) FLL Murad khan SS ti (Pages : 4 021 COM of bane calige Gay A Be FIRST. SEMESTER B.Com. DEGREE EXAMINATION, APRIL 2022 (NEP) FINANCIAL ACCOUNTING—I (DSC) ‘Time : Two Hours Em ‘Maximum : 60 Marks Attempt alll sections according to internal choice. Use of simple and non-programmable caleulator is allowed. Section’ A’ 1. Answer any five of the following questions + (a) What is Royalty ? (b) What is Memorandum Joint Venture account ? (©) State any, two disadvantages of single-entry system of book-keeping. (a) Whéis consignee ? (e) State the methods of consignment. (®) Write journal entry for' recoupment of shortworkings. (g) ‘What are the ledgers prepared in self balancing system ? (6 x 2 = 10 inarks) . Section B - Answer any four of the following. Each question carries 5 marks. 2, Distinguish. between, Single-entry and Double-entry system of book-1 -keeping. 3. “Hindustan Publishers took the publication of Financial Accounting book from Prof. Subhas Royalty per book is Rs. 60. Minimum rent is Rs: 1,00,000 p.a. shortworkings is recoverable out of excess royalty in the first four years. Number of books sold during five years is as follows : Year ~ No. of books 2017... 1000 Ay : 2018 . 1500 * 2019 2000 2020 3000 : 2021... 4000 . ° .Preparé Royalty payable'chart, ” 4. Mr, Akash and Mr. Bharath entered into Joint Venture sharing profits and losses equally. Mr. Akash purchased goods worth Rs. 2,00,000 and Bharath purchased goods costing Rs. 1,00,000 Akash paid expenses of Rs. 10,000 and Bharath paid expenses of Rs, 20,000. Bharat sold entire stock for Rs. 6,00,000. Mr. Bharath settled the account after deducting his commission ‘at 10 % on total sales. Prepare (a) Joirit Venture account ; (b) Bharat’s account in the books of Akash. ‘Turn overa + 2 021 COM 011—APRIL—22—235, 5, From the follwing particulars of Mr. Suresh prepare Debtors Ledger Adjustment Account in the General Ledger : e oa PY rs balance [on 1-4-2020] Dr... 50,000 ‘ (a) De (b). Debtors balance [on 1-4-2020] Credit 2,000 i © Creditsales \ 5,00,000, i) (@) Cash sales + 100,000 (e) Bills receivable received 1,650,000. (f) Cash received from debtors. * ; (g) Bad debts written off Se sat 20 000" (h) Provision for doubtful debts ‘ete 5,000 6. ‘Vivek consigned 5,000 kgs. ofoil to Mr. Rafi at Rs. 100 per kg. He paid Rs. 5,000 for transportation. 500 kg, of oil was lost in transit. Rafi sold 4000 kg. of oil at Rs. 200 per’ s and paid selling ‘expenses of Rs. 3,000, s Calculate value of abnormal loss and valué.of closing stock. fae. 5 ‘ Section.C. "(4x5 £20 marks) Question 11 is‘ compulsory (case study). Answer any two of the'remaining. ‘ se 7. Write proforma journal entries in the books of les 8, Amit and Stinil’entered into:Joint Venture to purchase machinéty for sales\’Amit contributed Bs, 10,00,000 and Sunil Rs,,5,00,000. They opened a Joint, Bank Account; and deposited the ‘smount : Purchase of machinery Expenses paid ‘Amit purchased machinery “Sunil purchased machinery 2,00,000 =). Sum" Anat sold machinery 9,00,000— 7 Bk; Sunil sold machinery ss 10,00,000 <= Ses « me foi sdie dit:ef 3 Ledger under self balancing system : Sundry income—600 Office expenses—12,000 “ Drawings—8,000 : Furniture purchased 13,200 Prepare : (a) Trading and Profit and Loss Account. “(b) Balance Sheet at the end of the year. (©) Create RDD of Rs. 600 on debtors. qoseg 021 COM 011—APRIL—22—235 c) 9.+ Prepare (i) Debtors Ledger Adjustment A/e; (ii) Creditors Ualeer ‘Adjustment A/c in the General a Rs, Debtors ne balance [Dr] - 1,00,000 ‘Debtors opening balance [Cr.] 5,000 " Credit salesii + 500,000 af Cash sales "vs vale 78,000 Cash recéived from debtors + 8,00,000 BIR received from debtors’. .., 90,000 Bad debts . | 8,000 wiht oS ey \ Creditors operting balance (Gr... ,75,000 Creditors opening balance [Dr.] 6,000 Cash phid to creditors |. |. -2,00,000, > fees B/P issued tocreditors.,.. 50,000 Credit purchases 2,75,000 : Bee Discount earned 10,000 Cash purchases $e, 40,000 10. Radha keeps her books under single-entry system. She gives you the following information : i Bs. yo Rs. Stock (opening) 36,000, Stock (closing) 34,600, Debtors (closing) 29,600 . Creditots (closing) 18,600 * Bills receivable (closing) ‘..." | 9,600 Bills payable (closing) 11,200 Cash (closing) 3,600 Opening capital . 55,400 z Credit sales . -96,000 Cash sales 24,000 Credit purchases +» 69,800 Cash purchases’... 20,200 ‘Transactions during the year : ; Tum over‘41. (Compulsory question] Case Study t 4 021 COM 011—APRIL—22—-285 Mallikarjun of Mysore consigned ‘400 adios costing Rs. 2,000 each to Channappa of Childkodt He paid Rs. 25,000 for freight:and insurance. During the transit 10 radios were totally damaged. Consignée took delivery of rest of radios and paid Rs. 10,000 for unloading and carriage charges, subsequently he paid Rs. 10,000 for godown rent and-Rs. 20,000 for-gelling expenses. He sold” 950 radios at Rs. 4,000 each. He is entitled to commission at {0 % on'gross dales. He also sent bank draft in settleinent of accounts: Prepare consignment account in the books of Mallikarjun of Mysore assuming that case 1 under cost price method ; case 2 under inypice price gnethod [loading ‘20% on cost price]. (x 10=30 marks)