Tamil Nadu Open University (TNOU) 2006 B.Com I Financial Accounting Code BCO 1 - Question Paper
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BCO-l
2411
B.Com. DEGREE EXAMINATION -JANUARY, 2006.
(For AY 2003-04 and CY-2004 batch students) First Year
Maximum marks: 75
Time : 3 hours
PART A (3x5 = 15 marks) Answer any THREE questions.
1. Anand sells goods to his approved customers on Sale or Return basis at a profit of 20% on sales, treating as actual sales. On 15th December, goods costing Rs. 1,000 were sent to Balu Traders. No confirmation has been received from Balu Traders until 31st December. Give the necessary Journal entries in the books of Anand.
ufiiujFr 15-ib Gpfil, efiljpuansiruSleu 20% )eorruih Qugjjtb ajenauSla) "efiljpusBasi I(5uljld'
iH-UuaomSlQ) 0. 1,000/- iDluqsrTen ffrj-ffllanair urrp
GpuiSlanrrrr. urrci tij_C5rri_rrenSl i_uSl 0J5gj
m-.juiun 31 QjaDtruSlaj QujDUUL-sSleosw).
Qppti) (rfiluGuL UjSeLjaaosn
2. Mr. Shanmugavel purchased (second hand) a machine for Rs. 8,000 on 1.4.2000. He spent Rs. 3,500 on the repair and installation. Depreciation is written off @ 10% p.a. on the original cost. On 30.6.2003 the machine was found to be unsuitable and sold for Rs. 6,500. Prepare the machine account from 2000 to 2003, assuming that the accounts are closed on 31st December every year.
0. 0. 8,000 u)$uL|snw uemyiuj
glLUfblijrijffissjGrT 1.4.2000ld eurniidslsurrriT. 0. 3,500
Qffeocq Qffuugi j0enGDUij($[SIffljTrnT. i_ffi<5BGfilaocouSta)
1036 CujLDiraKLb 6r(Lpui_iL_L-g|. 30.6.2003-d) tffljeflujpl[rLb 0. 6,500-s(5 efilij)ffiLJUili_gj. 31.12.2000
31.12.2003 cuasiij-nSld) Jg)u-iT5$!Tffi ffi<le5)OTTiLtiTiflffiffiajLb.
3. From the following particulars, prepare Debtors Ledger Adjustment Account as it would appear in the General Ledger for the year ended 31.12.2000 under Self-balancing System.
Rs.
January 1, 2000 Balance of debtors December 31, 2000 Credit sales
10,000
1,50,000
Cash received from debtors 65,000
Bad debts written off
1,000
Returns inward
2,000
|
Rs. | |
|
Discount allowed |
6,000 |
|
Bills receivable received |
9,000 |
|
Bills receivable dishonoured |
1,000 |
|
Allowances to customers |
2,000 |
|
Interest charged on dishonoured bills |
500 |
ffiflfflffiilifj. QffirrcrrCTjtb GuQltrL- ssassra iuuaoLuSlei} Qurrgj GuGftlicb 31.12.2002d) (iptcuaonLjtb
san-u)_ii)(g>ifluj i_einrrcTfl-ssar ffiflailgl &m\ki3S)m lurrrflassijiii.
ggarreuifl 1, 2000 u0rrrsiftaerT)0UL| 10,000
U|_<fLCU!T 31, 2000 L_art Slpusnssi 1,50,000
ast_sffTfTGif) uS31_uS3 (15 rfegj Qupp} Qifrrfiaib 65,000
cyprffifflLsid GurrffiQaliufrgj 1,000
e_srr!0LJu6 2,000
gDinlffiffiuuilu 6rr(gnjut 6,000
6U5TG4ffi@(fluJ a_SBrK}_UJ0} GlU|j)[Dgj| 9,000
eurrajsifluj s_asirii}.ujd)
LOpffifflUULL-g] 1,000
Gurti(.fta)iursrT0ffi@ ffgysn<ss0T 2,000
LDpaauutli- s_Bn.iua) ifigi cuilu). 500
4. Write the differences between balance sheet and statement of affairs.
GajgHU(Tan6fT er(Lp6ijLb.
5. Write short notes on :
(a) Dual aspect concept
(b) Average clause. &gu(rf)IUL| 6uantra,:
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(<3b) ffp-ffifl *!T0|.
PART B (4 x 15 = 60 marks)
Answer any FOUR questions.
6. A Head Office invoices goods to its branch at cost plus 50%. Branch remits all cash received to the Head Office and all expenses are met by the Head Office. Prom the following particulars prepare the necessary accounts on the Stock and Debtors system to show the Profit or loss at the Branch.
Rs.
Stock on 1.1.2003 (Invoice price)
27,900
20,400
Debtors on 1,1.2003
Goods sent to Branch (Invoice price)
Rs.
Sales at Branch :
Cash 75,000
Credit 93,000
Cash collected from debtors 91,200
Goods returned by debtors 3,600
Goods returned by Branch to Head Office 4,500 Shortage of stock 1,350
Discount allowed 600
Expenses at the Branch 16,200
Bad debts 600
efilaneo onii 50%. gleunuLb Qupii suanauSla)
&fiJ>606J)t> gjCUGOffiLD 5>OTTgJ l6S>6fTffi(3i 1(50 65) STT
glluLilGBrpgj. taneiT Qupii Glg-rrffiaaDajT aocDsniDffig lan&rpgi QesuajaeiDeiTiLtLD eneoenio QjjQjeoaClD Glffggjlpgj. ffiueuTrrerflasrr LDjppijb (tpsnpuSlai lanetruSlan Jgjeorruib a)Ogj pili_laf)65T
QrrL-sffi 1.1.2003 ({g)i_fTUL| Slanci)} 27,900 ffii_iTrsflar (1.1.2003) 20,400
{g)i_rrun eSIaneuuSlsb stjjulSIuj 1,53,000
|
aSlrbuanafi |
75,000 |
|
ai_6in sfil{bu6j)air |
93,000 |
|
ffiiOTirretflswr Glurbrj) Qpraaih |
91,200 |
|
6tjn'uj.anujtreiTn'OTl0LjiSliij |
3,600 |
|
dSfflDGTT 0LJtSI |pUlSluj |
4,500 |
|
upprrffigssin) |
1,350 |
|
|gDli31<SUULI_ |
600 |
|
les)OTuS)ffln |
16,200 |
|
cutrrffiffiuair |
600 |
7. The Bengal Mines Co. Ltd took from Mr. Dass a lease of mine for a period of 25 years from 1.1.1996 on a royalty of Rs. 5 per tonne of mineral extracted with a dead rent of Rs. 20,000 and power to recoup shortworkings during the first five years of the lease.
The annual output were as follows :
1996 2000 tonnes
1997 3000 tonnes
1998 4000 tonnes
1999 4500 tonnes
2000 5000 tonnes
Give journal entries in the books of the Bengal Company.
$0. rrerSli_Li)l0gi OurB/stroj jlnjitDib
i_6Ergiia 0. 5 a_rflanuD Glares) gSid siftss 1.1.1996 (jpsb 25 epuuppih Glffiugj Qffirrtfri_g|. (gawDp utlff
6uri_ej>ffi Qrcuffi 0. 20,000/-. (Lpa) gjpgi Gmrni-(p@eiT (jeojd E_j)usnuj l5i1@ Qftrrsirerr suuijLb oj|! Q<fUj$fDg!.
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Qurjarra) jSguiD tiIigo (LpfbgrfiluCuil ulegffiQRerr |
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8. Mr. Kumaran keeps his books under single entry system. The position of his business on 1 January 2000 as under.
Sundry Creditors 17,000 Sundry Debtors 20,000 Premises 50,000 Furniture 2,000
Receipts Rs. Payments Rs.
Sundry Debtors 15,000 Bank O/D (1.1.2000) 10,000
Cash Sales 80,000 Expenses 50,000
Drawings 3,000
Creditors 20,000
Cash in hand 2,000
Cash at Bank 10,000
95,000 95,000
The following further information is available : Closing Stock Rs. 30,000 Closing debtors Rs. 25,000 Closing creditors Rs. 12,000
Depreciate premises by 10% and Furniture by 15%. Create a reserve of 2j% for bad debts on debtors.
Expenses include Rs. 2,500 paid for house rent of Kumaran. Cash sales include Rs. 2,000 of hiB personal jewellery. Prepare Trading and Profit and Loss Account for the year ended 31 December 2000 and a Balance Sheet as on that date.
$0. (LDijatT uta) QpanniuSId) n <6wrffi{gj<s5ansn
ulei) Glffiug) GU0<lfDrrr. 1.1.2000 <6irp U(rgj g)0uqar:
(5- CS-
ai_(T FnpGmr 17,000 auaiTFreifladT 20,000
ui_i_ub 50,000 a&rpasDfflr 2,000
ff[j-ffit(njUL| 25,000
Q(rraa cr e0aj[rii):
Qunj)> (j. Qffgjigia) (jj.
<SL_a(rrrf)cfr 15,000 GiodiaiBnuupp (1.1.2000) 10,000
Qfmsas eSpuencar 80.000 QeoajaiCTr 50,000
t@ul|ot 3,000
ffiL-OTPFpGrrnr 20.000
Qsriraii) 2,000
ojriil 10,000
95,000
95,000
il ff!T<0ULj 0,30,000. ffiuejireiflsCTT 25,000
SLOT! FTfBGirr (tf>.12,000.
CtuLDn-enLD : i1i_i_ld 10%, anpaeoan 15%, <RUnrrcifl6iT uSg! 2 j %, gjuja slstt anuL) efjliumjtrgrtf
QffGU&jffiGrflan LDrrsin eSil GUtri_sf)ffl 0. 2,500 Gffrpg)reirgj. QrrrrsiB eiSlpuGinGCTuSloj 0. 2,000 gL0(rfijfl6CT pan ,aii_r&il S_QT6fTg).
31.12,2000o) Qpicuani- (,6roni).pffiffiiTesr
ffleraraffiCTjeTT ujiriflasegLb.
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9. Mr. Ramu purchased 4 cars for Rs. 14,000 each on
1.1.2002 under the hire purchase system. The hire purchase price for all the 4 cars was Rs. 60,000 to be paid as Rs. 15,000 down payment and 3 equal instalments of Rs. 15,000 each at the end of each year. Interest is charged at 5% p.a. The buyer depreciates the car at 10% p.a. on straight line method.
From the above particulars give journal entries and relevant accounts in the books of Mr. Ramu, the hire-buyer.
$0. (TiTQp, . 14,000 eSih 4 Ginfnli_rrtr ajtrassntiffiGTT
1.1.2002a) 6uiri_ei Qasircrr(Lpo) (ipsDjDuSlo) ajin)lsfrrriir. 4 (pu>inli_jnr &jir<5rffij<s(crjffi&rrarr ajrri_6n Glarrerr (jpeb efilsneo (j. 60,000; s_i_6urtjj- QprrftasLDir.* 0. 15,000(ipLb lS$Iduj diGlsurr 6wr@ih 55. 15,000 eStb 3 6wr(Si(e50
5% cuili ffiemrffiiuuuQiljrigj. $l(TFj. rrrr(yj QjrrS5rrijerfiOTi lEgi 10%. CprGffiir ujldrrerib CTQpifDn-ir erejraQffirraBT *H6u(rgji truia) (|p[i){!f))u(pu@ rlui-jffiGnetTtLiii), GuCtl ulajacncnuih
10. Arul and Balu are partners sharing profits in the ratio of 3:2. Their Balance Sheets as on 1st January 2003 was as follows :
Liabilities Rs. Assets Rs.
Sundry creditors 15,000 Plant & Machinery 30,000 Capital Accounts: Furniture 10,000
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80,000 80,000 |
Charu is admitted as a partner on the above data on the following terms :
(a) He will pay Rs. 10,000 as goodwill for l/4th share in profits.
(b) The assets are to be valued as under :
Plant and Machinery Rs. 32,000. Stock Rs. 18,000 provision on Debtors at 5%.
(c) It was found that creditors included a sum of Rs. 1,400 which was not to be paid.
(d) There was a liability for compensation to workers amounting to Rs. 2,000.
(e) Charu was to introduce Rs. 20,000 as capital and the capital of the other partners were to be adjusted in the profit sharing ratio. For this purpose, current accounts were to be opened.
Give journal entries, Capital accounts and the Balance Sheet of the new firm.
cjgtt & urrgi jeijLb 3:2 ersinn) iSlrflgji QiSrrernerjii 0n.Ct_ireflr.
@0ULj fglaneu @ULj 1.1.2003
GlurgjiuujaefT 55. Qffriffi6rr 0..
ujbusu ffii_6sr PFpCrrir 15,000 u_HB$rru) 30,000
(tpaj: aopfflsuixi 10,000
30,000 <jtr(5 20,000
utrj 25,000 asistnrfreiflaserr 18,000
Qurrgj arui_| 10,000 Glyrffiatb ' 2,000
80.000 80,000
attOTTL luanesTffierflaj ffrr *oli_rr6iflujrra CffrrftftuuuLrriT:
(*5l) 1/4 j@)Drru urijrbaarffi, 0. 10,000 eurrsmfla jBpQLiiiJ0ffirra rKS6uwrii-
(>) Qffn-ffi<5;aT LDpLD)ui5@ GlfFiuujuuiluair Jg)iLp$7ib : 32,000 ; &$&,(&) 18,000 : ujffiL_wi itul| 5%.
(JU) l.wi rFjBCprfr CffrfflffiuuilOTar 0. 1,400 rruuu G6)6uuSla)6na).
(ft) QrrlGOrrsn-0g, j5L_i_ 0. 2,000 9t<sact|L0.
(s_) ffrr((Tj Qp$B6Q gj. 2,000 5rC?euewftb. L|$iu )60iru/pili_ Sliuii|. (tp$a) Qffiuujuuil,
J5t_ui_| ffiansra QiTLmiaajtb. (yjcb (giftluGu ; (yia) sewrafgi / @0UL| jSleneo (5$ul| 0.
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11. Following is the Balance Sheet M/s. A, B and C who share profits and losses in the ratio of 2:2:1.
Liabilities Rs. Assets Rs.
Creditors 15,000 Cash in hand 2,000
Capital: Sundry Debtors 12,000
A 15,000 Stock 22,000
B 12,000 Furniture 10,000
C 4,000 31,000
46,000 46,000
The firm was dissolved and assets realised gradually. Rs. 10,000 were received once, Rs. 15,000 another time and Rs. 9,000 finally. Show how each instalment is to be distributed.
l0Sur6fTn'ffl6iT A, BmrbpLD C jg)uq jSianeu @n5lui_|
FrpCJtrrr 15,000 Gl(rrrau> 2,000
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Qurgi)UL|aT 6lffirg|CTT 0. | ||||||||||||||||
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JgJctirru/jBL-L- eSlu) 2:2:1. jStgjieuainh CT)eDauuilL_gj. Qffrr<KsrrffiaRir[_eun'gi efilrfjuenstt QffujiuuuuL_an.
2 JseuewewT: 15,000
3 Gusnswr: 9,000
Qijrr,sffiib <5tn.tli_rriflffiSTflai)LGiu ercusurrp uiTijgj Q(rCTrerruuu.i_afr srwrueiosiiT ffiirili_&nb.
12. What do you mean by depreciation? What are its causes? Explain any two methods of depreciation.
CUJLDrrairtii (BjfftjSgl jBcfilir rfjleugi luirgjj? jbjgrfliu ffifrpSMTrBjaerT ujrraoaj? gCguLb CujLDrren
(tpenfpaaDefr urbffi) efileurrLDira sr(Lp&jijb.
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Attachment: |
| Earning: Approval pending. |
