Jai Narain Vyas University 2008 B.Com part1 accounting - Question Paper

B.com. (part 1) exam of the 3 year degree course,2008
group 1
paper1
FINANCIAL ACCOUNTING
time - 3 hours
maximum marks 100

note:- 1.Attempt 5 ques. in all, choices are provided.
2.All ques. carry equal marks.


Unit 1
discuss concept, branches of accounting, depriciation policy and rectification of errors.
or
the provision for discount on creditors were rs. 1200 on 1.1.2007. the discount earned during the year amounted to Rs. 1040. the creditors on 31.12 .2007 were rs. 50000 and a new provision of 2.5% is needed. show how the transactions would be shown in the ledger, profit and loss a/c and in balance sheet.

unit 2
1.Explain single entry system.
2.why voyage accounts is prepared and provide names of different items to be credited in it.
or
on10.10.2007 the fire occured in the premises of shri vyas. All the stock other than to the extent of rs.12400 were destroyed. vyas valus the stock at cost less 10% Stock was insured for rs.50000.From the subsequent figures, ascertain the loss suffered by shri vyas:
stock on 1.1.06 72000 rs.
purchase less returns during2006 280000 rs.
sales less return during 2006 400000 rs.
stock on 31.12.2006 45000 rs.
purchase less return from 1.1.2007
to date of fire 292000 rs.
sales less returns from 1.1.2007
to date of fire 320000 rs.

unit 3
lala company ltd.bought a machine on higher purchase system.He paid Rs.1,000 cash down,Rs.1,000cash down, Rs 1,300 at the of year. Rs1,200 at the end of second year and Rs 1,100at the end of third year. the interst on cash price is 10% p.a. compute cash price
OR
write notes on
(1)lease accounting
(2)royality
(3)instalment system
(3)departmental accounting

unit 4
discuss admission,death modes of dissolution &insolvency of partners.

OR

A,B,Care patners sharing profits & losses in the ratio of 3:2:1.B retires on first jan,2004 & his total claim in the firm in computed at Rs. 1,20,000. he receives an annuity of rS 20,000 p.a. firms learns that if interest at 4% p.a is taken into account,a sum Rs. 1,20,000 is paid off in 7years time by paying annuity of the amount mentioned above.
you are reqired to prepare B's annuity suspense account assuming that the annuity is paid on 31st december every year and B dies on 15th may 2007


unit 5
differentiate b/t independent & dependent branches. discuss foreign branches
OR

X,Y&Z SHARE PROFIT OF A FIRM IN THE PROPOTION OF 2:2:1 RESPECTIVELY. ON THE DATE OF DISSOLUTION, THEIR B/S IS AS FOLLOWS:-
BALANCE SHEET
------------------------------------------------------------------------------------------------------------------------------
Liabilites Amount Assets Amount
--------------------------------------------------------------------------------------------------------------------------------
creditors 14,000 sundary assets 40,000
x's capital 10,000
y's capital 10,000
z's capital 6,000
---------- ---------
40,000 40,000
---------- ----------
----------------------------------------------------------------------------------------------------------------------------
The assets realised Rs 35,000 which were received in instalment of Rs.15,000 in first instalment ,15,000 in 2nd & Rs. 5,000 in third & last instalment . show how the proceeds should be disturbed.

Earning:   Approval pending.