Tuesday, April 30, 2013
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Roll No.....................
Total No. of Questions: 07]
BBA (Sem. - 2nd) FINANCIAL ACCOUNTING SUBJECT
CODE: BB - 201 Paper ID: [C0207]
Time: 03 Hours Instruction to Candidates:
[Total No. of Pages: 02
Maximum
Marks : 60
1)
2)
Section - A is Compulsory.
Attempt any Four questions from Section
Q1)
(10 x 2 = 20)
a)
Explain Cost concept.
b)
What are Representative Personal
Accounts? Give two examples.
c)
What are Current Assets? Give two
examples.
d)
Write three rules of Double Entry
System.
e)
What are Errors of Omission?
f)
What are Net profits?
g)
What are Outstanding Expenses?
h)
Is capital a liability?
i)
Define capital.
j)
What is Marshalling of balance Sheet?
Section - B
(4 x 10 = 40)
Q2) Define
Financial Accounting. What are its objectives? Discuss its merits and
limitations.
Q3) What is the
purpose of preparing journal and ledger accounts? Discuss the rules of
preparing a journal. Illustrate your answer.
Q4) Discuss the
reasons of charging depreciation? Evaluate different methods of charging
depreciation.
Q5) There was a difference
in the Trial balance of Mr D C Gupta as on 31st March 2010 and the
difference in books (excess debit of Rs. 1200) was carried to a Suspense
Account and the books were closed. On going through the books after 1st
April 2010, it was found that
a)
Rs. 500 received from C Gupta was
posted to the debit of his account.
b)
Rs. 100 being purchases returns were
posted to the debit of purchases Account.
c)
Discount Rs. 200 received, entered in
the cash book, was not posted in the ledger.
d)
Rs. 574 paid for repairs to Motor car
was debited to Motor Car Account as Rs. 174.
e)
A Sale of Rs 350 to Agarwal was
entered in the Sales Book as Rs. 530.
f)
While carrying forward total of one
page in Ram's Account, the amount of Rs. 250 was written on the credit side
instead of debit side.
Q6)
Prepare a Bank Reconciliation Statement from the following information:
On 31st December 2010 the cash Book of Mr. Singh showed a bank
overdraft of Rs. 3894. On checking the books the following differences were
noted between the two set of books.
a)
Bank charges of Rs. 45 and interest on overdraft of
Rs. 225 appear in the Bank Pass Book but not in the Cash Book.
b)
Cheques for Rs. 2250 were deposited in the bank but
not collected.
c)
Rs. 4500 being the proceeds of a bill collected appear
in the Pass Book but not in the Cash Book.
d)
A cheque for Rs. 450 received from Sachin and
deposited in the bank was dishonoured but the advice of non payment was
received from the bank on Jan. 1, 2011.
e)
Cheques drawn for Rs. 1800 were entered in the cash
book but were not presented at the bank till first week of Jan. 2011.
The following
Trial balance is extracted from the books of Murli
Manohar. Prepare Trading and Profit and Loss Account for the year ended on 31st
March 2010 and a Balance Sheet as on that date:
Particulars
|
Dr. Balance (Rs.)
|
Cr. Balance (Rs.)
|
Drawings
Buildings
Debtors and Creditors
Purchases and sales
Sales returns and Purchases
returns
Discount
Insurance
Cash
Opening stock
Bad Debts
Bad debt Reserve
Carriage
Wages
Machinery
Furniture
Salaries
Bank Charges
Bills receivable & Bills
payable
Trade Charges
Capital
|
3,500
6,000
5,000
30,000
350
710
300
3,000
1,200
500
---
630
2,770
20,000
6,000
3,300
200
6,000
830
|
8,000
46,500
290
1,500
4,000
30,000
|
Total
|
90,290
|
90,290
|
Adjustments:
a)
Depreciation - Buildings - 5%, Machinery-10% p.a.
b)
Trade expenses Rs. 250 and wages Rs. 350 have not been
paid.
c)
Allow interest on capital at 10% p.a.
d)
Make provision for doubtful debts at 5%.
e)
Machinery includes Rs. 5000 of a machine installed on
31st December 2010. Wages include Rs. 1000 spent on the installation
of the machine.
f)
Stock as on 31st March 2011, Rs 5000.
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