C-2(FAF) Revised Syllabus |
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Time Allowed : 3 Hours | Full Marks : 100 | ||
The figures in the margin on the right side indicate full marks | |||
Answer Question No. 1 which is compulsory and any frive from the rest. | |||
Marks |
1. | (a) | In each of the following one of them is correct. Indicate the correct answer: | 2x5=10 | ||||||||||||||||||||||||||||||||||||||||
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(b) | State with reasons whether the following statements are true or false:
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2x5=10 |
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C-2(FAF) Revised syllabus |
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(c) | Fill in the blanks:
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2x5=10 | |||||||||||||||||
2. | Ms. Mythily who maintained books under single entry method approaches you with the following details. You are requested to prepare Statement of affairs as on 31.03.2006 and Profit and Loss A/c for the year ended 31.03.2006.
Details furnished by Ms. Mythily: |
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C-2(FAF) Revised syllabus | |||
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3. | SMS Recreation Club provides you with the following details and requests you to prepare
(1) Income and ExpenditureA/c for the year ended 31.03.2006 & (2) Balance Sheet as on 31.03.2006. Details submitted: |
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C-2(FAF) Revised syllabus |
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4. | Mr. Balaji tallies his trial balance placing the difference in the Suspense A/c. But he finds the following mistakes and needs your help in correcting trial balance. With the data given below you are asked to prepare
(a) Profit and Loss Adjustment A/c for the year ended 31.03.2006 (b) Corrected Trial Balance as on 31.03.2006.
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11. |
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5. | A of Agra sent on consignment goods valued Rs. 1,00,000 to B of Bhagalpur on 1st March, 2005. He incurred an expenditure of Rs. 12,000 on Freight and Insurance. A's accounting year closes on 31st December. B was entitled to a commission of 5% on gross sales plus a delcredere commission of 3 per cent. B took delivery of the consignment by incurring expenses of Rs. 3,000 for goods consigned. | 14 | |||||||||||||||||||||
On 31.12.2005, B informed on phone that he had sold all the goods for Rs. 1,50,000 by incurring selling expenses of Rs. 2,000. He further informed that only Rs. 1,48,000 had been realised and rest was considered irrecoverable, and would be sending the cheque in a day or so for the amount due along with the accounts sale. | |||||||||||||||||||||||
On 5.1.2006, A received the cheque for the amount due from B and incurred bank charges of Rs. 260 for collecting the cheque. The amount was credited by the Bank on 9.1.2006. | |||||||||||||||||||||||
Write up the Consignment account finding out the profit/loss on the consignment, B's a/c, Provision for Expenses a/c and Bank account in the books for the consignor, recording the transactions up to the receipt and collection of the cheque. |
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C-2(FAF) Revised syllabus |
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6. | Given below is the Balance Sheet of Shamasri Ltd. as on 31.03.2005: | 14 | |||||||||||||||||||||
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Preference shares were due for redemption on 31st July 2005 at a premium of 10%. 50 shareholders paid the amount due on their shares and the balance shares on which call amount was not paid were forfeited. The forfeited shares were reissued and on receiving 80% of the face value were considered fully paid. 4,000 Equity shares were issued at par face value being Rs. 100/-
On the due date Preference shares were duly redeemed and amount due settled. Pass necessary Journal entries and prepare Balance Sheet after redemption. |
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7. | Sa and Re were equal partners of M/s. Sabda Swara. Given below is the Balance Sheet of M/s. Sabha Swara as on 31.03.2006. On the same date Ga was admitted as a partner. | ||||||||||||||||||||||
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Ga was admitted on the following terms: | |||||||||||||||||||||||
1. 2. |
Ga to bring Rs. 4,00,000/- towards capital and Rs. 2,00,000/- for 1/3 rd share of profit
Partners to shares profit or loss equity. |
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C-2(FAF) Revised syllabus |
Marks |
3. 4. 5. 6. 7. 8. |
Not to show Goodwill in the Books after admission
To revalue Plant at Rs. 6,55,000/- To provide 10% for Doubtful Debts To write 10% of the advances To show the assets at revalued rate in the Balance Sheet. Each partner to have Rs. 5,00,000/- as balance in Capital A/c. The difference to be adjusted by bringing the short fall or by withdrawing the excess. |
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Pass necessary Journal entries and prepare Revaluation A/c and Balance Sheet after admission in the Books of M/s. Sabda Sawara. | |||||
8. | Write short notes on the following:
| 4+4+3+3 | |||
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