Tuesday, June 28, 2016
Roll No........................
Total No.
of Questions : 07
B.Com. (Sem.–2nd)
ADVANCED ACCOUNTING
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.
SECTION-A
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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