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RFVGSVSTBG VCFRC
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74 views6 pagesFy-Bcom Sem1 Afm-I-Cbcgs Nov16
RFVGSVSTBG VCFRC
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ShaminasabuCopyright
© © All Rights Reserved
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/ 6
{8G “Sern
AFIMI-
PTL)
@G Hours) (Marks: 100)
N.B.: 1. Strictly avoid resorting to any unfair means during the examination & abide by
all the rules and relating thereto.
2, Figures in bracket to the right indicate full marks allotted to the a
question. of
3. Working notes should form part of your answers. x
4. All six questions are compulsory, although, there are internal optionsin x
case of Questions 2 to 6. &
. 5. Use of simple calculator is allowed. S
SLE aT RRR eM
Q.1A _Fillin the blanks with the appropriate given options and rewrite complete > (10)
sentences. (Any10) &
1. Accounting Standard 2 deals with :
(Wisclosure of Accounting Policies/Revenue Resogaitenfnveton,Siation)
2. The initial amount payable at the time of signing the agreemé in Hire Purchase
transaction is (lire Purchase Prive/Down aymenvCash Price)
3. ‘The Manufacturing Account is prepared to find out, .
(Gross Profit/Cost of Production/Net Profit), <
4, In Departmental Accounts, Office Rent is alloca ‘on the basis
of each department. (Sales Tumover/Area Ocpupied/Purcheses)
5. In Method of Stoff Valuation, items received first are
issued first, so that the latest purchased items are left in stock. (Weighted Average /
FIFO /Simple Average) we
q
6. Wages paid for installation of newnachinery is a F
(Capital Expenditure/ Capital Ret ‘Revenue Expenditure)
7. _Asperthe rules, Sock is eyBe valued at Cost or Net Realizable Value whichever is
» (Hlighes/Lowsi/Available)
a
8. Fora Book Manufighiring Company, Book is
(Raw Material Welk-in-Progress/Finished Goods)
9. The persog who sells goods on Hire Purchase Basis, is called a
gi : (Hire Purchaser/Hire Vendo:/Consignor)
x
shows the financial position of the company at the end of the
10. a
< (Trading AccouawProfit & Loss Account/Balance Sheet)
LAV case of a manufictrer, Sale of Sorap appears on the credit side of
ay Account, (Trading /Profit & Loss / Manufacturing)
<
co} 12. Under Credit Purchase Method of Hire Purchase System, Depreciation on Asset
« purchased is charged for the first year on (Pull Cash
Ss. Price/Hire Purchase Price/Down Payment) ”
oP”
e [TURN OVER}
&
S 2
2 QP. Code : 759900
Q.1B State whether the following statements are TRUE or FALSE after rewriting the 0
same. (Attempt any 10)
1. Inventories which are held for sale in the ordinary course of business are current
assets.
2. AS-9 does not cover revenue arising from government grants and subsidies.
3. Itis not necessary to disclose the change in accounting policy.
4. Revenue expenses are non-recurring expenses.
5. The Manufacturing Account always shows a debit balance. &
6. Departmental Accounts are necessary for evaluating departmental efficiency.
7. Disclosures under AS-1 need not form a part of final accounts. ae
8. Income received in advance is shown on the asset side ofthe balance sheet, 4
9. Hire Purchase Price is the total of cash price and interest of
10. Pull Cash Price Method is also known as Credit Purchase Method.
11. Amount paid as carriage inward is included in cost of inventory. =
12. Under Hire Purchase System the seller is the owner of goods until, MS payment of
last installment. so
&
Q.2 From the following Trial Balance of Mr. Aditya, prepare. Magee Account, (15)
‘Trading Account, Profit and Loss Account for the year ended 31" March, 2016
and Balance Sheet as on that date, mS
‘Trial Balance of Mr. Aditya as on 31st March 2046 :-
Particulars Dr. (R&) | Cr.(Rs.)
Opening Stock - Raw Materials 12,000
Opening stock - Work in Progress 327,000
‘Opening Stock - Finished Goods 20,000
Purchase of Raw Materials ST 105,000,
Carriage Inward on Raw Materials igs 4,000
Direct Wages 4 56,000
Factory Rent ws 8,000
Factory Power and Fuel 11,000
Machinery be” 80,000
Sales A 3,25,000
Office Expenses g 50,000
Cash at Bank S 11,000
Creditors 21,000
BadDebis__ 1,000
Provisions for Bad Debts 2,000
Sundry Debtors 53,000
Capital 82,000
Drawings 12,000
‘Total 4,30,000 | 4,30,000
Following further information is provided to you :
1. Closing stock 2s on 31" March, 2016 is:
Y Raw Material Rs 15,000,Workcin-progress. Rs 8,000, Finished goods Rs 25,000.
[TURN OVER] 2. Depreciate Machinery @10% pa.
3. During the year, finished goods worth Rs. 5,000 were distributed es free samples
‘but were not recorded.
4, Provide Reserve for Doubtful Debts @ 5% on debtors.
OR
.2 From the following Trial Balance of Mr. Gungadhar, prepare Manufacturing (£5)
Account, Trading Account, Profit and Loss Account for the year ended 31° Mae?
2016 and Balance Sheet as on that date :- Ss
Trial Balance of Mr, Gangadhar as on 31st March 2016 :— o
Particulars Dr.Rs) [Cr(Rs)] _
