Annamalai University 2008-1st Year B.Com Computer Science " 530 ELEMENTS OF ACCOUNTANCY " ( PART - III ) ( - I ) - Question Paper
Transactions for the month of April :
8
Rs.Credit purchases - 20,500
Credit sales - 22,700
Return inwards - 400
Return outwards - 600
Cash received from customers - 25,000
Discount allowed to customers - 550
Cash paid to creditors - 30,700
Discount received from
creditors - 670
Acceptance received from
debtors - 8,500
Creditors bills accepted - 12,000
B/R returned dishonoured - 1,200
B/P returned dishonoured - 3,000
Bad debts written - off - 2,500
Sundry charges debited to
customers - 345
Allowances from creditors - 275
Name of the Candidate :
6 7 19 B.Com. (Computer Applications) DEGREE EXAMINATION, 2008
(FIRST YEAR)
(PART - III)
(PAPER - I)
December ] [ Time : 3 Hours
Maximum : 100 Marks
Answer any FIVE questions.
ALL questions carry equal marks.
1. What is Book - Keeping ? Distinguish it from accounting.
2. What is an Income and Expenditure account ? Enumerate the steps required in its preparation.
3. State the differences between joint venture and consignment.
4. Describe the procedure for computation of claims under Loss of Profits policy.
5. Mala purchased goods for Rs. 3,000 from Kala on 1-4-2008. Mala accepted a three months bill for the amount and gave it to Kala on the same day. Kala discounted it immediately with Indian Bank at discount of 5 % p.a. On the due date, the bill was honoured by payment.
You are required to give entries in the books of all the parties.
6. Anbu owes Sudhakar the following sums of money due on the dates stated :
Rs. 400, due on 5th January, 2008.
Rs. 200, due on 20th January, 2008.
Rs. 800, due on 4th February, 2008.
Rs. 100, due on 26th February, 2008.
Rs. 50, due on 10th March, 2008.
Find out average due date.
Rs.
March - 5 Bought goods from Sohan - 1,000
March - 13 Issued a bill payable to
Sohan at 2 months - 500
April-10 Sold goods to Sohan - 1,500
April - 20 Received cash
from Sohan - 1,000
May - 15 Sold goods to Sohan
due end of June - 1,200
June - 15 Received cash
from Sohan - 300
12. From the following particulars extracted from the books of M/S. Krishnan & Company, who keeps a sales ledger and bought ledger on the self balancing system. Show how the various adjustment accounts will appear in each of the ledgers.
Rs.
Debtors balance (1-4-2007) - 45,750
Rs.
Materials supplied by A - 5,000
Material supplied by B - 4,000
Architects fees paid by A - 2,000
The contract was completed and the price (cash and shares) duly received. The joint venture was closed by A taking up all the shares of the company at an agreed valuation of Rs. 16,000 and B taking up the stock of materials at an agreed valuation of Rs. 3,000.
Show the necessary ledger accounts.
11. Mohan has the following transactions with Sohan for the period from 1st January to 30th June. Make out an account current to be rendered by Mohan on 30th June, calculating interest @ 5 % p.a. :
Rs.
January - 1 Balance due by Sohan- 1,300
January - 2 Sold goods to Sohan - 1,600
February-15 Received cash from
Sohan - 2,500
7. From the following details, prepare the account sales :
Consignor : Ajantha cycles Ltd., Haryana.
Consignee : Sri Ram cycles, Chennai.
Consignment : 100 cycles @ Rs. 1,200 each.
Sales : 50 cycles @ Rs. 1,400 each.
20 cycles @ Rs. 1,500 each.
Consignees expenses :
Freight and cartage - Rs. 5,000
Godown rent - Rs. 2,000
Other expenses - Rs. 1,000
Consignees commission - 10 %.
8. A lease of land was acquired on 1st January, 2004 at a cost of Rs. 30,000. It was decided to depreciate it under the annuity method at 5 % interest. Annuity tables show that at 5 % Re. 1 over 5 years is equivalent to Re. 0-230975 annually. Write up the lease account for 5 years.
Answer any THREE questions.
All questions carry equal marks.
9. From the following trial balance of Thiru. Rehman as on 31-March, 2008, prepare trading and profit and loss account and balance sheet after taking into account the adjustments:
|
Debit balances |
Rs. |
Cridit balances |
Rs. |
|
Land and |
Capital |
62,000 | |
|
buildings |
42,000 |
Sales |
98,780 |
|
Machinery |
20,000 |
Return outwards |
500 |
|
Patents |
7,500 |
Sundry creditors |
6,300 |
|
Stock 1-4-2007 |
5,760 |
Bills payable |
9,000 |
|
Sundry debtors |
14,500 | ||
|
Purchases |
40,675 | ||
|
Cash in hand |
540 | ||
|
Cash at bank |
2,630 | ||
|
Return inwards |
680 | ||
|
Wages |
8,480 | ||
|
Fuel and power |
4,730 | ||
|
Carriage on sales |
3,200 | ||
|
Carriage on | |||
|
purchases |
2,040 | ||
|
Salaries |
15,000 | ||
|
General expenses |
3,000 | ||
|
Insurance |
600 | ||
|
Drawings |
5,245 | ||
|
1,76,580 |
1,76,580 |
(i) Stock on 31-3-2008 was Rs. 6,800.
(ii) Salary outstanding Rs. 1,500.
(iii) Insurance prepaid Rs. 150.
(iv) Depreciate machinery @ 10 % and patents @ 20 %.
(v) Create a provision of 2 % on debtors for bad debts.
10. A and B doing business separately as building contractors, undertake jointly to construct a building for a newly started joint stock company for a contract price of Rs. 1,00,000 payable as to Rs. 80,000 by instalments in cash and Rs. 20,000 in fully paid shares of the company A bank account is opened in their joint names, A, paying Rs. 25,000 and B, Rs. 15,000. They are to share profits and losses in the proportions of 2/3 and 1/3 respectively. Their transactions were as follows:
Rs.
Paid wages
30,000
Bought materials
70,000 Turn over
13. Fire occurred in the premises of X - Ltd. on 10-10-2008. All stocks were destroyed except to the extent of Rs. 6,200. From the following figures, ascertain the loss suffered by the company :
Rs.
Stock on 1-1-2007 - 36,000
Purchases less returns
(during 2007) - 1,45,000
Sales less returns
(during 2007) - 2,00,000
Stock on 31-12-2007 - 22,500
Purchases less returns during
2008 upto the date of fire - 1,46,000
Sales less returns during 2008
upto the date of fire - 1,89,000
It was the practice at the firm to value stocks at cost less 10 %. Early in 2008, prices were raised by 5 %.
13. Fire occurred in the premises of X - Ltd. on 10-10-2008. All stocks were destroyed except to the extent of Rs. 6,200. From the following figures, ascertain the loss suffered by the company :
Rs.
Stock on 1-1-2007 - 36,000
Purchases less returns
(during 2007) - 1,45,000
Sales less returns
(during 2007) - 2,00,000
Stock on 31-12-2007 - 22,500
Purchases less returns during
2008 upto the date of fire - 1,46,000
Sales less returns during 2008
upto the date of fire - 1,89,000
It was the practice at the firm to value stocks at cost less 10 %. Early in 2008, prices were raised by 5 %.
|
Attachment: |
| Earning: Approval pending. |
