Exam Details

Subject financial acounting
Paper
Exam / Course b.com.
Department
Organization solapur university
Position
Exam Date December, 2018
City, State maharashtra, solapur


Question Paper

B.Com. I (Semester II) (CBCS) Examination, 2018
Financial Acounting
Day and Date Wednesday, 5-12-2018 Max. Marks 70
Time 10.30 a.m. to 1.00 p.m.
N.B. All questions are compulsory.
Figures to the right indicate full marks.
Attempt any one question from Q. No. and
Attempt any one question from Q. No. and
1. Choose the correct alternative 14
Consignee is the of consignor.
Principal Employee Employer Agent
Consignor sends a to consignee.
Account sale Plan of action
Calender Proforma invoice
The relationship between the consignor and the consignee is that of
Buyer and seller Debtors and creditors
Owner and seller Principal and agent
A statement send by the consignee to the consignor showing details of the
goods sold by him is called
Proforma Invoice Statement of Sale
Statement of Affairs Account Sale
To find out sales, we are required to prepare account.
Total Debtors Total Creditors
Bills Receivable Bills Payable
Single Entry System is method.
Unscientific Scientific
Good None of the above
Under Single Entry System is prepared to trace out capital.
Statement of Affairs Ledger
Journal Cash Book
Seat
No. Set P
Set P
SLR-CO 16 *SLRCO16*
Cash received from debtors can be traced out by preparing
Total Debtors A/c Total Creditors A/c
Bills Payable A/c Bills Receivable A/c
If branch expenses are paid by the head office A/c is
debited.
Reserve Branch Debtors Creditors
10) To cancel the loading in the branch stock A/c is opened.
Branch Stock Adjustment A/c Branch Reserve A/c
Branch Stock None of the above
11) When goods are transferred from one department to the other, debit is
given to department.
Stock Receiving
Debtors None of the above
12) Credit purchases can be traced out by preparing A/c.
Total Debtors Total Creditors
Sales Trading
13) is a non recurring expenses.
Godown Rent Freight Salary Insurance
14) is a section of a business segregated physically from the main
section.
Profit and Loss A/c Balance Sheet
Branch None of the above
2. Write short notes and problem
Proforma Invoice. 7
From the following information you are required to prepare Account Sales. 7
Consignor M/s Madhuri Fruit Corner, Pune
Consignee M/s Pooja Health Centre, Solapur
Sales 3 boxes of dry fruits at Rs. 6,000 each and
5 boxes at Rs. 7,500 each (out of 10 boxes
received)
Advance Rs. 30,000 paid by the consignee
Consignee's expenses Wages 500
Rent 300
Discount 690
Commission 2,760
Balance due is sent by Bank Draft along with the account sales dated on
31st March 2018.
Set P
*SLRCO16* SLR-CO 16
3. Cost of goods sent on consignment Rs. 20,000 7
Cost of stock with consignee Rs. 5,000
Expenses incurred by the consignor
Freight Rs. 600, Insurance Rs. 200 and Sundry expenses Rs. 100
Expenses incurred by the consignee
Carriage Rs. 50, Octroi Rs. 250, Insurance Rs. 125,
Advertisement Rs. 100
Ascertain the value of closing stock.
From the following information prepare Total Debtors and Total Creditors
Account and ascertain credit sales and credit purchases. 7
Balance on 1-1-2017 Debtors Rs. 50,000, Creditors Rs. 40,000
Balance on 31-12-2017 Debtors Rs. 60,000, Creditors Rs. 30,000
Discount allowed Rs. 1,000 and discount received Rs. 800
Return inward Rs. 700, return outward Rs. 800
Cash from customer Rs. 70,000 and cash paid to suppliers Rs. 50,000
Cash sales Rs. 20,000 and cash purchases Rs. 15,000.
4. Miss Anjali who keeps her books of account under single entry system. 14
You are required to prepare Trading, Profit and Loss Account and Balance
Sheet as on 31st March 2018.
Receipt and Payment A/c
For the year ending 31st March 2018
Receipts Payment
To Balance b/d 6,000 By Creditors 81,000
To Sales 34,000 By Salary 4,500
To Debtors 1,25,000 By Rent 2,000
By Wages 14,000
By Trade expenses 8,000
By Purchases 6,000
By Drawings 15,000
By Balance c/d 34,500
1,65,000 1,65,000
Set P
The assets and liabilities as follows
Particular 1-4-2017 31-3-2018
Stock 25,000 36,000
Creditors 13,000 14,000
Debtors 27,000 32,000
Furniture 12,000 12,000
Machinery 40,000 40,000
Provide for depreciation on Furniture at and on Machinery at make
provision for doubtful debts at on debtors.
OR
On 1st January 2018 Anjali Co. Ltd. Pune consigned goods of Rs. 11,000 to
Rana Co. Ltd. Kolhapur at a proforma invoice value of Rs. 15,000. Anjali Co.
Ltd. paid Rs. 400 for freight and insurance, Rana Co. Ltd. paid Rs. 1,000 for
carriage and other expenses. Rana Co. Ltd. sent a bank draft of Rs. 2,000 to
Anjali Com. Ltd. as an advance. Rana Co. Ltd. sold all goods for Rs. 16,000.
Rana Co. Ltd. entitled to a commission at on sale proceeds. Rana Co.
Ltd. remitted balance to Anjali Co. Ltd. after deducting the commission and
expenses.
Prepare necessary ledger accounts in the books of Anjali Co. Ltd. 14
5. From the following Trial Balance, prepare Departmental Trading, Profit and
Loss Account for the year ended 31st March 2018.
Trial Balance
Particular Dr. Cr.
Capital 30,000
General Reserve 20,000
Stock on
1. Dept. Solapur 29,500
2. Dept. Pune 26,000
Purchases
1. Dept. Solapur 50,000
2. Dept. Pune 30,000
SLR-CO 16 *SLRCO16*
Set P
Wages
1. Dept. Solapur 12,000
2. Dept. Pune 10,000
Carriage and freight 800
Salaries 20,000
Travelling expenses 1,500
Rates and taxes 6,000
Insurance 10,500
Sales
1. Dept. Solapur 1,20,000
2. Dept. Pune 80,000
Sundry Debtors and Creditors 12,500 7,500
Bills Receivable and Payable 2,500 2,000
Premises 14,000
Managers Salary 5,000
Printing and Stationery 500
Discount 1,000
Advertisement 3,500
Plant and Machinery 15,500
Furniture 500
Fuel and water 1,750
Incidental expenses 450
Cash in hand 1,200
Cash at bank 4,800
2,59,500 2,59,500
Additional Information
Stock on 31st March 2018
Dept. Solapur Rs. 20,000
Dept. Pune Rs. 15,000.
*SLRCO16* SLR-CO 16
Set P
Provide R.D.D. at on debtors.
Wages outstanding
Dept. Solapur Rs. 600
Dept. Pune Rs. 400
Salary outstanding Rs. 4,000.
Rates and taxes prepaid Rs. 1,500.
Depreciation on plant and machinery at 10%.
Value of services Rs. 100 rendered by Department Pune to Department
Solapur.
All unallocated expenses are to be apportioned on the basis of sales.
OR
Following are the particulars relating to a Solapur Branch of Ganesh Co.,
Pune for the year ended 31st March 2018. 14
Particulars Rs.
Stock at branch on 1st April 2017 1,500
Goods supplied to the branch 24,000
Salaries 1,200
Rent 360
Telephone expenses 100
Petty cash (remittance) 150
Remittances received from the branch 27,500
Stock on 31st March 2018 1,250
Petty cash balance on 31st March 2018 10
10) Petty expenses 140
All the branch expenses are paid by Head Office. Petty cash being supplied
on imprest system.
Give the Journal Entries and The Branch Account in the Head Office
Books.


Other Question Papers

Subjects

  • ‘gems of wisdom’
  • “staying ahead”
  • advanced accountancy
  • advanced cost accounting
  • advanced insurance
  • advanced statistics
  • auditing
  • banks and financial institutions
  • busines economics
  • busines economics (paper – iii)
  • busines economics – ii
  • busines mathematics
  • busines regulatory framework
  • busines statistics
  • busines statistics (new)
  • busines statistics (old)
  • business economics
  • business economics (paper – iii)
  • business economics – ii
  • co-operative development
  • corporate accounting (new)
  • corporate accounting (old)
  • corporate acounting
  • economic commercial geography
  • economic geography – i
  • english (compulsory)
  • financial acounting
  • fundamentals of entrepreneurship
  • gems of wisdom
  • golden petals
  • industrial management
  • insurance
  • law and practice of banking in india
  • life insurance – i
  • modern management practices
  • money and financial system
  • on track – english skills for success
  • principles of busines management
  • principles of marketing
  • statistics (paper – ii)