NRJ/KW/17/36

Bachelor of Commerce (B.Com.) Part-I (New) Examination

FINANCIAL ACCOUNTING—I
Compulsory Paper—3
Time : Three Hours] [Maximum Marks : 100
Note :— (1) ALL questions are compulsory.
(2) All questions carry equal marks.
1. (A) Explain the Accounting Concepts. 10
(B) Journalise the following transactions :
2013
June 1. Gautam started business with Rs. 5,00,000
2. Bought goods from Basant Rs. 30,000
3. Paid into Bank Rs. 20,000
5. Returned goods to Basant Rs. 2,000
8. Sold goods to Radha Rs. 7,000
10. Paid cartage Rs. 200
15. Received dividend on investment Rs. 1,000
18. Paid salary Rs. 5,000
20. Purchased goods worth Rs. 3,000 from Tushar, Rs. 5,000 from Satyam on credit
25. Sale of goods worth Rs. 10,000 to Balan and Rs. 7,000 to Dharam
28. Received cash Rs. 8,000 from Ramaswamy and Rs. 6,000 from Krishnaswamy
30. Uninsured goods destroyed by fire worth Rs. 20,000 10
OR
(C) Following is the trial balance of Mr. Suhas as on 31st March 2015 :
Trial Balance as on 31-3-2015
Debit Balances Rs.— Credit Balances Rs.—
Cash in hand 30,000 Sales 3,29,000
Sundry Debtors 1,16,500 Sundry Creditors 75,000
Bills Receivable 50,000 Bank Loan 1,00,000
Opening Stock 80,000 Purchases Return 18,500
Purchases 1,89,500 Bill Payable 40,000
POY—22841 1 (Contd.)
 Debit Balances Rs.— Credit Balances Rs.—
Sales Returns 4,000 Discount Received 12,500
Salaries 55,000 Capital as on 1-4-2014 2,75,000
Wages 10,000
Advertisement 16,000
Discount Allowed 5,000
Machinery 2,00,000
Carriage 12,500
Insurance 9,000
Drawings 12,500
Octroi Duty 4,000
Furniture 40,000
Office Rent 16,000
8,50,000 8,50,000

Adjustments :
(1) Closing stock of goods as on 31-3-2015 was valued at Rs. 1,05,000.
(2) Interest is to be charged at 2% p.a. on capital as on 1-4-2014.
(3) Depreciate furniture by 5% and machinery by 10% p.a.
(4) Outstanding Salary Rs. 5,000 and Wages Rs. 2,500.
(5) Prepaid insurance Rs. 1,500.
Prepare Trading and Profit & Loss Account for the year ending 31-3-2015 and Balance
Sheet as on that date. 20

2. (A) What do you mean by Hire Purchase system ? How does it differ from Instalment
system ? 10
(B) Mr. Basu purchased a Bajaj Scooter on hire purchase system from Gandhi and Sons. The
Total Cash Price of the Scooter is Rs. 15,980, payable Rs. 4,000 at the time of agreement
on 1st January 2012 and the instalments of Rs. 6,000, Rs. 5,000 and Rs. 2,000 payable at
the end of the first, second and third year respectively. Interest is charged at 5% p.a. Rate
of depreciation is 10% p.a. on straight line method.
You are required to give Scooter A/c and Gandhi & Sons A/c in the books of Mr. Basu.
10
OR

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 (C) On 1st January 2014 M/s Balaji Trading Co. purchased a machine on Hire Purchase system
from M/s Jay Engineering Co. The present cash value of the machine is Rs. 1,01,000. The
hire purchase agreement provides that Rs. 16,000 shall be paid at the time of delivery and
balance must be paid by four half yearly instalments of Rs. 26,300 each interest being
calculated at 18% p.a. Assuming that 10% depreciation by straight line method is being
written off every year on the cash value of the machine.
Write ledger A/cs in the books of Balaji Trading Co. Books are closed on 31st March every
year. 20
3. (A) What are the different types of Branches ? 10
(B) Assuming that the goods are sent to the branch at cost, cash collected by branch is remitted
to the Head Office and expenses are paid by cheque from Head Office.
Prepare Branch Account from the following particulars showing the working properly.
Rs.—
Opening Stock at branch 60,000
Goods sent to branch 1,80,000
Cash sales 2,40,000
Closing Stock could not be ascertained, but it is known that the branch usually sells at cost
plus 20%. The branch manager is entitled to a commission of 5% on the profit (before
charging such commission) in addition to yearly salary of Rs. 12,000; other expenses of the
branch are Rs. 16,000. 10
OR
(C) Vidarbha Traders has a branch at Nanded. The ledger balances of the branch for the year
ended 31-3-2012 were as follows :
Rs.—
Interest Received 5,000
Purchases 18,000
Sales 60,000
Goods from Head Office 28,000
Creditors 2,400
Sundry Expenses 800
Bank (Dr) 6,600
Head Office Current A/c 44,000
Machinery 20,000
Stock (1-4-2011) 30,000
Debtors 8,000
Closing Stock 14,000
POY—22841 3 NRJ/KW/17/36
 You get the following information from the Head Office :
(1) The Head Office sent goods to Branch Rs. 2,000 on 30-3-2012, which the Branch
received on 3-4-2012.
(2) Branch Furniture account stood in Head Office books at Rs. 1,600.
(3) Branch Current Account in Head Office had a debit balance of Rs. 46,000.
Prepare Trading and Profit & Loss A/c and Balance Sheet in the Branch Books after
depreciating furniture by 5% and machinery by 10%.
Also give the Branch Current Account in H.O. Books after posting incorporating entries to
that account. 20

4. (A) What are the provisions of law regarding appropriation of net profit of co-operative
society ? 10
(B) Prepare the Cash Book of Azad Cooperative Society Pune from the following transactions
2006 :
Jan. 1. Balance b/d 30,000
Jan. 4. Issued a cheque to Landlord for house rent on Maharashtra State
Co-op. Bank 2,400
Jan. 8. Paid sweeper wages 1,000
Jan. 15. Issued a cheque to office clerk for his salary
(Drawn on M.S. Co-op Bank) 3,600
Jan. 16. Received a cheque for interest which was sent to bank for collection 8,000
Jan. 17. Received from Shri Narke in cash :
As membership fees 200
As entrance fees 80
As Share Capital 2,000
Jan. 22. Loan paid to Shri Dilip by cheque 16,000
Jan. 25. Bought office stationery 1,200
Jan. 28. Deposited into Bank 10,000
Jan. 31. Recorded interest receivable 1,600

10
OR
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 (C) Following were the balances extracted from the books of Deepa Co-operative Society Ltd.
Gondia as on 31st March 2014 :
Trial Balance
as on 31st March 2014
Debit Balances Rs.— Credit Balances Rs.—
Opening Stock 30,000 Share Capital 42,000
Buildings 50,000 Sundry Creditors 55,000
Furniture 12,000 Sales 85,000
Sundry Debtors 25,000 Bills Payable 6,000
Cash in hand 1,000
Cash at Bank 15,000
Purchases 40,000
Rent 2,000
Carriage Inwards 1,200
Insurance Premium 500
Printing & Stationery 800
Bills Receivable 2,000
Sales Returns 500
Salary 6,000
Wages 2,000
1,88,000 1,88,000

Adjustments :
(1) Closing stock Rs. 20,000.
(2) Depreciation on building and furniture at 10% is to be provided.
(3) Unpaid salary Rs. 500.
(4) Reserve for doubtful debts @ 5% on debtors.
(5) Prepaid insurance premium Rs. 100.
(6) Provision for Honorarium to secretary Rs. 600.
(7) Provided for dividend equalisation fund Rs. 840.
(8) Make provision for statutory reserve as per Maharashtra State Co-operative Society Act
1960.
(9) Make provision for dividend @ 9% p.a.
Prepare Final Accounts. 20

POY—22841 5 NRJ/KW/17/36
5. (A) Goswami sent on consignment 500 toys to Gopal at a cost price of Rs. 40 each. Goswami
paid Rs. 800 for packing and freight and Rs. 200 for insurance in transit. Goswami received
by a cheque Rs. 5,000 from Gopal as an advance against the consignment.
Afterwards, Goswami received an account sales from Gopal in which following details
were shown :
(i) Gopal has incurred Rs. 150 as octroi duty, Rs. 60 for carriage and Rs. 500 as advertising
and other selling expenses.
(ii) Gopal has sold all the toys at a price of Rs. 55 each.
(iii) Gopal has charged commission at 5% on the gross sale proceeds.
Goswami received a bank draft alongwith the account sales for the balance due from
Gopal.
Pass the Journal Entries in the books of consignor. 10
(B) Patil and Pande entered into a Joint Venture and agreed to share profits and losses equally.
(1) Patil purchased goods worth Rs. 80,000 and paid Rs. 5,000 as expenses thereof.
(2) Pande supplied goods worth Rs. 50,000 from his own stock and paid Rs. 3,000 for
carriage.
(3) Pande sold some of goods for Rs. 1,10,000 and paid Rs. 2,000 as commission and
carriage.
(4) Patil sold remaining goods for Rs. 64,000 and paid Rs. 6,000 for commission and
carriage.
Prepare :
(i) Joint Venture A/c in the Books of Patil.
(ii) Patil A/c in the Books of Pande. 10
OR
(C) Sane and Rane entered into Joint Venture. Sane agrees to bring in cash as capital. Accordingly
a Joint Bank Account was opened by Sane for Rs. 80,000. Rane buys goods worth
Rs. 50,000 as part of his capital. Further goods worth Rs. 1,18,000 were purchased from
Kane paying Rs. 60,000 and the balance by a Promissory Note signed by Sane and Rane.
The goods were sent to Sathe for sale. Expenses totalling Rs. 5,000 were incurred in
sending the goods. Part of goods were damaged in transit and a sum of Rs. 25,000 were
recovered from the insurance company. The remaining goods were sold for Rs. 2,20,000.
Prepare Joint Venture A/c, Joint Bank A/c and Co-ventures A/c assuming that the promissory
note was duly honoured. 20

POY—22841 6 NRJ/KW/17/36
 NRJ/KW/17/36

Bachelor of Commerce (B.Com.) Part-I (New) Examination

FINANCIAL ACCOUNTING—I
Compulsory Paper—3
Time : Three Hours] [Maximum Marks : 100
Note :— (1) ALL questions are compulsory.
(2) All questions carry equal marks.
¼ejkBh ekè;e½
1. ¼v½ ys[kkadukP;k ladYiuk Li"V djk- 10
¼c½ baxzth ek/;ekuqlkj- 10
fdaok
¼d½ baxzth ek/;ekuqlkj- 20
2. ¼v½ Ø;koØ; i)rh iklwu vki.kkl dk; vFkZcks/k gksrks \ izHkkx i)rh is{kk gh i)rh d’kh fHkUu gs Li"V
djk- 10
¼c½ baxzth ek/;ekuqlkj- 10
fdaok
¼d½ baxzth ek/;ekuqlkj- 20
3. ¼v½ ’kk[kkps fofHkUu izdkj dks.krs vkgsr \ 10
¼c½ baxzth ek/;ekuqlkj- 10
fdaok
¼d½ baxzth ek/;ekuqlkj- 20
4. ¼v½ lgdkjh laLFksP;k ’kq) ykHkkP;k forj.kklaca/kh dk;ns’khj rjrwnh dks.kR;k vkgsr \ 10
¼c½ baxzth ek/;ekuqlkj- 10
fdaok
¼d½ baxzth ek/;ekuqlkj- 20

5. ¼v½] ¼c½ fdaok ¼d½ baxzth ek/;ekuqlkj-

POY—22841 7
 NRJ/KW/17/36

Bachelor of Commerce (B.Com.) Part-I (New) Examination

FINANCIAL ACCOUNTING—I
Compulsory Paper—3
Time : Three Hours] [Maximum Marks : 100
Note :— (1) ALL questions are compulsory.
(2) All questions carry equal marks.
¼fgUnh ekè;e½
1. ¼v½ ys[kkadu dh ladYiuk,a Li"V dhft;sA 10
¼c½ vaxzsth ek/;e ds vuqlkjA 10
vFkok
¼d½ vaxzsth ek/;e ds vuqlkjA 20
2. ¼v½ Ø;koØ; i)fr (Hire Purchase system) ls vkidks D;k vFkZcks/k gksrk gS \ izHkkx i)fr (Instalment
system) ls og dS l s fHkUu gS \ 10
¼c½ vaxzsth ek/;e ds vuqlkjA 10
vFkok
¼d½ vaxzsth ek/;e ds vuqlkjA 20
3. ¼v½ ’kk[kkvksa ds (Branches) fofHkUu izdkj dkSuls gSa \ 10
¼c½ vaxzsth ek/;e ds vuqlkjA 10
vFkok
¼d½ vaxzsth ek/;e ds vuqlkjA 20
4. ¼v½ lgdkjh laLFkk ds ’kq) ykHk forj.k laca/k esa oS/kkfud izko/kku dkSuls gSa \ 10
¼c½ vaxzsth ek/;e ds vuqlkjA 10
vFkok
¼d½ vaxzsth ek/;e ds vuqlkjA 20
5. ¼v½ vaxzsth ek/;e ds vuqlkjA 10
¼c½ vaxzsth ek/;e ds vuqlkjA 10
vFkok
¼d½ vaxzsth ek/;e ds vuqlkjA 20

POY—22841 8