Veer Narmad South Gujarat University 2011-1st Year B.Com Financial Accounting, ,- , Veer Narmad South University - exam paper

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ENGLISH VERSION

Instructions : (1) As per the instruction No. 1 of Page No. 1.

(2)    Question no. 1 is compulsory.

(3)    Question No 2 to 6 carry equal marks.

(4)    Show your necessary calculation.

1 (i) Calculate the Owner's finds from following details : 10

Computers capital.................Rs. 50,000

Cds capital............................Rs. 50,000

Preliminary expenses............Rs. 10,000

Provident fund.......................Rs. 20,000

General Reserve......................Rs. 5,000

P&L a/c (Dr)............................Rs. 2,000

(ii)    Pass necessary journal entries relating to deficiency in the books of the firm taking in to consideration Garner V/s Murrys case.

Capital A/c

Sneh......................Rs. 1,15,000 (Cr.)

Het............................Rs. 53,000 (Cr)

Preet........................Rs. 75,000 (Dr.)

General Reserve A/c. Rs. 36,000

Realization loss is Rs. 60,000 preet was declared insolvent and nothing could be recovered from her personal assets. Their profit sharing ratio is 5:4:3.

(iii)    Devendra of Baroda sending a goods of Rs. 1,00,000 to Hitesh of Surat on consignment 70% of the goods were sold by Hitesh for the Rs. 1,00,000.

Hitesh is entitled to get 5% commission on gross sales plus 25% of any surplus realized above cost price less total commission.

Calculate the total commission of Hitesh

(iv)    Aaju, Baju and Kaju are the partners sharing the profit/loss in the ratio of 2:1:2 respectively. Their capital is Rs. 10,000, Rs. 9,000 and Rs. 18,000 respectively. On selling of Assets, the first instalment Rs. 17,000 is received. Distribute this instalment among the partners by surplus capital method.

(v)    The Amroli Head office sent goods worth Rs. 1,00,000 to its Surat branch on March 28, 2010. The branch received these goods on April 4, 2010. Surat branch sent Rs. 1,00,000 to the head office on March 28, 2010 against the goods. The head office received this money on April 5, 2010. The accounting year closed on March 31. Pass the journal entries in the books of head office and branch both.

2 On 1^st April 2010, Viral of Vapi consigned 8,000 Ltr. Oil costing Rs. 6,40,000 to his agent Chirag of Chikhli but the pro-forma invoice was made out at a figure so as to show a profit of 20% on invoice price. Viral paid the following expenses :

Freight Rs. 10,000, Insurance Rs. 30,000

On 1/4/2010 Viral draw a bill of Rs. 5,00,000 for three month on Chirag, which was immediately returned by the latter, duly accepted Viral discounted this bill in a bank on 1/5/2010 at 12% discount per annum.

He reported in the account sale that

(i)    He paid Rs. 10,000 for octroi, Rs. 10,000 for insurance and Rs. 15,639 selling expenses.

(ii)    45% oil were sold for cash at 25% profit on invoice price.

(iii)    25% oil were sold on credit to Rakesh at 50% profit on invoice price.

(iv)    10% oil were sold to Arvind as per Viral recommendation at 25% profit on invoice price.

(v)    5% oil purchased by him for his personal use at the invoice price.

(vi)    5% oil were destroyed in the godown for which the insurance company paid a claim of 60%.

(vii)    5% oil were damaged due to leakage which is considered as a normal loss.

(viii)    After paying 75% amount both customers were declared insolvent and 75% could be recovered from their personal assets.

Chirag is entitled to receive a General commission of 5% on sales and 2% del-credere commission on credit sales and Chirag is also entitled to receive 1/8 share of net profit consignment after deducting commission, del-credere commission and share of profit. From the above particulars prepare consignment account in the books of Viral.

OR

2 Krishna of Surat has a branch at Valsad. Goods are supplied from the head office at cost plus 33 -% expenses of the branch except petty expenses are paid directly by the head office. Petty expenses are paid by the branches which are allowed to maintain petty cash balance Rs. 400 on imprest system.

From the following particulars, you are required to prepare branch account accounting to the debtors system

Stock in hand at sales price................................40,000

Debtors......................................................................5,000

Petty cash in hand...................................................400

Furniture and fixtures............................................6,000

Creditors at branch.................................................3,000

Rent pre-paid (upto 30-6-2009)................................ 400

Transactions for the year ended 31^st March 2010 were as follows :

Goods sent to branch.........................................1,00,000

Cash sales at branch............................................75,000

Credit sales at branch..........................................50,000

Bad debt written off..................................................300

Discount to debtors...................................................600

Cash received from debtors..................................30,000

Cash purchased by the branch

(with permission of the H.O)................................40,000

Cash paid to creditors............................................6,000

Creditors at the end...............................................7,000

Payment made by the head office :

Rent for one year (paid on 1.7.09).......................2,000

Salary........................................................................3,000

Insurance paid for the year ending 30-6-10 ......... 400

Payments made by the branch : petty expenses.. 200 Balances on 31^st March 2010 (stock at cost) ....65,000 Write off 10% depreciation on furniture.

3 Pushpa, Neha, Dip a and Radha are partners sharing profit and losses in the ratio of 4:3:2:1. The balance sheet was as under on 31/3/2011 when the firm was dissolved :

Particulars regarding dissolution were as under :

(i) Fixed assets realized 25% less.

(i) 70% of the stock realized 90% whereas remaining of the stock realized 20% more.

(iii)    Rs. 40,000 could be recovered from the debtors in their full settlement.

(iv)    Joint life policy realized Rs. 11,000

(v)    A bill receivable discounted with the bank was dishonored and Rs. 15,000 was paid to bank no amount was received from the drawee.

(vi)    A claim of compensation for an accident to a worker is not accepted and paid for Rs. 5,000.

(vii)    Dissolution expenses of Rs. 12,000 paid by the firm.

(viii)    Partners personal assets and liabilities were as under :

(ix) Radha was declared insolvent

You are required to prepare Realization account, Partners Capital Account and cash account according to Garner V/s Murray Decision and also pass the journal entries for distribution of capital deficiency.

OR

Partners are sharing profit or loss in the ratio of capital. It was decided that Sunny Ltd. will take over business of the firm on that date. The terms and conditions for purchase of business are as under:

(i)    Land and Building is to be purchased at 20% higher price and furniture at 25% less.

(ii)    Stock to be taken at market price. The book value shown in the B/s is 20% more than the market price.

(iii)    The goodwill is valued at Rs. 23,000

(iv)    A claim of compensation for an accident to a worker is now accepted by firm and paid for Rs. 10,000.

(v)    The debtors are to be taken with a provision of 10% for bad debt reserve.

(vi)    Other assets (except Rs. 5,000 cash and investment) and all liabilities (except Mayuris loan) to be considered as at book value.

(vii)    Company paid 25,000 equity share each of Rs. 10 for purchase price and remaining amount paid in cash.

(viii)    Dissolution expenses paid by the firm Rs. 17,000.

Partners sold investment at Rs. 10,000 and sold 13,000 equity shares at Rs. 12 each.

Prepare :

(i)    Realization Account

(ii)    Partners Capital Account

(iii)    Cash/bank account

4 Mahek ship of the Shah steamship Co Ltd. commenced voyage from Surat to Bombay on 1/1/2011 and returned from Surat on 14/3/2011. The ratio of freight on out word and inward is 3:2 primage is 25% on freight and brokerage is 10% on freight. Address commission 2% of outward freight and 3% of return freight prepare voyage a/c from the following particulars :

Particulars    Rs.

Opening stock of coal............................................15,000

Opening stock of stores.........................................12,000

Wages for loading and unloading

good (annual)........................................................50,000

Caption salary (for three month)........................37,500

Purchase of stores.................................................19,000

Port charges (for two month)...............................25,000

Fual consumed (for six month) ...........................50,000

Sundry expenses....................................................26,500

Purchase of coal....................................................40,000

Passage money.......................................................25,000

Mail money............................................................12,500

Total freight received during the voyage..................................................Rs. 2,50,000

Other Information :

(i)    Rs. 1,80,000 is transferred every year to repairs reserve account.

(ii)    Coals of Rs. 5,480 and stores of Rs. 7,250 is in stock at the end of the voyage.

(iii)    The ship was insured at 2% on the original cost price of the ship and the freight was insured at 2%.

(iv)    The ship was purchased on 1/1/2007. Depreciation is charges at 20% per annum on reducing balance method. Value of the ship on 1/1/2011 is Rs. 5,12,000.

(v)    The manager is to be given 20% commission on the net profit after charging such commission.

(vi)    Calculate 2% brokerage on cost price of ship.

OR

4 Bhumi, Dharti and Pruthvi agreed to construct a building for a

company they decided to share profit or loss in 3:2:1 respectively.

They deposited Rs. 5,40,000 in their joint bank account as per their

profit sharing ratio expenses were as under.

Amount paid from their joint bank account

Wages....................................................................3,90,000

Material................................................................6,10,000

Plant........................................................................ 40,000

Architect fee paid by Bhumi............................... 30,000

Mixture machine (brought by Dharti)................ 55,000

Vehicle (brought by Pruthvi)............................... 40,000

On completion of the work Bhumi took away materials in stock for Rs. 25,000, Dharti took away mixture machine for Rs. 20,000 and Pruthvi took away vehicle for Rs. 30,000 plant realized Rs. 10,000.

Rs. 9,00,000 (being 75% amount on contract price) was received through bank draft and 12% debentures were received for the balance which were purchased by Bhumi at 20% less than its face value.

Prepare joint venture account, joint bank a/c and partners account in the books of the firm assuming that account have been settled among the partners.

Additional Information :

(i)    Contingent liability is estimated at :Rs. 10,000 which is paid for Rs. 8,000 at a time of third installment.

(ii)    Dissolution expenses is estimated at Rs. 5,000 but actual dissolution expenses occurred Rs. 4,000.

(iii)    A bill of Rs. 10,000 to be due on 15-11-2010 was discounted. Prepare a statement showing a piecemeal distribution of cash according to the maximum loss method.

OR

5 On 1/1/2007 Jaydeep purchased a motor from Kishor on hire purchase system. Details of the contract were as under :

(i) Rs. 25,000 paid in 1/1/2007 on signing the contract

(iii)    Interest was to be paid at 20% per annum on remaining balance of cash price.

(iv)    Depreciation on motor was to be written off at 10% per annum as per annum as per written down value method.

(v)    Accounting year of both the parties ends on 31^st December each year.

On 31/12/2008 the following journal entry was passed in the books of Kishor.

Interest Account Dr........... 10,000

To profit and loss account...............10,000

Prepare :

(i) In the books of Jaydeep

(a)    Motor account

(b)    Kishor account

(c)    in the books of Kishor journalize the transaction of first year.

6 Write short notes : (any three)

(i)    Voyage account

(ii)    Purposes of objective of preparing balance sheet

(iii)    Del credere commission and general commission

(iv)    Stock and debtors system

(v)    Proportionate capital method.

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