Financial Accounting BCom Question Paper : tnou.ac.in

University : Tamil Nadu Open University
Degree : B.Com
Department : Accounting and Finance
Year : I
Subject : Financial Accounting
Document Type : Question Paper
Website : tnou.ac.in

Download Old/ Previous Question Papers : https://www.pdfquestion.in/uploads/7925-ug854baf11.doc

TNOU Financial Accounting Question Paper

B.Com. DEGREE EXAMINATION –
January 2012 :
First Year
Time : 3 hours
Maximum marks : 75

Related : Tamil Nadu Open University Corporate Accounting BCom Question Paper : www.pdfquestion.in/7928.html

Accounting & Finance

SECTION A : (3 * 5 = 15 marks)
Answer any THREE questions :
1. Give a list of different accounting concepts.
2. Define Consignment.
3. From the following, calculate gross profit.
Rs. :
Opening stock 1,20,000
Purchases 1,40,000
Carriage inwards 30,000
Sales 5,20,000
Closing stock 70,000
4. The Madras head office has a branch at Salem to which goods are invoiced at cost plus 20%. From the following particulars, prepare branch account in the head office books.
Rs. :
Goods sent to Branch 2,11,872
Total sales 2,06,400
Cash sales 1,10,400
Cash received from branch debtors 88,000
Branch debtors on 1.1.2007 24,000
Branch stock on 1.1.2007 7,680
Branch stock on 31.12.2007 13,440

5. Calculate the amount of stationery to be posted to the debit of income and expenditure account.
Rs.
(a) Stock of stationery on 1.1.2007 850
(b) Purchased during the year 1,790
(c) Creditors for stationary on 31.12.2007 110
(d) Balance of stationery in hand on 1.1.2008 350

SECTION B : (4 * 15 = 60 marks)
Answer any FOUR questions :
6. State the differences between trade bills and accommodation bills.
7. Explain the various methods of providing depreciation.
8. How are the expenses allocated while preparing the departmental accounts?
9. Prepare trial balance from the following ledger balances as on 31.3.2009.
Rs. Rs.
Capital 6,000 Wages 5,200
Drawings 1,000 Debtors 8,500
Sales 10,000 Stock on 1.4.2008 2,000
Loan (Cr.) 1,000 Cash at bank 2,250
Land and building 3,500 Bills receivable 500
Creditors 3,500 Interest earned 2,450

10. A fire occurred on 10.4.2007 in the premises of a company. From the following particulars ascertain the amount of claim to be lodged in case of the loss of stock which was insured.
Rs. :
Stock on 1.1.2007 1,25,000
Purchases 1.1.2007 – 10.4.2007 5,00,000
Wages 1.1.2007–10.4.2007 1,00,000
Manufacturing expenses :
1.1.2007 – 10.4.2007 50,000
Sales 1.1.2007 – 10.4.2007 7,50,000

11. A partner has withdrawn the following sums of money during the half year ended 30th June 2007.
Rs.
January 15 500
February 10 400
March 12 700
April 15 800
May 20 1,000
June 18 500
Interest is to be charged at 10% per annum. Find out average due date and calculate the interest on drawings.

12. From the following find out how much is to be shown in income and expenditure account for the year ending 31.12.2007 for subscription.
(a) Subscription received during the year as per receipts and payments account Rs. 28,680.
(b) Subscription outstanding on 1.1.2007 Rs. 2,400.
(c) Subscription outstanding on 31.12.2007 Rs. 3,000.
(d) Subscription received in advance on 1.1.2007 Rs. 1,800
(e) Subscription received in advance on 31.12.2007 Rs. 1,080.

Corporate Accounting

Time : 3 hours
Maximum marks : 75
SECTION A : (3 × 5 = 15 marks)
Answer any THREE questions :
1. What is meant by profit prior to Incorporation?
2. Who are preferential creditors?
3. X Ltd. was incorporated on 1.1.2005 issued applications for 5,00,000 equity shares of Rs. 10 each. The entire issue was fully underwritten by A, B, C and D.
A – 2,00,000 shares ; B – 1,50,000 shares ;
C – 1,00,000 shares and D – 50,000.
Applications were received for 4,50,000 shares of which marked applications were as follows :
A – 2,20,000 shares ; B – 90,000 shares ;
C – 1,10,000 shares and D – 10,000 shares.
You are required to calculate the net liability of individual underwriters, by giving credit to unmarked applications in the ratio of gross liability.

4. X Co. Ltd. had issued 2,00,000 6% redeemable preference shares of Rs. 100 each. Under the terms of the issue of shares, redemption was to take place on April 2004. A General reserve of Rs. 1,25,00,000 had already been built up out of past profits. For the purpose of redemption 75,000 new 5% preference shares of Rs. 100 each were issued to the public. On the due date, the shares were duly redeemed.
Show journal entries to record the above transactions.

5. Pass journal entries for the following transactions :
(a) Issue of debentures at a discount and redeemable at par.
(b) Issue of debentures at a premium and redeemable at par.
(c) Issue of debentures at par and redeemable at premium.
(d) Issue of debentures at a discount and redeemable at a premium.