Tuesday, June 28, 2016
Total No. of Questions : 07
Subject Code : BCOP-201 (2011 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.
1. Write short notes on :
a. What is Endowment Fund?
b. What do you mean by legacy?
c. What do you mean by minimum Rent ?
d. Define Hire purchaser
e. What is del-credare commission?
f. Define Gaining ratio.
g. What do we mean by Realization Account?
h. What journal entry we pass for share of goodwill when a partner retires ?
i. What is difference between consignment and sale?
j. Distinguish between fixed and fluctuating capital?
2. The Punjab Club started its activities on 1.4.2009. The following is the Receipts and payment accounts of the club for the yea ending 31.3.2010. you are required to prepare an income and expenditure account and balance sheet on that :
To subscription 8,000 By library books 6,000
To grant from from Non-members 15,000 By equipment 3,000
To sales of Newspaper 5,000 by salaries 2,200
To sales of newspaper 100 by entertainment 1,000
To sales of gross 700 by rent 2,600
To withdrawals from Bank 7,000 by newspaper 400
By telephone 1,100
By bank deposits 10,000
By balance 9,500
a) Grants from Govt. Rs 10,000 and donations form non-members Rs, 4,000 are to be capitalized .
b) Depreciate books @ 10% and equipments @20%
c) Rent Rs. 500 and Salaries Rs. 800 are due.
d) Subscription due at the end Rs. 1,100.
3. Mohan, Vijay and Anil are partners, the balance on their capital accounts being Rs. 30,000 Rs. 25,00 and Rs.20,00 respectively. In arriving at these figures, the profit for the year ended December 31,2011 Rs. 24,000 had already been credited partners in the proportion in which they shared profit and their drawings were Rs.5,000( Mohan ), Rs. 4,000 (Vijay) and Rs. 3000 (Anil) in 2011 . subsequently the following omissions were noticed it was decided to bring them into account.
a. Interest on capital at 10% p.a
b. Interest on drawings (Mohan Rs. 250, Vijay Rs, 200 and Anil Rs. 150)
Make the necessary corrections through profit and loss adjustments account and through a journal entry.
Show the adjustment of profits foe the last three years by means of journal entries.
4. Messrs ABC is firm sharing profits and losses in the ratio of 2:21. Their balance sheet as on 31st March 2011 is as below:
Sundry creditors 12,850 land and Building 25,000
Outstanding liabilities 1,500 Furniture 6,500
General Reserve 6,500 stock 11,750
A’s capital 12,000 sundry debtors 5,500
B’s capital 12,000 cash in hand 140
The partners have agreed to take D as a partner with effect from 1st April 2011 on the following terms
a) D shall bring Rs. 5,000 towards his capital
b) The valour of stock should be increased by Rs. 2500.
c) Provision for bad and doubtful should be provided at 10% of debtors.
d) The furniture should be depreciated by 10%
e) The value of land and building should be enhanced by 20%
f) The value of goodwill be fixed Rs. 15,000
g) General reserve will be transferred to the partners capital account
h) The new profit sharing ratio shall be A 5/15, B 5/15, C 3/15 and D 2/15
i) The new goodwill account shall be written back to the partners account in accordance with new profit sharing proportion.
Prepare (1) Revaluation account (2) Capital Accounts (3) Balance Sheet of newly constituted firm.
5. What are the entries that are passed in the case of consignment in the books of consignor?
6. What are necessary entries that are passed in the books of lessee in the case of Royalty?
7. Distinguish between hire purchase and instalment system.
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