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Tuesday, June 28, 2016

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

B.Com.  (Sem.–2nd)
Subject  Code  :  BCOP-201    (2011  &  Onward  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.

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
                                                          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

Balance in hand on 1.7.12



Interest on Investment @7%

Proceeds from Annual Day  






Payments for Medicines

Honorarium to Medical staff
Salaries to House Staff
Petty Expenses

Equipment Purchase

Expenses for Annual Day

Closing Balance (30.6.13)









Additional information

On 30.6.12 (Rs.)
On 30.6.13 (Rs.)

Subscription Receivable

Subscription Received in Advance

Stock of Medicines

Value of equipment


Outstanding liability to Medicine suppliers












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 :


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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