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DRIVE
SUMMER
2016
PROGRAM
BBA
SEMESTER
II
SUBJECT
CODE & NAME
BBA
203
FINANCIAL
ACCOUNTING
1 X and Y share
profits in the ratio of 3 : 1. Their Balance Sheet as on 31.03.2016 was as
under:
|
Liabilities
|
Rs.
|
Assets
|
Rs.
|
|
Outstanding
expenditure
|
5,000
|
Cash
|
7,800
|
|
Creditors
|
36,000
|
Debtors 24,000
|
|
|
Capital
Accounts:
|
|
Less
Provision 800
|
23,200
|
|
X
|
68,000
|
Stock
|
5,000
|
|
Y
|
31,000
|
Fixed
Assets
|
80,000
|
|
|
|
Goodwill
|
8,000
|
|
|
|
P
& L A/c
|
16,000
|
|
|
1,40,000
|
|
1,40,000
|
Z is admitted
into partnership on the following terms:
i) Fixed assets
are to be depreciated by 20 %.
ii) Provision
for doubtful debts should remain at 5 % on debtors.
iii) The new
profit sharing ratio will be 5 : 3 : 2.
iv) Z will pay
Rs. 20,000 as capital and the capitals of old partners will be adjusted on the
basis of new partner’s capital and his share in the business, actual cash to be
brought in or withdrawn by old partners, as the case may be.
v) Goodwill of
the firm is valued at Rs. 20,000.
Prepare Capital
Accounts and Balance Sheet of the new firm.
Based on above, prepare :
a) Capital Accounts of X, Y and Z
b) Balance Sheet as on 1st April 2016
Answer: Capital Accounts of X, Y and Z
|
Particulars
|
X
|
Y
|
Z
|
Particulars
|
X
|
Y
|
Z
|
|
To P&L a/c
|
12000
|
4000
|
|
by bal b/d
|
68000
|
31000
|
|
|
To revaluation
|
12300
|
4100
|
|
By Y's a/c
|
1000
|
|
|
2 When Transit
Co. Ltd. received its Bank Statement showing a favourable balance of Rs. 7,392
for the period ended 30th April 2016, this did not agree with their balance in
Cash Book. An examination disclosed the following :
ii. Bank charges amounting to
Rs. 17 was not entered in Cash Book.
iii. A debit of Rs. 42
appeared in the Cash Book for a cheque returned as out of date by the bank was
later re-dated by the customer and deposited directly in the Bank on 2nd May
2016.
iv. A standing order for
payment of annual subscription of Rs. 10 was not entered in the Cash Book.
v. On 25th April, the managing
director had given the cashier a cheque for Rs. 100 to pay into his personal
account. The cashier deposited in the company’s account by mistake.
vi. On 27th April two
customers of Transit Co. Ltd. deposited directly to the company’s bank account
Rs. 498 and Rs. 157 for payment of goods received. No advice received from the
bank in this respect.
vii. On 30th January 2016, the
company had entered into a hire-purchase agreement to pay by banker’s order a
sum of Rs. 26 on the 10th day of each month, commencing February 2016. No
entries had been made in the Cash Book.
viii. Rs. 364 paid into the
bank had been entered twice in the Cash Book.
ix. Cheques issued amounting
to Rs. 4,672 had not been presented to the Bank for payment until after 30th
April 2016.
x. A customer of the company
who received Cash discount @ 2.5 % on his account of Rs. 200 paid the company a
cheque on 10th April. The cashier erroneously entered the gross amount in the
bank column of the Cash Book.
Prepare a Bank
Reconciliation Statement as on 30. 04. 2016.
From the above discrepancies prepare a
Bank Reconciliation Statement as on 30th April 2016.
Answer: Cash
book
|
Date
|
particulars
|
Amount
|
Date
|
particulars
|
Amount
|
|
2016
Apr 30
|
To balance b/d
|
7392
|
2016
Apr 30
|
by bank charges
|
17
|
|
|
To debtors a/c
(498+157)
|
655
|
|
by subscription
|
10
|
3 Explain the
Accounting Standard : AS- 3 : Cash Flow Statement (revised).
Accounting Standards : AS- 3 : Cash Flow
Statement (revised)
Answer: AS –
3 Cash flow statements (Revised)
Cash
flow statement is additional information to user of financial statement. This
statement exhibits the flow of incoming and outgoing cash. This statement
assesses the ability of the enterprise to generate cash and to utilize the
cash. This statement is one of the tools for assessing the
4 Pawan Ltd. was
registered with an authorized capital of Rs. 5,00,000 divided into shares of Rs.
10 each.
It purchased a
building from Y for Rs. 2,00,000 and issued fully paid shares to Y for purchase
consideration. It invited applications for the balance 30,000 shares payable as
under: Rs. 3 per share each on application and allotment and Rs. 2 each per
share on 1st and final call.
Ashok who had
been allotted 500 shares failed to pay both the calls. His shares were forfeited
and re-issued at Rs. 9 per share to Hari as fully paid up.
Make necessary
entries in the Journal.
Show journal entries for shares issue,
forfeiture and reissue from the above particulars.
Answer: Journal
entries in the books of Pawan Ltd.
|
Date
|
Particulars
|
L.F.
|
Debit
Amount
Rs
|
Credit
Amount
Rs
|
5 The total of
debit side of the Trial Balance of large boot and shoe repairing company as on
as on 30th April 2016 is Rs. 1,66,590 (Debit) and Rs. 42,470 (Credit).
After several
checking and re-checking the following mistakes are discovered:
|
Name
of Accounts
|
Correct
figure as it should be
|
Figure
as it appeared in the Trial balance
|
|
Opening
Stock
|
14,900
|
14,800
|
|
Repairs
|
61,780
|
61,780
But
appear on the debit side
|
|
Rent
and Rates
|
2,160
|
2,400
|
|
Sundry
Creditors
|
6,070
|
5,900
|
|
Sundry
Debtors
|
8,060
|
8,310
|
Ascertain the
correct total of the Trial Balance.
From the above:
Ascertain the correct total of the Trial
Balance.
Answer: Calculation of correct total
of the Trial Balance
|
Particulars
|
Debit
|
Credit
|
|
Total as per Trial Balance
|
1,66,590
|
42,470
|
6 A company
purchased machinery for Rs. 20,000 on 1st January 2013 and followed the
diminishing balance method of depreciating the value @ 15 %. At the end of
2014, it was decided to follow the fixed instalment system of depreciating the
machine at Rs. 3,000 per year from the very beginning and the necessary amount
of unabsorbed depreciation of 2013 to 2015 to be adjusted in 2016. Show the
Machinery Account for the period 2013 to 2016.
From the above particulars provided show
the Machinery Account for the period 2013 to 2016
Answer: Machinery Account for the period 2013 to 2016
|
Date
|
Particulars
|
Amount
|
Date
|
Particulars
|
Amount
|
|
2013
|
|
|
2013
|
|
|
Get fully solved assignment. Buy online from website
online store
or
plz drop a mail with your sub code
we will revert you within 2-3 hour or immediate
Charges rs 125/subject
if urgent then call us on 08791490301, 08273413412
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