Roll No………………… | |||
Time allowed : 3 hours | Maximum marks : 100 | ||
Total number of questions : 8 | Total number of printed pages : 4 | ||
Note: Answer SIX questions including Question No. 1 which is compulsory. All working notes should be shown distinctly. |
1. | Explain any four of the following :
|
|||||||||
(5 marks each) | ||||||||||
2. | (a) | Distinguish between any two of the following :
|
||||||||
(4 marks each) | ||||||||||
(b) | State, with reasons, whether the following statements are correct or incorrect. Attempt any two :
|
|||||||||
(4 marks each) | ||||||||||
3. | (a) | How are profits determined under the single entry system ? Explain with the help of an illustration. | ||||||||
(8 marks) | ||||||||||
(b) | What are ‘adjustment entries’ ? Why are they necessary for preparing final accounts ? | |||||||||
(8 marks) | ||||||||||
4. | On the basis of following information, prepare the income and expenditure account of Modern College for the year ended 31st March, 2006 and the balance sheet as on that date :
|
|||||||||
|
||||||||||
(16 marks) |
P.T.O |
( 2 )
113 |
5. | X, Y and Z were sharing profits in the ratio of 3:1:1 respectively. They decided to dissolve their firm on 31st March, 2006 when their position was as follows :
|
|||||||||||||||||||||||||||||
(16 marks) | ||||||||||||||||||||||||||||||
6. | (a) | On 28th February, 2006, in Volatile Ltd., the entire stock except stock costing Rs.62,000 was destroyed due to fire. Determine the amount of loss on the basis of following information :
|
||||||||||||||||||||||||||||
(8 marks) | ||||||||||||||||||||||||||||||
(b) | Shyam Traders of Delhi, a firm of traders, has a branch at Hyderabad. In order to maintain strict control over stock, it invoices goods to the branch at the selling price including profit of 25% on selling price.
|
|||||||||||||||||||||||||||||
(8 marks) |
Contind... |
( 3 )
113 |
7. | On 1st November, 2005, Anand drew a bill on Bikram for Rs.10,000 at four months for mutual accommodation. On th November, 2005, after receiving Bikram’s acceptance, Anand discounted the bill with the bank @ 8% per annum and remitted half of the proceeds to Bikram. On st December, 2005, Bikram drew a bill on Anand for Rs.15,000 at three months and after obtaining Anand’s acceptance he got it discounted @10% per annum and remitted one-third of the proceeds to Anand. On 28th February, 2006, Bikram became insolvent and only 50% of the amount due was received from his estate. Pass journal entries in the books of Anand and prepare the bills receivable account, bills payable account and the account of Bikram in Anand’s ledger. |
|
(16 marks) | ||
8. | Punjab Cycle Co. of Ludhiana consigned 150 bicycles to Kanpur Cycle Co. of Kanpur costing Rs.2,250 each, invoiced at Rs.3,000 each. The consignor paid freight Rs.15,000 and insurance in transit Rs.2,250. During transit, 15 bicycles were totally damaged. Kanpur Cycle Co. took delivery of the remaining bicycles and paid Rs.2,295 for octroi duty. Kanpur Cycle Co. sent a bank draft to Punjab Cycle Co. for Rs.75,000 as advance and later on sent an account sales showing that 120 bicycles had been sold @ Rs.3,300 each. Expenses incurred by Kanpur Cycle Co. on godown rent were Rs.3,000. Kanpur Cycle Co. is entitled to a commission of 5% on invoice price and 25% on any surplus of sale price over invoice price. Insurance claim was settled at Rs.21,000. Prepare the consignment account, consignee’s account and accidental loss account in the books of the consignor. |
|
(16 marks) |
---------o---------