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Thursday, December 31, 2015

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

Madras University Question Paper
Subject :FINANCIAL ACCOUNTING
Subject Code :MWP
MAY 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 subsidiary book system?
2. What do you mean by ‘‘loss of profit insurance’’?
3. What do you understand by straight line method?
4. What are the causes for depreciation?
5. Define ‘‘Promissory Note’’.
6. Differentiate between retiring a bill and renewal of a bill.
7. What is ‘Goods in transit’?
8. What is ‘Minimum Rent’?
 9. How is the amount due to the outgoing partner settled?
10. Mention any three factors which lead to creation of goodwill.
SECTION B — (5 × 6 = 30 marks)
Answer any FIVE questions.
All questions carry equal marks.
11. From the following particulars prepare a bank reconciliation
statement.
 Rs.
(a) Bank O/D balance as per pass book 9,300
(b) Cheques sent to bank not yet collected 850
(c) Cheques issued but not enchased 580
(d) Interest collected by the bank 250
(e) Bank charges not entered in cash book 10
13. On 1st April 2006, a firm purchases machinery worth
Rs. 1,50,000. On 1st October 2008 it buys additional machinery
worth Rs. 30,000 and spends Rs. 3,000 on its erection. The
accounts are closed on 31st march. Annual depreciation 10%.
Show that machinery account for 4 year under straight line
method.
14. X Sold goods to Y for Rs. 5000 Y accepted a bill for Rs. 5,000
drawn by X. On the due date Y approached X and requested him
to cancel the original bill and to draw a new bill for Rs. 5,100
(including interest) which is agreed by X. On the due date, the
second bill was honoured.
 Write the journal entries in the book of X and Y.
 15. Anand, Banu and Chandar are sharing the profits in the ratio of
3:2:1 respectively. On 31st Dec. 2006 Balance Sheet of the firm
stood as follows :
Liabilities Rs. Assets Rs.
Sundry creditors 13,590 Cash 5,900
Capital : Debtors 8,000
Anand 15,000 Stock 11,690
Babu 10,000 Buildings 23,000
Chandar 10,000
 48,590 48,590
4 U/ID 1380/MWP
 Babu retired on the above mentioned date :
 (a) Building be appreciated by Rs. 7,000
 (b) Provision for bad debts be made at 5% on debtors.
 (c) Goodwill a/c Rs. 9,000 of the firm created.
 (d) Rs. 5,000 be paid to Babu immediately and the balance
may be treated as loan.
 Give necessary ledger a/c and show the New Balance
Sheet.
16. Tata limited leases a colliery on 2007 at a minimum rent of
Rs. 20,000 merging into a royally of Rs. 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 four years was :
 2007 – 9,000 tons, 2008 – 1,200 tons
 2009 – 16,000 tons and 2010 – 20,000 tons
 Pass journal entries in the books of Tata limited for the first
year four years.
17. ‘B’ Ltd issued 1,00,000 shares of Rs. 10 each. The amount
payable as follows :
 On application Rs. 2; on allotment Rs. 3 and on 1st final call
Rs. 5.
 The public applied for 90,000 shares and were allotted. All the
amount were received except the first and final call on 2500
shares. The directors forfeited the shares on which call money
was not paid and reissued them at Rs. 8 per share as fully paid.
 Give necessary journal entries.
 SECTION C — (2 × 20 = 40 marks)
Answer BOTH questions.
All questions carry equal marks.
18. (a) The Trial balance of Chandran as on 31st March 2008
revealed the following balances :
Debit balances Rs. Credit balances Rs.
Machinery 8,000 Capital 1,00,000
Purchases 66,725 Sales 1,26,000
Opening stock 30,000 Discount received 800
Discount allowed 350 Sundry creditors 25,000
Bank charges 75
Sundry debtors 45,000
Salaries 6,800
Wages 10,000
Freight inwards 750
Freight outwards 1,200
Rent and taxes 2,000
Advertisement 2,000
Cash at bank 6,900
 2,51,800 2,51,800
7 U/ID 1380/MWP
 Adjustments :
 (i) Closing stock on 31st March 2008 Rs. 35,000
 (ii) Outstanding salaries Rs. 400
 (iii) Write off 10% depreciation on machinery.
 (iv) Create a provision of 5% on debtors for doubtful
debts.
 Prepare the Trading, P & L account and the Balance
Sheets.
Or
 (b) A company has acquired a lease of a Cinima theatre
building for a term. Of 5 years by payment of Rs. 4,00,000.
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% is Re. 0.230975.
19. (a) The following purchases were made by a business house
having three departments.
 Department X 1000 units
 Department Y 2000 units at a total cost of Rs. 1,00,000
 Department Z 2400 units
 Stock on January 1, were :
 Department X 120 units
 Department Y 80 units
 Department Z 152 units
9 U/ID 1380/MWP
 The sales were :
 Department X 1020 units at Rs. 20 each.
 Department Y 1920 units at Rs. 22.50 each.
 Department Z 2496 units at Rs. 25 each.
 The rate of gross profit is the same in each case prepare
the departmental trading accounts.
Or
 (b) X, Y and Z were partners carrying on business in
partnership showing profits and losses in the ratio of 3:2:1
respectively. On 31st March 2008 the balance sheet of the
firm stood as follows :
10 U/ID 1380/MWP
Liabilities Rs. Assets Rs.
Creditors 14,000 Cash 5,900
Capital A/c Debtors 8,000
X 15,000 Stock 12,100
Y 10,000 Buildings 23,000
Z 10,000
 49,000 49,000
 Y retired on the above mentioned date on the following
terms :
 (i) Buildings be appreciated by Rs. 7000
 (ii) Provision for bad debts be made @ 5% on debtors.
 (iii) Goodwill of the firm is valued a Rs. 9,000
 (iv) Rs. 5000 be paid to ‘Y’ immediately and balance due
to him be treated as loan.
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