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    Past 10 Years Papers Financial Accounting

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    20 Your Roll No... This question paper contains 31 printed pages] 1652 B.Com. (Hons. A Paper II—FINANCIAL ACCOUNTING (New Course : Admissions of 2004 and onwards) Time : Part A: 2% Hours Maximum Marks : Part A- 45] For students of Time : Part B : 30 Minutes © Maximum Marks : Part B - 10 | Regular College Maximum Marks : Part A - 61 For students Maximum Marks : Part B — 14 of SOL (Write your Roll No. on the top immediately on receipt of this question paper) Note :— Answers may be written either in English or in Hindi; but the same medium should be used throughout the paper. aw a SN sist a fe Part A Comet a) 1. State with reasons whether the following statements are True or False : (, Depreciation is decrease in the market value of a fixed asset. (i) Revenue and income are one and the same thing. (ii) According to accrual concept, revenues are recognised only when cash is actually received (iv) Assets represent expired costs while expenses are unexpired costs. (v) Outstanding rent account is a personal account. 5 Can) 1652 er afer aay fe an frafefar eer a em oem: O Feed fer dent $ aa ye A at t @ 3mm at am we & € Gi) Terr dae F agen, ari A a ae om @ wa vat aera 7 wa a omg edt & @) veh waa arnt A frefia eat €, wafs om sear ordi aM @) aera fata Ger wa fet ca kr ABC Ltd. purchased on Ist October, 2004, a machinery for % 4,50,000 and spent 2 10,000 on freight and transit insurance. On 25th December, 2004, it further spent % 40,000 on its erection. The machinery was put to use on 1-1-2005. On Ist July 2005, it purchased another machinery for % 1,00,000. During the year 2006, it spent % 10,000 for repairs on 1-4-2006. However, on 1-4:2007, a part of the machinery, purchased on 1-10-2004, costing % 2,00,000 was sold for 1,50,000. On 1-10-2007 it purchased another machinery for = 3,00,000. On Ist July, 2008, however, machinery purchased on Ist July, 2005 was sold for % 65,000. Depreciation was charged by the firm @ 10% p.a. by written down value PTO. Cae). E 1652. method. During the year 2008, ABC Ltd. decided to change the method of providing depreciation and adopted the Straight Line Method of charging depreciation @ 10% p.a. Prepare Machinery Account as per the provisions of AS-6 upto the year ending 31-12-2008. 14 ABC Ltd. 3 1 3PRX 2004 FI % 450000 FH wH Heid Gil sik & 10,000 org a aftaer atm om ad fear 25 fea, 2004 A sat wi FS aM ® FX 40,000 sk wd fur ae 1-1-2008 @ seta 4 a mei 1 Geng, 2005 Ft sei e 1,00000 4 wH a avid ait aH 2006 F dar se 1-4-2006 FATT We 10,000 we feu aenfa 1-4-2007 @ 1-10-2004 H waited wg afte HI % 200,000 at ara wl wR am % 150000 4H ae aa ae 1-10-2007 # % 3,00,000 F we a aed ait 71 1 Gems 2008 A 1 Yee 2005 F |e ws seid MM x 65,000 4 aa Ta wH Fy aie FET woe am 10% afte at ax wR ARTE wafer fea ad 2008 F ABC Lid. 3 WRaea TT Ft wort a acer a freaa frat ar 10% afte at a on yaw waft aC st a ter woe sa! 31-12-2008 aH waa eA aa at FH fee aso H wae + agen mit ear wa aim (@) (6) foe 1652 Or (arerat) What is meant by accounting standards ? State briefly the merits of issuing accounting standards. 4 The following are the details of material in respect of a certain item of M/s Ajay & Company : 10 1-1-2008 Purchases 600 units. @ % 20 each 1-2-2008 Purchases 200 units @ % 24 each 15-2-2008 Sales 200 units @ % 30 each 1-4-2008 Purchases 300 units @ % 30 each 15-4-2008 Sales 400 units @ % 40 each 1-6-2008 Purchases 300 units @ % 40 each 15-6-2008 Sales 350 units @ & 50 each Find out the cost of closing stock as on 30-6-2008 according to : (9 First-in-first out basis; and (i) Weighted average basis, using perpetual inventory system. PTO. (6) 1652 (%) arm aral a an aed & 2 Gare ams wt aa S ot a dao Fav atic) (ae) aad oa we eet & aH faa ag 8 daft arnt a sin frefafad e: 1-1-2008 Gaz 600 Fa @ % 20 via eae 1-2-2008 Gee 200 ware @ % 24 wha gare 15-2-2008 fast 200 4 @ % 30 wha eae 1-4-2008 wae 300 sae @ % 30 via eae 15-4-2008 fast 400 Fae @ % 40 wh eae 1-6-2008 waite 300 gar @ % 40 vit gare 15-6-2008 faset 350 eH @ % SO via gare 30-6-2008 at farfefad F aqan aif wie st ama aa sifie : @ yea sae yen wee ste Ww, 3k Gi) fer stat aE HR ora ae at wore ar sean aifarae (7) 1652 Mr. Anand commenced business on Ist January 2007 with a capital of % 45,000. He immediately purchased furniture for % 24,000. During the year he received from his uncle a gift of & 3,000 and he borrowed from his father a sum of % 5,000. He had withdrawn % 600 per month for his household expenses. He had no bank account and all dealings were in cash. He did not maintain any books but the following information is given z Sales (including cash sales € 30,000) 1,00,000 Purchases (including cash purchases & 10,000) 75,000 Carriage inwards 700 Wages 300 Discount allowed to Debtors : 800 Salaries. 6,200 Bad debts written-off 1,500 Trade expenses 1,200 Advertisements 2,200 He used goods worth % 1,300 for personal purposes and paid % 500 to his son for examination and college fees. PTO. C8) 1652 ‘On 31st December, 2007 his debtors were worth % 21,000 and creditors ® 15,000. Stock- in-trade was valued at = 10,000. Furniture to be depreciated by 10% pa. Prepare Trading and Profit & Loss Account for the year ended 31st December, 2007 and Balance Sheet as at 31st December, 2007. 14 at arg 3 % 45,000 at eit 3 1 saat 2007 Ht aren YE feo FA Ta % 24000 4 wR weer af F ck wa smh sima 4 % 3,000 sen F fra ait sa arm fir BF 5,000 san fares sat am Ra ad F fey vive % 600 fava saat ad ae ara wet @ sik wm aa-ey wee oT) a a wee ve wat ot fieg Frafefad gen wer wom Ee z fast (% 30,000 #1 aaq fast afea . 1,00,000 vate (% 10,000 #t THe ate fet) . 75,000 ae Tet aa 700 rag 300 ari A ae 800 a 6,200 aria wm (ae TM SA 7M) 1,500 I aa 1,200 fear 2,200 C20.)) 1652 sea fio wise & fae % 1300 a at asi a ad fear ait < 500 a aR yr & atten at vefeerera yee F faq qa fea 31 fewrae 2007 Bt seh BER F 21,000 sik Are F 15,000 Al WER AT wl AST % 10,000 a1 Wit a 10% as we Aree fen aT atl 31 fedex, 2007 A waa at S fog ce-ahy Ger sik set atta wT GeA-F tan wife Or (sera) From the following Trial Balance and additional information, prepare Trading and Profit & Loss Account of Mr. Mukul for the year ended 31st March, 2008 and Balance Sheet as at that date : Particulars Debit Balance Credit Balance ® ®@ Capital/Drawings 10,000 . 1,70,000 Plant and Machinery 1,10,000 — Sales/Purchases 84,000 1,65,000 Returns 5,000 4,000 Bad debis/Bad debts Recovered 5,000 “26,450 Freight inwards 5,000 - PTO. Freight outwards Discount Commission Rent Interest Office and Administrative Expenses Selling and Distribution Expenses Creditors/Debtors Bills Payable/Bills Receivable Loan Investments Opening stock Cash in hand Cash at Dena Bank Bank overdraft at Canara Bank Wages and Salaries 7,000 2,000 4,000 3,000 2,500 6,000 10,000 215.000 10,000 20,000 50,000 54,000 5,000 45,550 1,000 6,54,050 1652 1,000 3,000 4,000 3,000 2,02,000 5,600 50,000 20,000 6,54,050 Gael Casa) 1652 Additional Information ; (a) Closing Stock at market price as at 31st March, 2008 was % 61,500. However, its cost was % 80,000. (6) Provide for depreciation on Plant & Machinery @ 10% p.a. () Provide interest on capital @ 6% p.a. and an additional capital of % 10,000 was introduced on Ist Oct. 2007. (@ Charge interest on drawings @ 9% pa. (©) Goods costing € 10,000 were destroyed due to fire on 30th March 2008. The Insurance Company accepted claim to the extent of 60% only and paid the claim money on 10th April, 2008. (Goods worth & 10,000 were sent to a customer on approval basis and have been aécounted in the books as actual sale. These goods remained unapproved on 31st March 2008. The cost of such goods was % 8,000. (g) Received credit purchase invoice of € 10,500 on 27th March 2008 and recorded in the books but the goods were not received till the end of the accounting year. (i) Manager is entitled to a commission of 5% of net profit after charging the commission. fs PTO. ( 12) 1652 fefafer wo wien ait afafer gan a aft Ra a 31 ard 2008 a ware ad & faq ame dae sik ait ate wm qer-w aan sim : att am we war we ® ®) Bare i 10,000 1,70,000 waa sit aeiatt 1,10,000 - waar 84,000 1,65,000 arret 5,000 4,000 are VATE BL oi aT 5,000 26,450 aR TET 5,000 — Sea AST 7,000 - wee 2,000 1,000 aaa 4,000 3,000 fer 3,000 4,000 arm 2,500 3,000 aria ak wrete oa 6,000 -— fama sit fear oa 10,000 - ERA 2,15,000 a frase fra 10,000 7m 20,000 Frat 50,000 artis rete 54,000 ay tas 5,000 aa de F tag 45,550 wan ae 4 de ata — Tat sik a 1,000 6,54,050 afatea qe : 1652 2,02,000 5,600 50,000 20,000 6,54,050 (®) 31 Ad 2008 A AER str w sift Rte F 61,500 oT aenfy saat ATT % 80,000 et! (a) aaa ak mint HR @ 10% afte yeeE eTIEU (a) St wt @ 6% aiife ars cTeR si 1 SAGER 2007 FF 10,000 wt arfaftaa et amt ae ety PTO. Ct) 1652 (4) Fe RK @ 9% Af I Waa sf) (S) % 10,000 arma st wre 30 wt 2008 A am A ae A wa dt eer 4 Haat 60% a cat ean fea sik 10 site 2008 # aren Th a TAA at fem (™) % 10,000 4ea I AG Tes a oper sre we Ae TM a oh YET Ho orafas fast $ wo 4 fern wm 31 31 arf 2008 we ae A sae wi BW aa St arma % 8,000 th (3) % 10,500 mm 27 a 2008 #1 SUR wie die wa gn ak yea 4 at fea va faq aed $ wre OF we ma we ad wT a (@) wives ate aS ae YS a KH 5% BH athe a eH F Deepak: purchased four second-hand cars on hire-purchase system. Cash price being % 52,500 each. The hire-purchase price for all the four cars was ® 2.40,000. The payment was to be made % 60,000 on signing the agreement and three instalments of % 60,000 each at the end of each of the three years. Deepak charges depreciation @ 10% p.a. on Straight Line Method. Cie) 1652 Deepak paid the down payment and first instalment but could not pay the second instalment. The vendor, after negotiations, took back three cars. These cars were taken back after depreciating them @ 20% p.a. on written down value method. One car was left with the purchaser, The vendor spent % 3,600 on repairs and sold two of these cars for % 80,000. Show necessary ledger accounts in the books of both the parties. 14 are A nga wet aR yh at atl fir a wee at aac she % 52,500 et) ant wr & fem wei-wa sts z 2,40,000 ot) mI RMA we TR ¢ 60,000 a a at A a wets Hsia Fz 60,000 at ah fee a pam fen oer oti dee aa ta wre a @ 10% aie «ATER wah ae % Qe 2 mere pa ait vec feed a ar ae ct ot fang ae cad fre ar pam ve ae wen fata Fo aeeia S ae dH oR ama a cil TH @ 20% afte Te yer TIA we efed Aer wet we aa fee wT am Fat Sew a ae a ag tt fab A AA Ke 3,600 ad fey sik A ari at z 80,000 4 aa fem at wal st gers A ott arn ae fear PTO. Gaels): 1652 (aaa) Prepare Income and Expenditure Account of Lions Club for the year ending 31st March 2009 and a Balance Sheet as on that date from the following Receipts and Payments for the year ending 31-3-2009 Receipts Amount Payments Amount z g To Balance b/d : By Salary : Cash 20,000 Secretary 60,000 Bank 1,20,000 1,40,000 Staff 50,000 1,10,000 To Subscription By Canteen expenses 1,20,000 2007-08 5,000 By Misc. Expenses 25,000 2008-09 55,000 By Construction of 2009-10 0 64,000 building 1,50,000 To Interest from Bank 10,000 By Balance c/d To Sale of old furniture 20,000 Cash 13,000 To Sale: of Newspapers 4,000 Bank 40,000 53,000 To Canteen Collections 1,20,000 To Donation for Building 1,00,000 4,58,000 4,58,000 Additional Information : (9 Subscription outstanding as on (ii) Subscription in advance as on (ii) Salary of staff outstanding (iv) Canteen expenses prepaid (v) Furniture at book-value (vi) Buildings (under construction) (vii) Fixed Deposits with Bank (viif) Building fund 31-3-08 10,000 2,000 10,000 10.000 1,40,000 1,50,000 1,00,000 2,00,000 41652 31-3-09 6,000 4,000 20,000 15,000 4,00,000 1,00,000 Book value of furniture sold during the year was 7 15,000 and depreciation on furniture is charged @ 10% p.a. on closing balance. 14 31-3-2009 = ware ad &. few sofafea mited sik yma & oR aa 31 a 2000 FH waa at a a-oa Ger ok ad ate a gam tan wifi, : PTO. Ce) wiftrat ait ara 31-3-2009 Hl waa ad F fad afters wa seria: wat 20,000 f= —_anao WI: 2007-08 5,000 2008-09 $5,000 2009-10 4,000, de 8 am wR wie st fan waa at faset ahi wach war & fae ar uit ® 1,40,000 64,000 10,000 20,000 4,000 1,20,000 1,00,000 4,58,000 Ta afaa 60,000 wet 50,000 ae oa fafay ora oer fat wa atria amet 13,000 a 40,000 1652 1,10,000 1,20.000 25,000 1,50.000 53,000 4.58.00 afafter gem: 31-3-08 z @ Fern A 10,000 @ rh Fer 2,000 Gi) RE RH aaa at 10,000 @) Wow a a 10,000 6) aterm aa we oe 140,000 (i) ae (Patni) 1,50,000 (vii) Fe FA orate aT 1,00,000 (vit) er Fat 2,00,000 1652 31-3-09 g 6,000 4,000 20,000 15,000 4,00,000 1,00,000 wee ar om wi # aterm yea % 15,000 7 ok sa Te aif ae RH @ 10% aie yerere weet fen TH Mls XYZ Ltd. has branches at Delhi and Agra and goods are invoiced at cost plus a profit of 20% on sales. The following information is available of the transactions at Delhi branch for the year ending 31st March, 2011 : 1-4-2010 : z Stock at Invoice Price 40,000 Debtors 12,000 Petty Cash 150 31-3-2011 z 11,000 250 PTO. Transactions during 2010-1 Goods sent to branch at cost 10 H.O. Goods returned by branch to H.O. Cash Sales Credit Sales Normal Loss at LP. Goods pilfered at LP. Goods lost by fire at LP. Insurance Co. paid to H.O. for loss by fire at Delhi Cash sent for petty expenses Bad debts at Delhi branch Goods transferred to Agra branch under instructions from H.O. at LP. Insurance charges paid by H.O. Goods returned by Debtors 1652 3,36,000 15,000 1,05,000 1,80,000 350 3,000 4,000 3,000 32,000 400 12,000 200 3500 Note ; Goods transferred to Agra branch were in transit (given above) on 31st March, 2011 Prepare () Branch Stock Account; (i) Branch Adjustment Account; ‘3 1652 (iil) Branch Profit & Loss Account; (iv) Stock Reserve Account; and (v) Branch Debtors A/c. 14 Wed XYZ Lid. #7 feet sik amg 4% ment % ok TE fae — 20% S aT Rae ate we As oT et 37 af 2011 A aaa ad F fem feel Te WoO S at A frefafed gen sue @ : 1-4-2010 31-3-2011 z z tie ata 1 ee 40,000 - aren 12,000 11,000 aa tes 150 230 2010-11 ST Aa wr arin Rat maT aT a Ae 3,36,000 Wel ak WAR erates Fl aR Ae 15,000 seme farset 1,05,000 wan fast 1,80,000 aie err RK aera aa 350 PTO. C2982) 1652 airs iva Soar at sortiht : 3,000 dee sha & wa at am @ ate 4,000 feet Foam 8 a woven aries a str eet go wer 3,000 ea ot & feu am tae 32,000 feet war 1% ore a 400 aM wel a wr aie + Fen wR ate sia we AT Ta AT 12,000 wear araies eet ved ah wT 200 SRR at ae Ae 500 We :-ort wen # aaa aa (Com fe mH) 31 ae 2001 A an A a aan wife : @ Wa ee we; (@) Wel Sa ea; Gi) ar waa Ser; (iv) te amfafa wer; @) wat ten Fe ( a) 1652 (eran) From the following details relating to Delhi branch for the year ending March 31st, 2011, prepare Branch Account and Goods sent to Branch Account in the books of Head Office. Show your workings clearly Stock on 1-4-2010 Debtors on 1-4-2010 Furniture on 1-4-2010 Petty Cash on 1-4-2010 Insurance prepaid on 1-4-2010 Salaries outstanding on 1-4-2010 Goods sent during the. year 2010-11 Cash sales during the year Total Sales. Cash received from Debtors Cash paid by Debtors direct to H.O. | Goods retumed by branch Goods returned by Debtors 25,000 10,000 6,000 1,000 300 4,000, 2,00,000 2,70,000 3,50,000 65,000 5,000 2,000 1,000 PTO. (24, 7) 1652 Cash sent to Branch for expenses : Rent (@ 800 p.m.) 9,600- Salary (@ 4,000 p.m.) 48,000 Petty Cash 2,000 Insurance (upto June 2011) 1,200 60,800. Petty Cash Expenses 2.200 Discount allowed to Debtors 500 Stock on 31-3-2011 15,000 Depreciation on furniture at 10% p.a. Goods costing % 2,500 were damaged in transit and a sum of % 2,000 was recovered by branch from the insurance company in full settlement of the claim. 14 31 arf 2011 A ware ad & few feech wear a dafia frafafad a a yer arate at yee A war aan dan aire: ant arity genea: eater: z 1-4-2010 Fh 25.000 1-4-2010 #1 SRR 10,000 1-4-2010 #1 Wtae 6,000 1-4.2010 Gea tas 1,000 1-4-2010 = owe ar 300 Cs 25tes) ‘ 1652 1-4-2010 Fl sed aa 4,000 at 2010-11 4 an ma ma 2,00,000 ad & chr wae fast 2,70,000 ae fast 3,50,000 aati 8 wa dag 65,000 war arica a event ga den des a 5,000 Wel ER ATA AT 2,000 eer grr ae Aret 1,000 we a ay & fae tn om tes : fern (%, 800 IfeRR) 9,600 aa & 4,000 fae) 48,000 gen tag 2,000 am GH 2011 7) ; 1.200 60,800 aa tag om 2,200 Sent a fer wa ag : 500 31-3-2011 #1 eet 15,000 watet We 10% afi ARTE % 2,500 et ama we Fe after F afte own a se aa F WF fave 4 omen a atm ani & 2% 2,000 a af aga et PTO. ( 2% ) 1652 Part B (amt '@) 6. A and B were partners sharing profits and losses in the proportion of 3/5 and 2/5 respectively. Their Balance Sheet as on 31st December 2009 was as under : Liabilities Z Assets z Bills Payable 3,500 Cash 4.500 Sundry Creditors 6,400 Book Debtors 7,500 Reserve Fund 15,000 Investments. 4,000 Capitals Stock 31,000 A 70.260 Plant & Machinery 50,000 B 46,840 1,17,100 Freehold Premises 45.000 1,42,000 s 1,42.000 AB limited was formed with an authorised capital of & 5,00,000 divided into 25,000 equi shares of % 10 cach and 25,000 preference shares of % 10 each to acquire the going concem of A and B upon the following terms : (® The company took over all assets except investments. It valued the stock and plant and machinery at 10 per cent less than the book value and the freehold premises at 20 per cent more than the book value. (ii) The liabilities were to be discharged by the company. (ii) The goodwill of the firm was to be valued at 2 year's purchase of the average profits of 3 years. The working results of the firm showed that it had made profits of % 15,000 in 2007, % 18,000 in 2008 and % 21,000 in 2009 after setting aside % 5,000 to reserve fund every year. e228) 1652 (iv) The purchase price was agreed upon to paid % 53,000 in fully paid equity shares, % 50,000 in fully paid preference shares, 30,000 in debentures and the balance in Cash, (») The. partners sold the investments and realised 2 4,100. You are required to prepare in the books of the firm of A and B () Realisation Account: (ii) Capital Accounts of the partners; and (iii) Cash Account, assuming that shares and debentures are to be distributed in profit sharing ratio, the final settlement being made in Cash. 14 A am B wre: 3/5 3k 25 S ayaa A o-ah Fo weunm we a writen A) 31 fede 2009 A SH Gea ea WER 7 waa @ uftdfrar z a faa 3,500 tae 4,500 fafay erER 6,400 Gt SAR 7,500 amfert Fafa 15,000 Fre 4,000 i: ele 31,000 A 70.260 waa sie wet 50,000 B 46,840, 117,100 yf cafe # after 45,000 “1,42,000- 71.42;000 PTO. ( 2 ) 1652 Aa Ba arg wi & ont & fer frefetaa wif w& & 5,00,000 a sift et 8 AB Lu. aa aE et) wifes et a x 10 wa de FS 25,000 efeadd Wai sik e 10 sft Het F 25,000 afm Veh Fo fauna fen mm ot : @ Bvt A fae at deat de ai veniam oni fea HA ele ok Wa wi wef a ater apa 8 10 vite a ET oom sie el eafie art vite ar arm yer a 20 sfaea afie ye aT @) Vai a Set ge a fen se @) WAS GM ww Ae 3 at sted ani F 2 ad S wa HW fet TET wa & arl-cftorat &@ oer aca & fe SEA 2007 F z 15,000; 2008 F z 18,000 ait 2009 F = 21,000 a amy afin farm on) @ am ofa ah omefera fatty % 5,000 sem S TAS ae A @) 7 wt owe wa sia ca var at: % 53,000 Yo wea sad ai a % 50,0003 ven sifted A % 30,000 art F sik we za) @) arian 3 frasit ah aware % 4,100 age fu (Ge 20ee) 1652 amt A 3k Bat wt al geal 9 fefefad tae went : aE Sar; Geter a SA ae; hk Gi) THE PRA . wear cific fe an sik GT oIM-aeNA aqua A faaka fea ant ik aif Froem vec fear aren Or (eran) A, B and C were partners sharing profits and losses in the ratio of 3: 2: 1. On 31st December, 2008, their Balance Sheet was as follows Liabilities % Assets z Sundry Cieditors 30,000 Cash at Bank 9,500 Bills Payable 5,000 Stock 15,500 A’s Loan 6,000 Sundry Debtors 32,000 Reserve fund 12,000 Fumitue 5.000 Profit & Loss Account 6,000 Plant 21,000 Capital Accounts : Drawings Account : A 20,000 A 4,000 B 15,000 B 1,000 C’s Capital 6,000 94,000 PTO. ( > 1652 The firm was dissolved on that date. Stock realised % 12.200, Debtors % 30,000 and Furniture & 4,200. Plant is taken over by A’ at % 18,000. A contingent liability for bills discounted materialised to the extent of € 600. Realisation expenses amounted to % 600. C is insolvent, but his private estate paid % 1,900. Prepare Realisation Account, Capital Accounts and Bank Account. Apply Garner Vs. Murray rule. 14 A, Ba C mice € 3:52.18 ago a om-ah F wer wa FE 31 fewer 2008 Fl TH AT FH WER aT: quate @ uftdafra;r z fafae cae 30,000 eH tae 9,500 a faa 5,000 wet 15,500 Aw 3 6,000 farafy Sac 32,000 afer Fafa 12,000 Fat 3,000 a-a cat 6,000 Hair 21,000 : tt aa: sre ASI: . A 20,000 A 4,000 B 15,000 B 1,000 cat pa 6,000 94,000 1652 Cale) 1652 coagea atte ew wen at fen vem wher & €-12.200, See @ # 30,000 ait wtiae 8 € 4,200 aq BEI Saw BA FF 18,0008 @ fern agrea fact fay we safer tam @ x 600 fai c feofeen @, farg saat Pot duer @ 21,900 a ya fren age ce, ist der sik de Gen aan sf art aa at fa ary sifrT 31 i 17,000 waenrmen LGLE Your Roll No 9882 B.Com. (Hons) B Paper {I-FINANCIAL ACCOUNTING © (New Course : Admissions of 2004 and onwards) Time : Part A: 2% Hours Maximum Marks: Part A~ 4S) For students of Maximum Marks : Part A — 61 | For students Maximum Marks : Part B~ 14 of SOL (rite your Roll No. on the top immediately on receipt of this question paper) ‘Note -— Answers may be writen ether in English or in Hind; but the same medium should be used throughout the pape. Fee See ofa ar fee fest gw re Hy, ar ae Rt Hm wem ww Bo aie) This question paper has 2 parts, Part A is compulsory for ail examinges. Part Bis meant only for those examinees who hive not offered computerised accouns (applicable for students of regular colleges). Students of SOL have to attempt Part A and Part B. Par’ A and Part Bate to be answered on separate Answerbooks. wow Et om fi ome! mA otal & fea shed th wm ‘a! daa 7 wbatitdt fie t fa ametign den al fer t (Pras ete fei F fere AFB) SOL weal wt wm ‘a! wate! ah we ee fom tw am wm ‘ee om oT srgfamat ata PTO. C2 9582 Note :--- The maximum marks printed on the question paper are applicable for the candidates registered with the School of Open Learning These marks will, however, be scaled down proportionately in respect of the students of cae colleges, at the time of posting of awards for compilation of result. feurutt: wal % aifsa gute Cag ate she off’ A wae-aa ori F fee ara $1 fafa fren S fae a sia an wergafes gaffefen saan aan aa aaa fea WET! Part A cat") 1. State with reasons whether the following statements are True or False : 5 (Accounting is concerned only with identifying and recdrding of economic events. (i) Receipt and payment account is a summary of all capital receipts and payments. (ii) Providing deprecation ensures sufficient cash for asset replacement (iv) Under stock and debtors system, Branch Account is a nominal account, (0) The gain fiom sale of capital assets need not be added to revenve to ascertain the net profit of the business. Ca) 9582 arn win age fe eat fietfefed ea wer R sem see: @ Faem aw wan sae sifts wens a afefrate sik afer @ $1 Gi) Wha aR pam te wa tina. wife si qi a ari 31 (iii) WRIes Fi wae cfs wie & fee vata wae oft efiftad aa z @) Se ak ten wot # wer dew wets de Ft Oo) Bire ois at fast a ata a ara S yg ce a afatifrar aes fem amm F vist st avavaea wa 2) From the following Trial Balance of Sachin as on 31st March, 2011 you are required to prepare a Trading and Profit & Loss Account for the year ended 31st March, 2011 and a Balance Sheet as on that date, after making the necessary adjustments as mentioned hereunder : Particulars Dr. cr. ; z z Sachin's Capital Account 1,60,000 Sachin’s Drawings 24,000 Fumiture and Fixtures 8,000 Plant and Machinery 60,000 Patents (Ten years fron 01-04-2010) 40,000 PTO, Stock on 01-04-2010 Purchases Salaries Wages Sundry Debtors Sales Cash in Hand Land Loan from Kapil (@ 6% on 01-10-2010) Postage and Fax Rent, Rates and Taxes Bad Debis Sundry Creditors Discount Carriage Inwards Interest on Loan Insurance ‘Travelling Expenses Sundry Expenses Cash at Bank Bank Overdraft 40,000 1,70,000 14,800 30,000 20,400 13,250 28,350 3,000 7,200 800. 400 300 1,600 1,000 4.84.200 9582 2,64,000 20,000 24,000 1,200 15.000 484,200 od) 9582 Adjustments: () Stock on 31-03-2011 is valued % 30,000. (i) A new machine was installed on 01-04-2010 for ® 3,000. No entry in this respect was passed in the books. Wages & 1,000 paid for installation of the machine were debited to wages account. (iif) Of the sundry debtors % 200 are bad and to be written off. You are required to maintain a provision for doubtful debts @ $% on debtors and a provision for discount on debtors @ 2%. (iv) Goods costing & 2,000 were given away as free saniples for publicity. (v) Depreciate plant and machinery at 20% and furniture and fixtures at 10%. (vi) Goods costing % 1,000 were sent to a customer for & 1,200 on 27th March, 2011 ‘on sale or return bi This was recorded as actual sale. 14 afar $ 31 ard, 2001 & amfefea wo tem @ saat 31-ord, 2011 at waa ai & fae om ak am-ah der aa a fee arava wari a F a wa Wie HEAR TR FT: PTO, 9582 fervor wa AT z z wh om ft ae 1,60,000 we FS oe 24,000 witar sit, frat 8,000 Wa ak wet 60,000 AS (01-04-2010 BTA TH) 40,000 01-04-2010 a eta : 40,000 ate 1,70,000 an 14,800 Hg 30,000 fafa en 20,400 ‘fasei 2,64,000 Ta te 13,250 aft 28,350 01-10-2010 & 6% T af a am 20,000 oa ad ak ta 3,000 fra, sot ait aK 7,200 ari 3a 800 fafan SER 24,000 weal 1,200 mae ae a 400 mk am 300 van 1,600 aa arr 1,000 fafaa ora 600 aa FH tag 20,500 Sa stage 15,000 4.84200 484.200 Ce) 9582 worst: @ w (i) @) @) (i) 31-03-2011 31 Ble I AEA F 30,000 31 01-04-2010 I & 3,000 4 ue aE win omg we Ht Gel F eas at Hoa ofafte ve 8) weit at orm & fer yew & 1,000 wad a mat a8 Aa ca mt fafaa eran #8 % 200 rita & sk ora aude fen ot) aad 5% wR tee ae S fey waar tan & sik om Be Ww eae H ae F foe wae wen #1 % 2,000 +t ama +t ag wan # fem fae TAS ey A a a ah Wea ait weit SH 20% am weet ste feaed at 10% 7 -EEAafea afar! © 1,000 a ama at aay fiat mn ant BS ate we 27 aR, 2011 aT 31,200 & fee ue mes a Ast we di ga arate fal Sow Go fea mH @ PTO, Or (saan) The books of Suresh showed the following figures : 31-12-2010 z Cash in hand and Bank 3,400 Stock in trade 20,000 Trade Debtors ? Trade Creditors 2 Sundry Assets 3,000 ‘The cash book showed the following figures : z Received from Debtors 1,36,000 Indirect Expenses Payment to Creditors 1,12,000 Drawings Amount brought in by Suresh 2,000 Discount allowed by Creditor Additional Information + (9 Cost of goods sold during the year % 1,05,300. (ii) Suresh maintains a gross, profit at the rate of 25% on sale. 9582 31-12-2011 z 19,950 25,000 35,000 18,500 3,000 (ii) Bad debt written off during the period % 400 and past bad debt recovered (already written off) & 200. CoD 9582 You are required to prepare : (Trading and Profit & Loss Account for the year ending 31-12-2011. (i Balance Sheet as at that date. 4 ae a ye A freien ates 2a me: 31-12-2010 31-12-2011 z z Wea dF oh am tag 3,400 19,950 fata are 20,000 25,000 warant Bek 2 35,000 warn Sek 2 18,500 © fafaa oftdofvet 3,000 3,000 tes aa 4 firfefer ate? 22 mm ; He z eer a wa 136,000 staat oy 19,650 erat et yma 112,000 sree 4,600 ‘ga om ad ag oft 2.000 AER emt fea wn azz 1,200 afafter qe : @ 34S ter fasta aa at ama z 1.05300 1 PTO. ( 10) 9582 (Pe fat TW 25% FAH AeA aH waa Ze (iy) reat S Gee afefiaa sete am % 400 sik flee are eT FT aget (seat a a sofefiad) % 200 | ama) tan wet: () 31-122011 A waa ay S faq oro she cN-eY ea @) SH aha wm YT (@) Explain the concept of Deferred Revenue expenditure by giving suitable examples. How is it different from capital expenditure 2 4 (8) A firm purchased on Ist January, 2008, certain machinery for % 3,88,000 a spent % 12,000 on its creation. On Ist July, 2008 additional machinery costing % 2,00,000 was purchased. On Ist July,,2010, the machine purchased on Ist January, 2008, having become obsolete was auctioned for % 2,00,000 and on the same date a mew machine was purchased for % 3,00,000. Depreciation was provided for annually on 3ist December @ 10% P.A. on original cost of the machinery. No depreciation need be provided when machinery is sold/auctioned. In 2011, however, the firm changed the method of providing Ci) 9582 depreciation and adopted the method of writing off 15% P.A. on vaitten down value method with retrospective effect. Prepare Machinery Account for the year 2008 to 2011. 10 CH) SE EU VW A aaa we oy a dae A oe aif) ae hina or a fra war fe? (a) FHA 1 sre, 2008 wz 3,88,000 4 we win wid ok aad aE WF 12,000 ae fui 1 yerg, 2008 Ht % 2,00,000 4 afaftar agtat wich Tel 1 Aaa, 2008 F ade we wei S aqui @ om we seat 1 gerd, 2010 4 % 2,00,000 4 tema wx fear wa. sit set arta wz 3,00,000 F we oe win att 7) retina at ye TA 10% FI TW 31 fea a arias ae oT ae tai & faster fer oA om ae yea a a sneer a dt @1 fq 200 Fw a yee a at wort a aa fen atk dom waa a afta yer wore we 15% cafes ster at wore ara 2008 @ 2001 aH % fae weit Ser tee aif: PTO. Cale) 9582 (ara) (@ Define the term revenue and state the conditions that should be satisfied for revenue recognition in sale of goods transactions. 4 (#) From the following information calculate cost Of sales, gross profit, and value of closing stock for the month of January, 2012, according to FIFO, LIFO and weighted average method. 10 Date Particulars No. of Units Rate per Unit z 01-01-2012 Opening Stock 500 8 05-01-2012 Purchased “800 9 14-01-2012 Purchased 700 9 21-01-2012 Purchased 1000 10 23-01-2012 Purchased 500 9 During January 2012 Sold 2900 17 Ga) 9582 Ce) Say! oe St ventas sie sik aq dean at fast A WeL wa S fee yt et oh act edi a a aif (a) Frafefes Gan 8 vem sores wa, aif orev was aie unite ee aa ak sim we a apr oftefna afar ante att yarg-den wha garg ar ¢ 01-01-2012 orf we 500 8 _ 05-01-2012 aa 800 9 14-01-2012 ai 700 9 21-01-2012 ak ine 10 23-01-2012 aie 500 9 wat 20128 eee fasta 2900 7 «4 ) 9582 The following is Income and Expenditure Account of Delhi Club for the year ended 31st March, 2012: Income and Expenditure Account For the year ended 31st March, 2012 z z Salaries 39,000. | Subscriptions 1,36,000 Rent 9,000. | Donations 10,000 Printing 1,500 Insurance 1,000 Audit Fees 1,500 Games and Sports 7,000 Subscription Written off 700 Misc. Expenses 29,000 Logs on Sale of Furniture 5,000 Depreciation on : Sports equipment ; 12,000 Furniture 6,200 Excess of income over expenditure 34,100 1,46,000 a | 146,000 Additional Information : Subscription in Arrears Advance Subscription Outstanding Exp : Rent Salaries Audit Fees Sports Equipment less Depreciation Fumiture less Depreciation Prepaid Insurance 31-03-2011 5,200 2,000 1,000 2,400 1,000 50,000 60,000 9582 31-03-2012 7,400 3,000 1,600 700 1,500 48,000 55,800 300 Book value of Fumiture sold is %, 14,000. Entrance fee capitalized % -8,000. On Ist April, 2011, there was no cash in hand but bank overdraft was % 30,000. On 3st March, 2012, cash in hand amounted to % 1,700 and the ‘rest was bank balance. Prepare Receipt and Payment Account of the club for the year ended 31st March, * 2012. C6) 9582 31 ad, 2012 a aaa ad & fey feet ana a are aan frefefad : ara-ara FNaT 31 ad, 2012 I ware ay F far z z a 39,000 | at 1,36,000 fr | 9,000 |

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