Tuesday, June 28, 2016
Roll No........................
Total No.
of Questions : 07
B.Com. (Sem.–2nd)
ADVANCED ACCOUNTING
Subject Code
: BCOP-201 (2011
& Onward Batch)
Paper ID
: [B1117]
Time :
3 Hrs.
INSTRUCTION
TO CANDIDATES :
1. SECTION-A is COMPULSORY consisting
of TEN questions
carrying TWO marks each.
2. SECTION-B contains
SIX questions carrying TEN marks
each and students has
to attempt any
FOUR questions.
SECTION-A
Write Short Notes on the following:
(a) Difference between single entry
system and double entry system
(b)
Partnership deed
(c)
Sacrifice Ratio
(d) Give four examples of ‘revenue
receipts’ for non-proit organizations.
(e)
Dead Rent
(f)
Del Cruder Commission
(g)
Hire Purchase Price
(h)
Goodwill
(i)
Deficiency Account
(j)
Dissolution of Partnership Firm
Section B
Q.2 Y
Ltd. Of Madras obtained on 1st April, 2009 the use of patent from HP Ltd. of
New York on the terms mentioned below :
(i)
A royalty of 1% on sales subject to a
minimum of 380 per annum will be payable
in U. S. dollars; all payments to be
free of the Indian income-tax.
(ii)
The royalty will be payable on 15th April following the year to which it
related.
(iii) Y
Ltd. will have the right of recouping any short workings in the first three
years of the agreement.
Sales affected
by Y Ltd. were as follows:
For the year
ended 31st March, 2010 Rs. 8,00,000
For the year
ended 31st March, 2011 Rs. 11,50,000
For the year
ended 31st March, 2012 Rs. 16,90,000
For the year
ended 31st March, 2013 Rs. 23,00,000
The
income-tax rate concerned is 25%. The value of one U. S. dollar was Rs. 42 till
September 5, 2010 and Rs. 55 thereafter. Prepare accounts in the ledger of Y
Ltd. for the first four years of the
contract.
Q.3
M/s ABC
and Sons follows
single entry system
for maintaining record
of financial transactions. From
the following information available from his records, prepare profit and loss
account for the year ending on March 31, 2012 and a balance sheet as at that date. The rate of depreciation on
furniture is 10%.
Summary
of Cash
Dr. Cr.
Receipts Amount Payments Amount
To
Balance b/d 10,000 By Cash purchases 17,000
To
Cash sales 45,000 By Paid to creditors 18,000
To
Received from 33,000 By
Sundry expenses 10,000
debtors
By
Cartage 6,000
By
Drawings 9,000
By
Balance c/d 28,000
88,000
88,000
Other
information
March
31,2012
March 31, 2011 March 31, 2012
Rs . Rs.
Debtors 8,000
11,000
Creditors
15,400 7,000
Stock
of materials 11,000
15,500
Washing
equipment 30,000
30,000
Furniture
5,000 5,000
Discount
allowed during the year 1,700
Discount
received during the year 1,800
Q4.
From the following particulars related to Ahelaya Devi Charitable Hospital,
prepare an Income and Expenditure Account for the year ended 30th Ju2ne, 13 and
a Balance Sheet on that date.
Receipts
& Payments Account for the year ended 30.6.13
|
Receipts
|
Rs.
|
Payments
|
Rs.
|
|
Balance
in hand on 1.7.12
Subscriptions
Donations
Interest
on Investment @7%
Proceeds
from Annual Day
|
7,130
48,000
14,500
7000
10,450
87,080
|
Payments
for Medicines
Honorarium
to Medical staff
Salaries
to House Staff
Petty
Expenses
Equipment
Purchase
Expenses
for Annual Day
Closing
Balance (30.6.13)
|
30,590
9000
27,500
460
15,000
751
3,779
87080
|
Additional
information
|
|
On
30.6.12 (Rs.)
|
On
30.6.13 (Rs.)
|
|
Subscription
Receivable
Subscription
Received in Advance
Stock
of Medicines
Value
of equipment
Buildings
Outstanding
liability to Medicine suppliers
|
240
64
8,810
21,200
40000
10000
|
280
100
9,740
31,600
38,000
8,000
|
Q.5
S, T and O were partners sharing profits
as 3:2:1. Their capitals on 31st December, 2008 stood as S Rs, 45,000, O Rs.
15,000 and T Rs. 15,500 after adjustments of net profit Rs.
18,000 for the
year ending that
date and their
drawings of Rs.
6,000,Rs. 4,000 and Rs.
2,000respectively. It was
discovered however that
while ascertaining the profit the
accountant did not take into consideration the following matters:
1. Interest @ 6% p. a. on Capital as on
1.1.2008
2.
O was entitled to a salary of Rs.
2,000 per annum of which Rs. 490 was unpaid.
3. Till 31.12.2007 partners were sharing profits
equally and that goodwill was valued at Rs.
12,000 on the
date of re-ascertaining the
proit the accountant
did not take
into Consideration the following matters:
4.
A loan of Rs. 5,000 from T as
brought forward from 2007 carrying interest at 8% p.
a. Was
merged into his
capital on July
1, 2008. No
interest on loan
was, however, charged to profit & loss account.
You are required to
work out a Profit & Loss adjustment account and show the journal entries necessary for re-adjustment of capital
accounts and the revised capital accounts of partners assuming that all their
dues are to be adjusted in Capitals Accounts.
Q.6
Sona, Mona and Dona were partners
sharing proits in the proportions of ½, 1/3 and 1/6 respectively. Their Balance Sheet as on
31st March, 2008 was as under :
|
Liabilities
|
Rs
|
Assets
|
Rs
|
Sundry Creditors 24,000
Cash 2,500
Reserve 12,000
Debtors 16,000
Less : Prov. 500 15,500
Stock 25000
Motor
Vans 8000
Capitals : Plant 35000
Sona 35000
Buildings 45000
Mona 30000
Dona 30000 95000
131000
1310000
Mona retired on that date subject to the following
adjustments:
(a)
The Goodwill of the firm be valued at Rs. 18,000;
(b) Plant and Motor Vans be depreciated by 10% and
15% respectively;
(c) Stock and Buildings be appreciated by 20% and
10% respectively;
(d) Provision for Doubtful Debts be fixed at Rs.
2,450;
(e) Liability for damages be provided at Rs. 450;
(f)
The new profit sharing ratio between Sona and Dona be 3/5 and 2/5 respectively.
Pass the necessary Journal entries and prepare the Capital Accounts and the
Balance Sheet assuming that no alteration of book values of assets and
liabilities is to be made.
Q.7
Write note on the following
(a) Super Profit Method
for calculation of Goodwill
(b) Hire Purchase v/s Instalment
system
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