Tamil Nadu Open University (TNOU) 2009-3rd Year B.Com .>>ADVANCE ACCOUNTING>>E .>> - Question Paper
B.Com. DEGREE exam
JUNE 2009.
(AY 2004-05 batch onwards)
Third Year
ADVANCE ACCOUNTING
Time : three hours Maximum marks : 75
part A — (3 ´ five = 15 marks)
ans any 3 ques..
1. Distinguish ranging from hire purchase and installment system.
2. What is Goodwill? How Goodwill is treated in partnership accounts?
3. ‘A’ Ltd issued 10,000 equity shares of Rs. 10 every at par for public subscription. The company received application for 9,000 shares and all the shares were allotted and all moneys were duly received other than 1 share holder who holds 100 shares failed to pay the call money of Rs. four per share. Applicants had to pay Rs. two on application and Rs. four on allotment. Pass journal entries
in the books of the company.
4. ‘X’ purchased a typewriter on hire purchase system. As per terms he is needed to pay Rs. 800 down and Rs. 400 at the end of the 1st year and Rs. 300 at the end of the 2nd year and Rs. 700 at the end of the 3rd year. Interest is charged at 5% p.a. compute cash price of the
typewriter and the amount of interest.
5. JKR Bank Ltd., discounted a bill of the face value of
Rs. 2,00,000 for Rs. 1,92,000 on January 11, 1992. Of
the discount Rs. 8,000, Rs. 2893 pertain to the next
accounting year. Show the journal entry that is to be
made at the time of discounting the bills. Also show the
opening entry.
part B — (4 ´ 15 = 60 marks)
ans any 4 ques..
6. subsequent is the Balance sheet of M/S A, B and C
who share Profits and Losses in the ratio of two : two : 1.
Liabilities Rs. Assets Rs.
Sundry creditors 30,000 Cash 4,000
Capitals : Sundry debtors 44,000
A 30,000 Stock 44,000
B 24,000
C 8,000
92,000 92,000
The firm was dissolved and that assets were gradually
realized. Rs. 20,000 were received first.
Rs. 30,000 was received next and Rs. 18,000 finally.
Show how distribution of cash is made.
7. The subsequent particulars relate to a company, which has gone in to voluntary liquidation. You are needed to prepare the liquidators final statement of account allowing 2% for his remuneration on amount realized and 2% on the amount distributed to unsecured creditors other than preferential.
Rs.
Preferential creditors 10,000
Unsecured creditors 32,000
Debentures 10,000
The assets realized are
Land and buildings 20,000
Plant and machinery 18,650
Furniture and fixtures 1,000
Rs.
Liquidation expenses 1,000
8. Ravi took a colliery on lease. The dead rent was Rs. 750 rupees a year, merging into a royalty of 35 paise per tonne of coal raised, with the right to recover short workings of following year from the period in which the short workings arose. The out put raised were.
I year 1000 tonnes
II year 1500 tonnes
III year 2500 tonnes
IV year 1500 tonnes
V year 1000 tonnes
9. From the subsequent balances of Anand Bank Ltd., prepare profit and loss account for the year ended
31.3.1992.
Rs.
Interest on loans 2,59,000
Rent and Taxes 18,000
Interest on fixed deposits 2,75,000
Rebate on bills discounted 49,000
Commission charged to customers 8,200
Establishment expenses 54,000
Discount on bills discounted 1,10,000
Interest on cash credits 2,23,000
Auditors fees 2,000
Interest on overdrafts 54,000
Director’s fees 2,000
Interest on savings bank deposits 68,000
Postage and Telegrams 1,000
Printing and Stationary 3,000
Sundry charges 2,000
Interest on current accounts 42,000
10. The Revenue account of a life insurance company indicates the life insurance fund on 31st December 1995 at Rs. 48,78,000 Rupees before taking into account the subsequent items.
(a) Claims intimated but not admitted
Rs. 65,500.
(b) Bonus utilized in reduction of premium
Rs. 6,500.
(c) Interest accrued on securities Rs. 19,500
(d) Out standing premiums Rs. 18,000
(e) Claims recovered under reinsurance
Rs. 27,000.
Pass the entries giving effect to the above adjustment
and show the life fund at the end of the year 1995 after
making the above adjustments.
11. A company incorporated on May 1, 1995 acquired the business of a sole trader with effect 1.1.1995 the accounts are closed for the 1st year on Sep. 30, 1995, disclosing a gross profit of Rs. 84,000. The establishment expenses were Rs. 21,330; directors fees Rs. 1,500 per month, preliminary expenses written off Rs. 2,250. Rent upto June' 95 Rs. 150 per months but there after it was increased to Rs. 375 per month. Included in the directors fees was salary to the manager at Rs. 750, who was appointed a director at the time of incorporation of the company. Prepare a statement showing profits prior and after incorporation assuming that the net sales were Rs. 12,30,000 the monthly avg. at which for the 1st 4 months of 1995 was half that of the remaining period.
12. ‘Sun’ sells goods on H. P. system at cost plus 60%. From the subsequent particulars prepare H.P. Trading account.
Rs.
Jan one Goods out on H. P. system at H.P. price 32,000
Dec 31 Instalments not due and unpaid 72,000
Instalments due and unpaid 4,000
The subsequent transactions took place during the year.
(a) Goods sold on H.P. price Rs. 1,60,000
(b) Cash received from customers at H.P. price Rs.
1,12,000
(c) Goods received back on default valued at
Rs. 800. (Instalments due Rs. 4,000).
—————————
WS 4
UG-724 BCO-33B.Com. DEGREE EXAMINATION JUNE 2009.
(AY 2004-05 batch onwards)
Third Year ADVANCE ACCOUNTING Time : 3 hours Maximum marks : 75
SECTION A (3 x 5 = 15 marks)
Answer any THREE questions.
1. Distinguish between hire purchase and instalment system.
GipunkffiOT iun0i?
2. What is Goodwill? How Goodwill is treated in partnership accounts?
{Vui_| Gpm got? TL_rS
{Vui_| GMimp snUQhuukQpx?
3. A Ltd issued 10,000 equity shares of Rs. 10 each at par for public subscription. The company received application for 9,000 shares and all the shares were allotted and all moneys were duly received except one share holder who holds 100 shares failed to pay the call money of Rs. 4 per share. Applicants had to pay Rs. 2 on application and Rs. 4 on allotment. Pass journal entries in the books of the company.
A |p 10,000 0. 10 G{ir ui0<sOT
WS 4
UG-724 BCO-339,000 duuirn
mG Quppx. Qur<sq
WS 4
UG-724 BCO-33QffiLuV J ui0{ l@ uX 100 u Apui_| Quffi 0. 4 u QffpzU. dSuuurfffim 0. 2 snuu Qur<5wr<s| 0. 4 jXRmk unr<s| Q\pzu GS@. |pZV Gur u0@uGumk uVOT u.
4. X purchased a typewriter on hire purchase system. As per terms he is required to pay Rs. 800 down and Rs. 400 at the end of the first year and Rs. 300 at the end of the second year and Rs. 700 at the end of the third year. Interest is charged at 5% p.a. Calculate cash price of the typewriter and the amount of interest.
X OTUIIT ULLffft iITL<S P
QffiOTU QfflLlQTIT. ELUTLiUi X 0. 800 ELffli Qut<5wt<s| 0. 400 u 0L-4p
0. 300 CSltx 0L 0. 700 pTix 0l
WS 4
UG-724 BCO-33QffZU GiS@. Liu BiP@ 5%. uLLff] alU<sw|, Liq <snUQ@<s.
5. JKR Bank Ltd., discounted a bill of the face value of Rs. 2,00,000 for Rs. 1,92,000 on January 11, 1992. Of the discount Rs. 8,000, Rs. 2893 pertain to the next accounting year. Show the journal entry that is to be made at the time of discounting the bills. Also show the opening entry.
11, 1992 Ap JKR aiiQ 0. 2,00,000 ld<Sul|otot T0p<j<fLL 0. 1,92,000U@ ui QffiLuX. Qtu uui Qutotst 0. 8,000 0. 2893 Azu Bi0sX. uui Q\iLq Gutx Gut SuGul uVsOT uVx Azu 4i0Tffl QutlU uV u0.
SECTION B (4 x 15 = 60 marks)
WS 4
UG-724 BCO-333 UG-724
6. Following is the Balance sheet of M/S A, B and C who share Profits and Losses in the ratio of 2 : 2 : 1.
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry creditors |
30,000 |
Cash |
4,000 |
|
Capitals : |
Sundry debtors |
44,000 | |
|
A |
30,000 |
Stock |
44,000 |
|
B |
24,000 | ||
|
C |
8,000 | ||
|
92,000 |
92,000 |
The firm was dissolved and that assets were gradually realized. Rs. 20,000 were received first.
Rs. 30,000 was received next and Rs. 18,000 finally. Show how distribution of cash is made.
{Li_<Z<5 2 : 2 : 1 A, B 0p C CpVI ul
|
Ri<s<sS_ip : | ||||||||||||||||
|
|
A |
30,000 |
\ijUQ0ul| |
44,000 |
|
B |
24,000 | ||
|
C |
8,000 | ||
|
92,000 |
92,000 |
TL_mSffl <sU<suuLk QffmzxffiOT uuims QmUffimUffiuuL_. u - 20,000
CS_mx . 30,000 CpVms
0. 18,000 QupuuLk uQuffiuuL_x. u<Qirnw AL_n um QffiL.
7. The following particulars relate to a company, which has gone in to voluntary liquidation. You are required to prepare the liquidators final statement of account allowing 2% for his remuneration on amount realized and 2% on the amount distributed to unsecured creditors other than preferential.
Rs.
Preferential creditors 10,000 Unsecured creditors 32,000 Debentures 10,000
The assets realized are Land and buildings 20,000 Plant and machinery 18,650 Furniture and fixtures 1,000
Rs.
UOT<9:<9:wn'<s <su00OTOTnw |p
U<si<sOT ] RGp uUuLkOTOT. AppU Qffinsk Pfflffluurmflro CpV <5 QffiLffi. Q\zXOT
2%-, jfl uZX
i3mwpp ffiLpGu0s uQpus Qu 2%- ffiuuOT0Us uuukQpx.
.
jfl sLpGu 10,000 sLpGu 32,000 ffiLuzViOT 10,000
QffZXOT RpUffiShp dpffiuuLL.
| 0p sLiL 20,000
Uotl 0p CV 18,650 Aps 1,000
ffiuq Q\ffiOT 1,000
8. Ravi took a colliery on lease. The dead rent was Rs. 750 rupees a year, merging into a royalty of 35 paise per tonne of coal raised, with the right to recover short workings of subsequent year from the period in which the short workings arose. The out put raised were.
|
I year |
1000 tonnes |
|
II year |
1500 tonnes |
|
III year |
2500 tonnes |
|
IV year |
1500 tonnes |
|
V year |
1000 tonnes |
Give necessary ledger accounts in the books of the Company.
V. gotuiit aijiffi _
0. 750 spu Aot <air_<5<50 szu G@zXOTr. Gp Qmi G@ffiffiuu@ jQr _ot |UffiflU0 35 u\r eAZ Qur Q\pzu Gis. 0pu E0uzV rnrffi {m_ H0ui AZX iQp ffflQffiLw ju_U Q<srOTOTuum_s. EpuV
OTrp.
u Bs 1000 _ot<sot
CF_rr@ 1500 _otot
wprr@ 2500 _otot
{rrrS0 1500 _ot<sot
Iurrs@ 1000 _otot
Gur GuGijm <5nU0ffiOT h1 u.
9. From the following balances of Anand Bank Ltd., prepare profit and loss account for the year ended 31.3.1992.
|
Rs. | |
|
Interest on loans |
2,59,000 |
|
Rent and Taxes |
18,000 |
|
Interest on fixed deposits |
2,75,000 |
|
Rebate on bills discounted |
49,000 |
|
Commission charged to customers |
8,200 |
|
Establishment expenses |
54,000 |
|
Discount on bills discounted |
1,10,000 |
|
Interest on cash credits |
2,23,000 |
|
Auditors fees |
2,000 |
|
Interest on overdrafts |
54,000 |
|
Directors fees |
2,000 |
|
Interest on savings bank deposits |
68,000 |
|
Postage and Telegrams |
1,000 |
|
Printing and Stationary |
3,000 |
|
Sundry charges |
2,000 |
|
Interest on current accounts |
42,000 |
RUffimw 31.3.1992 i_q Cmu {L_ awaffls umflUs.
|
<s_ot ami |
2,59,000 |
|
an_<S LD0p aiflffiOT |
18,000 |
|
|aui_<sOT un ami |
2,75,000 |
|
nppafmk uOTui a0an |
49,000 |
|
aniUsnOT x VUum_ |
8,200 |
|
A|pa<s |
54,000 |
|
nppamk uUi |
1,10,000 |
|
QijnUa s_ot un ami |
2,23,000 |
|
U<OI<sffiwnOTiT <sm_n |
2,000 |
|
GaijupOT un ami |
54,000 |
|
C0{ sm_n |
2,000 |
|
G\ui_ a[Q un ami |
68,000 |
|
Uun 0p uV Q\OT |
1,000 |
|
Aa* 0p OTxQun0OT |
3,000 |
|
Cua Q\sot |
2,000 |
|
{_u_ snUQOT un ami |
42,000 |
10. The Revenue account of a life insurance company shows the life insurance fund on 31st December 1995 at Rs. 48,78,000 Rupees before taking into account the following items.
(a) Claims intimated but not admitted Rs. 65,500.
(b) Bonus utilized in reduction of premium Rs. 6,500.
(c) Interest accrued on securities Rs. 19,500
(d) Out standing premiums Rs. 18,000
(e) Claims recovered under reinsurance Rs. 27,000.
Pass the entries giving effect to the above adjustment and show the life fund at the end of the year 1995 after making the above adjustments.
<stuL i0itiLi <snUQui
B <stul@ 31.12.1995 Ap
0. 48,78,000 (RmffiTq g@ZxQtot uts)
(a) BOT <stul G<sli_| Qutot (bt AVuultux) 0. 65,500.
(B) i3flQuTffi0x sUsuull Gutot 0. 6,500.
(C) uzVi utot Li 0. 19,500.
(d) Qus . 18,000.
(e) psuk Qupp GffiLL Qp
. 27,000.
Gp<ss_ iiji<s>U<snw suGumkuuVffiOT UX 1995 BSi0ffiT IV wUffl un'flU.
11. A company incorporated on May 1, 1995 acquired the business of a sole trader with effect 1.1.1995 the accounts are closed for the first year on Sep. 30, 1995, disclosing a gross profit of Rs. 84,000.
The establishment expenses were Rs. 21,330; directors fees Rs. 1,500 per month, preliminary expenses written off Rs. 2,250. Rent upto June' 95 Rs. 150 per months but there after it was increased to Rs. 375 per month. Included in the directors fees was salary to the manager at Rs. 750, who was appointed a director at the time of incorporation of the company. Prepare a statement showing profits prior and after incorporation assuming that the net sales were Rs. 12,30,000 the monthly average at which for the first four months of 1995 was half that of the remaining period.
G 1, 1995 Ap Qu1 QpnhiQw |p jp wn'un'ij 1.1.95 u aniQws. us@
<sn<s0<sOT QffULu 30 AOTp iUsuuLLx. AOTpw GuV Qzu u 0. 84,000.
|irira Q\Iot 0. 21,330, C0{ mi_n
0. 1,500, (uwpUs) TLk0Ta Q\sot 0.2,250 GuraQffiuuuLix. aii_ 95 aiij uwps
0. 150, a<sot ips aii_ uWps
0. 375 b Eux. C@{ SLLZV* Gnrnir \uOTffi 0. 750 G\V0UX. aGij- |
pZV Cs{s Qun'puGuppnir. |ij 0uot
0. 12,30,000 got Qnw. 0uot u {nw0 Ui, puiW 0uot uV@. | pZV QuhUZVw ot 0p uiOT
nuQk.
12. Sun sells goods on H. P. system at cost plus 60%. From the following particulars prepare H.P. Trading account.
Rs.
Jan 1 Goods out on H. P. system at H.P. price 32,000 Dec 31 Instalments not due and unpaid 72,000
Instalments due and unpaid 4,000
The following transactions took place during the year.
(a) Goods sold on H.P. price Rs. 1,60,000
(b) Cash received from customers at H.P. price Rs. 1,12,000
(c) Goods received back on default valued at Rs. 800. (Instalments due Rs. 4,000).
\ot |p \ijUQot a_U<s + 60% gotQp QuZV pQpmii. l3oti0 m_s QsmOTu
awUffl umflUffii
0.
otiiA 1 aim_p QpmOTu p auiw 32,000 \ijUQot aim_p QpmOTu i\u 31 Q\(pzuuu_mu 0p Cu 72,000
Q\pZuuu_mu eotot un 4,000
CU Bi* Rmsmm {_iUffiffiOT G0
QsmOTOTuuLhOT.
(a) pp \ijUQot m_0s QsmOTu
0. 1,60,000.
(B) <in'iU<swnwfl_0s Qupp Qums rn_s QsmOTu 0. 1,12,000.
(C) V0u Qupp uu_U \Us 0.800 got Vu_uuL_x eotot un 0. 4,000).
14 UG-724
|
Attachment: |
| Earning: Approval pending. |
