University of Mumbai 2007 B.A Book Keeping And Accounting(il-07) - Question Paper

Book Keeping And Accounting(April-07)

Con-76-07.

frtA 09-

( 3 Hoi/rs)

20

JL-850 [ Total Marks : 100

N.B. (1) Question No. 1 is compulsory.

(2)    Attempt any other four questions from Q. Nos. 2 to 8.

(3)    Figures to the right indicate full marks assigned to each question.

1. The following is the Trial Balance¹ of Shri Alok as on 31-3-2007.

Debit	Rs.	Credit	Rs.
Drawings	12,000	Capital	35,000
Purchases	1,52,000	Sales	1,92,500
Stock (01-04-2006)	8,000	Returns outwards	500
Returns Inward	800	Reserve for Bad debts	1,000
Salary	12,000	Bank Loan	12,500
Office Expenses	3,500	Creditors	18,000
Trade Expenses	1,750	Bills payable	9,000
Bad debts	700	Discount	1,500
Debtors	33,500
Bills Receivable	2,000
Bank	1,800
Cash in hand	1,700
Investments	7,000
Buildings	12,000
Plant and Machinery	15,000
Furniture	6,250
Total	2,70,000	Total	2,70,000

Stock on 31-03-2007 was valued at Rs. 24,300.

Write off further bad debts Rs. 800.

Allow interest on capital @ 4%.

Outstanding salary amounted to Rs. 3,000.

Provide Depreciation on (i) Buildings @ 5% (ii) Furniture " 10% and (iii) Plant and Machinery @ 10% p.a.

Prepare Trading and Profit and Loss Account for the year ended 31*03-2007 and Balance Sheet as on 31-03-2007.

2. Pass Journal Entries to rectify the following errors.

(i)    A sum of Rs. 1,20,000 paid to Subhash was debited to Suhas.

(ii)    Repairs of a machine amounting to Rs. 18,000 were debited to machinery account.

(iii)    Received interest Rs. 5,000, posted to Bank Loan Account.

(iv)    Goods bought from Varun for Rs. 2,75,000 was posted to the credit of his account as Rs. 2,57,000.

(v)    Rs. 12,500 widhdrawn by Proprietor for personal purpose is debited to sundry expenses account.

3. Journalise the following transactions in the books of Mr. Sushilkumar.

2007		Particulars	Amount Rs.
January	1.	Introduced capital in cash in the business	1,00,000
r 1	2.	Deposited in the Bank of Maharashtra	60,000
1)	4	Purchased Type-writter for cash	10,000
1)	6.	Purchased furniture from Firoj Bros on credit	15,000
11	8.	Stationery purchased on credit from Vaibhav Stationers	1,000
1 i	10.	Goods purchased for cash	10,000
11	12.	Purchased goods on credit from Sheetal Prasad	5,000
11	14.	Sold goods for cash to Mr. Satish	7,000
11	16.	Salary paid	2,000
} 1	18.	Commission received	500

4. Enter the following transactions in an analytical petty cash under imprest system and balance it; 20

2006		Particulars	Amount Rs.
December	1.	Received cash towards p.etty cash	5,000
11	2.	Paid for News paper bill	150
7?	4	Postage and Telegram exps	220
1 j	6.	Paid for carriage	140
11	7.	Stationery purchased	650
if	8.	Refreshment bill paid	520
11	9.	Wages paid	460
it	10. Repairs to compound wall paid		840
11	12.	Meeting expenses paid	450
M	14. Travelling expenses of salesmen		750

[TURN OVER

5.    From the following particulars prepare Bank Reconciliation Statement as at 28th February 2007. The 20 pass book showed a credit balance of Rs. 9,436 on that data.

(i)    Out of the total cheques of Rs. 1,536 issued during the month, cheques of Rs. 496 were presented for payment in March 2007. One cheque of Rs. 50 issued to an upcountry party was lost in transit.

(ii)    The bank had in accordance with the standing instructions of the account holder, .paid life insurance premium of Rs. 427, for which no entry was made in cash book.

(iii)    One of his customers directly deposited in Bank Rs. 1,000 for which no entry was recorded in cash book.

(iv)    A cheque of Rs. 579 was deposited in the Bank on 15th February 2007 and the same was collected by the Bank in due course, but the same was not recorded in cash book.

(v)    The Cash Book (Bank column) did not show the Bank charges debited by the Bank amounting to Rs. 12.

6.    A bill of exchange for Rs. 6,000 is drawn by Paranjape & Co. on Yeolekar & Co. which was accepted by 20 the latter.

Show what entries would be passed in the books of Paranjape & Co. under each of the following circumstances.

(a)    If they retained the bill till due date and then realised it on maturity.

(b)    If they discounted the bill with State Bank of Hyderabad for Rs. 5,925.

(c)    If they endorsed it to their creditors Shetti & Co. in settlements of their debt.

(d)    If they sent the same to their Bankers for collection.

7.    Ruby purchased a machine on 1st January 2004 for Rs. 64,000, paid freight Rs. 16,000 and incurred 20 erection charged Rs. 10,000.

Another machine was purchased on 1st January 2005 for Rs. 40,000.

On 1st July 2006, one third of machinery which was purchased on 1st January 2004 was sold for Rs. 24,000 and another machinery was purchased on the same date for Rs. 20,000.

Provide depreciation @ 10% p.a. by straight line method.

Prepare Machinery Account for 2004, 2005, 2006, assuming that accounting year is a calender year.

\

8.    Write short notes on any four of the following :    20

(a)    Intangible Assets    (d) Balance Sheet

(b)    Promissory Note    (e) Credit Note

(c)    Cash Book    (f) Drawings.

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[TURN OVER

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Attachment: university-of-mumbai-2007-b-a--50494-1.pdf

Earning:   Approval pending.