MODEL QUESTION PAPER 6. Prepare profit and loss A/c and find out Net profit.

Domain Subject: Commerce Gross Profit ₹ 50,000; Salaries ₹ 8,000; Trade expenses ₹ 2,000
Semester-wise Syllabus under CBCS (W.E.F. 2023-24
Additional information :
Admitted Batch)
I Year B.Com (General, Computer Applications) a). Staff Manager’s commission at 10% on gross profit.
Semester–II (b). General Manager’s commission at 5% on Net profit after charging staff
COURSE 3: FINANCIAL ACCOUNTING Manager’s commission.
Time : 3 Hrs Max Marks 75
7. Proforma invoice Vs Account Sales
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Section-A 8. Del-Credre Commission
9. Features of Joint Venture
Answer any Five of the following: Each Question carries 3 marks
10. Joint Venture Vs Consignment.
5X 3=15 M

1. Prepare Ramesh A/c. SECTION– B

2022 Answer any one of the following questions.
Dec 11. Amount due from Ramesh ₹ 10,000 Each Question carries 12 Marks 5 X 12= 60 Marks
20. Cash paid to Ramesh ₹ 4000 11.Journalise the following Transactions
23. Cash received from Ramesh ₹ 5000
2023
24. Purchased goods from Ramesh ₹ 7000 Dec 1. X Started a business ₹ 10,000
25. Sold goods to Ramesh ₹ 8000 2. Paid into the Bank ₹ 6000
30. Ramesh A/c settled by cheque 12. Purchased goods from Ravi ₹14,000
14. Sold Machinery to Gopal ₹ 16,000
18. Paid Rent to Z, the Landlord ₹ 4000
2. Prepare purchases book 21. Received ₹ 6000 from Y as interest
2022 22. A Cashier has stolen ₹ 3000 and he is absconding.
Dec 4. Purchased goods from Ravi ₹ 6000 23. Goods worth ₹ 1,000 were distributed as samples free if charge.
26. Paid Bhanu ₹ 1980 in full settlement of debt of ₹ 2,000
5. Brought goods from Ramesh ₹ 4000
27. With drew for domestic use ₹ 3000
6. Purchased goods from Suresh for cash ₹ 3000 29. Goods, the list price of which is ₹ 40,000 are sold to sukumar at 10% Trade
7. Purchased Furniture from Sukumar ₹ 2000 discount.
8. Brought goods from Naresh ₹ 1000 31. The erection charges of Machinery amounted to ₹ 1000 which were paid in
cash.

3. A firm purchased a Machine for ₹ 1,00,000 on 1-1-2020. Depreciation is written

off at 10% on reducing balancing method. The firm closes its books on 31 st Dec
every year. Show Machinery upto 31-12-2023.

4. A Machine purchased for ₹ 30,000 on 1-1-2020. Estimated scrap value at the

end of
5 years is ₹ 5,000. Prepare Machinery A/c for 3 years.

5. Prepare Trading A/c and find out closing stock.

Opening stock ₹ 20,000; Purchases ₹ 30,000; carriage on purchases ₹ 10,000;
Sales ₹ 70,000; Gross profit 20% on sales.
12. Enter the following transactions in a Three Column Cash Book. Stock 1-4-2022 5,760 Sundry Creditors 6,300
₹ Sundry debtors 14,500 Bills payable 9,000
2024 Jan 1 Cash in hand 410 Purchases 40,675
Balance at Bank 8,920 Cash in hand 540
3 Cash sales 4,500 Cash at Bank 2630
5 Paid into Bank 4,000 Return Inwards 680
8 Purchased Stationery 100 Wages 8,480
11 Paid Mahesh by cheque 280 Fuel & Power 4,730
Discount received 20 Carriage on Sales 3,200
16 Gave a cheque for cash purchases 1,500 Carriage on Purchases 2,040
18 Drew for personal use 500 Salaries 15,000
21 Received from Suresh, a cheque for ₹ 1,970 in full General Expenses 3,000
settlement of account for ₹ 2,000 and deposited it in Bank Insurance 600
26 Drew from Bank 1,000 Drawings 5,245
28 Paid wages 800 1,76,580 1,76,580
30 Bank returned cheque of Suresh dishonoured
31 Bank charges as per pass book 10
Adjustments:
(i) Stock on 31-3-2023 was 6,800
13. A firm purchases a 5 years’ lease for ₹ 80,000 on 1st January. It decides to write (ii) Salary outstanding ₹ 1,500
off depreciation on the Annuity method, presuming the rate of interest to be 5% (iii) Insurance Prepaid 150
per annum. The annuity tables show that a sum of ₹ 18,478 should be written (iv) Depreciate machinery @ 10% and patents @ 20%.
off every year. Show the lease account for five years. Calculations are to be made (v) Create a provision of 2% on debtors for bad debts.
to the nearest rupee.
16. Write Adjusting entries
14. X Ltd. Leased on June 30 2023 an iron ore mine for a sum of ₹ 1,00,000. It is 1. Outstanding Salaries ₹ 3,000
estimated that the total quantity of ore in the min is ₹ 20,000 tonnes. The 2. Prepaid insurance ₹ 2,000
annual output is as follows. 3. Commission received in advance ₹ 1,000
4. Interest accrued ₹ 2,000
Year Tonnes 5. Depreciate Machinery at 10%. The value of machinery ₹ 10,000
2020 1,000 6. Appreciate Building at 20%. The value of building ₹ 20,000
2021 4,000
2022 3,200
2023 4,200

Using the depletion method of depreciation, Show the Mine A/c for the
four years.

15. From the following Train Balance of Ram, Mahesh as on 31 st March 2023, Prepare
Trading and Profit & Loss A/c and Balance Sheet taking into account the
adjustments:

Debit Balances ₹ Credit Balances ₹

Land and Buildings 42,000 Capital 62,000
Machinery 20,000 Sales 98,780
Patents 7,500 Return Outwards 500
 account of the venture. B receives account sales and remittance of the net
proceeds from C in Japan for the whole of the goods amounting to ₹80,000.
17. Desai of Mumbai sent 1,000 Sewing Machines to Dilip of Hyderabad costing
Show how joint venture Account and B and A's accounts would appear in the
of ₹500 each. Expenses incurred by Desai amounted to ₹ 4,500. Dilip is
books of A.
entitled to a commission of 6% sales. Dilip took delivery of the Machines and
spent ₹ 1,900 towards expenses. He sold the entire consignment of 1,000
Sewing Machines at the rate of ₹510 each. Dilip sent the account sales to
Desai and sent a bank draft for the amount due by him. Prepare necessary
Ledger Accounts in the books of both the parties.
18. A of Ahmadabad sent 50 cases of goods to B of Bombay at ₹ 200 per case.
Expenses on consignment incurred by the consign nor a mounted to ₹ 300, B
worked as Del Credere Agent. His ordinary commission was 5% and Del Credere
commission7½%induecourseBsentasAccount Sales to A giving the following
information.
a) Sales proceeds of 40cases, Rs.11,000.
b) Stock of unsold goods on hand,10 cases.
c) Consignee’s expenses amounted to ₹120.
d) Consignee charged commission at agreed rates.
e) A bank draft for ₹8,000 was sent by B along with the account sales.
Show the necessary accounts in the books of A and B.

19. A and B doing business separately as building contractors, undertake jointly to

construct a building for a newly started Joint Stock Company for a contract
price of ₹1,00,000 payable as to ₹80,000 by installments in cash and ₹20,000
infully paid shares of the Company. A Banking Account is opened in their joint
names, A paying in ₹ 25,000 and B ₹ 15,000, they are to share the profits and
losses in the proportions of and respectively. Their transactions were as follows:
Paid wages 30,000
Bought material 70,000
Material supplied by A 5,000
Material supplied by B 4,000
Architect's Fees paid by A 2,000

The contract was completed and the price (cash and shares) duly received. The
Joint Venture was closed by A taking up all the shares of the Company at an agreed
valuation of ₹16,000 and B taking up the stock of materials at an agreed valuation
of ₹ 3,000. Show the necessary Ledger accounts.

20. 'A' in Bangalore enters into a Joint venture with 'B' in Bombay to ship Cotton
bales to C in Japan. A sends Cotton to the value of ₹ 30,000 and pays railway
freight etc. ₹ 1,500 and Sundry expenses ₹ 1,575. B sends goods valued at ₹
20,750 and pays freight and insurance ₹ 1,200, dock dues ₹ 200; Customs
charges ₹ 500 and other Sundry expenses ₹ 500. A advances to B ₹ 6,000 on