Madurai Kamraj University (MKU) 2007 B.Com Advanced Financial Accounting - Question Paper
Advanced Financial Accounting
ADVANCED FINANCIAL ACCOUNTING I
(Common to B.Com. Course, Comp. Sci.)
(For those who joined in July 2003 and after)
Time : Three hours Maximum : 100 marks
Answer any FIVE questions.
Not more than THREE questions from Section A and B.
Each question carries 20 marks.
SECTION A
1. 60 lgjiLDih ig>65T sffr<50<sD6rr jbfrerTrru_uj_ 6U0i_ldit\5
upiDifljSgj, 60 J!)iLnB<l[r65)]5 1.1.84 *9)6ffrp 0. 40,000,s@ Qrr6n-(ipsb Qffiugi. 1.5.84 asrp 0. 20,000@ LDjbQfDrr Jg)ujrBl!rQDiL|Lb 1.7.85 <s)65rp 0. 10,000<@ jglafrQafrir luj6iniL)Lb surriBJIiLigj. 1.7.86 1.1.84 guitiejIuj
<Krrd)u@l sl1gl| Qffiugji 0. 6,800 oSlrbpgj.
ujrBlij ffisr00n6rr (y)6irrp eu0L_lrf)@ 10% (laoso dsajansssr (y>a>fDuS)6b 6U0i_jBGrr0Lb GiuiDir65TLb Qffuligi sn'skiS6i|ii>.
A company whose accounting year is the calendar year, purchased on 1.1.84 a machinery for Its. 40,000. It purchased further machinery on 1.5.84 for Rs. 20,000 and 1.7.85 for Rs. 10,000. On 1.7.86, 1/4 of the machinery purchased on 1.1.84 became obsolete and was sold for Rs. 6,800. Show the machinery a/c for three years under fixed instalment system at .10% p. a. and depreciate.
2. 1991 iBirirff 31ii> jBiroosrruj Qff)G60L_ii).rr uuj-iun-OT || jrijluSl0Lj0DU<5 yaasn-OTiiLb seua)ffi6iflfl!>)0ii>gj anmrffi.
(c9l) 1991 LDrriTSr 31ld jBiraTdn'p Op-aa ig-iluj-SSTuu}. 6U[T6lSl0LJLj 0. 7,500
(<=b) 1991 iBtrir* 31ib njfTOTdfrp 6uas)pSl6Dfr65T 6U1I4 curijl 0. 50 suiejI rBffiG6Uii_U|.6b ldl.i>
L-I;il UJ U U ll 6fT6TTg|.
(1) LL_65trii) 0. 125 &jibj<I aSl.gj cufbjI
(5ffiGi6l)LJlf.6b LDL_Lb UliJLJLJL6iT6ngJ.
(ft) gJiyiSluj 0. 2,500 L)luL)6iTOT
ffiirGffrraocOaafla) 0. 1,875 ldlL(2ld &jrj$ aj@6iSli ajp-aj
(s_) LDirms 31 (yjin-iu S)@ulil_i_ 0. 750 mjbpijb 0r 1,500 airGffiramsoaofla) 0. 750 ffirKSffireoa) ldL@Gld (yD0jroifl68)6ou u@5uuili_g|.
(ot) 0. 450 urHj&rRBrrujLDrrs liibj<I <3j5p).iurTffi su(g6iSli H)P>2$l-
From the following particulars ascertain the bank balance as per passbook as at 31st March 1991.
(a) Credit balance as per cash book on 31st March 1991 was Rs. 7,500.
(b) Interest charged by the bank up to 31st March 1991, Rs. 50 is recorded in the passbook.
(c) Bank charges by the bank Rs. 125 were recorded only in the passbook.
(d) Cheques paid into bank Rs. 2,500 but cheques Rs. 1,875 only were cleared and credited by the bankers.
(e) Two-cheques of Rs. 750 and Rs. 1,500 were issued but out of them only one of Rs. 750 was presented for payment upto 31st March.
(f) Dividends of Rs. 450 were collected directly by the bankers.
3. 31.12.03ib /5frD6tTUJ 0. uir606rfltr 0uutruj6ij iLp ai0U>rrp :
upp uqffiOT:
oiiiiil 7,500
Q&tTOT(ipp@) (ffiflLuuuilL_gi) 34,96,000
tfibuOTLb 21,000
Qajfflflgn@ aojeSl 2,500
'vstrv
si_OTgir@ aaoSI 2,000
} T*@ QJ6)eL| 1,500
wriuD elfin > 2,000
r' : - ' ' -
ujdusu i_6jTtraflaT 40,000
CM
DjDffi)6r 30,000
Qu/p 7,500
ff!Tffil0LJLi (31.12.03) '3,06,250 aj(raj @0ul|ot :
Qpa)6jrib 2,00,000
Qff/Lorr 50,000
i_sr 1,00,000
aSljDuanad 36,00,000
$6TT(Ulq. 2,000
j$64 500
urbua) ffii_6ffrGrriT 1,00,000
fflflffiLJ_Q)dE6!T :
(LP6 an.Liif.Guj cutruaoa 0. 600
G=) isnq.6b prf)LjlI_i_ 6U{rfr<5i_arr 0. 2,500
<Kl_65TrT6rfl<EB6TT L%] 5% ggUJSS QfflLIS.
(J!) lSi 2%lb, siaojDa)6i itfgjj 10%ih
GcUJLDIT6Sni) aswrasl.
iffibuir 31c%Lb Qpg) e_i_t <xp uj.<sur> i_
2003 ,Lb ,6wru|.rDffi(rcuT SliLitrurrtr eoiru jbLl. soots tx>(bpii> <iG$$)u9a) S-OTOTUU). l0UL)lD6U @n61uL(
The following is the Trial Balance of Mr. Balan on 31st Dec. 2003.
Rs.
Debit balances:
Bank
Purchases (adjusted)
4
Salaries
Carriage out 2,500
Carriage in 2,000
Lighting (office) 1,500
6 6180/SB 1/BM3
Rs.
Building
s
Kent and taxes Sundry debtors Furniture Cash in hand B/R
2,000
40.000
30.000 1,250 7,500
3,06,250
2,00,000
50.000 1,00,000
36,00,000
Stock (31.12.03)
Credit balances :
Capital
B/P
Loan
Sales
Discount
Rs.
Sundry Creditors 1,00,000
%
Adjustments:
(a) Prepaid Rent Rs. 600
(b) During the year bad debts amounted to Rs. 2,500. A provision of 5% has to be made on debtors on doubtful debts.
(c) Depreciation:
Building 2%
Furniture 10%
Prepare Trading a/c, Profit and Loss a/c and the Balance Sheet as on 31.12.03.
4. 6U6TT6if) erstruajir Qurr0LLa;6rT
Qffiugj QrrDffi(er5,50 ua)Gajp LDnppff#L_@s)>6rT
g"ri)pQirakL_mr. . rpGurrgj c9i!)jffiao6rr
Q(T65)ffi@ 60 LDtTfDpffLiQnesT srrrrffifl ojanasffr jSfTCTr dpsofDuSlo) T(T) Sl0Lbql|Dn-iT. 5esffri_nfj)<s.
|
6U.OTror. |
LDfrrbifftl G.$<1 \ I \ | |
ffifra) s)CfT6i| (lorrrsjaaflcb) | |
|
1 |
1.3.2000 |
400 |
2 |
|
2 , |
10.3.2000 |
300 |
3 |
|
3 |
5.4.2000 |
200 |
2 |
|
4 |
20.4.2000 |
375 |
1 |
|
5 |
10.5.2000 |
500 |
2 |
|
Valli has purchased goods on credit and accepted s several bills falling due on different dates. Now she desires to cancel all the bills and to accept a new bill for the whole amount on the Average Due Date. Find the Average Due date. | |||
|
S. No. |
Date of bills |
Amount Rs. |
Term (in months) |
|
1 |
1.3.2000 |
400 |
2 |
|
2 |
10.3.2000 |
300 |
3 |
|
3 |
5.4.2000 |
200 |
2 |
|
4 |
20.4.2000 |
375 |
1 |
|
5 |
10.5.2000 |
500 |
2 |
5. X crruajir 0. 5,000@ ff[rl0t)6BT SIjDjDrriT.
X cr(ipliij . 5,000(b(rasT LLiTrbpff#ilu}.65)6ffT Y VjDL| QffiLjmT. (y)liT6i( iBirafla) Y, X-ooiu <igpcl uai>y>uj LDrrppff#L.a!)i_ fijslaSliL. l|<Iiij LOtrjbpff&l fiasrsojD
0. 5,100ffi@ (ajilir). 8_iLul_) 6u>rruj Gasnriflsmrir. X ii> @65)ffi6iBmT. (ipliT6i( CuSla) lijerorimi) LDrniipff&l IX>ffiUUL-L_gj].
Ganajturrssi @i$lj(sul_(5Ili u64f)6iT X, YiilGlujirtrgi j@6ifla) cr(Lpi.
X sold goods to Y for Rs. 5,000. Y accepted a bill for Rs. 5,000 drawn by X. On the due date Y approached X and requested him to cancel the original bill and to draw a new bill for Rs. 5,100 (including interest) which is agreed by X. On the due date, the second bill was honoured.
Write the journal entries in the books of X and Y. SECTION B
6. aSljsrnuaQpib, Qp(r6if)iL|Lb GffinBgj LDcrrijaaBOT 6urn&j,l efiljbs 0 @68)raroS)0!)65Ts)iij GmrDQrr6Bm_65TiT. efi)r5rrujii> 0. l,00,000(3j LDpEiffi68)6rr &jrrijl (y>[T6ffl<s@ guuiSlsjimr.
<Si@lLJL|6U!i)l0 0. 10,000 6iSliBrrujLi> Qrr@iriT.
LDtrrBjffiansrru iQurbjD lSIott $0 Qparrp i>rr5 iDirrDpffil
0. 20,000@WrjDM QffUJgi (Lpfrofl aS)rBrriusli_Lb guLjiSlamrir. aSlrBiriLjffiib *9)s) 0. 19,000@ Qffiuirir. (Lpueifl <ora)60rr
LD[T(Bj6ff)6rru-|Lb 0. l,60,000(Sj Slfbnjrrir. (yurofl Qffuli QffSU6L|
0. 5,000. 6uiru jBili_(ii6S)6n- 3 : 2 srasTni S)<]<5.il6b GiSliBrrujffiQpLb (Lp(T6tflu_|Lb iSliflas $ul|s Qrr6ffOTicotit.
oSliBrrujaaiT eossjroSlaosiT a5ewr6s>imb
(iptrsifluSlasT ffiararsaoiL|ii> lurrir Qffiua.
Vinayagam and Murali entered into a joint venture to buy and sell timber. Vinayagam bought timber for Rs. 1,00,000 and spend Rs. 10,000 towards freight. He sent the timber to Murali. Murali, on receiving the goods, accepted a three months bill for Rs. 20,000 to Vinayagam. Vinayagam discounted bill for Rs. 19,000. Murali sold the entire goods for Rs. 1,60,000 and his expenses totalled Rs. 5,000. Vinayagam and Murali agreed to share profits and losses in the ratio of 3:2. ' . v
Prepare Joint Venture account and Murali account in the books of Vinayagam.
7. (pr6qi uSIeb g61i61Qi_lL 2000 DGa)ir OTs5rQ6TOruj aGi ffiihQucsfla fpud Qpa)ih aSlrbufb@ guuiSlujg). $0 <)G6orr GrainTQswniSgiir i_sSl[>60 0. 45. sGasirrcqi uSl) S)u5IQi_l_ Qff606L| (ip6urr65ra6uffi(g5 0. 5,000
QjFcoeulj. <sGijci% aibQuesf) HyjffiasewTL. Deo
(5itlL(gi5@u iSlr)gDui51iLigi.
<S=ITFrcr6Wr |BL_1_LD 100
ffirrrjraiw j5L.L_ii> (GtoirffLDira 68)<5iurr6rori_rra)) -
100 JlGa)rr
SlrbuanajT -1,500 lGa)ir 0. 60 @0 <lG6Dir
<sLlaj - 5% efiljbuanesTuSla)
G)5r6qi uSIO) gS)uS)Q|_l1 q45$l) fpUlS i5T(Sj iDppih *G[ro% aiiQussf) sjujmr Qffiu.
Ganesh Oil Ltd. consigned 2000 kg of oil to Suresh and Co. to be sold on consignment basis. The cost of one kg of oil was Rs. 45. Ganesh Oil Ltd. spent Rs. 5,000 on Freight, packing etc. After sometimes Suresh & Co. sent the following:
Normal (leakage) loss - 100 kg
Abnormal loss (Due to mishandling) - 100 kg
Sale - 1,500 kg @ Rs. 60 each.
Commission - 5% on sale proceeds
Prepare consignment account and Suresh & Co. account in the books of Ganesh Oil Ltd.
8. QuiiiatgjiflgiOTGrr sCararcqi uj-CSri_iTefu, QffsreR65TuSlgj]6rr6rr
(EiffiOT 0j)6rr'|g S)DOuSla) Qurr0L_SD6rr *&(6puiSl
anajcsriT. aDferruSla) QufT0il<seTT Qp-i5lii)0ib, si_g)]ffi(ib SlrbLhjL_i_ajT.
#
0.
1.1.91a) ff(r<0ijq 27,000
1.1.91) L_6*Tfraflffi6rr 9,000
1.1.91a) 6utiiluSl0LJL| 8,400
Qp- aSlfbuaoflfr 14,400
ajmaansujirOTiT.saTn'eb |0ui51uj QuilffiaT 540 Qjrri<sas)ujir6fTiTffi(c[5ffi09)siflerT(c(5uu|. 1,320
ias)6miStaSl0iBi aDa)at)LOUjlib@
guui51uj uawrih 75,000
$as)6rruSl65T Qffa)6L|<5eiT:
an.aSliL|Lb, ffibuatLb 1,200
600
31.12.91a) ff(rl0U4 19,260
l(SJ)6tT@Qurr0LOTig)iui51iugi 54,000
Qurr0L-ffiCTra)fiDDU3Ujji)@ uiSlujgi 1,080
ffil_65T 6lSlrf)U65)65r 72,000
6umn.65)ujfr6mflL_L6l0tB) Qujbp Qp'ffiftib 66,000
6u{rrri_6i(i 780 6U[TU0ffi, 6Ulfl LDjbpii) ITUlS($) <0S)6Oni>
Qffgtugi 1,500
GLoji)aiLfluj aSluijTiiaoflsSl, jieSliT p\uww QffuLiiu
Gajf5riq.ujaoaj (ci) ilanCTr /. (,) las>6fT L_65irrafl /@, (@) ,Ij>6TT Qffa) /($. (it) $dqt cotru (biIl. /@ LDfbpib (su) lt)OT suiiiil
Ganesh Traders, Bangalore have a branch at Chennai to which goods are sent at cost price to be sold for cash and credit.
Rs.
Stock on 1.1.91 27,000
Debtors on 1.1.91 9,000
Bank balance on 1.1.91 8,400
Cash sales 14,400
Goods returned by customer 540
Discount allowed to customers 1,320
Cash remitted to H.O. by Branch 75,000
Expenses paid by the Branch :
Wages and Salaries 1,200
Miscellaneous expenses 600
Stock on 31.12.91 19,260
15 6180/SB 1/BM3
|
Rs. | |
|
Goods sent to branch |
54,000 <5 |
|
Goods returned to H.O. by branch |
-1,080 |
|
Credit sales |
72,000 |
|
Cash collected from customers |
66,000 |
|
Bad debts |
780 |
|
Rent, Rates and Insurance paid by |
H.O. 1,500 |
|
From the above particulars, you |
are required to |
prepare (a) Branch stock a/c (b) Branch debtors a/c
(c) Branch expenses a/c (d) Branch P & L A/c and
(e) Branch bank a/c.
9. ijTTLorr H|.umTL-Qi>65in'i_6b GmGi_rriTnSla> A, B srepib glsofDasOT 0ffil65rp65T. <Sipa5i5n_ Slu!niiffiCifl66)(rTjgi giaop 6uirrfl 6iS)ujtrufr(rffi
Q<srrerT(y)d):
, \ '
gianno A - 1,000 o@6Tfj QiBtr cSiua eSlsno)
gianjD B - 2,000 60@ffi6nJ 0.1,10,000
gribu gl0uq :
t
|6jD A - 400 6O@0T |6(D B - 600 60@ciT S)ji)ui>68T:
l6S)fD A - 900 a)@ffi0T, 90 cia)@ 0. 75eSLb g]as)f6 B - 2,100 so@sgtt, 90)600 0. 45 oSth
L51fflei)<S6TfllLD QlDITff,, 60ITU gfllLD 6&SfGn) ST65rp 6S)6UgJ<S Q(5irefTrT64Lb.
Rama Departmental stores has two departments A and B. From the following, prepare departmental trading account.
Purchases :
Dept. A - 1,000 units at a total cost
Dept. B - 2,000 units, of Rs. 1,10,000 Opening Stock :
Dept. A - 400 units Dept. B - 600 units Sales :
Dept. A - 900 units @ Rs. 75 per unit
Dept. B - 2,100 units @ Rs. 45 per unit
Assume that G.P. rate is uniform for both the departments.
10. 1992 gg-Sssr 30j,ib GuSla) $ SliuiTumfluSl65T QuirpuL|ffi(g5Lb QpanniGuj . 56,000 iBjbpii
i
. 44,000 jg)l5pl- aJir 30,000 uprDn\5@awD
S-errefffr, :Q[gfnLjq JuDSfTjDla) ffinjTa;@ .Jgms&d) QffUJl0iriT. GiDjban-fSliuan Qtu iS1jd@, aaessru QffcoaOT eu06i!)i_uj L|g;a;g)<l6b udl64 Q<?iijujLJUL_6iSlei)a!)60 CT65T ciajiTj5wri_j51j6rriT.
ggcsr&jiR 92 Qpj56> 6% (ipeopen cuilii}.
0. 10,000ffiir6ST LDirpQiffiiLiemem euLi_ii Qffujcb |9LpJ6i-UJrrQuirpLiL| 0. 2,500
Q<5irui_ Geveikuj.tu sa&Slaen 0. 300
ffihuCTTih 0. 700
ajm_6 0. 300
6UjfiffiGTT0. 200
GLDji)rori_ aSlGurj'rijaeiflGSI, *9)GiJ0am_uj jgl6556065>LD 6)SlJ{rib LDJTjpii) UIT)(Dir<S@65)n) <$655T<K@ UJmflffi64Lb.
The assets and liabilities of a merchant on 30th June 1992 were Rs. 56,000 and Rs. 44,000 respectively. He filed his petition in the insolvency court- and estimated his deficiency to be Rs. 30,000. After making the above, he found that the following items were not passed through his account books.
Interest at 6% on his capital from January 1992.
A contingent liability of Rs. 2,500 on bills discounted by him for Rs. 10,000.
Amount due as wages Rs. 300
Salaries Rs. 700
Rent Rs. 300
Rates and Taxes Rs. 200
From the above information, prepare hi statement of affairs and deficiency account.
|
Attachment: |
| Earning: Approval pending. |
