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DRIVE SPRING 2016
PROGRAM BBA
SEMESTER II
SUBJECT CODE &
NAME
BBA 203
FINANCIAL ACCOUNTING
1. P, Q & R are partners
sharing profits and losses as 3 : 2 : 1. Their Balance Sheet as on
31.12.2015 is as under:
|
Liabilities
|
Rs.
|
Assets
|
Rs.
|
|
Capital:
P 50,000
Q 30,000
R 20,000
|
1,00,000
|
Freehold Premises
Building
Machinery
|
50,000
40,000
40,000
|
|
Reserves
|
50,000
|
Investments
|
10,000
|
|
Overdraft
|
20,000
|
Inventories
|
20,000
|
|
Creditors
|
20,000
|
Receivables
|
30,000
|
|
Bills Payable
|
10,000
|
Cash
|
10,000
|
|
|
2,00,000
|
|
2,00,000
|
R expired on 1st January 2016.
So, the assets are revalued and liabilities re-assessed as follows :
i) Create a provision for
doubtful debt Rs. 500.
ii) Building and investment are
to be appreciated by 10 %.
iii) Machinery is to be
depreciated by 5 %.
iv) Goodwill of the firm is to be
valued at Rs. 20,000.
The balance due to R will be
transferred to her 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
|
500
|
By Building
|
4000
|
|
To Machinery
|
2000
|
By Investment
|
1000
|
2. Classify the accounts under
Modern Approach Method.
Differentiate between Trade
discount and Cash discount.
Answer:
3. Explain the Depreciation
Accounting procedure and concept taking AS-6 into consideration.
Answer: Accounting Standard-6 deals with
depreciation accounting and applied to all depreciable assets. As per Paragraph
3.1 of the Standard, Depreciation is defined as “a measure of the wearing out,
consumption or other loss of value of a depreciable asset arising from use,
effusion of time or obsolescence though technology and market changes”. It is
allocated so as to charge a fair proportion of the depreciable amount in each
accounting period during the expected
4. Explain Bill of exchange and
the procedure for recording bills in the books of drawer and accepter when the
bill is : Accepted and discharged.
i) Explain bill of exchange
ii) Journal entries in the books of drawer
iii) Journal entries in the books of acceptor
Answer: A bill of exchange is documentary evidence
in writing containing an unconditional order signed by the maker, directing a
certain person to pay a certain sum of money only to, or
5. Write notes on:
i) Issue of shares at Premium and
Discount
ii) Buy back of shares and
Treasury Stock
If a company issues its shares at a price
more than its face value, the shares are said to have been issued at Premium.
The difference between the issue price and face value or nominal value is
called ‘Premium’. The money received as premium is transferred to Securities
Premium A/c. A company issues its shares at premium only when its financial
position is very sound. It is a capital gain to the company. The Premium money
may be demanded by the company with
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)
|
Particulars
|
Amount (Rs)
|
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