15MM51T: Application and Practice of Financial Accounting – I Office Mgmt 5th Sem Syllabus for Diploma DTE Karnataka C15 Scheme

Application and Practice of Financial Accounting – I detail DTE Kar Diploma syllabus for Modern Office Management (MM), C15 scheme is extracted from DTE Karnataka official website and presented for diploma students. The course code (15MM51T), 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 office mgmt 5th sem syllabus for diploma c15 scheme dte karnataka you can visit Office Mgmt 5th Sem Syllabus for Diploma C15 Scheme DTE Karnataka Subjects. The detail syllabus for application and practice of financial accounting – i is as follows.

Pre-requisites:

Basic Knowledge of Financial Accounting – I in the First Semester.

Course Objectives:

The Students shall be able to:

1. Calculate the Interest on Partners’ Drawings, Appropriate Profits for various purposes, Maintain Partners’ Capital & Current Accounts in the prescribed methods and format.
2. Apply the accounting treatment for various adjustments at the time of Admission of a new partner.
3. Calculate the amount payable to the Retiring Partner and the mode of settlement.
4. Calculate the amount payable to the Executors of the Deceased Partner and mode of settlement.
5. Analyse the procedure to be followed for the Dissolution of Partnership Firms
6. Prepare the Final Accounts of Non – Trading Concerns.

Course Outcomes:

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Unit 1- PARTNERSHIP ACCOUNTS:

Provisions affecting Partnership Accounts (Profit Sharing, Interest on Capital, Interest on Loan, Interest on Drawings, Remuneration to Partners) – Distribution of Profits by Preparation of Profit and Loss Appropriation Account – Calculation of Interest on Partners’ Drawings under product Method – Maintenance of Partners’ Capitals by Fixed and Fluctuating Capital Methods.

Unit 2- ADMISSION OF A NEW PARTNER:

Listing of the Adjustments to be made at the time of Admission of a New Partner -Calculation of New Profit Sharing Ratio of all the Partners and Sacrificing Ratio of Old Partners – Accounting Treatment of Goodwill (in case of Premium, Revaluation and Memorandum Revaluation Methods) – Revaluation of Assets and Liabilities – Distribution of Accumulated Profits and Losses – Proportionate Capital Contribution – Simple Problems on Admission of a New Partner.

Unit 3 RETIREMENT OF A PARTNER:

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Unit 4 DEATH OF A PARTNER:

Ascertainment of the Amount due to the Deceased Partner – Preparation of Deceased Partner’s Executors’ Account – Settlement of Amount due to the Deceased Partner -Simple Problems on Death of a Partner.

Unit 5DISSOLUTION OF PARTNERSHIP FIRM:

Meaning of Dissolution – Dissolution of Partnership versus Dissolution of Partnership Firm – Settlement of Accounts – Accounting Treatment – Realization of Assets and Liabilities -Simple Problems on Dissolution of Partnership Firm.

Unit 6FINAL ACCOUNTSOF NON – TRADING CONCERNS:

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Reference Books:

1. Introduction to Accountancy by T.S.Grewal – S Chand and Company
2. Financial Accounting (Principles and Practices) by N.Vinayakam and B.Charumathi S Chand and Company
3. Financial Accountancy by N.P.Srinivasan and SakthivelMurugan – S Chand and Company
4. Accountancy Vol II by B.S. Raman
5. Accountancy Vol II by Kadkol
6. Dailies and Magazines / Journals of Business, Finance and Management.

E – BOOK FOR REFERENCE:

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

SUGGESTED STUDENT ACTIVITIES:

1. Drafting of Partnership Deed as per the provisions of Indian Partnership Act.
2. Collection of Partnership Deed copies visiting some Partnership Firms.
3. Analyse and listing of reasons for Admission of new partner into a Existing partnership Firm.
4. Analyse and listing of reasons for Retirement of partner from a partnership firm.
5. Analyse and listing of different methods of settlement of the amount due to the Retiring Partner/Executors of the deceased partner.
6. Analyse and listing of reasons for dissolution of partnership firm.
7. Listing of various Non-Trading Concerns situated and working in and around the localities of the students.

Note to IA verifier:

The following documents to be verified by CIE verifier at the end of semester

1. Blue books ( 20 marks)
2. Student suggested activities report for 5 marks
3. Student feedback on course regarding Effectiveness of Delivery of instructions & Assessment Methods.

Model Question Paper:

(CIE)

1. (According to unit and CO1)
2. (According to unit and CO1)
3. (According to unit and CO2)
4. (According to unit and CO2)

Note to IA verifier:

The following documents to be verified by CIE verifier at the end of semester

1. Blue books ( 20 marks)
2. Student suggested activities report for 5 marks and should be assessed
3. Student feedback on course regarding Effectiveness of Delivery of instructions & Assessment Methods.

Model Question Paper:

PART-A

(Answer any SIX Questions from this Section)

1. Explain the Profit and Loss Appropriation Account in detail?
2. The drawings of Mr.Bhanu during the year 2014 are as follows:
1. Rs.2, 000 on 31-03-2014
2. Rs.6, 000 on 01-07-2014
3. Rs.4, 000 on 31-08-2014
4. Rs.8, 000 on 01-10-2014

Calculate interest on drawings of Bhanu at 12% per annum under product method for the accounting year ended 31-12-2014

3. Describe the revaluation of Assets and Liabilities of the Partnership Firm at the time of Admission of a Partner.
4. Amar and Akbar were partners sharing profits in the ratio of 2:3. They admitted Anthony as a new partner. Their new profit sharing ratio is 4:5:6. Calculate the Sacrifice Ratio of Amar and Akbar.
5. Explain the concept of retirement of a Partner? Give any three reasons for retirement of a Partner.
6. P, Q & R were partners in a firm sharing profit in the ratio of 3:2:1. Q retired from the Business. P &R decided to share the profits in the ratio of 3:2 in future. Calculate the Gain Ratio of P & R
7. List out the items to be considered to ascertain the amount due to the deceased partner.
8. Elucidate the concept of Dissolution of a Partnership Firm
9. Narrate the concept of Non-Trading Concern along with examples.

PART – B’

(Answer any FOUR Questions) 4 x 10 = 40

1. A and B are partners in a firm sharing profits and losses equally. On 1st January 2016, their Capitals stood as Rs.1, 00,000 and Rs.60, 000 respectively. Interest is to be allowed on their capitals at 8% per annum. Their drawings during the year amounted to Rs.8, 000 and Rs.6, 000. The interest on their drawings is to be charged at 6% per annum. A is entitled to a monthly salary of Rs.2, 000 and B is entitled to a commission of Rs.12, 000. The net profit for the year 2016 before making adjustments for interest on capitals, interest on drawings, partner’s salary and partners’ commission.

Prepare the Profit and Loss Appropriation Account for the year ended 31st December, 2016 showing the division of profits between the partners.

2. Preetam and Aras are partners sharing profits and losses in the proportions of 3:2. Their Balance Sheet as on 31stMarch, 2016 was as follows:
1. [Liabilities Rs. Rs. Assets Rs. Rs.]
1. Cash in hand 2,000
2. Sundry Creditors 6,000 Bills Receivable 3,000
3. Bills Payable 2,000 Sundry Debtors 8,000
4. Stock 20,000
5. Capitals:Preetam 30,000 Furniture 4,000
6. Aras 20,000 50,000 Machinery 6,000
7. Building 15,000
8. 58,000 58,000
2. They agreed to take Ashok into partnership, giving him 1/4thShare in future profits. The following adjustments are to be made before Ashok’s admission:
1. Stock is to be valued at Rs. 18,000.
2. Furniture is to be depreciated by 5%.
3. Machinery is to be reduced by 10%.
4. Buildings are to be valued at Rs.20, 000.
5. Make a provision for bad and doubtful debts at 5% on Debtors.
3. Give the necessary journal entries and prepare the Revaluation Account.
3. On 31st December 2016, the Balance sheet of Rahim and Akbar stood as given below:
1. [Liabilities Rs. Rs. Assets Rs. Rs.]

Follow from pdf.

2. On 30th June 2002, Raja died and the Partnership deed provides in such an event, that the executors of the deceased shall be entitled to:
1. Share of Goodwill: Goodwill shall be estimated as two years average of last three years’ profits. Profits for the past three years were Rs.18, 000, Rs.24,000 Rs.27,000.
2. Share in the Profit for the current year: For this purpose, the profit of 2016 will be considered.
3. Share of Reserve Fund.
4. Capital Account balance as per the last Balance sheet.

Show the account of the executors of Raja (deceased) as on 31st December 2016.

4. Swetha and Sucheta were partners in a business sharing profits and losses in the ratio of 2:1 respectively. They decided to dissolve their firm on 31st December 2016 when the balance sheet appeared as under:
1. [Liabilities Rs. Rs. Assets Rs. Rs.]
1. Capitals: Goodwill 8,000
2. Swetha 20,000 Machinery 20,000
3. Sucheta 40,000 Patents 10,000
4. Profit and Loss A/c 6,000 Investments 4,000
5. Creditors 14,000 Stock 24,000
6. Debtors 12,000
7. Bank 2,000
8. 80,000 80,000
2. Swetha agreed to take over Machinery at Rs.27, 000. Sucheta agreed to take over Goodwill at Rs.12, 000 and Patents at Rs.8, 000. Other assets realized thus: Investments Rs.5, 000, Stock Rs.29, 000 and Debtors Rs.10, 000. Creditors were paid in full. Expenses of realization were Rs.1, 000

Pass necessary Journal Entries in the books of the firm.

1. Describe the Dissolution of a Partnership Firm?
2. Mention the major points of distinction between Dissolution of partnership and Dissolution of the Partnership Firm.
6. Explain the accounting treatment of the following items in the Final Accounts of Non-Trading Concerns?
1. Subscriptions
2. Entrance Fees
3. Life Membership Fees
4. Donations
5. Legacies

PART – C

(Answer any TWO Questions)

1. Abhi and Shashank are partners sharing profits and losses in the ratio of 2:1. Their Balance Sheet as on 31st December, 2016 was as follows:
1. [Liabilities Rs. Rs. Assets Rs. Rs.]
1. Creditors 12,000 Cash at Bank 10,000
2. Bills Payable 8,000 Debtors 5,000
3. Reserve Fund 9,000 Stock 10,000
4. Capitals: Abhi 20,000 Furniture 4,000
5. Shashank 20,000 40,000 Building 40,000
6. 69,000 69,000
2. They admitted Suhas into Partnershiip giving him 1/5th share in the future profits on the following terms:
1. The new partner should bring Rs.25, 000 as his capital and Rs.9, 000 as Goodwill.
2. The value of building is to be appreciated by Rs.7, 000.
3. The furniture is to be depreciated by Rs.900.
4. The stock is to be depreciated by 10%.
3. Prepare the following:
1. Revaluation A/c
2. Partners’ Capital Accounts
3. Balance Sheet of the New firm.
2. Shobha, Dharitri and Navya were partners sharing profits and losses in the ratio of 3:2:1. Their Balance sheet on 31-03-2016 stood as given below:
1. [Liabilities Rs. Rs. Assets Rs. Rs.]
1. Bills Payable 31,000 Bank 15,000
2. Reserve Fund 15,000 Debtors 16,000
3. Capitals: Less: Reserve 1,000 15,000
4. Shobha 40,000 Stock 20,000
5. Dharitri 36,000 Furniture 20,000
6. Navya 28,000 Building 80,000
7. 1,50,000 1,50,000
2. Navya’ retired from the Business on the above date and following adjustments are to be made:
3. The Goodwill of the firm is to be valued at Rs. 21,000/- which however need not be shown in the books of Accounts of the Firm.
4. Stock and Furniture to be depreciated by 15%.
5. Reserve for doubtful debts to be increased to Rs.3, 000/-.
6. The value of Building to be raised to Rs.1, 00,000/-.

Prepare necessary ledger accounts and the balance sheet of the Continuing Partners.

3. Tennis Club of Gulbarga was started from 1-1-2016. It’s Receipts and Payments Account for the year ended 31-12-2016 was as follows:
1. [Receipts Rs. Payments Rs.]
1. To Endowment Fund Receipts 40,000 By Tournament Expenses 15,200
2. Donations 80,000 Furniture 25,600
3. Tournament Fund 20,000 Sports Equipment 50,800
4. Life Membership Fees 12,000 Function Expenses:
5. Entrance Fees 1,200 – Honorarium 28,000
6. Fees for Functions 48,000 – Others 8,000
7. Subscriptions 12,000 Printing 2,000
8. Rent 4,800
9. Salaries 14,400
10. Postage 600
11. Fixed Deposit in Bank 60,000
12. Cash Balance 3,800
13. 2,13,200 2,13,200
2. Adjustments:
1. Expenses Outstanding: Salaries Rs.4, 800 and Printing Rs.2, 000
2. Subscription due for 2016 Rs.8, 000
3. Depreciation on Sports Equipment Rs.10, 000
4. Postage Stamps on Hand Rs.80.
5. Entrance Fees and Life Membership Fees are to be capitalized.

Prepare Income and Expenditure Account and Balance Sheet as on 31-12-2016

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