Acharya N G Ranga Agricultural University 2006 Diploma Financial Management Financial Accounting - Question Paper
Tuesday, 15 January 2013 04:10Web
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Salaries 24,000 Capital 1,15,000
Office Expenses 8,100 Interest on Investments 1,800
Postage & Telephones 9,000
Printing & Stationery 9,900
Office Rent 36,600
Carriage Outwards 7,200
Selling Expenses 6,900
Directors' Fees 3,200
Interest on Purchase consideration 5,625
Preliminary expenses 7,500
Sundry Debtors 54,000
Bills Receivable 5,375
Fixed Assets 1,00,000
Investments 18,000
4,00,000 4,00,000
*
* If is further informed that:
1. Closing stock is valued at Rs. 11,200.
2. Fixed Assets include furniture of Rs. 10,000 purchased on 01-10-2004; Depreciation is to be charged on Fixed Assets @ 10% p.a.
3. Total sales for the post-incorporation period are 3 times the total sales for the pre-incorporation period.
4. Rate of Interest on debentures is 10% p.a. while on purchase consideration is 9% p.a.
5. Preliminary expenses should be written off.
6. Investments are purchased by the proprietor during 2003-04.
Prepare Trading and Profit & Loss Account for the Year ending 31-03-2005 showing the treatment of Pre-incorporation and post-incorporation profits separately. Prepare Balance Sheet as on the identical date.
*
* Q.4(a) Nandlal imported goods from US company worth US $ five lac on 10-08-2004 when exchange rate 16 was US $ one = Rs. 42.90. He agreed to pay five installments as below: 16
*
Date Installment (Us S) Rate of Exchange (Rs.)
10-10-2004 75,000 42.75
10-12-2004 1, 50,000 43.50
10-02-2005 60,000 44.80
10-04-2005 75,000 42.90
10-06-2005 Balance 43.00
*
The rate of exchange was Rs. 43.00 as on 31-03-2005. Pass journal entries [including those for cash] in the books of Nandlal in accordance with AS-11.
* b) Madhav exported goods to US Company worth US $1 lac on 01-03-2004 when exchange rate was US $ one = Rs. 43.00. The payment was received as below:—
*
Date Installment (Us S) Rate of Exchange (Rs.)
01-02-2004 20,000 (Advance) 43.25
15-03-2004 25,000 43.50
01-05-2004 Balance 42.75
*
* The rate of exchange was US $ one = Rs. 43.75 as on 31-03-2004.
Earning: Approval pending. |