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Series:

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FINANCIAL
ACCOUNTING
(Theory)
Paper II
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Time allowed : 3 hours
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State the meaning of 'Cash
Budget' and any two of its characteristics.
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what is meant by Depreciation
? State any two needs of charging depreciation on fixed
assets.
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Fill up the blanks in the following :
(i) Prize fund received by a club is shown on the
Sheet.
(ii) Excess of expenditure over income is
Sheet.
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What is Profit and Loss Account ?
from capital fund in the Balance
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What is meant by 'Self Balancing System' ? State any two objects of 'Self Balancing
System' ?
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State the meaning of Average due date and any two purposes of calculating Average
due date.
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What are 'Revenue Expenses' ? How do they differ from 'Capital Expenses' ? Give
examples ofany two Revenue Expenses.
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What is meant by 'Sectional Balancing Ledger System' ? State any two points of
distinction between 'Self Balancing System' and 'Sectional Balancing System' of
maintaining the Accounts.
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What is 'Account Cunent' ? Name two parties between whom it can be exchanged.
Explain 'Red-Ink Interest' also.
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side of the Balance
5.
6.
7.
8.
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10. frEfufud
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* 31crd, 2012 o} sqm'r}i
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(
3t-3-2012
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1,000
20,000
8,000
1,600
40,000
14,000
From the following
calculate the amount to be debited to Income and Expenditure
Account of Apollo Hospital for the year endi ng 31 March,2}l2 :
1-4-2011
?
3t-3-2012
t
Stock of Medicines
Creditors for Medicines
Advance for Medicines
1,000
20,000
8,000
1,600
40,000
14,000
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Ranvir & Sons purchased
a machine for { 1,g0,000 on 1., January, 200g and spent
t 20'000 on its freight and fixation. The machine was depreciated at royo p.a. according
to fixed instalment value method. on 1't January, 2010 the firm decided to change its
method of depreciation
from fixed instalment value method to wdtten down value
method with effect from I't January, 200g. The books are closed on 3l.t December
every year.
Prepare machinery account from lrt January 200g to 31rt December, 2010.
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800
1,200
1,000
2,000
3
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13.
Shyam owes Radha the following sums of money due on the dates stated below :
t
Due on 2l't January,2014
Due on 25th February,2014
Due on 2nd March,2014
Due on 12th March, 2014
800
1,200
1,000
2,000
Calculate such a date when payment may be made by Shyam in one instalment without
any loss of interest to either party.
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State Accounting treatment of Closing stock when it is given in adjustments and also
calculate cost value of closing stock from the following :
Opening stock { 25,000; Purchase t 10,000; Sales
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4,000; Gross profit is 30o% on sales.
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t 8,000
-
{ 6,000
From the following information, prepare Cash Budget for the month of April 2014 :
Cash in hand on l't April, 2Ol4
-
{ 16,000
Sales
-
March, 2014
-
April,2014
70% amount is recovered in the month ofsale and balance in the subsequent month.
Purchases
-
March,2014
-
t3,000
-
April,2014
-
{ 4,000
No credit period is allowed by suppliers. A commission of 5%o on sales is paid in cash in
the month of sales itself.
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t 16,000
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t 8,000
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< 6,000
-
? 3,000
-
{ 4,000
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15. fiqftfun t 31 kqt, 201 1 6}
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2,00,000
40,000
20,000
10,000
16,000
2,000
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10,000
4,000
1,00,000
10,000
600
calculate capital fund by preparing Balance Sheet of Smart club for the year ending
3 l't December, 201 1 fiom the following :
t
Cash in hand (31-12-2011)
Life Membership fee
Sports Equipments
Prize Fund (l-1-2011)
Charity Fund (1-1-201
1)
Stationery bill outstanding
2,00,000
40,000
20,000
10,000
16,000
2,000
Prize fund investment
Charity paid
Building
Crockery
Interest on
prize
fund
investment
10,000
4,000
1,00,000
10,000
600
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1,10,000
40,000
1,500
60,000
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5,000
24,000
1,300
From the following particulars extracted from the books of Mohan and Co., who
maintain Bought Ledger and General Ledger on the self balancing system, prepare
Purchase Ledger Adjustment Account on 3 1't Decembe r,2Ol0 :
(
?
Creditors balance (1 -1 -201
0)
Credit Purchases
Retums Outward
Cash paid to Creditors
1,10,000
40,000
1,500
60,000
Cash Purchases
B/P Accepted
Discount allowed by
creditors
s,000
24,000
1,300
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t7. tTqtdfu"d
ylii
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60,000
30,000
20,000
25,000
1,000
1,500
90,000
tr<R
6qhnt*ftq
fqFrdrr
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mrcd
qlq
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45,000
4,000
2,000
3,000
15,000
50,000
25,000
oftfrm{q-<r:
(i)
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(ii) 3rqflq$rrfrkf,
(iii) e{fl{cqrws+{T{
(iv)
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From the following balances obtained from the books of Shagun Goyal, prepare Profit
& Loss Account for the year ending 31't December,2}l2
'.
(
Capital
Fumiture
Building
Machine
Bad Debts
Repairs
Bank
60,000
30,000
20,000
25,000
1,000
1,500
90,000
Debtors
Commission
(Cr.)
Interest on Investments
Taxes and Insurance
Cash
Gross Profit
Investments
45,000
4,000
2,000
3,000
15,000
50,000
25,000
Additional Information :
(i) Depreciation on Machine
(iD Outstanding Repairs bill
(iii) Commission received in advance
(iv) Provision for taxes and insurance
(v) Provision for doubtful debts
(vi)
Interest on capital
@
l0%o p.a.
(
t
(
t 1,000
t 500
{ 1,500
t 2,000
(
3,000
1,000
500
1,500
2,000
3,000
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1 8. tufufuf, lrk
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frtnhlorfu*q
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{ 2,000)
20,500
1,000
15,000
2,000
3,000
5,000
10,000
1,500
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10,800
2,400
1,200
5,000
8,000
4,000
26,600
58,000 58,000
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Prepare Income and Expenditure Account of a religious institute for the year ending
3l't December,2010 from the Receipt and Payment Account given below :
Receipts t Payments
(
Cash in Hand
Subscriptions :
Year 2009
Year 2010
Year 201 I
Donations
Municipal grant
Sale of investments
Sale of fumiture (book
value
(
2,000)
20,500
1,000
15,000
2,000
3,000
5,000
10,000
1,500
Salary
Rent
Stationery
Scooter
Help to poor
Defence bonds
Cash in hand
10,800
2,400
1,200
5,000
8,000
4,000
26,600
58,000 58,000
7
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Additional Information :
(i)
A bill for stationery oft 400 was wrongly included in rent.
(iD
Subscription received in advance on 1-1-2010, t 10,000.
(iii)
Subscription outstanding for the
year
2010, t 5,000.
OR
(a) What is meant by'Non-Profit Organisations' ? Give any two examples of 'Not for
profit organisations' ?
(b)
Distinguish between Profit & Loss Account and Income & Expenditure Account.
(c) Differentiate between Trial Balance and Balance Sheet.
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