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

(1) Statement of Affairs as on first Jan. 2006.
Liabilities Rs. Assets Rs.
Capital 3,00,000 Building 1,05,000
Creditors 54,000 Machinery 70,500
Bills payable 24,000 Stock 1,12,950
Bank Overdraft 7,500 Debtors 58,500
Bills Receivable 37,500
Cash 1,050
3,85,500 3,85,500
(2) Summarised cash transactions for the year ended 31st Dec. 2006.
Dr. Cr.
Rs. Rs.
To Bal. (As on 1-1-06) By Bal. (As on 1-1-06)
Cash 1,050 Bank overdraft 7,500
To receipts from debtors 4,35,000 By Salaries 18,000
To Bills receivable 1,50,000 By Wages 23,700
By Bills payable 2,14,500
By Creditors 2,20,500
By Business Exp. 12,000
By Drawings 67,500
By Bal. (As on 31-12-06)
Cash 3,600
Bank 18,750
5,86,050 5,86,050
(3) Additional info :
Rs.
Total Sales (Credit) 6,10,500
Discount allowed to debtors 3,000
Purchases (Credit) 4,50,000
Discount received from creditors 1,500
Bills receivable during the year 1,63,500
Stock (As on 31/12/06) 79,500
Bills payable accepted during the year 2,25,000
(4) give depreciation on Machinery at 5% and on building at 2.5%
(5) give for doubtful debts 5% on debtors. (14)
FC-02 12
3. Savar, Bapor and Sanj are the partners sharing profits and losses in the ratio five : three : 2.
The Balance Sheet of their firm as on 31st Dec. 2006, was as under : (14)
Liabilities Rs. Assets Rs.
Capital : Savar 1,20,000 Goodwill 56,000
Bapor 80,000 2,00,000 Building 40,000
General Reserve 20,000 Machinery 50,000
Employees profit sharing 10,000 Investments 10,000
Creditors 30,000 Stock 30,000
Less : Discount 2,000 28,000 Debtors 36,000
Smt. Sanj’s loan 10,000 Less : DBR 6,000 30,000
Bills accepted 10,000 Bills Receivable 10,000
Outstanding salary 4,000 Custom deposit 2,000
Prepaid Insurance 10,000
Cash 4,000
Profit & Loss A/c (Dr.) 20,000
Sanj’s Capital 20,000
2,82,000 2,82,000
The Firm was dissolved on above date. The info relating dissolution are
provided as beneath :
(1) The building realised Rs. 50,000 and machinery realised Rs. 30,000
(2) 50% of the stock realised 20% more, whereas remaining of the stock
realised 20%.
(3) Debtors recovered after allowing Rs. 4,000 as a discount while creditors
including Rs. 10,000 were left unrecorded formerly paid by 20% discount.
(4) Investments were realised Rs. 16,000 including the unrecorded investment

Earning:   Approval pending.