best commerce coaching in patna

Important set for 2017

ACTIVE COMMERCE CLASSES

Kurji near Loyola school Patna -10

B.com part I Accounts (Hons )

Patna University

Set -1

1.       Define accounting principle and describe accounting principles.

2.       What do you understand by basis accounting concepts and conventions?

3.       What do you mean by accounting principle? Discuss its nature, significance and limitations.

4.       What do you mean by financial analysis? What are the different techniques of financial analysis?

5.       What is receipts and payment account? Explain main characteristics.

6.       Show what journal entries would be passed by head office for the following in the books on 31^st Dec. A) goods amounting 5500 transferred from Patiala branch to delhi branch the instruction from head office.

 B) depreciation ₹5000 on fixed assets on delhi branch when such accounts are opened to the head office .

C) Goods amounting ₹7000 sent by head office to Patiala branch on 20 Dec.  And received by branch on 15 Jan

D) For the year 2014 the Patiala branch showed net loss ₹1250. The Delhi branch a jet profit ₹3000.

7.       A company took the lease of a celery at minimum rent of 4000 for the first year and ₹6000 for the 2ned year and ₹8000 per year. There after the short working of any year could be recouped out of royalty of next two year only. The output for the first year as follow :-

Year	Out in ton
1 2 3 4 5	2000 4500 6000 9000 12000

Rate of royalty was ₹1 ton. Prepare necessary accounts in the books of A company.

8.       X and Y in a partnership sharing profit and losses in the ratio 2:1 respectively the following on the date of dissolution, both X and Y are insolvent.

Liabilities	₹	Assets	₹
Creditors Capitals X Y	4280 2000 1570	Cash debtors Stock Fixtures & furniture Goodwill	500 2000 1750 1400 2200

Assets otherthan cash realised ₹3470 and the expenses on dissolution were ₹ 200. Close the books of the firm .

9.       Mr. X keeps the books under single entry system which financial position on 1^st jan 2010 was as follow :-

Particular	₹
Cash Cas at bank Debtors Stock  Furniture Machinery Creditors	250 1000 2000 2500 750 300 1500

Following is the position on 21^st Dec2010.

Particular	₹
Cash Debtors Stock Furniture Machinery Creditors Overdraft	300 3000 3500 1000 4500 2000 500

He withdrew 450 during there year for personal use and introduced ₹750 is further capital. find out the profit for the year ended on 31^st Dec.2010 and prepare balance sheet of that date.

10.   Shram colliery company ltd. agreed to purchase wagon on the hire purchased system for Rs. 14,600 Rs. 2,600 were paid when the wagons were acquired on 1^st January. 2010 and the balance was to be paid by annual instalments of Rs. 3,000 plus interest at 5 present p.a. open the necessary ledger account in the books of the shram colliery company ltd . The company depreciates the wagon each year by 10?% on the original cost.