smu mba 2021 exam solved Assignment support available. plz visit website : bba203 smu bba winter 2015 (april/may 2016 exam) IInd sem assignment

Wednesday, 2 March 2016

bba203 smu bba winter 2015 (april/may 2016 exam) IInd sem assignment

Get fully solved assignment. Buy online from website

www.smuassignment.in

online store

plz drop a mail with your sub code

computeroperator4@gmail.com

we will revert you within 2-3 hour or immediate

Charges rs 125/subject and rs 625/semester only.

if urgent then call us on 08791490301, 08273413412

BBA 203

Winter 2015

1. X, Y & Z were partners sharing profits and losses as 3:2:1. Their Balance Sheet as on 31.03.2015 were as under :

Liabilities	Rs.	Assets	Rs.
Capital: A 1,00,000 B 70,000 C 40,000	1,80,000	Freehold Premises Building Machinery	1,00,000 60,000 90,000
Reserves	90,000	Investments	20,000
Cash credit	30,000	Inventories	30,000
Creditors	20,000	Receivables	30,000
Bills Payable	20,000	Cash	10,000
	3,40,000		3,40,000

C expired on 1st April 2015. So, the assets are revalued and liabilities re-assessed as follows :

i) Create a provision for doubtful debt Rs. 1,000.

ii) Building is to be depreciated by 5 %.

iii) Machinery is to be depreciated by 10 %.

iv) Goodwill of the firm is to be valued at Rs. 30,000.

The balance due to C will be transferred to his executor’s loan account which will carry an interest of 10 % p.a. Prepare Revaluation Account, Capital Accounts and the Balance Sheet of new firm after adjustments.

Answer: Revaluation Account

Particulars	Amount	Particulars	Amount
To provision for doubtful debt	1000
To Machinery	9000

2. The Cash Book of Exception Ltd. furnishes the following balances on 25th October 2015. Cash in hand 4,200; Cash at Bank 7,650; Discount Allowed total 420 and Discount Received total Rs. 950.

The following transactions occurred during last week of October 2015 :

April 26 : General expenses Rs. 920 paid in cash

26 : Cash Sales Rs. 9,200

27 : A cheque Rs. 3,040 received from a debtor, K. Ball in full settlement of Rs. 3,200.

27 : A cheque sent to supplier, Baker Ltd. in settlement of dues Rs. 14,000 less 5 % Discount.

28 : Bank notified that a cheque Rs. 2,210 received from Mc Dermot returned dishonoured.

30 : An old delivery van was sold for Rs. 71,000 and a cheque received.

30 : A cheque sent to a supplier, Ford Ltd. in immediate payment of an invoice, list price Rs. 8,000, less 25 % Trade discount and 5 % Cash discount.

Prepare a Triple Column Cash Book in the books of Exception Ltd.

Based on above Prepare a Triple Column Cash Book in the books of Exception Ltd.

Answer: Triple Column Cash Book in the books of Exception Ltd

PARTI

CULARS

RS.

CASH

BANK

PARTI

CULARS

RS.

CASH

BANK

3. What do you understand by goodwill? Explain the accounting treatment of goodwill at the time of admission. Give journal entry for the below problem:

T and S are partners in a firm sharing profit in the ratio 5:3. They admitted G as a new partner for 1/4th share in the profit.

G brings Rs.45,000 for her share of goodwill and Rs.1,20,000 for capital. They have withdrawn the goodwill from the firm. Make journal entries in the books of the firm after the admission of G.

The new profit sharing ratio will be 2:1:1.

Meaning of goodwill with the formula

Accounting treatment of goodwill at the time of admission

Journal entry in the books of T,S and G (Unit 10)

Answer: Goodwill generally means the reputation of the firm. When a business is doing its operations over a number

4. Accounting refers to a systematic knowledge of accounting. It explains ‘why to do’ and ‘how to do’ of various aspects of accounting. Explain the objectives of accounting and explain the categories of users.

Explanation of accounting objectives

Explanation of categories of users (Unit 1)

Answer: Accounting objectives

Ø Systematic recording of all business events or transactions and subsequent posting to ledger, to finally prepare financial statements - profit and loss account and balance sheet.

Ø Reporting the results to management, shareholders, creditors, bankers, investors, stock brokers, stock exchanges, employees, government etc.

Ø Satisfying the statutory

5. Prepare Trading, Profit and Loss Account and Balance Sheet from the following particulars as on 31st March 2015.

Trial Balance

Particulars	Dr. (Rs)	Cr. (Rs)
Capital / Drawings	1400	10000
Cash in hand	1500	-
Bank overdraft @ 5%	-	2000
Purchase and Sales	12000	15000
Returns	1000	2000
Establishments charges	2500	-
Taxes and Insurance	500	-
Provision for Doubtful Debts	-	1000
Bad Debts	500	-
Sundry Debtors and Creditors	5000	1850
Commission	-	500
Investments	4000	-
Stock on 1 April 2010	3000	-
Furniture	600	-
Bills Receivable & Bills payable	3000	2500
Collected Sales Tax	-	150
Total	35000	35000

Further, you are required to take into consideration the following information:

a) Salary Rs.100 and taxes Rs.400 are outstanding but insurance Rs.50 prepaid

b) Commission amounting to Rs.100 has been received in advance for work to be done next year.

c) Interest accrued on investments Rs.210

d) Provision for doubtful Debts is to be maintained at 20%

e) Depreciation on furniture is to be charged at 10% p.a.

f) Stock on 31st March 2015 was valued at Rs.4,500

g) A fire occurred on 25th March 2015 in the godown and stock of the value of Rs.1,000 was destroyed. It was fully insured and the insurance company admitted the claim in full.

[Calculation of Trading and P/L a/c-5

Preparation of balance sheet-5]

Answer: Trading and Profit and loss Account for the period ended 31st March 2015

Particulars	Rs	Rs	Particulars	Rs	Rs
To Opening Stock		3000	By Sales	15000
To Purchase	12000		Less: Sales Returns	1000	14000

6 From the ledger balances as on 31st March 2015 show treatments in Profit and Loss Account and in Balance Sheet.

Debtors: 50,000; Bad Debts: 3,000; Discount Allowed : 2,000;

Creditors: 30,000; Provision for Discount on Creditors : 400; Discount Received 300.

Adjustments:

i) Create a provision for Bad Debts @ 10 % on Debtors

ii) Create a provision for Discount on Debtors @ 5 %

iii) Additional discount given to Debtors Rs. 1,000

iv) Create a provision for discount on Creditors @ 2 %.

From the ledger balances and adjustments as above, show treatments in :

Profit and Loss Account and Balance Sheet.

Answer: Profit and loss account for the year ended 31st March, 2015

Particulars

Amount (Rs)