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DRIVE
Winter 2017
PROGRAM
Bachelor of Business Administration- BBA
SEMESTER
Semester 2
SUBJECT CODE & NAME
BBA 208- FINANCIAL ACCOUNTING
Set -1
Q.1] ABC Ltd Purchased Plant and Machinery costing Rs 40000 on 1st April
2013. It has been decided to depreciate it at the rate of 30% p.a on the
written down value method. Show the Plant and Machinery account till 31st March
2017.
Ans:
ABC Ltd. Plant and Machinery Account
|
Date
|
Debit Side
|
Amount in Rs.
|
Date
|
Credit Side
|
Amount in Rs.
|
|
1st
April 2013
|
To
Cash
|
40000
|
31st
March 2014
|
By Depreciation
By Balance c/d
|
12000
28000
|
|
40000
|
40000
|
||||
|
1st
April 2014
|
To
Balance b/d
|
28000
|
31st
March 2015
|
By Depreciation
By Balance c/d
|
8400
19600
|
|
28000
|
28000
|
||||
|
1st
April 2015
|
To
Balance b/d
|
19600
|
31st
March 2016
|
By Depreciation
By Balance c/d
|
5880
13720
|
|
19600
|
19600
|
||||
|
1st
April 2016
|
To
Balance b/d
|
13720
|
31st
March 2017
|
By Depreciation
By Balance c/d
|
4116
9604
|
|
13720
|
13720
|
Formula or equation for the depreciation calculation may be written as
follows:
*First year: 40,000 × 30% =
12,000
**Second Year: (40
Q.2] Mita, Vikash and Preetha are partners sharing profit and losses in
the ratio of 3:2:1. Their Balance Sheet was as follows.
Balance Sheet of Mita, Vikas, Preetha as on April 31st, 2016
|
Amt
|
Assets
|
Amt
|
||
|
Creditors
|
10000
|
Cash in Hand
|
7000
|
||
|
Bills payable
|
7000
|
Machinery
|
13000
|
||
|
Capital :
|
|
Stock
|
26000
|
||
|
M
|
40000
|
Debtors
|
26000
|
||
|
V
|
30000
|
Investments
|
15000
|
||
|
P
|
20000
|
Building
|
20000
|
Preetha retires on 01.05.2017 and as a result the assets are revalued
and liabilities reassessed as follows:
1. Goodwill of the firm valued at Rs 30000
2. Machinery is depreciated at 10%
3. Creditors were underestimated by Rs 500
4. Building and Investment are appreciated by 20%
5. Create a provision for doubtful debt on debtors at Rs 800
Prepare necessary ledger accounts and show the
balance sheet of new firm after adjustments.
Ans:
Working Note:
1) It is assumed that Mita& Vikash gaining
ratio remains 3:2.
New Profit sharing ratio between Mita&
Vikash is 3/5 : 2/5.
2)
Preetha’s
share of Goodwill
3)
Q.3] Prepare a Banks reconciliation statement from the following
particulars as on 31st April 2016
1. Balance as Per Pass Book Rs 8620
2. Cheques for Rs 4860 were deposited into bank but credited only Rs
3260 up to 31st April, 2016
3. A customer directly deposited into bank Rs 470
4. Interest credited by bank Rs 230
5. Bank Charges Rs 30
6. Balance as per Cash Book Rs 9550
Ans:
Bank Reconciliation Statement as on 31st April 2006
|
Balance as per cash book
(given)
|
|
9550
|
|
Add:
●
Customer
directly deposited into bank
●
Interest
Credited by Bank
|
470
230
|
700
|
|
|
|
10250
|
Set -2
Q.1] Elucidate how accounting information is beneficial to various
users.
Ans:
Various users of Accounting Information
Different
categories of users need different kinds of information for making decisions.
These users can be divided into:
1. Internal Users
2. External Users.
1. Internal Users:
These are the
persons who manage the business, i.e. management at the top, middle, and lower
levels. Their requirements of information are different because they make
different types of decisions.
Q.2] Explain the features of final account.
Ans:Features of Final Accounts
Qualitative
characteristics of financial statements include:
●
Relevance
●
Understandability
●
Reliability
●
Comparability
●
True and Fair
View/Fair Presentation
The qualitative
characteristics of useful financial reporting identifies the types of
information that are likely to be most useful to users in making decisions
about the reporting entity on the basis of information in its financial report.
The qualitative characteristics apply equally to the
Q.3] 1. Explain why Revaluation account is prepared.
Ans:When a new partner is admitted, the firm stands
reconstituted and all the assets and liabilities are required to be re-valued.
This is because, it is necessary to show the true position
2. X and Y are in partnership, sharing profits and losses in the ratio
of 3:5. They admit Z into partnership and the new-profit sharing ratio is
4:3:3. Value of Goodwill is agreed at Rs 30000. Z contributes Rs 20000 as capital
and necessary amount of premium, half of which is retained in the business.
Show the Journal Entries
Ans:
Cash/Bank A/c Dr. 50,000
To Goodwill A/c 30,000
To Z’s Capital
A/c 20,000
[Cash brought
by Z for her capital]
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