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i:' 't ' INTERMEDIATE EXAMINATION

December 2012

r-Ps(FAC)
Syllabus 2008

Financial Accounting
Time Allowed: 3 Hours
The

Full Marks: 100


fi.gures in the margin on the right side indicate

full

marks.

Answer Question No.

I which

is compulsory and any

fle

questions

from the rest.

l.

(a) From the four alternative answers given against each of the following

cases,

indicr,.,n..ot"", urrl"jiO=rO

(i)

The situation when the number of shares applied for is less than the number of shares offered is termed as

(A) Minimum

subscription

,(B) Under subscription (C) Over subscription

(D)

None of the above

(ii)

(B)

Retirement of a partner

(C) Dissolution of the Firm ,.D) ln all tie abore situations

(iii)

In the hire purchase system interest charged by vendor is calculated on the basis of

(C) Instalment amount . (D) None of the above

(iv)

ue

Cl
of

/A) Outstanding Cash Price (B) Hire Purchase Price

Bad debts are apportioned among departments in the proportion

/4)
(B)

Sales of each department

Number of units sold by each department

Tr
(v)

(C) Cost of sales of each department (D) None of the above

The following account has a credit balance

(A) Plant and Equipment A/c (B) Purchase Returns A./c (C) Purchase A/c (D) None of the above (vi)
Actuarial valuation relates to (A) Banking Company

(B) Elecfic (D)

Supply Company

(C) Insurance Company


None of the above
Please

as

se s

Realisation account is opened at the time (A) Admission of a new partner

of

.c om

Turn Over

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r-Ps(FAC)
Syllabus 2008

(2)

(vii,

Put to use (C) Developed $pto 75Eo rIP) None of the above

(A) (B)

fhe amortisation of amount of software commences from the date when it is Available for use

(vii;'

A non-performing

asset is

(A) /&)
(C) (D)

Money at call and short notices

An

asset that ceases to generate income

Cash balance with Bank

None of the above

(ix)

'

When prior period expenditure is paid subsequently and for which no provision was made earlier, the accounting entry would be (A) Debit expenditure (B) Debit prior period expenditure (C) Debit deferred reveneu expenditure

(D)

None of the above

(D)
(b)

None of the above

State whether the

lix;

(v)

ue

representing the rebate not yet matured. Double account system is applicable for electricity companies. Liquid assets plus stock in trade is called current assets.
the blanks in the following sentences using appropriate wbrd from the altematives Net worth ratio means share holders funds divided by total assets excluding assets/prepaid expenses). When the cost of byproduct cannot be ascertained separately it should be valued at

Cl

I x5=5 following statements are TRUE (T) or FALSE (F): (i!-When the shareholder cannot pay call moneys for the shares allotted he can return the shares uhich is called as surrender of shares. (ii) Reserve for unexpired risk is applicable for Banking companies. (iii) Rebate on bills discounted is disclosed in the balance sheet of a Banliing company in the assets side as

as

se s

(x)

In the case of non-profit organisation donations receiled bv the organisation are reflected in (A) Income and Expenditure Account (B) Capital Account (C) Receipts and Payments Account

.c om

(c) Fill up

indicated:

1x5=5

(ii)

Tr

li)

(fictitious
(sale

price/net realisable value).

(iii)

(i9

Jv)
(d) (D (iD

affect tallying Balance Sheet (does/does not). (sale/payment of last instalment). passes instalment sale ownership at the time of In case of (total assets/shareholders funds). Solvency ratio means total liabilities divided by Enors in principle
I

Match the

following: (A) Depreciation Accounting AS-3 (B) Cash flow statement A5-6 (C) Borrowing cosl (iii) AS-9 (D) (iv) ,4.5-16 Revenue recognition (E) Accounting for tax on income (v) AS-22
(F) No matching statement found
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x5=5

(3)

2.

(a) tuiya

Sales Corporation of Jaipur has a Branch at Kota to which goods are sent @ 33{ 7, above cost. The Branch makes sales both for cash and on credit. Branch expenses are paid direct from Head Office and the Branch has to remit all cash received into the Head Office Bank Account at Kota.

Following further details are given for the year ended 3lst March, 2012:

(<)
Goods sent to Branch at invoice price Goods relurned by Branch at invoice price Stock at Branch on 1.4.2011 (ar invoice price) Branch Debtors on 1.4.201 I
Sales during the
r

8,00,000 20,000 2,40,000 2,15,000 5,80,000 1,40,000 14,800

Credit Cash received from Branch debtors Discount allowed to by Branch to debtors
Bad debts
Sales return at Kota Branch

.c om
1

year:

Cash

10,45,000

9,200
25,000

Salaries and wages at Branch Rent, Rates and Taxes at Branch Sundry expenses at Branch Srock at Branch on
3 I .3.201

1,80,000

se s

42,000

15,000 3,60,000

2 at invoice price

books of the Head

Office.

as

You are required to sho* Branch Stock Account. Branch Adjustment Accourlt, Branch Expenses Account, Branch Debtors Account, Branch Goods sent to Branch Account and Branch ?rofit & Loss Account in the
8

(b) State the criteria which should be fulfilled by a depreciable asset as per

,45-6.

3.

(a) lncome and Expenditure Account and the Balance Sheet of Nav Bharat Club ate as under:

Tr

ue

(c) Toly Enterprise ordered 10000 units of material X at { 135 per unit. The purchase price includes excise duty @ { 8 per unit, in respect of which fu CENVAT Credit is admissible. Freight incuned amounted to { 88,500. Normal transit loss is 570. The enterprise actually received 9400 units and consumed 8500 units. 4 You are required to ascertain the value of inventory as per AS-2.

Income and Expenditure Account for the year ending 31st March, 2012

Cl

Expenditures

Amount

lncomes

Amount

(<)

({)

To Upkeep of Ground
To Printing To Salaries

21,000 2,800 28,000

& Stationery

By Subscription By Sale of old newspapers


By Lectures By Entrance Fee By Misc. lncomes

56,640 530 8,000

To Depreciation: Ground

2900
1,200

Building Furniture
&

9,000
1,000 10,000

To Repairs

3,500

To Surplus

3,970
69,2'.70

69,270
Please

Turn Over

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r-P_5(FAC)

(4)
Balance Sheet as at 3l st March,20l2

Syltdbus'2008

Liabilities

Amount

(?)
Capital Fund: Opening Balance

(t)
Cround & Building Furniture
Sports Prize Fund: 1,43,200 9,000 43,000 2,600
19,400

Add: Entrance Fee Addr Surplus


Sports Prize Fund:

I,56,430 2,900 3,910 5l ,000


4,500 55,500 6,500

l,63,300

Investment

Subscription

.c om
{
It sub-leased
a part

Opening Balance

Cash and Bank

65,000

Add: lnterest
Iessr Prizes
Outstanding Salary

49,000

4.20n
700

Subscription in Advance

(b) Chinu and Co. sells goods on hire purchase at cost plus 60 percent. Prepare Hire Purchase Trading Account from the following information for the year ending 3l st March, 2012: 4

(c) Cochin Coals Ltd. holds

a lease of coal mine for 20 years. Coals Ltd. The details of output in tons are given

Tr

1.4.2011 Stock with customers at hire purchase price 31,3,2012 Sale of hire purchase goods during the year at hire purchase price 31.3.2012 Cash received from hire purchase customers 31.3.2012 Stock with customers' at hire purchase price

ue

Cl

Prepare Receipts and Payments Account for the year ended on 31st March, 2012,

as

The following adjustments have been made in the above accounts: (i) Upkeep of ground ( 1,500 and printing and stationery { 510 relating ro 2010-201 I were paid in 201 (ii) One-half of entrance fee has been capitalised. (iii) Subscription outstanding in 2010-11 was ( 3,100 and for 2011-12 ( 2,600. (iv) Subscription received in advance in 2010- l I was 1,100 and in 201 I - l2 for 2012- 13 ( 700. (v) Outstanding salary on 31.3.2011 was 13,600.

se s

:,17.200

t-

12.

96,000 5,68,000 2,65,000 3,64,000

below:

of the coal mine to Dhanbad


3

Dhanbad Coals (Tons)

2009-10

10,000

4,000 7,000 8,000

2010-l I
2011-12

12,000 14,000

to pay

As per lease, Cochin Coals has to pay 100 per ton and a minirnurn rent being 120 per ton to Cochin Coals by way of royalty.

15,00,000. Dhanbad Coals had

Show Royalty Account in the books of Cochin Coals Ltd. for the said 3 years reflecting both Royalty receivable from Dhanbad Coals and Royalty payable to the Landlord.

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(5)

|-P1(FAC)
Syllabus 2008 partner giving

.l--i

4'

(aI

Ashok

l . Th.: goodwirr to be shared bv Ashok & Bara in "' to Chand's capital account uy mistat<e.

him l /5rh share from 0l .04-)01

& Bala who where

in panner.ship shar ing 7l12 and 5l12.respecrively admitted chand 'rrii"

,;;

p;8fir

tr,,iir.r.rir.iniruti". vgv'rrr!i116 rg'l -'-"

r;;;ir*

t 7 : 5 : 3. Chand brought t 96,000 towards ih;;;;;;,"; b;,r'gtiiJl'riJ*.r.r.r.ait"a

a,s a

The Trial Balance

ofthe firm

as on

3lst March,2012 is given below:

Ashok's capital
Bala's capital Chand's capital Sundry Creditors Cuffent year Drotit Other Aisets '

3,36,000

Ashok's drawinp Bala's drawins


Chand's drawi'ng Cash in hand Total:
made so rar. far prepaie Prepare new gala-nce Bala-nce Sheet as'at as.i

se s
".

(b)

at 5zo annum which was ii.ol:ori'"i"irn-""ri"",,^,h^r,A tibl)iri;ffi;#.:il"'ff#'rfjfrhl'lrlXrT#Xi,'*X^ o;i,,.r*--.-/^-:^-:^-- not ""J nT co. From the fonowing inrormation;;il;;1;;';;* f::l*,,ff:1,::,f::,.ply:li:11 Lc * goodwill by super profif method and capitalizatit;;riil,

Interest on drawings is to be ienored but interesr on

.upirrl i,

.c om
7,70,000 1,45,600

2,40,000 2,24,000 48,000 2,20,000

I,04,000 20,400
28,000

allharged

per

(i)

State your opinion about the treatment of the entire

Cl

(c) Mr' X is owner of a cinema Hall. He spent a heavy amount of air-condition machines and for sitting .;G.'r;;;;;;h for complere renovation of the hall, for installation cushion seats. As a result rhe revenue has been doubled. He also spent for few more doo"rs f* .-r"rg"n.y'"*it.

as

iiil ;t;,:.j.oj;,g:,j::1.*.!:T io, *,e rusi rr,,ee yeu,it i,so,ooo; ( r,?0,000 and ( 1,e0,000. (iv) Goodwill lili A*.".j,liyT""l*:j:1l,fT:3titarnavi,e.idardi;.i;-k;*j;;j6"iii]iliJ,ii,l: to be valued ar 2 yea;i;;rc;;;;:

Average capital employed in rhe business iS,OOiOOO.

"

Tr

(a) Khelaram commenced a contract on 01.07.201 l. The price agreed for the contract was ( g,00,000. At the end of the year on 30 06 2012 the contract was in advance' 'of completion slage and it was decided to anive at the notional profit on the basis of the toral cornr.,. it'"'"or,rr."t iiexpecred to be compr.rco uy tire Jno orDecember, 2012.Acnatexpenditurerortheyears zoti-iiiil-ioiii-iitli

ue

expenditure.

Expenditure

o.""*u"r,-iiH;."#.iJ"'"

30.062012

Actual

till

ptant purchased (ar originar Miscel laneous expense-s ptant retumeJ to itore

Materials Labour

rtt 2,g0.ggg

Estimated for 2012-13 (upro Dec., 20 t2)

'rtr

cosr)

33;333
cost.1 ?3;333
- ^!'qqg 6'99'999 2o'ooo 5.80.000

,r,Y
6,000

70,000

on:0.00.2012 (originat

certified uncerrified ('ash received


work work

ii:ffii]T.,1,y

srore on 3r.12.2012

i".iEi,.i"",ij

..

24,ooo

Nil
8.oo,ooo

Nil
8,00,000

Charge depreciatio n at 2OVo.p.a. on plant on straight Iine basis. You are asked to prepare the Contract Account for the year

ended

30.06.2012.

10

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Please Turn Over

r-hy&x6-1 slll"b^ iooa


(b)
before taking into account the following items:

(6)
(
75,00,000

The Revenue Account of a Life Insurance Company shows the Life Assurance Fund on 31.03.2012 at

A. B.
C.

Claims covered Under Re-insurance


Income Tax on the above Bonus in reduction of Premium

<

3,15,000
35,000

t t
<

4,25,000
3,20,000

D.

Dividend from Investment


admitted

E. Claims intimated but not yet F. OutstandingPremiurn

{ t

8,15,000
25,000

.c om
Plant

-, , 6. (a: +he following was the Balance Sheet of Wonder World Ltd. as at 31.03.2012:
Liabilities
1

Compute the Life Insurance Fund on 31.03.2012 after taking into account the above omission.

in lakhs)

lakh Equiry Shares of

l0 each fully paid

10.00

& llachinery

13.50

se s

Securities Premium General Reserves

3.50

Fumiture
Stock

2.40
1.80
7

3. 10

Investments

Profit & Loss Account


147o Debentures

1.10

.20

.50

as

Sundry creditors

5.00

Sundry debtors Bank

2.30
3_00

30.20

30.20

equity shares held by the equity shareholders.


Show Joumal entries and Balance Sheet after the above transactions were

ue

On 01.04.2012, the comp:.ny decided to buy-back 207o of its equity shares at a premium of l0 per share. For this purpose, the company sold its entire investments for < 2.30 lakhs and issued I 5000- l27c Preference shares of 100 each at par. The amount payable was { 60 on application and ? 40 on allotment. The issue was fully subscribed. Theriafter the company issued bonus shares of 10 at the rate of one bonus share for every five

Cl

completed.
{

l0

Tr

(b) The total of debit side of the Trial Balance of Lotus Stores as at 31.03.2012 is side is t 2,26,000.

3,65,000 and that of the credit

After checking, the following mistakes were discovered:


Items of account
(as

Correct figures it should be)

Figures as it appears in the Trial Balance

(<)

(<)

Opening stock Rent and rates Sundry creditors Sundry debtors Ascertain the correct total of the Trial Balance.

15,000

r0,000
63,000 18,000
I

36,000

8r,000
1,04,000

,58,000

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(7)
(h) v,rlare provided with the following information for a company for the year ending on a certain &\nual Sales (all credit) { 36,00,000
lo Net worth - iYales Total Debts to Net worth
Current Ratio 2.5 times
80Vo

r-P5(FAC)
Syllabus 2008
date:

Cument liabilities to Net worth

'

25Vo

3:

I 6 times

Prepare the Balance Sheet as on that date based on above

.c om
: 0.8

Inventory Tumover Ratio (based on sales) Average collection period Fixed Assets to Net worth Share Capital to Reserves anrl Surplus

40 days in a year of 360 days


1.05 : I

information.
t

l0

(b)

Dut to inadeguacy of profit during the year 201 1- 12, Jatin Limited proposes to declare dividend out of general reserve. Following particulars are given to you:
(

in lakhs)
1,100

se s

? 100 each fully paid Equity Shares of ? 10 each fully paid


General Reserve Capital Reserve on revaluation of assets Securities Premium

9 percent Preference Shares of

s,000
1,605 185

210

3.

Tr

Write short notes ot (any three): ia) Sources for payment of Dividend; (b) Shotworkings and recoupment of shortworkings; (c) Accounting convention of consistency; (d) Contingent liabiliry; (e) Classification of Branches for Branch accounting purpose.

ue

Cl
1975.

280 Average rate of dividend during the last five years is l6Zo. You are required to ascertain the amount that can be drawn for dividend applying the Companies (Declaration of pividend out of Resewes) Rules, 5
5

Profit and Loss Account (out of which current year net profit is { 255 lakhs.l

as

x3=

l5

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