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

The equity shares received from the Co. to be distributed among the partners
in their profit sharing ratio and difference to be adjusted in cash.
Prepare necessary accounts in the books of the firm. (14)
FC-02 14
4. From the subsequent ans any 2 out of 3 : (14)
(1) Chatur, Chakor and Chalak are the partners in a firm sharing profit and losses in
the ratio three : two : 1. The Balance-Sheet of their firm as on 31st Dec. 2006 was as
under : (7)
Liabilities Rs. Assets Rs.
Capital Fixed Assets 3,00,000
Chatur 1,28,000 Current Assets
Chakor 62,000 (including cash Rs. 28,000) 1,34,000
Chalak 10,000 2,00,000
General Reserve 24,000
Friend’s Loan (unsecured) 70,000
Creditors 1,40,000
4,34,000 4,34,000
The firm was dissolved on the above date, the assets realised and expenses
incurred in the subsequent instalments :
Rs. Rs.
• 1st instalments 84,000 7,000
• 2nd instalments 1,26,000 5,400
• 3rd instalments 70,000 4,900
• 4th instalments 77,000 3,500
• 5th instalments 35,500 3,500
A bill receivable of Rs. 10,000 discounted by the firm before its maturity.
The bill discounted was duly met by the acceptor at the realisation of fifth
instalments.
From the above information, prepare a statement showing piece meal
distribution of cash as per “Maximum loss method”.
(2) From the subsequent information, prepare 7.5% Bond’s account in the books of
Mr. Investors .
1) Dates of payment of interest : first January, first April, first July and first October.
2) Brokerage is computed at ¼ % on purchase and sales transactions.
3) Transaction during the year :
Date Face Value (Rs) Rate (Rs.) Remark
1/3/2006 1,00,000 97.50 Cum-interest-purchase
1/5/2006 12,000 98.75 Cum-interest-sale
1/9/2006 20,000 96.25 Ex-interest-purchase
1/12/2006 48,000 98.00 Ex-interest-sale
4) Stock is computed at cost price FIFO method. (7)
FC-02 15 P.T.O.
(3) Fire occurred in the godown of Fire-foe on 31st Oct. 2006. Hence majority of the
goods were destroyed in fire. The goods valued at Rs 7,500 were saved. From the
books and records being saved, subsequent particulars were ascertained.
1) The stock on first Jan. 2006 (at cost) Rs. 24,000
2) Transactions ranging from first Jan, 2006 to 31st Oct, 2006.
Rs.
• Credit sales 1,32,900
• Credit purchases 1,12,500
• Goods return to suppliers 1,050
• Drawings (at cost) 2,100
• Free sample distributed goods 7,500
• Wages paid 1,350
• Cash purchases 4,050
3) The closing stock of 31st Dec. 2005, contains poor selling line-stock costing
Rs. 7,500. Out of these, 75% stock was sold in August, 2006 at a loss of
10%, on the original cost. Subject to this above exception the gross profit
rate on cost price remained 25% through out the year. Remaining stock of
poor selling line to be valued at cost price while calculating claims amount.
4) Amount of insurance, policy of stock was Rs. 18,000.
From the above information, calculate the amount of claim. (7)
5. In the subsequent sub-questions more than 1 answers are given, you have to choose
accurate 1 with necessary computations for it. (any seven) (14)
(1) The consignor, consigned 1,500 litres chemical to the consignee at the rate of
Rs. 50 per litre, and paid expenses Rs. 10,500. Because of the evaporation there
were a loss of 75 litres. Consignee sold 1,275 litres at the rate of Rs. 75 per litres.
What will be the value of Closing Stock ?
(A) Rs. 7,500 (B) Rs. 7,800
(C) Rs. 8,550 (D) Rs. 9,000
(2) ‘A’ and ‘B’ as partners entered into a Joint Venture. ‘B’ provide Rs. 45,000 to
‘A’. On which account this transaction entered in the books of ‘B’ ?
(A) No entry (B) Expense account
(C) Joint Venture A/c (D) A’s A/c
(3) In the books of branch, furniture is amounting to Rs. 75,000. But it’s A/c is
maintained by the Head Office. If 10% depreciation is to be computed by WDV
method then what amount recorded in the books of branch ?
(A) Rs. 15,000 (B) Rs. 7,500
(C) Rs. 67,500 (D 75,000
(4) A, B and C are the partners sharing profits and losses three : five : 2. At the time of
dissolution subsequent were the balances in the books of the firm.
- Capital : A Rs. 36,000 (Cr.)
B Rs. 12,000 (Cr.)
C Rs. 7,500 (Dr.)
- General reserve Rs. 30,000
- Loss of Realisation A/c Rs. 15,000
C declared insolvent. His capital deficiency will be divided in the subsequent
ratio under Garner V/s Murrey decision.
(A) three : five (B) three : 1
(C) five : three (D) 27 : 13
(5) For the year 2004, 2005 and 2006 if the rate of gross profit were 15%, 20% and
18% respectively, then what will be rate of gross profit for the year 2007 ?
(A) 15% (B) 17.67%
(C) 18% (D) 20%
(6) An investor had 12% Gujarat Govt. Securities of Rs. 1,50,000. Its book value was
Rs. 1,44,000. Interest is to be paid at 31st March and 30th Sept. every year. If
Brokerage was paid at 1% on face value of purchase and sales transaction, then
brokerage will be
(A) zero (B) 1,500
(C) 1,440 (D) Not a single of above
(7) subsequent were the balances in the books of a firm.
Rs.
• Fixed Assets 2,00,000
• Debtors 20,000
• Creditors 50,000
• General Reserve 25,000
• Stock 63,000
• Depreciation Fund
on Fixed Assets 50,000
The market price of the fixed assets is 20% more than its book value, while the
book value of stock is 10% less than the market price. What will be the purchase
consideration ?
(A) Rs. 2,80,000 (B) Rs. 2,79,300
(C) Rs. 2,30,000 (D) Rs. 2,20,000
(8) A, B and C are the partners sharing profit and losses in the ratio four : three : 3. Their
capital were Rs. 30,000, Rs. 40,000 and Rs. 50,000 respectively. The firm being
dissolved. After discharging all the debts, Rs. 40,000 were realised from the sale
of assets. Then how much amt. received by ‘B’ from it ?
(A) Rs. 17,500 (B) Rs. 15,000
(C) Rs. 12,000 (D) zero
(9) For making the use of Tally, we must 1st go to
(A) Ledger creation (B) Company creation
(C) Accounting Voucher (D) Inventory FIFO.
______________

Earning:   Approval pending.