Annamalai University question paper december 2014
B.Com DEGREE EXAMINATION December 2014
(FIRST YEAR)
(PART – III)
140 /540 : FINANCIAL ACCOUNTING
(Common for B.Com I.B, B.Com A&F / B.Com B.S, / B.Com MM & B.Com C.A)
(New Regulations)
Time: Three hours Maximum: 100 marks
Answer any FIVE questions. (5 × 20 = 100)
1. Define Consignment. How is the value of unsold stock with the consignee
determined?
2. State the features of Bill of exchange. Distinguish between trade bills and
accommodation bills.
3. Explain different types of errors with appropriate examples.
4. From the following details ending on 30.06.2014 for the half year prepare
an account current to be rendered by Madan to Kumar, calculating interest
@10% p.a. The transactions appeared in the books of Madan are as follows.
2014 January 1 Amount due from Kumar `500
February 4 Sold goods to Kumar `1000
March 15 Bought goods from Kumar `300
April 20 Received acceptance from Kumar for the bill dated April 15,
Payable one month after date `400
May 15 Paid cash to Kumar `300
5. X and Y are the building contractors have agreed to contribute `60,000
and `30,000 respectively to indulge in joint venture business. They opened a
joint Bank account with this amount. Out of the contract price of `1,00,000,
`80,000 was received in cash and `20,000 in terms of shares. At the end of the
contract they are to share the profits and wages in ¾ and ¼ respectively. From
the following particulars prepare the necessary ledger accounts.
Paid wages `30,000
Raw materials purchased `78,500
Paid Architects fees `20,000
Raw materials supplied by X `10,000
The contract was completed and the price was duly received. At the end of
the contract unused materials worth `2,000 was taken over by “X” and the
shares at a valuation of `24,000 by “Y”
2
6. From the following particulars, prepare :
1) Debtors ledger Adjustment Account and
2) Creditors ledger Adjustment Account in the General Ledger for the year
ended 31st December 2013.
`
Opening Creditor Ledger (Cr.) 2,00,000
Opening Creditor ledger (Dr.) 22,700
Opening Debtor Ledger (Cr.) 2,400
Opening Debtor Ledger (Dr.) 4,21,000
Credit Purchases 20,00,000
Cash Purchases 2,00,000
Credit sales 18,00,000
Cash sales 7,00,000
Closing creditors Ledger(Dr.) 17,000
Closing Debtor Ledger (Cr.) 9,000
Purchase returns 1,00,000
Sales returns 80,000
B/R received 3,00,000
B/P accepted 2,00,000
Bad debts written off 10,000
Provision for Bad debts 10,000
B/R dishonoured 40,000
Cash received from debtors 12,00,000
Cash paid to creditors 16,00,000
7. The receipt and payments account for 2013 of a Recreation club is given below.
Receipts ` Payments `
To Donation 5,000 By Salaries 10,000
To Life membership fee 1,800 By Rent 11,500
To Entrance fees 2,500 By Furniture 1,000
To Subscription 6,750 By Electricity 600
To Canteen receipts 25,000 By Canteen Purchases 20,000
To Journey receipts 4,000 By Journey Expenditure 1,580
To Other receipts 500 By Telephone 490
To Interest received 250 By Bank Balance 1,430
To Card room receipts 200 By Cash Balance 400
To Grant from Calcutta
Corporation
1,000
47,000 47,000
Adjustments:
1. Donation entirely ¾ of the life membership fees and ½ of the entrance
fees are to be capitalised.
2. Subscription received in advance `500 and outstanding `1,100.
3. Rent `2,500 was paid for in advance.
4. Salaries include an advance of `600
5. Furniture is to be depreciated by 5%.
You are required to draw up an income and expenditure account and
balance sheet.
8. On 1-1-2010, a company purchased 5 machines at `10,000 each. On 1.7.2012,
the company purchased another 2 machines for `10,000 each and paid `1,000
for installation expenses. Accounts are closed on 31st December every year.
Annual depreciation rate is 10% on 31.12.2012, the company sold the
machineries purchased on 1.1.2010 for 30,000 prepare machinery account on
diminishing balance method.
9. Prepare a Trading and Profit & loss a/c for the year ended 31st December 2013
and a Balance sheet as on that date from the following trial balance of Mr.Arun.
` `
Drawings 45,000 Capital 1,60,000
Goodwill 90,000 Bills payable 35,000
Buildings 60,000 Creditors 70,000
Machinery 40,000 Purchases returns 2,650
Bills receivable 6,000 Sales 2,18,000
Opening stock 40,000
Purchases 51,000
Wages 26,000
Carriage outwards 500
Carriage in wards 1,000
Salaries 35,000
Rent 3,000
Discount 1,100
Repairs 2,300
Bank 25,000
Cash 1,600
Debtors 45,000
Bad debts 1,200
Sales returns 2,000
Furniture 6,000
Advertisements 3,500
General expenses 450
4,85,650 4,85,650
Adjustment
1. Closing stock was `35,000
2. Depreciate machinery and furniture by 10%
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3. Outstanding wages `1,500
4. Prepaid advertisement `500
5. Create 5% on debtors for bad debts as provision.
10. Ambitabh keeps his books under single entry system. Assets and liabilities on
31.12.2012 and 31.12.2013 stood as follows.
31.12.2012
`
31.12.2013
`
Cash 100 2,000
Bank balance 990 10,000
Stock 7,000 10,000
Debtors 15,000 20,000
Furniture 3,000 3,000
Creditors 3,000 6,000
He introduced an additional capital of `3,000 during 2013. He withdrew
`7,000 for his domestic purpose. Find out profit for 2013.
B.Com DEGREE EXAMINATION December 2014
(FIRST YEAR)
(PART – III)
140 /540 : FINANCIAL ACCOUNTING
(Common for B.Com I.B, B.Com A&F / B.Com B.S, / B.Com MM & B.Com C.A)
(New Regulations)
Time: Three hours Maximum: 100 marks
Answer any FIVE questions. (5 × 20 = 100)
1. Define Consignment. How is the value of unsold stock with the consignee
determined?
2. State the features of Bill of exchange. Distinguish between trade bills and
accommodation bills.
3. Explain different types of errors with appropriate examples.
4. From the following details ending on 30.06.2014 for the half year prepare
an account current to be rendered by Madan to Kumar, calculating interest
@10% p.a. The transactions appeared in the books of Madan are as follows.
2014 January 1 Amount due from Kumar `500
February 4 Sold goods to Kumar `1000
March 15 Bought goods from Kumar `300
April 20 Received acceptance from Kumar for the bill dated April 15,
Payable one month after date `400
May 15 Paid cash to Kumar `300
5. X and Y are the building contractors have agreed to contribute `60,000
and `30,000 respectively to indulge in joint venture business. They opened a
joint Bank account with this amount. Out of the contract price of `1,00,000,
`80,000 was received in cash and `20,000 in terms of shares. At the end of the
contract they are to share the profits and wages in ¾ and ¼ respectively. From
the following particulars prepare the necessary ledger accounts.
Paid wages `30,000
Raw materials purchased `78,500
Paid Architects fees `20,000
Raw materials supplied by X `10,000
The contract was completed and the price was duly received. At the end of
the contract unused materials worth `2,000 was taken over by “X” and the
shares at a valuation of `24,000 by “Y”
2
6. From the following particulars, prepare :
1) Debtors ledger Adjustment Account and
2) Creditors ledger Adjustment Account in the General Ledger for the year
ended 31st December 2013.
`
Opening Creditor Ledger (Cr.) 2,00,000
Opening Creditor ledger (Dr.) 22,700
Opening Debtor Ledger (Cr.) 2,400
Opening Debtor Ledger (Dr.) 4,21,000
Credit Purchases 20,00,000
Cash Purchases 2,00,000
Credit sales 18,00,000
Cash sales 7,00,000
Closing creditors Ledger(Dr.) 17,000
Closing Debtor Ledger (Cr.) 9,000
Purchase returns 1,00,000
Sales returns 80,000
B/R received 3,00,000
B/P accepted 2,00,000
Bad debts written off 10,000
Provision for Bad debts 10,000
B/R dishonoured 40,000
Cash received from debtors 12,00,000
Cash paid to creditors 16,00,000
7. The receipt and payments account for 2013 of a Recreation club is given below.
Receipts ` Payments `
To Donation 5,000 By Salaries 10,000
To Life membership fee 1,800 By Rent 11,500
To Entrance fees 2,500 By Furniture 1,000
To Subscription 6,750 By Electricity 600
To Canteen receipts 25,000 By Canteen Purchases 20,000
To Journey receipts 4,000 By Journey Expenditure 1,580
To Other receipts 500 By Telephone 490
To Interest received 250 By Bank Balance 1,430
To Card room receipts 200 By Cash Balance 400
To Grant from Calcutta
Corporation
1,000
47,000 47,000
Adjustments:
1. Donation entirely ¾ of the life membership fees and ½ of the entrance
fees are to be capitalised.
2. Subscription received in advance `500 and outstanding `1,100.
3. Rent `2,500 was paid for in advance.
4. Salaries include an advance of `600
5. Furniture is to be depreciated by 5%.
You are required to draw up an income and expenditure account and
balance sheet.
8. On 1-1-2010, a company purchased 5 machines at `10,000 each. On 1.7.2012,
the company purchased another 2 machines for `10,000 each and paid `1,000
for installation expenses. Accounts are closed on 31st December every year.
Annual depreciation rate is 10% on 31.12.2012, the company sold the
machineries purchased on 1.1.2010 for 30,000 prepare machinery account on
diminishing balance method.
9. Prepare a Trading and Profit & loss a/c for the year ended 31st December 2013
and a Balance sheet as on that date from the following trial balance of Mr.Arun.
` `
Drawings 45,000 Capital 1,60,000
Goodwill 90,000 Bills payable 35,000
Buildings 60,000 Creditors 70,000
Machinery 40,000 Purchases returns 2,650
Bills receivable 6,000 Sales 2,18,000
Opening stock 40,000
Purchases 51,000
Wages 26,000
Carriage outwards 500
Carriage in wards 1,000
Salaries 35,000
Rent 3,000
Discount 1,100
Repairs 2,300
Bank 25,000
Cash 1,600
Debtors 45,000
Bad debts 1,200
Sales returns 2,000
Furniture 6,000
Advertisements 3,500
General expenses 450
4,85,650 4,85,650
Adjustment
1. Closing stock was `35,000
2. Depreciate machinery and furniture by 10%
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3. Outstanding wages `1,500
4. Prepaid advertisement `500
5. Create 5% on debtors for bad debts as provision.
10. Ambitabh keeps his books under single entry system. Assets and liabilities on
31.12.2012 and 31.12.2013 stood as follows.
31.12.2012
`
31.12.2013
`
Cash 100 2,000
Bank balance 990 10,000
Stock 7,000 10,000
Debtors 15,000 20,000
Furniture 3,000 3,000
Creditors 3,000 6,000
He introduced an additional capital of `3,000 during 2013. He withdrew
`7,000 for his domestic purpose. Find out profit for 2013.
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