RAGHU-33: 506-A Advance Accounting-I (835061) Total Pages: 5) Time: 2 Hours Max. Marks: 60 Note

Seat Number RAGHU-33
506–A
Advance Accounting–I
(835061)
Total Pages : 5]
Time : 2 Hours Max. Marks : 60
Note : (1) Do not write anything on the question paper except Seat No.
(2) Students should note, no supplement will be provided.
(3) Attempt any three questions from Section–I.
(4) Attempt any two questions from Section–II.
(5) All questions carry equal marks.
(6) Use of a simple and non-programmable calculator is permissible.
Section – I
1. From the following Trial Balance extracted from the books of Krishival Farms
prepare Trading, Profit and Loss Account for the year ended 31st March, 2022
and the Balance Sheet as on the date : 12
Particulars Debit Particulars Credit
Balances Balances
(Rupees) (Rupees)
Stock on 1-4-2021 Sales :
Livestock 1,50,000 Livestock 48,000
Paddy 60,000 Paddy 2,12,000
Cattle feed 11,000 Milk 1,57,000 4,17,000
Fertilizers 5,000
Seeds 3,000 2,29,000
P.T.O.
Purchases : Sundry Creditors 26,000
Livestock 30,000
Cattle feed 60,000
Fertilizers 16,000
Seeds 5,800 1,11,800
Sundry Debtors 21,000 Outstanding expenses 4,000
Repairs and maintenance of Capital Account
Farm equipment 12,000 Balance 4,42,200
Farm equipment
purchased 1,50,000
Crop expenses 50,400
Livestock expenses 12,500
General expenses 11,700
Cash in hand 7,300
Cash at Bank 8,500
Agricultural Land and
Buildings 2,75,000
Total 8,89,200 Total 8,89,200
Additional Information :
(i) Closing stock as on 31-03-2022
(a) Livestock Rs. 1,32,000
(b) Cattle feed Rs. 6,000
RAGHU-33 2
(c) Seeds Rs. 2,700
(d) Paddy Rs. 30,000
(e) Fertilizers Rs. 3,500.
(ii) The consumption of the farm output by the proprietor was as follows :
(a) Milk etc., Rs. 6,000
(b) Paddy Rs. 9,500.
(iii) Provide 10% depreciation on Farm Equipment and 2% on Land and
Buildings.
2. On 1st January, 2019 Famous Print House purchased a printing machine
on hire purchase system from Superb Machinery Co. The payment was to
be made Rs. 30,000 down and the balance in three equal instalments of Rs.
30,000 each payable on 31st December every year. The cash price of the printing
machine was Rs. 81,543. 12
The Vendor Company charged interest @ 8% p.a.
Famous Print House provided depreciation @ 10% p.a. on diminishing balance
method and paid all instalments. It closes its books of accounts on 31st December
every year.
You are required to prepare :
(i) Superb Machinery Co. A/c.
(ii) Printing Machine Account in the books of Famous Print House for three
years upto 31st December, 2021.
RAGHU-33 3 P.T.O.
3. The following figures have been obtained from the books of Safeguard Bank
Ltd. for the year ended on 31st March, 2022 : 12
Particulars Rupees
Issued and subscribed capital 10,00,000
Interest and discount earned 38,00,000
Interest paid 1,95,000
Salaries and wages 20,00,000
Directors’ fees 2,10,000
Rent and Taxes 35,000
Postage and Telegram 70,000
Profit on sale of investments 2,40,000
Loss on sale of investments 38,000
Rent received 62,000

Depreciation 31,000
Stationery 60,000
Auditor’s fees 8,000
Additional information :
• The Profit and Loss Account had a balance of Rs. 10,00,000 on 1st
April, 2021. An advance of Rs. 5,68,000 has become a doubtful and
it is expected that only 50% of the amount due can be recovered from
the security.
• The provision for tax is to be made @ 35%.
• A dividend @ 10% is proposed. You are also required to provide for
dividend tax @ 10% of the amount proposed to be distributed.
Prepare Profit and Loss Account of Safeguard Bank Ltd. for the year ended
on 31st March, 2022 in the Vertical form as per Banking Regulation Act.
RAGHU-33 4
4. Mr. Grave of Chennai, has provided you the following information about his
assets liabilities as on 31st March, 2022 : 12
(a) Sundry assets — Rs. 2,80,000
(b) All liabilities — Rs. 2,20,000.
Mr. Grave of Chennai filed his petition in the Insolvency court, and estimated
his deficiency to be Rs. 1,50,000. After making the above estimate he found
that the following transactions were not recorded in his books of accounts :
• Interest @ 6% on his capital
• A contingent liability of Rs. 12,500 on bills discounted by him for

Rs. 50,000
• Amount due as wages Rs. 3,000; salaries Rs. 2,000; rent Rs. 1,000 and
taxes Rs. 1,500.
Prepare statement of Affairs and Deficiency Account of Mr. Grave.
Section – II
5. Define Human Resource Accounting. Describe methods of valuation of human

resources. 12
6. (a) Explain in brief the objectives of Inflation Accounting. 6
(b) What is Value Added Statement ? Also state objectives of Value-Added

Statement. 6
7. (a) Describe advantages of Farm Accounting. 4
(b) State the meaning of the terms ‘Minimum Rent’ and ‘Short Workings’
in respect of Royalty Accounts. 4
(c) Write any four advantages of Interim Financial Reporting. 4
RAGHU-33 5 P.T.O.

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Seat Number RAGHU-33

(2) Students should note, no supplement will be provided.

(3) Attempt any three questions from Section–I.

(4) Attempt any two questions from Section–II.

(5) All questions carry equal marks.

(6) Use of a simple and non-programmable calculator is permissible.

Stock on 1-4-2021 Sales :

Livestock 1,50,000 Livestock 48,000

Paddy 60,000 Paddy 2,12,000

Cattle feed 11,000 Milk 1,57,000 4,17,000

Seeds 3,000 2,29,000

Cattle feed 60,000

Seeds 5,800 1,11,800

Sundry Debtors 21,000 Outstanding expenses 4,000

Repairs and maintenance of Capital Account

Farm equipment 12,000 Balance 4,42,200

Crop expenses 50,400

Livestock expenses 12,500

General expenses 11,700

Cash in hand 7,300

Cash at Bank 8,500

Agricultural Land and

Total 8,89,200 Total 8,89,200

(i) Closing stock as on 31-03-2022

(a) Livestock Rs. 1,32,000

(b) Cattle feed Rs. 6,000

(d) Paddy Rs. 30,000

(e) Fertilizers Rs. 3,500.

(a) Milk etc., Rs. 6,000

(b) Paddy Rs. 9,500.

(iii) Provide 10% depreciation on Farm Equipment and 2% on Land and

2. On 1st January, 2019 Famous Print House purchased a printing machine

machine was Rs. 81,543. 12

The Vendor Company charged interest @ 8% p.a.

Famous Print House provided depreciation @ 10% p.a. on diminishing balance

You are required to prepare :

(i) Superb Machinery Co. A/c.

years upto 31st December, 2021.

Rent received 62,000

(a) Sundry assets — Rs. 2,80,000

(b) All liabilities — Rs. 2,20,000.

• Interest @ 6% on his capital

• A contingent liability of Rs. 12,500 on bills discounted by him for

Prepare statement of Affairs and Deficiency Account of Mr. Grave.

5. Define Human Resource Accounting. Describe methods of valuation of human

6. (a) Explain in brief the objectives of Inflation Accounting. 6

(b) What is Value Added Statement ? Also state objectives of Value-Added

7. (a) Describe advantages of Farm Accounting. 4

(c) Write any four advantages of Interim Financial Reporting. 4

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