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    May, 2007

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    M JEEVARATHNAM NAIDU
    This document contains a commerce paper with 7 sections and various accounting problems and questions: 1) Section I asks to answer 2 out of 3 questions about sole proprietorships, private vs public companies, and rural banks. 2) Section II asks to answer 4 out of 6 short questions about business, joint hindu families, public enterprises, mechanization, preference shares, and debentures. 3) Section III asks 5 short fill-in-the-blank questions. 4) Sections IV-VII contain various accounting problems involving ledger accounts, cash books, trial balances, trading and profit/loss statements, and adjustments.

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    May, 2007

    Uploaded by

    M JEEVARATHNAM NAIDU
    35 views6 pages
    This document contains a commerce paper with 7 sections and various accounting problems and questions: 1) Section I asks to answer 2 out of 3 questions about sole proprietorships, private vs public companies, and rural banks. 2) Section II asks to answer 4 out of 6 short questions about business, joint hindu families, public enterprises, mechanization, preference shares, and debentures. 3) Section III asks 5 short fill-in-the-blank questions. 4) Sections IV-VII contain various accounting problems involving ledger accounts, cash books, trial balances, trading and profit/loss statements, and adjustments.

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    This document contains a commerce paper with 7 sections and various accounting problems and questions: 1) Section I asks to answer 2 out of 3 questions about sole proprietorships, private vs public companies, and rural banks. 2) Section II asks to answer 4 out of 6 short questions about business, joint hindu families, public enterprises, mechanization, preference shares, and debentures. 3) Section III asks 5 short fill-in-the-blank questions. 4) Sections IV-VII contain various accounting problems involving ledger accounts, cash books, trial balances, trading and profit/loss statements, and adjustments.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    35 views6 pages

    May, 2007

    Uploaded by

    M JEEVARATHNAM NAIDU
    This document contains a commerce paper with 7 sections and various accounting problems and questions: 1) Section I asks to answer 2 out of 3 questions about sole proprietorships, private vs public companies, and rural banks. 2) Section II asks to answer 4 out of 6 short questions about business, joint hindu families, public enterprises, mechanization, preference shares, and debentures. 3) Section III asks 5 short fill-in-the-blank questions. 4) Sections IV-VII contain various accounting problems involving ledger accounts, cash books, trial balances, trading and profit/loss statements, and adjustments.

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    © All Rights Reserved
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    Download as doc, pdf, or txt
    of 6

    1

    QUESTION PAPER

    COMMERCE PAPER – I

    MAY– 2007
    Time: 3 Hours] [Max. Marks: 100

    PART – A
    (Marks: 50)

    I. Answer any two questions from the following not exceeding 40 lines each
    2 x 10 = 20
    (a) What is meant by Sole Trading Concern? State any five advantages and three limitations
    of it.
    (b) What are the differences between Private Company and Public Company?
    (c) Explain the problems currently faced by Rural Banks.

    II. Answer any Four of the following not exceeding 20 lines each.
    4 x 5 = 20
    (a) Define Business. State its features.
    (b) Explain any five features of Joint Hindu Family.
    (c) Explain the objectives of Public Enterprises.
    (d) State any five advantages of Mechanisation.
    (e) Explain the features of Preference Shares.
    (f) State any five types of Debentures.

    III. Answer any Five of the following not exceeding 5 lines each.
    5 x 2 = 10
    (a) Extractive Industry
    (b) Secret partner
    (c) Statement in lieu of Prospectus
    (d) Holding Company.
    (e) Any two features of Multi-National Corporations.
    (f) Book Index
    (g) Long Term Finance
    (h) Optional Tender Money.
    2

    PART – B
    (Marks – 50)
    IV. Answer any Two of the following :
    2 x 5 = 10
    (a) Distinguish between Book-Keeping and Accounting.
    (b) State the different types of Accounts and its principles.
    (c) Prepare Suman account with the following transactions :
    2006 Rs.
    Jan1 Amount due to Suman 4,500
    7 Bought goods for cash from Suman 2,000
    10 Bought goods from Suman 3,000
    20 Goods returned to Suman 300
    23 Cash paid to Suman 2,000
    25 Bought goods on credit from Suman 1,000
    28 Bought goods for cash from Suman 3,000
    30 Bought goods from Sumanth 2,000

    (d) Show the following in the subsidiary books concerned :


    2006 Rs.
    Mar 1 Purchases from Suresh 3,000
    8 Sales to Hari 5,000
    12 Purchases from Madhavi 3,500
    18 Sales to Madhuri 4,000
    21 Purchases from Kavya 2,000
    30 Sales to Sai 2,500

    V. Answer any one of the following :


    1 x 10 = 10
    (a) Prepare Three Columnar Cash book of Sai from the following :
    2006 Rs.
    Apr 1 Cash in hand 8,000
    Cash at bank 10,000
    2 Machinery purchased by cheque 2,000
    8 Cash sales 10,000
    10 Cash Sales to Vinay 5,000
    12 Sales to Raju 4,000
    18 Cash received from Raju 3,900
    Discount allowed 100
    20 Cash paid to Anand 3,800
    Discount received 200
    25 Cash withdrawn from Bank for office use 3,000

    OR
    Prepare Bank Reconciliation Statement as on 31-12-2005 from the following :
    Rs.
    3

    (i) Bank Balance as per Cash Book 18,000


    (ii) Cheques issued but not presented 3,500
    (iii) Cheques deposited in bank but not collected 2,000
    (iv) Insurance premium paid by the Bank as per the
    Customer’s standing instruction 250
    (v) A debtor directly paid to Bank 2,000
    (vi) Bank charges debited only in Pass Book 100

    VI. Answer any five of the following.


    5 x 2 = 10
    (a) Revenue expenditure
    (b) Any two advantages of Double Entry Book-Keeping System
    (c) Ledger
    (d) Contra entry
    (e) Bank Reconciliation Statement
    (f) Journalize the following :
    2006 Rs.
    Mar 1 Teja commenced business with a capital of 50,000
    5 Goods sold to Ramana 5,000
    15 Goods used for personal purpose 3,000
    20 Rent paid 2,000

    (g) Show the opening entry in the books of Sai on 1st April, 2006.
    Rs.
    Cash in hand 3,000
    Cash at Bank 10,000
    Bills Receivable 5,000
    Stock 4,000
    Machinery 10,000
    Debtors 20,000
    Creditors 15,000
    Bills payable 6,000

    (h) Prepare Trial Balance as on 31-12-2005 from the following.


    Rs.
    Capital 20,000
    Purchases 18,000
    Bills payable 3,000
    Sales 10,000
    Bills Receivable 9,000
    Sales returns 1,000
    Furniture 5,000

    VII. Answer the following :


    4

    Prepare Trading, Profit and Loss Account for the year ended on 31st March, 2006 and
    a Balance Sheet on that date from the following Trial Balance of Suresh :

    Trial Balance as on 31st March, 2006


    Rs. Rs.
    Purchases 50,000 Sales 1,00,000
    Sales returns 2,000 Purchase returns 1,000
    Rent and taxes 3,000 Creditors 5,000
    Debtors 30,000 Bills payable 10,000
    Salaries 20,000 Bank overdraft 9,000
    Carriage 1,000 Mortgage loan 4,500
    Wages 10,000 Capital 70,000
    Machinery 30,000
    Furniture 10,000
    Drawings 5,000
    Bad debts 4,000
    Insurance 2,000
    Fuel and Power 2,500
    Cash in hand 10,000
    Cash at Bank 20,000
    1,99,500 1,99,500

    Adjustments :
    (1) Closing Stock Rs.25,000
    (2) Provide reserve for doubtful debts at 5% on debtors.
    (3) Charge depreciation on Machinery at 10%.
    (4) Allow interest on capital at 5%.
    (5) Out standing wages 500/-, salaries 1000/-.
    5

    ***********
    (e) Prepare Suman account with the following transactions :
    2006 Rs.
    Jan1 Amount due to Suman 4,500
    7 Bought goods for cash from Suman 2,000
    10 Bought goods from Suman 3,000
    20 Goods returned to Suman 300
    23 Cash paid to Suman 2,000
    25 Bought goods on credit from Suman 1,000
    28 Bought goods for cash from Suman 3,000
    30 Bought goods from Sumanth 2,000
    (a) From the following particulars prepare Siddu’s account.

    2005 Rs.
    Jan 1 Balance due from Siddu 5,000
    3 Purchased from Siddu 3,000
    7 Goods returned to Siddu 500
    9 Cash received from Siddu 2,000
    11 Sold goods to Siddu 1,500
    15 Siddu’s account settled with 10% discount.
    (a) Prepare Kumar a/c in the books of Rama Rao.
    2003 Rs.
    Dec 1 Purchased goods from Kumar 40,000
    Dec 3 Sold goods to Kumar 20,000
    Dec 6 Goods returned to Kumar 500
    Dec 10 Cheque received from Kumar 1,500
    Dec 15 Purchased goods from Kumar 4,000
    Dec 20 Cash paid to Kumar 6,000
    Dec 31 Goods sold to Kumar 600
    Dec 31 Goods sold to Mahesh 5,000
    (a) Prepare Laxminarayana account from the following transactions.

    2005 Rs.
    July 1 Amount due from Laxminarayana 11,000
    5 Sales made to Laxminarayana 3,000
    11 Cash received from Laxminarayana 10,000
    6

    15 Cash sales to Laxminarayana 1,500


    25 Goods returned by Laxminarayana 200
    31 Laxminarayana’s account settled with Rs.100
    discount
    (b) Prepare Ramesh a/c from the following Transactions.

    2004 Rs.
    Jan 1 Balance due to Ramesh 4,500
    5 Purchased goods from Ramesh for cash 1,000
    10 Bought goods from Ramesh 2,000
    15 Goods returned to Ramesh 200
    20 Cash paid to Ramesh 2,000
    25 Cash purchases from Ramesh 2,000
    28 Credit purchases from Ramesh 1,000
    31 Settled Ramesh Account with a cheque.

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