Annamalai University 2008-1st Year B.Com " 140 / 540 ELEMENTS OF ACCOUNTANCY " Part II II ( Common with B.M.M., B.B.S., - - Question Paper
Register Number:
Name of the Candidate :
Register Number:
5 14 4 B.Com. DEGREE EXAMINATION, 2008
(FIRST YEAR)
(PART - III)
(PAPER - II)
140/540. ELEMENTS OF ACCOUNTANCY
( Common with B.B.S., B.Com. -
Accounting and Finance )
December ] [ Time : 3 Hours
Maximum : 100 Marks
Answer any FIVE questions.
All questions carry equal marks.
(5 x 20 = 100)
1. Define Accounting. What is the need for it ? Explain the rules of accounting with suitable examples.
2. A and B doing business jointly undertake to construct a building for a joint stock company the contract price being Rs. 8,00,000 payable as to Rs. 6,00,000 in cash and Rs. 2,00,000, in fully paid shares of the company.
A bank account is opened in the joint names of A and B and A pays Rs. 2,00,000 and B paying Rs. 1,25,000. They decide to share the profit or loss in the ratio of 3 : 2. Their transactions were as under:
Rs.
Paid wages Bought material
2,00,000
4,00,000
Materials supplied by A - 50,000
Materials supplied by B - 30,000
Architects fee paid by A - 26,000
The contract was completed and the price was duly received. The joint venture was closed by A taking up all the shares of the company at an agreed valuation of Rs. 1,80,000 and B taking up the stock of materials at nd agreed valuation of Rs. 20,000. Show joint bank account, joint venture account shares account, As account and Bs account.
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12,000
1,300
41,200
22,500
2,500
9.000
5.000
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(QffjiTLsa r@ ,611) - 9,000
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(OsjiTLaa r@ ,6u) - 1,30,000
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(flsjrrLftffi r@ ,6u) - 1,50,000
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(flsjrrLftffi r , 6u) - 3,000
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a6L6BTrT6rfla6(6TT,a0 H6rflS)S) ff,6TT(6TT,UL4_ - 10,000
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3. A cotton mill at Madurai sends regular consignments of cloth to M/S. Ram and sons of Chennai who are the selling agents and are entitled to a commission of Rs. 2 per kg of cloth sold. This includes delcredere commission.
From the following transactions, prepare consignment account, Ram and sons account and show the workings of abnormal loss in the books of the cotton mills company books.
Stock of cloth with agents at the beginning
2,000 kg costing Rs. 50,000.
Total quantity of cloth consigned 16,000 kg
@ Rs. 30 per kg.
Total quantity of cloth sold 15,000 kg
@ Rs. 50.
Total cash paid by the agents
Rs. 6,00,000.
Railway freight paid by the agents
Rs. 50,000.
Of the sales, Ram and sons could not collect Rs. 15,000 due to insolvency of a customer. 500 kg of cloth was damaged by the railway for which the agents recovered Rs. 10,000 from railways. The damaged goods were sold @ Rs. 18 per kg.
4. From the following trial balance as on 31-3-2007, prepare trading account, profit and loss account for the year ended 31st March, 2007 and a Balance Sheet as on that date :
|
Debit balances |
Rs. |
Credit balances |
Rs. |
|
Cash in hand |
44,390 |
Sales a/c |
3,00,000 |
|
Purchases a/c |
1,40,675 |
Returns outwards | |
|
Returns inwards a/c |
2,680 |
a/c |
1,500 |
|
Wages a/c |
25,210 |
Capital a/c |
82,000 |
|
Carriage on sales a/c |
3,200 |
Sundry creditors a/c |
6,300 |
|
Power |
2,040 | ||
|
Opening stock |
25,760 | ||
|
Building a/c |
60,000 | ||
|
Machinery a/c |
27,500 | ||
|
Salaries a/c |
15,000 | ||
|
Rent a/c |
13,000 | ||
|
Insurance a/c |
600 | ||
|
Drawings a/c |
15,245 | ||
|
Sundry debtors a/c |
14,500 | ||
|
3,89,800 |
3,89,800 |
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|
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|
Adjustments :
(i) Value of closing stock Rs. 30,000.
(ii) Depreciate : Machinery @ 10 %.
(iii) Salaries outstanding Rs. 3,000.
(iv) Create a provision of 5 % reserve for bad and doubtful debts on sundry debtors.
5. The receipts and payments accounts for 2006 of the Nellai Recreation Club are given below :
|
Receipts |
Rs. |
Payments |
Rs. |
|
To donation |
14,000 |
By rent |
19,000 |
|
,, Life membership |
,, Salaries |
11,500 | |
|
fees ,, Entrance fees ,, Subscription ,, Canteen receipts |
15.000 2,500 6,750 25.000 |
,, Furniture ,, Electricity ,, Canteen purchases |
2,000 600 20,000 |
|
,, Journey receipts |
1,800 |
,, Journey | |
|
,, Other receipts |
3,500 |
expenditure |
1,505 |
|
,, Interest received |
250 |
,, Telephone |
370 |
|
,, Card room |
125 1,000 |
,, Postage |
120 |
|
receipts ,, Grant from Calcutta corporation |
,, Bank balance ,, Cash balance |
4,430 10,400 | |
|
69,925 |
69,925 |
Adjustments :
(a) (i) Donation entirely,
(ii) % of the life membership fees and (iii) V2 of the entrance fees are to be capitalised.
(b) Subscriptions received in advance Rs. 300 and outstanding Rs. 1,500.
(c) Rent was paid for 3 months in advance.
(d) Salaries include in advance of Rs. 1,000.
(e) Furniture is to be depreciated by 5 %.
You are required to draw up an income and expenditure account and a balance sheet.
6. From the following ledger balances, prepare the necessary adjustments accounts in the self - balancing ledgers :
Rs.
Debit balances in the
creditors ledger (opening) - 9,000
Credit balances in the
creditors ledger (opening) - 1,30,000
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QsLLILLILJUrll_ (olLDITSjSj 0l6ggfl 16,000 BGeorr 0. 30 eifsjLb.
6i51rt)L(6BT QsllilliuuiIl 0i6ggfl 6i51eurjLb 15,000 BGeorr 0. 50 eifsjLb
eiSI rr) ul 6bt (Lp a eu rr it eo s> rr ill u rl i_ Q ld it s> s> QrrrTaaLD 0. 6,00,000
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Rs.
Debit balances in the
debtors ledger (opening) - 1,50,000
Credit balances in the
debtors ledger (opening) - 3,000
Transactions for the year :
Discount received from
Bills receivables received
Rs.
Bills payables given to suppliers - 22,500
Bills receivable dishonoured - 2,500
Debit balances in the creditors
ledger (closing) - 9,000
Credit balances in the debtors
ledger (closing) - 5,000
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(5 x 20 = 100)
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(oluiurfl ld, 65bt eurij.la a/0 sjeuaauuil, 6j - 0. 2,00,000 - ld, lSI - 0. 1,25,000
(ole? S)46BT[T. H6UITa6iT eDITU ITiLLSS) 2 : 1 6T6BTfT) 6l51lS)S)l6t) Glurr) (Lpii]_eL| (ol.?LLIS>6BT[f. .JHeUlf a6rf]6BT ijLeuL.aaeiT lSI 6bt eu 0 ld n rpj :
ft!x6\51uLl(5eum_rT Qsllisjj - 2,00,000
Qun0ila6iT sxjnr&idBlujgj - 4,00,000
6j - LLinffo SjrruuilL Qun0ila6iT - 50,000 lSI - LLinffo SjrruuilL Qun0ila6iT - 30,000
a il i_ a a, eu (gr, (tf, a 0
6j - LLinffo s>rruuLli_a aili_65STLb 26,000
guuiTiSjLb (Lpiaauuil, guqa(olarT6S5Ti_uL4_
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1,80,000 6T6BTrpj ffjui_|aQarT6iTerruuLli_ LD4ui_|a0 er@aQarr6S5Ti_rT[f, " lSsjLD 2_6iTerr Q u it (tf, il a, err
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Turn over
|
Attachment: |
| Earning: Approval pending. |
