Total No.

of Pages: 7
5629
Register Number:
Name of the Candidate:
B.Com DEGREE EXAMINATION December 2014
(SECOND YEAR)

(PART – IV)

640 / 240 / 260 : ADVANCED FINANCIAL ACCOUNTING

(New Regulations)

(Common for B.Com I.B, B.Com A&F, B.Com B.S, / B.Com MM / B.Com C.A)

Time: Three hours Maximum: 100 marks

Answer any FIVE questions. (5 × 20 = 100)

1. The following was the balance sheet of Bharathi and Sarathi who were sharing
profit 2/3 and 1/3 on 31st December 2012.
Liabilities ` Assets `
Creditors 65,900 Cash at Bank 1,200
Capital : Bharathi 30,000 Debtors 9,700
Sarathi 20,000 Stock 20,000
Plant 35,000
Buildings 50,000
1,15,900 1,15,900
They agreed to admit Bhupathi into partnership on the following terms:
a) Bhupathi was to be given 1 3 rd share in profits and has to bring `15,000
as his capital.
b) That the value of stock and plant were to be reduced by 10%
c) That a provision of 5% was to be created for doubtful debts.
d) That the building account was to be appreciated by ` 9,500
e) Investments month `400 (not mentioned in balance sheet) were taken
into account.
f) That the value of liabilities and assets other than cash are not to be
altered.
Prepare ledger accounts and the balance sheet of the new firm.
2. A company leased a property from Kumar at a royalty of 50 paise per ton with a
minimum rent of `10,000 p.a. Each year’s excess of minimum rent over
royalties is recoverable out of next 3 years. In the event of strike of the
minimum rent is not reached the lease provided that the actual royalty earned
discharge all the rental obligations for that year.
The results of working was as follows:
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Year Output in tons

2008 15,000
2009 21,000
2010 12,000(strike)
2011 16,000
2012 22,000
Prepare ledger accounts in the books of company.
3. The following information relates to Chennai branch as on 1.1.2012.
` `
Stock at branch 15,000
Debtors at Branch 30,000
Petty cash at the branch 300
Goods sent to Branch during the year 2,52,000
Remittances from the branch
For cash sales 60,000
Received from debtors 2,10,000 2,70,000
Goods returned by the branch 2,000
Credit sales during 2012 2,28,000
Cheques sent to Branch
For salaries 9,000
For Rent and Taxes 1,500
For petty cash 1,100 11,600
Balance as on 31.12.2012
Stock at Branch 25,000
Petty Cash 200
Debtors 48,000
Prepare branch accounts in the books of head office.
4. The following was the Balance sheet of A,B and C as on 31.12.2012.
Liabilities ` Assets `
Creditors 12,000 Machinery 25,000
General Reserve 3,000 Stock 11,000
Capital : A 20,000 Debtors 9,500
B 15,000 Cash 1,500
C 10,000 Goodwill 13,000
60,000 60,000
On the above date the firm was dissolved. The assets realised `50,000, the
creditors were settled at ` 11,500. Dissolution expenses amounted to ` 1000.
The partners share profits in the ratio of 3:2:1.Prepare ledger accounts to close
the books of the firm.
 3 5629
5. A firm has two departments, cloth and readymade clothes. The clothes were
made by the firm itself out of the cloth supplied by the cloth department and it
usual selling price. From the following particulars, prepare departmental
trading and profit and loss a/c for the year 2012.
Cloth Readymade
Dept. Dept.
` `
Opening stock(1.1.2012) 3,00,000 50,000
Purchases 20,00,000 15,000
Sales 22,00,000 4,50,000
Transfer to readymade clothes Dept. 3,00,000 --
Expenses: Manufacturing -- 60,000
Selling 20,000 6,000
Stock on 31.12.2012 2,00,000 60,000
The stock in the ready, made clothes department may be considered as
consisting 75% cloth and 25% other expenses. The cloth department earned
gross profit at the rate of 15% in 2011. General expenses of the business as a
whole come to `1,01,000.
6. Prepare capital accounts of the partners, A and B when they are fluctuating.
A B
` `
Capital (1.1.2012) 80,000 60,000
Drawings 10,000 9,000
Profit for the year 2012 5,000 3,000
Interest on Drawings 250 150
Interest of Capital at 5% -- --
Salary -- 2,850
Commission 1,750 --
7. Madurai transport ltd., purchased from Chennai motors 3 trucks costing
`40,000 each on the hire purchase system. Payment was to be made `30,000
down and the remainder in 3 equal instalments together with interest at 5%
p.a. Madurai transport ltd., writes off depreciation @ 20% p.a. on the
diminishing balance. It paid the instalment due at the end of the first year but
could not pay the next.
Prepare the necessary ledger accounts in the books of both the parties if the
hire vender took possession of all the three trucks. The hire vendor spent
`5,800 on getting the trucks thoroughly overhauled and sold them for `70,000.
8. A fire occurred in business premises of Ravi on 30.05.2012. Ascertain the claim
with regard to loss of stock due to fire:
a) The amount of insurance policy is `3,00,000
b) The policy is subject to Average clause
c) Value of stock on 1.1.2011, ` 3,00,000
Value of stock on 31.12.2011, `3,50,000
 4
5629
d) Purchases during 2011, ` 5,00,000
Sales during 2011, `6,50,000
e) Purchases from 1.1.2012 to the date of fire `2,00,000
Sales from 1.1.2012 to the date of fire `3,00,000
f) Value of stock salvaged `50,000
9. Explain the important methods of valuation of goodwill of a firm.
10. Differentiate hire purchase system and instalment purchase system.

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vitnaDk; Ie;J tpdhf;fSf;F tpilaspf;

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1. fPnH bfhLf;fg;gl;Ls;s ,Ug;g[ epiyf;Fwpg;ghdJ 31.12.2012 md;W ghujp kw;Wk;

rhe;jp MfpnahuJ MFk;. ,th;fs; ,yhgel;lj;jpid 2/3 kw;Wk; 1/3 vd;w
tpfpj;jpy; gfph;e;J bfhs;fpd;wdh;.
bghWg;g[fs; % brhj;Jf;fs; %
fldPe;njhh;fs; 65/900 t';fp buhf;fk; 1/200
Kjy; : ghujp 30/000 fldhspfs; 9/700
rhujp 20/000 ruf;fpUg;g[ 20/000
bghwp 35/000
fl;olk; 50/000
1/15/900 1/15/900
,th;fs; g{gjp vd;w g[jpa Tl;lhspia fPH;f;fz;l epge;jidfs; mog;gilapy;
nrh;j;Jf; bfhs;fpd;wdh;.
m) g[jpa Tl;lhspapd; ,yhg tpfpjk; 1/3 kw;Wk; %.15/000 Kjy; bfhz;L tUjy;.
M) ruf;F kw;Wk; bghwp kPJ 10% nja;khdk; xJf;Fjy;
,) thuf;fld; fhg;gpw;fhf 5% Vw;gLj;Jjy;
<) fl;ol';fspy; kjpg;g[ %.9/500 mjpfhpj;jy;
c) ,Ug;g[ epiyf;Fwpg;gpy; vGjg;glhj Kjypl;od; kjpg;g[ %.400 Vl;oy;
bfhz;L tUjy;.
C) buhf;fj;jpid jtpu kw;w brhj;Jf;fs; kw;Wk; bghWg;g[fs; kjpg;gpy; khw;wk;
Vw;gLj;jf; TlhJ.
ngnul;Lf; fzf;Ffisa[k; kw;Wk; g[jpa epWtdj;jpd; ,Ug;g[ epiyf;Fwpg;ig
jahh; bra;f.
2. xU epWkk; Ru';fk; vz;wpid FkhhplkpUe;J xU ld;dpw;F 50 igrh vd;w
Fj;jifnahL/ Fiwe;jgl;r thlif Mz;ow;F %.10/000 vd eph;zapf;fg;gl;L
Fj;jiff;F vLj;Jf;bfhz;lJ. Fiw cw;gj;jp kPl;ly; Kjy; 3 Mz;Lfspy; <L
 5 5629
bra;ag;gl ntz;Lk;. ntiy epWj;jf; fhy';fspy; Fiwe;jgl;r thlif
<l;lgltpy;iybadpy; mt;thW cz;ikahd chpikj;bjhif thlif
bghWg;gpid rhpfl;LfpwJ.
cwgj;jp tptu';fs; gpd;tUkhW
tUlk; cw;gj;jp(ld;)
2008 15000
2009 21000(ntiy epWj;jk;)
2010 12000
2011 16000
2012 22000
epWkj;jpd; VLfspy; ngnul;Lf; fzf;Ffis jahh; bra;f.
3. fPH;fz;l tptu';fs; brd;id fpis bjhlh;ghdit 1.1.2012 md;W
% %
ruf;fpUg;g[ 15/000
fldhspfs; 30/000
rpy;yiu buhf;fk; 300
fpisf;F mDg;gpa ruf;F 2/52/000
fpis jiyikafj;jpw;F mDg;gpaJ
buhf;f tpw;gid 60/000
fldhspfsplkpUe;J bgw;w buhf;fk; 2/10/000 2/70/000
fpis jpUg;gp mDg;gpa ruf;F 2/000
fld; tpw;gid 2/28/000
fpisf;F mDg;gpa buhf;fk;
rk;gsk; 9/000
thlif kw;Wk; thp 1/500
rpy;yiw bryt[ 1/100 11/600
31.12.2012y; ,Ug;g[fs;
ruf;fpUg;g[ 25/000
rpy;yiu buhf;fk; 200
fldhspfs; 48/000
jiyikahf VLfspy; fpis fzf;if jahh; bra;f.
 6 5629
4. 2012 ork;gh; 31y; A,B kw;Wk; C Mfpnahhpd; ,Ug;g[epiyf; Fwpg;g[ gpdtUkhW
bghWg;g[fs; % brhj;Jf;fs; %
fldPe;njhh; 12/000 ve;jpuk; 25/000
bghJf;fhg;g[ 3/000 ruf;fpUg;g[ 11/000
Kjy; : A 20/000 fldhspfs; 9/500
B 15/000 buhf;fk; 1/500
C 10/000 thzpf ew;bgah; 13/000
60/000 60/000
nkw;fz;l ehspy; epWtdk; fiyf;fg;gLfpwJ. brhj;Jf;fs; tpw;gid %50/000
fldPe;njhUf;F %11/500 bfhLj;J jPh;f;fg;gl;lJ. fiyg;g[r; bryt[fs; %1/000.
Tl;lhspfs; ,yhg tpfpk; 3:2:1 vd ,Ue;jJ.
njitahd ngnul;Lf;fzf;Ffis jahh; bra;J epWtd VLfis _lt[k;.
5. xU epWtdj;jpy; Jzpj;Jiw/ Maj;j Milj;Jiw vd ,U Jiwfs; cs;sd.
Maj;j Milfs;/ Jzpj;JiwapypUe;J tpw;gid tpiyapy; bgw;w
JzpfspypUe;J jahhpf;fg;gLfpd;wd. fPH;f;fz;l tptu';fspypUe;J Jiwthhp
tpahghu ,yhg el;lf; fzf;F 2012 Mz;Lf;F jahh; bra;f.
Maj;j
Jzpj;Jiw
Milj;Jiw
%
%
Muk;gruf;fpUg;g[ (1.1.2012) 3/00/000 50/000
bfhs;Kjy; 20/00/000 15/000
tpw;gid 22/00/000 4/50/000
Maj;j Milj;Jiwf;F khw;wpaJ 3/00/000 --
cw;gj;jpr; bryt[ -- 60/000
tpw;gidr; bryt[ 20/000 6/000
,Wjp ,Ug;g[(31.12.2012) 2/00/000 60/000
Maj;j Milj;Jiwapy; ,Wjpruf;fpUg;g[ 75% Jzpa[k; 25% kw;w bryt[fSk;
vdf;bfhs;f. Jzpj;Jiw 2011k; Mz;oy; <l;oa bkhj;j ,yhgk; 15%
epWtdj;jpd; kw;w bghJr;bryt[fs; %1/01/000.
6. gpd;tUk; tptu';fisf; bfhz;L A kw;Wk; B Tl;lhspfdpd; khWgLk; Kjy;
fzf;Ffis jahh;bra;f.
 7 5629

A B
% %
1.1.2012 md;W Kjy; 80/000 60/000
vLg;g[ 10/000 9/000
2012 Mz;Lf;fhd ,yhgg;g';F 5/000 3/000
vLg;g[ kPJ tl;o 250 150
Kjy; kPJ tl;o 5% -- --
Tl;lhspapd; Cjpak; -- 2/850
fHpt[ 1/750 --
7. kJiu nghf;Ftuj;J epWkk;/ brd;id nkhl;lhh; fk;bgdpaplkpUe;J _d;W
ruf;F tz;ofs; xt;bthd;Wk; %40/000 mlf;f tpiyapy;/ thlif bfhs;Kjy;
Kiwapy; th';fpaJ. buhf;f tpiyapy; %30/000 th';fpat[ld; brYj;jpaJ.
kPjpj;bjhifia _d;W jtizfspy; tl;o 5% (Mz;Lf;F) tPjk; cl;gl
brYj;jg;gl ntz;Lk;. kJiu nghf;Ftuj;J epWkk; jd; VLfspy; 20%
nja;khdk; Fiwe;J bry;jtiz Kiwapy; vGjpaJ. Kjy; jtiz brYj;jpa
me;epWkk; mLj;j jtizia brYj;jtpy;iy. thlif tpw;gidahsh; _d;W
ruf;F tz;ofisa[k; jpUg;gp vLj;Jf;bfhz;lJ. mth;fs; %.5/800
tz;of;fSf;F gGJghh;g;g[ bryt[ bra;J mtw;iw %.70/000 f;F tpw;wdh;.
tpw;gidahsh; th';Fgth; Mfpa ,Uth; VLfspy; njitahd ngnul;Lf;
fzf;Ffis jahh; bra;f.
8. 30.05.2012 md;W utp mth;fspd; tzpf tshfj;jpy; jP tpgj;J Vw;gl;lJ. jPapdhy;
nrjkhd ruf;Ffspd; fhg;gPl;L nfl;g[hpikia fzf;fPLf.
m) jP fhg;gpl;L Mtzk; %.3/00/000f;F vLf;fg;gl;lJ.
M) ,e;j Mtzk; ruhrhp ruj;jpw;Fl;gl;lJ.
,) 01.01.2011 md;W ruf;fpUg;g[ %.3/00/000
31.12.2011 md;W ruf;fpUg;g[ %.3/50/000
<) 2011k; Mz;oy; bfhs;Kjy; %.5/00/000
2011k; Mz;oy; tpw;gid %.6/50/000
c) 01.01.2012 Kjy; jP tpgj;J Vw;gl;l ehs; tiu
bfhs;Kjy; % 2/00/000
tpw;gid %.3/00/000
C) kPl;fg;gl;l ruf;Ffspd; kjpg;g[ %.50/000
9. xU epWtd ew;bgaiu fzf;fpLk; gy;ntW Kiwfis tpsf;Ff.
10. thlif bfhs;Kjy; jpl;lk; kw;Wk; jtiz bfhs;Kjy; jpl;lk; ,tw;iw
ntWgLj;Jf.
$$$$$$$