(8) RollNo

Printed Pages: 8 21003

The finn was dissolved and B was appointed to realise the assets
BCE /A-18
and pay off the liabilities. He was entitled to receive 5oZ
commission on the arnount finally paid to other paftrers
FINANCIAL ACCOUNTING
as capital
and was to bear the expenses ofrealisation. The assets realised Paper-BC - 103
as: Debtor t 11,000, Stock ( 1,000 Time allowed : 3 hoursl [Maximum marks : g0
t8,000, Furniture
Machinery ( 4,000. There was ajoint life policy for 30,000 Note :- Attemptfive questions in all, selecting at least one question
t but not more than two questions from any unit.
which was surrendered for { 3,000.
lz :- sfiq qqr{ t qq t qs gq s?n, dP'l sl t ofuq d ql
Expenses ofrealisation amotmted to
{ 500. C becomes insotvent qqt od gs, gd fic y?n $ sw #ffir
but { 3 700 were recovered from his estate. prepare necessary
unit_r ({sr{_D
accounts to close the books ofthe firm. l. Define accounting. Explain its advantages and disadvanlages.

q{ sr Hqrq{ ,{, d dqfili qssi dEr ErfrEl

s-{ kct Tqr der 2+7+7
*-TIT +li + frc Fgn tuqT.Frr{fl sd + m ue 6t ilei+-{ + qRvtR( mfrqr1rS om qh dHBfi
+r qtq dfrqr
sfiilfr d eq eftq griilq { 5% Effrrt qrq *.[ f,sr sR Eqfi 2. Explain the ditrerent t1,pes ofAccounting Errors. I 6
qc sq {16{ rri Gt, Aeimq eigM + Epfi{ nort ot q"h d&.qr
3. Explain the following.
tqfud qs lrsR sqil g{: ec<R T 11,000, ffi6 < 8,000, ftq fr qrqr d&qr
s-ffqr t 1,000, qrft-{t {4,000, {Tm fi-sr fiqr crftm (, CompoundEnries. 4
< 30,000 qw d E r FrR < r.ooo i w+iq q,r Rqrrqr r s(fr frfs( qfcM
qq ? 500 gC I 'fr, R{rfrqr dBa d .m mr sFfr {iqRrfr (i) concept.
t The Business Entity 4
+{d {3700 rqf, gqt qrqR + qkR'fr qrqr
(if Joumal 4
s{ qft geqif A,{( Srt * frq qrqrq+ qrt q-{r{cr ro irq-{.rqr
(iv) Receipts.
Capital Receipts and Revenue 4
Eilm mkzf 6q1 36qrd Hffi
4. From the following tial batance ofNavin Chand, prepare a trading
and profit and los account for the year ended on 3 1$ Dec. 1999
and a balance sheet as on that date. 16
21003 [See Page 5 lrt ooil [rumover
 (2) (7)
r.,.r q{ * tffiMa ilf,cd fr 1999 d cqrq Ai
3l Eflq{, 9. Differentiate the following.

sR qd *
frq etqrfao G em-ertr qrdr qnEq oe{r $fi RfsI trr fuqftfud q s1a1 q,ltr< r

RqR n.+rq iqn frfrq r

(, Hire Purchase system and lnstalrnent Payment system.
Name of Account r. Balance r. Balance
fu-rr+r oq qcfr ncr hm 5'ran rsft 8

(ii) Revaluation accounts & RealisationAccount.

Navin Chand's Capital 4,50,000
Navin Chand's drawings 35,000 gctsi4q qrflT tnlr +qft urott 8

tand and Buildings 60,000 10. A, B, C, D were partners sharing profits and losses in the ratio
Debtors and creditors 30,000 40,000 ofthe
of3 : 3 : 2 : 2 respectively. Following is the Balance sheet
Purchases 2,35,000
6,900 3,65,000 firmon31.3.2010.
Sales return and sales
Discount on purchases 900 C, fi, fr oel S om d mq{: 3 :3:2:2 * orgwn
ilTr 6rRql
Fire Insurance Premium 2,800 i ,ffi gS Hr+qlr q I 31.3.2010 d q{ mr ftrgr FrlnRE( en t

Apprentice premium 5,000

Cash in hand 25,900 Balance Sheet
Cash at bank 30,000
Stock on 31"'December 35,000 Liabilities Assets {
Bad debts 12,000 2,000
Creditors 15,500 Bank Balance
Bad debts provision 10,000
Carriage 6,300 A's Loan 10,000 Sundry Debtors 16,600
Wages 27,704
A's Capital 20,000 Less Reserve 1100 15,500
Plant and Machinery 2,30,000
Fumihre and Fixtures 60,000 B's Capital 15,000 Stock 10,000
Salaries 23,000
Fumitw€ 4,000
Bank charges 200
Coal, gas and water 12,000 Machinery 7,000
Rates and Taxes 8,000
C's Capital 6,000
Bills Receivable and Bills payable 60,000 29,100

Trade charges 200 D's Capital 16,000

9,00,000 9,00,000 60,500 60,500

tltillE FttiiE
 (3)
(6)
r$
They admitted Sandeep as partner for ofshare ofprofits Adjustrnents:
f (, Carry forward tlre following tmexpired arnounts
on the following terrns:
capital and < 15'000
(a) Fire Insurance ( 700'
0 Sandeep will bring Rs. 1,75,000 as
(b) Rates andtaxes ( 2,000
goodwill.
as share of
(c) APPrentice Premium ( 2,500
(i) Land and Building was to be revalued at < 3'00'000
(i) Wages include { 2,000 spent on installation ofa new I

(if The value of Plant and Machinery was to be reduced

by 1999'
machine on Io January, I

furniture and
l2o/o.
[ii) Depreciale plant and machinery @ 5% and i

(v) Provision for doubdrl debts was to be increasedto < 7'400' fixures @ 10%.
for doubtful
(v) Prepaid Insurance has not been shown in the Balance
sheet (iv) Make a provision of 5oZ on Sundry Debtors

< 2200. debts.

(v) Trade charges ( 400 and wages ( 1'500 have not been
(vi) The amount of goodwill was to be withdrawn by the old
paid.
parbxers.
(vi) Allow 5% p.a. interest on capital'
Pass necessary joumal entries and prepare Revaluation
Capital A'/cs and opening Balance sheet of new firm'
nqrM:
A,/c,
(0 $s< fficr tsIIt t il-fr ?'
q€t {ftc.dr frrm i i*I t fdc frq {fr qr H+fi (") offir qqr { 700
EFITqI I
(b) <t lqs ffir 6t < 2,ooo
(r) {Aq < 1,7s,000 (fi s t 1s,000 qIfr * otqq t
(c) cRHIfr fffrqq < 2'soo
drmt +
(ii) Xfr wi rfi 6r Tsts-{ < 3,00,000 t tuqr qrq .q{t q < 2,000 1 qa+t, 1999 A qsfl-{
t
(i) =ri

(iii) wrz vi mffi sr Ts 12% sq fuql qrul nrFq t r

q{
(n) *t qs dk'E Tfr + qr4qn fr +oror < 7,400 6t RqI (iii) €rq flr{q: {irie c'?i qtffi l-t 5%, s-ft{t mn Rmd
mt l0o/o.

S < 2,200 {& Rerqr qqr t (iv) ffi {( (R'q xq * loc s% TiE-d dq ffii{ql
0 SE{ +qr fsE r

fi glffiq qfi
(vi) qrfr m rrtu 5fli nrffi anr tr+rt fr
qKftt irj eruno qq ( 400 €t( qq5t < 1500 cxm

frqr Tqr E
.inqrc+ q-ts qFFrqi dtrq flr X{teifi qlil, (m sra r

I 16
ftr {t 5{ * PEr tqn dfrc r t6 (ril m q( s% arft6 qrq fiFq
21003
21003
 (5)
(4)
< q,ooo i-(Iq tu-{q fr< <
t0'ooo
eqfl fr fl t ia ftt
unitJl({sr{-II) frfiq q{ qq fuclsttr( rys aq.fi i
rnt c"s affi snr trqI
s. (t) Wha is Reserve? What are the difference between
Provision qr Fe *+n frqr t
{qr fi-{ qr6 6r < 6,00,000
andReserves? 2+6
i
{qt q"s +'qfi <rsre sx
qtff'-6 <t fr fu t
R'd gqr Ftrqr I
rjqq qt B? q+sn d"lr €qq i
qr q<r t? 4% ofiqm qrt qr
qtffiIt t
"t* *
slqfi r

Difference between Income Expenditure Account and q sEF-d dFiq cs qra AqK
or1 q's sqfi m gmd t{qTqql
(ii) an<l
8
Receipts andPaYmentAccount' frHqt
gTrq-zaq qra f,qr Hk vi gr-dTq srA i flr cf,d{ to
B?
in the books of the Head office
1 What joumal entnes are made
6. Sharma and Co. sent 200 computers on consignment
to Ansal
infro.ut" tir" tial balance of an independent
branch? U
I -
'
(dqg m sqrqR-(
and Co. @ (
24,000 per computer' The cost ofeach
computer
qsr{ mrqfmq d gK-m { \rd ffilE{ efiqr +
was 20,000. Sharma and Co' incurred { 20'000
{ on freight
*l + mo w{e S m !fiFgqi m qrfi B?
(
10,000 on insurance' 4 computers were
destroyed in
and
{ unit-fiI({{rt-III)
transit and the insurance Co. accepted a claim of
55'000'

Ansal and Co. sold 50 computers @ 26'000

( per computer 8. HariandPtemarepartrrersinaflrmshanngprofitsandlossesin
2012
and incurred 9,000 on godown rent and 16'000
{ ( on selling' *" *U" .
sheet as on 31$ December'
*tir balance
"tr,,
(
Ansal and Co. accepted abill of 6,00,000
at 3 months drawn was as follows:
the bill Amount
by Sharma and Co. Sharma and Co' discounted Liabilities Amount Assets
is entitled to
immediately from bank @ 9% p'a' Ansal and Co' 61,000 kndandBuilding
2,50,000
Creditor
get a commission of 47o on sales' 1,75,000
Bank overdraft 26,000 Plant and
in the books of
Passjoumal entries and prepare ledger accormts Stock 1,20,000
16 Provision for
SharmaandCo. 5,000 Debtors
95,000
q'E{'( t 24'000 cfr Badanddoubffiidebts
nqt q,ss,qfi A eiffd c-s 6qff d 200
38,000
B/R
6qe{ d <t t is''r q{ tArqfr+ 6qr d ffild -<-20'000
(rt qq 42,000
Sr-rni c-s sqft t < 20,000 qB efu < to,OoO frl
Cash in hand
Hari 4,23'000
l+q r Prem 20,5000 6,28,000
4 6y,c{ rrR { cE fr'rq g}{ fiqT +'n.fi < ss'ooo i
+r srqr
7,20,000
7,20,000
{A-6R" Eqr I etrrf, C-c +,q-ff i
50 sqe{ < 26,000 cfr
Irlo'-ml
71001