Sei sulla pagina 1di 6

HI-AIMS COLLEGE OF COMMERCE AND MANAGEMENT

SARGODHA
SENDUP EXAM 2014, B.Com Part-II


Paper: Advanced Accounting Total Marks: 100
Paper Code:BC 401 Time Allowed: 3hr

Note: Attempt any five questions All questions carry equal marks.
Question No.1: A company has outstanding 6% debentures of Rs.2,00,000 on 1
st
January 2013. The company
pays interest on 30
th
June and 31
st
December. It purchases debentures of Rs.20,000 for cancellation on 1
st
May,
2013 at Rs.101 cum-interest. It further purchases for redemption debenture of Rs.40,000 on 1
st
September, 2013
at Rs.98 ex- interest.
Requirement: You are required to pass the necessary journal entries in the books of the company for year
2013.

Question No.2: On 1
st
January 2001 Azam trading acquired a machine on hire purchase. The terms on the
contract were as follow:
i. The cash price of the machine was Rs 10,000.
ii. Rs 1,000 were paid on the signing of the contract.
iii. The balance was to be paid in annual installments of Rs 3,000 plus interest.
iv. Interest chargeable on the outstanding balance was 5% per annum
v. Deprecation at 10 % per annum is to written off on the diminishing balance method.

Required: (a) Prepare the machinery & hire vendor account from 1
st
January 2001 to 31
st
December 2002
(b) Show the balance account in the Balance sheet of the purchaser as at December 31
st
December 2002.

Question.No.3: The following data is related to ABC Company for the year 31
st
Dec. 2011.
Adjustments:-
i. The stock on 31
st
December 2011 was at Rs. 1,50,214
ii. Provide Rs. 20,000 for deprecation on fixed assets, Rs. 6,500 for Manager Commission and Rs. 1,500 for
companys contribution towards staff provident fund
iii. Interest accrued on investment amount to Rs. 5,348.
iv. A provision of Rs 30,848 is necessary for taxation.
v. Directors propose a final dividend of Rs. 45,000.
vi. Credit sales of Rs. 1,600 were left unrecorded.
Required:-
Prepare Trading and Profit and Loss Account and Balance Sheet.
Debit Balance Rs Credit Balance Rs
Building 175,000 Issued, subscribed & paid up capital
Purchases 500,903 (60,000 equity shares of Rs. 10 each) 600,000
Manufacturing expenses 202,800 General reserve 250,000
Establishment expense 36,814 Unclaimed dividend 6,526
General charges 31,078 Trade creditors 36,974
Machinery 200,000 Sales 983,947
Motor vehicles 95,000 Depreciation reserve 71,000
Furniture 15,000 Interest on investments 8,544
Opening stock 172,058 Profit & Loss A/c 1
st
January 2011 16,848
Debtors 148,380 Staff provident fund 37,500
Investments 288,950
Cash 72,356
Directors Fees 18,000
Interim dividend 45,000
Repairs & Renewals 10,000
20,11,339 20,11,339
Roll no________
Question.No.4: Following are the extracts from the financial statements of paradise paper ltd at year ended on
31
st
December 2009

The company had issued 10,000 equity shares on 31
st
December 2009 . Market value per share on 31
st

December 2009 was RS. 25.
Calculate:
i. Current ratio ii. Liquid ratio iii. Debt equity ratio
iv. Earnings per share v. Interest coverage ratio vi. Price earning ratio

Question.No.5: A contractor makes up his accounts to December 31 in each year, contract no.534 commenced
on April 1, 2007. The cost records yield the following information on December 31, 2007.
Material Charged out to site 2,150
Labour 5,150
Foremen 631
A machine costing Rs.1,500 has been on site 73 days, Its working life is estimated at five years, its final scrap
value of Rs.100.A supervisor, who is paid Rs. 1,200 per annum, has spent approximately one half of his time on
this contract. All other expenses and administration expenses amounted to Rs.1,261. Materials in store at site at
year end cost Rs. 255.The contract price is Rs.20,000. On 31
st
December 2007 2/3 of the contract was
completed. Architects certificate has been issued covering Rs. 10,000 and Rs. 7500 has so far been paid on
account.
Required: Prepare a contract account and state how much profit or loss should be included in respect of
Contract No. 534 in the financial accounts to 31
st
December, 2001.

Question.No.6: A of Lahore consigned 500 radio sets costing Rs. 1000 each to B of Sialkot on 1
st
March 2004.
The expenses on consignment were freight Rs. 5,000 insurance Rs 2,500, carriage Rs 500.B received the
delivery of 470 radio sets. An account sale dated 30
th
June , 2004 showed that 395 sets were sold for Rs.
7,50,000 and B incurred Rs.2350 for carriage , Rs 6,705 for godown rent. B was entitled to a commission at the
rate of 6 % on sales. A lodged a claim with the insurance company which was admitted at Rs. 22500.
Required: Show the necessary accounts in the books of A.

Question.No.7: What are departmental accounts? Explain the basic of allocation of various expenses over
various departments.

Question No 8: Discuss the factors, which should be considered while making the decisions regarding right
issue of share.


B BE ES ST T O OF F L LU UC CK K
Particulars Rs. Particulars Rs.
Gross Sales 7,50,000 Cash 11,000
Sales Return 10,000 Marketable securities 7,000
Net profit before tax 1,90,000 Accounts receivable 47,000
Interest expense 24,000 Inventory 50,000
Income tax rate 40% Net fixed assets 1,50,000
Current liabilities 55,000 Share capital 1,00,000
Long term liabilities 80,000 Profit and Loss 30,000

















































































A contractor makes up his accounts to December,31 in each year, contract no,534 commenced on April 1, 2001.
The cost records yield the following information on December 31, 2001. The cost of records yield the
following information on December 31, 2001.

Meterial Charged out to site 2,150
Labour 5,150
Foremen 631
A machine costing Rs.1,500 has been on site 73 days, Its working life is estimated at five years, its final
scrap value of Rs.100
A supervisor, who is paid Rs. 1,200 per annum, has spent approximately one half of his time on this
contract.
All over expenses and administration expenses amounted to Rs.1,261 Materials in store at site at year
year end cost Rs,248.
The contract price is Rs.20,000 On 31
st
December 2001 2/3 of the contract was so far been paid on
account.
Prepare a contract account and state how much profit or loss should be included in respect of
Contract No. 534 in the financial accounts to 31
st
December, 2001.


















































Question No.6
A Head office in Kohat has a Branch in Lala Musa to which goods are invoiced by the Head Office at Cost
Price Plus 25%. From the following particulars show how the Branch account will appear in the Head Office
Books (entries are to be made at invoice price.)
Particulars
Stock on 1
st
July 2001 (Invoice Price)
Debtors on 1
st
July 2001
Good invoice from Kohat
Remittance to Kohat
Cash Sales
Cash received from Debtors
Goods returned to Head Office
Cheques received from Kohat:
Wages and salaries
Rent, rates etc.
Sundry expenses
Stock on 31
st
December 2001 (invoice price)
Debtors on 31
st
December 2001
Rs.




16,000
29,500


11,000
3,000
510
Rs.
12,500
12,000
40,000


45,500
2400



14,510
15,000
22,500







BEST OF LUCK

Potrebbero piacerti anche