llllilfillillil||ilililtiltill sA - 743

ll Semester B.Com. Examination, April/May 2015(C.B.C.S) (201 4-15 and Onwards) (Freshers)

COMMERCEPaper - 2.3 : Advanced Financial Accounting

Time : 3 Hours Max. Marks : 70

lnstruction : Answer should be written either comptetely in Engtish orin Kannada.

SECTION -A

1. Answerany fiveof the following. Each question carriestwo marks. (5x2=10)

a) What is Del-credere commission ?

b) Who is consignor ?

c) Why is Memorandum Trading Account prepared ?

d) State the method of accounting fol Joint Venture.

e) From the following information find out fire insurance craim :

Value of stock on the date of fire { 2,00,000

Policy amountt 1, 50,000

Goods saved from fire t 50,000.

f) What do you mean by toad price ?

g) How do you allocate the following expenses in departmental accounting ?

i) Carriage outwards

ii) Canteen expenses.

5:lL$b-f-,f": :.\'S*-t:'il

P.T.O.

sA - 743 -2-

SECTION _ B

|ilililililrililil]t]iltilililtl

Answeranythree of the following. Each question carriessix marks. (3x6=18)

2. On 1Sth June 2014 the premises and the stock in a firm was destroyed by fire,but the accountinE records were saved, from which the following particularswere available.

Stock on 1-1-2013

Stock on 31 -12-2013

Purchases for the year 201 3

Sales forthe year 2019

Purchases from 1-1-2014 to 1 5-6-2014

Safes from 1 -1-2014 to 1 5-6-2014

Stock salvaged

Show the amount of claim.

T

1,75,000

1,95,000

8,76,000

11,69,000

3,84,000

5,54,400

81,200

3. Lokesh of Mysore sends 2000 Kgs of oil att 120 per Kg to Natarajat Hubli. Theconsignor spendsT 1 1 ,000 on cartage, insurance and freight. On the way 100 Kgsof oil was lost (normal loss) due to leakage and evaporation. Nataraj took deliveryof the consignment and spentT 9,000 on octroi and caniage. His selling expenseswere t 7,000 on 1700 Kg's of oil sold. Determine the value of stock.

Kavitha and Kalpana are entered into a joint venture sharing profits and losses inthe ratio of 3 : 2. Kavitha contributes t 1,20,000 and Kalpana T 1,60,000. Theamount contributed by them were deposited into a joint bank account. Theybought goods for cash { 2,00,000 and from Kavitha for{ g0,000. They paid forcarriage T 1 5,000. Rent T 4,000, Insurance T s,Ooo and other expenses t 9,000.Allthe goods were sold fort 9,50,000.

Pass necessary journal entries.

4.

I ilril||t illllll lllll lllil llll llll sA - 743

S. Keerthi Ltd. had its Head Office in Bengaluru and branch at Mysuru. You aregiven the following information relating to Mysuru branch for the year ended30-6-2014.

Cash sent to branch for expenses - Salariest 15,300, Rentt 3,600, Petty cash{ 3,100.

Prepare Mysuru Branch A/c in the books of H.O.

6. From the following indirect expenses, determine the basis of apportionment amongthe department.

1) Labour welfare expenses.

2) Insurance premium on building.

3) Electricity bills (lighting etc.)

4) Reserve for bad debts.

5) Repairs and insurance of building.

6) Aftersales service.

SECTION _C

Answerany three of the following. Each question carriesfourteen marks. (3x14=421

7. The premises oJ Bharath Traders were destroyed by fire on 30-4-2015.

The stock was fully insured. The concern has made accounts up to 31-12-2014.The following information is available.

{

Stock at branch on 1-7-2013Petty cash at branch on 1-7-2013Goods sentto branchGoods retumed by the branchCash sales at branch

Stock on 1-1-2014Stock on 31 -12-2014

Purchases from 1-1-2015 to the date of firePurchases up to 31-12-2014Safes up to 31-12-2014Sales from 1-1-2015 to the date of fire

38,400130

55,1004,7W

85,200

1,52,7201,16 ,1403,68,2704,72,5805,40,0m5,11,700

I lillllll llllllll llllllllllllll llllsA - 743

Further information is also available :

1) In Feb. 2015 goods costing{ 15,000 were given away for advertising purpose'

no entry being made in the books'

2) During 2015 a clerk had misappropriated cash sales of { 6,000

3) The rate of gross profit is constant over the year'

4) Value of stock saved was { 18,000 and the expenses incurred to extinguish

fire is { 1,200.

From the above information prepare a statement showing the claim to be lodged

for loss of stock.

g. M/s Raghu and Co. of Delhi consigned on 1Sth March 2012,45 cases of glass at

costpr icet45,000toReddyandCo.ofHyderabadforsaleoncommissionat

5% on gross sale proceeds. The consignor paid freight and carriage amounting

to T 539.

The goods arrived at Hyderbad on 20th March 2012, Reddy and Co' paid clearing

charges T 235, sundry charges T 59, carriage { 1 02 and godown charges t 90'

The goods were sold by Reddy and Co' as under

15 cases att 1,000 per case, 22 cases att 1,050 per case and the remaining 8

cases at t 1,250 Per case.

on June 21 ,2012, Reddy and co. sent a draft for{ 1 0,000 to M/s Raghu and co'

on account. On 1st July 2012, Reddy and Co' fonrvarded an account sales

togetherwithaBi||ofExchangefortheba|ance.

Give journar entries to record the above transactions in the books of consignor

and consignee. Calculations are to be made to the nearest Rupee'

-4-

Iillilililllllllllll l||||ffi ||ll sA - 743

g. Akash and Ashwin undertook a joint venture for construction of a college building.

A joint bank account was opened in which Akash deposited { 2,00,000 and

Ashwin T 50,OOO. The contract price was { 10,00,000. The profit of joint venture

was to be shared as to Akash 2f ana Ashwin /r.

The details of the transactions are as follows :

Salaries

Wages

Materials supplied by Akash

Building materials purchased

Materials supplied by Ashwin

Architect's fees

Carriage

Machinery purchased

On the completion of the contract the unused materials of the value T 40,000

were taken over by Akash. The machinery was sold for { 60,000. Mr. Ashwin

was to be paid a remuneration of T 30,000for his service which is to be charged

to the joint venture.

Prepare the necessary ledger account.

10. A cloth company of Gwaliar has its branch at Delhi. Goods are invoiced to the

branch at cost plus 25%. Branch has been instructed to deposit daily all cash

received by it in the Head Office, except petty expenses which are met by the

branch manager from the petty cash amount sent by the H.O. from time to time.

{

30,000

1,80,000

35,000

4,00,000

35,000

25,000

45,000

80,000

sA - 743 | ilililillllllll lllll ll||| ffi ill

I Account in the books of theFrom the following particulars, prepare Delhi Branch

H.O. at Gwaliar.

Thebranchse||sthegoodsattheinvoicepriceon|y.,

Stock on 1-4-2013 at invoice Price

Sundry debtors on 1-4-2013

Cash in hand on 1-4-2013

Office furniture on 1-4-2013

Goods received from H'O- (invoice price)

Goods returned to H.O. (invoice price)

Cash received from debtors

Credit sales

Discount allowed to debtors

Goods retumed bY debtors

Expenses Paid bY H-O.

For rent

For salary

For printing and stationery

Particulars

Opening stock

Purchase

36,000

21,000

960

3,000

1,90,000

2,500

72,W

1,20,000

7W

1 ,100

{ 2,900

{ 5,600

7n 9,2n

Petty expenses paid by the branch managert 670'

Depreciation is to be provided on brancfr furniture at 10% p'a'

1 1 . From the following particutars, prepare the Departmental Trading and Profit and

Loss Accountforthe year ended 31-12'n14'

Dept. A

{

14,000

75,100

Dept. B

t

12,000

69,800

Total

T

26,000

1,44,900

ilfiflililfi|mffin[mffiilil

Sales

Returns outwards

Salaries

Generalsalaries

Rent and rates

Advertising

Insurance

Carriage outwards

Discount allowed

Ellmunteamed

Accountancycharges

Carriage inwards

Additional Information :

-7-

1,00,000

1,100

9,000

. -

80,000

800

8,500

SA - 7rt3

1,80,000

1,900

17,500

11,600

6,000

9,100

1,000

5,400

1,800

1,4{}0

2,960

1,430

a) General salaries are to be allocated equally.

b) The area occupied is in the ratio of 3:2.

c) lnsurance premium and accountancy charges cannot be allocated

conveniently to any department.

d) C'h*rg stock of Dept. A was t 1 6,000 ard that of Dept. B t 17,000.

? 7

sA - 743 -8-

*{ae{$CtIorl- o

ddnd odndlcnddo au$$#erl *€on $e$d;loddr eeodrf$b.

1. a) der 9coo d"Be aoddeib ?

b) dddr det'pood oodd o:n& ?

c) *dooorodab" qa"d mdobdlad dobodenrbd)cb ?

d) u or,l d, daa o8odoO_r.dddrd e3o*zm dd eFd?fddl ud ouro.

e) de dsind adddeod auboil tJos d{doeod dodr baooo.

dJa.

zSos do$d o;noddoub rDB$

s3oEobod dpd crEe$

adJa aoOn deo

f) eSoeco' {rn' efrrddludooo.

g) €r ddnd dqtddlaqnheod: eSua*eadd erqo$ derl do?,$ao ?i) dndsoori

ii) wdaad aDz*lr (Canteen expenses).

AHDrt- a

ddnd dadoaddo *.,ocb ddleri *$ot ds dd$ er$ erodri$t

|fiililt||ililililil1ililffiIiltl

2,00,000

50,000

1,50,000

(5x2=10)

(3x6=18)

i:i

2. erlD;rr 15, 2014dod> r-ouJc dodOoJr agodeodO- uJoE drbOdgcsDedc sJoErierd)godDnd. erdd oaCIourod erued)dood %*grtE d-d er ddnd addddc odrad.

t

unry$1-1-20131

cla4$31 -12-20131

1,75,000

1,95,000

-s-

Iil]ill|liltl|||l||flIilililililrl

2013d ddrd$oeorlst)

2013d ddrd dnoat"l

-9- sA - 743

$0e61 -1-20140od 1 5-0-201 4dddri

dnoar"l 1 -1 -2014 00d 1 5-6-2014dddri

?,Jo6obod eruelrd oal3 dl ( oaOobod)

o*D dedy dod dod) baog)o.

8,76,000

11,69,000

3,84,000

5,54,400

91,200

3. drddraod eloedeen aouddr 2000 d.d. drelddr do. 120 r,ocb E.d. deJri dla;euoJ:

dsooas" aoudorl d$b&dlqd. d6r"{dddd& naa uoariri, adrnDn d$ roori dufo*n

drD. 1 1 ,000 {oblr&Bd. d>drdo_100 f.a duerioeo dd(xnwadr &S doqiaM:$d.

dtloozs'dd& dd"{ro"$or^ldl dddcdoo* do. 9,000 eldl iood ubt saodron

{oD:d>ed ed& 1700 d.d. dre-rd dnuoulao*n dro. 7,000 "qd{dna&,.4d.

"adood oa40d atfoet dd1&droxr.

4. d,ld abdJ derd aoudd> xoo^3 drdoaodri $dea,l enqJ dld3 dddq3 : 2d eed)e?ddo_

dor^:dorb;4d. dad aouddc dro. 1 ,20,OOO etQd$ deld aoud& do. 1 ,60,000 erdl

drodnd:qd. $ oeg dJodnad drdQ*roEd rou3 andri tldl draded erd$ ddaron

do. 2,00,000 ddddl$oeoRr abdr daoood do. Bo,oo0dleDoea&&Bd. naorirnh

do. 15,000 erdl , ero6rlrnh do. 4,OOO e:q , &drnaA d.o. 5,000 udl d$ edd

eDzSrnah dro. 9,000 oQ drou*doqd. o*_ nddodcdl dro. 3,so,0o0dd dncnr"l

andenou:io.

dou ot'dgzgodef o o g airdludobo.

I lillilllilll llllllllllllllllll llll - 1 1 -

s?trod- 3

sA - 743

oJndloaddodlJo& d-d;leri *€o,rr. -'gsdqf"donne;r*eoddst (3x14=42)

T. aoaod3O-4-2015docb 9e WaCg" 6ed{gorlsad) sJo&rl erd}3o$an**, {*sand.

dJo.

1,52,720

1,16 ,140

3,68,270

4,72,580

5,40,000

5,11,700

€r drrcAi dDE*9ri$b dd oUlrad{d.

1) 2015d $gdoo$O-do. 15,000 esiod ictsd>".enbeo-od: wdedro*n dodennd>

oln$ de D$doJlq e{dO-do e ol&d) os"i

2) 2015d ddrdO-agrtrtn{$ drl& dnoau dn. 6,000 "$"*edoheddama;S.

3) er ddrd ?.43* erotpodd dd"t (Gross Profit rate) gdaand.

4) aJoSollod eruead cnxadl do. 18,OOO drQ aJoSol:d1 doOiqr dDAd drd

drD. 1,200 egfld.

ubeOd dnaaosrod s,Jo&ourod erd d{d #e.rrd aieado$dldolno:r.

udd era4#l;&ear a$rl uddadennd iodoll> o6Dod31 -1z-2}Mdddri erdryai$

doood>o €r ddnd cddridJ erUlradrJd.

enqdrl -1-20141

oasad>31 -12-2AMi

eDoeoddc 14 -2}15ood ajos dogdddri

aDoeadsb 31 - 1 2-201 4 dddrl

dnoat"i 31 -1 2-201 4dddrl

dnou t -1 -2}15ood LJos dogdddri

sA - 7'r3 -10- lffilllllllll|l|llilffilflffllll

5. Eegr o. ddt*od dseoolltrnaJorldoodo-dooodloarlo enajod:$",$;doodo-ddad'

Odrri rlrrd"e ma3rl douoQrrd eddrfCdlainod 30-6-2014d* douoqldod dB ddrl

CIedennd.

dJo.

uoeJo$O-csae$1 -7-2}1gl 38'400

enalo$O$del-ddrlubt -7-2O1gEr 130

majri dauaO:rd dd$ 55'100

eDajog)od undr" dnaddd# 4'7ffi

oaio$O;d dddr dncnu 85'200

cDz{:rrlgrian EDeJrl d$aad ddd:

doud do. 1 5,300, elia@d drD. 3,600, der-d drlcb do' 3' 1 00'

deo{ dqJeooJr ddddqdrfro& aal e{dQdonoa'

6. $ ddnd d?*rddlolrad elrgmdd e,{od) apdderl dozjrao ?

a) uoarrd den eo dz{

b) sdD do* dgdd abeel

c) ed>rd aoc (aed'a@do)

d) oooload doendd me'rrlst)

e) dqCd odeo $* cd)

I 0 dnoat^lddodddieddsbl

I

illllllll llll llfi lllll lllll llll llll

SA - 743 '12'

8. sd, cndr d,Q dce.ad& ooaodl5-3-2012docb dqd4 dos drdoazoer" "adorl

eriw deJ do. 45,000d 45 rur"deiDrld$4ddJ1^o"zs den-9 u[^lr*dnoct'ld d:eeJ

de. 5. do"6oaodd& do' S39d:oraorl d{ qjoiDqd'

ornod20.3-2012dod:dddl{doazocf'T*idqd4dosil&d4ddojuorldo.z3sdlEoJ:oonf(gdJd9)dz{oon,dn.59*ao*4-R,do.102;oorid4d4do. 90 udld:erl dr{aan oead:qd

dqS* dodaou$ dddodod dnoat^l dna&qd:

15 qtr de-,.orldd1uod{ do. 1 ,000, 22 na;i6 de-loriddluodd* do. 1 ,050 d)4 eNed

I na$ deiorlddlioat* do' 1 '2sOdod dndennd'

ocood 21-6-2[12-dod: dqrb* dodpou.do' 1o'oood+ cgqf" (bill)d1oad'J d)8

dodprr d$a:rdod:qd. oanod i --, -roa2dodr da*drdJ dodl.JD dnoar^l eJd* d9

doJnoxr, dodrl dodsSerad zro6 deoro*R zcet ory lqt:'os (Bill of Exchange)q

ddrbtudro&ed'

d;eodd,daadd*douoQldodoaaDeJddqdil"tN'Dd(Consigno0s4ds-r5ae(Consignee) ${ddO-udoDo. doa ddoumri ii:edd doaaog:rl doderfu.

g.Erroefabdle*fro$drdaauddrtt?rcejeuodqFddldqde'ro$tn'orf

and oJ:d1d dcb e,6oy do. 2, oo, oo ol***:a; ufo o, a^] s o, oo0 ed:oad> dn ad &.

.add ud,odd ujej dJo. 10,00,000aahd. aonj d,doaodoJ: o.JdQo *s % aarb

us*f /tae'$mddod doddosoqd'

dr drdaadd {Peor add er dddodo9d'

doald

doO

errcdoodmdrry dndrd

dqd;o$D sDoea

. l a\ J9 .

30,000

1,80,000

35,000

4,00,000

Iilililfl||iltilil]tilillilttill sA - 743

ugoaf ood:DabD dpdrd 95,000

ucnEdd&e 25,000

xiaori dd. 4S,OOOu

ob€ $oeo 8O,O0O

t-{od de.rH {p eorrlo od dodd oddolnrld ( u n u sed) dra. 40, 000 a3fo o, d sadbD odrqeffrsr ddcb drid>do o E &e d.

obadgedddcaddldo. 60,000dd dnoaul dndond. cgds"ddd dedrioh do. 3O,OOOe:dldoziladd Oead:od $dJ addlzror"l drdaaodrl deodennd.

uddrdaod Oga ao*AOQ (tedOe r Nc) dolnoa.

1 0. roo O odrordoJjJd u t^fl dodo o:l dd aaiodldl ddO ot o_ do oo d. ddddl nadri d4{25% deoxr dedond. deod dnoauood uod deoddlen&job deoqi dgeorl du$addozsdennd€d.

dCI-d dqFq uoarE drdsgdddl dot, eruqld aer-ddl deogi dqleooorodeJe aoer uao{?edcDrtlgd.

€r dCtod oddrlgod ro*OoJ:o"d deo{ dqieood> d{taO_ ddOo$ uoaro andodldldolDotu

ena3ol> dddQlnvoice pricedO_drag dnoau dDdOd.

dJa.

dd*(fnvoice price) 1-4-2O1gEt 36,000

nrerroddrl-4-2}1}Et 21,OOO

&{e$ dm1-4-2013{ e60

d$eo aedoedddea 1 -4-201 3{ 3,000

deogi dqieoourod ledoad dd* (tnvoice price) 1 ,gO,00O

dpd dqleorl bo6drnld dd$ (tnvoice price) 2,sOO

-1 3-

-14-

do.2,900

dD.5,600

dD.72A

ffifil[[[

72,w

1,20,000

700

1,100

9,220

rulmmill

\

III

sA - 743

abedrleod ledoad drld)

s'Dqo dnoaut

$bsdrlgrl Eq ioea

aJ:sddgod aammd idd>

$drrroh dQad defeoorrod aadg:

uEAdri

doudd,u

drdtu drd3 dedddrlerl

der-d $zJrdr".oaa do#;# droc*d1 dD' 670

sretr .ledoedddearld dlee' de' 10d dddg drlouro'

11. €s tdnd adddeod aa"$rd)ouef 6Drmd d)\dj enul d)Q dd andot$".ooad

91 - 1 2-2A1 4t Eodrto$-dai doJnoL

addrlC)

m4d.>(4,dotpd)

eDOeO

ds6derioair detuq

dnou

doa$

radndrdou#(edd)

BgaUscrsoutc

A

dn.

14,000

75,100

1,100

1,00,000

9,000

Earootrr$ouEe

B

dJo.

12,000

69,800

800

80,000

'8,500

bs,

dJa.

26,000

1,44,900

1,900

1,80,000

17,50c

11,6fr

nmmmmmml|||

marlatl*dd

mEoeodr

ad)

dodsaorl

doea doutcbr,J o

doea dpacbo

-15- sA - 743

6,000

8,100

1,000

5,400

1,900

1,430

2,960

1,4ftl0

elt*m{d d{ ( Acco u nta ncy charges )

dE$,sdo dnEogrl$:

1) mdn$ doud(edQdQd$anfl doas dD&d*.

4 $ded egdor,$d)dr3 : 2d er$@ddO_

q s do$ $* dr-# $dFdlolDdde aqrart"d* dojaan doder ud:goer.,

4) trl$aq:

mtfE&ogf A do.16,000

Aaat.f,r&orfB do.17,000.