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00BI MS/BCAI /T. E. /1415
Financial Accounting BBA-1.4
F.M.-80 F.M.-80
TIME-3 hrs
Answer question No . 1 & any 5 from the rest : 1. Answer an any 10 :
(2*10=20)
(i) (i) Defi Define ne Acc Accou ount ntin ing. g. (ii) Define ictitio ictitious us assets. !i"e !i"e an e#am$%e e#am$%e of it (iii) hat 'o you mean $ro$rietary conce$t (i") Difference etween reser"e an' $ro"ision. $ro"ision. (") Define Define $rime $rime cost. cost. ("i) #$%ain the conce$t of conser"atism ("ii) ention any two users of accounting information. ("iii)hat 'o you mean y a Non+tra'ing ,nstitution (i#) hat 'o you mean y cash asis of of accounting (#) hat 'o you you mean y money money measuremen measurementt conce$t conce$t (#i) hat 'o you mean y -eser"e a$ita% (#ii) hat 'o you you mean y /an -econci%iation tatement (#iii)Distinguish etween anufacturing Account an' ra'ing Account Account (#i")hat 'o you mean y com$ensating error. !i"e e#am$%e 2. hat 'o you you mean y 'e$reciat 'e$reciation ion of assets. assets. Difference Difference etween etween straight straight %ine an' an' 'iminishing 'iminishing a%ance a%ance metho'. metho'. #$%ain in rief the two im$ortant metho's of accounting for 'e$reciation. 34ecti"es of 'e$reciation 2565652 7) 8re$are a cost sheet for the year en'e' 71.12.2010 from the fo%%owing information 3$ening stoc of raw materia% (1.1.2010) %osing stoc of raw materia% (71.12.2010) -aw materia% $urchase 'uring 2010 Direct a ages ges $ai' N3. of units $ro'uce';so%' e%%ing o"er hea' 8rime cost 3ffice & a'ministration o"er hea' ors ors cost 8rofit e%%ing $rice 6.rite short notes on i. !enera%%y Acce$te' Accounting 8rinci$%es (!AA8) ii. oney measurement conce$t iii. ?sers of accounting information i". Doctrine of com$arai%ity
12
-s. 9000 10000 2000 70000 20000units -e 0.< $er unit so%' 100000 0> of factory o"er hea' 170> of $rime cost 20> of sa%es -s. 10 $er unit
( 6575257)
)A)he tria% /a%ance of a tra'er cou%' not e ta%%ie' ecause of some mistaes. he 'ifference was transferre' to the us$ense Account. he fo%%owing were the mistaes a) a%es 'ay oo was o"ercast y -s 2000 )A cre'it cre'it sa%e of -s 000 to r A. A. /ose was 'eite' to r /.ose c)Discount a%%owe' 3f -s900 was cre'ite' to Discount recei"e' account ')-e$airing charge of -s1200 for machinery was 'eite' to machinery account e) ota% ota% of 8urchase /oo carrie' forwar' to the ne#t $age at -s17<20 instea' of -s 127<0
-ectify the ao"e errors y $assing necessary 4ourna% entries an' $re$are sus$ense account 956=12 /)tate the errors that 'o not affect the ta%%ying of a tria% a%ance )ria% a%ance of r Amit as at 71;12;2011 Deit -s re'it -s o$ening stoc <200 a%es 262000 Detors 1600 re'itors @000 $urchases 1<900 8ro"ision for a' 'et 900 -eturn inwar' 1900 ommission recei"e' 1200 Drawings 00 a$ita% 99000 ages @000 ash in han' 7000 8%ant an' achinery 0000 A''ition to machinery 10900 a%ary 6900 /a' Dets 2<00 -ent $ai' for 1 months u$to 7000 71;7;2012 /ui%'ing 60000 Discount a%%owe' @00 341900 341900 other information 1) stoc on 71;12;2011 is "a%ue' at -s 12600 2) rite off -s 00 as further a' 'et 7)ages inc%u'e -s1200 towar's insta%%ation charge of a''itiona% machinery insta%%e' on 70;@;2011 6)reate $ro"ision for a' 'et 10> on 'etors )De$reciate $%ant an' machinery10> $a )$ro"i'e outstan'ing sa%ary of -s 900 8re$are tra'ing an' $rofit an' %oss account of r Amit for the year en'e' 71;12;2011 an' a%ance sheet <)8re$are a $roforma of /a%ance sheet of a com$any with imaginery figures as $er sche'u%e "1 of the om$anies Act 1@ 9) tar %t' in"ite' a$$%ications for the issue of 20000 equity shares of -s 10 each at a $remium of 20> $aya%e as fo%%ows 3n a$$%ication -s 2 3n a%%otment -s (inc%u'ing $remium) on first an' fina% ca%% -est amount A$$%ications were recei"e' for 2000 shares. he com$any a%%ote' a%% the shares an' refun'e' the money on 000 e#cess a$$%ications .A%% shares monies were 'u%y recie"e' e#ce$t on 100 shares he%' y -B who fai%e' to $ay the a%%otment an' fina% ca%% monies an' a%so on 200 shares he%' y r C who fai%e' to $ay on%y the fina% ca%% money. he com$any forfeite' the shares of r B an' r C an' %ater reissue' 200 forfeite' shares(ta%ing a%% of Bs forfeite' shares) to r E -s < each fu%% y $ai'. how necessary 4ourna% entries in the oo of tar FD @a)hat is /an -econci%iation statementG hy it necessary to $re$are such a statementG ention $oints of 'iscre$ancy etween the 8ass /oo /a%ance an' ash /oo /a%ance an' show their treatments in $re$aring /an -econci%iation statement 2575< %0)8 an' H are $artners in a firm sharing $rofit;%osses equa%%y . heir a%ance heet on71;12;2011 is gi"en e%ow -s -s -s -s Liabilitis Assts a$ita% A;s 8%ant an' achinery 2000 8 69000 toc 2000 H 7000 Detor 1000 96000 Fess $ro" for a' 'et 1000 -eser"es 6000 1000 re'itors 12000 ash in han' 9000
100000
100000
on 1;1;2011 they a'mit - as their new $artner for 1; th share of $rofit on the fo%%owing terms a)hat - sha%% ring -s 19000 in cash as ca$ita% )hat goo'wi%% of the firm is to e "a%ue' at -s 000 c)hat $%ant an' achinery is to e raise' to -s 0000 ') hat stoc is to e re'uce' y -s 7000 eing oso%ete stoc e) he $ro"ision of a' 'et is to e maintaine' at 10> on Detors f)hat goo'wi%% account is to e written off after a'mission of - g)hat 8:H:- sha%% share future $rofits ; %osses in ratio of 2:2:1 how necessary 4ourna% entriesI re"a%uation A;I $artners ca$ita% account an' the a%ance sheet of the firm as on 71;12;2010
