15MM61T: Application and Practice of Financial Accounting – II Office Mgmt 6th Sem Syllabus for Diploma DTE Karnataka C15 Scheme

Application and Practice of Financial Accounting – II 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 (15MM61T), 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 6th sem syllabus for diploma c15 scheme dte karnataka you can visit Office Mgmt 6th Sem Syllabus for Diploma C15 Scheme DTE Karnataka Subjects. The detail syllabus for application and practice of financial accounting – ii is as follows.

Pre-requisites:

Basic Knowledge of Financial Accounting – II

Course Objectives:

The students shall be able to:

1. Apply the knowledge acquired in Financial Accounting – II to convert the Single Entry System into Double Entry System either on temporary basis or on permanent basis, as the case may be.
2. Illustrate the Method of Ascertainment of Cash Price & Interest and passing of Journal Entries and preparing necessary Ledger Accounts in the books of Hire Purchaser and Hire Vendor. .
3. Pass necessary Journal Entries and Prepare necessary Ledger Accounts in the books of Lessee and lessor.
4. Convert the Partnership Firm into a Limited Company by following the correct accounting procedure.

Course Outcomes:

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UNIT 1: CONVERSION OF SINGLE ENTRY INTO DOUBLE ENTRY SYSTEM:

Types of Conversion – Need for Conversion – Preparation of Statement of Affairs -Cashbook – Memorandum Trading Account – Total Debtors Account – Total Creditors Account – Bills Receivable Account – Bills Payable Account – Trading and Profit & Loss Account and Balance Sheet.

UNIT 2: HIRE 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 (Asset Accrual Method only).

UNIT 3: ROYALTY ACCOUNTS:

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UNIT 4: CONVERSION OF PARTNERSHIP FIRM INTO A LIMITED COMPANY:

Meaning – Need for conversion – Purchase Consideration – Mode of Discharge of Purchase Consideration – Methods of calculation of Purchase Consideration – Net Payment Method -Net Assets Method -Journal Entries and Ledger Accounts in the books of Vendor -Treatment of items: Dissolution Expenses, Unrecorded Assets and Liabilities, Assets and Liabilities not taken over by the Purchasing Company, Contingent liabilities, Incorporation entries and preparation of balance sheet of the purchasing company under vertical format.

SKILL DEVELOPMENT:

List out various accounting concepts and conventions (GAAP)

• List out Various Accounting Standards
• Collection & recording of Royalty agreement with regard to any suitable situation. Collection and recording of Hire Purchase Agreement.
• Ascertainment of Cash Price and Interest with imaginary figures under Hire Purchase System.

Reference Books:

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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)

2. OR
4. OR

Model Question Paper:

PART-A

(Answer any SIX Questions from this Section)

1. Narrate the objectives of single entry system into double entry system ?
2. state the merits and de-merits of single entry system?
3. Distinguish between
1. sale and hire purchase
2. hire purchase and installment?
4. give the meaning of Royalty and mention kinds of Royalty
5. Explain the Purchase Consideration ?
6. From the following particulars available from the books of Mr.Ravath,you are required to determine the total purchases for the year 2011
1. Total creditors balance on 01.01.2011 Rs.39200
2. Bills payable balance on 01.01.2011 Rs.9345
3. Discount earned Rs.1455
4. Cash purchases Rs.4800
5. Cash paid to creditors(including payment to a supplier of a sum of rs.1800 towards the cost of furniture. Rs.23532
6. Returns outwards Rs.1156
7. Bills payable balance on 31.12.2011 Rs.14345
8. Payment made against Bills payable Rs.14000
9. Bills receivable endorsed to creditors Rs.2057
10. Total creditors balance on 31.12.2011 Rs.33000.
7. What are the difference b/w statement affairs and balance sheet.
8. What are the difference b/w Net asset method and Net payment method
9. write profarma of trading and Profit and loss.

PART – B’

(Answer any FOUR Questions)

1. Y company is a lessee of a mine on a Royalty of Re.1 per ton of coal raised with a minimum rent of Rs.8000 PA with power to recoup Short workings during the first two years of the lease only. the output for the first three years was:

-2001-5000 tons,2002-9000 tons,2003-8000 tons

Pass the necessary journal enters in the books of landlord

2. on 1st January 2002 a company bought an asset on hire purchase system. the cash price was Rs.10,200 and hire purchase price Rs.11,190 payable as to Rs.2,190 on delivery the balance in five half yearly installments. The books are closed annually on 31st December .and the buyer writes off depreciation at 20%PA on diminishing balance method .

The hire vendor charged interest at 8%PA.Set out the asset account and hire vendors account in the books of buyer.

3. Set out bellow is the balance sheet of X &Y
1. [Liabilities Amount Assets amount]
1. Cash at bank 10000
2. Creditors 50000 Debtors 40000
3. Capital Stock 30000
4. X 60000 Investments 20000
5. Y 70000 Machinery 80000
6. Total 180000 total 180000
2. The firm was sold to limited company on the following terms:
1. the company was to purchase the whole concern excepting cash at 10% less then the book values and to pay rs.10000 for good will.
2. the creditors was taken at book value
3. the purchase price was paid half in cash and half fully paid shares of the company.
3. Calculate the purchase consideration .under net asset method and settlement of purchase consideration
4. from the following particulars taken out from the books of santhosh who has kept them under single entry system prepare the total debtors account and bills receivables account:

[Particulars amount]

1. Balance of total debtors on 01.01.2011 12700
2. Balance of total debtors on 31.12.2011 15000
3. Balance of bills receivable on 01.01.2011 6000
4. Balance of bills receivable on 31.12.2011 9000
5. Credit sales ?
6. Cash received from debtors 41000
7. Bills receivable received from debtors ?
8. Bills receivable dishonored 300
9. Cash received against bills 16700
10. Goods returned from debtors 2000
11. Discount allowed 1300
12. Bad debts 700.
5. the Hindustan publishing company proposes to acquire a printing machine of cash value of Rs. 27300 on the hire purchase system .Rs. 6000 was to be paid immediately, and the balance four equal annual installments of rs.6000. the vendors charge interest at 5%PA.depriciation has to be provided at 10%PA make the journal entries in the books of buyers and seller.
6. on 01.01.2007 the west Bengal coal co.ltd took a lease of a mine on Royalty of rupee one per ton of coal raised , the dead rent being rs.25000 PA. with right to recoup short workings during the first five years of the lease the out put for first five years was following:
1. 2007 15000 tons
2. 2008 22500 tons
3. 2009 27500 tons
4. 2010 30000 tons
5. 2011 37500 tons

Write up the Royalty chart of west Bengal coal co.ltd.

PART – C

(Answer any TWO Questions)

1. A,Band C were partners in the firm sharing profits and losses in the ratio of 31.12.2011 they agreed to sell their business to a limited company. On that date their position was follows :
1. [Liabilities Amount Assets Amount]
1. Buildings 90000
2. Capitals: Machinery 15000
3. A 60000 Stock 25000
4. B 36000 Debtors 35000
5. C 30000 Cash 1000
6. Loan from bank 10000
7. Creditors 30000
8. total 166000 Total 166000
2. The company agreed to take over the following assets at the value shown against them:
1. Buildings rs.100000
2. Machinery rs.10000
3. Stock rs.26000
4. Debtors rs.32000
5. Goodwill rs.20000
3. The company also took over the creditors at rs.28000. the company paid the purchase the consideration by allotment of 10000 shares of rs.10 each and the balance in cash.

The realization expanses amounted to rs.5000
Show the necessary ledger account in the books of the firm

2. Ascertain credit sales and credit purchases from the following :

[Particulars amount]

1. opening debtors 10000
2. opening creditors 7000
3. cheques and cash received from debtors 28000
4. cheques and cash paid to creditors 21000
5. discount allowed by creditors 1000
6. discount allowed to debtors 1500
7. returns inwards 2000
8. returns outwards 1500
9. provision for doubtful debts 1000
10. bills accepted for creditors 5000
11. bills accepted by debtors 8000
12. cheques and bills dishonored by debtors 1000
13. cheques issued to creditors returned unpaid 500
14. closing debtors 8000
15. closing creditors 5000
3. On 01.01.2008 the mysore colliers Ltd. Leased a piece of land for minimum rent of rs.2000 in the first year, rs.4000 in the second year and thereafter rs.6000PA merging into a Royalty of 25 paise per ton with power to recoup short workings over the first three years only .the annual output for the four years ending with 31 december,2011 was 2000,12000,32000and 48000 tons respectively .

Show how these accounts would appear in the books of mysore colliers Ltd.

For detail syllabus of all other subjects of BE Office Mgmt, C15 scheme do visit Office Mgmt 6th Sem syllabus for C15 scheme.

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