Bharathiar University 2007 B.Com Advanced Accounting - Question Paper

Rs.
Stock first january 2003 12,000
Goods sent to branch 80,000
Debtors 1.1.2003 1,500
Cash sent to H.O. 77,100
Rent,Rates and taxes 3,200
Salaries and Wages 4,800
Debtors 31.12.2003 1,600
Stock on 31.12.2003 14,800



(Or)

(b) India Motors Ltd. Sells scooters on the hire- purchase plan. The terms of payment for the sale of scooters are Rs.1,000 on delivery Rs.1,040 at the end of the 1st year, Rs.960 at the end of the 2nd year and Rs.880 at the end of the 3rd year, inclusive of finance charges. compute interest.


23. (a) X commenced business on first January, 2000 with a capital of Rs.20,000. Soon thereafter, he bought furniture and fixtures for Rs.4,000. On 30th June 2000 he borrowed Rs.10,000 from his brother at 12% per annum (interest not yet paid) and introduced a further capital of his own amounting Rs.3,000. He withdrew @ Rs.600p.m at the end of every month for household expenses. On 31st December 2000 his position was as follows:
Furniture and fixtures are to be depreciated by 105. Ascertain the profit and loss made by X during 2000.
(Or)

(b) A commenced business on first January 2003 with a capital of Rs.25,000. He immediately bought furniture for Rs.6,000. During the year he borrowed Rs.15,000 from his spouse and introduced a further capital of his own amounting to Rs.9,500. He had withdrawn Rs.900 at the end of every month for family expenses. On 31st December, 2003, his position was as follows:

R.s.
Cash in hand 600
Cash at bank 7800
Sundry Debtors 14400
Stock 20400
Bills Receivables 4800
Sundry Creditors 1500
Owing for rent 450

Furniture to be depreciated by 10% Ascertain the profit or loss made by A during 2003.

24. (a) On first January 2002 a limited company purchased machinery for Rs.12,000 and on 30th June 2003 it acquired additional machinery at a cost of Rs.2000. On 31st March 2004 1 of the original machines which had cost Rs.500 was obtained to have become obsolete and was sold as scrap for Rs.50. It was changed on that date by a new machine costing Rs.800. Depreciation is to be given at the rate of 15% per annum on the WDV method. Show ledger accounts for the 1st 3 years.

Earning:   Approval pending.