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FINANCIAL ACCOUNTING

PART A — (3  5 = 15 marks)
Answer any THREE questions.
1. What are accounting concepts? Explain.

2. Prepare Trial Balance with the following balances.
Rs.
Capital a/c 5,00,000
Furniture 25,000
Debtors 25,000
Purchases 2,00,000
Sales 3,00,000
Sales Returns 10,000
Creditors 50,000
O/S salary a/c 5,000
Buildings 3,00,000
Machinery 2,00,000
Prepaid insurance 5,000
Stock 60,000
Bank 20,000
Cash 10,000

3. From the following particulars calculate profit.
Rs.
Capital at the beginning 8,00,000
Drawings during the year 1,80,000
Capital at the end 9,00,000
Capital introduced during the year 50,000

4. A fire occurred on 30.09.02 in the premises of
Mr. Anand from the following data calculate the claim to be lodged :
Rs.
Stock on 1.1.2002 17,000
Purchases from 1.1.02 to the date of fire 1,70,000
Wages 17,000
Sales from 1.1.2002 to the date of fire 2,00,000
The rate of Gross profit is 20% on sale. The salvaged stock was valued at Rs. 4,000.

5. From the following balances prepare Sales Ledger adjustment account in General Ledger of a company.
1997 Rs.
Jan 1 Balance of Sundry debtors 80,000
Dec 31 Credit Sales 1,96,000
Cash received from Debtors 1,56,000
Discount allowed 4,000
Bills receivable received 30,000
Returns inward 6,000
Bad debts 9,000


PART B — (4  15 = 60 marks)
Answer any FOUR questions.
6. Rama commenced business as a cloth merchant on 1.4.89 with a capital of Rs. 10,000, on the same date he purchased furniture for cash Rs. 3,000. From the following particulars obtained from his books kept by single entry. You are required to prepare a Trading, Profit and Loss account for the year ended 31.3.90 and a Balance Sheet as on that date :
Rs.
Sales (inclusive of cash sales Rs. 47,000) 1,17,000
Purchases (inclusive of cash purchases Rs. 14,000) 95,000
Rama’s drawings 11,200
Salaries to staff 12,000
Bad debts written off 500
Business expenses 10,700
Rama took cloth worth Rs. 500 from the shop for private use and paid Rs. 200 to his son but omitted to record these transactions in his books on 31.3.90 his sundry debtors were Rs. 5,200 and sundry creditors
Rs. 13,600. Stock in hand on 31.3.90 was Rs. 16,500.

7. From the following, prepare an account current as set by Arun to Bhola on 30th June 1989. Charging interest on debits at 6% and on credits @ 4% p.a.
1989 Rs.
Jan 1 Balance due from Bhola 600
Jan 10 Sold goods to Bhola 520
Jan 17 Bhola returned goods 125
Feb 10 Bhola paid by cheque 400
Feb 14 Bhola accepted Arun’s draft for one month
300
Apr 29 Goods sold to Bhola 615
May 15 Received cash from Bhola 700
June 5 Bhola accepted Arun’s bill for 3 months 500

8. The Machinery account of a factory showed a balance of Rs. 3,80,000 on 1st January 1997. The accounts are closed every year on 31 December. Depreciation is written off at 10% on straight line method. On 30 June 1997 new machinery was acquired at a cost of Rs. 57,783 and on the same date a machine which had cost Rs. 12,000 on 1st January 1992 was sold for Rs. 1,500 and another machine which had cost
Rs. 1,200 on 1st January 1993 was scraped without realising anything. Show the machinery account for the year 1997.

9. Differentiate Receipts and Payments a/c and Income and Expenditure accounts.

10. Eknath and Farook were partners in Joint venture sharing profits and losses in the proportion of 3/5 and 2/5 respectively. Eknath supplied goods to the value of Rs. 15,000 and incurred expenses amounting to
Rs. 2,500. Farook supplied goods to the value of
Rs. 20,000 and incurred expenses amounting to
Rs. 3,000.
Eknath sold all goods on behalf of joint venture and realised Rs. 50,000. He was entitled to a commission of 5% on sale. Eknath settled his account with Farook by a bank draft. Give ledger in the books of both.

11. Give journal entries that would appear in A’s books for the following transactions :
1999
May 5 A drew three bills on B for Rs. 5,000, Rs. 4,000 and Rs. 3,000 payable at 4, 3, and 2 months respectively. B accepted the bills and returned them to A.
May 12 He endorsed the first bill in favour of his creditor C at Rs. 4,750
1999
May 19 He discounted the second bill with his bank at 12%.
May 26 B paid the proceeds of the third bill at a rebate of 9% p.a.
On the due date the first and second bills were dishonoured.

12. From the following prepare Departmental Trading, profit and loss account and there after the combined income account for the year ended 31st December 1989.
Dept A
Rs. Dept B
Rs.
Stock (January) 40,000 –
Purchases from outside 2,00,000 20,000
Wages 10,000 1,000
Transfer of goods from Dept A – 50,000
Stock (Dec. 31 at cost) 30,000 10,000
Sale to outsiders 2,00,000 71,000
B’s entire stock represents goods from Dept A. which tranfers them at 25% on cost. Administrative and selling expenses amount to Rs. 15,000. Which are to be allocated between departments A and B in the ratio
of 4 : 1.

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