Madras University (UnOM) 2006 B.Sc Mathematics Financial Accounting - Question Paper

Balances at the end:

- Stock at invoice price 13,000

- Debtors at the end 2,000

- Petty cash 25

8. Suresh Kumar purchased goods from Prakash with the condition of settling accounts in the subsequent dates. Suresh Kumar is willing to settle the whole amount on avg. Due Date through a Bill of Exchange. compute avg. Due Date.
Instalment Date Amount (Rs.)

12.3.2002 4,500

23.4.2002 1,800

19.5.2002 2,300

24.6.2002 1,500

part B - [3 x 20 = Marks 60]


ans any 3 ques..


All ques. carry equal marks.


9. Trial Balance of Mr. Anand for the year ended 31.3.2002 was

provided below:


Debit balances Rs. Credit balances Rs.

Drawings 18,000 Capital 1,00,000

Buildings 45,000 Loan as on 1.4.01 @ 9% p.a. 20,000

Furniture and fittings 7,500 Sales 1,30,000

Motor van 30,000 Commission 8,000

Interest on loan 900 Creditors 10,000

Purchases 90,000 Bills payable 2,000

Carriage inwards 1,000

Opening stock 20,000

Wages 12,000

Office expenses 18,000

Insurance 1,600

Debtors 6,000

Cash at Bank 20,000
2,70,000 2,70,000

Additional Informations :

(a) Closing stock was valued at Rs. 45,000.

(b) Outstanding expenses :

Wages Rs. 500; Interest on loan Rs. 900; Rent Rs. 1,000.

(c) Prepaid Insurance Rs. 200.

(d) Commission received in advance Rs. 2,000.

(e) Interest on capital and interest on drawings at 5% and 2% respectively.

(f) Depreciation on:

Furniture and fittings 10% p.a. and Motor van 20% p.a.

Prepare Trading and Profit and Loss Account and the Balance Sheet for the year ending 31.3.2002.

10. Mr. Surya does not keep a systematic record of his transactions. He is able to provide you the subsequent info regarding his assets and liabilities.
2000 2001

Dec. 31 Dec. 31

Creditors for goods 21,000 19,000

Creditors for expenses 1,500 1,800

Bills payable 8,700 11,500

Sundry debtors 35,000 34,000

Stock (at cost) 28,000 25,000

Furniture and fittings 10,000 12,000

Cash 5,100 ?
The subsequent additional info is also available relating to 2001.
Rs.
Bills payable issued 20,800
Cash sales 15,000
Payment to creditors 31,000
Expenses paid 6,600
Drawings 8,000
Bad debts, during the year were Rs. 900. As regards sales, Surya tells you that he always sells goods at cost plus 25%. Furniture and Fittings is to be depreciated at 10% of the value in the beginning of the year.

Prepare Surya's Trading and Profit and Loss Account for 2001 and his balance sheet as at the end of that year.

11. From the subsequent figures, prepare accounts to disclose total profit and the profit of the 2 departments, A and B

Rs. Rs.
Opening Stock: A 15,200 Sales A 1,00,000

B 10,800 B 80,000


Purchases A 75,100 Purchase Returns A 1,100

B 69,800 B 800


Carriage inwards 2,860 Discount received 1,430

Salaries A 9,000


B 8,500


General 11,600


Rent and rates 6,000


Advertising 8,100


Insurance 1,000

Generalexpenses 5,400


Discount allowed 1,800


Accountancy charges 500

The subsequent further info is supplied:


(a) Goods transferred from department A to B were Rs. five 000. This has not yet been recorded.


(b) General salaries are to be allocated equally.


(c) The area occupied is in the ratio of three : 2.


(d) Insurance premium is for a comprehensive policy, allocation being inconvenient.


(e) The closing stock of the 2 departments were A Rs. 17,800 and B Rs. 15,600.

13. Saravanan and Rengan were partners sharing profits in the ratio of three : 2. On first July 2001 their Balance Sheet was as under:


Liabilities Rs. Assets

Rs.

Sundry creditors 20,000 Stock 12,000

Capitals Debtors 15,000

Saravanan 5,000 Furniture 600

Rengan 3,000 Cash 400

28,000 28,000


The firm was dissolved on the above date. The assets were realised only for Rs. 16,000. Expenses came to Rs. 500. Saravanan's private estate could pay only Rs. 1,000. Rengan had no surplus. Close the books of the firm by giving ledger accounts.

Earning:   Approval pending.