BCom Financial Accounting III Past Paper PDF Winter 2017

rtmnuonline.com NRJ/KW/17/6564 Bachelor of Commerce (B.Com.) Semester—III Examination FINANCIAL ACCOUNTING—III...

rtmnuonline.com NRJ/KW/17/6564 Bachelor of Commerce (B.Com.) Semester—III Examination FINANCIAL ACCOUNTING—III Compulsory Paper—1 Time : Three Hours] [Maximum Marks : 80 N.B. :— (1) ALL questions are compulsory. (2) All questions carry equal marks. 3 5 1. 8 (a) Explain the meaning of Consignment Accounts. State needs and objectives of Consignment Accounts. 8 (b) Amar & Co. of Katol consigned 100 Tables @ ` 2,000 each to Nayan Co. Amaravati. The 5 consignor paid ` 6,000 as expenses. Nayan Co. paid by cheque ` 50,000 as an advance to 83 om Amar Co. Nayan Co. were sold 3/4 of consigned good for ` 2,00,000. Consignee’s expenses e.c being ` 2,000. Consignees are entitled to 5% commission on gross sales. lin on Prepare Consignment A/c in the books of consignor. 8 nu m.rt OR w w (c) M/s. Sameer & Co. of Nagpur consigned 100 coolers costing ` 6,000 per cooler to their w agent, Chand & Co. Lakhani. The coolers were invoiced as proforma ` 8,000 per cooler. 3 5 8 The agent sold 40 coolers at ` 8,000 per cooler for cash and 40 coolers at ` 8,200 per cooler on credit. M/s Sameer & Co. paid freight and carriage ` 5,000 and miscellaneous expenses ` 2,000. om e.c They drew a bill on Chand & Co. at 3 months for ` 4,50,000 which was duly accepted lin by the latter. The expenses incurred by the Chand & Co. were : on nu Carriage ` 2,500 m.rt w Octroi ` 500 w w Storage ` 1,040 Miscellaneous ` 2,000 They were entitled to 5% commission and 2% credere commission on gross sale proceeds. They sent their Account Sales to their principles showing as a deduction from their commission and the various expenses incurred by them. A month later Chand & Co. remitted the 5 amount due on consignment. 3 3 5 8 Prepare : 8 (1) Consignment A/c and Chand & Co. A/c in the books of Sameer Co. (2) M/s Sameer A/c in the books of Chand Co. 16 POY—28762 1 (Contd.) www.rtmnuonline.com rtmnuonline.com 2. (a) Explain the meaning of Branch Accounting and state the objectives of Branch Accounting. 8 (b) From the following particulars prepare Branch A/c in the books of Head Office showing the profit or loss from the branch : ` Opening Stock at the Branch 1,50,000 Goods Sent to Branch 4,50,000 Cash Sales (Deposited in Head Office Account) 6,00,000 Expenses met by Head Office 3 5 Salaries 55,000 8Other Expenses 15,000 Closing Stock 1,00,000 The Branch Manager is entitled to a commission of 5% on profit of the branch before 5 charging such commission. 8 83 om OR e.c (c) A Pune Merchant has a Branch at Nasik. Branch sent following Trial Balance to Head lin Office : on nu Trial Balance m.rt as on 31st March 2017 w w Particulars Amount Dr. Particulars w Amount Cr. Cash at Bank 4,90,000 Sundry Creditors 4,46,000 Cash in Hand 3 5 11,400 Sales 34,04,000 Sundry Debtors 8 7,40,000 Head Office A/c 14,59,000 Purchases 22,50,000 om Rent & Taxes 60,000 e.c General Expenses 90,000 lin on Salaries 1,80,000 nu Bad Debts 9,600 m.rt Fixtures & Fittings 38,000 w w w Plant 4,60,000 Stock (1.4.2016) 9,80,000 53,09,000 53,09,000 Additional Information : (1) Head office has to charge ` 65,000 as proportionate supervision charges on branch. (2) Fixed assets are to be depreciated by 10%. 5 5 (3) Branch Manager is to get commission at 15% on profit prior to charging commission. 3 3 8 (4) Closing stock was ` 6,95,000. 8 (5) ` 60,000 remitted by branch to head office are in the transit. Prepare Branch Trading and Profit & Loss A/c for year ended 31st March 2017 and Balance Sheet as on that date. 16 POY—28762 2 NRJ/KW/17/6564 www.rtmnuonline.com rtmnuonline.com 3. (a) Explain the methods of issue of shares with example. 8 (b) Samrat Co. Ltd. issued shares of ` 100 each at 10% premium payable as follows : On Application ` 20 per share On Allotment ` 30 per share (including premium) On First Call ` 20 per share On Final Call ` 40 per share Mrs. Mrunal who has holding 500 shares did not pay her allotment and first call and her shares were forfeited after first call. At the same time 300 shares of Mrs. Sonal, were also 5 forfeited, as she did not pay first call on those shares. 3 8 Pass Journal entries relating to forfeiture of shares. OR 8 (c) Hirani Co. Ltd. issued 30,000 shares of ` 100 each at discount of ` 4 per share. The amount 5 was to be paid as follows : 83 om On Application ` 20 per share e.c On Allotment ` 36 per share lin on On first and final call ` 40 per share (after allowing discount). nu The public applied for 36,000 shares and were allotted on pro-rata for 32,000 shares of m.rt application. All the money due were collected with the exception of the first and final call w w on 400 shares and allotment and call money on 100 shares. These shares were forfeited and w re-issued 300 shares (including 100 shares—due on allotment & call money) as fully paid of ` 110 per share. 3 5 8 Pass Journal entries and prepare Balance Sheet of Hirani Co. Ltd. 16 4. (a) Write short notes : om (i) Interim Dividend e.c (ii) Interest on Debentures. 8 lin on (b) After preparing Profit & Loss A/c for the year ended 31 March 2017, following Balances st nu were available in the books of Rainbow Co. : m.rt Particulars Amount Particulars Amount w w Paid up Share Capital 4,95,000 Premises 2,50,000 w Stock 2,10,460 Plant 5,00,000 Postal Stamp & Stationery in Hand 180 Preliminary Exp. 19,900 14% Debentures 2,00,000 Cash in Hand 20,960 Debtors 1,25,000 Profit & Loss A/c 1,62,600 Creditors 69,800 Bills Payable 5,000 35 35 Bank Over Draft 2,00,000 Outstanding Rent 5,000 8 Cash at Bank 10,000 Sales Purchases 8 3,00,000 1,50,000 Prepare Balance Sheet of the Co. as on 31st March 2017 after providing for doubtful debts ` 2,500, writing off preliminary expenses completely. 8 OR POY—28762 3 NRJ/KW/17/6564 www.rtmnuonline.com rtmnuonline.com (c) Mahindra Trading Co. Ltd. was registered with authorised capital of ` 1,20,00,000 divided into equity shares of ` 10 each. The following are the balances extracted from its books on 31st March 2017 : Particulars Amount Particulars Amount ` ` Premises 75,00,000 Salaries 1,80,000 8 35 Plant & Machinery Call-in-Arrears 69,00,000 Director’s Fees 85,000 Bad Debts 70,000 25,000 Interim Dividend Paid on Debenture Interest Paid 1,20,000 5 83 30.10.2016 4,00,000 Subscribed & Called up 80,00,000 om e.c Furniture 1,50,000 6% Debentures 40,00,000 lin on Goodwill 2,50,000 Profit & Loss A/c 2,00,000 nu m Debtors 8,50,000 Bills Payable 3,50,000.rt w w Stock on 1.4.2016 7,20,000 Sales w 65,00,000 35 Share Broker’s Commission 60,000 Creditors 2,20,000 Purchases 8 19,00,000 General Reserve 3,50,000 Carriage 1,50,000 Bank Overdraft 2,00,000 om e.c Sundry Expenses 1,20,000 Bad Debts Reserve (1.4.2016) 40,000 lin on Bills Receivable 2,80,000 Cash in Hand 1,00,000 nu m Prepare Trading and Profit & Loss Account for the year ended 31st March 2017 and Balance.rt w Sheet as on that date after considering the following : w w (1) Stock on 31st March 2017 was valued at cost ` 15,00,000 (Market Value ` 16,00,000) (2) Depreciation, Plant & Machinery at 10%, Premises at 5% and Furniture at 10% p.a. (3) Write off half of share broker’s commission. (4) Provide for bad debts at 5% on debts. 3 5 (5) Goods distributed as free sample not recorded ` 1,00,000. 3 5 8 8 (6) Goods destroyed by fire ` 1,50,000. Insurance company admitted a claim of ` 1,00,000. 16 POY—28762 4 NRJ/KW/17/6564 www.rtmnuonline.com rtmnuonline.com 5. (a) Prepare Accounts Sales from the following information : Consignor : Swapnil Enterprises, Shankar Nagar, Nagpur Consignee : M/s Himalaya Trading Co., Pune Goods Sold : ‘A Grade’ — Fans — 50 @ ` 8,000/- ‘B Grade’ — Fans — 100 @ ` 5,000/- Consignee’s Expenses : Rent ` 5,000 3 5 8 Discount ` 3,000 Commission ` 15,000 Advance Paid by Consignee : ` 1,00,000 5 83 om Balance amount paid by consignee with bank draft alongwith details of transactions. 4 e.c (b) From the following information calculate the difference in value or loading : lin on Goods are sent by the head office at invoice price which is at profit of 20% on invoice nu price. ` 6,00,000 opening stock at invoice price ` 30,000. 4 m.rt w (c) Give classification of Share Capital with imaginary figures. 4 w w (d) From the following information prepare Trading A/c for the year ended 31st March 2017 : 3 5 8 ` Purchases 3,00,000 om e.c Wages & Manufacturing Expenses 5,000 lin Return Outward 10,000 on nu Carriage Inward 8,000 m.rt w Carriage Outward 10,000 w w Sales (Cash) 3,50,000 (Credit) 90,000 Stock on 1.4.2016 50,000 31.3.2017 1,20,000 4 3 5 3 5 8 8 POY—28762 5 NRJ/KW/17/6564 www.rtmnuonline.com rtmnuonline.com NRJ/KW/17/6564 Bachelor of Commerce (B.Com.) Semester—III Examination FINANCIAL ACCOUNTING—III Compulsory Paper—1 Time : Three Hours] [Maximum Marks : 80 N.B. :— (1) ALL questions are compulsory. (2) All questions carry equal marks. 3 5 1. 8 ¼ejkBh ekè;e½ (v) ijs"k.k ys[;kpk vFkZ Li"V djk- ijs"k.k ys[;kph vko’;drk vkf.k mís’k lkaxk- 8 (c ) baxzth ek/;ekuqlkj- 8 5 83 fdaok om e.c (d ) baxzth ek/;ekuqlkj- 16 lin 2. (v) ’kk[kk ys[kkadukpk vFkZ Li"V djk vkf.k ’kk[kk ys[kkadukps mís’k lkaxk- 8 on nu (c ) baxzth ek/;ekuqlkj- 8 m.rt w fdaok w w (d ) baxzth ek/;ekuqlkj- 16 3. (v) va’k fuxZeukP;k i)rh mnkgj.kklghr Li"V djk- 3 5 8 (c ) baxzth ek/;ekuqlkj- 8 8 om fdaok e.c (d ) baxzth ek/;ekuqlkj- 16 lin on 4. (v) laf{kIr fVi.ks fygk % nu m (i) e/; ykHkka’k.rt w (ii) dtZjks[;koj O;kt- 8 w w (c ) baxzth ek/;ekuqlkj- 8 fdaok (d ) baxzth ek/;ekuqlkj- 16 5. (v) baxzth ek/;ekuqlkj- 4 (c ) baxzth ek/;ekuqlkj- 4 3 5 3 5 8 (d ) HkkxHkkaMoykps oxhZdj.k dkYiuhd vkdMîklg nîk- (M) baxzth ek/;ekuqlkj- 8 4 4 POY—28762 6 www.rtmnuonline.com rtmnuonline.com NRJ/KW/17/6564 Bachelor of Commerce (B.Com.) Semester—III Examination FINANCIAL ACCOUNTING—III Compulsory Paper—1 Time : Three Hours] [Maximum Marks : 80 N.B. :— (1) ALL questions are compulsory. (2) All questions carry equal marks. 3 5 1. 8 ¼fgUnh ekè;e½ (v) ijs"k.k ys[kk dk vFkZ Li"V dhft;sA ijs"k.k ys[kk dh vko’;drk ,oa mís’; crykb;sA 8 (c ) vaxzsth ek/;e ds vuqlkjA 8 5 83 vFkok om e.c (d ) vaxzsth ek/;e ds vuqlkjA 16 lin 2. (v) ’kk[kk ys[kkadu dk vFkZ Li"V dhft;s ,oa ’kk[kk ys[kkadu ds mís’; crykb;sA 8 on nu (c ) vaxzsth ek/;e ds vuqlkjA 8 m.rt w vFkok w w (d ) vaxzsth ek/;e ds vuqlkjA 16 3. (v) va’k fuxZeu dh i)fr;ka lksnkgj.k Li"V dhft;sA 3 5 8 (c ) vaxzsth ek/;e ds vuqlkjA 8 8 om vFkok e.c (d ) vaxzsth ek/;e ds vuqlkjA 16 lin on 4. (v) la{ksi esa fVIif.k;ka fyf[k;s % nu m (i) e/; ykHkka’k.rt w (ii) dtZ jks[ks ij C;ktA 8 w w (c ) vaxzsth ek/;e ds vuqlkjA 8 vFkok (d ) vaxzsth ek/;e ds vuqlkjA 16 5. (v) vaxzsth ek/;e ds vuqlkjA 4 wth 3 va’kia8 5 (c ) vaxzsth ek/;e ds vuqlkjA 35 4 (d ) dk oxhZdj.k dkYifud vadksa lfgr nhft;sA 8 4 (M) vaxzsth ek/;e ds vuqlkjA 4 POY—28762 7 www.rtmnuonline.com