Gujarat University 2007 B.A Financial Accountancy (General) - Question Paper

(Old Course)
Time : three Hours] [Max. Marks : 70
Instructions : (1) All ques. carry equal marks.
(2) Figure to the right shows marks.
1. On first July, 2006 Shyamal of Surat consigned 800 Bath-Geyser to his Agent Amal of
Ahmedabad at cost price Rs. 1,200 every. The invoice price was fixed after adding 25%
profit on invoice price. Shyamal paid Rs. 12,000 for insurance, Rs. 2,400 for carriage
and Rs. 9,600 for freight, while sending the goods.
On 01/07/06 Shyamal drew a bill of Rs. 2,40,000 for 3 months on Amal,
which was immediately returned by the later duly accepted. Shyamal discounted the bill
in a bank on 04/08/06 at the rate of 18% discount per annum.
Amal entitled to get general commission at the rate of 4% and del-credere
commission at the rate of 2% on sales, in addition to that he is also entitled to get 20%
of the profit, after deducting the share in profit, as a share of profit.
On 31st Dec. 2006 Amal sent an account sale and a bank draft for the amount due
from him.
According to account sale, he reported in the account sale that :
(1) He paid Rs. 6,000 for octroi, Rs. 18,000 for insurance and Rs. 22,360 for an
advertisement.
(2) He sold 160 Bath-geyser at Rs. 1,800 every for cash.
(3) He sold 480 bath-geyser at Rs. 2,000 every to Mohan on credit.
(4) He sold 80 bath-geyser at Rs. 1,900 to Keshav on recommendation of Shyamal.
(5) During the year fire took place in his godown and 16 bath-geysers were destroyed
and insurance co. accepted the claim of Rs. 15,160.
(6) Out of the unsold bath-geysers two(2) were damaged and Rs. 1,800 was estimated
as a repairing expense to make them saleable.
(7) Mohan unable to pay Rs. 60,000 out of his due, the amount written off as a bad
debt. Keshav was declared an insolvent and 60 paise in a rupee could be recovered
from him as a final dividend.
From the above particulars, prepare necessary accounts in the books of the
consignor – Shyamal. (14)
OR
On first July, 2006 Nabh and Aabh entered into a joint venture on a condition to share the
profit and losses in the ratio three : 2. It was decided that Aabh is to be paid commission at
the rate of 10% and Nabh is to be paid salary of Rs. 1,000 per month.
subsequent were the transactions relating to joint venture for the period ended 31st Dec.
2006.
(1) Aabh – purchased goods of Rs. 10,000 at 10% trade discount.
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(2) Nabh – purchased a few goods of Rs. 51,000 and supplied to Aabh for joint
venture, Nabh also incurred expenses amounting 10% on purchase price.
(3) Nabh drew bill Rs. 20,000 for 3 months on Aabh, which was immediately
returned by the later duly accepted, Nabh discounted the bill in a bank and

Earning:   Approval pending.