CA FND N22 - SAP 3 Acc BOE QP Revised

KS Academy SAP (16-10-2022)
KS Academy
CA Foundation Nov-22 –SAP Exam
Roll number…………… Code -FNDPA3
Time Allowed- 90 minutes Total No. of printed Pages - 2
Total Number of Questions - 6 Maximum Marks-50
Candidates are required to Answer all the Questions
1. A bill receivable for Rs. 10,000, which had been discounted at Rs. 9,500, is dishonoured and bank paid
Rs. 200 as Noting Charges. Give Journal Entries along with narration to record the above in the books
of: (i) the Drawer; (ii) the Drawee, and (iii) the Bank.
(4 Marks)
2. X owes Y Rs. 3,000 and accepted a three months bill for the amount. Before the due date of the bill:
a. X, approached us and pays Rs. 1,000 in cash and asks us to draw on him another bill for 5 months
for Rs. 2,000 plus interest @ 18% p.a.
b. X pays us interest @ 18% p.a. and accepts another bill for 5 months.
c. X pays us Rs. 1,000 plus interest @ 18% p.a. and accepts another bill for 5 months for Rs. 2,000.
d. X pays us Rs. 1,000 in cash and endorses over to us a bill of his for Rs. 1,000 and accepts a fresh bill
for 5 months for the balance plus interest @ 18% p.a.
Required: Pass the necessary journal entries along with narration in the books of Y in each of the above
alternative cases.
(10 Marks)
3. Record the following in the Journal of Ram along with narration.
(a) Shyam’s acceptance for Rs. 4,500, due this day, returned dishonoured, Noting charges Rs. 10.
(b) Murli’s acceptance for Rs. 20,000 renewed for three months, plus interest at 5% p.a.
(c) Our acceptance for Rs. 20,000 retired one month before the due date at a discount of 12% p.a.
(d) Our acceptance in favour of X for Rs. 1,500 dishonoured for want of instructions. X claims Rs. 1,510
which is paid by a cheque.
(e) Our acceptance to P to for Rs. 900 renewed for 3 months on the condition that Rs. 300 is paid in
cash immediately and the remaining balance to carry interest @ 12% p.a.
(f) K's Promissory Note for Rs. 720 endorsed in favour of D returned dishonoured. D paid Rs. 18 as
noting charges. Ram pays D by cheque and accepts from K another bill for the amount due along
with interest Rs. 48.
(10 Marks)
4. Ramratan sold goods to Ahmed for Rs.10,000 on 30th June, 2017, for which the latter accepted 4 bills of
Rs. 2,500 each drawn on him payable after 2, 4, 5 and 8 months respectively. Ramratan retained the
first bill. The second bill was sent by him for collection. The third bill was endorsed by him to C in
KS Academy SAP (16-10-2022)
part payment of Rs. 4,000 owed to him. The fourth bill was discounted by him with his bankers at a
discount of 15% p.a.
The first bill was met on the date. As regards the second bill, Ahmed met Ramratan two days before
the maturity date of the bill and paid him Rs. 1,000 and accepted a fresh bill for 1 month for the
balance with interest of 18% p.a. This bill as well as the third bill were met by the drawee.
Ahmed was declared as insolvent on 31st December, 2017 and on the fourth bill becoming due, the
Bank debited Ramratan with the amount of the bill and noting charges of Rs. 250. It is ascertained by
Ramratan that the estate of Ahmed will not be in a position to meet liabilities to an extent of more than
40%.
What will be the journal entries to be made in the books of Ramratan for the accounting years 2017
and 2018 assuming a dividend of 40 paise in a rupee was realised from Ahmed's estate on 15.3.2018.
Show Journal Entries (without narrations) in the books of Ramratan.
(10 Marks)
5. Shubham draws on Rajendra a bill for Rs. 45,000 on 1st June for 3 months. Rajendra accepts the bill
and sends it to Shubham who gets it discounted for Rs. 44,100. Shubham immediately remits Rs.
14,700 to Rajendra. On the due date Shubham, being unable to remit the amount due, accepts a bill for
Rs. 63,000 for three months which is discounted by Rajendra for Rs. 61,650. Rajendra sends Rs. 11,100
to Shubham. On the due date Shubham becomes insolvent, his estate paying forty paise in the rupee.
Give Journal Entries along with narration in the books of Shubham and Rajendra.
(10 Marks)
6. Journalize the following in the books of Don along with narration:
(i) Bob informs Don that Ray’s acceptance for ₹ 3,000 has been dishonoured and noting charges
are ₹ 40. Bob accepts ₹ 1,000 cash and the balance as bill at three months at interest of 10%. Don
accepts from Ray his acceptance at two months plus interest @ 12% p.a.
(ii) James owes Don ₹ 3,200; he sends Don’s own acceptance in favour of Ralph for ₹ 3,160; in full
settlement.
(iii) Don meets his acceptance in favour of Singh for ₹ 4,500 by endorsing John’s acceptance for
₹4,450 in full settlement.
(iv) Ray’s acceptance in favour of Don retired one month before due date, interest is taken at the
rate of 6% p.a.
(6 Marks)

CA FND N22 - SAP 3 Acc BOE QP Revised

Uploaded by

Copyright:

Available Formats

CA FND N22 - SAP 3 Acc BOE QP Revised

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

CA FND N22 - SAP 3 Acc BOE QP Revised

Uploaded by

Copyright:

Available Formats

KS Academy SAP (16-10-2022)

CA Foundation Nov-22 –SAP Exam

Roll number…………… Code -FNDPA3

Time Allowed- 90 minutes Total No. of printed Pages - 2

Total Number of Questions - 6 Maximum Marks-50

Candidates are required to Answer all the Questions

You might also like