|Time Allowed : 3 Hours||Full Marks : 100|
|Working notes should form part of the answer.|
|Answer Question No. 1 which is necessary and any five from the rest.|
|1.|| P maintains Accounts under single entry system and furnishes the following information for the year ending 31st December 2001: |
Cost of goods sold during the year was Rs. 3,60,000, which constituted 75% of the Sales for the year. The rate of Gross Profit is 25% on Sales.
All purchases and sales are on credit and amounts received from customers and payments to suppliers are by cheque. P realised Rs. 10,000 in cash on the sale of scrap from which he paid Rs. 6,000 as freight on purchases and the balance was retained for his personal use.
Bad Debts written off during the year were Rs. 7,000. Furniture has been depreciated by 10% and Building is to be depreciated by 2%.
The Shop assistant is entitled to a commission of 10% of net profit after charging his commission.
|2.|| X Co. Ltd. was registered with an authorised Capital of Rs. 10,00,000 divided into shares of Rs. 10 each, of which 40,000 shares had been issued and fully paid. |
The following is the Trial Balance extracted on 31st March 2002:
You are required to prepare Profit and Loss Account for the year ended 31st March 2002 and a Balance Sheet as at that date after taking into consideration the following adjustments:
|3.|| A, B, and C were partnership sharing profits and losses in the ratio of 5:4:3 respectively. A died on 31.12.2001, on which date the balance sheet of the firm was as under: |
B and C decided to carry on the business sharing profits and losses in the ratio of 7:5 respectively. The following adjustments were made on 31.12.2001.
Rs. 25,000 was repaid to A’s executors on 1.1.2002, the balance owing to be a loan to the partnership.
|4.||(a)|| Mr. John submits you the following information for the year ended 31.3.2002:- |
During the year, damageed goods costing Rs. 12,000 were sold for Rs. 5,000. Barring the above transaction, the gross profit has been @ 20% on sales.
|(b)||On 1st. July 2002, G drew a bill for Rs. 80,000 for 3 months on H for mutual accommodation. He accepted the bill of exchange, G had purchased goods worth Rs. 81,000 from J on the same date. G endorsed H’s acceptance to J in full settlement. On 1st September 2002, J purchased goods worth Rs. 90,000 from H. J endorsed the bill of exchange received from G to H and paid Rs. 9,000 in full settlement of the amount due to H. |
On 1st October 2002, H purchased goods worth Rs. 1,00,000 from G, H paid the amount due to G by Cheque. Give the necessary Journal entries in the books of H.
|5.|| The following balances appeared in the books of Royco Ltd. on 1.4.2001: |
The company sold required amount of investments at 90% for redemption of Rs. 30,000 Debentures at a premium of 20% on the above date.
|6.||P of Kolkata consigned goods costing Rs. 45,000 to Q of Delhi. The invoice was made so as to show a profit of 331/3% on cost. P paid Rs. 300 as carriage and Rs. 1,200 as insurance. Goods costing Rs. 5,000 were destroyed in transit and insurance company admitted the full claim. |
In Delhi Q paid Rs. 240 as carriage and Rs. 600 as godown rent. Two–thirds of the goods received by Q were sold by him. Q sent a cheque to P for the sale proceeds after deducting the expenses incurred by him and the commission due to him–ordinary 5% and del credere 2.5%.
|7.||(a)|| In preparing the accounts of your company, you are faced with the following problems: |
You are required to:-
|(b)|| AB and C are partners sharing profits and losses in the ratio 5:3:2. Their capital were Rs. 9,600, Rs. 6,000 and Rs. 8,400 respectively. |
After paying creditors, the liabilities and assets of the firm were:
The assets realized in full in the order in which they are listed above. B is insolved.
You are required to prepare a statement showing the distribution of cash as and when available applying maximum possible loss procedure.
|(a)||Capital Expenditure and Revenue expenditure;||(1)|
|(b)||Trial Balance and Balance Sheet;||(1)|
|(c)||Bill of exchange and Promissory note;||(0)|
|(d)||Depreciation and Reserve.||(0)|