Karnataka State Open University (KSOU) 2009 B.Com Financial accounting-i - university paper
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First Year B.Com. Examination, October/November 2OO9
(SIM Scheme)
FINANCIAL ACCOUNTING - I
Date : 2-11-2009
Max. Marks : 80
Time : 2.00 p.m. to 5.00 p.m.
PART - A
Answer any two questions. Each carries 20 marks.
1. The following Trial Balance relates to Asha Traders as on 31-12-2008.
Debit
Rs.
80,000
26,000
1,20,000
20,000
4,80,000
20,000
80,000
45.000
22.000 7,800 2,400
Credit
Rs.
Machineries
Furnitures
Stock 1-1-2008
1.75.000
7.40.000 10,000 51,000
Drawings and Capital A/c
Purchases and Sales
Returns inwards and outwards
Sundry Debtors and Creditors
Wages
Salaries 11 months Rent 13 months Insurance
Advertising 12,000
Carriage Inwards 12,000
Carriage Outwards 10,000
Bank Overdraft 30,000
Investment 40,000
Interest on overdraft 3,600
Interest on Investments 6,000
Discount allowed and received 13,000 8,000
Commission on sales 12,200
General Expenses 7,300
Bad debts 1,700
Cash in hand 5,000
1) Stock on 31-12-2008 valued @ Rs. 1,35,000.
2) Goods costing Rs. 13,000 were destroyed by fire on 24-12-2008 and insurance company agreed to pay the insurance claim for Rs. 10,000.
3) Create a provision for doubtful debts @ 5% on debtors.
4) Purchases to the value of Rs. 5,000 on 28-12-2008 had been omitted to be recorded in books.
5) Depreciate machineries @ 15% and furniture @ 10% P.A.
You are required to prepare Trading and P/L A/c for the year ending 31-12-2008 and a Balance Sheet as on that date.
2. From the following information relating to a trader who keeps his books on single entry system, prepare Trading and P/L A/c for the year ending 31-12-2006 and a Balance Sheet as on that date.
|
1-1-2006 |
0 2 - 2 1 - 1 fO | |
|
Rs. |
Rs. | |
|
Cash |
28,000 | |
|
Creditors |
20,000 | |
|
Furniture |
18,000 |
18,000 |
|
Debtors |
55,000 | |
|
Stock |
14,000 |
12,500 |
|
Computer |
35,000 |
35,000 |
|
Land and Building |
1,60,000 |
1,60,000 |
|
Other particulars : |
Rs. | |
|
Receipts from debtors |
1,75,000 | |
|
Paid to creditors |
50,000 | |
|
Discount allowed |
3,000 | |
|
Discount received |
3,500 | |
|
Rent paid |
9,000 | |
|
Wages paid |
4,000 | |
|
Trade expenses |
2,000 | |
|
Salaries |
9,500 | |
|
Total sales (including cash sales Rs. 40,000) |
2,25,000 | |
|
Total purchases (including cash purchase Rs. 20,000) |
1,20,000 | |
Sales returns
Purchases returns
Drawings
Bad debts
2,000
1,500
10,000
2,000
Write off depreciation 10% on furniture, 50% on computers.
3. Bharath Electronics, Bangalore consigned 2500 units of electronic components @ Rs. 300 each on consignment basis to Mr. Manoj of Udaypur on 1-1-2007.
Bharath 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. Manoj took delivery of the consignment on 5-1-2007 and accepted a bill for Rs. 2,50,000 for 3 months. On 31-3-2007, Manoj reported as follows :
a) 1500 units were sold @ Rs. 420 each.
b) 700 units were sold @ Rs. 450 each on credit.
c) Expenses incurred by him were :
Unloading/clearing charges Rs. 7,200, Godown rent Rs. 6,000, Advertising Rs. 5,000 and Salesmen Salary Rs. 15,000.
Mr. Manoj entitled to an ordinary commission @ 5% and a delcredere commission @ 2 lh % on all sales. Consignee remitted the balance due from him through a Bank draft.
You are required to prepare :
1) Consignment A/c
2) Consignees A/c
3) Goods damaged in transit A/c in the books of consignor
4) Pass Journal entries in the books of consignor.
4. From the following particulars prepare an Income and Expenditure Account of Sri Ram Hospital for the year ended 31-12-2007 and the Balance Sheet as on that date.
Receipts and Payment Account
|
To Balance |
250 |
By Salaries |
1,200 |
|
Subscriptions |
General Exp. |
300 | |
|
2004 |
250 |
Electric charges |
200 |
|
2005 |
1,000 |
Instruments |
100 |
|
2006 |
200 |
Newspapers |
400 |
|
Sale of old furniture |
Printing |
50 | |
|
(Costing Rs. 100) |
60 |
Furniture |
250 |
|
Rent received from use of hall 740 |
Balance |
500 | |
|
Profit from entertainments |
400 | ||
|
Sale of Newspaper |
100 | ||
|
3,000 |
3,000 | ||
Adjustments :
a) The hospital has 50 members each paying an annual subscriptions of Rs. 25. Subscription o/s on 31-12-2007 were Rs. 300.
b) On 31-12-2007 salaries of Rs. 100, salaries paid included Rs. 100 for the year 2006.
c) On 1-1-2007 the hospital owned land and building valued @ Rs. 10,000, Furniture Rs. 600 and Instruments Rs. 500.
PART - B
Answer any two questions. Each question carries 10 marks.
5. Define joint venture. Distinguish between joint venture and consignment.
6. A Co., purchased a machinery costing Rs. 1,00,000 on 1-1-2002 and spent Rs. 15,000 for its installation. Co. used to charge depreciation on it @ the rate of 10% P.A. under W.D.V. method. On 30-06-2005 Co. sold machinery for Rs. 85,000.
Show the Machinery A/c for 4 years.
7. Kumar sells goods worth Rs. 40,000 to Ramesh on 1st June 2008 and draws a bill on him for the amount for 3 months. On the same day, the bill is endorsed to Karthik. The bill was duly paid on maturity. Pass Journal entries in the books of all the parties.
8. Give Journal entries to rectify the following errors :
a) Purchased a new computer for office use paid Rs. 52,000 had been debited to Purchase A/c.
b) Discount received Rs. 300 from a trader had been credited to Trader A/c.
c) Cash purchase of goods from M/s Pavani Traders Rs. 1,20,000 was recorded in Purchase Day Book.
d) A sale of old furniture Rs. 400 to Manjunath was totally omitted in the books.
e) Received commission Rs. 1,500 has been wrongly entered as Rs. 1,050.
PART - C
Answer any four questions. Each carries 5 marks.
9. Distinguish between revenue expenditure and capital expenditure.
10. Write the limitations of Single Entry System.
11. Write a brief note on Accounting Conventions.
12. Write a note on Reserves.
13. What is an Account Sale ? Give specimen of an Account Sale with imaginary figure.
14. Mention any 5 Indian Accounting Standards (IAS).
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Attachment: |
| Earning: Approval pending. |
