University of Delhi 2010-1st Year B.Com (Hon.) Marketing Management (HONS) FINACIAL ACCOUNTING UNIVERSITY - Question Paper

( 4 )    6002

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T WhR 3 1-1-2009 4,86,000 ?.

I 1-1-2007 60,000 *. 3 fteT W *T#t %m 1 3,

2009 40,000 * 3 fn ^TT²Tf 3lk 70,000 cTFTcT

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Or

(wrat)

The following are the details of material of Sai Mills

( 5 )    6002

Find out the cost of closing stock as on 31-3-2009 according to

(i) First m first out basis, and {ii) Weighted average price basis,

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3 A trader keeps his books of account under Single entry system. On 31st March, 2009, his Statement of Affairs stood as follows *

The following was the summary of Cash Book for the year ended 31st March, 2010 :

Discount allowed to trade debtors and received from trade creditors amounted to Rs 36,000 and Rs 28,000 respectively. Bills endorsed amounted to Rs. 15,000 Annual Fire Insurance premium of Rs 6,000 was paid every year on 1st August for renewal of the policy. Furniture was subject to depreciation @ 15% per annum on reducing balance

You are also informed about the following balances as on 31st March,

2010 *

Stock

Trade Debtors Bills Receivables Bills Payable Outstanding Expenses

The trader maintains a gross profit ratio of 10% on sales

Prepare Trading and Profit & Loss Account for the year ended 31st March,

2010 and Balance Sheet as on that date    14

133;    'raft siiprc 37 71 f | 31 2009

#( 28,000 *n I 'iifchd fefi Tlftl 15,000 ? *ft I 6,000 ? BI cnflfo a#i tai gtfwt =n TflfM h41<+<ui    i 5*

ynBR 'I'm I    il 15% ^c(lR^ch tJT 'R iftt    3g9R TJ<r4<|W

T I

STIWt 31 *n, 2010 <Et ?15W (HHfciftsId M <fit ft *jf?ra fartJT trt I _:

?.

JZfa    6,50,000

otlimd    1,52,000

TIM 1%fT    75,000

fel    '    1,40,000

3rt <a4    5,000

oqrmt fe>t 10% ?rm syro xstTT t 1 -31 2010     fin sjto 3% Bro-rft 31 3% 35ft ?tr9Pa

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( 9 )    6002

Or

(arerai)

(a) What is a contingent liability *> Give three examples of contingent liabilities.    4

(ib) Given below is the Trial Balance of Mr. Ramesh as on 31st December, 2009 :

Land and Building Office Machinery Furniture and Fittings Stock on 1-1-2009 Purchases and Sales Salaries:

I

Bad Debts

Debtors and Creditors Sales Tax

Rent, Rates and Taxes i

Advertisement J Drawings

Loan ;o Ashok 16% p.a. on 1-7-2009 Wages

Interest on Loan| Ashok

( 10 )    6002 Bills Receivables 10,000 Trade Mark 8,000 Discount 1,000

\

Wages Payable *    2,000

Capital    1,98,000

Bank Overdraft    40,000

5,01,000    5,01,000

Additional Information *

(i) The value of stock on 31-12-2009, Rs. 30,000.

(;ii) Sales include Rs. 5,000 for the goods sold on approval to Hemant. Goods are sold at a profit of 25% on cost. Approval was not received till 31st December.

(i) Furniture purchased during the year for Rs. 5,000 was wrongly debited to Purchases Book.

(w) A cheque of Rs. 8,000 received from customers was deposited m the bank in the last week of December It was reported to have been dishonoured.

(v)    Free samples worth Rs 4,000 were distributed during the year.    

(vi)    Write off further bad dsbts Rs. 2,00. Also create a provision for doubtful debts at 10*% on debtojj

(vii) Depreciate furniture by 10% ar

Prepare Trading and Profit & Loss Ajmnt for the year ended 31st December, 2009 and a Balance Sheets on that date    10

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*

i

2,000

1,98,000

40,000

5,01,000 5,01,000

3<faRiM ERT :

/

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z

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X Co Ltd. purchased on 1-1-2008 from M/s R V Traders four machines having cash price Rs. 80,000 each on hire purchase basis. The payment was to be made as follows :

10% of cash price down, and

25% of cash price at the end of each of the following four years

X Co Ltd paid the first instalment but failed to pay the second instalment due on 31-12-2009 M/s R V Traders repossessed three machines leaving remaining one machine with the buyer The value of three machines was taken at cost less depreciation @ 20% pa on reducing balance method. M/s X Co. Ltd. changes depreciation at 10% p.a on reducing balance method on 31st December of each year.

M/s R V Traders spent Rs 42,000 on overhauling of the machines repossessed and sold two of the repossessed machines for Rs. 1,20,000.

Prepare necessary Ledger Accounts in the books of both the parties 14

X Co. Ltd 1-1-2008    3TR-        31TOR tr -R

   80,000 *ft i

3IHI *n :

$ 10% yran, <i*jt

   xTPt 3KT if 25% I

X Co Ltd.    3RI    farjj 31-12-2009 ERt 3RT

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jjt[ 3    I eft #T     flfacT Tfa    m

cTFra ^XR 20% '^lF^qf    fen W I X Co Ltd.    cf<$ 31

iiftra wwft *r 10% r    wmft % i

3TR.    3    HnHt    tR

42,000 3 fcyfo 3-1*1    1,20,000    I

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Or (3W31)

From the following Income and Expenditure Account of Mayur Club for the year ended 31st December, 2009, prepare Receipts and Payments Account for the year ended 31st December, 2009 and a Balance Sheet as on that date .

Income and Expenditure Account

Fixed Assets Investments Cash at Bank Subscriptions Outstanding Subscriptions received in advance Expenses Outstanding Stationery ^y Telephone Electricity