Bangalore University Advanced Financial Accounting Question Paper of May 2016

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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:	MS421
Year	May 2016
Scheme	CBCS (2014-15)

 

Bangalore University Second Semester B.Com Advanced Financial Accounting Question Paper of May 2016

Section - A

1. Answer any five Of the following Each question carries two marks (5x2=10)

a) Give the meaning of average clause. 

b) What is consignment ? 

c) From the following information, findout the gross profit ratio.Sales is and Gross profit is 1 

d) When is a Memorandum Joint-Venture Account opened ? 

e) What is over-riding commission ? 

f) What are domestic branches ? 

g) Give the meaning of departmental undertaking. 

Section - B

Answer any three of the following Each question carries six marks (6x3=18)

2. A fire occurred in the premises of Pramod Co. on 15-10-2015. Some of the accounting records were saved from which the following details are available. 

Opening stock on 1 Jan. 2015 45,000

Purchases from 1-1-2015 to 15-10-2015 2,00,000 

Sales from 1-1-2015to 15-10-2015 3,00,000

Rate of Gross profit      30%

Salvage    8,000

It was the practice of the company to value the stock at less than cost. The amount of policy 30,000. There was an average clause. 

Prepare a claim for insurance. 

3. Mr. Nandish of Mysore, consigned 500 Kgs. of oil @ 30 per Kg. to Mr. Satish. He paid t 4,000 as carriage and freight charges. 

Mr. Satish also paid* 1 ,OOO towards unloading charges 2,000 as godown rent and 1 ,500 as selling expenses. Normal loss due to leakage is 40 Kgs. of oil in transit. Satish sold 320 Kgs. of oil @ 55 per Kg. and 19 Kgs. of oil at @ 60 per Kg. 

Calculate value of unsold stock. 

4. Radha and Sowmya entered into a Joint-Venture to buy and sell goods and share profits and losses equally. They opened a Joint Bank Account to which Radha contributed 55,000 and Sowmya contributed 50,000. Radha and Sowmya purchased goods for 1 Radha also supplied goods worth 7,500 and paid rent for the venture 1 ,500. They sold goods for { 1 The expenses incurred on advertisement amounted to 4,000, which were paid by Sowmya and she took balance of stock fort 3,000. 

Prepare Joint Venture Account in the books of Radha.

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