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ACCOUNTANCY-II

BACHELOR'S DEGREE PROGRAMME


Term-End Examination


December, 2010


ELECTIVE COURSE: COMMERCE


ECO-4: ACCOUNTANCY-II


Time: 3 hours                                              Maximum Marks : 100


                                                                           (Weighted : 70%)

 

Note : Attempt any four questions from Section –A Including Question No. 1 which is compulsory and both the question from Section-B

SECTION- A

  1. Attempt any three question from the following: 5+5+5



  • State any four points which must be incorporated in


a partnership deed.

  • Explain in brief any five conditions which a Company


must satisfy for issuing shares at a discount.

(c ) What is a debenture ? Briefly explain any two types of debentures.

(d) Write a short note on Branch Adjustment Account.

(e) differentiate between Hire-Purchase System and Instalment Payment System.

  1. The Face value of a debentures is Rs. 100. What journal entries will be made in the following cases :



  • Issued Rs. 40,000, 12% debentures at par, redeemable at par.



  • Issued Rs. 40,000, 12% debentures at a discount of 10% redeemable at par.

  • Issued Rs. 40,000, 12% debentures at 5% premium redeemable at par.

  • Issued Rs. 40,000, 12% debentures at par redeemable at 10% premium.

  • Issued Rs. 40,000, 12% debentures at 5% discount and redeemable at 5% premium.



  1. A and B shared profits in the Ratio of 3:2 . Their balance Sheet as on 31.12.2008 was as follows:




























































 LiabilitiesRs.AssetsRs.
Creditors20,000Cash at bank8,000
Loan from A16,000Stock54,800
General reserve25,000Debtor  40000

Less: Provision 1800		38,200
Capitals:

A 1,20,000

B     80,000		2,00,000
Machinery40,000
Investment20,000
Building1,00,000
2,16,0002,16,000

Partners decided to dissolve the firm on the above date. Assets realized as follows:

Stock Rs. 45,000; Machine 20% less than book value, Debtors

Rs. 35,000.Building Rs. 30,000 more than the book value. A

took over investments at an agreed value of Rs. 15,000. Creditors agreed 0-• to accept 5% less in final settlement of their dues.Expenses of realization of assets :Rs. 1,200. There was a typewriter which was not shown in the books of the firm. It is sold for Rs. 5,000. Prepare Realization A/c, A's loan A/c,

Capital Accounts and Bank Account.

  1. X Ltd. invited application for 20,000 shares of Rs. 10 each payable as under :


On application Rs. 3 Per share, on allotment Rs. 3 per share, on Ist call Rs. 2 per share and Rs. 2 per share on final call. Final call has not yet been made by the company. An applicant who was allotted 100 shares failed to pay allotment and Ist call money. His shares were forfeited after the Ist call and were immediately re-issued at Rs. 8.5 per share. Make necessary journal entries and prepare the opening Balance Sheet of a company.

  1. On Ist January, 2007 A Ltd. purchased a Machine from B Ltd. on hire purchase system. The cash price of the machine was Rs. 34,500. The payment was to be made Rs. 10,000 on signing the agreement and the balance in three equal instalments of Rs. 10,000 each at the end of each. year. B Ltd. charges interest at the rate of 12% p.a. A Ltd. writes off 10% p.a. as depreciation on the reducing instalment system. A Ltd. could not pay the instalment due on 31-12-2008 and the seller took possession of the machine. Open ledger accounts in the books of Hire-purchaser.



  1. Write notes on the following : 5+5+5+5



  • Goods in Transit

  • Cash in Transit

  • Branch Adjustment Account

  • Rules for issue of shares at a premium


 

SECTION – B




  1. Differentiate between :                                        7+8=15



  • Auditing and Book-Keeping

  • Auditing and Investigation


OR

What is Internal Check ? Explain its merits and demerits.                             3+6+6+= 15

  1. What do you mean by valuation of Assets ? Discuss its objectives.          3+7=10

  2. How are the vouchers examined ? Discuss the duties of an Auditor in connection with vouching.    4+6=10

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