Corporate Accounting

ARIGNAR ANNA COLLEGE(ARTS & SCIENCE)
KRISHNAGIRI.

INTERNAL ASSESSMENT-I
CLASS: I B.COM/B.COM(CA) FINANCIAL ACCOUNTING-II TIME: 1.50 HOURS PART- A 5X2=10
ANSWER ALL QUESTIONS 1. What is Branch account? 2. What are the main objectives of Branch account? 3. What is Departmental accounts? 4. What is “Stock Reserve”? 5. What is ’Direct expenses’? PART-B 2X5=10
ANSWER ALL QUESTIONS 6. What are the types of Branch accounts and Explain? 7. What are the special features of Dependent branch?

PART-C 3X10=30
ANSWER ALL QUESTIONS 8. Write the Format and Journal entries of Branch account? 9. The Following purchases were made by a business house having three departments.

Dept. A – 1000 units
Dept. B – 2000 units at a total cost of Rs. 1,00,000.
Dept. C - 2400 units
Stocks on 1st Jan were: Dept. A – 120 units Dept.B – 80 units Dept. C – 152 units
Sales were: Dept. A – 1020 units @ Rs. 20 each. Dept. B – 1920 units @ Rs. 22.50 each. Dept. C – 2496 units @ Rs. 25 each.

The rate of gross profit is same in each case. Prepare Departmental trading account. 10. From the following particulars prepare a branch account showing the profit or loss at the branch.

Opening Stock at the branch 15,000
Goods sent to the branch 45,000
Sales 60,000
Salaries 5,000
Other expenses 2,000
Closing stock could not be ascertained but it is known that the branch usually sells at cost plus 20%. The Branch manager is entitled to a commission of 5% on the profit of the Branch before charging such commission.

ALL IS WELL