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Financial Accouting - II Question Paper - 2006


II Semester B.com Examination, May/June 2006
(Semester Scheme)
COMMERCE
Financial Accouting II

Time: 3 Hours                                                                 Max. Marks : 90

Instruction:  1) Answers Should be written completely only in English. 
                        2) Answer all the Sections.


SECTION - A


Answer any 10 sub-questions. Each sub-question carries 2 marks.           (10x2=20)

1.a) What is meant by Fire Claims ?
b) Whay Average Clause is included in Fire Claims ?
c) Calculate the amount of Fire Claim by applying Average Clause from the following :
Rs.
Loss of stock by fire 2,00,000
Amount of policy 1,71,000
Total value of stock 2,28,000
d) Give a specimen of Bill Receivable Account as prepared under single-entry system.
e) State two drawbacks of single entry system.
f) Ascertain opening stock when :
Purchases 1,20,000
Wages 40,000
Sales 2,00,000
Closing stock 30,000
Percentage of G.P on sales is 25%.
g) How do you allocate the following Expenses in Departmental Account ?
1) Carriage-in-wards 2) Advertising Expenses.
h) Mention important objectives of departmental accounts.
i) What is stock reserve ?
j) What is goods-in-transit ? Give an example.
k) Find out loading which is 25% of Invoice price of goods, when the cost of goods is Rs. 60,000.
l) Give importance of Accounting standards.


SECTION - B

Answer any 5 of the following questions. Each question carries 5 marks.   (5x5=25)

2. On 15th June, 2005. the Premises and stock of a Firm was destroyed by fire, but the Accounting records were saved from which the following particulars were available.
Rs.
Stock on 1-1-2004 1,47,000
Stock on 31-12-2004 1,63,800
Purchases for the year 2004 7,96,000
Sales for the year 2004 9,74,000
Purchases from 1-1-2005 to 15-6-2005 3,24,000
Sales from 1-1-2005 to 15-6-2005 4,62,400
Carriage-out-wards from 1-1-05 to 15-6-05 22,000
Stock salvaged 60,600
Show the amount of claim.

3. Give five differences between single entry system and double-entry system.

4. From the following information calculate total sales.
Rs.
Opening balance of Debtors 30,800
Bills Receivable in the beginning 7,800
Bills Receivable encashed during the year 20,900
Cash received from Debtors 70,000
Bad debts written off 2,800
Return-in-wards 8,700
Bills Receivable dishonoured 1,800
Bills Receivable at the end of the year 6,000
Debtors at the end of the year 25,500
Cash sales as per cash book 40,900

5. Give the Journal entry for the following in the books of H.O. The books are closed on 31-12-2005.
a) Goods sent by H.O. on 28-12-05 worth Rs. 15,000 to its Tumkur Branch not received by the Branch upto 31-12-05.
b) Goods sent by Davanagere Branch to Tumkur Branch for Rs. 3000 are yet to be recorded.
c) Tumkur Branch paid Rs. 30,000 for a machine purchased by the H.O. for the use of H.O.

6. Distinguish between departmental accounting and branch accounting.

7. A firm has two departments A and B, During the Trading perios ending 31-3-2004
A B Total
Rs. Rs. Rs.
Opening stock 5,000 7,000 12,000
Purchases 42,000 52,000 94,000
Sales 80,000 93,000 1,73,000
Purchases returns 2,000 2,000 4,000
Sales returns 2,000 2,000 4,000
Carriage-in-wards -- -- 4,500
Power -- -- 6,000
Wages -- -- 11,000
Closing stock of Dept. A 2,000 and B 9,000 and wages are allocated in the ratio of 5 : 6 and the number of units consumed bt Dept. A and Dept. B are in the ration os 1 : 2. Prepare departmental trading account in the columnar form.

8. With the help of information given below, ascertain the purchases of each department.
Dept. No. of units purchased
A 1,000 units
B 2,000 units At a total cost of Rs. 1,00,000
C 2,400 units

The units were sold by each Dept. as
A Dept. of Rs. 20 each
B Dept. of Rs. 22.50 each
C Dept. of Rs. 25.00 each
The rate of G.P. is same in each case.
9. Explain briefly any five Indian accounting standards.

SECTION - C

Answer any 3 of the following questions. Each question carries 15 marks.     (3x15=45)

10. The following information is obtained from the book of Mr. Ranjan who maintained the same under single-entry-system.
a) Receipt for the year ending 31-12-2005                Rs.
From Debtors                    
                                        1,76,250
Cash sales                                                                 41,250
Paid by Mr. Ranjan
                                                    25,000

Payment during the year :
New plant bought 
                                                        6,250
Drawings                                                                     15,000
Salaries                                                                       11,250
Wages                                                                         67,250
Interest paid                                                                   750 
Rent paid                                                                      13,250
Light and Power                                                           4,750
Sundry expenses                                                         21,250
Subdry creditors                                                           76,250
Mr. Ranjan Banks all receipts and make all payments by means of cheques.

b) Assets and Liabilities 
                                        1-1-2005      31-12-05          
                                                                                          Rs.             Rs.
Sundry creditors                                                          25,250      24,000
Sundry Debtors                                                           37,500      61,250
Bank                                                                               6,250            ?
Stock                                                                            62,500       31,250
Plant                                                                              75,000       73,150
Prepare Trading and P/L A/c and Balance Sheet.

11. Determine the amount of claim for the loss of stock from the following details.

Date of fire 15-8-2004
Rs.
Stock on 1-4-03 25,740
Stock on 31-3-04 37,800
Stock salvaged 1,931
Amount of policy 24,000

Particulars 2003-04 1-4-04 to 15-8-2004
Rs. Rs.
Purchases 1,57,900 78,800
Sales 2,28,600 1,33,900
Wages 27,480 13,780
Carriage-in-wards 10,900 3,160
Carriage-out-wards 5,580 1,920

Stocks have been always vaued at 10% below cost.

12. The following is the T.B. of Belgaum branch as at 10th June, 2005 :

Particulars Dr. Cr.
Rs. Rs.

Bangalore H.O. 32,400 --
Stock 1-7-04 60,000 --
Purchases 1,78,000 --
Goods from H.O. 90,000 --
Sales -- 3,80,000
Goods to H.O. -- 60,000
Salaries 15,000 --
Debtors 37,000 --
Creditors -- 18,500
Rent 9,600 --
Office expenses 4,700 --
Cash 17,800 --
Furniture 14,000 --

4,58,500 4,58,500

Stock on hand on 30-6-05 Rs. 27,000. The Branch Account in the H.O. books on 30-6-2005 stood ar Rs. 15,400 (Cr). on 24th June the H.O. sent goods of the value of Rs. 25,000 to brnach which they received on 7-7-2005. The H.O. has apid the branch accountant's salary of Rs. 6,000, when he visited the H.O. on 30-6-2005 and this is not recorded in the branch books.

Pass necessary J.E. in the books of H.O. to incorporate the above T.B. and also prepare Bangalore branch account in the H.O. books.

13. Bangalore H.O. of a company invoices goods to its Mangalore branch at cost plus 25%. The branch also purchases independently from local parties goods for which payment are made by the H.O. All the cash collections of the day is remitted to H.O. through a bank account and all expenses of the branch are directly paid by the H.O. From the following show branch account in the H.O. books :-

Imprest cash :
1-1-2000 Rs. 20,000
31-12-2000 Rs. 18,500
Sundry debtors 1-1-2000 Rs. 2,50,000

Stock on 1-1-2000 : Rs.
Transfered from H.O. at invoice price 2,40,000
Direct purchases from branch 1,60,000
Total sales 17,50,000
Cash sales 4,50,000
Return from customers 30,000
Direct purchases 4,50,000
Goods sent to branch from H.O. 6,00,000
Transfer from H.O. for petty cash expenses 25,000
Bad debts 10,000
Discount to customers 20,000
Cash received from customers 12,50,000
Branch expenses 3,00,000

Stock on 31-12-2000 :
Direct purchases by branch 1,20,000
Transferred from H.O. at invoice price 1,80,000

14. Mr. Gopal who is running a departmental stores has supplied you with the following ledger balances for the year ended 31-12-2005.

Particulars Dept. A Dept. B
Stock on 1-1-2005 2,000 4,000
Purchases A-6,000 KGS. 10,000 ---
B-18,000 KGS. --- 16,000
Wages 1,200 1,600
Sales 20,000 30,000
Rent and Taxes 1,200
Salaries 1,440
Carriage-in-wards 480
Advertisement Expenses 1,560
Discount (Credit) 360
Furniture and Fixture 8,000
Debtors 1,600
Investments 10,000
Creditors 800
Capital 16,000
Drawings 400
Bank 6,000
Cash 1,680

Prepare departmental trading account and profit and loss account for the year ended 31-12-2005 and the Balance Sheet after takinf into consideration the following adjustments.

a) Closing stock on 31-12-05, A-Rs. 2,000 and B-Rs. 4,000.
b) Internal transfer of goods from 'A' to 'B' 200 at cost.
c) Services rendered by 'B' Dept. to 'A' included in wages of 'B' Rs. 40.
d) Space occupied by Dept. 'A'. 200 sq.feet 'B' 400 sq.feet.
e) Other incomes and expenses should be apportioned on the basis which you think most envitable.

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