Dr B R Ambedkar Open University (BROU) 2008 B.Com Accounts - Question Paper

Compile the profit and loss appropriation A/c. for the 1st year and partner's personal accounts . Their profits & loss A/c. reflected a credit balance of Rs. 2,10,000 for 1993-94.



Q five Dr. Rog-Research, a ' Bharat Ratna ' recipient , reports the subsequent balance sheet as on 31-3-1994.
Balance Sheet as on 31-3-94

liabilities amount Rs. Assets amount Rs.
Capital 7,30,000 Land bought (development work not started) 1,00,000
Research Wing Fund through Govt. Aid 6,50,000 Client & Equipment 5,00,000
5% Bank Loan 40,000 Research Wing (in use from 93-94) 5,85,000
Subscription-for Research leaflet 6000 Advanced against order for Laser Equipment 1,30,000
Pre-paid Insurance for varied policies 10,000
Stock of Medicines 40,000
Advance against wages to employees 5,000
_________ Cash & Bank 56,000___
14,26,000 14,26,000
His auditor reports the subsequent summary of cash received and paid, during April 1994-March 1995.
Receipts & Payments A/c for the year ended 31.3.1995
Particulars Amount particulars Amount
To Balance 56,000 By Expenses-as needed 92,000
To Honorarium -weekly lectures to medical students 45,000 By expenses on research activity 80,000
To Subscription-Research leaflet 51,000 By Medicines 55,000
To Consultation Fees 2,10,000 By final instalment of advanced for laser equipment (paid on 31-3-95) 20,000
To Dispensing Fees 96,000 By Wages 80,000
To Special Govt. Grant for Research 80,000 By Interest on loan 1,500
By Drawings (including for LIC and IT) 1,40,000
_______ By Balances 69,500
5,38,000 5,38,000
Adjustments :-
(1) Depreciation of assets being used @ 10% p.a. on W . D .V method.

(2) 500 subscribers to the Research Leaflet for 1994-95 to pay Rs. 100 annually.

(3) Stock of medicines Rs. 38,000 on 31-3-95.

Compile the doctor's final accounts for 1994-95.





Q 6(a) provide complete journal/entries for every of the subsequent miscellaneous lot of transactions :

(i) Accounting the closing stock at the end of the year , which is provided as Rs. 46,000, an overvaluation by 15%.

(ii) Closing entry for Depreciation A/c., which is debited with Rs. 75,000 and credited by Rs. 6,000(excess depreciation written off duly rectified).

(iii) The entry to account for the year's net profit of Rs. 1,20,000 earned by M/S Reputed for honesty Co., whose owners compile the needed account annually to reflect the distribution of profits earned , in accordance with their Deed.

(iv) The entry to close the profit on sale of furniture A/c .reflecting an amount of Rs. 6,800.

(v) Account for an account payee cheque for rupee fifty lakhs received by 'homes for the Homeless '(a reputed social welfare organisation )to augment their Housing Fund A/c.

(vi) Closing entry for Returns Inward A/c Rs. 15,000.


Q six (b) Extract from the ledger of north India Activities Club for April 92 to March 93,having a membership of 4,000. subscribing Rs. 50 every annually.


Subscription A/c

Dr.
Cr.

Date Particulars JF Rs. Date Particulars JF Rs.
received during the year By Cash/Bank 1,80,000

Note :- The subscription A/c includes Rs. 5,000 and Rs. 4,500 of the accounting years ending on 31-3-92 and 31-3-94 respectively . The treasure reports that Rs. 3,500 reflected as a current liability in the balance sheet as on 31-3-92.

As your answers ,with reference to 'subscription', indicate the rupee-values only for every of the subsequent : E>G>'Rs. ........'.

(i) Current assets as on 31-3-1992.

(ii) Current asset as on 31-3-1993.

(iii) Amount received totally as Revenue Receipts during 1992-93.

(iv) Current Liability as on 31-3-1993.

(v) Revenue Income for the year 1-4-1992 to 31-3-1993.

Earning:   Approval pending.