M.Com (Semester II) (CBCS) Examination, 2017
ADVANCED ACCOUNTANCY (PAPER-I)
Day Date: Wednesday, 19-04-2017 Max. Marks: 70
Time: 10.30 AM to 01.00 PM
N.B. All questions are compulsory.
Figures to the right indicate full marks.
Q.1 Choose the alternatives given below. 14
The Current Cost Accounting (C.C.A.) method, takes into
consideration the changes in the value of
Money Cost of Production
Closing stock Opening stock
is primarily a management tool that informs the
management about the changes that are taking place in the
human resources of an organization.
Labour turnover Ratio Human Resource Accountancy
Attendance Sheet Labour History Card.
'Finding out profit or loss on buying and selling out securities' is
the purpose of
Voyage A/c Account of professionals
Government A/c Investment A/c
In departmental A/c income tax is recorded in A/c.
Trading A/c General Profit Loss A/c
Profit Loss A/c Cash A/c
There are two parties to a contract. The contractor and the
Owner Purchaser
Contractee Party
A typical Balance Sheet does not disclose
Human assets Liquid assets
Current assets Closing stock
is an additional freight collected at a certain
percentage of fright.
Primage Passage money
Steredoring None of the above
Page 1 of 4
SLR-Q-14
is a method designed to show the effect of changing
cost and prices of affairs of the business unit during the relevant
accounting period.
Financial Accounting Costing
Management Accounting Inflation Accounting
The is the base for apportionment of canteen
expenses in Departmental Accounts.
Direct wages Number of employees.
Production of each employees None of the above
10) is given to brokers for securing freight from different
parties.
Broker charges Brokers commission
Voyage commission Address commission
11) In departmental A/c are recorded in General Profit
and Loss A/c.
Salary Legal Expenses
Labour expenses Carriage Inward
12) If any loss is detected on contract the whole of the loss so for
detected should be debited to A/c.
Contract A/c Cash A/c
Voyage A/c Profit and Loss A/c
13) are incurred to indentify the possible sources of
employees.
Selection Hiring and placing
Orientation Recruitment
14) Depreciation on ship should be calculated for the period of the
Voyage Month wise
Days Financial year
Q.2 Write short answer. (Any 14
Current Purchasing Power Method (C.P.P.)
Voyage A/c
Cum-Interest and Ex-Interest
Q.3 The ship 'Jal Sagar' commenced its Voyage from Mumbai to
Calcutta and back on1st Nov 2016. On 31st Dec 2016 on which
date accounts are closed. The ship was half way back to
Mumbai from Calcutta.
07
The following details are given.
Page 2 of 4
SLR-Q-14
Particulars Rs.
Coal and stores purchased 44,000
Salaries and wages 18,000
Sundry expenses 6,000
Depreciation (annual) 72,000
Insurance (annual) 36,000
Freight outward 80,000
Freight return 40,000
Stock of stores and coal on 31.12.2016 8,000
Passage money (return) 4,000
Address commission
Prepare voyage A/c showing Profit Loss for the period 2
months ending on 31.12.2016
The Laxmi Printing Press purchased printing machinery for Rs.
80,000 on 1st Jan 2013. When the retail price index was Rs. 300.
You are required to re-state the value of printing machinery on 31st
Dec. 2016, according to current purchasing power, presuming the
price index to be at 600 on that date.
07
Q.4 Answer any one of the following. 14
The Kedar accepted a contract for the construction of a building
for Rs. 10,00,000. The contractee agreeing to pay 90% of work
certified as complete by the architect. During the first year the
amounts spent were.
Rs.
Materials 1,20,000
Labour 1,50,000
Machinery 30,000
Other expenses 90,000
At the end of the year, the machinery was considered to be of Rs.
20,000 and materials at site of the value of Rs. 5000. Work
Certified during the year totaled Rs. 4,00,000. In addition
work-in-progress, but not certified at the end of the year had cost
Rs. 15,000.
Prepare the contract A/c in the book of the Kedar.
OR
B Finance Co. Ltd. held on 1st Jan 2016 Rs. 1,00,000
Government loan at 95,000. Three months interest had accrued
on 31st May company purchased further Rs. 40,000 of loan at 96
cum-interest on 31st July Rs. 30,000 of loan was sold at 94
ex-interest.
14
On 30th Nov. Rs. 20,000 of loan was sold at 96 cum-interests.
Interest on loan is receivable on 31st March and on 30th Sept.
each year. The price of loan was 96 on 31st Dec. 2016
Brokerage is paid on buying and selling loan at 20 paisa per
Rs. 100.
Write up Govt. loan A/c closing it on 31st Dec. 2016.
Presuming that above Govt. loan has nominal values of Rs. 100
each.
Q.5 Answer any one. 14
From the following figures for the year 2016 prepare accounts to
disclose total profit and the profit of two departments X and Y.
Particulars Rs.
Opening stock: Dept X 13,400
Dept Y 11,200
Purchases: Dept X 73,600
Dept Y 71,400
Sales: Dept X 1,13,000
Dept Y 90,000
Sales return: Dept X 3,000
Dept Y 2,000
Carriage Inwards 2,900
Salaries Dept X 8,000
Dept Y 7,000
General Salaries 7,500
Rent and Tax 5,400
Advertising 8,100
Insurance (for Building) 1,800
General Expenses 4,500
Discount allowed 2,700
Discount received 1,450
The following further information is supplied
1. General salaries and General expenses are to be allocated
equally.
2. The area occupied in the ratio 5:4
3. The closing stock of the two departments was
Dept X Rs. 20500
Dept Y Rs. 17600
OR
What is the importance of HRA? Explain the meaning and
definition of HRA.