WTS a 2 fubject: Accounting (1041) rime: 3 hrs. Indidates are required to give answe rs in their ihe margin indicate full marks, in werts fre preci Group 'A' Very Short Answer Questions ble. The figures Attempt all questions. [1-17] | Write any two features of company, Write the meaning of Issued Share Capital. Define cost accounting. | List out any two differences between Cost and financial accounting. Define variable cost with suitable exal imple. Write the meaning of allocation of overhead cost. Prepare adjustment entries of prepaid insurance expired Rs 1,000. Write the meaning of Piece rate system of wage payment. If maximum consumption per day is 1,000 units and maximum re-order period is 5 days, then find re-order level, 10. Calculate gross profit from the following data: Net sales Rs. 500,000; cost of goods sold Rs. 200,000. s ‘ H. Mention any two advantages of using computer in accounting, Group 'B’ Short Answer Question ittempt all questions. [8x5=40] 2. A Company issued 5,000 shares of Rs 100 each payable as follows: ’ 30 On application. #4 2 ‘On Allotment --. : 8 5 final call . rie zs es received for 10,000 shares. Shares were allotted on pro Applicat icati ilized towards due on allotment. All + applications were util rata basis. Excess mn FR call were duly made ne [1.542415] ‘Required: S Share application _B. Share allotment _€. Share first & final call =-- 155 & Collegeadditional information: 4. Closing stock Rs. 75,009 p Appreciate land and building byes % pa. <. Unexpi red insurance at the end Was Rs. 5,000, Required: a. Profit or loss statement under NERS b. Statement of financial Position under NERS oR [5+3] Trial Balance of a Firm is given below as on 31* December 2020: TE Particulars Debit (Rs) Greil) Machinery and equipment 287,000 Rent 20,000 Salary 41,000, Opening stock "50,000 | Purchase 355,000 Purchase return 5,000 Carriage on purchase 60,000 Wages 90,000 7 Bills receivable 145,000 Advertisement 50,000 10% loan 100,000 Goodwill 10,000 Cash and bank 130,000 Loss on sale of plant 11,000 Creditors sn Sales A000 Interest received Share capital Share premium Repair and maintenance —————_ = = ee International 8S & Collegeired: Journal entries for A. Share Application B, Share Allotment C. Share First & Final call j OR a company forfeited 1,000 shares of Rg 100 ea ent of Rs. 40 on allotment & R: i pay ment 0: s. 30 on First & Fi were re — issued at Rs. 80 per share as fully paid up. Sa Required: Journal entries for forfeiture, reissue & transfer entry a) A company issued 8,000 share of Rs 100 each to purchase fol assets: Req 224] ich issued at par for non [24241] llowing Plant Rs. 500,000 Furniture Rs. 200,000 Debtors Rs. 150,000 The company also issued 2,000 shares at Rs. 120 as fully paid to the public Required: Journal entries for assets purchase and issue of new share b) B Limited Company issued 1,000, 7 % debenture of Rs 1000 each at 10% discount and redeemable at par. It is redeemed by converting into equity share of Rs 100 each issued at par. Required: a. Entries for issue of debenture b. Entries for converting debenture into share . The following financial transactions of a company is provided. Particular Amount (Rs.) ance (Rs.) Opening stock 45,000 a Purchase 170,000 Purchase ea Ea Wages 15,000 IShare capital ae , ee Ls Prepaid insurance _|21,000 ‘Commission Kota Rent 18,000 [Bad debts pee (i isement 22,000 lat Carriage on sales _|7,000 ae fad [Accounts receivable _|40,000 Import duty _ ae Additional information: 4) Prepaid insurance expired ee wages R207) gy Profit ‘equired: A) Trading Act Rs. 18,000il excess amount paid on application is to be que on allotment. A shareholder to mhone fe pro- rata basis failed to pay first & fina) Bete quired: Journal entries for A. Share Application (24142) B. Share Allotment C. Share First & Final Call OR XYZ Ltd forfeited 600 shares of Rs 10 each issued at a discount of Rs 1 each for non payment of Rs 4 on First & Final Call. These shares were re-issued at Rs 8 per share as fully paid up. Required: Journal entries for forfeiture, reissue & transfer entry — [2+2+1] . a) B Company purchase assets at an agreed purchase price Rs. 450,000 djusted tow, atl icin) shares Were all I money, otted from Res Machinery Rs. 150,000 Equipment Rs. 200,000 Stock in trade Rs. 50,000 The company paid the purchase consideration by issuing share of Rs 100 each at 10 % discount Required: Journal entries for assets purchase : mae X Limited issued 8 % debenture ‘of Rs 500 each at 90% and redeemal at 110% after 5 years. 4 ; Required: Entries for issue and redemption of acl § | The following ledger balances ofa com] Amount | b Particular Salary General expenses Unexpired insuranceRequired: a) Multi step income statement 1 b) Balance sheet ae 21, The following Balance Sheet of ABC Enterprises for two years is give, | | Capital & Liabilities | 2076 (Rs) |2077 (Rs) Assets i J Equity Share Capital |10,00,000 |10,00,000 |Land & Building Profit & Loss ‘ Account 100,000 {140,000 [Plant & Equipment 10% Bank Loan 100,000 |60,000 |Stock in Trade Accounts Payable —_|60,000 {80,000 _| Account Receivable |130,000 |150,09) Bills Payable 40,000 40,000 |Cash in hand 40,000 130,000 Acctued salary 20,000 {40,000 {Cash at bank Total 13,20,000 |13,60,000 Total Income Statement (for the year ending 31st Chaitra 2077) Particulars Rs. Rs. [SalesReverue Less: Cost of goods sold 30, Gross Profit Less: Operating expenses: Rent Salary Depreciation on Plant & Equipment Net income before Interest & Tax Less: Interest on bank loan Net Income before tax Net income after tax Additional Information: a csiinibe An old Plant & equipment was sold for Rs. purchased for Rs 100,000 Dividend paid Rs 117,500 Required: Cash flow statemet- gequitt yield 20% profit on s Direct Wages and Required: a Cost sheet b, Tender sheet