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Berhampur University 2009 B.Com Financial accounting - Question Paper

Friday, 18 January 2013 08:50Web

Time: 3hour
Full mark: 100
The ques. is equal value
ans all ques.
(Financial accounting)

1. describe Double entry system of book-keeping. Is there any difference ranging from book-keeping and accountancy? explain the advantages and disadvantages of this system
Is the agreement of the trial balance a conclusive proof of the accuracy of the leader postings? If not, elaborate the errors which remain undetected even if the trial balance agrees?
2. Distinguish ranging from :
(a) Expenses and Expenditure
(b) Capital expenditure and Revenue expenditure
(c) Current assets and fixed assets
(d) Capital loss and revenue loss
Sunday Debtors item appears as follows in the Balance Sheet of X & Y Co. as on 31st December, 2007:
Rs. Rs.
Sunday Debtors 24,000
Less: Bad debts Provisions 1,200
Less: Provision for Discount 684 22,116
During the year 2008, Bad debts written of and discount allowed were Rs.1, 000 And Rs. 584 respectively. On 31st December, 2008, Debtors totaled Rs. 30,500. A further Bad debt of Rs. 500 is to be written off. Provision for Doubtful Debt and that for discount on Debtors must be maintained at 5% and 3% respectively on Sundry Debtors.
Prepare the Provision Accounts and show how these items will appear in the Profit and Loss Account and Balance Sheet as at 31st December, 2008.
3. elaborate the objects of keeping Branch Accounts?
provide journal entries for incorporating the branch trial balance in the books of head office.
A company has 2 departments ‘A’ and ‘B’. Department A sells goods to Department B at normal market price. From the subsequent particulars, prepare a Department Trading and profit and loss Account for the year ended 31st March, 2002.
A B General
Dept. Dept. Total
Rs. Rs. Rs.
Opening Stock 15,000 Nil
Purchases 2, 50,000 40,000
Goods from a Dept. – 40,000
A B General
Wages 15,000 20,000
Salaries (Dept) 7,000 5,000
Closing stock at cost
To the Dept 80,000 20,000
Sales 2, 60,000 1, 45,000
Printing and Stationary 2,500 1,500
Machinery ------- 15,000
Advertisements --------- --------- 12,000
Salaries(General) -------- ---------- 18,000

Depreciate machinery by 10%. The general unallorted expenses are to be apportioned in the ratio of 2:1 to the departments A and B.
4. What are the objectives of taking a joint life policy by the partnership farm ? define the different of treatement of joint life policy in the books of account.
Basu and Das are partners sharing profits andlosses equally.on 30th june,2006 their balance sheet was as under :

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