Annamalai University Question Paper December 2014
(SECOND YEAR)
620: ADVANCED FINANCIAL ACCOUNTING
Time: Three hours Maximum: 100 marks
SECTION -A
Answer any FIVE questions
(5×8 = 40)
1. Explain the rights and duties of the partners.
2. Define partnership. Explain the kinds of partnership.
3. What is meant by Branches? Explain various types of Branches.
4. Calico Printers' Ltd opened a shop at Delhi on 1St April, 1989. Goods were invoiced
at selling price which was fixed by adding 25% to the cost. From the following
particulars relating to 1989-90 and 1990-91, ascertain the profit or loss in two
years by the stock and debtors system:
1989-90 1990-91
Goods sent to Branch (invoice value) 1,40,400 1,56,200
Sales: Cash 7,50,000 10,65,200
Credit 2,70,000 4,60,000
Cash received from debtors 2,2,2400 4,21,400
Discount allowed to customers 6,600 7,800
Goods returned by customers 7,000 9,500
Cash remitted to Branch for:
Rent 12,000 12,000
Salaries 60,000 66,000
Sundry expenses 7,800 9,300
Defective cloth found in bales written off 5,200 5,000
Stock at Branch on 31st 1,22,200 1,51,900
5. How to prepare the income and Expenditure account and balance sheet from the
information?
6. What is mean by joint ventures and mention the accounting procedures?
7. What is the normal loss and abnormal loss?
8. What are the tools of financial analysis?
2
SECTION -B
Answer any THREE questions
(3×20 = 60)
9. A and B share profit in the ratio: A, 5/8 and B, 3/8, C is admitted as partner. He
brings in Rs 70,000 as his capital and Rs 48000 as goodwill. The new profit sharing
ratio will be 7:5:4 pass journal entries.
10. Explain the independent branches.
11. What is the preparation of receipts and payments account?
12. Raja Mills Ltd of Ahmadabad sent 500 pieces shirting to fancy stores, Delhi, on
consignment basis. The consignees are entitled to Raja Mills Ltd is Rs 120 per
piece. Fancy stores, Delhi, pay the following expenses:
Railway freight, etc Rs. 1,000
Godown rent and insurance Rs. 1,500
Raja Mills Ltd, draw on the consignees a draft for Rs 30,000 which is duly accepted,
Delhi, report that the entire consignment has been sold for Rs 78,000. Show
journal entries and the important ledger accounts in the books of the consignor.
13. The swastix oil mills, Bombay consigned 10000 kg of castor oil to Dass of Calcutta
on 1St January, 1990. The cost of oil was Rs. 23 per kg. The swastix oil mills paid
Rs 20,000 for packing, freight and insurance. During transit 250 kg. were
accidentally destroyed for which the insurance paid, directly to the consignors, Rs
4,500 in full settlement of the claim.
Dass took delivery of the consignment on the 10th January. On 31st march, 1990,
Dass reported that 7,500 kg. were sold at Rs. 30, the expenses being on godown
rent Rs. 3,000, on advertisement Rs 4,000 and on salesmen's salaries Rs. 6,400.
Dass is entitled to a communication of 3% plus 1 '/2 % Del credited. A party which
had bought 1,000 kg. was able to pay only 80% of the amount due from it. Dass
reported a loss of 100 kg. due to leakage. Assuming that Dass paid the amount due
by bank draft, show the accounts in the books of both the parties. The swastik oil
mills ltd. Closes books on 31st march.
--------------------
5658
B.Com. DEGREE EXAMINATION December 2014
(FINANCE AND INVESTMENT)(SECOND YEAR)
620: ADVANCED FINANCIAL ACCOUNTING
Time: Three hours Maximum: 100 marks
SECTION -A
Answer any FIVE questions
(5×8 = 40)
1. Explain the rights and duties of the partners.
2. Define partnership. Explain the kinds of partnership.
3. What is meant by Branches? Explain various types of Branches.
4. Calico Printers' Ltd opened a shop at Delhi on 1St April, 1989. Goods were invoiced
at selling price which was fixed by adding 25% to the cost. From the following
particulars relating to 1989-90 and 1990-91, ascertain the profit or loss in two
years by the stock and debtors system:
1989-90 1990-91
Goods sent to Branch (invoice value) 1,40,400 1,56,200
Sales: Cash 7,50,000 10,65,200
Credit 2,70,000 4,60,000
Cash received from debtors 2,2,2400 4,21,400
Discount allowed to customers 6,600 7,800
Goods returned by customers 7,000 9,500
Cash remitted to Branch for:
Rent 12,000 12,000
Salaries 60,000 66,000
Sundry expenses 7,800 9,300
Defective cloth found in bales written off 5,200 5,000
Stock at Branch on 31st 1,22,200 1,51,900
5. How to prepare the income and Expenditure account and balance sheet from the
information?
6. What is mean by joint ventures and mention the accounting procedures?
7. What is the normal loss and abnormal loss?
8. What are the tools of financial analysis?
2
SECTION -B
Answer any THREE questions
(3×20 = 60)
9. A and B share profit in the ratio: A, 5/8 and B, 3/8, C is admitted as partner. He
brings in Rs 70,000 as his capital and Rs 48000 as goodwill. The new profit sharing
ratio will be 7:5:4 pass journal entries.
10. Explain the independent branches.
11. What is the preparation of receipts and payments account?
12. Raja Mills Ltd of Ahmadabad sent 500 pieces shirting to fancy stores, Delhi, on
consignment basis. The consignees are entitled to Raja Mills Ltd is Rs 120 per
piece. Fancy stores, Delhi, pay the following expenses:
Railway freight, etc Rs. 1,000
Godown rent and insurance Rs. 1,500
Raja Mills Ltd, draw on the consignees a draft for Rs 30,000 which is duly accepted,
Delhi, report that the entire consignment has been sold for Rs 78,000. Show
journal entries and the important ledger accounts in the books of the consignor.
13. The swastix oil mills, Bombay consigned 10000 kg of castor oil to Dass of Calcutta
on 1St January, 1990. The cost of oil was Rs. 23 per kg. The swastix oil mills paid
Rs 20,000 for packing, freight and insurance. During transit 250 kg. were
accidentally destroyed for which the insurance paid, directly to the consignors, Rs
4,500 in full settlement of the claim.
Dass took delivery of the consignment on the 10th January. On 31st march, 1990,
Dass reported that 7,500 kg. were sold at Rs. 30, the expenses being on godown
rent Rs. 3,000, on advertisement Rs 4,000 and on salesmen's salaries Rs. 6,400.
Dass is entitled to a communication of 3% plus 1 '/2 % Del credited. A party which
had bought 1,000 kg. was able to pay only 80% of the amount due from it. Dass
reported a loss of 100 kg. due to leakage. Assuming that Dass paid the amount due
by bank draft, show the accounts in the books of both the parties. The swastik oil
mills ltd. Closes books on 31st march.
--------------------
5658
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