Code No. : Sub. Code : GMCO 11

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1 Reg. No. :... Sub. Code : GMCO 11 B.Com. (CBCS) DEGREE EXAMINATION, APRIL First Semester Commerce Main FINANCIAL ACCOUNTING I (For those who joined in July 2012 onwards) Time : Three hours Maximum : 75 marks PART A (10 1 = 10 marks) Answer ALL questions. Choose the correct answer : 1. µkpî¼ x GkUPUTi C PÎß AÔUøP GÚ k. (A) C õ Ä mi À (B) C {ø»u SÔ k (C) (D) ÁµÄ AÔUøP Â õ õµu P/S

2 A schedule of balances drawn from the ledgers is called (a) (b) (c) (d) Trial Balance Balance Sheet Income Statement Trading Accounts 2. GßÓ Hk µk ØÖ SÔ k \º x opøí ö\ QÓx. (A) öµõup (B) öpõò uàpò (C) ÂØ øú (D) SÔ k book performs the function of both a ledger account and a journal. (a) Cash (b) Purchases (c) Sales (d) Journal 3. ö\¾zu mh Põ \õø» Á[Q À ö\¾zv n õup hâàø» Gß x öµõup Hmiß i \õup õú C õs. (A) SøÓÄ (B) AvP (C) (D) ]ÔuÍÄ (A) ØÖ (C) Cµsk \º x Page 2

3 Cheque issued but not presented for payment, favourable balance as per cash book will be (a) Less (b) Larger (c) Smaller (d) Both (a) and (c) 4. C B Ä mi ¼À G u øçpð PnUQÀ vä ö\ kqóx. (A) Gk P/S (B) uû º P/S (C) (D) AÚõ zxu P/S \ UPmk P/S Any errors in the trail balance is recorded in (a) (b) (c) (d) Drawing Account Personal Account A Suspense Account Adjustment Account 5. Esi ø» õøö ö õêx PnUøP ÁµÄ øáup kqóx. (A) ö\¾zuuøs õøöa^mk P/S (B) õøö Áº PnUS (C) (D) ö ÖuØS õøöa^mk P/S Á[QU PnUS Page 3

4 When a bill is endorsed credit is given to (a) (b) (c) (d) Bills Payable Account Endorser s Account Bills Receivable Account Bank Account 6. Â õ õ SøÓ u Põ» {vø ö ÖÁuØS GßÓ Esi À uøá kqóx. (A) Â õ õµ Esi À (B) µì µ Esi À (C) (A) ØÖ (B) CøÁ Cµsk (D) GøÁ²ªÀø» are drawn for raising short term funds required by businessmen (a) (b) (c) (d) Trade bill Accommodation bill Both (a) and (b) None of these Page 4

5 7. ö õzu u õú öuõøp PnUQkÁuØS ö\õzxupîß AhUQ¼ x PÈUP kqóx. (A) PÈÄ v (B) C»õ (C) èh (D) [PÎ The total amount of depreciation to be written off is equal to the cost of the asset less its (a) Scrap Value (b) Profit (c) Loss (d) Contribution 8. ö\õzxupò ØÖ ö õö UPÐUPõÚ AÔUøP õúx SÔ mh uv À»uÚzøu PnUQkÁuØS u õ UP kqóx (A) {v À AÔUøP (B) C {ø» SÔ k (C) (D) C»õ mhu PS C B Ä mi À The statement of assets and liabilities, which is prepared to ascertain the capital on a date is known as (a) (b) (c) (d) Statement of affairs Balance sheet Profit and loss account Trial balance Page 5

6 9. øó ß RÌ Â õ õµ ØÖ C»õ mhu P/S u õ UPõ À C»õ PnUQh kqóx. (A) {Pµ v (B) õøö øó (C) Cµmøh vä (D) GøÁ²ªÀø» Under method, profit is calculated without preparing a trading, profit and loss account. (a) Net worth (b) Conversion (c) Double entry (d) None of these 10. JØøÓ vä øó ß RÌ Phß öpõò uà PnUQkÁuØS u õ UP k PnUS. (A) PhÚõÎPÒ P/S (B) PhÜ uõº P/S (C) (D) öµõup P/S C {ø» SÔ k Under single entry system, credit purchases can be calculated by preparing (a) (b) (c) (d) Debtors account Creditors account Cash account Balance sheet Page 6

7 PART B (5 5 = 25 marks) Answer ALL questions, choosing either (a) or (b). Each answer should not exceed 250 words. 11. (A) C B Ä mi À ØÖ C {ø»u SÔ Cøh õú ÁÖ õmiøú u P. State the difference between trial balance and balance sheet. Or (B) R Ç öpõkup mkòíøápî¼ x C B Ä mi ø» u õº ö\ P. ¹. ¹.»uÚ 9,000 ÁõhøP ö õô ØÖ C vµ 12,000 öpõk h Ási x 1,000 öpõò uàpò 8,000 öuõhupa \µuq 2,000 ÂØ øú 12,000 ÂØ øúz v 4,000 Ø» PhÜ uõºpò 8,000 u½kpò 14,000 Á[QU Phß 22,000 PhÚõÎPÒ 12,000 Prepare Trial balance from the following : Rs. Rs. Capital 9,000 Rent outstanding 1,000 Plant and Machinery 12,000 Opening stock 2,000 Purchases 8,000 Sales returns 4,000 Page 7

8 Rs. Rs. Sales 12,000 Investments 14,000 Sundry Creditors 8,000 Debtors 12,000 Bank Loan 22, (A) Á[Q \ Pmk mi À GßÓõÀ GßÚ? Cx Hß öuõhº x u õ UP kqóx? What is Bank Reconciliation Statement? Why should it be prepared periodically? Or (B) AÚõ zx PnUS GßÓõÀ GßÚ? Cx Hß vóup kqóx? What is suspense account? Why is it opened? 13. (A) õøö Esi ¾US ØÖ EzvµÁõu zvµzvøs Cøh õú ÁÖ õkpò õøá? What are the differences between a bill of exchange and promissory note? Or (B) õºa 10, 2007 AßÖ õpß GÊv ¹.2,000&UPõÚ ßÖ õu Esi ø» µõ HØÖU öpõsk AÝ Úõº. õpß AuøÚa ö\ v¾us ÓU SÔ mk õøôz u uõº. ö\ và, uúx Á[Q À ¹.1,920&US C õmpò PÈzx uòð i ö\ x õøôúõº. öpk õîà µõ Esi ø» vupz uáôâmhõº. µõ, õpß, ö\ và BQ õº HmiÀ väpò u P. Page 8

9 A three months bill for Rs.2000 was duly accepted by Ram on to the drawer Mohan who endorsed the bill in favour of Senthil. Senthil discounted the bill with his bank for Rs.1,920 two days later. Ram did not meet the bill on the due date. Pass entries in the books of Ram, Mohan and Senthil. 14. (A) u õú ÁµU Põµn[PÒ õøá? What are the causes for Depreciation? Or (B) AßÖ ¹.30,000 AhUP Âø»²ÒÍ {»zøu SzuøPUS GkUP mhx. u õúzøu Bskz öuõøp øó À 5% Ámi PnUQmk u õú PnUQh kqóx. Bsk Áõ õk ¹.1&US 5%. 5 BskPÐUS»õP BskUS Põmh kqóx. SzuøPU PnUS 5 BskPÐUS u õ UPÄ. A lease of Land was acquired on 1 st January 2,000 at a cost of Rs.30,000. it was decided to depreciate it under the annuity method at 5% interest. Annuity tables show that at 5% Re. 1 over 5 years is equivalent to Re annually. Write up the lease account for 5 years. Page 9

10 15. (A) JØøÓ vä øó GßÓõÀ GßÚ? AuÛß ]Ó À PÒ õøá? What is single entry? What are its salient features? Or (B) R Ç öpõkup mkòí ÂÁµ[PÎ¾ÒÍ 2004& Bsiß ö õzu ÂØ øúø PnUQkP. ¹. PhÚõÎPÒ ( ) 17,425 PhÚõÎPÒ ( ) 15,300 PhÚõÎ hª x ö Ó mh öµõup 49,200 ÂØ øúz v 3,700 ÁµõUPhß 2,500 uòð i 1,800 ö ÖuØS õøöa^mk 5,000 öµõup ÂØ øú 12,000 From the following details, calculate total sales made during the year Rs. Debtors ( ) 17,425 Debtors ( ) 15,300 Page 10

11 Rs. Cash received from debtors 49,200 Sales returns 3,700 Bad debts 2,500 Discounts 1,800 Bills receivable 5,000 Cash sales 12,000 PART C (5 8 = 40 marks) Answer ALL questions, choosing either (a) or (b). Each answer should not exceed 600 words. 16. (A) R Ç öpõkup mkòí háiuøpðupõú zv öµõup HmiÀ vä ö\ P ¹. áú. 1 øp öµõup 410 Á[Q 8,920 2 öµõup ÂØ øú 4,500 3 Á[Q À ö\¾zv x 4,000 5 GÊxö õ Ò ö\¾zv x Põ \õø»» õp Pè ö\¾zv x 280 ö Ó mh uòð i 20 Page 11

12 2009 ¹. 12 öµõup öpõò u¾upõp Põ \õø» ö\¾zv x 1, ö\õ u E õpzvøs Gkzu n Á[Q hª x ö Ó mhx 1, T¼ ö\¾zv x ö\à»miß i Á[Q Pmhn 10 Enter the following transactions in a three column cash book Rs. Jan. 1 Cash in hand 410 Balance at bank 8,920 2 Cash sales 4,500 3 Paid into bank 4,000 5 Purchased stationery Paid Mahesh by cheque 280 Discount received Gave a cheque for cash purchases 1, Drew for personal use Drew from bank 1, Paid wages Bank charges as per pass book 10 Or Page 12

13 (B) R Ç öpõkup mkòí µâ C õ Â¼ x BskUPõÚ Â õ õµ C»õ mhu PnUS ØÖ Az uv À C {ø»u SÔ møh² u õº ö\ P. Â µ ØÖ ÁµÄ ¹. ¹.»uÚ 40,000 ÂØ øú 25,000 öpõò uàpò 15,000 \ Í 2,000 ÁõhøP 1,500 Põ k 300 Gk 5,000 C vµ 28,000 Á[Q 4,500 öµõup 2,000 \µuq ,200 PhÚõÎPÒ 2,500 PhÜ uõº 1,000 66,000 66,000 Page 13

14 TkuÀ upáàpò. (i) CÖva \µus ¹. 4,900 (ii) öpõk hõu \ Í ¹. 300 (iii) ÁõhøP ßTmi ö\¾zv x ¹. 200 (iv) Ámi ßTmi ö\¾zv x ¹. 90. From the following trial balance of Ravi, prepare trading and profit and loss account for the year ended December 31 st 2003 and a balance sheet as on that date. Particulars Debit Credit Rs. Rs. Capital 40,000 Sales 25,000 Purchases 15,000 Salaries 2,000 Rent 1,500 Insurance 300 Drawings 5,000 Machinery 28,000 Bank balance 4,500 Cash 2,000 Stock ,200 Debtors 2,500 Creditors 1,000 66,000 66,000 Page 14

15 Adjustments required : (i) Stock on Rs. 4,900 (ii) Salaries unpaid Rs. 300 (iii) Rent paid in advance Rs. 200 (iv) Insurance prepaid Rs (A) ßÁ upáàpøí öpõsk Á[Q \ UPmk mi ø» 2009 Bsk õºa 31 õðus u õº ö\ P. Á[Q À Áøµ ØÖ ö\à¾ zupzvß i 2009 õºa 31À C ¹. 13,095. (i) Á[Q À ö\¾zv Põ \õø» öµõup HmiÀ GÊu hâàø» ¹ (ii) ö ØÓ Põ \õø» öµõup HmiÀ GÊv ß Á[QUS AÝ hâàø» ¹. 1,015. (iii) ¹. 15,075US ÁÇ[Q Põ \õø»pîà ¹. 9,075 mk ö\à¾ zupzvà ØÖ øáup mhx. (iv) ¹. 9,400US Á[Q h ö\¾zv Põ \õø»pîà ¹. 3,550 mk ö\à»mià ÁµÄ øáup hâàø». (v) Põ k ¹. 250 Á[Q ö\¾zv x. BÚõÀ öµõup HmiÀ ÁµÄ øáup hâàø». Page 15

16 (vi) öµõup HmiÀ Á[QU Pmhn ¹. 30 C øó GÊu mkòíx. (vii) Ámi ¹. 1,400 ö\à¾ zupzvà ØÖ øáup mkòíx. BÚõÀ, öµõup HmiÀ GÊu hâàø». From the following particulars prepare a bank reconciliation statement as on Overdraft balance as per pass book on is Rs. 13,095. (i) (ii) Cheque deposited in bank not recorded in cash book Rs Cheque received and recorded in cash book not sent for collection Rs. 1,015. (iii) Cheques issued for Rs. 15,075, but cheques for Rs. 9,075 alone were debited in the pass book. (iv) Cheques paid into bank for Rs. 9,400, but cheques for Rs. 3,550 alone not credited in the pass book. (v) Insurance Rs. 250 paid by bank but not credited in cash book. Page 16

17 (vi) Bank charges Rs. 30 was recorded twice in the cash book. (vii) Interest of Rs. 1,400 debited in the pass book but not recorded in cash book. (B) Or C õ Ä mi ø» \ UPmh AÚõ zxu PnUS GÊv ÓS RÌPsh øçpøí á PìÁµÛß zupzvà Psk iup mhx. (i) (ii) ÂØ øú zupzvà AvP õp Tmi x ¹. 1,000. XUS ö\ u ÂØ øú ¹. 2,000, Y PnUQÀ uáóõp ØÖ øáup mkòíx. (iii) ö õxa ö\»ä ¹. 75 ö õx µmku PnUQÀ ¹. 57 GÚ vä ö\ mkòíx. (iv) Z h C x ö ØÓ ö ÖuØS õøöa ^mk ¹. 1,000 ö\¾zxuøs õøöa^mk HmiÀ uáöu»õp vä ö\ mkòíx. (v) µõ ÝUSa ö\¾zv ÁõhøP ¹. 600 uáöu»õp AÁ øh PnUQÀ ØÖ øáup mkòíx. (vi) µõáûh C x ö ØÓ öµõup ¹. 500 µg\ß PnUQÀ ØÖ øáup mkòíx. Page 17

18 (vii) öpõò uà Hmiß ö õzuzøu J UPzv¼ x ØöÓõ UPzvØS Gkzx GÊx õx ¹. 1,200I, 2100 GßÖ õøó mi UQÓx. øçpøíz v zu SÔ mk väpøíz u x AÚõ zxu PnUøP² u õº ö\ P. The following errors were located in the books of Jambukeshwaran after the books were closed and a Suspense Account was created in order to get the Trial Blance agreed (i) Sales book was overcast by Rs. 1,000. (ii) A sale of 2000 to X was wrongly debited to the account of Y. (iii) General expenses of Rs. 75 was posted in the General Ledger as Rs. 57. (iv) A bill receivable received from Z Rs. 1,000 was wrongly passed Through Bills Payable Book. (v) Rent Rs. 600 paid to Raman was debited to his personal a/c. Page 18

19 (vi) Cash received from Rajan Rs. 500 was debited to Ranjan. (vii) While carrying forward the total of one page of the purchase book to the next, the amount of Rs. 1,200 was written as Rs Give journal entries to rectify the above errors and prepare Suspense Account. 18. (A) A m õøöa^mk JßøÓ ¹.6,000 B À GÊvÚõº. A Aøu ¹.5,850 Ámh ö\ uõº. AvÀ ¹.1,950 B&US ö\¾zvúõº. A Aøu \ vup uáô uõà, B ØöÓõ ^møh A À ¹.7,500 Áøµ uõº. Aøu ¹.7,050 Ámh ö\ x ¹.350 A&US AÝ Úõº. Cµshõ ^mk öpk õðus ß A ö õi {ø» Aøh uuõà, ¹ õ US 50 ø \õ Ãu wºä ö\ uõº. Cµsk HkPøÍ² Põs UPÄ. A on mutual accommodation draws a bill on B for Rs.6,000. A discounts it for Rs.5,850 and pays Rs.1,950 to B. Since A fails to meet the bill, B draws a bill for Rs.7,500 on A. B discounts it for Rs.7,050, also pays Rs.350 to A. Before the second bill due, A becomes insolvent and settles at 50 paise for Re.l. Show both the books. Or Page 19

20 (B) X ¹. 1,500US m õøö^mk JßøÓ Y À Áøµ uõº. Aøu Y HØÓõº. X Aøu ¹. 1,410US Ámh ö\ x, 2/3 ØÖ 1/3 ÂQuzvÀ zx (YUS 1/3) öpõkzuõº. öpk õðus ß, n Á\vø HØ kzx ö õ mk Y ØöÓõ ^mk ¹. 2,100 Áøµ x, Aøu ¹. 2,040 Ámh ö\ uõº. C u nzøu öpõsk uà ^møh \ vzx, ¹. 360 XUS öpõkzuº. CµshõÁx ^mk öpk õðus ß, X váõ»õqâmhõº. Y AÁ hª x ¹ õ US 50 ø \õ GßÓ ÂQuzvÀ wºøá ö ØÓõº. Y HmiÀ väpøí AÎUPÄ. X draws a bill for Rs. 1,500 on Y for mutual accommodation. Y accepts the same. X discounts it for Rs. 1,410 and shares in the ratio of 2/3 and 1/3 to Y. Before the due date, to provide funds for meeting the first bill, Y draws another bill for Rs. 2,100 and discounts it for Rs. 2,040. With that money he meets the first bill and remits Rs. 360 to X. Before the due date of second bill, X becomes insolvent and pays 50 paise in a rupee for full settlement. Show the entries of in the books Y. Page 20

21 19. (A) áúá 1, 2005À J {ÖÁÚ ¹. 10,000 v ÒÍ 5 C vµ[pøí Áõ[Q x. áúø» 1, 2007À ¾ Cµsk C vµ[pøí u»õ ¹. 10,000 Ãu Áõ[Q x. {ÖÄÁuØPõÚ ö\»ä ¹. 1,000. PnUSPÒ JÆöÁõ Bsk i\ º 31À iup k. Bskz u õú 10% GÚU öpõsk C vµu PnUQøÚ 5 BskPÐUS SøÓ x ö\à v øó À u õ UPÄ. On 1st January 2005, a firm purchased five machines at Rs. 10,000 each. On July 1, 2007 it bought two additional machines at the price of Rs. 10,000 each. Installation charges Rs. 1,000. The accounts are closed each year on 31st December. Depreciation is provided at 10% p.a. Show the machinery account for 5 years under reducing balance method. Or (B) AßÖ Kº {ÖÁÚ ¹.1,00,000 v ÒÍ C vµzøu Áõ[Q x AßÖ ¹.20,000 v ÒÍ ØöÓõ C vµzøu Áõ[Q ¹.2,000 ö\»ä ö\ x {ÖÂ x. Bsk uõö i\ º 31 AßÖ PnUSPÒ iup ö ÖQßÓÚ. Á hõ vµ u õú 10% GÚU öpõsk 5BskPÐUPõÚ C vµu PnUøP \ uáøn øó ¾, SøÓ x ö\à uáøn øó ¾ u õº ö\ P. Page 21

22 On a firm purchases machinery worth Rs.l00000 on it buys additional machinery worth Rs and spends Rs.2000 on its erection. The accounts are closed each year on 31 st December. Assuming the annual depreciation to be 10 %, show machinery account for 5 years under (i) (ii) The fixed installment method. Reducing balance method. 20. (A) _ µ o ß Gß Áº ußýøh PnUSPøÍ Cµmøh vâ À øó À øázxu öpõòíâàø». AÁº u ÂÁµ õáx. (i) (ii) UPõÚ öµõup Hk ö\õzx ö õö PÎß {ø» (iii) TkuÀ ÂÁµ[PÒ. (1) öµõup Hk ö ÖuÀPÒ ¹. ö\¾zxuà ¹. C ( ) 21,000 \ Í 15,000 ö\õ u u½miß «uõú ÁõhøP 12,000 Ámi öpõsk Á ux 9,000 G vµ[pò 20,000 öµõup ÂØ øú 20,000 Põ k 3,000 Page 22

23 ö ÖuÀPÒ ¹. ö\¾zxuà ¹. PhÚõÎPÒ 80,000 PhÜ uõº 50,000»ÁøP ÁµÄPÒ 5,000 Gk 20,000 u½miß «uõú Ámi öpõò uà 10,000 10% 1,000 C ,000 1,36,000 1,36,000 (2) ØÓ ö\õzxupð ö õö PÐ ¹. ¹. \µuq 25,000 35,000 G vµ[pò 30,000 45,000 AøÓP»ßPÒ 10,000 10,000 PhÚõÎPÒ 40,000 50,000 PhÜ uõº 25,000 30,000 (3) \ Pmh Ási ÁøPÒ. (A) ÁõhøP õuq ¹. 1,000. (B) ß ö\¾zv DmkÖv ¹. 500 (C) AøÓP»ß «x 10% u õú u õ UP. Page 23

24 u õ UP. Â õ õµ»õ mhu PnUS i C {ø»usô AßÖ. Subramanian does not keep books of accounts under double entry system. He gives you the following : (i) Cash book for the year (ii) Assets and liabilities position (iii) Adjustments to be made. (1) Cash book Receipts Rs. Payments Rs. To balance b/d ( ) 21,000 By salaries 15,000 To private dividend paid in 9,000 By rent 12,000 To cash sales 20,000 By machinery 20,000 To debtors 80,000 By insurance 3,000 To sundry receipts 5,000 By creditors 50,000 To interest on investments a/c By drawings 20,000 10% 1,000 By purchases 10,000 By balance c/d 6,000 1,36,000 1,36,000 Page 24

25 (2) Given assets and liabilities position Rs. Rs. Stock 25,000 35,000 Machinery 30,000 45,000 Furniture 10,000 10,000 Debtors 40,000 50,000 Creditors 25,000 30,000 (3) Adjustments to be made. (A) Rent outstanding Rs. 1,000. (B) Insurance prepaid Rs (C) Depreciation on furniture by 10% Required Trading and profit and loss a/c for the year ending Balance sheet as on Or Page 25

26 (B) RÌUPsh ÂÁµ[PÎ¼ x &À iäøó BsiØPõÚ ÁµÄUS Esi ÀPÒ PnUøP², ö õzu PhÚõÎPÒ PnUøP² u õ UP. ¹. ö õzu PhÚõÎPÒ ,000 ÁµÄUS Esi ÀPÒ ,000 ÂØ øú (öµõup ÂØ øú ¹.20,000 Em h) C u BsiÀ ö\ mhx 3,00,000 PhÚõÎPÎhª x ö ØÓ öµõup 2,00,000 ÁµÄUS Esi ÀPÒ ,000 EÒv [PÒ 15,000 PhÚõÎPÐUS AÝ vzu PÈÄ 10,000 ÁµõUPhß GÊu mhx 3,000 ÁµÄUS Esi ÀPÒ PhÜ uõ US Ó[SÔ mhx 10,000 vºä Ah u Esi ÀPÐUS öµõup ö ØÓx 15,000 From the following particulars, prepare bills receivable account and total debtors Account for the year ended Rs. Total debtors on ,000 Bills receivable on ,000 Sales (including cash sales Rs.20,000 made) during the year 3,00,000 Cash received from debtors 2,00,000 Bills receivable on ,000 Returns inwards 15,000 Discount allowed to debtors 10,000 Bad debts written off 3,000 Bills receivable endorsed to creditors 10,000 Cash received on bills matured 15,000 Page 26

60101/BPZ1A/BPW1A/ BPF1A/MAM1A/SBAMK/ BPC1A/BPG1A/BPM1A

60101/BPZ1A/BPW1A/ BPF1A/MAM1A/SBAMK/ BPC1A/BPG1A/BPM1A NOVEMBER 2015 Time : Three hours Maximum : 75 marks SECTION A (10 2 = 20 marks) Answer any TEN questions. 1. What is Petty cash book? ]À»øμ öμõup Hk GßÓõÀ GßÚ? 2. Give a short note on Dual aspect concept.