Indian Statistical Institute (ISI) 2011 B.Com ECO-4 : ACCOUNTANCY-II, Term-End , e-. - Question Paper
No. of Printed Pages : 11 ECO-4
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r- Term-End Examination June, 2011 ELECTIVE COURSE : COMMERCE ECO-4 : ACCOUNTANCY-II
Time : 3 hours Maximum Marks : 100
_(Weightage : 70%)
Note : Attempt any four questions from Section-A including question No. 1 which is compulsory and both the questions from Section-B.
SECTION - A
1. Attempt any three from the following. 5,5,5
(a) Differentiate between Hire-Purchase System and Instalment Payment System.
(b) Write notes on the following.
(i) Goods in Transit
(ii) Cash in Transit
(c) Discuss the treatment of goodwill when the new partner does not bring his share of goodwill in cash.
(d) Define Sacrificing Ratio and explain with example as to how would you calculate it.
(e) State the rules relating to treatment of premium on share.
2. Write short notes on the following. 5,5,10
(a) Branch Adjustment Account
(b) Branch Stock Account
(c) Schedule of change in working capital
3. Ramlal purchased a Tractor of the cash price of 20 Rs. 22,000 on hire-purchase system from Escorts Ltd. Rs. 2000 were paid immediately and the balance to be paid in 4 annual instalments of
Rs. 5000 each with interest at 8% per annum. The depreciation is to be charged at 10% per annum on written down value method. Ramlal paid two instalments and could not pay the third instalment. As a result, Escorts Ltd. took away the tractor by paying him Rs. 9000 in cash. Prepare necessary accounts in the books of Ramlal.
4. The Balance Sheet of A and B sharing profits and 20 losses in the ratio of 2:1 stood as follow, on 31-12-09.
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Bank Overdraft |
15,000 |
Debtors 40,000 | |
|
Reserve Fund |
12,000 |
Less: provision 3600 |
36,400 |
|
Creditors |
20,000 |
Stock |
20,000 |
|
Capitals: |
Building |
25,000 | |
|
A : 40,000 |
Machinery |
33,600 | |
|
B: 30,000 |
70,000 |
Patents |
2000 |
|
1,17,000 |
1,17,000 |
|
On 1-1-10 they admitted C into partnership. New profit sharing ratio is agreed as 3 : 2 :1. C brings in the proportionate capital after following adjustments : | ||||||||||||||||||
|
Prepare Revaluation A/c, Capital A/cs and the Balance Sheet.
01772
5. Calculate the following ratios from the details
given below. 4+4+4+4+4
(a) Current Ratio
(b) Liquid Ratio
(c) Operating Ratio
(d) Gross Profit Ratio
(e) Net Profit Ratio Details :
Current Assets Net working capital Stock Sales
Rs. 70,000 Rs. 30,000 Rs. 30,000 Rs. 1,40,000 Rs. 68,000 Rs. 50,000
Cost of goods sold Net Profit
6. (a) Calculate 'Funds from operations' from the
following information given as on 31.3.2008.
(i) Net profit for the year ended 31.3.2008, Rs. 6,50,000.
(ii) Profit on sale of building Rs. 35,500.
(iii) Goodwill written off during the year Rs. 18,000.
(iv) Machine having book value of Rs. 8,000 had been sold for Rs. 6,500.
(v) Depreciation on furniture has been provided Rs. 1,30,000.
(vi) Rs. 1,25,000 had been transferred to General Reserve.
(b) State the objectives of preparing Funds Flow
Statement. 10+10=20
7. Define Auditing. Differentiate between Auditing 10 and Investigation.
OR
What is Continuous Audit ? Explain its advantages and disadvantages.
8. How would you vouch the following. 15
(a) Cash purchases;
(b) Petty cash and
(c) Payment to creditors
OR
Differentiate between verification and valuation of assets. State the objectives of verification of assets.
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20,000 | |
|
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|
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|
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70,000 |
2000 | |
|
1,17,000 |
1,17,000 |
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ECO-4 11
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Attachment: |
| Earning: Approval pending. |
