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Financial Accountancy
Note: - Attempt any 5 questions.
Q.1 a) How will you deal with normal loss of stocks, abnormal loss of stocks, goods returned by branch customers directly to head office and cash remitted by branch customers directly to H.O. under debtors system?
b) A trader has a branch at calcutia to which goods are involved at cost plus 20 %
prepare a branch account in H.O. books from the following:
Rs.
Opening stock at Branch 24,000
Cash scale at Branch 17,000
Credit sales 41,000
Collection from debtors 37,900
Goods received from H.O. 30,000
Branch Expenses 3,000
Paid by Branch 6,000
Expenses unpaid 10,000
Closing stock at Branch 18,000
Closing balance of debtors 9,160
Goods in transit from H.O. 3,600
Q.2 Transporters Ltd. purchased from Madras Motors 3 trucks costing Rs. 5,00,000 each on the hire-purchase system. Payment was to be made Rs. 3,00,000 down and the remainder in 3 equal instalments together with interest @ 18 per cent per annum. transporters Ltd. write off depreciation 20 % on the diminishing the next Madras Motors agreed to leave on truck with the purchaser, adjusting the value of the other 2 trucks against the amount due. The trucks were valued on the basis of 30% depreciation annually. Prepare the necessary ledger accounts in the books of transporters Ltd. for 2 years. Also draw up accounts in the books of hire vendor assuming the trucks were reconditioned at an expense of Rs. 75,000 and that they were sold for Rs. 6,00,0-00 each in the third year.
Q.3 What is meant by dissolution of partnership firm? How are account settled between partners after the dissolution of firm?
Q.4 The summarized Balance sheet of convertible Ltd., as on 30th June 1995, stood as follows:
Liabilities
|
Rs.
|
Assets
|
Rs.
|
Share Capital:
5,00,000 equity shares of Rs. 10 each fully paid.
General Reserve debenture redemption fund
13.5 % convertible Deb 1,00,000 Debentures of Rs. 100 each
Other loans current liabilities and provisions.
|
50,00,000
75,00,000
50,00,000
1,00,00,000
50,00,000
1,25,00,000
4,50,00,000
|
Fixed Assets (at cost less depreciation)
Debenture Redemption fund Investments
Cash and Bank balance other current assets
|
1,60,00,000
40,00,000
50,00,000
2,00,00,000
4,50,00,000
|
The debentures are due for redemption on 1st July, 1995. The terms of issue of debentures provided they were redeemable at a premium of 5% and also conferred option to the debenture holders to convert 20% of their holding into equity shares at a predetermined price of Rs. 15.75 per share and the payment in cash.
Assuming That:
i) Except for 100 debenture holders holding totally 25,000 debentures, the rest of them exercised the option for maximum conversion.
ii) The investments redise Rs.44 lakhs on sole and
iii) All the transactions are put through, with ant any log, on 1st July, 1995.
Redraft the balance sheet of the company as on 1st July, 1995 after giving effect to the redemption. Show your calculations in respect of the number of equity share to be allotted and the cash payment necessary.
Q.5 Data Ram maintains his records on single entry system. While records of business takings and payments have been kept, these have not be reconciled with cash in hand from time to time cash has been paid into a bank account and cheques thereon have been drawn both for business use and private purposes. From the following information, prepare the final accounts for the year 1998:
1st January 3rd December
1998 1998
Stock 2,00,000 59,700
Bank balance 8,000 15,000
Cash in hand 300 69,900
Debtors 14,000 400
Creditors 27,300 20,000
Investments 50,000 50,000
Other Transaction are as follows:
Cash paid in bank 1,50,000
Private dividends paid into bank 59,000
Private payments out of Bank 26,000
Business payments out of Bank 1,22,000
Cash toppings 2,50,000
Payment of goods by cash and cheque 1,60,000
Wages 97,700
Delivery Expenses 7.000
Rent and Rates 2,000
Lighting 1,000
General Expenses 4,600
During the year, cash amounting to Rs. 20,000 was stolen from the till, Goods worth Rs. 24000 were withdrawn for private use. No record has been kept of amounts taken from cash for personal use and a difference in cash amounting to Rs. 7,300 is treated as private expenses.
Q.6 What do you understand by fund flow statements? How are they prepared? What are
their uses?
Q.7 What is internal control? Is it different from internal check and internal audit?
Explain with examples?
Q.8 What is vouching? launching is the essence of auditing. Comment.
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