Alagappa University 2007 B.Com ADVANCED ACCOUNTANCY - Question Paper

DISTANCE EDUCATION
B.Com. DEGREE EXAMINATION, DECEMBER 2007.
ADVANCED ACCOUNTANCY
(Upto 2004 onwards)
Time : 3 hours Maximum : 100 marks
PART A — (5 x eight = 40 marks)
ans any 5 ques..
every ques. carries eight marks.
1. What is Partnership Deed? State its contents.
2. What is a share? discuss the various types of shares.
3. What is Joint Life Policy of partners? elaborate its objects?
4. Distinguish ranging from Branch Accounts and Departmental Accounts.
5. What do you mean by ‘Loss of stock’ and ‘Loss of profit’?
6. A and B share profits and losses in the ratio of five : 4. They admit C with 1/5 share who pays only Rs. 1,000 for premium out of his share of Rs. 2,500. Goodwill account appears in the books at Rs. 9,000. What entries would be made if :
1. Goodwill should appear in the books at Rs. 18,000.
7. From the subsequent details prepare minimum rent account and short workings account in the books of Prabhu company :
2. Landlord : Ganesan
3. Lease period : 20 years
4. Lease amount : Rs. three per ton
5. Minimum rent : Rs. 40,000 per annum
6. Short working recovery : 2 years subsequent the year in which the short workings occur.
7. Production :
8. 1998 - 9000 tons
9. 1999 - 12000 tons
10. 2000 - 20000 tons
11. 2001 - 28000 tons.
8. From the subsequent transactions prepare the ‘Trichy’ Branch Account for the year ended 31st December, 2005 in the books of the Head Office, Chennai :
Rs.
Stock at Branch 1.1.2005 32,000
Stock at Branch 31.12.2005 28,000
Branch debtors 1.1.2005 10,000
Branch debtors 31.12.2005 9,000
Petty cash at the branch 1.1.2005 1,000
Petty cash at the branch 31.12.2005 1,000
Goods sent to branch 1,50,000
Branch expenses met by H.O. 5,000
Cash sent by H.O to branch to meet petty expenses 2,000
Cash sales 1,75,000
Cash received from branch debtors 40,000
PART B — (4 ? 15 = 60 marks)
ans any 4 ques..
9. A, B and C were partners sharing profits and losses in the ratio of three : two : 1. Their balance sheet as on 31st December 2004 was as follows :
Liabilities Rs. Assets Rs.
Sundry creditors 30,000 Bank 20,000
Loan from A 20,000 Debtors 12,000
Reserve 15,000 Less : Provisions 1,000 11,000
Capital Accounts : Plant and Machinery
20,000
A 20,000 Stock 22,000
B 10,000 Profit and Loss a/c 24,000
C 2,000 32,000

97,000 97,000
12. The assets were realized as follows :
13. Sundry debtors Rs. 10,500, Plant and Machinery
Rs. 18,000, Stock was takenover by A at Rs. 14,000. The creditors were paid off Rs. 22,000 in full settlement. Realisation expenses amounted to Rs. 1,200.
14. ‘C’ became insolvent and his private estate could contribute only Rs. 500. Pass journal entries and prepare the necessary dissolution accounts applying ‘Garner Vs Murray’ decision.
10. The subsequent was the Balance Sheet of Balu Ltd. as on 31.3.2005 :

Earning:   Approval pending.