Register Number: 8407
1
Total No. of Pages: 6
Register Number: 8407
Name of the Candidate:
B.Com. DEGREE EXAMINATION - 2012
(first YEAR)
(part – iII) – (paper – II)
140/540. FINANCIAL ACCOUNTING
[Common with B.Com. (Accounting & Finance), B.Com. (Computer Applications), B.Com (Marketing Management), B.Com. (International Business) and
B.Com. (Business Studies)]
(New Regulation)
May) (Time: 3 Hours
Maximum: 100 Marks
Answer any FIVE questions. (5 × 20 = 100)
1. / State the differences between Income and Expenditure Account and Receipts and Payment Account.2. / Explain the various methods of providing for depreciation.
3. / Explain single entry system. How does it differ from double entry system?
4. / From the following Trial Balance extracted from the Books of Kamalnath, prepare Trading and Profit & Loss A/c and Balance Sheet for the Year ended 31.12.96.
Debit Balance / / Credit Balance /
Cash at Bank / 2,610 / Creditors / 4,700
Book Debts / 11,070 / Discounts / 150
Salaries / 4,950 / Creditors for Expenses / 400
Carriage inwards / 1,450 / Returns outwards / 2,520
Carriage outwards / 1,590 / Sales / 80,410
Bad Debts / 1,310 / Capital / 40,000
Office Expenses / 5,100
Purchases / 67,350
Return inwards / 1,590
Furniture & Fixtures / 1,500
Stock / 14,360
Insurance / 3,300
Depreciation as Property / 1,200
Freehold Property / 10,800
1,28,180 / 1,28,180
Adjustments:
1. Make provision for doubtful debts at 5%.
2. Calculate discount on creditors @ 2%.
3. Office expenses include stationery purchased 800
4. Carriage inwards includes carriage paid on purchase of furniture 50.
5. Outstanding salaries 150.
6. Prepaid insurance 300.
7. Stock on hand 10,700 (including stationery stock 200).
5. / The following is the Receipts and Payments amounts of Chidambaram Recreation Club for the Year ended 31.03.2002.
Receipts / / Payments /
To Balance b/d / 7,000 / By Salaries / 28,000
To Subscription:
2000-2001 – 5000
2001-2002 – 20000
2002-2003 – 4000 / 29,000 / By General Expenses / 6,000
To Rent for Use of Conference Room / 14,000 / By Electricity / 4,000
To Receipt from entertainment facilities / 28,000 / By Books Purchased / 10,000
To Sale of old magazines / 2,000 / By Periodicals purchased / 8,000
By Loan repaid / 20,000
By Balance C/d / 4,000
80,000 / 80,000
Additional Data:
- The club has 50 members, each paying Rs. 500 p.a. as subscription.
- Subscriptions outstanding on 31.3.2002 6,000.
- Salaries outstanding 2,000 Salaries paid include 6,000 for 2000-01.
- On 1.4.2001, the Club’s properties were: Building 2,00,000, Furniture and Fittings
20,000 and Books 20,000. - Provide 10% depreciation on Buildings and Furniture.
6. / The following transactions took place between Ram and Krishna from 1.1.90 to 30.6.90.
1990 /
Jan. 1 / Sold goods to Ram / 2,240
Jan. 10 / Received Ram’s acceptance at 2 months / 1,000
Feb. 15 / Received cash from Ram / 1,200
Mar. 2 / Bought goods from Ram / 5,500
Mar. 3 / Accepted Ram’s bill at 1 month / 2,000
April 11 / Paid cash to Ram / 2,000
April 30 / Sold goods to Ram payable upto 31st May / 2,400
May 11 / Bought goods from Ram / 1,500
May 31 / Sold Goods to Ram payable upto 10th June / 2,200
June 15 / Bought goods from Ram / 3,000
Prepare the account current to be sent by Krishna on 30th June 1990. The rate of interest is 5%.
7. / On 1st May 1999. Madhan accepted a two months bill for 10,000 drawn on him by Mani for the latter’s benefit. Mani discounted the bill on 4th May @ 12% p.a. and on the due date sent Mahdan duly honoured his acceptance. Pass Journal Entries in the Books of Mani and Madhan.
8. / Madasamy of Madurai forwarded on 1.6.99 Hundred Mopeds to Jafar of Kolkatta to be sold on his behalf. The cost of one Moped was 1600 but the invoice price was 2000. Madasamy incurred
20,000 on insurance and freight. The consignment was received by Jafar of an 10.6.99. He also sent a Bank draft for 1,50,000 as advance against the consignment.
Jafar also incurred 1,200 on godown rent and 2,800 on advertisements on 10.8.99, Jafar sent an Account Sales stating that he had sold 90 Mopeds at a price of 2,150 each. He is also entitled to a commission of 5% on gross sales.
You are required to show the Ledger Accounts in the Books of Madasamy and Jafar assuming that the balance due by Jar is sent by Bank draft on 31.8.99.
9. / From the following particulars prepare a Debtor Ledger Adjustment A/c and purchase Ledger Adjustment A/c in the General Ledger for the year ended 31.12.1989.
/
Purchase Ledger (Cr.) / 2,00,000 / Purchase returns / 1,00,000
Purchase Ledger (Dr.) / 22,700 / Sales returns / 80,000
Sales Ledger (Cr.) / 2,400 / B/R received / 3,00,000
Sales Ledger (Dr.) / 4,21,000 / B/P accepted / 2,00,000
Credit Purchases / 20,00,000 / Bad debts written off / 10,000
Cash Purchases / 2,00,000 / Provision for Bad debts / 10,000
Credit Sales / 18,00,000 / B/R dishonoured / 40,000
Cash Sales / 7,00,000 / Cash received from debtors / 12,00,000
Closing Balance:
Purchase ledger (Dr.)
Sales Ledger (Cr.) / 17000
9000 / Cash paid to creditors / 16,00,000
10. / Ram and Laxman are equal partners in a Business in which the books are kept by single entry. Their position on 1.7.2010 was as under.
/
Bills Payable / 12,400 / Cash in hand / 540
Sundry Creditors / 40,000 / Cash at Bank / 27,760
Capital A/c.
Ram 1,60,000
Laxman 1,60,000 / 3,20,000 / Bills receivable
Sundry Debtors
Stock
Plant & Machinery
Furniture / 9,200
97,300
67,600
1,60,000
10,000
3,72,400 / 3,72,400
On 30.06.2011 the following was the state of affairs:
/
Cash in hand / 800 / Cash at Bank / 31600
Sundry Creditors / 42400 / Stock / 73400
Sundry debtors / 132600 / Bills Payable / 1200
Bills receivable / 17600
Plant and Machinery and furniture are to be depreciated by 10%.
Drawings: Ram: 20,000
Laxman : 16.000
Ascertain the profit for the year ended 30.6.2011 and statement of affairs as on that date. Prepare Capital Accounts of Partners.
jkpHhf;fk;
vitnaDk; Ie;J tpdhf;fSf;F tpilaspf;ft[k; (5 × 20 = 100)
2. / nja;khdk; vGJk; Kiwfis tpsf;Ff.
3. / xw;iw gjpt[ Kiwia tpsf;Ff. ,ul;il gjpt[ KiwapypUe;J mJ v';'dk; ntWghLfpwJ.
4. / ork;gh; 31.12.96y; fky;ehj; g[j;jf';fspy; ,Ue;J vLf;fg;gl;l ,ug;gha;tpypUe;J tpahghu/ ,yhg el;l fzf;F kw;Wk; ,Ug;g[ epiyf; Fwpg;ig jahhpf;f.
gw;W ,Ug;g[fs; / / tut[ ,Ug;g[fs; /
t';fpapy; cs;s th;f;fk; / 2,610 / fldPe;njhh; / 4,700
g[j;jf fldhspfs; / 11,070 / js;Sgo / 150
rk;gsk; / 4,950 / bryt[ fldPe;njhh; / 400
cs;J]f;F / 1,450 / btspj;jpUg;gk; / 2,520
btsp J]f;F Typ / 1,590 / tpw;gid / 80,410
thuhf; fld; / 1,310 / tpw;gid / 40,000
mYtyfr; bryt[ / 5,100
bfhs;Kjy; / 67,350
cs;jpUg;gk; / 1,590
miwfyd;fs; kw;Wk; bghUj;Jjy;fs; / 1,500
ruf;fpUg;g[ / 14,360
fhg;gPL / 3,300
brhj;Jf;fs; kPjhd nja;khdk; / 1,200
mirah brhj;Jf;fs; / 10,800
1,28,180 / 1,28,180
rhpf;fl;Ljy;fs;:
- Iaf; flDf;F 5% xJf;fPL.
- 2% js;Sgo fldPe;njhh; nky; fzf;fpLf.
- mYtyf bryt[fspy; vGJbghUs; th';fpa 800 nrhf;fg;gl;Ls;sJ.
- kidj;Jizg;bghUs; th';Fk;bghGJ Vw;gl;l J]f;FTyp 50 cs;J]f;F Typapy; nrh;f;fg;gl;Ls;sJ.
- bfhLglntz;oa rk;gsk; 150.
- Kd;Tl;o brYj;jpa fhg;gPL 300.
- ,Wjpr; ruf;fpUg;g[ 10/700 (,jpy; vGJbghUs; ruf;F 200 nrh;f;fg;gl;Ls;sJ.
5. / gpd;tUgit rpjk;guk; kdkfpH; kd;wj;jpd; 31.3.2002 tiu cs;s bgWjy; brYj;Jjy; fzf;fpw;Fhpait.
bgWjy; / / brYj;Jjy; /
To ,Ug;g[ fP/bfh / 7,000 / By rk;gsk; / 28,000
To re;jh bgw;wJ:
2000-2001 – 5000
2001-2002 – 20000
2002-2003 – 4000 / 29,000 / By bghJr; bryt[fs; / 6,000
To gpur';f miw thlif / 14,000 / By kpd;rhuk; / 4,000
To nfspf;if trjpfs; _yk; bgw;wJ / 28,000 / By g[j;jf';fs; th';fpaJ / 10,000
To giHa gj;jphpf;if tpw;wJ / 2,000 / By khjhe;jpu gj;jphpf;iffs; th';fpaJ / 8,000
By fld; jpUg;gpaJ / 20,000
By ,Ug;g[ fP/, / 4,000
80,000 / 80,000
nkw;go jfty;fs;:
- kdkfpH; kd;wj;jpy; 50 cWg;gpdh;fs; cs;sdh;. Xt;bthUtUk; 500 Mz;L re;jh mspf;fpd;wdh;.
- 31.3.2002y; bfhLf;fg;glntz;oa re;jh 6000.
- bfhLglntz;oa rk;gsk; 2000. brYj;jpa rk;gsj;jpy; 2000-2001k; Mz;ow;Fhpa 6000 nrh;f;fg;gl;Ls;sJ.
- 1.4.2001 md;W kdkfpH; kd;wj;jpd; brhj;Jf;fs;: fl;olk; 2/00/000/ kidj;Jizg; bghUl;fs; 20/000 nkYk; g[j;jf';fs; 20/000.
- fl;olk; kw;Wk; kidj;Jizg; bghUs; kPJ 10% nja;khdk; xJf;Ff.
6. / 1.1.90y; ,Ue;J 30.6.90 tiu fPH;fhDk; elt;fiffs; uhk; kw;Wk; fpU\;zhtpw;F ,ilna epfH;e;jJ.
1990 /
#dthp 1 / uhkpw;F bghUs; tpw;wJ / 2,240
#dthp 10 / uhk; Vw;Wf;bfhz;l 2 khj khw;Wr;rPl;L / 1,000
gpg;uthp 15 / uhkplk; bgw;w buhf;fk; / 1,200
khh;r; 2 / uhkplk; ,Ue;J th';fpa bfhs;Kjy; / 5,500
khh;r; 3 / uhk; vGjpa 1 khj khw;Wr; rPl;L Vw;wJ / 2,000
Vg;uy; 11 / uhkpw;F brYj;jpa buhf;fk; / 2,000
Vg;uy; 30 / uhkpw;F tpw;gid jtid ehs; 31 nk tiu cs;sJ / 2,400
nk 11 / uhkplk; ,ue;J bfhs;Kjy; th';fpaJ / 1,500
nk 31 / uhkpw;F tpw;wJ (jtid ehs; #&d; 10 tiu cs;sJ) / 2,200
#&d; 15 / uhkplk; ,Ue;J bfhs;Kjy; bgw;wJ / 3,000
fpU\;zh 30.6.1990 md;W mDg;gpa eilKiwf; fzf;if jahh; bra;at[k;/ tl;otpfpjk; 5%.
7. / 1.5.1999 md;W jd; njitf;fhf kzp/ kjd; nky; vGjpa 2 khj khw;Wr;rP;L 10/000j;ij kjd; Vw;Wf;bfhz;lhh;. 4.5.1999y; kzp mij 12%f;F js;Sgo bra;J gzk; bgw;Wf; bfhz;lhh;. bfLehspy; kjd; mjw;Fhpa gzk; brYj;jpdhh;. kdp kw;Wk; kjd; Kjw;Fwpg;ngLfsps; ,ij gjpt[ bra;f.
8. / kJiuiar; nrh;e;j khlrhkp vd;gth; 1.6.99y; 100 ,U rf;u thfd';fis mth; bghUl;L tpw;gjw;F fy;fj;jhtpy; cs;s #hgh; vd;gtUf;F mDg;gpdhh;. xU thfdj;jpd; mlf;ftpiy 1680 Mdhy; ,lhg;g[tpiy 2000. khlrhkp bghUis mDg;g[tjw;fhf fhg;gPL kw;Wk; mDg;g[f; Typahf 20/000 bryt[ bra;jhh;. #hgh; ,e;j mDg;gPil 10.6.99 md;W bgw;Wf; bfhz;lhh;. nkYk; mDg;gPL Kd;gzkhf 1/50/000 t';fp tiunthiy _ykhf #hgh; khlrhkpf;F mDg;gpdhh;.
#hgh; gz;lfrhiy thlifahf 1/200k;/ tpsk;gur; bryt[f;F 2800k; brYj;jpdhh;. 10.8.1999k; njjp #hgh; 90 thfd';fs; xd;Wf;F 2/150 Mf tpw;wjhf tpw;gid mwpf;ifia mDg;gpdhh;. nkYk; #hgh; 5% fHpt[ bkhj;j tpw;gidapy; vLj;Jf; bfhs;syhk;.
kPjp cs;s gzj;ij #hgh; t';fp gztpil _ykhf 31.8.99y; brYj;jpajhf fUjp ngnul;L fzf;Ffis khlrhkp kw;Wk; #hgh; g[j;jf';fspy; jahhpf;ft[k;.
9. / 31.12.1989 tiu Koaf;Toa tUlj;jpw;F gpd; tUk; tptu';fspy; ,Ue;J bghJ ngnul;oy;/ fldhspfs; ngnuL rhpfl;ly; fzf;ifa[k;/ bfhs;Kjy; ngnuL rhpfl;ly; fzf;ifa[k; jahh; bra;f.
/
bfhs;Kjy; ngnuL (tut[) / 2,00,000 / btspj;jpUg;gk; / 1,00,000
bfhs;Kjy; ngnuL (gw;W) / 22,700 / cs;jpUg;gk; / 80,000
tpw;gid ngnuL (tut[) / 2,400 / tut[f;Fhpa cz;oay; bgw;wJ / 3,00,000
tpw;gid ngnuL (gw;W) / 4,21,000 / brYj;Jjw;Fhpa cz;oay; Vw;Wf;bfhz;lJ /
2,00,000
flDf;F bra;j bfhs;Kjy; / 20,00,000 / tuhf;fld; ePf;fpaJ / 10,000
buhf;f bfhs;Kjy; / 2,00,000 / tuhf; fld; xJf;fpaJ / 10,000
fld; tpw;gid / 18,00,000 / kWf;fg;gl;l tut[f;Fhpa cz;oay; /
40,000
buhf;f tpw;gid / 7,00,000 / fldhspfsplk; ,Ue;J bgw;g;gl;l buhf;fk; /
12,00,000
Kot[ ,Ug;g[fs;:
bfhs;Kjy; ngnuL (gw;W)
tpw;gid ngnuL (tut[) / 17000
9000 / fldPe;njhUf;F brYj;jpa buhf;fk; /
16,00,000
.
10. / uhk; kw;Wk; yB;kd; rhprkkhd g';fhspfshf cs;s tpahghuj;jpy; xw;iw gjpt[ Kiwapy; fzf;F g[j;jf';fis itj;jpUe;jdh;. 1.7.2010y; mth;fspd; epytuk; gpd;tUkhW.
/
brYj;Jjw;Fhpa khw;Wr;rPl;L / 12,400 / buhf;fk; ifapUg;g[ / 540
gw;gy fldPe;njhh; / 40,000 / t';fpapy; cs;s buhf;fk; / 27,760
_yjd';fs;:
uhk; 1,60,000
yB;kd; 1,60,000 / 3,20,000 / bgWjw;Fhpa khw;Wr;rPl;L
gw;gy fldhspfs;
ruf;fpUg;g[
bghwp kw;Wk; ,ae;jpuk;
kidJizg; bghUs;fs; / 9,200
97,300
67,600
1,60,000
10,000
3,72,400 / 3,72,400
30.6.11y; mth;fspd; epiy gpd;tUkhW.
/
ifapUg;g[ buhf;fk; / 800 / t';fpapYs;s buhf;fk; / 31600
gw;gy fldPe;njhh; / 42400 / ruf;fpUg;g[ / 73400
gw;gy fldhspfs; / 132600 / brYj;Jjw;Fhpa khw;Wr;rPl;L / 1200
bgWjw;Fhpa khw;Wr;rPl;L / 17600
nja;khdk; bra;jJ: bghJ kw;Wk; ,ae;jpuk; 10%
kidJizg; bghUs; 10%
vLg;g[fs;: uhk; 20/000
yB;kd; 16/000
30.06.2011 tiu Koa[k; tUlj;jpw;Fhpa ,yhgj;ij fzf;fPL kw;Wk; epiy mwpf;if me;j njjpf;Ff; fzf;fplt[k;. g';fhspfspd; Kjy; fzf;if jahhpf;ft[k;.
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