Acharya Nagarjuna University (ANU) 2006 B.Com II - FINANCIAL ACCOUNTING - II - Question Paper

B.Com. DEGREE EXAMINATION, DECEMBER 2006
(Examination at the end of 2nd Year)
Part II - Commerce
Paper II - FINANCIAL ACCOUNTING - II

Time : 3 hours Maximum : 100 marks

part A - (4 X five = 20 marks)
ans any 4 ques..

1. What additional precautions to be taken when seller takes position of only part of total assets
sold to buyer?

2. discuss the terms Royalties Payable Account and Royalties Receivable Account.

3. elaborate different books maintained in Single Entry System?

4. What is Capital receipt and Revenue receipt?

5. describe Partnership. Enumerate its essentials.

6. elaborate special features of Branch Trail Balance?

7. elaborate different kinds of shares issued by a company?

8. elaborate rights of hirer to purchase?

part B - (2 X 10 = 20 marks)
ans any 2 ques..

9. From the subsequent facts you are needed to compute total sales:

Bills receivable in the beginning Rs.78,000
Debtors in the beginning Rs.3,08,000
Bills receivable encashed during the year Rs.2,09,000
Cash received from debtors Rs.7,00,000
Bad debts written off Rs.28,000
Return inward Rs.87,000
Bills receivable dishonoured Rs.18,000
Bills receivable at the end Rs.60,000
Debtors at the end Rs.2,55,000
Cash sales (as per cash book) Rs.4,09,000.

10. From provided particulars, show how these items would appear in Income and Expenditure account for the year 2005;

Receipts Rs. Payments Rs.
To Balance: Cash 1,000 By Salaries 2,000
Bank 2,000 By Insurance 1,000
Subscription 10,000

Additional information:
Rs.
Subscription received in advance during 2004 650
Outstanding subscriptions during 2004 500
Outstanding subscription for the year 2005 600
Subscription received in advance for 2006 750
Outstanding salaries for the year 2004 400
Outstanding salaries for the year 2005 500
Insurance prepaid during the year 2004 250
Insurance prepaid during the year 2005 250

11. Siva purchases a bus on hire purchase from Reddy for Rs.2,00,000. He pays Rs.50,000 down and 3 instalments of Rs.50,000 every at intervals of 2 years. Reddy charges interest at 10% p.a. at yearly rests. compute the amount of cash price and interest included in every installment.

12. Aarti and Aditi sharing profits in ratio five : three Tarun admitted with 3/8 share, which he finds 2/8 from Aarti and 1/8 from Aditi. obtain new ratio.

part C (3 X 20 = 60 marks)
ans any 3 ques..

13. A Colliery is leased to Singareni Coal Co. on a royalty of Re.1 per tonne on the output. A minimum rent of Rs.16,000 a year and allowances for short working are given in the lease. The coal truly raised in a series of years is as follows:

Earning:   Approval pending.