[This question paper contains 20 printed pages. ] 802 Your Roll Now ccc B.Com. /1 Cc Paper If — FINANCJAL ACCOUNTING (Admissions of 2006 & onwards) Time: 3 Hours Maximum Marks: 73 Akrite your Roll No. on the top immediately on receipt of this question paper) Note: Answers may be written efther in English or in Hindi: but the same medium should be used throughout the paper. Pomi).- ga 7eT-va wr Tee a wm RRA feat vam aT FT Sire: afer at genk ar mean ve ef abr aafee Auempt All questions. All questions carry equal marks. All the questions of a section should be attempted together. Show vour workings clearly. asi wer aifert ast weal & ste ware 2B wader separ aH wedt ar Ge are arr FifsIy | ret Ranft at era: cage | P.T.O.802 2 SECTION A (sau w) t. The following is the Trial Balance of Mr. Amit on 31% December. 2012; Particulars Dr, Cr. Amount | Amount (Rs.) (Rs.) Capital = 30.000 Drawings 6.000 | _ Opening Stock ' 7.500 — Purchases 1.59.500 _— Freight on purchases 2.500 — Wages paid for 11 months upto i 6.600 aad 31-11-2012 ! Insurance paid upto 31-03-2013 2.400 _ Sales — | 231.000 Salaries 14.000 | — Postage. Telegrams & Telephone 1.200 ; _- Printing & Stationery 1.800 | _ Miscellaneous expenses 5.000 — Creditors — 30.000 lavestments 10,000 — Discount Received - 1.500 Debtors 25,000 | _ Bad debts 1.500 - Provision for bad Debts _ 800 Building 30.000 _ Machinery 30.000 | > Furniture 4.000 | _ Commission on sales 4,500 — Interest on investment _ 1.200 Bank balance 15,000 — 344.500 3.44,500802 Adjustments : (i) Closing stock was valued at Rs, 22,50 (ii) Machinery worth Rs, 4,500 purchased on 30-06-2012 was shown as purchases. Freight paid on machinery was Rs. 50 which is included in freight on purchases. (ii) Commission is payable at 2%4% on sales. (iv) Investments were sold at 10% profit, but the entire sales proceeds have been taken on sales. {\) Depreciate machinery and furniture @ 24% and 10% p.a. respectively. (i) Write off Bad debts Rs. 1.000 and create a provision for doubtful debts @ 3% of debtors. Prepare Trading and Profit & Loss Account for the year ending 31-12-2012 and a Balance Sheet as on that date. OR ParmaNand Charitable Dispensary has the following Income and Expenditure Account for the year 2012 P.T.O.802 4 Expenditure Rs. [ Income Rs. Salaries 23,500 | Subscriptions | 25,000 Surgery and Dispensary 3,000 ] Interest 9.000 Rent and Taxes 500 | Donations 4.000 Insurance 200 | Miscellaneous Office expenses 800 | receipts 300 Depreciation : Building 3750 Furniture 120 Instruments _ 100 3.970 Surplus of Income 1 over expenditure 6330 ‘ |_ 38.300 38.300 Other information is as follows : 1-1-2012 31-12-2012 Rs. Rs. Cash at Bank ° 18.700 Government Securities (face value Rs. 2.00.000) 1.80.000 1.80.000 Subscription outstanding 7.000 10.000 Subscription received in advance 500 600 Salaries unpaid 1.000 1.300 Furniture 2.000 1.980 Land and Buildings 2.00,000 1,96.250 Instruments 3,500 3,900 Surgery expenses due 200 300 Stock of Medicines 300 100802 5 You are required to prepare the Receipts and Payment Account for 2012 and also Balance Sheet as on 31-12-2012 St afta ar 31 fear 2012 as cee Prafafea or: Sfare aise a = ou — | 80.000 aT 6,000 _ arr eter 7.500 — atertiat 1.539.500 _ att At 2.500 — 34-11-2012 a 11 me H ear fear 6.600 _ 31-03-2013 wa ater fea 2.400 = aA —- | 231.000 tat 14.000 - aa, an ai taht 1.200 =_ eqs ak eat 1,800 _ fafaa wat 3,000 _ aratal — 30,000 Pras 10,000 - ace] We ET — 1.500 erat 25,000 _ sae ae 1,500 — aries aan a fg wraurt — 800 P.T.O802 6 wat 30,000 - asitaa 50.000 _ ir 4.000 _— fat e ati 4,500 oo fda a eat — 1.200 ta ¥ a0 |__ 15.000 — | 344.500 | 344.500 anata (i) af ie 22.500 © 1 (i) Aatat fret FET 4.500 e ar sie BY 30-06-2012 wT weet wa A, Ta adertay A earn wa a aa wR fea wen art are 500 % om fra wtereay ae nd Sea Fo ofa ay for wa 21 (ii) Fawr 24% Fa a A w Rar wT 2) (iv) Pea Sr 10% ate de ter Te al Aa a aby at fadt FA fern wan 25 (v) Ie sit wate a are: 2K% aie 10% oR ae Were eT (vi) sae em S fe 1.000 & ae aR ca FY ok wiv art & fy taal we s% A a a wae aera802 7 31.12.2012 a ware ay ae at & fay are der, amy ai wir Gen sar gest va dan aif | auar wars ead feted ar a 2012 a1 aa 4 ea aM Rrieita 3 aa S| ae | = aat 23.500 | Her 25.000 add va fietat 3,000 | =a 9.000 fra wd Coe | 500 | et 4.000 at 200 | are sifted 300 arate & ard 800 ea: | wat 3730 war 120 STE 100 3.970 wa a aa me sea 6330 38.300 38,300 aa Gy 1-1-2012 31-12-2012 & ze ae a tas 2 18.700 arerndt erect (BA FEI 2.00.00 F) 1.80,000 180,000 P.T.O.802 8 Hed det 7.000 10.000 afin ver wes 500 600 wea tat 1,000 1,500 aha 2,000 1.980 aft = aq 2.00.000 —‘1,96,250 STRUT 3.500 3.900 sea wit a 200 300 wal a ela 300 100 seat oe 2012 ar wae ve are waren site 31 Bara 2012 a gea-va dor aa 21 SECTION B (aqunT w) Mr. Anil started business on 1-1-2012 with a capital of Rs. 45.000. He immediately purchased furniture for Rs. 24.000. During the vear. he received from his uncle a gift of 1-1-2012 Rs. 3.000 and he borrowed from his father Rs. 5.000. He had withdrawn Rs. 600 per month from his household expenses. He had no bank account and all his dealings were in cash. He did not maintain any books but the following information is given :802 Rs. Sales (including cash sales. Rs. 30.000) 1,600,000 Purchases (including cash purchases Rs. 10,000) 75,000 Carriage inward 700 Wages 300 Discount allowed to debtors 800 Salaries 6.200 Dad debts written off 1,500 Trade expenses 1,200 Advertisement 2,200 He used goods worth Rs. 1300 for personal purposes and paid Rs. 500 to his son for college fees. On 31% December. 2012 his debtors were worth Rs, 21,000 and creditors Rs. 15.000, Stock in trade was valued at Rs. 10.000. Furniture is to be depreciated at 10% pa Prepare Trading and Profit & Loss Account for the year ending 31“ December. 2012 and a Balance Sheet as on that date. OR The book value of plant and machinery on |-1-2010 was Rs, 2,00.000. New machinery for Rs. 10.000 was purchased on 1-10-2010 and for Rs. 20,000 on P.T.O,802 10 1-7-2011. On 1-4-2012. a machine whose book value had been Rs. 30.000 on t-1-2010 was sold for Rs. 16.000. Depreciation had been charged at 10% per annum since 2010 on straight line method. It was decided in 2012 that depreciation @ 20% p.a.. on diminishing balance method should be charged with retrospective effect since 1-1-2010. Show Plant and Machinery Account upto 31-12-2012. Give detaited workings. at afta + 15.000 = # GF 01-01-2012 Hf aan Fe fer | set Wa 24.000 & a Wake Aa | ad aH ck a way urn a 3.000 © a SaER ws gan ak Gat at fiat @ 5,000 & au fag 1 wa Re ad F fore 600 = WA AE aa sem ef des are at am sit at aa-2e ame am a) ae ag adie aa waar a faq Reafafer erry srr ze z fast (30.000 & A Aas fA afta) 1,00.000 wate (7He 10,000 4 Bde aka) 75.000 wea FET aT 700 waret 300 Saat at fer an aezt 800 at 6.200 wafetra seer ae 1.500 man Baa 1.200 fear 2.200802 we HW set a Pot wats & fay 1.300 8 Boma ar oad far sit at qa aA 500 3 sida te @ fee Re 31 fewer 2012 FA Bad Brew 25.000 & S ArEK 15.000 8 @ o 1 afm wie a ArT 10.000 tal Wa ST 10% ate oc aaa fier AT 2 31 fewaR 2012 a ad & fae ame ak ama ae wan oa Ba ae a aaa Sar Ff Haat daa Si WaT BT 1-01-2010 BY aT APT 2.00.000 F aT I 01-10-2010 a AE AAA 10.000 & F 3H 01-07-2011 20.000 & ¥ wate WA 1 1-04-2012 wt Ta AT at, fire 01-01-2010 1 Tr AA 30.000 & a, 16,000 & & aq fear Went ae Ten fale amen Ww 2010 F ATE 10% Ft BA aaa wa) 2012 8 ae aa far we FR 01-01-2010 % qderh ee A arama PART ara 20% Ft ae a qeuES Sorat AT TRA 1 31-12-2012 ae aa aaa sar As Set vefita aifnd | ariadt at fear a exfze A consigns goods to B at 20% profit on Invoice Price. B is entitled to a commission of 10% on Invoice Price and 20% on any surplus realized over Invoice Price. P.T.O.802 12 A sends goods costing Rs. 8.00,000 and spends Rs. 75.000 on freight. B accepted a bill of Rs. 8,00.000 in favour of A. B's expenses were Rs. 10,000 on rent and Rs. 5.000 on advertisement. 3 4 of the goods were sold for Rs. 9.75.000. Part of the sales were on credit and a customer failed to pay Rs. 20.000, ian of the remaining gouds were destroyed in godown fire. Open necessary accounts in the books of both the parties. OR A and B entered into a joint venture to underwrite subseription of $0.000 shares of Rs, 10 each issued by X Ltd. at 20% premium. They will get 2% commission in cash and 2.000 ether shares of the company as fully paid up. A and B opened a joint bank ace contributing Rs. 80.000 each. Public subscriptions were received for 38.000 shares and the underwriters took the unsubscribed shares and paid through bank acc. The underwriting commission was received by cheque. Towards the end of the venture. 10.000 shares were sold by them in the open market @ Rs, 14 per share802 13 and the remaining shares were taken by them equally @ Rs. 13 per share. They share profits equally. Prepare Joint Venture Account. Joint Bank Account and Co-Venturers’ Account. AS Boat Gre as 20°, ae ow wa Te fea B aoe oe 10 aise ait dove ae S ay feet aa We 20% aise a re BI A §$,00.000 % AMA Fi wet Tan HR Ms ae 75,000 & wi 1 BAA RB oA 4 8.00000 8 a Fe owen fer BA era w lo.no0 F ae Rin aw 5,000 = aa fea 3/4 AT 9.75.000 3 8 Fea Tan fel a aT Sue at He waH Wes F 20.000 8 a a aa fear Ae a at 4 am Wer Foam at a ae a ona ai val at yaa a wifi Fa Gey wear A a BAX Lid, wt 20% Wht a ad fa me 108 wa ae A 50.000 Fad F after SF arent Fo fag ww we a eo, A ae a EO ST 2,000 aa Haz FAT PTO.B02 V4 A a BAA vee A 80,000 TTA BR MH ayaa FH aT waat | waar & 38.000 Fad A Ge afew wa Gan aK wrfent X afer 4 ay amr fe ain Fae he ae TA Bran erie wart Ger zr Te BRT! em Gt ata we Set 10.000 Bae 14 ew SR a Tae sae FR ak AT SE cert eT eG tee = Rat Sat as Fo ee aes fron) ages Ga SECTION C QHaTT 7) Goods are sent to the Branch marked at selling price which is cost + 30%. All expenses of the Branch are paid bs H.Q. Goods are soid bath for cash and on credit. Debtors send mones direct ta H.O. The following are Branch transactions for the year ending 34-35-2042 Rs Stuck a: sell.ng price on 1-4-20. 287 Debiars en 1-4-2011 1.400 Cast sales 72.940, Cesh to HO os Braezh Debiors 2.800 Goods ceturned ta WO. bs Branch Litt Geads returned by customer to Branch 570802 15 Goods returned by Branch debtors to H.O 120 Goods transferred by Branch to X Branch 4.500 Goods sent to Branch (Invoice Price) 78.300 Bad debts written off 150 Debtors balance on 32-3-2012 960 Goods of the Invvice Price of Rs. 660 were lost in transit. A claim of Rs, 500 was recovered from Insurance company. Prepare Branch Stock Ae: Branch Debtors Ave: Branch Adjustment and Branch P & L Ac in the books of H.O. OR Rohan purchased seven tempos on hire- purchase on I July, 2010. The cash purchase price of each tempo was Rs. 300.000, He way to pay 20% of the cash purchase price at the time of delivers and the balance in five hall-searly installments starting from 34-12-2010 together with interest at 5° per annum. On Rohan’s failure to pay the installment due on 30" June. 20H. it was agreed that Rohan would return 3 tempos to the vendor and remaining 4 could be retained by him. The returning price of 3 tempos was Rs, 4.05.000. Rohan charges depreciation @ 20% per annum on P.T.O.802 16 straight line method. Vendor after spending Rs. 10,000 on repairs sold away all the 3 tempos for Rs. 4.00,000. Show Tempos Account and Vendor's Account in the books of Rohan and Rohan’s Account and Goods Repossessed Account in the books of the vendor assuming that their books are clased on 30" June every year. Wa HATTA 50% SF ART yea wa ToT wT zt wren Sa aa ar ea sured amaiera era fren vem 2 we sae 3 sum Sai w dar wet 81 teen tq ohh Hd yur arise at ar 21 31-03-2012 at aaa ad & fae we & aata sa war 2: z= 1-4-2011 a Fea ata we Rte 26.700 1-43-20)! BT ter 1,400 wae Prat 72.940 ure 25a) amt suet araiea at ta wait aad 2.800 TRA ent wut waiaa Fl asa fee wen wet 1,170 teat em A a ara fen ma wa wren easel ger wert rahe at ara feat a aa 120 us a e TRA eI X we Bt Hata art 4,500802 17 aren at at mer ret (atwen oht 78,300 ae ad Te Te ome a 150 31-3-2012 #1 ten so 960 660 tt ame ates at wea anh A aT war ST aT 2 500 & aa aye Eo wens Hier a Gaal A aA arhs erat satza wat der 3 01 gare, 2010 aN fereen-wate sree 7 ot aie) ae Beh Tl tae ate She 5.00.000 % TI Rasa So ara FA tas aie FH A 20% Fa am atte Bru ats anienftta ear F, 31-12-2010 8 ae ah, 56 WA at aa # aa th 7) tet 4 30 a 201). HB WY aah faa aA a ot: ae aq Ren way fh tee fader wD Ae AHA ier Am Gi Be ae wad oa wa At Ve St are BT 4.05.00 & hy tet 20% TH aale a 3 wee ten fale F Hu aera BIE Fat BI deh APA F eR ah wT TW 10,000 & ad fa ait A aay 2h | 4.00,000 & F ta fear ana i gral Ft Ge ak Bae Aer wee HA P.T.O.802 18 az fda Si qa W dea ar Se ait wer Sh ry after ¥ 34 a7 car vefia Sif 1 ge arax ule fe we aA wat 30 wT A ae fed ora 2 $8. A. Band C were in partnership sharing in the ratio of 2:2:1 respectively. Their position as on 31% December. 2012 on which date they decided to dissolve. was as follows : BALANCE SHEFRT Liabilities Rs, Assets Rs, Creditors 1.12.000 Debtors 1,25.000 Bills Payable 20,000 Goodwill 15,000 Loans from Bank — 120.000 Bills Receivables 12.500 Capitals : Plant & Machinery 2.12,500 A 60.000 Furniture 12,000 B 40.000 Cash 5,000 Cc 30.000 130,000 3.82.000 3.82,000 Goodwill realized Rs. 75.000. 10% of the debtors proved bad and B’R realized only Rs. 12,000. Plant was sold for Rs. 177.500 and office furniture was taken over bs A. BP were met before due date earning a discount of Rs. 1000. The Bank Loan was paid off including interest of Rs. 2000, The creditors were settled for Rs. 1,07.000.802 19 Close the books of the firm by preparing Realization Account. Partners’ Capital Accounts and Cash Account, OR Write short notes on any three of the following : (i) Journal Proper (it) Dual aspect concept Gil) Convention of Conservatism (iv) Deferred Revenue Expenditure (5>3) A.B at C wm aaaa wi F or S aq % ante D1. faa A sas zh faufea ara va fer) saat te fea an fia za ve eae € uftachara z erent 112.000 2aarRat - “7.25.00 2q fa 20,000 FAR 15.000 aa a am 120,000 wer fart 12.500 aah: waa an aA 212.500 A 60.000 witar 12.000 B 40.000 was 5.000 c 30.000 1.30.000 3.82,000 3.82,000 P.T.O.802 20 are B 75.000 & wen FRA ae | ara ae aT 10% sete fa a at BR # (2.000 & oa fed aes ada at 1.77500 = 4% 3a Rar wae ak aire F wae a AT aay adie a fen: fas fafa a Ta BP wer aR fee We faa 1.000 & Bei WA EA) SH wl aM, 2.000 t aT sufites ere Het aR fen vet Aaarfeat wr Freer 1.07,.000 © Aa fa mi wi st Aa gaat ah ae get a fy sada ar, aeert & Ga at vn ta ar Fea | weal featies HA Peedi de oe Miter Row fatar (i) Rare aa (ii) Beet ere (iii) Banter A afer (iv) stafite are =r (6,000)