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

returned by the later duly accepted, Nabh discounted the bill in a bank and
received a cash Rs. 19,738.
(4) Aabh – 1st sold 20% goods after adding 20% profit in its total cost price, and
secondly sold 40% goods after adding 20% profit in its purchase price. Aabh also
incurred 10% selling expense of its sales price.
(5) After sending the goods worth Rs. 4,000 to earthquake-relief camp, remaining
unsold goods-stock were taken by both the partners in the profit sharing ratio at
the price, so as to earn avg. profit earned on sales.
From the above particulars, prepare :
1) In the books of Nabh - (1) Joint Venture A/c (2) Aabh’s A/c
2) In the books of Aabh - (1) Joint Venture A/c (2) Nabh’s A/c (14)
2. The Head Office of Ahmedabad has a Branch at Nadiad, which supplies goods at
invoice price. The invoice price is fixed after adding 25% profit to the invoice price.
The Head Office meets all the expenses other than petty expenses of the branch and
collects all the cash from the branch daily.
The subsequent is the info of Nadiad Branch for the year ended 31st Dec. 2006.
(1) Particulars 1/1/06 (Rs.) 31/12/06 (Rs.)
• Stock with branch (invoice price) 16,000 12,000
• Petty cash 500 ?
• Debtors 10,000 14,000
• Furniture ? 8,500
• Prepaid Rent 450 ?
• Outstanding expenses 350 -
(2) Transactions during the year : Rs.
• Goods sent to the branch 1,20,000
• Goods returned by branch 6,000
• Goods returned by customers 3,000
• Cash received from debtors (including bad debt recovery of
Rs. 1,000)
50,000
• Bad debts written off 4,000
• Discount allowed to customers 450
• Discount disallowed to customers 100
• Total Sales 1,58,000
(3) Expenses paid by the Head Office : Rs.
• Annual Rent (paid on 1/4/06) 2,700
• Salary (paid upto 30/11/06) 3,300
• Insurance (For the year ended 31/3/07) 540
• Wages 150
• Other expenses 350
(4) Expenses paid by Branch
• Miscellaneous expenses 270
(5) give 15% depreciation by SLM method on furniture.
From the above information, prepare necessary accounts in the book of the Head
Office. (14)

OR
Shri Binadas keeps his books on Single Entry System. From the subsequent particulars,
prepare his Final Accounts for the year ended on 31st Dec. 2006.

Earning:   Approval pending.