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Wednesday, December 30, 2015

MWP, Madras University Question Paper,2011 Question Paper,FINANCIAL ACCOUNTING

Madras University Question Paper
Subject :FINANCIAL ACCOUNTING
Subject Code :MWP
OCTOBER 2011 U/ID 1380/MWP
Time : Three hours Maximum : 100 marks
SECTION A — (10 × 3 = 30 marks)
Answer ALL questions.
All questions carry equal marks.
1. What are the objectives of Accounting?
2. Define a 'Cash book'.
3. What is Diminishing balance method of depreciation?
4. What are the causes for Depreciation?
5. What are the features of Bills of Exchange?
6. Write short notes on :
 (a) Trade bill
 (b) Accommodation of bill
 (c) Endorsement of bill.
7. What are dependent and independent branches?
8. List out three differences between hire purchase and instalment
system.
9. What is Revaluation Account?
10. What is meant by gaining ratio?
SECTION B — (5 × 6 = 30 marks)
Answer any FIVE questions.
All questions carry equal marks.
11. A fire occurred on 15th September 2010 in the godown of a
merchant from the following figures ascertain the claim to be
lodged.
Rs.
 Stock on 1st April 2010 25,300
 Purchases from 1st April 2010 to 15th September 2010 50,400
 Manufacturing expenses and wages 60,000
 Sales from 1st April 2010 to 15th September 2010 1,56,000
 Goods used for his personal use 2,500
 The rate of gross profit is 30% on cost
 the stock salvaged was valued at 3,600
12. What are the various reasons for the difference in Bank balance
as per cash book and balance as per pass book.
13. From the following particulars prepare sales ledger adjustment
account.
 Rs.
 Balance of debtors on 1.4.2009 55,842
 Credit sales 98,602
 Cash received from debtors 88,753
 Discount allowed to debtors 480
 Bills receivable received 7,120
 Sales return 5,430
 Bills receivable dishonoured 1,120
 Bad debts 3,890
 Sundry charges debited to customers 370
 Transfer to creditors ledger 100
14. Seafood export concern which a head office in Naga also has a
branch in Tuticorin. The goods are invoiced to the branch at a
profit of 20% on invoice price. All expenses of the branch are paid
by the head office. From the following particulars prepare
branch account in the head office books :
 Rs.
 Opening balances :
 Space of invoice price 11,000
 Debtors 1,700
 Petty to cash 100
 Goods sent to branch at invoice price 20,000
 Expenses net by head office :
 Rent 600
 Wages 200
 Salary and other expenses 900
5 U/ID 1380/MWP
 Remittance made to H.O :
 Cash sales 2,650
 Cash collected from debtors 21,000
 Goods returned by branch at invoice price 400
 Balance at the end :
 Stock at invoice price 13,000
 Debtors 2,000
 Pet
15. On 1.1.2006 Raghu purchased a machine from Ganesh on Hire
purchase basis. The particulars are as follows :
 (a) Cash price Rs. 10,000
 (b) Rs. 4,000 to be paid on signing the contract
 (c) Balance in three instalments of Rs. 2,000 plus interest
 (d) Interest charged on outstanding balance at 5%
 (e) Depreciation at 10% p.a on Diminishing Balance method.
 Prepare Ganesan's Ac in the books of Mr. Raghu.
16. On 1.4.2006 machinery was purchased for Rs. 3,00,000 on
31.3.2010 the machinery was sold for Rs. 1,50,000. Rate of
depreciation is 10%.
 Prepare machinery account under
 (a) Fixed instalment method
 (b) Diminishing balance method.
17. Ashok Ltd., issued 1000, 12% Debentures of Rs. 1,000 cash of a
discount of 10 percent payable as follows :
 On Application Rs. 25
 On Allotment Rs. 45
 On first and final call Rs. 20
 Pass journal entries in the books of the company on the
assumption that all instalments were duly received.
SECTION C — (2 × 20 = 40 marks)
Answer BOTH questions.
All questions carry equal marks.
18. (a) From the following Trial Balance as on 31.3.2008 prepare
the Trading Profit and Loss account and Balance sheet for
the financial year you ending on that date :
Trial Balance
 Dr. Cr.
Rs. Rs.
Capital — 4,250
Drawings 710 —
Machinery 950 —
Stock 1.4.2007 1,460 —
Purchase, sales 10,362 11,906
Purchase returns – 291
8 U/ID 1380/MWP
 Dr. Cr.
Rs. Rs.
Return inward 210 ––
General expenses 440 —
Rent 120 —
Tax 200 —
Apprentice premium — 80
Bank over draft — 240
Bad debts 172 —
Sundry debtors, sundry creditors 4,200 2,000
Cash in hand 48 ––
Provision for Bad debtors — 105
 18,872 18,872
 Adjustments :
 (i) Write off depreciation of machinery at 10% p.a.
 (ii) Provision for Bad debts on debtors is to be increased
to 5%
 (iii) Rent outstanding is Rs. 40
 (iv) Tax paid on advance Rs. 80
 (v)Stock on 31.3.2008 Rs. 1,700
 Or
 (b) A company has acquired a lease of a Cinima theatre for a
term of 5 years by payment of Rs. 1,00,000. It is proposed
to depreciate the lease by the Annuity method, charging
5%. Interest p.a. show ledger account of the asset during
the period of the lease, Reference to the Annuity table
shows that the amount for Re. 1 for 5 years at 5%
Re. 0.230975. 10 U/ID 1380/MWP
19. (a) A firm has two departments A and B. A department
supplied its goods at selling price to B department. From
the following figures, prepare departmental Trading and
Profit and Loss account for the year 2010.
 A B
 Rs. Rs.
Opening stock (1.1.2010) 3,00,000 50,000
Purchases 20,00,000 15,000
Sales 22,00,000 4,50,000
Transfer to B department 3,00,000 —
Manufacturing expenses — 60,000
Selling expenses 20,000 6,000
Stock 31.12.2010 2,00,000 60,000
 Entire stock of 'B' department was supplied by 'A' department.
General expenses of the business as whole came to
Rs. 1,00,000
Or
 (b) Priya and Sadhana share profits in the ratios 3 : 1. Their
Balance sheet as on 31st March 2008 is as under :
Liabilities Rs. Assets Rs.
Creditor 18,750 Cash at Bank 11,250
General reserve 2,000 Bills receivable 1,500
Capital Stock 10,000
 Priya 15,000 Debtors 8,000
 Sadhana 8,000 Furniture 500
Building 12,500
 43,750 43,750
 On 1.4.2008 they admit Kala as a new partner of the
following arrangement :
 (i) Kala to bring Rs. 10,000 as capital for 1/5 share of
profit
 (ii) The new firm to have goodwill Rs. 10,000
 (iii) Stock and furniture to be reduced by 10% a reserve of
5% on debtors for doubtful to be created
 (iv) Building to be appreciated at 20%.
 Give the necessary ledger accounts and Balance
sheet.
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