GUG/W/18/824 1 P.T.O
Bachelor of Commerce (Computer Application)-I First Semester Old
0207 Financial Accounting-I Paper IV
P. Pages 4 GUG/W/18/824
Time Three Hours Max. Marks 80

1.
Either

Explain the concept and conventions in detail.
8

From the following transactions pass necessary journal entries in the books of Subhodh Co. post them into ledger and prepare a Trial Balance.
2000 Rs.
Jan 1 Subhodh commenced business 50,000
Feb 5 Purchased goods 28,000
Feb. 22 Sold goods 35,000
May 22 Purchased goods from Rohan 20,000
May 26 Sold goods to Ashok 21,000
June 14 Cash given to Rohan 20,000
June 29 Cash received from Ashok 21,000
Aug. 4 Purchased goods for cash from Ganesh 18,000
8
OR

Mohan Traders commence business on 1st January 2001. Prepare two columnar cash book from the following transactions
2001
Jan 1 Started Business 20,000
Jan 3 Paid to Suresh 1,000
Jan 3 He allowed discount 40
Jan 5 Received from Ganesh allowed him discount 30
Jan 7 Cash Purchases 8,000
Jan 10 Cash Sales 5,000
Jan 15 Payment of Rs. 800 was made to Suresh after deduction of discount
Jan 18 Deposited in bank 800
Jan 24 Paid to Ramesh (in full settlement of Rs. 500) cash 440
Jan 28 Withdraw for personal use 200
Jan 29 Purchased goods for cash 600
Jan 31 Sold goods to Dinesh for cash 2,400
Jan 31 Salary paid 700
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2.
Either

From the following balances of New India Trading Co. Ltd. Prepare Trading and Profit Loss A/c for the year ended 31-3-2008.
Rs.
Opening Stock 60,000
Purchases 2,40,000
Sales 3,80,000
Purchases Return 10,000
Sales Return 20,000
Interest on Investment 12,000
Audit fees 10,000
Wages 50,000
Director's fees 15,000
Printing and Stationary 12,000
Building 80,000
Bad Debts 10,000
Plant and Machinery 2,00,000
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GUG/W/18/824 2
Insurance 25,000
General Reserve 40,000
Freight 15,000
Additional Information
Closing Stock Rs. 1,20,000 ii) Charge depreciation 10% on Building.
iii) Transfer Rs. 20,000 to Reserve Fund.

From the following information, prepare Trading and Profit Loss A/c of Hind Flour Mills Ltd. for the year ended on 31st March, 2003
Debit Balances
Rs.
Credit Balances
Rs.
Stock on 1-4-02
Sales of Flour
55,50,000
Wheat
95,000
Rent
4,000
Flour
1,60,000
Unclaimed dividend provision for R.D.D.
10,000
Rates Taxes
25,000
Insurance
57,000
Miscellaneous Exp.
2,50,000
Wages Salaries
4,30,000
Provident Fund contribution
50,000
Staff Welfare Exp.
1,00,000
Book Debts
3,21,000
Advance Tax
1,96,000
Wheat Purchases
40,50,000
Power Fuel
75,000
Stores consumed
2,20,000
Director's Fees
2,000
Managing Director's Remuneration
80,000
Adjustments
Stock on 31st March, 2003 were ii) Outstanding
Wheat at cost Rs. 1,49,000, Wages Salaries Rs. 56,000
Flour Rs. 2,17,000 Miscellaneous Exp. Rs. 20,000
Rates Taxes Rs. 5,000
iii) Insurance Prepaid Rs. 7,000
iv) Make a provision for Reserve for Bad Doubtful Debts on Book Debts.
8
OR

From the following figures, prepare a Balance Sheet of Apurva Co. Ltd. as on 31st March, 2005.
Rs.
Equity Share Capital 1,50,00,000
General Reserve 16,26,000
Calls-in-Arrears 2,30,600
Share Premium 20,46,000
Dividend Equalisation fund 2,50,000
Profit Loss A/c 17,16,314
14% Debentures 96,00,000
Creditors 34,52,000
Debtors 37,87,000
Plant Machinery 1,46,00,000
Furniture 10,71,000
Investments 50,36,200
Preliminary Expenses 10,16,000
Stock 96,00,000
Cash in hand and at Bank 45,38,400
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GUG/W/18/824 3 P.T.O
Additional Information
Provide depreciation on Plant Machinery 10% p.a. and on Furniture p.a.
ii) Reserve for Doubtful Debts is to be kept at on debtors.
iii) Interest on debentures due for whole year.
iv) Interest on Investments Rs. 4,02,896 is receivable for the year.
Provide for dividend 18% on paid up capital.
vi) Provide Rs. 10,00,000 for payment of tax.
vii) Apurva Co. ltd. has an authorized capital of Rs. 5 crores dividend into 50,00,000
equity shares of Rs. 10 each.
3.
Either

Dr. Kazi started practice as a medical practitioner on 1st January 2006. He gives you the Receipts and Payments Account for the year 2006. Prepare his Receipts Expenditure Account:
Receipts Payments Accounts for the year ended 31st December, 2006
Receipts
Rs.
Payments
Rs.
To Opening Cash
7,500
By Furniture
3,000
To Examination Fees
24,000
By Equipments
3,750
To Receipts from Dispensary
15,000
By Drugs
4,500
To Sundry Receipts
150
By Salaries
3,000
By Rent
2,250
By Conveyance
1,500
By Stationary
150
By Lighting
225
By Journals
375
By Drawings
18,000
By Balance c/d
9,900
46,650
46,650
8

From the following information prepare Receipt and Expenditure Account of Advocate Ghoshal for the year ended 31st December, 2004
Rs.
Purchase of law journals 6,000
Contribution to All India Reporter 2,000
Rent of the Chamber paid 6,000
Fees received from clients 52,000
Commission for working as adjudicator 7,000
Bar Council Fees 500
Fees from clients receivable 2,000
Paid College fees of son 6,000
Donated to Jaipur Foot Association 1,000
Rent Payable 600
8
OR

Dr. Dhiraj a medical practitioner has his medical consultancy chamber in a part of his residence. The summary of his transactions during the year 31st March, 2012 was as under:
Rs.
Fees for medical consultation 60,000
Fees for treatment and visits 1,10,000
Running and maintenance cost of car 26,000
Interest received on household investments 38,000
Electricity and Gas Expenses 5,000
Salary to Nursing Sister 40,000
Salary to Security Guard 5,400
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GUG/W/18/824 4
Free food to security guard given from household 2,190
Household expenses (including food for security guard) 46,000
Provision for Depreciation
Profession 3,750
ii) Household 26,250 30,000
Additional Information
Running Maintenance of car, salary to security guard and expenses on electricity
gas are to be allocated equally between profession and household.
ii) The entire profit earned in the profession was down for household purpose.
iii) National Rent of medical chamber Rs. 18,000
You are required to prepare
Profit Loss A/c (Profession)
Household Income Expenditure A/c for the year ending on 31st March, 2012.
4.
Either

consigned 12,000 units of product Rs. 10 each to and paid Rs. 2,000 as freight and Rs. 3,000 as forwarding agents commission. sold 10,000 units Rs. 17 each and reported expenses Rs. 1,000 as unloading charges, Rs. 2,000 as carriage and Rs. 3,333 as godown rent.
Estimate the value of closing stock if is entitled to a commission of on sales.
8

Mr. Ramteke of Raipur consigned goods worth Rs. 40,000 to Shri. Nagpur of Nanded. Ramteke incurred the following expenses
Transportation Rs. 1,500
Insurance Rs. 500
Nagpur paid Rs. 200 towards cartage for carrying goods from Railway Station to his godown.
80% of the goods were sold by the consignee. Packing and other selling expenses amounted to Rs. 600.
You have to find out the value of closing stock lying with the consignee.
8
OR

Goswami sent on consignment 500 toys to Gopal at a cost price of Rs. 40 each. Goswami paid Rs. 800 for packing and fright and Rs. 200 for insurance in transit. Goswami received by a cheque Rs.5,000 from Gopal as an advance against the consignment.
Afterwards Goswami received an Account Sales from Gopal in which following details were shown
Gopal has incurred Rs. 150 as Octroi duty Rs.60 for carriage and Rs.500 as advertising
and other selling expenses.
ii) Gopal has sold all the toys at a price of Rs. 55 each.
iii) Gopal has charged commission at on the gross sale proceeds.
Goswami received a bank draft alongwith the Account Sales for the balance due from Gopal.
Pass the journal entries and open necessary accounts in the books of the consignor.
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5.
Solve the questions
Explain Golden Rules of Accounting
4
What is Balance Sheet Write the content of Balance Sheet.
4
Write a short note on Receipt and Payment A/c.
4
Explain the concept of consignment with different types of commission.
4