AFA Model Question Paper

Diamond College of Management and Science
(Run by Sadvidya Foundation)

II Internal assessment test
Subject: ADVANCED FINANCIAL ACCOUNTING

II Sem B.com
(As per NEP)
Marks: 40
Section A
1.Answer any Three Questions. Each question 2 marks(2 X 3= 6)
a What is Del-credere Commission?
b. Give two examples for non-recurring expenses
C What is Minimum Rent?
d. What is meant by Purchase Consideration
Section B
2.Answer any Three questions. Each question carries 4 marks. (3 X 4 =
12)
1.Mr. Raju consigned 50,000 units costing Rs. 5 each to Mr. Umesh. Mr.
Raju incurred Rs. 10,000 for sending goods. 2,500 units were abnormally
destroyed in transit Mr. Umesh took delivery and paid Rs.1,500 for
bringing goods to the godown. Consignee sold 30,000 units at Rs. 10 each
Consignee paid selling expenses of Rs 10,000. Calculate the value of
closing stock
2.Prepare an analytical table of royalties from the follow
a. Minimum rent - Rs. 10,000 p.a
b. Royalty - Rs. 1.00 pw ton of ore raised
c. Short workings are recoverable during the first 3 years of the
lease only
d. The output for the fimt4 years was
2016-17 : 2,000 tons
2017-18 : 5,000 tons
2018-19 : 15,000 tons
2019-20 : 20,000 tons
3. A company takes over the following assets and
liabilities partnership firm:
Land and Buildings - Rs. 45,000
Plant and machinery - Rs. ?
0,000 Stock Rs. 20,000
D&tors - Rs. 23,000
Bills receivable - Rs. 1fi,000
Current liabilities - Rs. 28,800
The value of goodwill is fixed at Rs. 28,800
Calculate purchase consideration which is payable in
10,000 equity shares of Rs. 10 each and ie balance in
cash
4lPass incorporation enFies in iebooks of ie company from
following particulars:
Purchase consideration - Rs. 2,50,000; Value of mndiy assets
t:iken over - Rs. 3,00,000; Current liabilities t$ken over - Rs.
30,000; Settlement of purchase consideration - 60% in equi9
shares of Rs. 10 each at face value and ie balance in 6%
of Rs. 100 each at face value.
Sectlon C
ñnswer tien QUesliOM. Eacli Qilest iott cHvies 10 marks
(10 X 3 = 30)
7.
goods to cino Rs. 150 eatli Sttlii ñ co., Kolkata Oir the serie
dais the consignor paid Rs. ñ .500 for frcight and carriaqe, Rs.
1.000 as loading cltarges and Rs. 1,200 for insurancc On July 1,
2021 the consignen paid Rs. 1,800 for clearina charles, Rs. 1,750
for iswthousine and storaee cliargm. and Rr. 900 for parking and
selling expensas. He also rmiitled a bank draft for 15,000 as an
advance against the consignmmt; On Jub- 5, 2021 the- sold 2 S
cass at 200 cach. 1Sctlii co., are mtitlcd to 3^á cornrriission on
the gross proceeds of sales. lt found that 50 casts luo'e be lost in
transit. Setlii fi co., submitted an account sale on 10. 2021.
Preparctl e neatest' ltdntr accounts in the books of the
8. X andY un&take jointly to construct a buildng for a newly
4artedjoinf 1,00,000
payable as to Rs 80,000 @ in4alment in cash and Rs. 20,000 in
fully péd shares of the company. A loint bank account was opened
@X p@ng Rs. 25,000 andY Rs 15,000. They are to share profit
Hiér transactions were as follows

Paid wages Rs. 30,000, bought materids Rs 70,000
Materids supplied @X Rs. 5,000 and Y Rs. 4,000
Architect’s fees p&dQ X Rs. 2,000
2he was comptetedand the @ce (CaAt and Sharæ) duly
receiveA The Joint vmmre was closedQ X takingup dl the
diaræ of le at an agreed valuaäon ofRa 16,000 and Y
taking the 4œk of materials af an agreed valuaäon of Rs. 3,000.
œepne letQer aœounts whæ a separate set of booksis
m&nténed
9. Mr. Ram Rao took amine on leaœ on 1.4.2012. Royaltyispaid
half yeaily atI0 paise per torr Minimum rent is Ra 6,000 p.a
Eacli year's &ortwo@ng cæi be recoupedinthefiA tlirœ years
ofthe leaœ Folloœing are the yi£dx
2016 - 17 30G September 4,000
2016 - 17 upto 312 march 7,000
2017 - 18 upto 30Ui september 6,200
2017 - 18 upto 31st March 5,000
2018 - 19 upto 30lh September 8,000
2oi g - i9 uplo 31st March 5,000
Prepare ledger accounts

10. Mr. Gupta wrote a bæk œdgot it Jxihidledwil Nat
puhidiers ce the following termz
æ Royaläm would be l5•A of the sale Jroceeds of eacfi year
b. Minimum paymœt ofRa 10,000 p.a
a Œptato reeiœ le boö: when reqiested Qthe puhi&as
andmtxnit therevised eAtion within 6 months A the
retpieA. If Gupa ‹lelays beyond6 montbs, hehas to pay
National jxiîäidiœ at M 500 per month for the period of
delay, furtha intheyeæ of &1ay, minimum paymæt was
not
Thenumber of co@es s‹2dand sde @œ Aædi œj;y

wue
8
A ihe end of 2016-17, Mr.

ie book. 7he revised manuscrip reached ie publisher on
1d October 2017 - 18. Give Jounial entries in Ge books of
Na!iond publishers.
11. Aaand andBidiao, œoyîng on tx/siness in partß<rdúp, ØÓded
to dssolve Øe óæ æd sBl oBtbe t>iünœs to C empany lt& Œ
3l/3f2019 whœ lhe fim¥ poaäon is as undœ:
20008
2015 -16
2016-17
4000
2017-1g
2000
20 Land 33,000
40,000
20 17,000
Ü 22Ęó03,ü20
7he awangenienfs with the nmpany is as fo!lows:
a. LandpurAased at Rn 50,&0
b. Furnitwe and doek are laken at 100/o below the &ok values
c. Goodwill of le firm is valued at 7J00
d D&tors are takn at Rs. 8,000 but Te cre&tors at the
Balance sheet figure
e. The purchase considmëon is to be dschaiged @ the
purAaèng company in fully paid equity shares ofRa 10
mch. Show le realisaä on account, u@td account, 'C’
Company account andEquity shares in 'C' companyaccounf
in le books of le fimi.
Section D
(SHR Development Quedtons)
Answer aoy one of the following qiestioos, Carries 8
Inarin
(8 X l = 8)
12. Prepare Account Sales with imaglnaryfigures.

13. UN nt therecentjoint venture buénessesin
Inda

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Diamond College of Management and Science

(Run by Sadvidya Foundation)

Subject: ADVANCED FINANCIAL ACCOUNTING

Hiér transactions were as follows

2oi g - i9 uplo 31st March 5,000

Prepare ledger accounts

Thenumber of co@es s‹2dand sde @œ Aædi œj;y

A ihe end of 2016-17, Mr.

12. Prepare Account Sales with imaglnaryfigures.

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