marks : 50
Time : 11.00 a.m. to 1.00 p.m.
Instructions : 1) All questions are compulsory.
2) Figures to the right indicate full marks.
1. Choose the correct alternatives from alternatives given below each question : 10
1) ___________ is a system for accounting which purports to record as a built up
in mechanism all economic events in terms of current cost.
a) Inflation accounting b) Costing
c) Financial accounting d) Management accounting
2) ___________ is mainly responsible for maintaining accounts of the
government of India.
a) Finance secretary b) Comptroller and auditor general
c) Governor d) Registrar of companies
3) The Current Cost Accounting (CCA) method, takes into consideration the
changes in the value of ___________
a) Closing stock b) Opening stock
c) Money d) Cost of production
4) ___________ is a statement which shows or explains the changes in cash
position of a concern from the period to the other period.
a) Cash flow statement b) Funds flow statement
c) Cash account d) Master budget
5) For recording provision for outstanding fees ___________ is prepared.
a) Receipt and payment A/c b) Fees accounts
c) Bills of cost d) Clients disbursement ledger
6) The union treasuries are controlled by a ___________
a) Central government b) State government
c) Governor d) Union finance minister
SLR-N – 26 -2-
7) ___________ is the amount received by the shipping company for carrying
goods to their destination.
a) Rent b) Hire charges
c) Primage d) Freight
8) ___________ costs are incurred to identify the possible sources of employees.
a) Orientation b) Recruitment
c) Selection d) Hiring and placement
9) ___________ is the fare collected from passengers carried in the ship.
a) Passage money b) Fare charges
c) Travelling ticket d) All of the above
10) Consolidated funds of union or state government are divided into
___________
a) 3 b) 4 c) 5 d) 2
2. Answer the following :
A) Explain the objectives of government accounting system. 5
B) The ship S. S. Abhay commenced its voyage from Mumbai to Calcutta and
back on list January 2013. The voyage was completed on 28th February, 2013.
The following particulars are given. 5
Rs.
Coal 2,50,000
Stores 16,000
Wages 30,000
Port charges 3,000
Sundry expenses 2,000
Depreciation (annual) 24,000
Fright earned (outward) 100,000
Address commission, 5% on fright –
Fright earned (return) 50,000
Prepare the voyage account.
-3- SLR-N – 26
3. Answer the following :
A) Write a note on, ‘Human Resource Accounting’. 5
B) Determine price level loss from the accounts of Sankalp, a debtor, assuming
that the accounts are closed on 31st March. 5
Sankalp A/C
Date Particulars Rs. Date Particulars Rs.
Jan. 1 To balance b/d 30,000 Mar. 15 By cash 41,600
Feb. 1 To Sales 51,000 Mar. 31 By balance c/d 39,400
81,000 81,000
General price index during quarter :
January 1 : 100
March 15 : 104
February 1 : 102
March 31 : 105
4. Answer any one : 10
i) The ship, Jalmoti commenced a voyage on 1st April 2013 from Mumbai to
New York and back. The voyage was completed on 31st May, 2013. The ship
carried jute on its outward journey and machinery on it’s return journey. The
following information is given :
Rs.
Harbour charges 50,000
Coal purchased 100,000
Salaries of crew 32,000
Stores purchased 80,000
Captains expenses 8,000
Stevedoring charges 20,000
Premium on voyage policy 22,000
Freight earned (outward) 2,00,000
Fright earned (return) 1,80,000
Passage money received 10,000
Primage 10% on freight
Address commission 4% on outward and 5% on return freight.
Other information :
1) The stock of coal and stores at the beginning of the voyage was valued at
Rs. 2,000 and the end of the voyage at Rs. 12,700.
2) The written down value of the ship was Rs. 4,80,000 on which depreciation
is to be provided at 10% per annum.
3) The manager is entitled to a commission of 5% on net profit before charging
such commission. Show the voyage account.
ii) Following is the Balance Sheet of Dr. A.S. Patil as on 31st March, 2012 and
receipt and payment A/c for the year ended 31st March 2013.
Balance Sheet
as on 31st March, 2012
Liabilities Rs. Assets Rs.
Outstanding expenses 5,000 Cash in hand 4,000
Reserve for outstanding fees 6,000 Cash at bank 12,000
Capital 81,000 Fees due but not received 8,000
Equipments 20,000
Furniture 8,000
Motar car 40,000
92,000 92,000
Receipt and Payments A/c
For the year ended 31st March 2013
Receipts Rs. Payments Rs.
Cash balance 4,000 Office expenses 15,000
Bank balance 12,000 Motar car expenses 14,000
Fees received 60,000 Travelling 8,000
Cash in hand 9,000
Cash at bank 30,000
76,000 76,000
1) Fees outstanding as on 31-3-2013 Rs. 10,000.
2) Depreciate motar car by 20%, furniture at 10% and equipments are valued
at Rs. 17,000.
3) Prepare income and expenditure account, receipts and expenditure A/c
for the year ended 31-3-2013 and balance sheet as on 31-3-2013.
SLR-N – 26 -4-
5. Answer any one : 10
i) On 1-1-2013, the New India Insurance Company Ltd. purchased Rs. 20,000,
6% government securities at 95% cum-interest. The brokerage paid was
Rs. 100 on 1-5-2013, the company sold cum-interest Rs. 12,000 of the above
securities at 92%. The brokerage on sale was Rs. 80. On 1-9-2013 the
company purchased ex-interest Rs. 2,000 of the same security at 90%.
The brokerage paid was Rs. 40. Interest is payable on 31st March and 30th
September every year.
Show the investment account for 2013.
ii) From the following balance sheets of P Ltd. Prepare a cash flow statement.
31-3-2012 31-3-2013 31-3-2012 31-3-2013
Liabilities Rs. Rs. Assets Rs. Rs.
Equity share Goodwill 1,15,000 90,000
Capital 3,00,000 4,00,000 Land and building 2,00,000 1,70,000
8% Red. pref. Plant 80,000 2,00,000
Share capital 1,50,000 1,00,000 Debtors 1,60,000 2,00,000
General reserve 40,000 70,000 Stock 77,000 1,09,000
Profit and Loss A/c 30,000 48,000 Bills receivable 20,000 30,000
Proposed dividend 42,000 50,000 Cash in hand 15,000 10,000
Creditors 55,000 83,000 Cash at bank 10,000 8,000
Bills payable 20,000 16,000
Provision for
taxation 40,000 50,000
6,77,000 8,17,000 6,77,000 8,17,000
Additional informations :
a) Depreciation of Rs. 10,000 and Rs. 20,000 have been charged on plant and
land and building respectively in 2012-13.
b) An interm dividend of Rs. 20,000 has been paid 2012-13.
c) Rs. 45,000 income tax was paid during the year 2012-13.
__________________
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