B.Com. – I (Semester – II), FINANCIAL ACCOUNTING (Semester Pattern) (Old),2014 Question Paper Solapur University Question Paper

Solapur University Question Paper B.Com. – I (Semester – II) Examination, 2014 FINANCIAL ACCOUNTING (Semester Pattern) (Old) Day and Date : Saturday, 29-3-2014 Total Marks : 50 Time : 11.00 a.m. to 1.00 p.m. Instructions : 1) All questions are compulsory. 2) Attempt any one question from Q. No. 4(a) and 4(b). 3) Attempt any one question from Q. No. 5(a) and 5(b). 4) Figures to the right indicate full marks. 1. Choose the correct alternative : 10 1) Bills Receivable as endorsed having been dishonoured are debited to ________ a) Bills Receivable A/c b) Bills Payable A/c c) Debtors A/c d) Creditors A/c 2) Under the process of conversion of single entry into double entry system, following accounts are opened. a) Cash and Personal Accounts b) Personal and Real Accounts c) Personal and Nominal Accounts d) Real and Nominal Accounts 3) A person to whom the goods are sent on consignment is called as ________ a) Consignor b) Consignee c) Debtor d) Creditor 4) _________ is sent by the consignor to the consignee along with the goods sent. a) Accounts Sales b) Proforma Invoice c) Delivery Challan d) Debit Note 5) Which of the following is not considered as a part of closing stock ? a) Packing, loading and insurance paid by consignor b) Inward consignment freight paid by consignee c) Transport charges upto godown paid by consignee d) Insurance charges paid by consignee 6) The balance in the goods sent to branches A/c is transferred to ________ a) Profit and Loss A/c b) Branch A/c c) Purchase or Trading A/c d) Branch Stock A/c 7) If goods are supplied to branch at 50% above cost, then it would be ________ on Invoice Price. a) 331/ 3% b) 20% c) 25% d) 100% 8) Farm produce consumed by workers is debited to ________ a) Drawings A/c b) Profit and Loss A/c c) Capital A/c d) Wages A/c SLR-B – 15 -2- 9) Cattle feed purchased is debited to ________ A/c. a) Crop b) Live Stock c) Poultry d) Fishery 10) A loss which is inherent and which cannot be avoided is termed as ________ a) Abnormal Loss b) Contingent Loss c) Normal Loss d) Pure Loss 2. Write short notes on : 10 a) Account Sales and Proforma Invoice. b) Goods in Transit and Cash in Transit. 3. a) From the following information calculate total commission : 5 i) Cash sales : 1500 kgs @ Rs. 100 per kg. ii) Credit sales : 500 kgs @ Rs. 120 per kg. iii) Invoice price Rs. 80 per kg. iv) Normal commission @ 5%, Del Credere commission @ Rs. 2% and special commission @ 20% on excess of invoice price. 3. b) M/s. Solapur Textiles, the Head Office, is having a branch at Kolhapur. From the following information pass Incorporation Journal Entries in the Books of Head office as on 31st March 2012. 1) Goods sent by Head Office to Branch of Rs. 2,000 on 28th March 2012 received by Kolhapur Branch on 2nd April 2012. 2) Cash remitted by Kolhapur Branch of Rs. 5,000/- on 30th March 2012 received by HO on 3rd April 2012. 3) Proportionate General Expenses chargeable to Kolhapur Branch Rs. 500. 4) Depreciation on Kolhapur Branch Machinery Rs. 200. (Machinery A/c kept in HO books.) 5) Proportionate General Manager’s salary chargeable to Branch Rs. 2,500. 5 4. a) Mr. Sagar who keeps his books of accounts under single entry system gives you the following information. You are required to prepare the Trading and Profit and Loss Account for the year ending 31-3-2012 and the Balance Sheet as on that date. Receipts and Payments Accounts for the year ending 31st March, 2012 Receipts Rs. Payments Rs. To Bal. b/d 6,000 By Creditors 81,000 To Sales 34,000 By Salary 4,500 To Debtors 1,25,000 By Rent 2,000 By Wages 14,000 By Trade Expenses 8,000 By Purchases 6,000 By Drawings 15,000 By Balance 34,500 1,65,000 1,65,000 -3- SLR-B – 15 The assets and liabilities were as follows : 1-4-2011 31-3-2012 Stock 25,000 36,000 Creditors 13,000 14,000 Debtors 27,000 32,000 Furniture 12,000 12,000 Machinery 40,000 40,000 Provide for depreciation on furniture at 5% and on machinery 10%. Make provision for doubtful debts at 5% on debtors. 10 4. b) On 1st June 2005, Solapur Coal Trader consigned to Kolhapur Coal Trader 2050 tons of coal costing Rs. 3,07,500/- and paid Lorry freight thereon was Rs. 82,000. On 25th December, an Account Sales was received from Kolhapur Coal Trader showing 1000 tons sold at Rs. 320 per ton, sales expenditure Rs. 23,760/-, Octroi expenses Rs. 4,000/- and commission 10% on sales. The consignee enclosed a Bank draft for the proceeds less expenses and reported a shortage of 50 tons on the whole consignment. Show Consignment A/c and Consignee’s A/c in the books Solapur Coal Traders. 10 5. a) A Delhi Merchant has a branch at Chennai to which he sent the goods at a price so as to show a profit of 20% on invoice price. From the following particulars draw up the Branch Account and Branch Debtors Account in the books of Head Office. 10 Sr. No. Particulars Rs. 1 Stock of Goods (1/4/2011 at invoice price) 12,000 2 Stock of Goods (31/3/2012 at invoice price) 15,000 3 Goods sent to Branch at cost 1,00,000 4 Goods returned by Branch at cost 2,000 5 Cash Sales 55,000 6 Total Sales 1,22,000 7 Returns from customers 1,000 8 Bad debts 2,000 9 Discount allowed 500 10 Cash received on Ledger Accounts 60,000 11 Sundry Debtors (1/4/2011) 5,000 12 Sundry Debtors (31/3/2012) 8,500 13 Sundry expenses 10,000 3,93,000 SLR-B – 15 -4- 5. b) From the following Trial Balance of Mr. Kisan, prepare Trading Profit and Loss A/c with two columns for the year end 31st March 2012 and Balance Sheet as on that date. 10 Trial Balance as on 31st March 2012 Debit Rs. Credit Rs. Opening Stock : Sales : – Live stock 61,000 – Milk etc. 30,400 – Paddy 4,000 – Paddy 52,600 – Cattle Feed 2,800 – Live-stock 9,000 92,000 – Fertilizers 2,200 70,000 Creditors 11,800 Purchases : Capital 1,71,200 – Live Stock 11,600 – Fertilizers 2,400 – Seeds 1,200 – Cattle Feed 6,800 22,000 Expenses : – Crop 8,000 – Live Stock 10,000 18,000 General Expenses 12,000 Tractor 36,000 Land 1,00,000 Cash at Bank 17,000 Total 2,75,000 Total 2,75,000 Adjustments : 1) Closing Stock : a) Live Stock Rs. 60,000 b) Paddy Rs. 3,000 c) Cattle Feed Rs. 1,800 d) Fertilizers Rs. 1,200 2) The Proprietor consumed Milk Rs. 4,800/- and Paddy Rs. 1,200/-. 3) Provide 10% depreciation on Tractor. 4) Cowdung of Rs. 4,000 has been used as manure in Crop Section. _____________________

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