8 9. RAMAKRISHNA MISSION V1 SEMESTER END EXAMID TAOUAFAMOL/ BMOL/ 18/190 BI INCIPLES OF FINANCIAL ACCOU Ars. Max. Marks: 75 SECTION -© EXS=25) Anewer any F 1. Whoare ll interested in accounting? ' 2) Explain the different methods of valuation of goodwill FN Raghu, commenced business with a capital of Rs 2,00,000 on 01.08, 2018, Subsequently he indices Farther wap of Tes, $0,008 anal withdrawn Rs, 20,000 during the year for his personal use, On 31.05.2019, his assets and labilities were as follows “ aaaeaee anh ee 10,000, Debtors Rs. 40,000, Stock Rs, 1,60,000. Furniture Rs, 20,000, Plant #0.000 and Creditors Rs. $0,000, Caleutate the pr 4. On 1 “January, 2017, A Company purchased machinery for Rs 120,000, On 30" June 2018, it acquired on et machinery ata east Re 1,50,000 on which day, the original machine as become obsolete and. was any tar ts, 90,000. Prepare machinery account for the year ending 31.082019, considering the rate of depreciation is 20% on original cost. rie fatance ofa trader on 31-12.2018 as per Cash book (0.D) is Rs 9,000, From the following particulars, prepare bank reconciliation statement: Tin prevented Cheques. Rs 3,000, (i) Uncleared cheques Rs 1,700, ii) Bank inet debited in the pass book Fe do. tc) Bill collected and credited in the pass book Rs 800, (v) Cheque of Sekar dishonored Rs $00. (vi) Cheque deposited and cleared entered in cash book only Rs 300. 6. Ate occurred on September 30, 2018 in the godown of Mr X. From the following figures ascertain the claims to be lodged: Stock on January 1, 2018 Rs 4,500, Purchases from January1, 2018 to the date of fire Rs 45,000. Wages Rs 4,500, Sales from January 1, 2018 to the date of fire Rs 50,000. The rate of gross profit is 25% on Cost. The stock saved was 4,000 7. On 01.04.2019, Mr X draws a bill on Y for Rs. 16,000 far goods sold 90 days after sight. ¥ accepts the bill oats 04 2019. X however endorsed the bill to Z in settlement of « deoy Rs. 17,000. On maturity the bill was uly honored by ¥. Show the journal entry in the books of X Drawer) and Z. (endorsee)- KANANDA COL ATIONS, NOV! or loss, .CTION - B. (SX 1080) Answer any FIVE questions Discuss the features of bill of exchange. Raghu keeps his books of a business under s On 01.04.2018 his assets and liabilities are Fumiture Rs. $,000, Bank over draft Rs. 10,000 yele entry system. ‘Stock Rs. 50,000, Debtors Rs, 60,000, Machinery Rs. 60,000, and Creditors Rs. 30,000, "An Abstract of the cash book is wiven belo Receipts, | Payments Delos 80,000 | Bank overdraft 10,000, Cash sales 30,000 | General Expenses 8,000 | . “[ Rent 2.200 Drawings i | Creditors, ~ 40,000 I ‘Cash purchases 25,000, Salaries 5,900 = Interest on O.D 1a Rash at bank a0 [E08 75,000, Debtors Te 70,000, tat recehatle Rs. 6,000, sare: Stock Re 8 4,000, 5 fing Rs. $00 and Creditors ‘531052019 his assets and Habit Oe salary oul 60,000, Furniture Rs. 5,000, Bills payable Rs Machinery Rs. discount carned Fhe tll i «a e piscount alowed to debtors RS 4,000 an ol al i on is available: Discount & s 4.000 a an carat Tee eos a 0 ‘ois return Re, 3,000, Purchase return Rs 1,300, Provide depreciation @ from creditors Rs. 2, Fnery and Yeon furniture, ra in rot vd loss account and bance shee aS con that date. repare Tra al Scanned with CamScanner14 . The balance of a trader on 31.12.18 as per cash baok iy Rs 67,500, From the mn OLO1 2016 ‘ O11 Bol6 Sig i "ty way purchased for Rs $0,000 and incurred installation expenses Rs 20,000, On Te cara imine was purchased fr Rs 40000. On 110.2018 tnd machinery 38 parcel fo r voinpany provides depreciation (@ 20% pa_on WD. met ‘on 2019 b decided to change ce tsa rp " method | On 01.01, 2019 it has been: desided tae tw 1S a on onal cost and the ference amount to be adjusted on the sane dt operas AVC Fort years ending 3° Devers 2019, withthe change in mo of providing A book keeper Trial halanc excess ct a ess credit balance of Rs. which is closed cl sponse Ac. Laer the following errs were nconened nn W780. whieh clos by opening suspense (i)Goods worth of Rs 6,200 sold to were 1 (Goode veh Rs 6,200 sold to Rahim were correctly entered in the sales book, but posted to Rahim (WA credit balance of Rs 7,850 of rent receivable Ave was shown as Rs 5,700 (wth toa of tums outa book amounting to Rs 2,000 as not posted to eer ioods worth of Rs 1,000 purchased from Prema were wrongly entered in the sales book but her A/c was cooreetly entered (v)The sales book was undercast by Rs 1,000. (vi) The total of the credit side of the Dravid's A/e was over cast by Rs 1,000. ive journal entries to reetify the ertors and prepare suspense Ae I following particulars, prepare bank reconciliation statement: (i). Cheques issued but not presented Rs 22,500. (ii) Cheques deposited but not collected 812,750. (iii) Interest on O.D debited in the pass book Rs 3,750. (iv) Bills collected and credited in the pass book Ry 6,000. (s) Cheque deposited dishonored Rs 3,750. (vi) Cheyue deposited and cleared enteted in cash book only Rs 2,280, (vii) Customers directly deposited in the bank Rs. 30,000, (viti) Dividend collected by the Bank Rs. 30,000. (ix) Interest on deposit credited by the Bank Rs.7,500. (x) Electricity charges Rs.47,500 paid by the bank as per standing instructions On 15.06.2019 the premises of a concern were destroyed by fire; but sufficient records were saved from which the following particulars were obtained: Stock at cost 1.1.2018 Rs. 36,750, Stock at cost 31.12.2018 Rs. 39,800, Purchases fOr 2018 Rs. 1,99,000 Sales for 2018 Rs. 2,43,500, Purchases from 1.1.2019 to 15.06.2019 Rs. 81,000. Sales from 1,01.2019 to 15.06.2019 Rs. 115,600. In valuing stock on 31.12.2018, Rs 1,180 had been written off certain stock which was a poor selling line, having cost Rs. 3,450. A portion of these goods was sold in March 2019 at a loss of Rs. 100 on their original cost of Rs. 1,725. The remaining stock was now estimated to be worth 80% of the original cost. Gross profit had remained at uniform rate. The stock saved Rs, 2,900, Calculate the amount of claim. ratio of 3-1.Their Balance Sheet stood as under on 31.03.2019, A and B are partners sharing profits in the Liabilities - [Rs Rs. “Capital : A_ 30,000 10,000 120,000 ~_| 30,000 ple ~ 1,000 Bilis payable 5,000 | Debiors 5,000 Creditors 40,000 } Less Provision $00. 7,500 : =| Cash 18,500 Machinery [52,000 Furniture 6,000 95,000 | 95,000 fas a new partner for 1/4™ share in future profits introducing a capital of Rs.20,000 Cis admitted in to the but not his share of goodwi Stock and furniture to be increased by 10% oubtful debts should be increased to Rs.1,100. (4) Goodwill Revaluation Account and Balance Sheet after C's admission, (2) Machinery is revalued at Rs.45,000. (3) The provision for of the firm is valued as Rs. 40,000. Prepare Scanned with CamScanner