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Thursday, December 17, 2015

Annamalai University 2014 December Queston Paper B.Com.(Third year):Advanced Accountancy

Annamalai University 2014 december queston paper
B.Com. DEGREE EXAMINATION December 2014
(THIRD YEAR)
(PART – IV)
330/710: ADVANCED ACCOUNTANCY
(O.R.)
[Common for B.Com. IB (OR), B.Com. B.S./BBS (OR), B.Com. D.D.]
Time: Three hours Maximum: 100 marks
 Answer any FIVE questions. (5 × 20 = 100)
1. A and B sharing profits in the ratio of 3:1 showed their Balance Sheet on
31-3-2009:
Liabilities Assets
Creditors 37,500 Cash 22,500
General reserve 8,000 Bills receivable 13,000
Capitals: Debtors 16,000
 A 60,000 Stock 40,000
 B 32,000 92,000 Furniture 11,000
Land & Buildings 35,000
 1,37,500 1,37,500
They admit ‘C’ in the partnership on 1-4-2009 on the following terms:
1. That ‘C’ pays 30,000 as his capital for a fifth share in future profits.
2. That a goodwill is to be raised in the books of the new firm at a value of
 40,000.
3. That stock and furniture be reduced by 10 percent and a 5 percent
provision for doubtful debts be created on debtors.
4. The value of Land and Building be appreciated by 20 per cent.
5. That the capital account of partners be readjusted on the basis of their
profit sharing ratio and any additional amount be debited or credited to
their current accounts.
Pass necessary journal entries, Capital A/c. Goodwill A/c and the balance sheet
after the admission of ‘C’.
2. X,Y and Z sharing profits of a firm in the ratio of 3:3:2. Their balance sheet as
on 31st March 2003 was as under:
Liabilities Assets
Creditors 30,300 Cash 800
X’s Capital A/c 17,200 Debtors 22,500
Y’s Capital A/c 15,500 Stock 23,700
Z’s Capital A/c 8,000 Machinery 24,000
 71,000 71,000
2
Assets were realised as follows:

31.1.2004 20,700
1.3.2004 18,300
1.5.2004 20,000
Prepare a statement showing distribution of cash under maximum loss method.
3. X and Y working in partnership registered a Joint Stock Company under the
name of XY Ltd. On September 1, 1998 to take over their existing business with
effect from 1st April 1998:
Profit and Loss A/c for the Year ended 31-03-1999
Liabilities Assets
To Salaries 10,000 By Gross Profit b/d 84,000
To Debenture interest 5,000
To Depreciation 2,000
To Interest on Purchase
 Consideration (upto 30.9.98) 10,800
To Selling Commission 12,000
To Director’s fees 800
To Preliminary expenses written off 1,000
To Provision for taxes 5,000
To Dividend on equity shares 6,000
To Balance C/d 31,400
84,000 84,000
 Sales for the year totalled 2,25,000 out of which 1,50,000 related to
the period from 1st September, 1998 to 31st March 1999.
 Prepare a statement showing profit prior to and after incorporation.
4. A company leased a colliery on 1st January, 1995 at a minimum rent of
 20,000 merging into a royalty of 1.50 per ton with power to recoup short
workings over the first three years of the lease.
 The output of the colliery for the first four years was
1995 9,000 tons
1996 12,000 tons
1997 20,000 tons
1998 20,000 tons
 Pass the necessary journal entries for each of the four years in the books
of the company.
5. X Ltd., has the following balances as on 31.3.2014.
Liabilities Assets
10,000 ordinary shares
of 100 each 10,00,000
Fixed Assets 22,00,000
5,000 preference shares
of 100 each 5,00,000
Current Assets 8,00,000
Capital reserve 1,00,000
Share premium A/c 1,00,000
General reserve 2,00,000
P & L A/c. 1,00,000
Current liabilities 10,00,000
 30,00,000 30,00,000
5620
3
5620
 The preference shares are to be redeemed at 10% premium. Fresh issue
of equity shares is to be made to the extent it is required under the Companies
Act for the purpose of this redemption. The shortfall in funds for the purpose of
the redemption after utilising the proceeds of the fresh issue are to be met by
taking a bank loan. Show journal entries.
6. On 1st January 2000 Appu purchased a plant on hire purchase system. According
to the terms of agreement 8,000 was to be paid on the signing of the contract.
The balance was to be paid in four annual instalments of 5,000 each plus
interest. The cash price of the plant was 28,000. Interest chargeable on
outstanding balances was 5% per annum. You are required to calculate interest.
7. A firm had two departments, Cloth & Garments. The garments were made by
the firm itself out of cloth supplied by the cloth department at its usual selling
price. From the following figures, prepare departmental trading and Profit and
Loss A/c for the year 2008-09.
 Cloth Dept. Garments
Stock (1-4-2008) 2,50,000 60,000
Purchases 1,25,000 40,000
Sales 16,00,000 5,00,000
Transfer to Garments Dept., 2,50,000 --
Expenses: Manufacturing -- 30,000
 Selling 30,000 10,000
Stock (31-3-2009) 1,50,000 50,000
 The stock in the Garments Departments may be considered as consisting
of 60% cloth and 40% other expenses. The cloth department earned gross profit
at the rate of 20% in 2007-08. General expenses of the business as a whole
amounted to 1,00,000.
8. Amrit commenced business as cloth merchant on 1st April 2001 with a capital
of 20,000. On the same day, he purchased furniture for cash 6,000. From
the following particulars obtained form his books kept by single entry, prepare the
trading and Profit & Loss A/c for the year ending 31.03.2002 and a Balance Sheet
as on that date:
Sales (inclusive of cash 94,000) 2,34,000
Purchases (inclusive of cash 28,000) 1,90,000
Ram’s drawings 22,400
Salary of staff 24,000
Bad debts written off 1,000
Business expenses 21,400
 Amrit took cloth worth 1,000 from the shop for private use and paid
 400 to his son, but omitted to record these transactions. On 31st March 2002,
his sundry debtors were 10,400 and sundry creditors were 27,200. Stock-inhand
on 31-3-2002 was 33,000.
4
9. Kurinji Ltd., issued 1,00,000 shares of 10 each at a premium of 3 per
share payable as
On application 2
On allotment 6 (including premium)
On first call 3
On second call 2
 Applications for 90,000 shares were received and all these were allotted.
The first call was made and the amount due there on was received except the
amount on 1,500 shares. Hence these shares were forfeited and reissued at
 8 each.
 Pass Journal Entries and prepare Balance Sheet.
10. The Board of directors of Sunil Ltd., decided to absorb the Suba Ltd. The
Balance Sheet of the two companies as on 31-3-2001 are given below:
Liabilities
Sunil
Ltd.
Suba
Ltd. Assets
Sunil
Ltd.
Suba
Ltd.
5% preference
shares 1 each -- 20,000
Goodwill 20,000 20,000
Equity share of
1 each 1,26,000 40,000
Copyrights 10,000 --
Capital Reserve 60,000 -- Land &
Building 50,000 30,000
General Reserve 60,000 -- Plant 70,000 --
Creditors 4,000 20,000 Debtors 20,000 20,000
Over draft -- 20,000 Closing stock
20,000 10,000
Cash in
hand 60,000 --
P&L A/c. -- 20,000
 2,50,000 1,00,000 2,50,000 1,00,000
The terms of sales are as follows:
1. Sunil Ltd., takes over both assets and liabilities of Suba Ltd.
2. Equity shareholders of Suba Ltd., are to be receive one new share of 1
of Sunil Ltd., for every 10 shares of held and the preference shareholders
are to receive 5% preference shares of 1 in Sunil Ltd., for every 2 shares
held.
3. An amount of 10,000 towards cost of liquidation will be met by the Sunil
Ltd.
4. The Land and Building of Sunil Ltd., are valued at 80,000 and a
provision of 2,000 is to be made for doubtful debts.
 Show necessary Ledger Accounts to close the books of Suba Ltd., and
prepare the Balance Sheet of Sunil Ltd., after absorption.

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