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ACCOUNTANCY II

BACHELOR'S DEGREE PROGRAMME


Term-End Examination


June, 2010


 


ELECTIVE COURSE: COMMERCE


ECO-2: ACCOUNTANCY II


Time: 2 hours                                              Maximum Marks: 50


 

Note: Attempt any four questions, Including question no.1 which is

          Compulsory

  1. Attempt Any two of the following: 7+7



  • Explain briefly the objectives of keeping branch accounts.

  • Show how unrealized profit in case of Departmental Accounting is worked out and accounted for?



  • Describe the rights of hire under the hire purchase agreement.



  • Distinguish between fixed and fluctuating capitals and


State their accounting in partnership accounts.

  1. (a) What are the preliminary expenses? How are they treated in final accounts of the company?


(b)  Briefly Explain the following:

  • Comparative Statements

  • Common Size Statements  6+6



  1. What is Cash Flow statements? How dose it differ from Fund Flow statement? State the use of Cash Flow Statements.             2+5+5

  2. A and B are partners sharing profit and losses in the ratio of 5:3. They admit C as a new partner who plays Rs. 54,000 as premium fo goodwill for the 1/5th  share in the future profit of the firm.


Pass journal entries and show the new profit sharing ratio in each of the following cases:




  • If he acquires his share in the original ration of existing


Partners;




  • If he acquires his share in equally from the existing partners;

  • If he acquires his share in ratio of 3:1 from the existing partner


And




  • If he acquires his share as 1/6th from A and 1/30th from B.





  1. Kaveri LTD. Invited application for 20000 shares of Rs. 10 each


Payable as under:


Rs 3 per share on application

Rs 3 per share on allotment

Rs 2 per share on 1st call

Rs 2 per share on final call

The final call was not made by the company. An applicant who was allotted 100 shares failed to pay allotment and 1st call money. His shares were forfeited after the 1st call and immediately reissued at Rs 8.5 per shares. Make necessary entries in the journal and prepare the balance sheet of the company.

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