 urgent {Advance accounting}(need answer of few Questions) -
July 20th, 2009
Please anyone can help me to find out the answer of few question , i have to submit this assignment in 4 days plzzzzzzz help me out
Question 1
a) Distinguish between:
i) Royalties payable and royalties suspense account
ii) Shortworking account and shortworking irrecoverable
iii) Shortworkings Recoverable and Shortcoverings Irrecoverable
iv) Fixed right and Fluctuating right of recopment of shortworkings
b) A firm sends goods on sale or return basis , customers are allowed a period of ten days during which they may return the goods. The following are the particulars of supplies made by the company on sale or return basis during march 31 2001
Date Customer name amount Customer Response
10 Arora 5300 15-3-2001-returnd
12 Bose 2800 16-3-2001-Retaind
18 chopra 4600 23-3-2001-Good invoiced
At Rs 1300returned
26 Dogra 3700 No intimation till31march
28 bose 1900 No intimation till31march
Show entries in “goods sent on sale or return day book” ,” goods on sale and return sold and returned day book “ and “goods on sale or return total a/c”
The company closes its books on 31st march evry year
Question 2
a) A ltd issued 1,00,000 equity shares of Rs 10 each. The issue was underwritten by X for a commission of 2.5% . X arranged with Y for sub underwriting to the extent of 30% of shares for a commission of 1%. The shares were to be paid for as:
Rs 3 on application
Rs 4 on allotment and
Rs 3 on first and final call
The public applied for 80,000 shares. Both X and Y fulfilled their obligation . after the call, X sold 9,000 shares at Rs 9. At the close of the period, the market value of the share was Rs 9.40. Prepare the underwriting account in the books of X. Expenses were Rs 4000
b) In shaene –e-Hind hotel, there are 200 lettable rooms out of which there are 70 single bed rooms and 130 double bed rooms. On 26th December ,2000 63 singled bed rooms and 109 double bed rooms were occupied by the guests. You are required to calculate the bed occupancy rate for the day.
c) Explain the concepts Self Insurance and Co insurance
Question 3
a)The premises of Xltd caught fire on 22nd January 2000 and the stock was damaged . the firm made up accounts to 31dt march each year and on 31st march 1999 the stock at cost was rs 13,27,200 as against 9,62,200 on 31st march 1998 . Purchases from 1st april 1999 to the date of fire was Rs 34,82,700 as against Rs 45,25,000 for the fullyear 1998-99 and the corresponding sales figure were as Rs 49,17,000 and Rs 52,00,000 respectively. You are given the following further information:
i) In july, 1999 goods costing Rs 1,00,000 were given away for advertising purposes , so entries being made in the books.
ii) during 1999-2000 a clerk misappropriated unrecorded cash sales . It is estimated that the defalcation averaged Rs 2000 per week from 1st april 1999 until the clerk was dismissed on 18th august 1999
iii) the rate of gross profit is constant
From the above information , make an estimate of the stock in hand on the date of fire
b) On 1st of april 1998, Mr A purchased from Mr B a machine on hire purchase system . the cash price of the machine was Rs 80,000. Mr A paid Rs 20,000 on signing of the agreement and the balance in 3 annual instalments of Rs 20000 each together with interest @12% p.a on balance of cash price remaining outstanding , the first installment falling due on 31st march 1999. he charged depreciation on machine @15% p.a on reducing balance of the machine . He closed his books of account every year on 31st march
You are required to prepare in Mr A’s ledger the following accounts:
i) the accounts of Mr B , the hire vendor
ii) Interest account
iii) Depreciation account
Question 4
a) Tom, Dick ,Hary have capitals of Rs 96000 , Rs 60000, Rs 84000 and share profits and losses as to one half, one third, and one sixth respectively. Fter paying creditors , the following sums become available and it was agreed that they shall be distributed as when determined
January 1-sale proceeds on machinery 12000
January 1 – realization from debtors 40000
No further assets remain to be realized and dick mis insolvent . show the sums to be paid to the partners out of the amount available | 
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