Karnataka State Open University (KSOU) 2009 B.Com Financial accounting-i - exam paper
Illllllllllllllll C 111
First Year B.Com. Examination, Oct./Nov. 2009
(R.S.S.)
FINANCIAL ACCOUNTING - I
Dtate : 2-11-2009
Time : 2.00 p.m. to 5.00 p.m. Max. Marks : 90
PART - A
Answer any three questions. Each question carries 15 marks.
1. Explain Accounting concepts, conventions and principles.
2. From the following Trial Balance of Sri Prajwal, you are required to prepare Trading, Profit and Loss A/c for the year ending 31-03-2008 and a B/S as on that date.
Particulars Debit Credit Rs. Rs.
Stock on 1-4-2007 25,000
Purchases and Sales 2,10,000 3,54,000
Returns 4,000 5,000
Wages 20,000
Carriage on purchases 5,000
Electricity charges 2,000
Discounts 1,000 2,000
General expenses 15,000
Salaries 10,000
Outstanding salaries 3,000
Outstanding rent 1,000
Depreciation 15,000
|
Insurance |
3,000 | |
|
Prepaid insurance |
1,000 | |
|
Land and Buildings |
1,00,000 | |
|
Furniture |
20,000 | |
|
Debtors and creditors |
45,000 |
50,000 |
|
B/R and B/P |
10,000 |
9,000 |
|
Drawings and capital |
6,000 |
2,00,000 |
|
Cash in hand |
2,000 | |
|
Cash at bank |
38,000 | |
|
Plant and machinery |
80,000 | |
|
6,24,000 |
6,24,000 |
a) Closing stock on 31-03-2008 Rs. 42,500.
b) Stock destroyed by fire was Rs. 4,000 and the insurance company accepted the claim only for Rs. 3,000.
c) Purchase include goods worth Rs. 1,000, purchased for private purpose.
d) Goods supplied by Mr. Nagesh worth Rs. 3,000 on 30-03-08 was not entered in the books.
3. From the following details of Mr. Prashanth, who has kept books of accounts under single entry prepare Trading, Profit and Loss Account and Balance Sheet.
|
As on |
As on | |
|
i-l-2007 |
31-12-2007 | |
|
Rs. |
Rs. | |
|
Stock |
25,000 |
12,500 |
|
Debtors |
62,500 |
87,500 |
|
Cash |
6,250 |
10,000 |
|
Furniture |
2,500 |
2,500 |
|
Creditors |
37,500 |
43,750 |
Bad debts Rs. 1,250, Discount received Rs. 3,750, Discount allowed Rs. 2,500, Sundry expenses Rs. 7,500, Payment to creditors Rs. 1,12,500, Received from debtors Rs. 1,33,750, Drawings Rs. 10,000, Sales returns Rs. 3,750, Purchase returns Rs. 1,250, Charge depreciation on furniture at 5%.
4. The following is the summary cash transactions of Siddartha Sports Club for the year ended 31-12-2008.
|
Receipts |
Rs. |
Payments |
Rs. |
|
To bal. b/d |
12,760 |
By Rent and rates |
6,720 |
|
Entrace fees |
10,200 |
Wages |
9,800 |
|
Subscriptions |
64,000 |
Lighting charges |
2,880 |
|
Donations |
6,600 |
Lecturers fees |
17,400 |
|
Life membership fees |
10,000 |
Books |
8,520 |
|
Interest |
560 |
Office expenses |
18,000 |
|
Profit on entertainment |
1,680 |
3% fixed deposit | |
|
on 1-7-2008 |
32,000 | ||
|
Cash at bank |
9,680 | ||
|
Cash in hand |
800 | ||
|
1,05,800 |
1,05,800 | ||
Adjustments :
In the beginning of the year the club purchased books worth Rs. 80,000, and furniture worth Rs. 34,000. Subscriptions in arrears at the beginning of the year amounted to Rs. 1,400 and at the end of the year Rs. 1,800 and six months rent Rs. 2,400 was due both at the beginning and end of the year.
Prepare Income and Expenditure A/c of the club for the year ended 31-12
2008 and its B/S on that date, after writing off Rs. 2,000 and Rs. 4,520 on furniture and book respectively.
5. Gopal Electronics, Bangalore consigned 2500 units of electronic components @
Rs. 300 each on consignment basis to Mr. Naveen of Mysore on 1-1-2004.
Gopal Electronics paid Rs. 5,000 for packing, Rs. 20,000 for freight charges and Rs. 10,000 towards insurance. During transit 100 units were destroyed and insurance claim was settled @ Rs. 30,000 and was directly paid to consignor.
Mr. Naveen took delivery of the consignment on 5-1-2004 and accepted a bill for Rs. 2,50,000 for 3 months. On 31-3-2004, Naveen reported as follows :
a) 1500 units were sold @ Rs. 420 each.
b) 700 units were sold @ 450 each on credit.
c) Expenses incurred by him were :
Unloading charges Rs. 7,200, Godown Rent Rs. 6,000, Advertising Rs.
5,000 and sales men salary rs. 15,000.
Mr. Naveen entitled to an ordinary commission at 5% and delcredere commission at 22 % on all sales.
Consignee remitted the balance due from him through a bank draft.
You are required to prepare :
i) Consignment A/c
ii) Consignees A/c
iii) Goods damaged in transit a/c in the books of consignor.
iv) Pass J/E in the books of consignee.
PART - B
Answer any 3 questions out of 5 questions. Each carries 10 marks.
6. Bhavani of Banglore and Maheswari of Mysore enters into joint venture for dealing in silk sarees. Bhavani has to purchase and Maheswari has to make sales on joint venture basis. They have to share profit equally. On 1-7-2007 Bhavani purchased Rs. 6,10,000 worth of silk sarees and sent them to Maheswari. Bhavani paid Rs. 12,000 as freight and Rs. 8,000 towards packing charges. On 10-72007 Bhavani drew a bill for Rs. 3,00,000 for 3 months and it was accepted by Maheswari. Bhavani discounted the bill for Rs. 2,94,000 on 20-7-2007.
Maheswari sold all sarees for Rs. 7,66,000 and she paid Rs. 4,500 for advertising,
Rs. 10,500 for wages and Rs. 8,000 for travelling expenses. Maheswari sent
bank draft for the balance due to Bhavani.
Prepare Joint Venture A/c and Mahesvaris A/c in the books of Bhavani.
7. TVS Roadlines purchased a Star Truck on 1-4-2001 for Rs. 8,00,000. On 1-10-2001, another new truck Road King Truck purchased for Rs. 11,60,000.
On 1-10-2003, it sold Star Truck for 5,25,000 and on the same day Road Master Truck was purchased for 13,00,000.
It was decided to depreciate all trucks @ 20% p.a. on W.D.V. method. Accounts are closed on 31-December each year.
Prepare Truck A/c for 3 years along with working notes.
8. Prepare Manufacturing Account from the following :
Opening stock of raw material 6,40,000
Carriage on purchase of R.M. 5,000
Purchase of R.M. 11,20,000
Purchase Returns 20,000
Plant and machinery 6,00,000
Manufacturing wages 60,000
Fire insurance (60% factory) 6,000
Rent and Taxes (40% to office) 8,000
Supervisor salary (75% to factory) 80,000
Factory lighting 8,000
Power (20% to office) 18,000
Charge 10% depreciation on plant and machinery. Manufacturing wages o/s Rs. 7,000. Stock of raw materials at the end was Rs. 1,80,000.
9. Pass journal entries to rectify the following errors :
1) An amount of Rs. 200 withdrawn by the proprietor for his personal use has been debited to Trade Expenses A/c.
2) Rs. 3,000 paid on account of salary to the cashier stands debited to his personal account.
3) A bill for Rs. 1,500 for sale of old furniture to Ranga was entered in the Sales Day Book.
4) An amount of Rs. 1,500 paid for wages is posted twice to the debit of wages account.
5) The monthly total sales book was over tallied by Rs. 110.
6) A balance of Rs. 900 due from customer was omitted from the list of Sundry debtors.
7) A purchase of Rs. 2,000 from Raju was totally omitted in the books.
10. Jounalise the following transactions in the books of Jayaraj.
i) Received a promissory note for Rs. 4,000 from Balaram.
ii) His acceptance of Rs. 8,000 to Bajaj was met by his banker.
iii) Accepted 3 months draft for Rs. 4,000 drawn on him by Raghu in favour of Ranganath.
iv) Gave acceptance to Madhu for Rs. 7,800 in full settlement of Rs. 8,000 due to him.
v) Received a bill for Rs. 5,000 from Prashanth.
PART - C
Answer any three questions. Each carries 5 marks.
11. Give differences between consignment and joint venture.
12. What are the advantages of single entry system ?
13. Give five differences between Receipts and Payments A/c and Income and Expenditure A/c.
14. What are the causes for depreciation ?
15. Write a note on Journal.
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|
Attachment: |
| Earning: Approval pending. |
