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Total No. of Questions5] [Total No. of Printed Pages3[3969]-301T.Y. B.Com. EXAMINATION, 2011BUSINESS REGULATORY FRAMEWORK (M. Law)(NEW 2008 PATTERN)Time : Three Hours Maximum Marks : 80N.B. : (i) All questions are compulsory.(ii) Figures to the right indicate full marks.1. Define Contract. Explain essential elements of a contract. [16]2. Elaborate the concept of Condition in a contract of sale of goods.Explain implied conditions in sale. [16]OrState and explain the rights and duties of Bailor.3. (A) Explain in brief composition and functions of Consumer ProtectionCouncils. [8](B) Define and explain the concept of patent. [8]Or(A) State the provisions relating to Notice of Dishonour of NegotiableInstrument.(B) Elucidate the provisions regarding conciliation proceedings underthe Arbitration and Conciliation Act, 1996.4. What is an Endorsement ? Discuss different kinds of endorsementson negotiable instrument. [16]P.T.O.[3969]-301 25. Write short notes on (any two) : [16](a) Unlawful objects and considerations(b) Significance and advantages of E-commerce(c) Rights of Design Holder(d) Salient features of Consumer Protection Act, 1986.(ejkBh :ikarj)os % rhu rkl ,dw .k xq .k % 80lwpuk :(i) loZ - =| l| ~|+ ~|t (ii) -i+i- ~+ | | |l-|-1. '+||-i' || | +||-i l| !--|| +| [16]2. n|- l+i +||-i- 'n| ~i'-i =+--| +- l+i +||-i- n| ti- ~i l| +| [16]fdaokl--| ||- t++ +- =|- +|3. :~| |t+ = -|| l|| -i --| +| || +|- +| [8]:| -i || - =+--| l| +| [8]fdaok:~| ----|n -( |-| ~-||-| =-- =|i-| --i =||:| n|i =-| || +||, 1996 ~-- =n|-| +|z-i l|i-| --i=||4. a|+- -t| +| ----|n -(|-i a|+-|-| ll| +||-i --|+| [16][3969]-301 3 P.T.O.5. = l-|-- i| l-t| :+| ||ti nks u| [16]:~| +||i -l ~|l| l-+-:| :+|n=- nt ~|l| +|:+| l|:- ||+|- ~l|+|:| |t+ = -|| +|| 1986-i n| l|Total No. of Questions4] [Total No. of Printed Pages8[3969]-302T.Y. B.Com. EXAMINATION, 2011ADVANCED ACCOUNTING(NEW 2008 PATTERN)Time : Three Hours Maximum Marks : 80N.B. : (i) All questions are compulsory.(ii) Figures to the right indicate full marks.(iii) Use of calculator is allowed.1. (A) Answer in one sentence only (any five) : [10](i) Which section of Banking Regulation Act provides forpreparation of Banks final account in prescribedforms ?(ii) What are the insured standing charges ?(iii) Accounting Standard 3 stands for what ?(iv) Give the formula to calculate Debts to Equity Ratio.(v) Consumption of farmer is debited to which account ?(vi) The closing balance on Goods sent to Branch Accountis transferred to which account ?(vii) Excess of assets over liabilities are what ?(B) Write short notes on (any two) : [14](i) Accounting Standard 15(ii) Short sales(iii) Allocation of expenses in Departmental Account(iv) Difference between Financial Accounting and ManagementAccounting.(v) Operating Ratio.P.T.O.[3969]-302 22. The following is the Trial Balance of Vidya Bank Ltd. as on31-3-2011 : [14]Particulars Dr. Cr.Capital ... 5,00,000Reserve Fund ... 2,50,000Loans, cash credit, overdraft 2,85,000 ...Premises 61,000 ...Indian Govt. Securities 4,00,000 ...Current Deposits ... 1,00,000Fixed Deposits ... 1,25,000Savings Bank Deposits ... 50,000Salaries 28,000 ...General Expenses 27,400 ...Rent & Taxes 2,300 ...Director Fees 1,800 ...Profit & Loss A/c on 1-4-2010 ... 16,000Interest and Discount ... 1,28,000Stock of stationery 8,500 ...Bills purchased and discounted 46,000 ...Interim Dividend paid 17,000 ...Recurring deposits ... 31,000Investment in shares 50,000 ...Cash in hand & with R.B.I. 1,93,000 ...Money at call & short notice 80,000 ...12,00,000 12,00,000[3969]-302 3 P.T.O.Adjustments :(1) Provision for Bad and Doubtful debts is required to be madeat Rs. 5,000.(2) Interest accrued on investment is Rs. 8,000.(3) Unexpired discount amounted to Rs. 380.(4) Interim dividend declared is 4% actual.(5) Market value of Indian Govt. Securities are Rs. 3,90,000.(6) Rs. 10,000 are added to the premises during the year. Depreciationat 5% on the opening balance is required.You are required to prepare Profit & Loss A/c for the year ended31-3-2011 and the Balance Sheet as on that date with necessaryworking in the prescribed schedules.OrOn 1-4-2010 X Ltd. of Bombay purchased cum interest at Rs. 98,Rs. 10,000, 6% debentures of Y Ltd. and expenses incurred wereRs. 500. The interest is payable on 30th June and 31st Dec. everyyear.On 1-6-2010, the company sold ex-interest at Rs. 102, Rs. 3,000debentures and expenses incurred being Rs. 200.On 1-10-2010 the company again sold cum interest at Rs. 101,Rs. 4,000 debentures and the expenses were Rs. 100.On 1-2-2011 the company purchased ex-interest Rs. 5,000, debenturesat Rs. 104, the expenses being Rs. 300.Brokerage at 30 paise per hundred rupees was paid on both purchasesand sales besides the expenses noted above.Prepare the 6% Debentures Account in the books of X Ltd. closingit on 31-3-2011 by FIFO method. [14][3969]-302 43. (A) A fire occurred in the premises of M/s Gokhale & Co. on15th Oct. 2010. From the following details ascertain the lossof stock and prepare a claim for insurance : [8] Rs.Stock on 1-4-2009 68,000Purchases from 1-4-2009 to 31-3-2010 2,44,000Sales from 1-4-2009 to 31-3-2010 3,60,000Stock on 31-3-2010 60,000Purchases from 1-4-2010 to 14-10-2010 2,94,000Sales from 1-4-2010 to 14-10-2010 3,00,000The stock salvaged was worth Rs. 36,000. The amount of policywas Rs. 1,26,000. There was an average clause in thepolicy.(B) From the following Trading & Profit & Loss A/c and BalanceSheet, calculate : [14](i) Current ratio(ii) Acid test ratio(iii) Stock turnover ratio(iv) Gross profit ratio(v) Debtors turnover ratio(vi) Net profit ratioTrading A/c for the year ended 31-3-2011 :To opening stock 90,000 By salesTo purchases 60,000 Credit 1,08,000To wages 2,000 Cash 12,000 1,20,000To gross profit 40,000 By closing stock 72,0001,92,000 1,92,000[3969]-302 5 P.T.O.Profit & Loss A/c for the year ended 31-3-2011 :To operating expenses By Gross profit 40,000Selling & Distribution 12,000Administrative 6,000Financial 2,000To Net profit 20,00040,000 40,000Balance Sheet as at 31-3-2011 :Share capital 90,000 Land & Building 50,000Reserves 20,000 Plant & Machinery 10,000Profit & Loss A/c 25,000 Stock in Trade 72,000Loans 10,000 Debtors 20,000Bank overdraft 25,000 Bills receivables 10,000Creditors 13,000 Cash at Bank 8,000Bills payable 4,000 Cash in hand 17,0001,87,000 1,87,0004. From the following Trial Balance of Shri Shivaji Sahebrao Maneof Hanumantwadi, prepare Crop A/c, Livestock A/c and Profit &Loss A/c for the year ended 31-3-2011 and the Balance Sheet ason that date : [20] Particulars Debit CreditStock on 1-4-2010 : (Rs.) (Rs.)Crop and Fertilizer 40,000Cattle 30,000Sheep 10,000Crop in process 16,000Capital ... 15,80,000[3969]-302 6Purchases :Seeds and fertilizer 6,000Pesticides 2,000Cattle 36,000Sheep 8,000Cattle feed 8,000Farm wages 16,000Irrigation charges 2,000Repairs to farm implements 2,000Expenses on bullocks 4,000Loan from Shahu Bank ... 3,00,000Loan from State Bank ... 80,000Sundry creditors ... 56,000Veterinary Medical expenses for cattle 6,000 ...Wages for rearing 10,000 ...Maintenance of farm machinery 8,000 ...Bank interest 28,000 ...Crop insurance 4,000 ...Depreciation provision on farm machinery ... 1,00,000Sales :Cattle ... 1,20,000Sheep ... 80,000Milk ... 60,000Paddy ... 1,00,000Fruits ... 1,00,000Vegetables ... 64,000Fodder ... 30,000Flowers ... 10,000[3969]-302 7 P.T.O.Cash in hand 20,000 ...Bank Balance 40,000 ...Debtors 80,000 ...Farm Machinery (at cost) 2,00,000 ...Managers salary 40,000 ...Other staff salaries 40,000 ...Land 12,00,000 ...Farm building 6,00,000 ...Bullocks 20,000 ...Bullock-cart 10,000 ...Irrigation shed 10,000 ...Tractor 1,50,000 ...Running expenses of tractor 34,000 ...26,80,000 26,80,000Additional information :(1) Provide depreciation on : Tractor @ 10% p.a., [email protected] 20% p.a., farm machinery @ 10% on original cost, farmbuilding Rs. 2,000.(2) Rs. 20,000 worth of farm produce was consumed by Live-stock.(3) Manager salary and other staff salary are to be apportionedas 60% to crop and 40% to livestock.(4) Tractor expenses are to be apportioned in the ratio of3 : 2 between crop and livestock.(5) Stock as on 31-3-2011Cattle Rs. 40,000, Sheep Rs. 24,000,Crop & fertilizer Rs. 60,000.[3969]-302 8OrRukmini keeps her books by single entry. On 1-4-2010 her capitalwas Rs. 69,000. Analysis of her cash book for the year 2010-11gives the following particulars : [20]Debit side :Rs.Received from sundry debtors 60,000Paid into Capital A/c 5,000Credit side :Due to bank on 1-4-2010 7,400Payment to sundry creditor 25,000General expenses of business 10,000Salaries paid 15,500Drawings 3,000Balance at Bank on 31-3-2011 4,000Cash in hand 100Assets and liabilities were :Particulars 1-4-2010 31-3-2011Rs. Rs.Debtors 53,000 88,000Creditors 15,000 19,500Stock 17,000 19,00