Karnataka State Open University (KSOU) 2009-1st Year B.Com __ _Financial Accounting - SIM - Question Paper
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First Year B.Com. Examination, May/June 2OO9
(SIM Scheme)
FINANCIAL ACCOUNTING - I
Date : 29-5-2009
Time : 2.00 p.m. to 5.00 p.m. Max. Marks : 80
PART - A
Answer any two questions. Each carries 20 marks.
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The following Trial Balance relates to |
Sri Jayanth as |
on 31-12-08. |
|
Particulars |
Debit (Rs.) |
Credit (Rs.) |
|
Machineries |
80,000 | |
|
Furniture |
26,000 | |
|
Stock 1.1.2008 |
1,20,000 | |
|
Drawings and Capital |
20,000 |
1,75,000 |
|
Purchases and Sales |
4,80,000 |
7,40,000 |
|
Returns |
20,000 |
10,000 |
|
Debtors and Creditors |
80,000 |
51,000 |
|
Discounts |
13,000 |
8,000 |
|
Interest on Overdraft and Investments |
3,600 |
6,000 |
|
Wages |
45,000 |
- |
|
Salaries |
22,000 |
- |
|
Rent |
7,800 |
- |
|
Advertising |
14,400 | |
|
Carriage Inwards |
12,000 | |
|
Commission on sales |
22,200 |
- |
|
General Expenses |
9,000 |
- |
|
Cash in hand |
5,000 |
- |
|
Investments and B.O.D. |
40,000 |
30,000 |
|
10,20,000 |
10,20,000 |
Adjustments :
1) Stock on 31st December amounts to Rs. 1,35,000.
2) Create provision for doubtful debts @ 5% on debtors.
3) Depreciate Machineries at 15% p.a. and furniture at 10% p.a.
4) Outstanding salaries Rs. 11,000.
5) Prepaid Rent Rs. 600.
You are required to prepare Trading and P & L A/c for the year ending
31.12.2008 and B/S as on that date.
2. Mr. Bhargava commenced business on 1.1.2008 with a capital of Rs. 50,000. He maintained his books of accounts on single entry system. The following information is obtained from his books of accounts.
Cash purchase of Furniture on 1.7.2008 Rs. 15,000 Goods purchased (including cash purchase Rs. 20,000) Rs. 75,000
Drawings Rs. 5,000
Discount Allowed Rs. 3,000
Business Expenses Rs. 3,000
Discount Received Rs. 2,500
Salaries Rs. 8,000
Goods sold (including credit sales of Rs. 70,000) Rs. 1,00,000
Wages Rs. 500
Bad debts Rs. 2,000
Mr. Bhargava paid his sons college fees Rs.1,000 from the business and took goods worth Rs. 4,000 for his household purpose but not entered both the transactions in the books.
Other balances on 31.12.2008 were :
Stock Rs. 20,000, Debtors Rs. 40,000, Creditors Rs. 15,000.
Depreciate furniture at 10% p.a. and provide for RBD at 5%.
Prepare Trading and P&L A/c and Balance Sheet.
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3. From the following particulars prepare the Income and Expenditure account of Mysore Club for the year ended 31st December 2008 and a Balance Sheet as on that date : | ||||||||||||||||||||||||||||||||||||||||
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4. Sujiki Two Wheelers Company, Tamil Nadu consigned 2,000 Motor cycles to Maharajas Bros., Mysore, at an invoice cost of Rs. 30,000 each. Sujiki Two Wheelers Co., paid freight Rs.2,00,000 and Insurance Rs. 30,000. During transit 300 motor cycle totally damaged by fire, Maharajas Bros., took delivery of remaining motor cycles.
Maharaja Bros. sent a Bank Draft to Sujiki Two Wheelers Co., for Rs. 1,00,00,000 as advance payment and later sent an account sales showing that 1600 motor cycles were sold at Rs. 44,000 each.
Expenses incurred by them on godown rent and advertisement amounted to Rs. 4,00,000.
Maharaja Bros. were entitled to a commission of 5%. Prepare Consignment A/c, Maharajas Bros. Account, Accidental Loss A/c. in the Books of Sujiki Two Wheelers Company, Tamilnadu.
PART - B
Answer any two questions. Each carries 10 marks.
5. Pass journal entries to rectify the following errors :
a) A purchase made from Roja for Rs. 6,000 is entered in the sales book.
b) Sales made to customer amounting to Rs. 1,200 is omitted from sales book.
c) Goods returned by Subhadra worth Rs. 4,500 is entered in the sales return book as Rs. 5,400.
d) A sum of Rs. 5,000 received from Adwan has been credited to Vidwan.
e) An amount of Rs. 8,000 spent on repairs of machinery is debited to machinery account.
6. On 1.1.2006 a firm purchased machinery worth Rs. 1,20,000 and spent Rs.12,000 on its erection. On 1.10.2008 it buys additional machinery worth Rs. 24,000 and spent Rs. 2,400 on its erection. The accounts were closed on 31st December.
The annual depreciation of machinery is 10%. Show the machinery a/c and depreciation a/c for 3 years under WDV method.
7. Black sells goods worth Rs. 20,000 to Brown on 1st Oct. 2008 and draws a bill on him for the amount for 2 months. On the same day, the bill is endorsed by him to White. The bill was duly paid on maturity. Pass Journal entries in the books of all the parties.
8. Define joint venture. Distinguish between joint venture and consignment.
PART - C
Answer any four questions. Each carries 5 marks. (4x5=20)
9. What is convention of conservatism and convention of consistency ?
10. State the causes of depreciation.
11. Give a proforma of manufacturing account.
12. Write a note on reserves.
13. What are the uses of bills of exchange ?
14. What is invoice and proforma invoice ?
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1) aso 31.12.2008 dodo gd *&& oo, d>. 1,35,000.
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2) Wort doed e. 5 ddo oratod >o5>,A oe0o.
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2008 S, woadod od> dra 10,500
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2008 3 woadod d,ded doo 750
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od> dodo d,ded doo, 2007 3 (eod>o dta. 150) woddo 280
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od> dodo d,ded doo, 2009 3 1,550
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od> dra 2008S, drtdoSWdessddo (>d d>. 2,000) 1,000
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|
2008 i d esdo tj li a |
8,000 |
|
i>ddessddo ddAo ca Jd |
230 |
|
ddio 2007 i (eoas&so d>. 700) O u |
600 |
|
di doedi doo 2008 i iddesAdo rf 1 -rf -si ca |
200 |
|
rdio (reds 2008 |
1,500 |
|
reds doed Sd.tf d c3 |
2,300 |
|
rso doed os dd a |
320 |
|
roso iAdoi>oddo ca |
4,000 |
|
ooodds ddiood)do |
1,200 |
|
Ado i.oQ y ro |
1,530 |
|
2007 d >io Sodo Jd |
2,120 |
|
oodastf d 2008 dQ Jd ro |
300 |
|
oodd dd 2007 Jd |
11,900 |
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6. todo SoSCoo 1.1.2006 dodo dta. 1,20,000 ddCo tod cCood,do >oeado dodo edd
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Attachment: |
| Earning: Approval pending. |
