Tuesday, April 30, 2013
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Roll No........................ Total No. of Pages : 02
Total No. of Questions : 07
Paper ID : [C0207]
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BBA
(Sem.-2) FINANCIAL ACCOUNTING Subject Code : BB-201
Time : 3 Hrs. Max. Marks : 60
INSTRUCTION TO
CANDIDATES :
1.
SECTION-A is COMPULSORY.
2.
Attempt any FOUR questions from SECTION-B.
SECTION-A (10 x 2 = 20 Marks)
l. Write short notes on :
(a)
Accounting equation
(b)
Current assets
(c)
Direct Expenses
(d)
Gross profit vs.
net profit
(e)
Errors of omission
(f)
Revenue expenditure
(g)
Cost concept
(h) Nominal Accounts
(i) Depreciation vs. depletion
(j) Errors of principles
(j) Errors of principles
SECTION-B (4 x 10 = 40 Marks)
2.
What are the closing entries? Why are they needed? Do
we need a closing entry for carrying any account to balance sheet?
3.
(a) What are the real, nominal and personal accounts?
Explain them by
giving
examples.
(b) From the following
information ascertain the gross profit and net profit:
Stock at start 2400 Carriage
in 524
Purchases 15205 Manufacturing wages paid 2800
Sales 20860 Manufacturing wages owing 96
Closing stock
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3840 Loss due
to fire 1000
Return
outwards 185 Indirect expenses 200
Return
inwards 860
4 . Prepare a bank
reconciliation statement from the following particulars as on 31 December,
2011:
Bank overdraft as per cash
book Rs 8000
Cheques deposited in bank but no entry passed in the
cash book 300
Cheques received but not sent to bank 1000
Cheques received but not sent to bank 1000
Credit side bank column cash
short 100
Insurance premium paid by bank
under the standing advice Rs. 500
Bank charges entered in cash book twice 10
Bank charges entered in cash book twice 10
Cheques received returned by
bank but no entry passed 400
Cheques received returned on
technical grounds 300
Bills directly collected by bank 2000
Bank charges debited by bank 12
Cheques received entered twice 500
Bills discounted dishonored 4000
. From the
following information of Alpha Ltd. Prepare Machinery Account for three years
ending March 31, 2009 by providing depreciation @ 20% p.a. under Straight Line
Method.
Date Transactions Rs.
April 1, 2006 Purchased a second hand machinery I 120000
April 1, 2006 Repairs on it 30000
Oct 1, 2006 Purchased a new machinery II 300000
April 1, 2007 Spent repairs on Machine II 3000
Sep 30, 2008 Sold machinery I 67500
Sep 30, 2008 Purchased a new machinery III 450000
6 .
What are the adjustment Journal entries? Why are they needed? How are
they different from daily journal entries? Give examples.
7 .
Explain the impact of errors on Trial Balance by giving suitable examples-
errors disclosed and not disclosed by Trial Balance.
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