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ililllilililililllillllililffill os - 302
I SemesterB.Com. Examination,October/November2012
(SemesterScheme)
(2011-12 Batch & Onwards)
COMMERCE
FinancialAccounting- I
Time: 3 Hours Max.Marks: 100
_A
SECTION
AnsweranySsubquestions Eachsubquestion
fromthefollowing. carries2marks;
(8x!a!6)
1: a) Stateanytwofeaturesof hirepurchasesystem.
b) Whyis minimumrentclauseincluded
inthe royaltyagreement
?
receivedin purchasepriceto be
c) Statein whichratioshouldthedebentures
amongthepartners.
distributed
g) Cana sellerseizetheassetsunderinstalment
system? Why?
h) WhyRevaluation
accountopenedinthebooksof theamalgamating
firms?
i) Stateanytwo objectives
of saleof a firmto a company.
j) Mention
anytworightsof hirevendor.
P.T.O.
os - 302 -2-
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_B
SECTION
Answeranythreequestions
fromthefollowing.
Eachquestioncarriesgmarks.
(3x8=24)
2' A companytakesoverthe following
assetsand liabilities
froma partnership
firm.
Rs.
LandandBuilding 45,000
PlantandMachinery 20,000
Stock 20,000
Debtors 23,000
BillsReceivable 16,000
CurrentLiabilities 2g,g00
Thevalueof goodwillis fixedat Rs.2g,g00.
calculatepurchaseconsideration
whichis payablein 10,000Equityshares
of
Rs.10eachandthebalancein cash.
3. calculatethecashpriceof an assetfrom
thefoilowingdetairs:
Downpayment , Rs.4,500
llnstalment Rs.4,200
fl Instalment Rs.3,900
fflInstalment Rs.3,600
lV Instalment Rs.3,300
Rateof interesl1Oo/o
p.a.
r|luflt|l|ililtilil1ililtililffit -3- os - 302
4. PrepareRoyalties
Analytical
Tableandshortworkings
accountfromthefollowing
details:
a) Minimum
RentRs.20,000p.a.
b) RoyaltypayableRs.5 perton.
c) Shortworkingscan be recovered
duringfirst4 yearsof the leaseonly.
d) Theproduction
for the first4 yearswereas follows:
2000-2,000tons
2OO1-3,000tons
2AA2*4,000tons
2003- 4,500tons.
9,000 g,000
MandN decidedto amalgamate
withM/sO andP on thefollowingterms.
Plantandmachinery
to be takenoverat Rs.1,600;
Stockat Rs. 1,800;Sundrydebtorsat Rs. 1,6B0;Furniture,
Creditors
at book
values.
PassJournalentriesto closethe booksof M/sM andN.
I os - 302
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6. Vijay purchaseda Motor
carfromMysoreMotors
Instafment on 1stJanuary2006 on
system
Thepaymentis to be made
as foflows:
Rs'40,0000n defiveryRs.
76,000at the endof the first
end of secondyearand year,Rs.60,000at the
Rs' 55,000at the end of
10o/op'd' is includedin these the thirdyear.Interestat
installments.
vijay chargeddepreciation
motorcarat 20% p.a.on the on the
diminishingBalance method
Youarerequiredto prepare
InterestSuspenseAccount.
SECTION
- C
Answeranyfour questions.
Eachquestion carries15 marks.
@x15_60)
7' Ashokacompanypurchased
a Truckon 1.1.2a12under
cashpriceof Rs.46,500, instarf
mentsystemfora
Rs.1,500is to be paidon
bafance signingtheagreement,the
is payabfein threeannuaf
instarments of Rs.15,oo0
5% interest. eachtogether
with
Depreciation
is to be chargedat 1oo/op.a
onthereducingbarance
method.
Preparethenecessary redgeraccountsin thebooksof Ashoka
company.
8' Mr' Guptapurchased
a machineon 1.1.2o12under
Mr.pankaj. hirepurchasesystemfrom
Thecashpricewas, ,Rs.
,v.15,500.
,e,,.rvu.
The
I ne paymentforthepurchase
be madeas under. is to
..
on signingof the agreement
Rs.3,000,firstyearend
endRs.5,000andthirdyear Rs.5,000,second year
endRs.5,000.
Makethe necessaryJournar
entriesin the booksof
depreciation
at 10"/oondiminishing Mr. Guptacharging
Bafance method.
Iilillll llilil||
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of A andB.The 'Balance
Ltd.wasformedto takeovertheassetsandliabilities
10..,R
Sheetof A andB on 31-12-2011,
wasasfollows:
Furniture 10,000
LandandBuildings 48,000
1,68,000 1,68,000
Thepurchase
consideration andwasto be paidas
wasagreedat Rs'2,00,000
under:
c ) R s . 2 0 , 0 0i0n c a s h .
t'
premises
Theadjoining werepurchased
forRs.1,00,000
andadditionalstock
of
Rs.1,40,000wasobtainedfromopenmarket.
Recordtheabovetransaction
inthebooksof R Ltd.throughJournalEntriesand
draftitsOpeningBalanceSheet.
Year Output(tons)
2005 2,000
2006 3,000
2007 4,000
2008 4,500
2009 5,000
Prepare:
a) DeadRentA/c
b) RoyaltiesA/c
c) ShortworkingsA/cand
d) Landlord
A/cin the booksof NischalMinesCompany.
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dddudS
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(8x2=16)
ddfetl w$ox,.ds ddf oddr eroddsir'
or dddoddrildO-8
dOdzmario$dpdriooa&dlcb'Ad?
b) oorddd z-d1od$
dOe dd1o$Ed
d) oaorrooddoCn ea;dobO-doddoi odr u4dddldridrdraddo
aa$Odenrbd)cjJ?
Oe3o3:O-
e) dlodd deaaodded:?
f) dodzmariaodded:?
ulobdldddazudo{u*de ? ad ?
g) dod:dodc,cdobO-CI$o$cnd$
h) i oo3oerdrtosd oJ:$oddobdl d: ad ?
i o*ld O-{l do djo e-rrand
add; d*dddd,lse&o.
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Aqtod- tl
-- - - - - - o 6arD?Dpddd:,
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2. aocb&o$tud 'dod_ob ----- -
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t ocbmwo.rod io{ouod
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a
drtd>dooad.
dra.
o$odgedddeo 20,000
mB$ 20,000
abodrtC) 23,000
tddeodd>oa 16,000
zroO
JO
aoaznodd.) 28,800
aJe3odrdldodrbaouo:
6eErdPer,drD.28,800&da dadcnn{ .aDOeo
abd;zmsod:qdrid droddel0edel,
dro.10,000;odnd, de&dddro.1OdDsDLJeJob
drosbd dodO?"&d.
t/ qJ
dodrbaoc:o.
dqldodadddeod erlob ddcb &Jeio$d1
I dedod> dJo.4,200
ll dedod> dro.3,900
lV dedod: d,o.3,300
?JaddEe10 asaard.
i,i
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wd{andoJr$odolnorr'
4. dr dddodaddrieodoasgdddqdry! dractd
a) dO{marl aoard drD.20'000
ds t"lQ{do.s.00
b) oaagdd
c) dodd erud$-eru{ddrieedddddode-r4ddrddO-dDg
d) dodoa ddrdd eruoa$d.
2000- 2000u$dsb
2001- 3000e3dldqr)
2002-4000 $d]"lgt)
2003- 4500rr$i"l$b.
dt"3sr
eJfuD3do?irooo
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8,000 8,000
ffilllllllll
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d:{;,-oOdddldrdcbOJ$doddrldrdndoul
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aaard uG.de10%do$ddO-deod.
dde u6odd0-).
dddeaoard de20 ddg(a*bdo deJod>
.
sqtDrl- tu
.
dodOo::lz"ocbg!*Qdo$ $oeo dqlobo;aDoeaxd>
T. ooaod1.1.2012dod:erdned
, i:..
do. 46,500
g6"d ddcb aJeJ
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aaard dro.15,000
deodq d*& dod:rldO-
doadl*gd*db aad:aorldo. 1,500erupd
de5%doduB deol.
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8. aoad 1.1.2012dod: dcaqdd& uod5 oJr€dq?DPri dosboado$
15,500ddldradrd aOad€r Eddodod'ad.
dodarddood$oea:.rd&.ddcb sJeJ
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l:-1Xb?*:?3*3ffi *yd$dxnmao=?jl{,*qdoa:do$ug
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" ;SH5n*.mff*q ddc
2) A djJ* B 01>xborab
do.20,000d:* X db* y
3) A ab* B o$ Doe* xOoaab
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dro.1s,oo0abdJdd$
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srleri drlOods,.Je$. abeejdeg
4) x $$ y ot
oJ:odgeiddeao, &je,orrdrdo. 25,000
dgri erroda&d,dddo
#j;::f:$;T,ffi :f;f,USp':'l'ddd,^,Dodrndudood
(
1.l \r) A
.n\ B
n---.r r ---
u a*?n
b * X y rd to5ngO_erddrda>ddddldobo,rr.
odrid
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os - 302 -14-
no{Od1 BdoQdennC'
10. A $4 B aDwelroddo{o::d1$oeodw R uodand
dt^131.12'2011, docb6* oegqd'
A rb* B o$ erl 66"?troo
uD5osdO-deo 12'000
uodFtd,and:
.ledoedddeadsb 10,000
1,68,000 1,68,000
drod*ado$LjeJobdro.2,00,000udd:o€roegaodgietrnd.
nadnd,ded:deb
1) do. 20 $)sD LJeJo3:5,600
6%dddJ udrd de&d+t>
2) 100dro. *)sD aJeic) 68,000do' dfoe-rrd
3) 20,000do. ddcb.
drl&dood:
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2005 2ooo
2006 3000
2W7 4000
2008 4500
2009 5o0o
0**f dsddoded{ddde1
a) do{e,nariarrd
b) oarddand
c) dnddwd{and
d) qio dnOedmdo$d1dCIno&.