NMS SERMATHAI VASAN COLLEGE FOR WOMEN MADURAI

Model examination April 2015

Subject: Financial accounts
50
Time 2 hrs

Marks:
Date:

Class: I B.com & I E.com

Part A
Answer all the questions
1.
2.

( 2*10=20)

Distinguish between Receipts and Payments accounts and Income and Expenditure Statement.
On l St April 2000, Machinery was purchased by Modi Ltd., for Rs. 1,00,000. The rate of depreciation was charged at 20%
under diminishing balance method. Show the machinery account for four years from 2000 to 2004.
Part _B

(2*15=30)

Answer all the questions

3. X and Y entered into Joint Venture to sell a consignment of timber sharing profits and losses equally. X provides
timber from stock at mutually agreed value of Rs. 50000. He pays expenses amounting to Rs. 2500. Y incurs further
expenses on cartage, storage and collieage of Rs. 6500 and receives cash for sales Rs. 30,000. He also takes over goods to
the value of Rs. 10000 for his own use. At the close, X takes over the balance stock in hand which is valued at Rs. 11000.
Pass Journal Entries to record the above transactions and open the necessary ledger accounts in the books of X and Y
4.
Suresh and Co. of Bombay sent on consignment to Mahesh & Co. Of Delhi 60 cases cutlery goods costing Rs. 175 per
case. Expenses incurred by the consignor at Bombay were : Freight Rs. 275, insurance Rs. 55 and loading charges Rs.20.
Suresh & Co. draw on Mahesh & Co. 2 months bills at sight for Rs.7,000 which the latter accepts. The charges paid by
Mahesh & Co. at Delhi were unloading Rs. 30, Storage Rs. 85, insurance Rs. 15, Commission is payable to Mahesh & Co.
at 2% on all sales in addition to 1% del credere commission. The consignee sells for prompt cash 30 cases @ Rs. 225 per
case; 25 cases @ Rs. 250 per case and the balance @ Rs. 280 per case. The account was settled immediately by means of a
bank draft. Write up the ledger accounts in the books of both the parties.

NMS SERMATHAI VASAN COLLEGE FOR WOMEN MADURAI

Model examination April 2015
Subject: Financial accounts
50
Time 2 hrs

Marks:

Date:
Class: I B.com & I E.com
Part A

Answer all the questions

3.
4.

( 2*10=20)

Distinguish between Receipts and Payments accounts and Income and Expenditure Statement.
On l St April 2000, Machinery was purchased by Modi Ltd., for Rs. 1,00,000. The rate of depreciation was charged at 20%
under diminishing balance method. Show the machinery account for four years from 2000 to 2004.
Part _B

(2*15=30)

Answer all the questions

3. X and Y entered into Joint Venture to sell a consignment of timber sharing profits and losses equally. X provides
timber from stock at mutually agreed value of Rs. 50000. He pays expenses amounting to Rs. 2500. Y incurs further
expenses on cartage, storage and collieage of Rs. 6500 and receives cash for sales Rs. 30,000. He also takes over goods to
the value of Rs. 10000 for his own use. At the close, X takes over the balance stock in hand which is valued at Rs. 11000.
Pass Journal Entries to record the above transactions and open the necessary ledger accounts in the books of X and Y
4.
Suresh and Co. of Bombay sent on consignment to Mahesh & Co. Of Delhi 60 cases cutlery goods costing Rs. 175 per
case. Expenses incurred by the consignor at Bombay were : Freight Rs. 275, insurance Rs. 55 and loading charges Rs.20.
Suresh & Co. draw on Mahesh & Co. 2 months bills at sight for Rs.7,000 which the latter accepts. The charges paid by
Mahesh & Co. at Delhi were unloading Rs. 30, Storage Rs. 85, insurance Rs. 15, Commission is payable to Mahesh & Co.
at 2% on all sales in addition to 1% del credere commission. The consignee sells for prompt cash 30 cases @ Rs. 225 per
case; 25 cases @ Rs. 250 per case and the balance @ Rs. 280 per case. The account was settled immediately by means of a
bank draft. Write up the ledger accounts in the books of both the parties.