Friday, December 18, 2015

Annamalai University Question Paper December 2014 B.Com. ELEMENTS OF ACCOUNTANCY

Annamalai University question paper december 2014
[Common with B.B.S., B.M.M., B.Com. I.B. (OR), B.Com. A&F (OR)]
Time: Three hours Maximum: 100 marks
 Answer any FIVE questions. (5 × 20 = 100)
1. Explain the concepts of accounting.
2. From the following Trial Balance of Miss. Latha, Prepare Trading and Profit &
Loss Account for the year ended 31.12.98 and Balance sheet as on that date:
Particulars Debit
Cash in hand 2,250
Cash at bank 17,750
Stock 1.1.98 36,000
Purchases 1,20,000
Carriage inwards 4,200
Factory Rent 6,000
Return outwards 2,000
Sales 2,72,000
Sundry Debtors 28,000
Sundry Creditors 33,000
Wages 12,000
Rent 6,000
Salaries 8,600
Bills receivable 4,000
Bills payable 3,000
Bank loans 20,000
Insurance 1,200
Advertisement 800
Discount 1,400
Reserve Fund 2,400
Furniture 6,000
Machinery 40,000
Business premises 50,000
Bad debts 400
Drawings 12,000
Income Tax 4,000
Return inwards 6,000
Capital 31,800
Loan on mortgage 2,400
 3,66,000 3,66,000
a) Stock on 31.12.1998 Rs. 62,000.
b) Wages outstanding Rs. 1,000.
c) Prepaid insurance premium Rs. 200.
d) Interest on capital 8% p.a. is to be allowed.
e) Interest on drawing 6% p.a. is to be charged.
3. On 1st May, 2013 XY Company sold goods to AB & Co. for Rs. 500 and drew
upon him a Bill at three months for the amount. AB & Co. accepted the draft
and returned to Merchant & Co. On the due date AB & Co. expressed their
inability to meet the bill and offered Rs. 300 in cash and to accept a new bill for
the balance plus interest at 12% p.a. for three months. Merchant & Co. agreed
to the proposal. On maturity, the bill was duly met by AB & Co.
 Pass entries and prepare ledger accounts in the books of both the parties.
4. Ajay purchased a machinery for Rs. 1,80,000 on 1st April 2008 and spent
Rs. 20,000 on its erection. He sold the machine on 1st October 2010 for
Rs. 1,55,000. He provides depreciation at the rate of 10% on original cost.
Accounts are closed on 31st march every year. Prepare machinery account and
depreciation account.
5. M/s. Chand & Company of Calcutta consign goods costing Rs. 25,000 to their
agent Ramlal, on which they pay freight insurance and other charges of
Rs. 1,500. It was drawing on him at 90 days bill for Rs. 20,000. They discount
the bill with a bank at a discount of Rs. 150. After 3 months they receive from
their agent an account sales informing that the entire consignment had been
sold for Rs. 35,000, that expenses amounting Rs. 700 have been incurred and
showing as a deduction they agreed commission of 2% on the amount realized.
A draft on the bank was enclosed for the balance due.
 Show consignment account and Ramlal Account.
6. Prepare an Income and Expenditure A/c. for the year ended 31st March 2009 and
the Balance Sheet as on that of a college from the following:
Receipt and Payment A/c.
 Rs. Rs.
To Balance b/d 20,000 By Pay and allowance 70,500
To Tuition Fees 59,000 By Provident fund 5,540
To Fines 1,000 By Printing & Stationary 700
To Grants form State Govt. 30,000 By Books for library 4,600
To Interest on securities 300 By Postage & telegrams 500
To Rent from use of hall 1,000 By Newspaper etc. 300
By Science equipments 480
By Laboratory expenses 500
By Construction of building 4,700
By Repairs 600
By Audit fees 300
By General charges 580
By Balance b/d 22,000
 1,11,300 1,11,300
The college had the following assets on 31-3-2009
 Furniture Rs. 35,000; Land and Buildings Rs. 1,60,000; Library Books Rs.
24,000; Investments Rs. 10,000; and Outstanding Tuition Fees Rs. 2,200.
 Provide for depreciation on the closing balance of the following assets: Land
and Building @ 5%; Furniture @ 15%; Library Books @ 20%.

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