15CP51T: Financial Accounting – V CP 5th Sem Syllabus for Diploma DTE Karnataka C15 Scheme

Financial Accounting – V detail DTE Kar Diploma syllabus for Commercial Practice (CP), C15 scheme is extracted from DTE Karnataka official website and presented for diploma students. The course code (15CP51T), and for exam duration, Teaching Hr/week, Practical Hr/week, Total Marks, internal marks, theory marks, duration and credits do visit complete sem subjects post given below. The syllabus PDFs can be downloaded from official website.

For all other cp 5th sem syllabus for diploma c15 scheme dte karnataka you can visit CP 5th Sem Syllabus for Diploma C15 Scheme DTE Karnataka Subjects. The detail syllabus for financial accounting – v is as follows.

Pre-requisites:

Knowledge of Book Keeping and Basics of Accounting of various business organisations.

Course Objectives:

The students shall be able to:

1. Install and execute the Departmental Accounting procedures.
2. Execute the Accounting procedure of Consignment business activity.
3. Calculate and settle Insurance claims along with documentations.
4. Execute the procedure of Hire purchase and instalment purchase systems.
5. Install and execute the Accounting system required for mining companies and quarries.

Course Outcomes:

For complete syllabus and results, class timetable and more pls download iStudy Syllabus App. Its a light weight, easy to use, no images, no pdfs platform to make students life easier.

UNIT-1 Departmental Accounting

Introduction – Allocation of expenses – Calculation of Departmental Purchases – Inter Departmental transfers at cost price – selling price – preparation of Balance Sheet

UNIT-2 Consignment Accounts

Introduction – Meaning – Consignor – Consignee – Goods Invoiced at Cost Price – Goods Invoiced at Selling Price – Normal Loss – Abnormal Loss – Valuation of Stock – Stock Reserve – Journal Entries- Ledger Accounts in the books of Consignor and Consignee.

UNIT-3 Insurance Claims

For complete syllabus and results, class timetable and more pls download iStudy Syllabus App. Its a light weight, easy to use, no images, no pdfs platform to make students life easier.

UNIT-4 Hire Purchaseand Installment Purchase System

Meaning of Hire Purchase and Installment Purchase System- difference between Hire Purchase and Installment Purchase – Important Definitions – Hire Purchase Agreement – Hire Purchase Price -Cash Price – Hire Purchase Charges – Net Hire Purchase Price – Net Cash Price – Calculation of Interest – Calculation of Cash Price – Journal Entries and Ledger Accounts in the books of Hire Purchaser and Hire Vendor ( problems only on hire purchase system under Asset Accrual Method).

UNIT-5 Royalty Accounts

Meaning and definition – Technical Terms – Royalty – Landlord -Tenant – Minimum Rent – Short Workings – Recoupment of Short Working under (Fixed Period) – Accounting Treatment in the books of Lessee and lesser – journal entries and Ledger Accounts including minimum rent account.

Reference Books:

For complete syllabus and results, class timetable and more pls download iStudy Syllabus App. Its a light weight, easy to use, no images, no pdfs platform to make students life easier.

E -Book for Reference:

-Websites of Dailies and Magazines / Journals of Business, Finance and Management.

SUGGESTED STUDENT ACTIVITIES:

1. Draft an organization chart showing sales departments for different products.
2. Collect account sales of a consignment transaction and comment on the result.
3. Collect a Pro-forma offire insurance policy and a claim’s calculation sheet.
4. Collection and recording of Hire Purchase Agreement
5. Collection and recording of Royalty agreement with regard to any suitable situation.

Model Question Paper:

PART – A

(Answer any SIX Questions) 6 x 5 = 30

1. Distinguish between consignment and sale.
2. State the features of hire purchase system.
3. How would you allocate the following expenses among the different departments
1. Advertisement
2. Depreciation 3.Insurance
3. Lighting
4. Rent
4. Manohar and Company of Bangalore consigned to Maruti of Mysore on 1st January 2015,for sale on their account 100 cases of Toys costing Rs. 1000 per case. A commission of 5%is payable on sales. Manohar and co: pay freight Rs. 5000 and insurance Rs.1000 and murari accepts the bill and takes the delivery. He pays unloading charges 500 carriage 500. He send s an account sales on 31st March2015. Stating that 40 cases were sold at Rs. 1200 each. 35 cases at Rs.1400 each and 25 cases at Rs.150 each. He sends as draft for the balance. Make out Account sales.
5. Distinguish between Hire purchase system and Instalment Purchase Systems.
6. On 1st January 2016, Amith purchased a furniture from Bangalore Furnitures Ltd., on Hire Purchase system. The cash price of the furniture is Rs. 7,450. The payment is made as follows: Rs. 2,000 as down payment and Rs.2,000 annually for three years as instalments. Calculate interest payable on furniture.
7. Explain the following terms:
1. Average clause
2. Under insurance
3. Over insurance
4. Salvage
5. Short sales.
8. Explain
1. Short workings
2. Recouping of shortworkings
9. Fire occurred in the premises of Anna and Co. on 1st sep 2015 and stock of the value of 1,01,000 was salvage and business records were saved. The following

information was obtained :

1. Purchases for the year ended 31-3-2015 6,80,000
2. Sales for the year ended 31-3-2015 11,00,000
3. Purchases from 31-3-2015 to 1-9-2015 2,50,000
4. Sales from 31-3-2015 to 1-9-2015 3,60,000
5. Stock on 31-3-2014 3,00,000
6. Stock on 31-3-2015 3,40,000

Calculate the amount of claims to be presented to the Insurance company.

PART-B

(Answer any FOUR Questions) 4×10 = 40

1. Mr.Ashok purchased a machine on hire purchase system from Bharat motors on 1-1-2006. The cash price of the machine was Rs74500.and the payment was to be as follows;

On signing the agreement Rs.20000 and the balance in 3 instalments of Rs.20000 each at the end of each year.5% interest is charged by the vendor. Mr. Ashok has decided to write off 10% depreciation annually on diminishing balance method. Calculate the interest and depreciation.

2. From the following information prepare departmental Trading and Profit and Loss Account of a firm of Dress maker’s
1. Stock on 1st January 2015 Men’s wear Ladies wear 17,400 14,700
2. Purchases Men’s wear Ladies wear 35,000 30,000
3. Sales Men’s wear Ladies wear 60,000 40,000
4. Wages Men’s wear Ladies wear 8,200 2,700
5. Rent, tax and Insurance 9,390
6. Sundries 3,600
7. salaries 3,000
8. lighting 2,100
9. Discounts 2,220 650
10. Advertising 3,680
11. carriage 2,340
12. Rent and insurance, sundries, lighting, salaries and carriage are to be apportioned in the

ratio 2:1.

13. Advertising to be divided equally.
14. Discounts to be allocated on the basis of sales and purchases.

The stock on 31st December 2015 was:
Men’s wear Rs. 16,740
Ladies wear Rs. 12,050

3. A fire occurred on 21st April 2016 in the premises of jwala mukhi and the stock in trade was destroyed. The following information is however, available to you: Rs.
1. Opening stock on 1-1-2016 11,000
2. Purchase upto 21-4-2016 45,000
3. Sales upto 21-4-2016 60,000

The stock on hand was always valued at cost price or market price, which ever was lower. However, the closing stock as at 31st December 2015 was valued at market price which was 10% above cost.
The percentage of profit usually obtained in the business was 15%.
The savings realized only Rs.400.
Compute the Fire Claim.

4. The Karnataka Minerals Ltd.s acquired a lease from a landlord for the purpose of extracting ore. It was agreed that the company should pay Rs.12 ton of ore raised subject to a minimum rent of Rs.36,000 a year and that the shortworking could be recouped in the first 3 years. The output raised for the first 4 years was:

[year Production (Tons)]

1. 2012 1750
2. 2013 2750
3. 2014 3750
4. 2015 4750

Write up the Royalties Account, short working Account.

5. A fire occurred in the premises of shri Das on 1st April 2015 and considerable part of the stock was destroyed . The stock salvaged was Rs. 56,000. Sri Das has taken a fire insurance policy for Rs. 3,00,000 to cover the loss of stock by fire.

You are required to ascertain the insurance claim which shri Das should claim from the insurance company for the loss of stock by fire. The following particulars are available:

1. Purchases for the year 2014 18,76,000
2. Sales for the year 2014 23,20,000
3. Purchases from 1st January 2015 to 1st April 2015 3,64,000
4. Sales from 1st January 2015 to 1st April 2015 4,80,000
5. Stock on 1st January 2014 2,88,000
6. Stock on 31st December 2014 4,84,000
6. Ram of Bangalore sent a consignment of 600 articles to his agent laksham at madras at an invoice price of 140 Rs. Per article. The following payments were made by Ram:
1. Railway charges 3150
2. Insurance 850
3. Miscellaneous charges 1250

Laksham sold the articles at 260 Rs. Each and sent an Account sales deducting 3500 towards his expenses and also his commission at 5% on gross sales proceeds. Laksham committed the amount due by cheque.
Journalize the above transactions in the books of Ram and prepare Laksham’s Account.

PART -C

(Answer any TWO Questions) 2 x 15 = 30

1. From the following balances extracted from the books OF B.N Pai, Prepare Departmental Trading and Profit and Loss Account for the year ended 31st MARCH, 2016 and Balance Sheet as on that date.

[Dr. Cr.]
[Capital 50,000]

1. Land and Building 12,500
2. Furniture Department A 2,500
3. Opening Stock. Dept. A 3,000
4. Opening Stock. Dept. B 4,000
5. Purchase Dept A 1,00,000
6. Purchase Dept B 1,50,000
7. Sales Dept. A 2,00,000
8. Sales Dept. B 3,00,000
9. Audit Fees 5,000
10. Electricity 10,000
11. Salaries 50,000
12. Sales Commission 30,000
13. Carriage inwards 5,000
14. Rent 40,000
15. Sundry Debtors 20,000
16. Sundry creditors 10,000
17. Drawings 28,000
18. Cash at Bank 1,00,000

Additional Information:

19. Depreciate Land and Building by 5% and Furniture by 10% per annum.
20. Staff is employed in the ratio of 2:1
21. Area occupied by each Department is equal.
22. Electricity consumption is in the ratio of 1:2
23. Closing stock Dept. A Rs. 13,000 and that of Dept. B Rs. 26,000
24. Audit fees be apportioned on the basis of turnover.
2. Mohan owned the patent of locks on January 1st 2000 . He granted Nagesh a license for 5 years to manufacture and sell the lock on the following terms:
1. Royalty of Rs. 10 per lock sold
2. Minimum rent of Rs.15,000 per annum
3. Short working could be recouped only within 2 years following the years in which the short working occurred subject to maximum of Rs.35,000 p.a
4. If in any year normal sales was not attained due to strike, the minimum rent was to be reduced proportionately to the length of stoppage. Nagesh closed his books on 31st December each year. The no. of locks sold during the lease period was as follows:

[year No of books sold]

5. 2000 900
6. 2001 1300
7. 2002 2000
8. 2003 1100
9. 2004 1400

During the year 2003, there was stoppage due to strike tat lasted 4 months . Show the Royalties receivable account, short workings suspense account and Nagesh’s accounts in the books of Mohan for each of above years.

3. Mr. Hanuman purchases two trucks on Hire purchase system on 1st January 2016, the cash price being Rs. 56,000 and payment is to be made as follows: On signing of the contract Rs. 15,000 and there after Rs. 15,000 being paid annually for 3 years. Interest was charge at 5% per annum. Depreciation was written off at the rate of 20% p.a. on the reducing balance system. Prepare necessary ledger accounts in the books of Mr. Hanuman.

For detail syllabus of all other subjects of BE Cp, C15 scheme do visit Cp 5th Sem syllabus for C15 scheme.

Dont forget to download iStudy Syllabus App for latest syllabus and results, class timetable and more.