Bharathiar University 2007 Bachelor of Computer Science (B Level) BCS Financial Accounting BCS301 - Question Paper

BCS Financial Accounting BCS301 MAY 2007

Time : 3 hours Maximum : 100 marks
part A — (5 * eight = 40 marks)
ans any 5 of the subsequent.
All ques. carry equal marks.
1. Bring out the differences ranging from joint venture and consignment.
2. How will you compute profit under the single entry method of maintaining accounts?
3. Draw up a Trial Balance with imaginary figures.
4. What do you mean by self–balancing ledgers? elaborate its features?
5. State the differences ranging from Receipts and Payments Account and Income and Expenditure account.
6. On first January 1997 Murugan and company acquired an asset for Rs. 30,000 and spent Rs. 3,000 on its installation. It is estimated that the avg. life of the asset is three years and the residual value at the end of three years is Rs. 3,500. The company spent Rs. 500 for selling the asset. You are needed to obtain the depreciation and show the ledger accounts for three years.
7. Ramesh Brothers consigned 100 scooters, every costing
Rs. 4,000 to Mahesh Brothers at Cochin. Ramesh Brothers spent Rs. 5,000 towards freight and insurance. During transit 5 scooters were badly damaged and the insurance company accepted the claim of Rs. 18,000 only.
Mahesh Brothers took delivery of the remaining scooters and spent Rs. 1,900 towards direct expenses and Rs. 800 towards indirect expenses. They are entitled to 5% commission on sales. Eighty scooters were sold at Rs. 4,500 every. Show journal entries in the books of both the parties.
8. A and B entered into a joint venture in timber. B is to be allowed a commission on sales at 10% and profits are to be shared in the ratio of A 2/3 and B 1/3. A provides timber from stock for Rs. 10,000 and incurs expenses amounting to
Rs. 1,000. B pays Rs. 1,000 for unloading and other non–recurring expenses. A drew upon eight for Rs. 6,000. The draft was accepted and A got it discounted for Rs. 5,760. B sold 90 per cent of the timber for Rs. 15,000 and took over the remaining timber at cost plus 20 per cent. B settles his account by bank draft. provide the Journal Entries in the books of both the parties.
part B — (4 ? 15 = 60 marks)
ans any 4 ques..
9. The subsequent balances are extracted from the books of Shri Kuppuswamy as on 31.12.2001.
Rs. Rs.
Opening stock 10,000 Drawings 9,000
Purchases 20,000 Salaries 4,000
Sales 90,000 Traveling expenses 100
Purchases returns 2,000 Postage 300
Sales returns 1,000 Interest received 200
Provo for doubtful debts 500 Interest paid 100
Duty paid on purchase 1,000 Insurance paid 400
Freight on purchase 2,000 B/R 4,000
Bad debts 600 B/P 3,000
General expenses 700 Sundry debtors 8,000
Land and Building 60,000 Sundry creditors 5,000
Plant and Machinery 50,000 Bank O.D 40,000
Furniture 5,000 Loan borrowed 8,500
Cycles 2,000 Capital 60,000
Car 30,000 Repairs 500
Rates and taxes 500
Adjustments :

Earning:   Approval pending.