(CBCS/B.Com Mons /Ist Sem/FACACOROITN2018 © WEST BENGAL STATE UNIVERSITY B.Com. Honours Ist Semester Examination, 2018 FACACOROIT-B.Com. (CC!) FINANCIAL ACCOUNTING-I Time Allotted: 2 Hours 3. @) (b) 1014 The figures in the margin indicat ul marks . word limit as practicable. Candidates should answer in their own words and adhere to the Full Marks: 50 GROUP-A ‘Answer any fwo questions from the following 102 =20 What do you mean by Historical Cost Accounting? Briefly explain the limitations 248 of Historical Cost Accounting. 10 X Company of Kolkata consigned goods for Rs. 1.50,000 at an invoice price to Y Company of Hyderabad at 25% profit on cost. X Company paid Rs. 2,500 as carriage and Rs. 1,500 as loading charges. Y Company paid Rs. 3,500 as unloading charges and Rs. 1,200 as advertisement expenses. Y Company sold 3/4" of the goods at Rs. 3,50,000. Y Company is entitled to get an Ordinary Commission @ 5% and a Del Credere Commission @ 23% on Sales. Prepare Consignment Account in the books of X Company. Show Journal Entries to rectify the following errors assuming the errors are detected after preparation of Trial Balance. (i) Retum Inward Book was overcast by Rs. 750, (ii) Wages paid to Mr. Rohit Rs. 1,000 but debited to his Personal Account. (iii) A Cash Sale of Rs. 1,335 duly entered in the Cash Book but posted to Sales ‘Account as Rs. 2,335. (iv) Purchase of Machinery for Rs. 1,500 was passed through the Purchase Day Book. (v) A Credit Purchase of Rs. 1,000 from B. Roy has been credited to C. Roy Account, (vi) A Fixed Deposit of Rs. 5,000 matured and Rs. 7,500 was realized but the entire amount was credited to Fixed Deposit Account. Write a short note on International Financial Reporting Standards (IFRS). Tes Orsae5 ania (CBCS/B.Com /Hons/1st Sem /FACACOROIT/2018 B ene from the following a eee Credit Sale and Credit Purchase 25 4, (@) From the following information calculate 31.12.2017. Fd Details Balance as on 1.1.2017 56,000 Sundry Debtors 26,000 Sundry Creditors edo Bills Receivable a 1,90,000 Collection from Debtors ae jitors: ees ‘against maturity of bills 49,200 Discount allowed 2,800 Bad Debts 2,700 Return Inward 6,200 Return Outward 1,000 Bi eS as on 3. Sundry Debtors 37,800 Sundry Creditors 18,800 Bills Receivable 7,500 (©) Distinguish between Statement of Affair and Balance Sheet. Account for the year ended 31.3.2018 and a Balance Sheet as on that date. Debit Balance Rs. Furniture 10,000 Opening stock + 30,000 Debtors 40,000 Machinery 50,000 Purchases - 1,70,000 Bills receivable 11,000 Carriage Inward 1,300 Carriage Outward 900 Import duty + 1,600 Discount allowed 700 Sales retum 2,000 Salaries 12,000 Wages 10,000 Bank 9,000 Cash 1,000 Total 349,500 Credit Balance Rs, Bills payable 5,000 Purchase retum + 1,200 Capital 70,000 Discount received 700 Sales . 2,31,000 Loan from Y 2 10,000 Creditors - 30,000 Provision for Bad Debts 1,600 Total 349,500 15*2 = From the following Trial Balance of Mr. X prepare a Trading and Profit & Loss 1sRCSA.Com Moen 1 et Sem /FACACORM TOS Adjustment @o Goods for Rs. 8,000 were destroyed by fire and the insurance company admitted a claim of Rs. 7.00. “ ‘Closing stock: At cost price Rs. 30,000 and at market price Rs. 35,000 a ‘Wages include Rs. 2,500 paid for erection charges of machinery. e {iv) Provide depreciation @ 10% p.a. on machinery and 5% p.a. on furniture. ~ Write off Rs. 1,000 bad debts and create a provision for bad debts at 5% 07 ow Goods taken over by the proprietors for Rs. 3,000 for personal use but not recorded in the books. ~ (vii) Credit Purchase of Rs. 5,200 not recorded in the books. “ 6 From the following Receipts & Payment Account of Youth Club prepare Income & Expenditure Account for the year ended 31.122017 and ® Balance Sheet as on that date. Receipts & Payments A/c for the year ended 31.12.2017. Receipts Rs, Payment Rs. To Opening Balance 3,000 By Salaries 1,500 To Subscription 20,000 By Electric Charges 300 To Donation 5,000 By Sports Expenses 1,000 To Entrance fees 1,000 By Purchase of Sports goods 9,000 To Interest 100 By Book Purchase 5,000 ‘To Charity show Receipts 2,400 By Misc. Expenses 700 By Charity show Expenses 2,000 By Investment 8,000 By Closing Balance 4,000 “31,500 31,500 Information F o c (i) Of the total subscription received Rs. 500 is for 2016 and Rs, 600 is for 2018 but Rs. 100 is due for 2017, (ji) The Entrance Fees should be fully capitalized and the full amount of donation should be treated as revenue receipt. (iii) Outstanding Salary Rs, 300. (iv) Acorued Interest Rs. 500, ‘The club has the following assets on the opening date of the year, Sports Goods Rs. 3,000, Books Rs. 2,000 and Investment Rs. 6000. is