Financial Accounting, Question Paper of B.Com 1st Semester,Download Previous Years Question Paper 1

Roll No………..

Total No. of Questions: 07

B.Com. (Sem.-1^st)

FINANCIAL ACCOUNTING

Subject Code: BCOP-101 (2011 & onward)

Paper ID: [B1101]

Time:3 Hrs.                                                                            Max. Marks: 60

Instruction to Candidates:

1. Section-A is Compulsory consisting of Ten questions carrying two marks each.

2. Section-B contains Six questions carrying Ten marks each and students has to attempt any Four questions.

SECTION-A

1.       Write briefly:

          (a) What do you mean by accountancy?

          (b) Explain GAAP?

          (c) What is posting?

          (d) What do we mean by promissory notes?

          (e) Explain bank reconciliation statement?

          (f) Define depreciation.

          (g) What do you mean by account current?

          (h) Define contra entry?

          (i) What do we mean by self balancing ledger?

          (j) Define dual aspect concept?

SECTION-B

Q2.    Write a detailed note on conventions that are followed in accounting?

Q3.    Is trial balance a conclusive proof of arithmetical accuracy? Comment.

Q4.    Write a detailed note on:

          (a) Diminishing balance method of depreciation

          (b) Accounting cycle

          (c) Difference between Provisions and Reserve

          (d) Compensating errors

Q5.    Debit side of trial balance exceeds credit by Rs.352. Following errors are           located:

          (a) Sales book overcast by Rs.100.

          (b) A sale of Rs.50 to Ram wrongly debited to Krishna.

          (c) General expenses Rs.18 were posted as Rs.80.

          (d) Cash received from Govind debited to his account Rs.150.

          (e) Total of one page of purchase book carried forward to the next page as        Rs.1325 instead of Rs.1,235.

          Rectify the errors and prepare suspense account.

Q6.    The following are the balance extracted from the books of Mr. X as on 31^st       March, 2012. From these balances and information given, prepare his        trading and profit and loss account and balance sheet.

Trial Balance as on 31^st March, 2012

	Rs.	Rs.
Purchases	21,000
Discount allowed	2,000
Wages	7,000
Sales		36,000
Salaries	2,000
Travelling expenses	400
Commission	600
Trade expenses	400
Interest		500
Office expenses	300
Carriage on purchases	800
Building	15,000
Furniture	3,600
Machinery	8,000
Debtors	4,000
Stock (opening)	4,000
Cash	1,000
Capital		25,000
Creditors		8,600
Total	70,100	70,100

          Adjustments

          (a) Closing stock was valued at Rs.8,000.

          (b) Depreciate building by 2% machinery by 10% and furniture by 20%.

          (c) Office expenses outstanding Rs.200.

          (d) Allow 4% interest on capital

          (e) Goods costing Rs.1,000 were taken by proprietor for the personal use.

7.       Show the accounting equation on the basis of the following transactions

          (a) Commenced business with cash Rs.50,000 , goods Rs.30,000 and       furniture.

          (b) Sold goods to Vijay on credit costing Rs.4,000 for Rs.5,000.

          (c) Sold goods for cash costing Rs.12,000 for 16,000.

          (d) Purchased goods for cash Rs.40,000.

          (e) Paid salaries Rs.2,000.

          (f) Salaries outstanding Rs.1,000.

          (g) Charge depreciation on furniture Rs.500.