AFA Assingments II Sem PDF

SRI BHAGAWAN MAHAVEER JAIN EVENING COLLEGE
Affiliated to Bengaluru Central University,

V V Puram, Bangalore – 560 004
2ND SEMSTER ASSINGNMENT
Subject: ADVANCED FINANCIAL ACCOUNTING
Note: Dear students submitting AFA assignment in form of writing, power point
presentation and micro presentation(video conferencing)
SECTION – B
Answer all the Questions. Each question carries 5 marks
Mr Ram consigned 50,000units costing RS 5each to Mr. Laxman. Mr. Ram incurred
Rs10,000 for sending the goods 2,500 units were abnormally destroyed in transit. Mr
1 laxman took delivery and paid Rs 1,500 for bringing the goods to the godown. writing
Consignee sold 30,000 units at RS10each. Consignee paid selling expenses of Rs
10,000. Calculate value of abnormal loss and Closing stock.
The purchasing company agreed to issue 15,000 equity shares of Rs 10 each valued at
2 Rs 12 each, 6,000 6% debentures of Rs 10 each at a discount of 5% pay cash equal to writing
10% of face value of shares and debentures issued.
Mr X owned certain patent rights. He granted a license to Y to use such rights on royalty
basis. The following are the relevant particulars.
Year Minimum Rent(Rs) Royalty Earned (Rs)
Micro
2017 3750 2500
presentation
3 2018 5000 4000
(Video
2019 6250 4500
presentation)
The deficiency of any one year is to be set off against excess payable within next two
years. Prepare royalty table.
Difference between consignment and sale

Types of purchase consideration
4 PPT
Types of commission
SECTION – C
Answer all QuestionsEach question carries 15 marks
On 15th august 2014 the premises of fire and stone were destroyed by fire but
sufficient records were saved from which the following particulars were ascertained;
 Stock at cost 1st April 2013 Rs 73,500

 Stock at cost 31st march 2014 Rs79,600
 Purchases less return year ended 31st march 2014 Rs3,98.000
 Sales les return year ended 31st march 2014 Rs4,87,000
 Purchases less returns 1/4/14 to 15/8/14 Rs 1,62,000
5  Sales less returns 1/4/14 to 15/8/14 Rs 2,31,200 Writing
 In valuing stock for balance sheet at 31st march 2014 Rs 2,300 has been
written off certain stock which was a poor selling line, have cost Rs 6,900. A
portion of these goods was sold in June 2014 a loss of Rs 250 on the original
cost RS 3,450. The reminder of this stock was now estimated to be worth the
original cost. Subject to the above exception, gross profit had remained at a
uniform rate through. The stock salvaged was RS 5,800 show the amount of
the claim.
Page 1 of 3

A sent 500 cases of goods to B of Bombay each costing Rs. 150 by paying freight and
carriage of Rs. 2500 and Rs. 1000 loading charges and Rs. 1200 insurance. Consignee
paid Rs.1800 for clearing charges and Rs. 1750 for warehousing and storage charges
and Rs.900 as packing and selling expenses. He also remitted a bank draft for Rs.
6 15000 as advance. He sold 275 cases at Rs.200 each. B is entitled to the commission Writing
of 5% on sales. It was found that 50 cases have been lost in transit. Prepare necessary
ledger accounts in books of both the parties.
Mr Z obtained from Y a lease of some coal bearing land, terms buying a royalty of
Rs 5,000 per ton of coal extracted with a minimum rent of Rs 10,00,000 p.a. A ground
rent of Rs 1,00,000 was also payable in addition to royalty. Each years short working
had to be recouped strictly with in 2years following the year of shortworking. The out
put as follows.
Year Output
7
1 180 Writing
2 200
3 210
4 220
Journalize the above transaction and ledger accounts
A, B and C are partners sharing profits in the ratio of 3:2:1. They decided to convert
their partnership into a company on which date their balance sheet was as follows:
Liabilities Rs Assets Rs
Creditors 8,000 Buildings 11,400
Capitals Stock 10,000
A 17,400 Debtors
10,000
8 Writing
B 8,000 Less:PDD 1,000 9,000
C 6,000 Cash 6,000
Profit and loss 3,000
39,400 39,400
The new company took over the asset and liabilities and agreed to pay purchase price
of Rs 32,900 by the allotment of 1,800 equity shares of Rs 10each and the balance in
cash. The partners agreed to share the shares as per their profit sharing ratio. Pass the
Page 2 of 3

journal entries to close the books of the firm and also prepare the necessary ledger
account.
Page 3 of 3

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SRI BHAGAWAN MAHAVEER JAIN EVENING COLLEGE

Difference between consignment and sale

 Stock at cost 1st April 2013 Rs 73,500

Journalize the above transaction and ledger accounts

Creditors 8,000 Buildings 11,400

Capitals Stock 10,000

C 6,000 Cash 6,000

Profit and loss 3,000

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