MJPRUonline.com MJPRUonline.com Paper Code : 21211 Flt BB. A. (Second Semester) EXAMINATION, 2018 (New Course) Paper No. BBA —N-204 PRINCIPLES OF ACCOUNTING Time Three Hours} [ Maximum Mobs: 70 Note : Atempt five questions inal, selecting df Question fiom each Unit. All questions carry e@ual marks. Unit 1, What do you mean by GAAP? Explain its main characteristics. oF 2. What do you teen by Basic Assumptions ? Name them andjepfain'ihem briefly 4 Unit 3. 14 Biedes of Kanpur purchased 100 metres of cloth @ ¥60 per metre and sent it to Shubham Sarees of Jaipur to be sold on Joint venture. J.J. Sarees spent % 2,000 on packing, etc. and Shubbam Sarees spent 5,000 as fright and clearing charges. (8-23) P.7.0. MJPRUonline.com ys 9.500 withthe Bank otha Sees sold 900 mses of and spent € 2,520 in this 75 Sarees at c03 @ 5% on ales @ 290 pe pect. Remaining 1. Shubham Te kn ve 61) se rene commision pene anand sen ses et ee cormedee neuen eg eB S26 (a) Join Ventre Ale Sarees for the ()-Shabham’s Ale S\ “Or Waites Res on the Following (im Dilence between consignment and sale () "Non srading institutions Voit ‘A Head Office in Mumtai has Branch in Almnedabad to which goods ar invoiced by the Head Office at cost price plus 25%. AI the cash received by the branch is daly remived tothe Head Office. All expenses are paid fiom Mumbai. From the fllowing particulars show (e29)°MJPRUonline.com 1 aan how the Branch Accounts wi Office Books at avoee price appear in the Head Ti ven ae 1.200 Sioon a 2 vee PES) Dabs st iy 203 Goods inci For Mus cash sales Cash Resed fom Deo Goods aura #-0 Wages and Sr Ren Rete sandy Epes Stok on st Das 2 at tnvoie ie) <9 sea sa yo . OR? caine oF bats Pt Le count . (8) Give specimen of Revenue account of Insurance Company Unit 7. What isthe meaning of Instalment Payment System ? |What isthe diffrence between Hire-purchase system ‘and instalment Payment System ? (92.1.0. MJPRUonline.com MJPRUonline.com (om 8. Vikas Mining Co. rok a mine om lease ata royalty © 1 per tonne. The minimus nt was fined € 8,000 ‘frst year € 12,000 forthe second year and € 16000 er year hereafter. Shorworkings of any year O04 BE recouped out ofthe royalty of next wo year ont: THE Production during the ft five years Was *% ver roan | is i 2 29.000 3 Rare 4 ‘4 18,000 24000 essary accounts in the books of Vikas = Unit—v 9. (a) Why are the assets and liabilities of a firm revalied onthe Admission ofa New Partner ? (©) Write the various causes of retirement of partner fiom the firm,MJPRUonline.com 11 aot oO 10. Band asin pincer staring profs and ss ‘eualy, On 31st Marc, 2013 thir Balance Sheet was asflows: z alos v3 ls tom 2.0 BitsPaybe | 5 sense Fund | 3,00 vsconent Ate | 150 ysconensgve | 1500 pith «mm |S B ing r 0.00 ¥ 62,000) SUN dee ey sisd ee parmesip. the following smangements were made among the pastes (i) A agrees to pay cress (i) B takes over the stock at am agreed vakation of 25,00, Gi) Cakes over Goodwill a 15000. erye.t.o. MJPRUonline.com MJPRUonline.com 21214 6d ing allowed , ible vere cleared off Jo being (iv) Bills payable for discount. tioned and realise were mounted to (9) The remaining assets (9) The remaining a5 Jf realisation 15,000. Expenses e120. (vi). B's Loan was also paid off Show the Realisation Account, B's Los ‘Ale, Current Ade and the Partners” Cé ee MJPRUonline.com