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Tuesday, June 28, 2016

Roll  No........................
Total  No.  of  Questions  :  07

B.Com.  (Sem.–2nd)
Subject  Code  :  BCOP-201    (2011 Batch)
Paper  ID  :  [B1117]

Time  :  3  Hrs.
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?

Section –B

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 :
Receipt                                    Rs.              Payments             Rs.
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
                                                 35,800                                      35,800

Additional information:          
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:

Liabilities                       R.s                        Assets                             R.s
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
C’s capital                     5000           cash at bank                   960
                                                                                  49,850                                                                               49,850
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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