Model Question Paper | university Exam Question Paper 2015
B.Com.(Hons) (Second Semester)Examination, May 2015Financial Accounting
GGV, Central university- End Semester May 2015
Paper:
Time
Allowed : Three hours
Maximum
Marks : 60
Note: Attempt five
questions in all. Question No. One is compulsory carrying 20 marks. Remaining
four questions carry 10 marks each.
1.
Short Answered
Questions: 2x10=20
i.
X, Y and Z are partners
sharing profit in the ratio of 5:3:2, G is admitted for 1/5 share in future
profit. Calculate sacrificing ratio?
ii.
What is Revaluation
Account? Why is it prepared?
iii.
What do you mean by
gaining ratio.
iv.
Mention any two
characteristics of Hire Purchase system.
v.
A Company agreed to
purchase wagons from the vendor on Hire Purchase System for Rs. 4,600. Rs.600 was
paid when wagons acquired i.e. on 1st January 2005, and the balance
was to be paid by annual instalment of Rs. 800 plus interest at 5% per annum.
Show calculation of interest.
vi.
What journal
entry/entries will you pass if admitting partner brings his share of goodwill
in cash?
vii.
Calculate the amount of goodwill at two
years purchase of the last five years average profits. The profits of last five
years were Rs.17000, Rs.25000, Rs. 35000, Rs.3000 (loss) and Rs.4000 (loss)?
viii.
A B and C are partners sharing profits
in the ratio of 3:2:1. B retires and on the date of B’s retirement, Goodwill is
valued at Rs.60,000. Pass necessary journal entries.
ix.
Give Specimen of
Realisation Account.
x.
From the following
information calculate amount of opening debtor;
Cash Sales 4375
Cash received from Debtors 9475
Closing Debtors 2290
Credit Sales 10250
Financial Accounting B.Com.(Hons) Second Semester university Question
Long Answer Type
(Attempt any four) 10x4=40
2.
Explain the characteristics and
advantages of Joint Venture.
3.
What do you mean by Partnership? Explain
its essential features.
4.
Explain the concept of Hire Purchase
System. Discuss the differences between Hire-Purchase System and Instalment
Payment System.
5.
Culcutta Transport Company purchased
Truck from Ashoka Automobiles on 1st January, 2011 on hire-purchase
system. The cash price of the truck was Rs.3,20,000 which was payable as under:
1-1-2011 1,00,000
31-12-2011 80,000
31-12-2012 80,000
31-12-2013 82,478
Ashoka automobiles charged interest
@5% per annum on the unpaid amount. The purchasing company decided to write off
depreciation @ 20% of the cost price each year. Prepare necessary accounts in
the books of Calcutta Transport Company for three years. Also show the
calculation of interest, depreciation and the instalment.
6.
A, B and C are in partnership sharing
profits and loses equally. On 31st March, 2009 their Balance Sheet
was as follows:
|
Liabilities
|
Rs.
|
Assets
|
Rs.
|
|
Creditors
B’s Loan
Bills Payable
Reserve Fund
A’s Current A/c
B’s Current A/c
Capitals:
A 20,000
B 10,000
C 10,000
|
13,000
2,500
500
3,000
1,500
1,500
40,000
|
Cash
Debtors
Stock
Furniture
Machinery
C’s Current A/c
Goodwill
|
1,500
12,500
29,000
1,000
5,000
3,000
10,000
|
|
62,000
|
62,000
|
On the date they
dissolved their partnership the following arrangements were made among the
partners: (i) A agrees to pay Creditors. (ii) B takes over the stock at an
agreed valuation of Rs. 25,000. (iii) C takes over goodwill at Rs. 15,000. (iv)
Bills payable were cleared off, Rs. 10 being allowed for discount. (v) The
remaining assets were auctioned and realized Rs. 15,000. Expenses of
realization amounted to Rs. 120. (vi) B’s loan was also paid off.
Show the
Realization Account, B’s Loan Account, Bank Account, Current Accounts and the
Partners’ Capital Accounts.
7.
D Company has its
Branch in Mumbai. Goods are invoiced to this Branch at 20% profit on invoice
price. From the following details prepare Branch Account in the books of Head
Office showing Branch profit:
Goods supplied to Branch at invoice
price 38,000
Wages paid by Head office 1,520
Rent paid by Head office 1,800
Sundry expenses paid by Head office 200
Cash Sales 24,800
Cash received from Debtors 10,000
Credit Sales 11,200
Discount allowed to customers 400
Goods spoiled 100
Goods returned by customers 200
8.
Arvind and Narendra are
partners in a firm sharing profit and losses in the ratio of 3:2. Their Balance
Sheet was as follow;
|
Capital & Liabilities
|
Rs.
|
Assets & Properties
|
Rs.
|
|
Creditors
Capital Accounts:
Arvind 30,000
Narendra 25,000
General Reserve
|
15,000
55,000
10,000
|
Cash
Debtors
Stock
Patents
Plant
|
2,000
18,000
20,000
10,000
30,000
|
|
80,000
|
80,000
|
Rahul is admitted as a partner on
the following terms;
a) He
will pay Rs.20,000 as capital and Rs. 10,000 as goodwill for one-fourth share
in the profits of the firm.
b) The
assets are to be valued as under; plant Rs. 32,000, stock Rs. 18,000, Debtors
on book value but 5% reserve is to be made thereon.
c) It
was found that the creditors included a sum of Rs. 1,400 which was not to be
paid. It was also found that there was an outstanding liability amounting Rs.
2,000.
Prepare Profit and
Loss adjustment A/c, Partners capital Accounts and new Balance Sheet after
Rahul’s admission.
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