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KLE Society’s
Degree Commerce College, Nipani-591237

II Internal Test-2023-24
B. Com I Semester
FINACIAL ACCOUNTING - I
Time: 1Hour Max. Marks: 25
Reg. No:
Section A
1. Answer any FIVE from the following 01X05=05
a) What is Fire Insurance?
b) How do you calculate insurance claim amount under average clause?
c) Mention the kinds of Farm transactions.
d) Who is a Charted Accountant?
e) Give the meaning of Farm accounting.
f) What is Mercantile system of accounting?
g) What is Notional Transaction?
Section B
Answer any ONE from the following 05X02=10
2. Prepare Crop Account related to M/S Rollers Ltd:
a. Opening stock:
Wheat : 1,00,000
Seeds : 20,000
Fertilizers : 30,000
b. Closing Stocks:
Wheat : 1,60,000
Seeds : 15,000
c. Purchases:
Seeds : 12,000
d. Wages:
In cash : 1,80,000
In Kind (Wheat) : 20,000
e. Sales:
Wheat : 8,00,000
f. Wheat consumed by proprietors : 5,000
g. Wheat destroyed by Rodents : 8,000
h. Depreciation on the farm Equipment : 20,000
3. As fire occurred on premises of Mr. Motu on 31-12-2023 & considerable stock was
destroyed. The following data are available from the books:
a. Stock on 01-01-2023 Rs. 1,05,000
b. Sales for the year Rs. 4,20,000
c. Purchased for the year Rs. 3,88,000
d. Goods Drawn for personnel use Rs. 3,000
e. Value of salvaged stock Rs. 34,000
During the past five years average gross profit on sales is @ 20%. Prepare a statement of
Fire insurance claim.
4. Dr. Swati a medical practitioner has supplied you the following truncations. You are
asked to prepare her Income & expenditure A/C for the year ending 31-03-2023.
i. Medical fees earned Rs. 6,00,000
ii. Received interest on Private investment Rs. 15,000
iii. Consultation fees Rs. 75,000
iv. Car expenses Rs. 18,000 (used for professional purpose only)
v. Staff salary paid Rs. 60,000
vi. Food supplied to: a. Patients Rs. 45,000 & b. Family Rs. 15,000
vii. Electricity charges of clinic Rs. 6,000
viii. Rent paid Rs. 30,000 (Includes house rent Rs. 6,000).
Section C
Answer any ONE from the following 10X01=10
5. Fire occurred in the premises of Miss. Vidya on 30-03-2023. The following figures were
ascertained from her books:
Stock on 01-01-2022 : Rs. 80,000
Stock on 31-12-2022 : Rs. 1,60,000
Sales during the year 2022 : Rs. 20,40,000
Purchases for the year 2022 : Rs.12,00,000
Wages for the year 2022 : Rs. 2,40,000
Sales return for the year 2022 : Rs. 40,000
Purchases from 01-01-2023 to 30-03-2023 : Rs. 7,60,000
Sales from 01-01-2023 to 30-03-2023 : Rs. 8,00,000
Goods used for personnel use from 01-01-2023 to 30-03-2023 : Rs. 40,000
Wages from 01-01-2023 to 30-03-2023 : Rs. 40,000
Value of salvaged stock : Rs. 40,000
The closing stock of 2022 is overvalued by Rs. 40,000. She has taken fire insurance policy
for Rs. 1,80,000. Ascertain the value of stock lost by fire and prepare the statement of
claim under average clause.
6. From the following trail balance & additional informations prepare Crop A/C & Live
Stock A/C.
Trail balance as on 31-03-2023
Debit Balance Amount Amount Credit Balance Amount Amount
Opening Stock
Sales
(01-04-2022)
Crop 35,000 Paddy 1,70,000
Fertilizers 10,000 Fruits 30,000
Cattel 30,000 Cattel 1,00,000
Cattel Feed 20,000 95,000 Milk 60,000 3,60,000
Purchases: Capital A/C 4,50,000
Mortgage Loan
Seeds 8,000 1,00,000
from bank
Loan from Canara
Fertilizers 2,000 50,000
bank
Cattel 55,000 Sundry creditors 40,000
Cattel Feed 11,000 76,000
Crop Expenses 20,000
Livestock Expenses 21,000
Repairs &
15,000
Maintenance
Interest on mortgage
10,000
loan
Bank Interest 4,000
Cash in hand 16,000
Cash at bank 40,000
Sundry debtors 62,000
Machinery 80,000
Manager’s salary 12,000
Salary to staff 36,000
Rent paid 13,000
Land and buildings 5,00,000
Total 10,00,00 Total 10,00,000

0
Additional Informations:
A. Rs. 3,500 worth of farm produce was consumed by the livestock.
B. Manager’s salary & Staff salary are to be apportioned equally between crops & live stock
sections.
C. Stock as on 31-03-2023: Cattel Rs. 88,00, Seeds Rs. 2,000, Cattel Feed Rs. 9,000 &
Fertilizers Rs. 1,000.

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KLE Society’s

Degree Commerce College, Nipani-591237

Total 10,00,00 Total 10,00,000

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