F.Y. B.com. (Hons.) (Sem.-I) Examination Nove - Dece.-2019 Financial Accounting

*RAN-1808060501030001*
R A N - 1 8 0 8 0 6 0 5 0 1 0 3 0 0 0 1
RAN-1808060501030001
F.Y. B. Com. (HONOR) (Sem.-I) Examination
November / December - 2019
Financial Accounting
k|Q“p : / Instructions
(1)
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Fill up strictly the details of  signs on your answer book
Name of the Examination:
 F.Y. B. Com. (HONOR) (Sem.-I)
Name of the Subject :
 Financial Accounting
Subject Code No.: 1808060501030001 Student’s Signature
Q.1 (A) Do as directed:

Pass journal entries for the following transaction: (4)
1. Sold goods of Rs. 80,000 to Jay at Rs. 70,000 for cash.
2. Paid Rs. 15,000 for rent by cheque.
3. Purchase goods of Rs. 20,000 at a trade discount of 10% from
Jiya.
4. Jay returned goods of Rs. 10,000.
(B) Geet and Meet are partners in a firm sharing profit and losses (3)
in the ratio of 3:2. Preet was admitted as a new partner. It was
decided that the future profit of the firm would be shared as
Geet 50%, Meet 30% and Preet 20%. Find out sacrifice ratio.
(c) Explain with illustrations: Fictitious assets (3)
P0802
RAN-1808060501030001 ] [1] [ P.T.O. ]

Q.2 (A) Kavi, Savi and Ravi were partners in a firm sharing profit and
losses in the ratio of 3: 2: 1. On 31st March 2019 the KBC Ltd.
was incorporated to purchase business of the firm on which date
their Balance Sheet was as under: (6)
Liabilities Rs. Assets Rs.
Capital Land and Building 20,000
Kavi-20,000 Machinery 22,000
Savi- 10,000 Debtors 18,000
Ravi- 10,000 40,000 Stock 13,000
Creditors 22,000 Cash 7,000
Loan 18,000
80,000 80,000
The company has taken over the assets at Land and building
Rs. 24.000. Machinery Rs. 21,000, Debtors Rs. 17,000, Stock
Rs. 13,000 and Goodwill Rs. 4,000.
The company did not takeover the loan, but agreed to pay
creditors. Purchase consideration is to be paid in equity shares
worth Rs. 30,000 of Rs. 10 each and difference to be adjusted in
cash. Expenses amounted to Rs. 1,000. Partners shared equity
shares in profit and loss ratio. Prepare necessary accounts in the
books of the firm.
(B) Calculate from the following : (8)

(1) Current Investment and Non current Investments
(2) Current Assets and Non Current Assets
(3) Current Liabilities and Non current Liabilities
Particulars Rs. Particulars Rs.
Creditors 1,72,800 Machinery 12,09,600
Cash Balance 6,48,000 Provident Fund 86,400
Profit and loss A/c ( Dr.) 1,29,600 Bank Overdraft 1,29,600
General reserves 3,45,600 Loan from friend 2,16,000
(for 5 Years)
Investment in equity share 86,400 Short term 43,200
of ABC Ltd. investment
P0802
RAN-1808060501030001 ] [2] [ Contd.

Provision for Tax 1,29,600 Bills payable 1,29,600
Vehicles 3,02,400 Copyright 1,72,800
Bank loan 5,18,400 Stock 3,88,800
Trade Mark 1,29,600 Debtors 2,59,200
Goodwill 3,02,400 Bills receivable 2,16,000
Loan of development bank 6,04,800 Land and 14,68,800
(2 years) Building
Investment fluctuation fund 1,72,800 Capital 28,80,000
Employees Accident 86,400 86,400
compensation fund
Q.3 (A) A partnership firm was dissolved 30th June, 2019. Balance sheet (8)
on the date of dissolution was as follows:
Capital: Cash 10,800
Reema- 76,000 Sundry assets 1,89,200
Seema- 48,000
Meena- 36,000 1,60,000
Loan A/c- Seema 10,000
Sundry creditors 30,000
2,00,000 2,00,000
The assets were realised in instalments and payments were made
on the proportionate capital basis. Creditors were paid Rs. 29,000
in full settlement of their amount. Expenses of realisation were
estimated to be Rs. 5,400 but actual amount spent on this
account was Rs. 4,000. This amount was paid on 15th September.
Draw up a Memorandum of distribution of Cash, which was
realised as follows:
On 5th July Rs. 25,200
On 30th August Rs. 60,000
On 15th September Rs. 80,000
The partners shared profit and losses in the ratio of 2: 2:1.
P0802
RAN-1808060501030001 ] [3] [ P.T.O. ]

(B) Rajesh and Raj are partners sharing profits in the ratio of 3:2.
Their Balance Sheet stood as under on 31st March 2019
Balance Sheet
Creditors 38,500 Cash 2,000
Outstanding liabilities 4,000 Stock 15,000
Capitals: Prepaid Insurance 1,500
Rajesh - 29,000 Debtors 9,000
Raj - 15,000 44,000 Machinery 19,000
Building 35,000
Furniture 5,000
86,500 86,500
Raju is admitted as a new partner introducing a capital of
Rs. 16,000. The new profit sharing ratio is decided as 5: 3:2.
Following revaluations are made:-
1. Stock to depreciate 5%
2. Provision for doubtful debts is to be Rs. 100
3. Provide 10% depreciation on furniture.
4. Building is valued at Rs. 40,000.
Prepare Revaluation account.
Q.4 Write short notes (any two) (12)

1. Objectives of accounting
2. Persons interested in accounting
3. Tangible and Intangible assets
P0802
RAN-1808060501030001 ] [4] [ 240 ]

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RAN-1808060501030001

Q.1 (A) Do as directed:

RAN-1808060501030001 ] [1] [ P.T.O. ]

(B) Calculate from the following : (8)

RAN-1808060501030001 ] [2] [ Contd.

RAN-1808060501030001 ] [3] [ P.T.O. ]

Q.4 Write short notes (any two) (12)

RAN-1808060501030001 ] [4] [ 240 ]

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