M.Com. (Semester II) (CBCS) Examination Mar/Apr-2018
ADVANCED ACCOUNTANCY (Paper
Time: 2½ Hours
Max. Marks: 70
Instructions: All questions are compulsory. Figures to the right indicate full marks.
Q.1
Choose the alternatives given below.
14
is primarily a management tool that informs the management about the changes that are taking place in the human resources of an organization.
Labor turnover ratio
Human resources accounting
Attendance sheet
Labor history card
costs are incurred to identify the possible sources of employees.
Recruitment
Selection
Hiring and department
Orientation
In case of goods are transferred from department A to department B at a price so as to include profit 25% on the cost, the amount of stock reserve on a closing stock of Rs. 6000/- in department B will
Rs. 1200
Rs. 1500
Rs. 2000
Rs. 1800
Non-departmental items of expenses are charged to
Departments on the basis of sales
General P&L A/c
Departments on the basis of fixed assets
None of the above
is an extra amount charged by a shipping company as a percentage of freight.
Primage
Primary
Pre-expenses
Permitted
is the commission paid by a shipping company to those persons who procure business for the shipping company.
Admission commission
Address commission
Acquire commission
Actual commission
The amount which is charged by the shipping companies for taking goods or cargo from one place to another is called
Fire
Fixed
Freight
Foreign
accounting is used to find financial results from the business of marine ship.
Voltage
Valued
Venture
Voyage
Tax laws do not recognize human beings as
Physical assets
Wasting assets
Current assets
Fixed assets
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10) The fire insurance on building is allocated on the basis of area occupied by each department.
Floor area
Surrounding area
Total area
Large area
11) Contract accounting usually applicable in:
Construction work
Textile mills
Cement industries
Chemical industries
12) A debit balance on the contractee account should be incorporated in the balance sheet as:
A current liability
Set of against contract stock valuation
Excess payment on account not set off against contract stock value
In debtors as "amount recoverable on contracts"
13) Repairs to machines in different departments are to be allocated on the basis of
Actual cost
Fixed cost
Depreciated cost
Marginal cost
14) If the rate of gross profit for department X is 25% of the cost and its sales amount to then the amount of gross profit will be equal to
Rs. 20,000
Rs. 30,000
Rs. 40,000
Rs. 10,000
Q.2
Answer the following.
14
Explain the Human Resource Accounting.
Write a note on Advantages of preparing Department Account.
Q.3
Answer the following.
07
Akash Enterprises has started their business on 15th April, 2013 and transacted as per following for the year ended 31st March, 2014.
Started business with initial capital amounting to Rs.
The firm has purchased machinery worth Rs.
The firm has utilized Rs. as working capital.
During the year total expenses incurred on recruitment, training and development of human resources amounted to Rs.
The value of human resources is assessed at Rs.
You are required to prepare the balance sheet of the firm as on 31st March, 2014 inclusive of Human Resource Accounting information attached to the financial statement.
Mr. Gupta the proprietor of a departmental store wants to calculate separate profit for two departments i.e. X and Y out of five departments for the month ending 31st July 2016. Stock at the end will be the balancing figure after considering the rates of gross profit 40% for department X and 30% for department Y.
07
Following figures are available:-
Particulars
Dept. X
Dept. Y
Stock (1.7.16)
9000
8400
Sales
42000
36000
Purchases
27000
21600
General expenses
5490
8520
Indirect expenses for the whole business (five departments) are Rs. 10800/- which are to be charged equally for all departments.
Prepare departmental trading and profit and loss account for the period.
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SLR-CX-14
Q.4
Answer the following. (Any one)
14
A firm had Rs. as cash at bank on April 2009. The consumer price index on that date was 200. During the year ended 31st March, 2010 the receipts and payments were stated below.
Receipts
Rs.
Index
Payment
Rs.
Index
June 1
Sales
1,05,000
210
Sept. 15
Costs
2,15,000
215
January 15
Sales
3,45,000
230
Dec. 1
Plant
2,00,000
225
Mar. 20
Costs
1,50,000
240
Find out the profit or loss account of price changes; the year end index was 240.
OR
S. Thaper started work on 1st January 2016 on a contract for Rs. 500000/-. The following information relating to the contract was extracted from his books of account.
14
Particulars
Rs.
Materials issued from stores and sent to site
160000
Wages paid
101200
Wages outstanding on 31.3.2016
37520
New machines purchased and sent to site 1.1.2016
148000
Direct charges paid
7500
Direct charges outstanding on 31.3.2016
600
Establishment charges apportioned to contract
6400
On 31st March 2016 material lying unused at site was valued at Rs. 21620/-. Machines were depreciated at 20% p.a. Value of work certified by 31st March 2016 was Rs. 350000/- while the cost of work done but not yet certified as on that date was Rs. 18000/-
On the basis of architecture certificate Thapar has received a total sum of Rs. 280000/- from the contractee till 31st March 2016.
Prepare contract account is S. Thapar's ledger.
Also show the relevant portions of the contractor's balance sheet as at 31st March, 2016.
Q.5
Answer the following. (Any One)
14
Mr. X runs departmental stores having three departments, trial balance of which is given below for the period ended on 31st March 2016
Particulars
Debit
Credit
Debtors
32,000
Opening Stock
A
10,000
B
8,000
C
4,000
Cash in hand
155
Cash in bank
1545
Plant Machinery
27,500
Creditors
10,650
Trade Expenses
1,075
Sales
A
70,000
B
50,000
C
44,500
Carriage Outwards
400
Salaries
2,225
Rent
900
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Bills Payable
7,500
Purchases
A
55,000
B
35,000
C
28,750
Land and buildings
54,500
Discount
1,100
Capital
79,500
2,62,150
2,62,150
Adjustments:
The stock at the end A Rs. B Rs. C Rs.
Rs. are to be written off as bad and is to be provided for doubtful debts.
Charge depreciation 10% on plant and machinery, on land and building.
Allocate all unallocated expenses in the ratio of over three departments.
Prepare trading and profit and loss for the year ended 31st March 2016 and balance sheet as on that date.
OR
A ship commenced its journey from Mumbai to Kolkata on 31st March on which date the accounts are closed. Ship was on her half way back to Mumbai from Kolkata.
14
The details for the entire voyage to Kolkata and back were:
Freight Rs.
Coal consumed Rs.
Salaries Consumed Rs.
Port charges Rs.
Salaries of crew Rs.
Depreciation Rs.
Insurance of ship Rs.
Insurance of freight Rs.
Address commission
We could get only 30,000 rupees freight on return. Primage 10%.