(Pages 3374
P.T.O.
MAR IVANIOS COLLEGE (AUTONOMOUS)
THIRUVANANTHAPURAM
Reg. No. :.………………… Name :.………………….
Sixth Semester B.Com. Degree Examination, April 2018
First Degree Programme under CBCSS
Elective Course: Commerce IV (Stream
AUCO691.b: Co-operative Accounting
Common for Regular 2015 and Reappearance 2014 Admn.)
Time: 3 Hours Max. Marks: 80
SECTION A
Answer ALL questions in one or two sentences.
1. What is audit memorandum?
2. What is Agricultural Credit Stabilization fund?
3. What is Minutes Book?
4. What is Reserve Fund?
5. What is Suspense Account Register?
6. What is Trial Balance?
7. What is bye-law?
8. What is overdue interest?
9. What is Common Good Fund?
10. Define co-operative audit.
(10 1 10 Marks)
SECTION B
Answer any EIGHT questions, each in a short paragraph not exceeding 50 words.
11. What is General Ledger?
12. What is profit and loss account?
13. What is Day Book?
14. What is Principal State Partnership Fund?
15. What is Audit Certificate?
16. Define Vouching.
17. What are the components of Final Account?
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18. What is patronage dividend?
19. What is Managing Committee?
20. What is Liability Register?
21. What is Entrance Fees?
22. What is Statutory Audit?
2 16 Marks)
SECTION C
Answer any SIX questions, each in a paragraph not exceeding 120 words.
23. What is Fluid Resources?
24. What are the duties of Auditor of a c-operative society?
25. What are the provisions regarding the disposal of net profit of a co-operative society?
26. Give a brief account of the important books and Registers kept by a co-operative society.
27. Explain the administrative set up of co-operative audit in the state of Kerala.
28. Briefly explain the uses of co-operative accounting.
29. What are the source of borrowed funds of a co-operative society?
30. From the following details prepare Receipts and disbursement statement of a Milk Marketing Co-operative society for the year ended 31st March, 2017.
Receipts: Payments:
Share capital (members) Rs. 525,000 Loan to members Rs. 4 11000
Sales of Branch Rs. 425000 Share capital Rs. 12560
Loan repayment by members Rs. 235000 Sales tax Rs. 5900
Sale of cattle feed Rs. 35000 Office rent Rs. 3800
Bank withdrawals Rs. 123000 Transportation charge Rs. 8400
Interest on loan Rs. 48500 Electricity charges Rs. 6400
Staff security deposit Rs. 11300 Contingency expense Rs. 12000 Miscellaneous receipt Rs. 6300 Postage charges Rs. 325
Member's deposit Rs. 9800 Rent of yard Rs. 7600
Interest on fixed deposit Rs. 4320 Advance payment Rs. 11800
Milk supplies account Rs. 132500 Stationery Rs. 350
Manure sales Rs. 4250 Milk suppliers account Rs. 65800
Furniture purchased Rs. 22500
Opening Balance Rs.38600
31. What is management audit? What is the purpose of conducting management audit? 4 24 Marks)
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SECTION D
Answer any TWO questions, not exceeding four pages.
32. Explain the provisions of State aid to co-operative societies.
33. Explain the procedure for audit of a co-operative society as per Section 63 and 64 of Co-operative Societies Act.
34. From the information given below prepare final accounts of an Agricultural Credit Society for the year ending 31st March 2017.
Balance Sheet as on 31.3.2016
Liabilities
Amount
Assets
Amount
Share capital
275500
Cash in hand
9500
Deposits
140000
Cash at Bank
58000
Borrowing from DCB
410000
Loan to members
610000
Reserve Fund Invested
54000
Shares in DCB
55000
Reserve Fund Uninvested
20000
Advance due to
115000
Common Good Fund
6000
Interest accrued
55000
Establishment
10000
Interest on overdue
24500
Advance due by
40000
Reserve fund invested
54000
Interest payable
30000
Miscellaneous due
4000
Reserve for over due interest
24500
Furniture
30000
Reserve for bad debt
10000
Land Building
50000
Undistributed profit
10000
Net Profit
35000
Total
1065000
Total
1065000
Receipts and Disbursement Account for the year ended 31st March 2017
Receipts
Amount
Payments
Amount
To Share capital
20000
By Share capital
5000
Deposits
60000
Deposits
10000
Borrowings from DCB
600000
Borrowings from DCB
615000
Repayment by members
549000
Loan to members
600000
Advance due by
100000
Advance due by
110000
Advance due to
150000
Advance due to
50000
Miscellaneous income
64500
Interest on over dues
45000
Interest on loan
100000
Furniture
2000
Bank withdrawals
950000
Establishment
80000
Opening cash
9500
Investment in bank
1050000
Cash in hand (closing)
36000
Total
2603000
Total
2603000
The following adjustments are also to be taken into account;
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1. Interest accrued not on overdue on loan on 31.3.2017 amounted to Rs.40000 and interest on overdue on 31-3-2017 is Rs. 15000.
2. Depreciate furniture at 10%
3. The net profit for 2015-16 has not been appropriated and other undistributed profit have not yet been distributed.
4. Interest payable on borrowings as on 31.3.2017 is Rs. 20000.
5. Overdue interest of the previous year were realized in the current year.
35. What is a co-operative balance sheet? Draft the specimen form of a co-operative society's Balance sheet.
15 30 Marks)