BCOM Financial Accounting Mock Paper - I Short Question Answer

BCOM 1st Year Financial Accounting Mock Paper – I Short Question Answer

Section-C

Shri Ram Nath of Bombay was declared insolvent on 31st August, 1998. On that date his assets and liabilities were:

Assets: Furniture 2,000; Stock 60,000, Debtors 18,000.

Liabilities: Creditors 56,000, Govt. taxes Rs 14,000; Wages of 10 labourers Rs 1,200; Salary of six clerks Rs. 2,000; Reserve for bad and doubtful debts 200: Rent payable to landlord for two months Rs. 400 and Capital 6,200.

Shri Ram Nath has personal liabilities of 14,000 and assets of Rs 17,000 which include the following:

(1) Clothes, utensils and furniture for his use and for his family members Rs. 1,500.

(ii) Property kept in trust for other persons Rs. 8,000. He started his business on Sept. 1, 1995 with a capital of Rs. 20,000. His drawings since then and upto the date of insolvency amounted to Rs.

13,800. His profits during the first year were 10,000 and second year ? Rs. 6,000. Dumns third year, he suffered a loss of * 16,000.

Supposing that furniture realised Rs 1.600; Stock 20,000 and Debtors ?Rs. 6,000. Prepar statement of affairs and the deficiency account. Also state the amount paid to unsecue

creditors.

Mention the journal entries necessary in the books of the hire-purchaser as well as the hire vendor under hire-purchase system.

Section-D

On January 1, 2011, Mr. Pradeep acquired a lease of certain oil wells at a minimum rent of Rs. 24,000 per annum, merging into a royalty of Rs. 1 per tonne of oil taken out. The shortworkings were recoverable in next two years of such shortworkings only, but on condition that if full shortworking, could not be recovered in the next year of the shortworking, Mr. Pradeep will loose his right to recover 50% of the unrecouped balance of shortworkings.

The output of first year is 6,000 tonne, 15,000 tonne for the second year, 30,000 tonne for the third year and 28,000 tonne for the fourth year.

Prepare necessary accounts in the books of Mr. Pradeep.

Explain the case of Garner vs Murray. How will partners’ capital accounts be affected if this decision is not applied?

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Section-E

What do you mean by independent branch? What journal entries are made in the books of head office to incorporate branch trial balance?
Meerut Transports Ltd, purchased trucks from Tata Motors Ltd. on hire-purchase system. The cash price of the trucks was 3,20,000 which was payable as follows:

Rs. 1,00,000 on the date of purchase, i.e. 1st Jan, 2014

Rs. 80,000 on 31st December, 2014

Rs. 80,000 on 31st December, 2015

Rs. 82,478 on 31st December, 2016

Tata Motors Ltd. charged interest @5% p.a. on the unpaid amount. The purchasing company decided to write off as depreciation 20% on diminishing balance method each year. From the above particulars, make journal entries and open necessary accounts in the books of Meerut Transports Ltd.

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BCOM 1st Year Financial Accounting Mock Paper – I Short Question Answer

Section-C

Section-D

Section-E

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