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December 2012
r-Ps(FAC)
Syllabus 2008
Financial Accounting
Time Allowed: 3 Hours
The
full
marks.
I which
fle
questions
l.
(a) From the four alternative answers given against each of the following
cases,
indicr,.,n..ot"", urrl"jiO=rO
(i)
The situation when the number of shares applied for is less than the number of shares offered is termed as
(A) Minimum
subscription
(D)
(ii)
(B)
Retirement of a partner
(iii)
In the hire purchase system interest charged by vendor is calculated on the basis of
(iv)
ue
Cl
of
/4)
(B)
Tr
(v)
(A) Plant and Equipment A/c (B) Purchase Returns A./c (C) Purchase A/c (D) None of the above (vi)
Actuarial valuation relates to (A) Banking Company
Supply Company
as
se s
of
.c om
Turn Over
r-Ps(FAC)
Syllabus 2008
(2)
(vii,
Put to use (C) Developed $pto 75Eo rIP) None of the above
(A) (B)
fhe amortisation of amount of software commences from the date when it is Available for use
(vii;'
A non-performing
asset is
(A) /&)
(C) (D)
An
(ix)
'
When prior period expenditure is paid subsequently and for which no provision was made earlier, the accounting entry would be (A) Debit expenditure (B) Debit prior period expenditure (C) Debit deferred reveneu expenditure
(D)
(D)
(b)
lix;
(v)
ue
representing the rebate not yet matured. Double account system is applicable for electricity companies. Liquid assets plus stock in trade is called current assets.
the blanks in the following sentences using appropriate wbrd from the altematives Net worth ratio means share holders funds divided by total assets excluding assets/prepaid expenses). When the cost of byproduct cannot be ascertained separately it should be valued at
Cl
I x5=5 following statements are TRUE (T) or FALSE (F): (i!-When the shareholder cannot pay call moneys for the shares allotted he can return the shares uhich is called as surrender of shares. (ii) Reserve for unexpired risk is applicable for Banking companies. (iii) Rebate on bills discounted is disclosed in the balance sheet of a Banliing company in the assets side as
as
se s
(x)
In the case of non-profit organisation donations receiled bv the organisation are reflected in (A) Income and Expenditure Account (B) Capital Account (C) Receipts and Payments Account
.c om
(c) Fill up
indicated:
1x5=5
(ii)
Tr
li)
(fictitious
(sale
(iii)
(i9
Jv)
(d) (D (iD
affect tallying Balance Sheet (does/does not). (sale/payment of last instalment). passes instalment sale ownership at the time of In case of (total assets/shareholders funds). Solvency ratio means total liabilities divided by Enors in principle
I
Match the
following: (A) Depreciation Accounting AS-3 (B) Cash flow statement A5-6 (C) Borrowing cosl (iii) AS-9 (D) (iv) ,4.5-16 Revenue recognition (E) Accounting for tax on income (v) AS-22
(F) No matching statement found
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x5=5
(3)
2.
(a) tuiya
Sales Corporation of Jaipur has a Branch at Kota to which goods are sent @ 33{ 7, above cost. The Branch makes sales both for cash and on credit. Branch expenses are paid direct from Head Office and the Branch has to remit all cash received into the Head Office Bank Account at Kota.
Following further details are given for the year ended 3lst March, 2012:
(<)
Goods sent to Branch at invoice price Goods relurned by Branch at invoice price Stock at Branch on 1.4.2011 (ar invoice price) Branch Debtors on 1.4.201 I
Sales during the
r
Credit Cash received from Branch debtors Discount allowed to by Branch to debtors
Bad debts
Sales return at Kota Branch
.c om
1
year:
Cash
10,45,000
9,200
25,000
Salaries and wages at Branch Rent, Rates and Taxes at Branch Sundry expenses at Branch Srock at Branch on
3 I .3.201
1,80,000
se s
42,000
15,000 3,60,000
2 at invoice price
Office.
as
You are required to sho* Branch Stock Account. Branch Adjustment Accourlt, Branch Expenses Account, Branch Debtors Account, Branch Goods sent to Branch Account and Branch ?rofit & Loss Account in the
8
(b) State the criteria which should be fulfilled by a depreciable asset as per
,45-6.
3.
(a) lncome and Expenditure Account and the Balance Sheet of Nav Bharat Club ate as under:
Tr
ue
(c) Toly Enterprise ordered 10000 units of material X at { 135 per unit. The purchase price includes excise duty @ { 8 per unit, in respect of which fu CENVAT Credit is admissible. Freight incuned amounted to { 88,500. Normal transit loss is 570. The enterprise actually received 9400 units and consumed 8500 units. 4 You are required to ascertain the value of inventory as per AS-2.
Income and Expenditure Account for the year ending 31st March, 2012
Cl
Expenditures
Amount
lncomes
Amount
(<)
({)
To Upkeep of Ground
To Printing To Salaries
& Stationery
To Depreciation: Ground
2900
1,200
Building Furniture
&
9,000
1,000 10,000
To Repairs
3,500
To Surplus
3,970
69,2'.70
69,270
Please
Turn Over
r-P_5(FAC)
(4)
Balance Sheet as at 3l st March,20l2
Syltdbus'2008
Liabilities
Amount
(?)
Capital Fund: Opening Balance
(t)
Cround & Building Furniture
Sports Prize Fund: 1,43,200 9,000 43,000 2,600
19,400
l,63,300
Investment
Subscription
.c om
{
It sub-leased
a part
Opening Balance
65,000
Add: lnterest
Iessr Prizes
Outstanding Salary
49,000
4.20n
700
Subscription in Advance
(b) Chinu and Co. sells goods on hire purchase at cost plus 60 percent. Prepare Hire Purchase Trading Account from the following information for the year ending 3l st March, 2012: 4
a lease of coal mine for 20 years. Coals Ltd. The details of output in tons are given
Tr
1.4.2011 Stock with customers at hire purchase price 31,3,2012 Sale of hire purchase goods during the year at hire purchase price 31.3.2012 Cash received from hire purchase customers 31.3.2012 Stock with customers' at hire purchase price
ue
Cl
Prepare Receipts and Payments Account for the year ended on 31st March, 2012,
as
The following adjustments have been made in the above accounts: (i) Upkeep of ground ( 1,500 and printing and stationery { 510 relating ro 2010-201 I were paid in 201 (ii) One-half of entrance fee has been capitalised. (iii) Subscription outstanding in 2010-11 was ( 3,100 and for 2011-12 ( 2,600. (iv) Subscription received in advance in 2010- l I was 1,100 and in 201 I - l2 for 2012- 13 ( 700. (v) Outstanding salary on 31.3.2011 was 13,600.
se s
:,17.200
t-
12.
below:
2009-10
10,000
2010-l I
2011-12
12,000 14,000
to pay
As per lease, Cochin Coals has to pay 100 per ton and a minirnurn rent being 120 per ton to Cochin Coals by way of royalty.
Show Royalty Account in the books of Cochin Coals Ltd. for the said 3 years reflecting both Royalty receivable from Dhanbad Coals and Royalty payable to the Landlord.
(5)
|-P1(FAC)
Syllabus 2008 partner giving
.l--i
4'
(aI
Ashok
l . Th.: goodwirr to be shared bv Ashok & Bara in "' to Chand's capital account uy mistat<e.
,;;
p;8fir
r;;;ir*
a,s a
ofthe firm
as on
Ashok's capital
Bala's capital Chand's capital Sundry Creditors Cuffent year Drotit Other Aisets '
3,36,000
se s
".
(b)
at 5zo annum which was ii.ol:ori'"i"irn-""ri"",,^,h^r,A tibl)iri;ffi;#.:il"'ff#'rfjfrhl'lrlXrT#Xi,'*X^ o;i,,.r*--.-/^-:^-:^-- not ""J nT co. From the fonowing inrormation;;il;;1;;';;* f::l*,,ff:1,::,f::,.ply:li:11 Lc * goodwill by super profif method and capitalizatit;;riil,
.upirrl i,
.c om
7,70,000 1,45,600
I,04,000 20,400
28,000
allharged
per
(i)
Cl
(c) Mr' X is owner of a cinema Hall. He spent a heavy amount of air-condition machines and for sitting .;G.'r;;;;;;h for complere renovation of the hall, for installation cushion seats. As a result rhe revenue has been doubled. He also spent for few more doo"rs f* .-r"rg"n.y'"*it.
as
iiil ;t;,:.j.oj;,g:,j::1.*.!:T io, *,e rusi rr,,ee yeu,it i,so,ooo; ( r,?0,000 and ( 1,e0,000. (iv) Goodwill lili A*.".j,liyT""l*:j:1l,fT:3titarnavi,e.idardi;.i;-k;*j;;j6"iii]iliJ,ii,l: to be valued ar 2 yea;i;;rc;;;;:
"
Tr
(a) Khelaram commenced a contract on 01.07.201 l. The price agreed for the contract was ( g,00,000. At the end of the year on 30 06 2012 the contract was in advance' 'of completion slage and it was decided to anive at the notional profit on the basis of the toral cornr.,. it'"'"or,rr."t iiexpecred to be compr.rco uy tire Jno orDecember, 2012.Acnatexpenditurerortheyears zoti-iiiil-ioiii-iitli
ue
expenditure.
Expenditure
o.""*u"r,-iiH;."#.iJ"'"
30.062012
Actual
till
ptant purchased (ar originar Miscel laneous expense-s ptant retumeJ to itore
Materials Labour
rtt 2,g0.ggg
'rtr
cosr)
33;333
cost.1 ?3;333
- ^!'qqg 6'99'999 2o'ooo 5.80.000
,r,Y
6,000
70,000
on:0.00.2012 (originat
ii:ffii]T.,1,y
srore on 3r.12.2012
i".iEi,.i"",ij
..
24,ooo
Nil
8.oo,ooo
Nil
8,00,000
Charge depreciatio n at 2OVo.p.a. on plant on straight Iine basis. You are asked to prepare the Contract Account for the year
ended
30.06.2012.
10
(6)
(
75,00,000
The Revenue Account of a Life Insurance Company shows the Life Assurance Fund on 31.03.2012 at
A. B.
C.
<
3,15,000
35,000
t t
<
4,25,000
3,20,000
D.
{ t
8,15,000
25,000
.c om
Plant
-, , 6. (a: +he following was the Balance Sheet of Wonder World Ltd. as at 31.03.2012:
Liabilities
1
Compute the Life Insurance Fund on 31.03.2012 after taking into account the above omission.
in lakhs)
10.00
& llachinery
13.50
se s
3.50
Fumiture
Stock
2.40
1.80
7
3. 10
Investments
1.10
.20
.50
as
Sundry creditors
5.00
2.30
3_00
30.20
30.20
ue
On 01.04.2012, the comp:.ny decided to buy-back 207o of its equity shares at a premium of l0 per share. For this purpose, the company sold its entire investments for < 2.30 lakhs and issued I 5000- l27c Preference shares of 100 each at par. The amount payable was { 60 on application and ? 40 on allotment. The issue was fully subscribed. Theriafter the company issued bonus shares of 10 at the rate of one bonus share for every five
Cl
completed.
{
l0
Tr
(b) The total of debit side of the Trial Balance of Lotus Stores as at 31.03.2012 is side is t 2,26,000.
(<)
(<)
Opening stock Rent and rates Sundry creditors Sundry debtors Ascertain the correct total of the Trial Balance.
15,000
r0,000
63,000 18,000
I
36,000
8r,000
1,04,000
,58,000
(7)
(h) v,rlare provided with the following information for a company for the year ending on a certain &\nual Sales (all credit) { 36,00,000
lo Net worth - iYales Total Debts to Net worth
Current Ratio 2.5 times
80Vo
r-P5(FAC)
Syllabus 2008
date:
'
25Vo
3:
I 6 times
.c om
: 0.8
Inventory Tumover Ratio (based on sales) Average collection period Fixed Assets to Net worth Share Capital to Reserves anrl Surplus
information.
t
l0
(b)
Dut to inadeguacy of profit during the year 201 1- 12, Jatin Limited proposes to declare dividend out of general reserve. Following particulars are given to you:
(
in lakhs)
1,100
se s
s,000
1,605 185
210
3.
Tr
Write short notes ot (any three): ia) Sources for payment of Dividend; (b) Shotworkings and recoupment of shortworkings; (c) Accounting convention of consistency; (d) Contingent liabiliry; (e) Classification of Branches for Branch accounting purpose.
ue
Cl
1975.
280 Average rate of dividend during the last five years is l6Zo. You are required to ascertain the amount that can be drawn for dividend applying the Companies (Declaration of pividend out of Resewes) Rules, 5
5
Profit and Loss Account (out of which current year net profit is { 255 lakhs.l
as
x3=
l5
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