I—10(AFA) 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 five from the rest | |||
Total six questions are to be answered. | |||
Marks |
1. |
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2x10 | |||||||||||||||||||||
2. | On 2nd June, 2006, the stock of Shri Daga was destroyed by fire but sufficient records were saved from which the following particulars were ascertained: | 16 | |||||||||||||||||||||
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Sales up to 2nd June, 2006 included Rs. 50,000 for which goods had not been despatched. | |||||||||||||||||||||||
Purchases up to 2nd June, 2006 included machinery purchased Rs. 10,000 and did not included Rs. 20,000 for which purchase invoices had not been received from suppliers through goods have been received at the godown. | |||||||||||||||||||||||
The value of stock salvaged from the accident were worth Rs. 15,000 and these were handed over to the insured. Ascertain the amount of claim for loss of stock. | |||||||||||||||||||||||
3. | Kamala Agencies started business on 1st April, 2005. During the year ended 31st March, 2006 they sold undermentioned durables under two schemes—Cash Price Scheme (C.P.S.) and Hire Purchase Scheme (H.P.S.).
Under the C.P.S. they priced the goods at cost plus 25% and collected it only delivery. |
8+8 |
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I—10(AFA) Revised syllabus | |||
Marks |
Under the H.P.S. the buyers were required to sign a Hire-Purchase Agreement undertaking to pay for the value of goods including finance charges in 30 instalments, the value being calculated a cash price 50%.
The following are the details available at the end of 31st March, 2006 with reqard to the products: |
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The following were the expenses during the year: | ||||||||||||||||||||||||
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From the above information, you are required to prepare:
(a) Hire Purchase Trading Accounts, and (b) Trading and Profit & Loss Account. |
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4. | A malesh and Kamalesh are two partners sharing Profits and Losses in the ratio of 3 : 2. On 30th September, 2005, they admit Bimalesh as a partner and the new profit sharing ratio as 2 : 2 : 1. Bimalesh brought in fixture Rs. 3,000 and cash Rs. 12,000, the goodwill being (i) Amalesh and Kamalesh Rs. 20,000 and (ii) Bimalesh Rs. 10,000 but neither figure is to be brought into the books. | 4+6+2+4 | ||||||||||||||||||||||
On 31st March, 2006, the partnership is dissolved, Amalesh retiring and the other two partners forming a company called Bomex Ltd. with equal capitals, taking over all remaining assets and liabilities, goodwill being agreed at Rs. 40,000 and brought into books of the company. Amalesh agrees to take over the business car at Rs. 3,700, plant was sold for Rs. 3,000 being in excess of requirements. The profits of the two preceding years were Rs. 16,200 and Rs. 20,000 respectively and it was agreed that for the half year ended 30th September, 2005, 2005, the net profit was to be taken as equal to the average of the two preceding years and the current year. | ||||||||||||||||||||||||
No entries had been made when Bimalesh entered, except cash. No new book being by Bomex Ltd., Amalesh agreed to have Rs. 45,000 as loan to the company, secured by 12% Debentures.
The following is the Trial Balance as on 31.03.2006: |
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Prepare:
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I—10(AFA) Revised syllabus | |||
Marks |
5. | (a) | Rangakarmi, an amateur theatre organisation, charges its members an annual subscription of Rs. 200 per member. It accrues for subscription owing at the end of each year and also adjusts for subscriptions received in advance. The organisation closes its accounts every year at 31st December. The following particulars are available: |
6+10 | ||||||||||||||
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(b) | From the following particulars, prepare the cattle account in the books of Ratnagiri Farm: |
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Out of the calves born during the year 8 died. The carcasses of these calves did not produce any revenue.
Crop worth Rs. 50,000 grown in the firm was used for feeding. Wages and other rearing costs amounted to Rs. 80,000. Slaughter house expenses amounted to Rs. 45,000. Electricity and insurance expenses paid during the year Rs. 25,000. Farm machinery costing Rs. 2,50,000 was acquired during the year. Depreciation of farm machinery to be charged during the year is Rs. 40,000. The opening balance of farm machinery was Rs. 3,25,000. |
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( 4 ) | |||
I—10(AFA) Revised syllabus | |||
Marks |
6. | The summarized Balance Sheet of A Ltd. and B Ltd. as at 31st March, 2005 were as under: | 3+8+5 | |||||||||||||||||||||
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The companies agree on a scheme of amalgamation on the following terms: | |||||||||||||||||||||||
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Required:
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7. | What is meant by global convergence of accounting standards? Discuss the benefits of convergence. What are the impediments to convergence? | 4+8+4 | |||||||||||||||||||||
8. | Write short notes on the following:
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