University of Lucknow 2009 B.Com Accounting - Question Paper

C-901
B.Com.(Part 1) Examindation,2009
Accounting
1st Paper

Time Allowed: 3 Hours
Maximum Marks: 100

C-901

B. Com. (Part I) Examination, 2009 ACCOUNTING First Paper

Time Allowed: Three Hours Maximum Marks: 100

Answer Question No. 1, which is compulsory and carries 40 marks andfour other questions, which carry 15 marks each, selecting one question from each Unit. Ho 1 40 '5R5 \3tH    '^Jl][^cb

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Write brief answers to the following:

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(i)    Distinction between book-keeping and accounting

(ii)    Profitability evaluation

(2)

(iii) Sacrificing ratio <*JFT3TgqRT | (iv) External reconstruction

(v) Liquidator's remuneration

i) Distinction between hire purchase price and cash price.

(vii)    Shortworking

(viii)    Dependent branches

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(ix)    Claim for loss of stock 5 eft

(x)    Packages Trading Account.

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Unit-I

2y- 'The basic objective of Accounting is to provide information which is useful for persons inside the organisation or for persons or groups outside the organisation; Critically examine the statement.

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Explain any three of the following:

(i)    Management Accounting

(ii)    Realisation concept 3ft3iww

(iii)    Consistency Convention

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(iv)    Accounting standard for inventory valuation.

Unit-II

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Write notes on the following:

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(i) Memorandum Revaluation Account

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(4)

(ii)    Realisation Account

(iii)    Liquidators Final Statement of Account Pitting 35T oifdH I

Liabilities	Rs.A>.	Assets
Share Capital		Goodwill
		teMlfrl
(in fully paid shares		Land&
ofRs. 10 each)	6,00,000	Building
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		Plant &
General Reserve	1,70,000	Machinery
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C-901

Stock    1,68,000

1,10,000

Debtors    56,000

12% Debentures

Cash at Bank 36,000

20,000 %

10.00.000

The consideration payable by White Ltd. was:

White Ltd. 3TCF IlfcfW PlM IT:

(i) A cash payment of Rs. 2.50pershareinGreenLtd Green Ltd % OTST % 2.50 6. 35T ^T1^CW

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(ii)    The issue of 90,000 shares of Rs. 10 each at an agreed value of Rs. 12.50 per shSre; and

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(iii)    Issue of fully paid 15 % debentures in White Ltd. at 96% as is sufficient to discharge the 12% debentures in Green Ltd. at a premium of 20%.

C-901

(6)

White Ltd. STCT 15% ffef sETOf 96% qqkr fc'for Green Ltd. % 12% slt'TOf %

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The directors of White Ltd. valued land and building at Rs. 4,00,000 and created a provision of 5% on debtors against doubtful debts. The expenses of liquidation of Rs. 6,000 were paid by White Ltd.

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5% 35T HOTH fell I White Ltd. 6,000 5. PWI,

Give journal entries to record the acquisition of business in the books of White Ltd.

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Unit-Ill

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6. On 1st January, 2006 X Ltd. purchased a machinery] from Y Ltd. on Hire-purchase system. 1/5 of cash price was payable down and the balance 3 equal annual instalments together with interest @ lOp.a. The amount of last instalment including interest was

(?)

Rs. 1,760,00. Depreciation was to be provided at 20% on the diminishing balances. At the end of 3 years of service X Ltd sold the machinery for Rs. 3,00,000 for cash.

Prepare necessary ledger accounts in the books of XLtd.

1    2006 X Ltd.    Y Ltd. %

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X Ltd. % 3,00,000 WT I XLtd.    I

C-901

1

His capital was Rs. 1,750 and his drawings were Rs. 1,750. During business operation he suffered a loss of Rs. 1,950. His assets consisted of:

(8)

(a)    Book defts Rs. 2,500 of which Rs. 2,000 was considered good and the balance estimated to produce Rs. 250.

(b)    Stock (book value Rs. 3,750) estimated to produce Rs. 2,250.

(c)    Machinery (book value Rs. 4,000) estimated to produce Rs. 2,750.

(d)    Freehold house (private property) valued at Rs. 3,000, the deed of which was lodged with the bank as security for an overdraft on business amounting to Rs. 2,000.

(e)    His life policy (surrender value s. 1,500) was given as part security for a private loan of Rs. 2,500. His unsecured creditors amounted to Rs. 10,000 and he owed Rs. 125 to his two clerks being salary for two months just preceding the date of his insolvency.

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1,750.    1,750. s?T I <W

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(or)    2,500 5. r 2,000 % m*i sir % 250 v. jtr $ 1

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(?)    *PFT (ft# Nfrf) 35T    3,000 5.

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Unit-IV

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8. (a) How would you ascertain the claim for loss of profit as a result of fire ?

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C-901

Attachment: university-of-lucknow-2009-b-com-3153-1.txt university-of-lucknow-2009-b-com-3153-2.jpg university-of-lucknow-2009-b-com-3153-3.jpg university-of-lucknow-2009-b-com-3153-4.jpg university-of-lucknow-2009-b-com-3153-5.jpg university-of-lucknow-2009-b-com-3153-6.jpg

Earning:   Approval pending.