Veer Narmad South Gujarat University 2011-1st Year B.B.A SB-1363 Financial Accounting & Elements of Costing ( Sem - 2 ) - Question Paper

SB-1363

First Year B. B. A. (Sem. II) Examination March / April - 2011 Financial Accounting & Elements of Costing

[Total Marks : 70

Instructions

(1)

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Fillup strictly the details of signs on your answer book.

Name of the Examination :

F. Y. B. B. A. (Sem. 2)

Name of the Subject:

Financial Accounting & Elements of Costing

-Subject Code No.:

1 3 6 3

-Section No. (1,2,.....): Nil

(d) From the following balance sheet form of Balance    3

prepare in vertical sheet as on 31^st March 2010 : Balance Sheet

Liabilities	Rs.	Assets	Rs.
Share Capital Reserves and surplus Long term Liabilities Current Liabilities	8,00,000 6,00,000 5,00,000 3,50,000	Fixed Assets (W.D.V.) Investment Current Assets Fictitious Assets	12,00,000 6,00,000 4,00,000 50,000
	22,50,000		22,50,000

2 The following is the trial balance of Mr. Krishan as on 13 31^st March 2010 :

Particulars	Debit (Rs.)	Credit (Rs.)
Krishans Capital Account		1,00,000
Stock on 1st April, 2009	45,000
Purchases and Sales	1,70,000	3,00,000
Goods Returns	8,000	15,000
Freight and Carriage	18,000	....
Rent and Taxes	5,000
Salaries and Wages	10,000
Unpaid Salaries and Wages	....	1,000
Debtors and Creditors	45,000	25,000
Bank loan at 12% p.a.		30,000
Bank Loan Interest	2,000
Printing and Advertising	15,000
Miscellaneous Income		2,200
Discount	1,800	800
General expenses	16,700
Insurance (upto
30.6.2010)	1,300
Postage and Telegram	2,330
Cash in hand	20,000
Travelling expenses	870
Drawings	40,000
Cash at Bank	18,000
Furniture and fittings	55,000
	4,74,000	4,74,000

The following adjustment should be made :

(i)    Included amongst the debtors is Rs. 3,000 due from Sudhir and included among the creditors Rs. 1000 due to him.

(ii)    The provision for bad and doubtful be created at 5% and reserve for discount at 2% on debtors.

(iii)    Depreciation on furniture and fittings at 10% shall be written off.

(iv)    Interest on bank loan shall be provided for the whole year.

(v)    A quarter of the amount of printing and advertising is to be carried forward to the next year.

(vi)    The stock on 31.3.2010 was Rs. 1,78,000 Prepare :

Trading and Profit and Loss Account for the year ended 31^st March, 2010 and the Balance Sheet as on 31^st March, 2010.

B Ltd. furnished the following store transactions for    10

September 2010 :

1.9.2010    : Opening Balance 25 units value......Rs. 162.50

4.9.2010    : Issues Req. No. 85...................................8 units

6.9.2010    Receipts from Y & Co.

G.R.N. 26 ............ 50 units at Rs. 5.75 per unit

7.9.2010    Issues Req. No. 97.................................12 units

10.9.2010    Returns to Y & Co.................................10 units

12.9.2010    Issues Req. No. 108...............................15 units

13.9.2010    Issues Req. No. 110...............................20 units

15.9.2010    Receipts from M & Co

G.R.N.No.33....... 25 units at Rs. 6.10 per unit

17.9.2010    Issues Req. No. 121 ...............................10 units

19.9.2010    Recorded replacement from Y & Co. ... 10 units

20.9.2010    Returned from department material

of Y & Co..........................................

22.9.2010    Transfer from job 182 to job

187 in the dept. MTR 6..................

26.9.2010    Issues Req. No. 146...........................

29.9.2010    Transfer from Dept A to

Dept B MTR 10 ..............................

2 units

3    P Ltd. which depreciates its machinery at 10% on diminishing balance method; had on 1^st January 2010 Rs. 19,72,000 to the debit of machinery account. During the year 2010 part of the machinery purchased on 1^st January 2008 for Rs. 10,80,000 was sold for Rs. 10,45,000 on 1^st July

2010 and a new machinery at a cost of Rs. 11,50,000 was purchased and installed on the same date. Installation charges being Rs. 80,000. The company wanted to change its method of depreciation from diminishing balance method to straight line method with effect from 1^st January 2008 and adjust the difference before 31^st December, 2010. The rate of depreciation remain the same as before.

Show Machinery account and ascertain the amount chargeable to Profit and Loss Account and depreciation in the year 2010.

4    Write short notes : (any three)    15

(i)    Business Entity Concept

(ii)    Cost Centers

(iii)    Framework of Computer Accounting

(iv)    Function of Financial Accounting

(v)    Debit Note and Credit Note

(vi)    Causes for Depreciation.

5 From the following information, prepare a cost sheet for 12 the year ending 31^st March, 2010 :

Raw Materials	Rs.	Raw Materials	Rs.
Opening Stock	7,50,000	Purchase of factory stores	80,000
Purchases	84,00,000	Direct wages	60,30,000
Closing Stock	7,60,000	Rent and Rent
Indirect Wages	4,00,000	(Factory 4/5, office 1/5)	2,00,000
Telephone and Postage	2,50,000	Transfer to general
Depreciation :		reserve	2,00,000
Plant & Machinery	1,40,000	Exp. of Purchase
Office equipment	1,60,000	of goods	3,00,000
Delivery van	1,00,000	Manager salaries	8,00,000
Salesmans Commission	1,20,000	Goods distributed
Work in Progress :		at samples	40,000
Opening Stock	1,50,000	Income tax paid	30,000
Closing Stock	2,00,000

During the year 1,00,000 units have produced out of which 90% of units have sold at 20% profit on cost. There was no stock of finished goods in the beginning of the year. The managers salary is to be allotted to the factory, the office and the sales in the ratio of 2:2:1. Work in progress valued at works cost level.

OR

From the following transactions prepare three column cash book of Shri Mahavir :

Cash balance Rs. 4,200, Bank overdraft Rs. 3050.

Issued a cheque of Rs. 2,200 to Big-boss in full payments of his due of Rs. 2,250

Sold goods of Rs. 4,000 to Malaviya at 10% trade discount paid half the amount by cheque.

Deposited Malaviyas cheque into bank.

Sold goods of Rs. 4,000 to Karina at 5% cash discount. He issued a cheque of 2/3 amount which is immediately deposited in the bank.

Purchased goods of Rs. 6,000 from Shila at 10% trade discount and 5% cash discount if the payment is made within 10 days.

The cheque received from Malaviya is dishonoured. Issued a cheque in full settlement to Shila. Purchased stationery of Rs. 300 by cheque. Purchased goods of Rs. 3,000 from Maya at 10% trade discount and 5% cash discount. Paid Rs. 510 in cash and remaining by cheque.

Withdrew from bank for office exp. Rs. 2200 and for personal use Rs. 800.

Paid salary 2,000

Keeping Rs. 400 on hand, excess cash has been deposited in the bank.

From the following information, prepare a bank reconciliation statement of Shri Morari for January 2011 :

(i) Bank Balance as per cash book

(Date: 31.1.2011)...........................................Rs. 7,000

Bank Balance as epr cash book

(Date: 1-1-2001).............................................Rs. 5,020

Details of cheques deposited in bank and credited in passbook are as under :

Amount Date of deposit Date of Credit (Rs.) in bank given in pass book 3000 24.1.2011 25.1.2011 6000 25.1.2011 27.1.2011 8000 30.1.2011 3.2.2011 3000 31.1.2011 4.2.2011

(iii) Details of cheques issued and debited in passbook are as under :

Amount	Date of the	Date of record
(Rs.)	cheque drawn	in passbook
1400	28.1.2011	2.2.2011
1100	29.1.2011	3.2.2011
1500	30.1.2011	31.1.2011

(iv)    Cheques of Rs. 5000 were deposited in the month of January, out of which cheques of Rs. 3,000 were left unrecorded in cash book.

(v)    Bank interest of Rs. 750 credit by Bank, is recorded in cash book through oversight on its payment side.

(vi)    On behalf of Morari, bank has paid Rs. 2,500 towards life insurance premium and a dividend of Rs. 2,000 is collected. These are still to be recorded in cash book.

(vii)    A cheque of Rs. 6,000 received from January, is already recorded in cash book-bank column but is forgotten to be deposited in bank.

OR

6 Record the following transactions in the purchases book 10

of Sweet Bros, and post them into the ledger :

2011

Jan. 1 : Purchased from Sudhir & Co. on Credit 40 cassette tapes at Rs. 25 20 Radio recorders at Rs. 50 Less : Trade Discount at 10%

Jan. 4 : Purchased from Kantilal & Co. on Credit 40 cassette tapes at Rs. 10 20 Radio recorders at Rs. 25

Jan. 18 : Purchased from Tips Music & Co. on credit 20 cassette tapes at Rs. 40

23 Radio recorder at Rs. 50 Less : Trade discount at 10%

Jan. 30 : Purchased from Music Passion & Co. on Credit 30 cassette tapes at Rs. 20 40 Radio recorder at Rs. 50.

SB-1363]    7    [ 2500 ]

Attachment: veer-narmad-south-gujarat-university-2011-b-b-a-28140-1.pdf

Earning:   Approval pending.