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Bangalore University Advanced Financial Accounting Question Paper of May 2016

Here you can find out Bangalore University 2nd Semester B.Com Advanced Financial Accounting Question Paper of the year May 2016 & also you can download this Question Paper in PDF Format. If you are searching for Bangalore University Previous Year/Old or Model Question Papers, Question Bank or BU Question Papers visit Bangalore University Question Papers Section to download more question papers in PDF format.
                                       Details of Question Paper
University Name:Bangalore University
Course Name:Bachelor of Commerce
Subject:2.3 - Advanced Financial Accounting
ClassSecond Semester
Question Paper Code:MS421
Year May 2016
SchemeCBCS (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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