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I semester B.com. Examination, october/November 2o12
(New Syltabus Scheme)
(2012 - 13 and Onwards)
COMMERCE
1.3 : FinancialAccounting - |
Tirne: 3 Hours Max.Marks: 100
Instruction : Answershouldbe writtencompletety eitherin Engtish or in
Kannada.

_A
SECTION

Answerany10 subquestions fromthefollowing.

Eachquestion
carries2marks.
(ax2=20)
1. a) what is rightof repossession
?
b) Giveanytwoadvantages of converting
thebooksof accounts
fromsingle
entrysystemto doubleentrysystem.
c) Givethespecimen
of Billsreceivable
accountas prepared
undersingle
entrysystem.
d) Whatis meantby recoupment
of shortworkings
?
e) Whyis minimumrentclauseincluded
inthe Royaltyagreement
?
f) Ascertain
creditsalesfromthefollowing
Debtors
on 1.1.2010 1,54,000
CashReceived 3,50,000
BadDebts 14,000
Debtors
on31.12.2010 1,2Z,SOO
BillsReceivablesDishonoured
9,000
g) Whatremedies a lnstalment
vendorhasif anyinstalment
is notpaidby
thehirepurchaser?
h) WhatJournalentryis passedto recordirrecoverable
shortworkings
in
thebooksof Tenant?

P.T.O.
 os - 297 -2- |il]]rililt
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i) Whatis meantby purchaseconsideration?
j) Howdo youcalculate instalmentpriceof an assetunderhirepurchase
system?
k) Giveanytwoadvantages of accounting.
l) DefineBookkeeping.

_B
SECTION

A n s w e ra n y f o u r q u e s t i o n sf r o m t h e f o l l o w i n gE. a c h q u e s t i o nc a r r i e s
'----.
Smarks. (4xg=32
2. Explain
anyfouraccounting
concepts.
3' Fromthefollowing information
findoutopeningdebtorsandclosingcreditors.
t
Debtors on 1stApril2010 ?
Creditorson 1stApril2010 7,20,000
BillsReceivableon 1stApril2010 7,00,000
Billspayableon lstAprilZO|O 5,20,000
T
Totalsales 16,00,000 ReceivedfromDebtors Sg,00,000
Totalpurchase 10,00,000 Billsreceivable
encashed 20,00,000
CashSales 78,60,000 BillsReceivabledishonoured 2,00,000
Cashpurchases 40,00,000 Billspayablepaid 29,60,000
Discountreceived 20,000 Billspayabledishonoured 2,00,000
Discountallowed 40,000
Paymentto creditors 29,40,000
Debtorson3l$March201 1 9,00,000
Creditors on31stMarch ?
BillsReceivable on 31stMarch2011 t 6,90,000
Biflspayableon 31stMarch2011 {4,60,000
4. Mr'Raopurchased an asseton hirepurchase systemwhosecashpricewas
{ 5,00,000andheagreedto payRs.1,50,000 onsigning
thecontractr
2,00,000
at the endof firstyear,t 1,00,000 at theendof secondyearand50,000at
theendof thirdyear.lf interestis chargedat 5% p.a.Findoutthetotalhire
f; purchase priceandprepareInterestalc.
-1

|Iiltililtiltiltililtililffiffl -3-
os - 297
5' SriRamMines& Co.tooka leasefroma landlord f9r a periodoI 2oyears
from1"t ,g,u of Rs. r o [urlon of ironore raisedwitha
minimumRent i096_ot 119vartv
of t 40,000andpower,tor'ecoup srrortwo*ingi
firstfouryearsof thelease.Theannuaroutputwasas under. ouringthe
2006- 2000tons,2oo7- 3000tons,2o0B- 4000tons,
2010-5000 tons. 2009- 4s00tons,
Prepare shortworkingsa/cin thebooksof sri RamMines.
6' Cafculate
purchaseconsideration
fromthefollowingandpassJournalentries
inthebooksof thepurchasingcompany.
a) 1000equitysharesoft 100/-each,issuedat a premium
of 20%
b) 1000preferencesharesoft 100each
c) 100010%Debentures ofT 100each@2%discount
d) Cash@t2,50,000.

_C
SECTION
Answeranythreequestions. Eachquestion carries16 marks. (3x16=48)
7. Thefollowing
is theposition
of Mr. Hazzareon1-1-06
{
T
Creditors 75,000 Furniture 20,000
Capital 80,000 Debtors 90,000
Stock 40,000
Bank 5,000
1,55,000 1,55,000
HisBanktransactionduringyearwere t
Receipts
f romcustomers 3,50,000
Drawings forpersonalexp. 60,000
Paymentof salaries 30,000
Paymentof creditors 2,20,000
Paymentto Rent 15,000
Mis.exp. 4,000
on 31/12106debtorsstoodatT95,000andcreditorst64,000.Noinventory
of stockwastakenon 31/12106.
Butthe Grod proiitwasestimated@ so%
on salesmadeduringtheyear.
Prepare P&La/cfortheyearandBalance sheeton 31/12/06.
 '+ lllll
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OS - 297
Their
respectivelY.
S.PandQwerepartnerssharingplofiJs.in,ratioo|2:1 into
theirbusiness
riie"idn C1112/O4on
batance datetheyconverted
w:hich
a companywasasfollows'
t T
60,000 Cash 14,000
Creditors
Debtors 52,000
Mortgageon Freehold
20,000 Stock 32,000
premises
Machinery 10,000
Capitals:
40,000 FreeholdPremises 32,000
P
o 20,000
1,40,000
1,40,000
tookoveralltheassetsandliabilities exceptmortgage onfree
Thecompany payatieas to-t 24'000 in
holdpremises fora purchase pi[e oiti,2O,OO0
inequitysflare,gf
O'atahce Rs'100
cash,Rs.48,000inbenentures'andine trandaction have been
each.croset;""#;kJoi theiirm aiierihe above agreeto share debentures
carriedout.fvloriglg"n"i beenpaidandPgrtners inthe
andsharesin pr"op'6rtion theledgeraccount
to tfreiriipitat.'erepare
bookofthefirm.
9. On 1-1-07 ,Yogeshwar obtained a miningleaseonthetermthata royqlty,gj
Rs.5 pertono1outputis payaOte subjedt to,aminimum rentof Rs'24p00
o.a.The,".oupi-t-"*fifoilhoitwo*ing6 *as limitedto a periodof firstthree
i"ir, ;i thetedse.Following information isgiven.
Year OutPutin tons
2W7 3000
2008 3500
2009 5000
2010 7000
show the necessary ledgeraccountinthe booksof Yogeshwar'

10. prasanna purchased romBangalore

a machinery.f MotorsLtd'on 1stJanuary
ZO14on hirepuiinate system.ttre payme-nt is to be madeas follows'
T50,000,paid at thetimeof agreement
t 3,60,000at theendof 2004
t 3,45,000 attheendof 2005
t 3,30,000 at theendof 2006
t 3,15,000 attheendof 2007
Rateof interestis 12%P'a'
diminishing
Prasannachargeddepreciation on machinery .@?5% p 1 -o.!inthebooks
balance.Vouir[ requiieOto preparenecessary ledgeraicounts
of Prasanna.
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