Bangalore University Advanced Financial Accounting Question Paper of May 2017
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Details of Question Paper
| University Name: | Bangalore University |
| Course Name: | Bachelor of Commerce |
| Subject: | 2.3 - Advanced Financial Accounting |
| Class | Second Semester |
| Question Paper Code: | US459 |
| Year | May 2017 |
| Scheme | CBCS (2014-15) |
Bangalore University Second Semester B.Com Advanced Financial Accounting Question Paper of May 2017
Cheques sent to branch during 2016.
Section - A
Answer any five questions each correct answer carries two marks (5x2=10)
1. a) How do you treat salvaged goods in fire insurance claims?
b) Give the meaning and example for non-recurring expenses in consignment accounts.
c) What is joint venture ?
d) State any four features of debtor system of accounting.
e) How do you treat inter-departmental transfers?
f) What is cost plus pricing?
g) Who is consignee and consignor?
Section - B
Answer any three questions each correct answer carries six marks (3x6=18)
2.Fire occurred in the premises of an enterprise on 30-9-2016. Stock of the value of 50,000 was salvaged and the books of accounts were saved.
The following information is given :
Stock as on 31-3-2015 - 1,30,000
Purchases during the year ended 31-3-2015 - 3,50,000
Sales during the year ended 31-3-2015 - 5,00,000
Purchases from 1-4-2016 to 30-9-2016 - 1,20,000
Sales from 1-4-2016 to 30-9-2016 - 1,80,000
Stock as on 31-3-2016 - 1,70,000
Stock as on 31-3-2015 was undervalued 20,000 where as it was overvalued by 10,000 on 31-3-2016.
Calculate the amount of insurance claim based on the rate of gross profit on Sales.
3. Krishna Murthy of Bengaluru sent a consignment of 2,000 articles to his agent Sri Raghavan of Tumkur at an invoice price of 20 per article. Railway charges, cartage and insurance amounted to 10% of the total invoice price. Raghavan sold 1 ,500 articles at 30 each and sent an account sales enclosing a bank draft for the balance after deducting i) his advance of 5,000, ii) his expenses 500 and iii) his commission at 10% on gross sales. 100 articles were lost in transit and the insurance company admitted the claim for e 1,100. Show the Consignment Account and Consignee's Account in the books of the Consignor.
4. Praveen and Karthik were partners in a joint venture sharing profits and losses equally. Praveen supplied goods to the value oft 20,000 and incurred expenses amounted to 1 ,600. Karthik supplied goods to the value of 16,000 and his expenses amounted to 1 ,600. Karthik sold the entire goods on behalf of the joint venture and realized 48,000. Karthik was entitled to a commission of 5% on sales. Praveen settled his account by bank draft. Show the Ledger Accounts in the books of Praveen and Karthik under Memorandum Joint Venture method.
5.The following particulars are relating to Bengaluru branch for the year ended 31-12-2016. Prepare Branch
Account in the books of Head Office.
Stock at the branch on 1-1-2016 30,000
Debtors at the branch on 1-1-2016 60,000
Petty cash at the branch on 1-1-2016 600
Goods sent to branch during 2016 5,04,000
Cash sales 2016 1,20,000
Received from debtors 2016 4,20,000
Credit sales during 2016 4,56,000
Cheques sent to branch during 2016.
For salaries 18,000
For rent and rates 3,000
For petty cash 2,200 23,200
Stock at the branch on 31-12-2016 50,000
Petty cash 31-12-2016 400
Goods returned by the branch 4,000
Debtors on 31-12-2016 96,000
6. With the help of information given below, ascertain the purchases of each department
Dept. No. of units purchased
A 1,OOO units
B 2,000 units
C 2,400 units
(At a Total Cost of 1,00,000)
Unit selling price was:
A Dept. of 20.00
B Dept. of 22.50
C Dept. of 25.00
The rate of GP is same in each case.
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