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    BCMCMCN 201

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    BCMCMCN 201

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    karthikkarti405
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    BCMCMCN 201 (2)

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    BCMCMCN 201

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    of 4

    Reg. No.

    *BCMCMCN201* BCMCMCN 201

    Second Semester B.Com. Examination, September 2022


    (NEP 2020) (2021 – 22 Batch Onwards)
    Advanced Financial accounting – II (dscc)

    Time : 2 Hours Max. Marks : 60

    section – A

    Answer any five of the following. (2×5=10)


    1. Write a note on Average Clause.
    2. How do you treat “salvaged goods” for calculating insurance claim for loss of
    stock ?
    3. What is Hire Purchase System ?
    4. What is the meaning of the term “Repossession” ?
    5. State two important features of Independent Branches.
    6. What is Single Entry System ?
    7. What do you understand by Inter-Departmental Transfer ?
    8. When the cost price of the asset is ` 30,000. Down payment ` 5,000 and the
    amount of three instalments are ` 10,000 only. Find out the hire purchase price.

    section – B

    Answer any four of the following. (5×4=20)


    9. Distinguish between Single Entry System and Double Entry System.
    10. From the following particulars, find out credit sales by preparing Total Debtors
    Account :
    Rs.
    Opening debtors 60,000
    Cash received from debtors 4,00,000
    Cheques received from debtors 45,000

    P.T.O.
    BCMCMCN 201 -2- *BCMCMCN201*

    Sales return 4,000


    Cheques from debtors dishonoured 2,000
    Bad debts written off 5,000
    Discount allowed 1,000
    Provision for doubtful debts 500
    Closing debtors 68,000

    11. What basis would you consider best to allocate the following expenses in the
    Departmental A/c ?
    a) Labour welfare expenses
    b) Bad debts
    c) Repairs to Machinery
    d) Carriage Inward
    e) Rent.

    12. On 15 April 2021 a fire occurred in the premises of ABC company. From the
    following particulars ascertain the amount of claim to be lodged in case of
    stock which was insured.
    Rs.
    Stock on 1 April 2021 2,00,000
    Purchases from 1 April 2021 to the date of fire 3,00,000
    Wages 1,00,000
    Manufacturing expenses 60,000
    Sales from 1 April 2021 to the date of fire 4,80,000
    The gross profit ratio is 25% on sales. The stock
    salvaged was 19,500

    13. Suraj purchased a machine from Sudhir Machinery Ltd. on hire purchase
    system on 1-04-2019 payable 10,000 down and balance as under : 13,000 at
    the end of first year, 12,000 at the end of second year and 11,000 at the end of
    third year. Interest is charged at 10% p.a. Ascertain cash price and the interest.

    14. From the following information prepare Mangalore Branch A/c in the books of
    Bangalore Head Office when goods are supplied at cost price.
    Opening stock 10,000
    Closing stock 15,000
    Goods sent to branch 50,000
    Goods returned by branch 1,000
    Opening petty cash 200
    *BCMCMCN201* -3- BCMCMCN 201

    Closing petty cash 300


    Cash sent to branch for :
    Salary 4,000
    Rent 1,000
    Petty cash 2,000 7,000
    Cash remitted by branch to HO 30,000

    Section – C

    Answer any two of the following. (15×2=30)

    15. A fire occurred in the premises of SR company on 1-7-2021. From the following
    information calculate the claim to be made against the company.
    Rs.
    Stock on 1-1-2020 63,000
    Purchases for the year ending 31-12-2020 4,00,000
    Sales for the year ending 31-12-2020 5,00,000
    Wages for the year ending 31-12-2020 18,000
    Manufacturing expenses for the year ending 31-12-2020 2,000
    Salary for the year ending 31-12-2020 10,000
    Stock on 31-12-2020 81,000
    Purchases from 1-1-2021 to the date of fire 2,00,000
    Sales from 1-1-2021 to the date of fire 3,00,000
    Stock salvaged 10,000
    Value of policy is 30,000. There is an average clause in the policy. It is the
    practice of the company to value the stock at 10% less than cost.

    16. Madras Transport Company purchased a motor car from Mumbai Motor Company
    on hire purchase agreement on 1-4-2018. Madras transport Company paid
    10,000 cash as down payment and agreed to pay further 3 installments of
    10,000 on 31 March every year. The cash price of the car was 37,250. Mumbai
    Motors Company charged interest of 5% p.a. The Madras Transport Company
    writes off depreciation at 10% p.a. under reducing balance method.
    Prepare the following accounts in the books of Madras Transport Company :
    1) Motor car A/c
    2) Mumbai Motors Company A/c
    3) Interest A/c
    4) Depreciation A/c.
    BCMCMCN 201 -4- *BCMCMCN201*

    17. A firm has two departments A and B. A department supplies material to


    B department at its usual selling price. From the following particulars prepare
    Departmental Trading and Profit and Loss A/c and General Profit and Loss
    Account for the year 2020.
    Particulars Dept. A Dept. B
    Opening stock 6,00,000 1,00,000
    Purchases 40,00,000 30,000
    Sales 44,00,000 9,00,000
    Transfer to B department 6,00,000 –
    Manufacturing expenses – 1,20,000
    Selling expenses 40,000 12,000
    Closing stock 4,00,000 1,20,000
    The stocks in the department B may be considered as consisting of 80% of
    material and 20% other expenses. Department A earned a gross profit at the
    rate of 15% in the year 2019. General expenses of the business as a whole
    came to ` 1,30,000.
    18. Naveen kept his books of accounts under single entry system. An analysis of
    rough cash book for the year 2021 shows the following :
    Cash Account
    Amount Amount
    (Rs.) (Rs.)
    To Debtors A/C 60,000 By Bank overdraft on 1.04.2020 7,400
    To Capital A/C 5,000 By Creditors 25,000
    By Business expenses 10,000
    By Wages 15,500
    By Drawings 3,000
    By Balance at bank on 31.03.2021 4,000
    By Cash in hand 31-03-2021 100
    65,000 65,000
    The following additional information is available :
    1-04-2020 (Rs.) 31-03-2021 (Rs.)
    Sundry Debtors 53,000 58,000
    Sundry Creditors 19,500 15,000
    Stock 19,000 17,000
    Machinery 20,000 20,000
    Furniture 1,400 1,400
    All the sales and purchases were on credit.
    From the above information, prepare Trading and Profit and Loss Account and
    Balance Sheet after providing depreciation on Machinery at 10% and Furniture
    at 5%.
    ________________

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